Document:

Exhibit 10.1

 

CERTAIN CONFIDENTIAL INFORMATION
CONTAINED IN THIS DOCUMENT, MARKED BY [**], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM
TO IRONWOOD PHARMACEUTICALS, INC. IF PUBLICLY DISCLOSED.

 

Execution Version

 

AMENDED AND RESTATED

 

COLLABORATION AGREEMENT

 

by and between

 

IRONWOOD PHARMACEUTICALS, INC.

 

and

 

AstraZeneca
AB

 

Effective Date: October 23, 2012

 

Amendment Date: September 16, 2019

 

     

     

    

 

table of
contents

 

	1.	DEFINITIONS	2
	2.	LICENSE GRANT	18
	 	2.1.	License to AstraZeneca	18
	 	2.2.	License to Ironwood	19
	 	2.3.	Joint Technology and Development Data	19
	 	2.4.	Rights of Reference	19
	 	2.5.	Use of Third Party Contractors	20
	 	2.6.	Sublicensing	20
	 	2.7.	Section 365(n)	20
	 	2.8.	No Other Rights	21
	3.	ASSET TRANSFER	21
	 	3.1.	Asset Transfer	21
	 	3.2.	Reserved	21
	 	3.3.	Further Assurances	21
	 	3.4.	Maintenance of Purchased Assets Prior to Transfer	21
	 	3.5.	Wrong Pockets	22
	4.	Governance	22
	 	4.1.	Joint Steering Committee	22
	5.	DEVELOPMENT, REGULATORY, AND COMMERCIALIZATION	24
	 	5.1.	Development	24
	 	5.2.	Regulatory Matters	27
	 	5.3.	Supply of Products	29
	 	5.4.	Commercialization in the Territory	31
	 	5.5.	Executive Meetings	32
	 	5.6.	Publication	32
	 	5.7.	Compliance	33

 

    i

     

    

 

	6.	CONSIDERATION	33
	 	6.1.	Payments under Prior Agreement	33
	 	6.2.	Manufacturing Payments	33
	 	6.3.	Non-Contingent Payments	34
	 	6.4.	Milestones	34
	 	6.5.	Royalties	34
	 	6.6.	Royalty Term	34
	 	6.7.	Generic Competition	34
	 	6.8.	[**]	35
	 	6.9.	Royalty Reports and Payments	35
	 	6.10.	Records and Audits	35
	 	6.11.	Taxes and Withholding	36
	 	6.12.	Currency	37
	 	6.13.	Country of Payments	37
	 	6.14.	Confidentiality	37
	 	6.15.	Interest	37
	7.	COVENANTS	38
	 	7.1.	Confidentiality	38
	 	7.2.	Restrictions	41
	 	7.3.	[**]	41
	 	7.4.	Compliance with Law	41
	 	7.5.	Business Ethics	42
	 	7.6.	Standstill Agreement	42
	 	7.7.	Enforcement of Infringing or Counterfeit Goods	44
	 	7.8.	Development Data	44
	 	7.9.	Export Restrictions	44
	 	7.10.	Existing Agreements	44
	 	7.11.	[**]	45
	8.	REPRESENTATIONS AND WARRANTIES	46
	 	8.1.	Representations and Warranties of Each Party	46
	 	8.2.	Additional Representations, Warranties and Covenants of Ironwood	46
	 	8.3.	Additional Representations and Warranties of AstraZeneca	49
	 	8.4.	Representation by Legal Counsel	49
	 	8.5.	No Inconsistent Agreements	49
	 	8.6.	Disclaimer	50

 

    ii

     

    

 

	9.	INTELLECTUAL PROPERTY	50
	 	9.1.	Disclosure	50
	 	9.2.	Ownership	50
	 	9.3.	Intellectual Property Working Group	51
	 	9.4.	Prosecution and Maintenance of Patent Rights	51
	 	9.5.	Trademarks and Domain Names	52
	 	9.6.	Enforcement and Defense of Technology Rights	54
	 	9.7.	Third Party Claims	57
	 	9.8.	Third Party Licenses	58
	 	9.9.	Patent Marking	58
	 	9.10.	Patent Certifications	58
	 	9.11.	No Implied Licenses	59
	 	9.12.	Privileged Communications	59
	 	9.13.	Registration and Submission of the Agreement	59
	10.	TERM AND TERMINATION	60
	 	10.1.	Term	60
	 	10.2.	Termination for Cause	60
	 	10.3.	Termination for Convenience	61
	 	10.4.	Change of Control	61
	 	10.5.	Effects of Termination and Expiration	62
	 	10.6.	Survival of Certain Obligations	66
	11.	PRODUCT LIABILITY, INDEMNIFICATION, AND INSURANCE	67
	 	11.1.	Indemnification under Prior Agreement	67
	 	11.2.	Indemnification under this Agreement	69
	 	11.3.	[**]	72
	 	11.4.	Procedure	72
	 	11.5.	Insurance	72
	 	11.6.	Liability Limitations	72
	12.	MISCELLANEOUS	73
	 	12.1.	Governing Law; Jurisdiction; Dispute Resolution	73
	 	12.2.	Force Majeure	75
	 	12.3.	Additional Approvals	76
	 	12.4.	Waiver and Non-Exclusion of Remedies	76

 

    iii

     

    

 

	 	12.5.	Notices	76
	 	12.6.	Entire Agreement	78
	 	12.7.	Language	78
	 	12.8.	Amendment	78
	 	12.9.	Assignment	78
	 	12.10.	[**]	80
	 	12.11.	[**]	80
	 	12.12.	No Benefit to Others	80
	 	12.13.	Counterparts	80
	 	12.14.	Severability	80
	 	12.15.	Further Assurance	80
	 	12.16.	Publicity	80
	 	12.17.	Certain Conventions	81
	 	12.18.	Relationship of the Parties	81

 

EXHIBITS

 

	Exhibit A	Manufacturing Invoices
	Exhibit B	2019 Initial Development Plan

 

SCHEDULES

 

	Schedule 1.1.38	Elements of Clinical Design Summary
	Schedule 1.1.47	Composition of Matter Patent Rights
	Schedule 1.1.93	Ironwood Equipment
	Schedule 1.106	Licensed Compound
	Schedule 1.1.110	MD-7246 Patent Rights
	Schedule 1.1.141	Purchased Inventory
	Schedule 1.1.144	Purchased Regulatory Approvals and Submissions
	Schedule 1.1.159	Patents for Existing Product
	Schedule 5.2.2(a)	Exceptions to Ironwood’s Obligation Regarding Disclosure of Regulatory Submissions
	Schedule 5.2.2(b)	Exceptions to Ironwood’s Obligation Regarding Development Activity Updates
	Schedule 5.3.1(a)	Purchase Orders List
	Schedule 5.3.1(c)	Ancillary Supply Services
	Schedule 5.3.3	[**]
	Schedule 5.6.1	Exceptions to AstraZeneca’s Publication Obligation
	Schedule 8.2	Ironwood Disclosure Schedule
	Schedule 8.3	Certain Existing AZ In-Licensed Products
	Schedule 9.5.2	AZ Product Trademarks

 

    iv 

     

    

 

AMENDED
AND RESTATED COLLABORATION agreement

 

THIS AMENDED AND RESTATED
COLLABORATION AGREEMENT, entered into this 16th day of September, 2019 (the “Amendment Date”) by
and between Ironwood Pharmaceuticals, Inc., a corporation organized under the laws of Delaware (“Ironwood”)
and AstraZeneca AB, a corporation organized under the laws of Sweden (“AstraZeneca”), hereby amends and restates
that certain Collaboration Agreement (the “Prior Agreement”, and as amended by this amendment, the “Agreement”)
entered into by and between Ironwood and AstraZeneca on the 23rd day of October, 2012 (the “Effective Date”).
Ironwood and AstraZeneca may be referred to in this Agreement individually as a “Party” and collectively as
the “Parties.”

 

recitals

 

A.       Ironwood
is developing the Licensed Compound (defined below) which has uses or potential uses in the treatment and prevention of disease
in humans.

 

B.       Ironwood
(formerly Microbia, Inc.) has entered into a Collaboration Agreement with Forest Laboratories, Inc. (“Forest”),
effective as of September 12, 2007, as amended from time to time prior to the Effective Date or in accordance with this Agreement
(the “Forest Agreement”), under which Ironwood exclusively licensed to Forest certain rights to the Licensed
Compound in the Forest Territory (defined below) and Ironwood and Forest agreed to collaborate on the development and commercialization
of such compound in the Forest Territory.

 

C.       Ironwood
has entered into a License Agreement with Almirall S.A. (formerly Laboratorios Almirall, S.A.) effective as of April 30, 2009,
as amended from time to time prior to the Effective Date or in accordance with this Agreement (the “Allergan Agreement”),
under which Ironwood exclusively licensed to Almirall S.A. certain rights to the Licensed Compound in certain countries outside
of the Forest Territory and the Territory and Ironwood and Almirall S.A. agreed to collaborate on the development and commercialization
of such compound in such countries, which Allergan Agreement was subsequently novated to Allergan Pharmaceuticals International
Ltd. (“Allergan”) pursuant to a Novation Agreement dated October 26, 2015.

 

D.       Ironwood
has entered into a License Agreement with Astellas Pharma Inc. (“Astellas”) effective as of November 10, 2009,
as amended from time to time prior to the Effective Date or in accordance with this Agreement (the “Astellas Agreement”),
under which Ironwood exclusively licensed to Astellas certain rights to the Licensed Compound in certain countries outside of the
Forest Territory and the Territory and Ironwood and Astellas agreed to collaborate on the development and commercialization of
such compound in such countries.

 

E.       AstraZeneca
is engaged in the research, development, manufacture and commercialization of human pharmaceutical products, and

 

F.       Ironwood
and AstraZeneca have entered into the Prior Agreement, pursuant to which Prior Agreement the Parties have been jointly developing
and commercializing the Products in the Field in the Territory, and the Parties desire to amend and restate the Prior Agreement
as set forth below, in order to, among other things, permit AstraZeneca to exclusively develop and commercialize the Products in
the Field in the Territory on its own, subject to the terms set forth below.

 

G.       In
connection with the amendment and restatement of the Prior Agreement, Ironwood and AstraZeneca are entering into a Transition Services
Agreement (the “Transition Services Agreement”) and an agreement among Ironwood, AstraZeneca and Allergan (the
“Tripartite Agreement”), in each case as of the Amendment Date.

 

    1

     

    

 

agreement

 

NOW, THEREFORE, in
consideration of the mutual promises and covenants set forth below and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the Parties agree as follows:

 

	1.	DEFINITIONS

 

For purposes of this Agreement, the following
terms, when used in this Agreement, have the meanings assigned to them in this Article 1.

 

1.1             
“2019 Initial Development Plan” is defined in Section 5.1.2(a).

 

1.2             
“Accounting Standards” means GAAP or IFRS, as applicable.

 

1.3             
[**]

 

1.4             
“Affiliate” means, with respect to a Person, any Person that controls, is controlled by, or is under
common control with such first Person. For purposes of this definition only, “control” means (a) to possess, directly
or indirectly, the power to direct the management or policies of a Person, whether through ownership of voting securities or by
contract relating to voting rights or corporate governance, or (b) to own, directly or indirectly, more than 50% of the outstanding
voting securities or other ownership interests of such Person.

 

1.5             
“Agreement” is defined in the Introduction.

 

1.6             
“Allergan” is defined in Section C of the Recitals.

 

1.7             
“Allergan Agreement” is defined in Section C of the Recitals.

 

1.8             
“Almac” means Almac Pharma Services Limited.

 

1.9             
[**]

 

1.10           
[**]

 

1.11           
“Amendment Date” is defined in the Introduction.

 

    2

     

    

 

1.12           
“Ancillary Agreements” means (a) the Existing Supply Agreement, (b) the Transition Services Agreement,
(c) the Tripartite Agreement, (d) the Bill of Sale, (e) the Quality Assurance Agreement, and (f) the Pharmacovigilance Agreement.

 

1.13           
“Ancillary Supply Services” is defined in Section 5.3.1(c).

 

1.14           
“Anti-Corruption Laws” is defined in Section 7.5.1.

 

1.15           
“Applicable Law” means all applicable statutes, ordinances, regulations, rules, or orders of any kind
whatsoever of any governmental authority or Regulatory Authority in the Territory or otherwise having jurisdiction over any portion
of the Parties’ activities under this Agreement, as amended from time to time.

 

1.16           
“Arbitrator” is defined in Section 12.1.3(a).

 

1.17           
“Assignment Transaction” is defined in Section 12.11.

 

1.18           
“Astellas” is defined in Section D of the Recitals.

 

1.19           
“Astellas Agreement” is defined in Section D of the Recitals.

 

1.20           
“AstraZeneca” is defined in the Introduction.

 

1.21           
“AstraZeneca Collaboration Patent Rights” is defined in Section 9.4.1.

 

1.22           
“AstraZeneca House Marks” means AstraZeneca’s and its Affiliates’ trade names, corporate
names and corporate logos.

 

1.23           
“AstraZeneca Indemnified Party” is defined in Section 11.

 

1.24           
“AstraZeneca Know-How” means (a) Know-How that AstraZeneca or its Affiliates Controls as of the Effective
Date or that comes into the Control of AstraZeneca or any of its Affiliates during the Term (other than Collaboration Know-How,
Joint Know-How and Development Data) that is materially used in connection with or incorporated into the Licensed Compound or Product
by or on behalf of AstraZeneca or its Affiliates or Sublicensees, except to the extent that any such Know-How relates to any active
ingredient other than a Licensed Compound, and (b) Collaboration Know-How (other than Joint Know-How and Development Data) that
is invented, conceived, or developed solely by employees of AstraZeneca or its Affiliates, or Third Parties acting on behalf of
AstraZeneca or its Affiliates. Notwithstanding the foregoing, in no event shall AstraZeneca Know-How include any Know-How relating
to or arising out of packaging or labeling activities of AstraZeneca.

 

1.25         
“AstraZeneca Patent Right” means any Patent Right that is Controlled by AstraZeneca or any of its Affiliates
as of the Effective Date or comes into the Control of AstraZeneca or any of its Affiliates during the Term and, in each case, claims
AstraZeneca Know-How.

 

    3

     

    

 

1.26           
“AstraZeneca Related Party” is defined in Section 7.6.

 

1.27           
“AstraZeneca Technology” means AstraZeneca’s interest in (a) the AstraZeneca Know-How, (b) the
AstraZeneca Patent Rights and (c) all other intellectual property rights in any of the foregoing.

 

1.28           
“Audited Party” is defined in Section 6.10.

 

1.29           
“Auditing Party” is defined in Section 6.10.

 

1.30           
“Authorized Recipient” is defined in Section 7.1.1.

 

1.31            
“Authorized Representative” is defined in Section 7.5.2.

 

1.32           
“Bankruptcy” is defined in Section 10.2.3.

 

1.33           
“Bill of Sale” means that certain Bill of Sale and Assignment and Assumption Agreement entered into as
of the Amendment Date.

 

1.34           
“Calendar Quarter” means each of the three consecutive month periods ending on March 31, June 30,
September 30, and December 31.

 

1.35           
“CC” means chronic constipation.

 

1.36           
“Change of Control” means, with respect to a Person, any of the following: (a) the sale or disposition
of all or substantially all of the assets of such Person to a Third Party, (b) the acquisition by a Third Party, other than an
employee benefit plan (or related trust) sponsored or maintained by such Person or any of its Affiliates, of more than 50% of such
Person’s outstanding shares of voting capital stock (e.g., capital stock entitled to vote generally for the election of directors),
(c) the appointment or election to the board of directors of such Person of members constituting a majority of such board who were
not appointed, approved or recommended for election by the board of directors as constituted immediately prior to the appointment
or election of such majority, or (d) the merger or consolidation of such Person with or into another corporation, other than, in
the case of (b) or (d) above, an acquisition or a merger or consolidation of a Person in which holders of shares of such Person’s
voting capital stock immediately prior to the acquisition, merger or consolidation have at least 50% of the ownership of voting
capital stock of the acquiring Third Party or the surviving corporation in such merger or consolidation, as the case may be, immediately
after the merger or consolidation. Notwithstanding the foregoing, a Change of Control will not be deemed to occur on account of
a sale of assets, merger or other transaction effected exclusively for the purpose of changing the corporate domicile or legal
form of such Person.

 

1.37           
“Claim” is defined in Section 12.1.3(a).

 

1.38           
“Clinical Design Summary” means, with respect to a clinical trial, a summary of the design of such clinical
trial that will include the elements set forth in Schedule 1.38.

 

    4

     

    

 

1.39           
“Collaboration Know-How” means Know-How that is invented, conceived, or developed by or on behalf of
either Party’s or both Parties’ (or their Affiliates’) employees or Third Parties acting on such Party’s
or Parties’ (or their Affiliates’) behalf, in each case in the course of such Party’s or Parties’ (or their
Affiliates’) performance under this Agreement or any Ancillary Agreement.

 

1.40           
“Collaboration Patent Rights” means Patent Rights claiming Collaboration Know-How.

 

1.41           
“Collaboration Technology” means Collaboration Know-How and Collaboration Patent Rights, and all other
intellectual property rights in any of the foregoing.

 

1.42           
“Combination” is defined in Section 7.6.

 

1.43           
“Combination Product” means a Product that contains the Licensed Compound in combination with one or
more other products or active ingredients, the manufacture, use or sale of which are not covered by a Patent Right Controlled by
Ironwood.

 

1.44           
“Commercialization” means any and all activities of importing, marketing, promoting, distributing, offering
for sale, or selling a Product in the Territory, including for example pre-First Commercial Sale market development activities
conducted in anticipation of Regulatory Approval of Product, seeking pricing reimbursement approvals for Product, if applicable,
preparing advertising and promotional materials and sales force training. Commercialization does not include Development or Manufacturing.
When used as a verb, “Commercialize” means to engage in Commercialization.

 

1.45           
“Commercialization Plan” means the high-level strategic commercialization plan for Products in the Field
in the Territory, as such plan may be updated from time to time. The Commercialization Plan will include a multi-year marketing
strategy and an overview of all other material activities to be conducted in connection with the Commercialization of Products
in the Field in the Territory, including brand strategy, marketing campaigns and high-level communications strategy.

 

1.46           
“Commercially Reasonable Efforts” means those efforts and resources normally used by [**] taking into
account, without limitation, issues of safety and efficacy, product profile, the proprietary position of the product or compound,
the regulatory environment and status of the compound, and other relevant scientific factors, market conditions then prevailing,
as well as profitability, the extent of market exclusivity, the cost to develop the compound or product, health economic claims,
and other similar factors reasonably determined by [**] to be relevant. “Commercially Reasonable” as used in
this Agreement will be interpreted in a corresponding manner.

 

1.47           
“Composition of Matter Patent” means the Patent Rights in the Territory set forth on Schedule 1.47,
including, with respect to such Patent Rights, (a) all provisional applications, substitutions, continuations, continuations-in-part,
divisions, renewals, and all patents granted thereon, (b) reissues, reexaminations and extensions or restorations by existing
or future extension or restoration mechanisms, including supplementary protection certificates or the equivalent thereof, and (c)
any other form of government-issued right substantially similar to any of the foregoing.

 

    5

     

    

 

1.48           
“Confidential Information” means, subject to Sections 7.1.2 and 7.1.3, any and all data, results, Know-How
(including the Ironwood Know-How and AstraZeneca Know-How) and business information, whether oral or in writing or in any other
form, disclosed before, on or after the date of this Agreement by one Party to the other Party under this Agreement or any Ancillary
Agreement or prior to the Effective Date. Any information disclosed at a meeting of the JSC (or at a meeting of the JDC, JOC or
JCC under the Prior Agreement) will constitute Confidential Information unless otherwise specified.

 

1.49           
“Control” or “Controlled” means, with respect to any intellectual property right or
Know-How of a Party or any of its Affiliates or, as applicable, Future Acquirer, that the Party or its Affiliates or, as applicable,
a Future Acquirer (a) owns, has an interest in, or, other than pursuant to this Agreement, has a license to such intellectual property
right or Know-How and (b) has the ability to grant access, a license or a sublicense to such intellectual property right or Know-How
to the other Party as provided in this Agreement without violating an agreement with or other rights of any Third Party, provided,
however, that (i) any intellectual property right or Know-How of a Party or any of its Affiliates, which intellectual property
right or Know-How is acquired after the Effective Date, may be excluded from the scope of the intellectual property rights and
Know-How Controlled by such Party by written notice to the other Party if (A) the exercise of such intellectual property or use
of such Know-How by the other Party would trigger a royalty or other payment to a Third Party, (B) such intellectual property right
or Know-How is not the subject of a license entered into pursuant to Section 9.8 and (C) following notification of the other Party
by such Party, the other Party [**] and (ii) any intellectual property right or Know-How
Controlled by a Future Acquirer of Ironwood will be excluded from intellectual property Controlled
by Ironwood for purposes of this Agreement except to the extent that such intellectual property right or Know-How is (A) developed,
acquired or otherwise Controlled pursuant to or in connection with a license or other agreement with Ironwood, whether owned by
Ironwood or such Future Acquirer (for purposes of this definition, such intellectual property rights and Know-How, the “Related
IP”) as of the effective date of the applicable Change of Control of Ironwood, (B) developed or acquired by such Future
Acquirer following such Change of Control with the use of the Ironwood Know-How or any Related IP or (C) used in the development,
manufacture or commercialization of the Licensed Compound or Product by the Future Acquirer.

 

1.50           
“Corden” means Corden Pharma Colorado, Inc.

 

1.51           
“Counterfeiting” is defined in Section 7.7.

 

1.52           
“CRO” means a qualified clinical research organization.

 

1.53           
“Development” means all activities performed by or on behalf of AstraZeneca in the performance of the
Development Plan or otherwise related to research, non-clinical testing, test method development and stability testing, toxicology,
formulation, process development, manufacturing scale-up, quality assurance/quality control, clinical studies including Phase II,
Phase III and pricing studies, Post-Approval Research, medical-scientific affairs, scientific publications, obtaining, maintaining
or expanding Regulatory Approval and otherwise handling regulatory affairs, statistical analysis and report writing, in each case
with respect to the Licensed Compound or a Product. Development will not include Manufacturing or Commercialization. When used
as a verb, “Develop” means to engage in Development.

 

    6

     

    

 

1.54           
“Development Data” means any (a) pharmacology, toxicology and other biological data included in the Collaboration
Technology that was created to support a Regulatory Submission in the Territory and (b) clinical data included in the Collaboration
Technology.

 

1.55           
“Development Dispute” is defined in Section 5.1.3.

 

1.56           
“Development Plan” means the 2019 Initial Development Plan and any other plan for the development of
the Licensed Compound for Regulatory Approval and Post-Approval Research in the Territory, including (a) a multi-year strategy
for Phase IV studies and lifecycle management activities, if any, (b) a high-level description of non-clinical studies and clinical
trials and strategy for obtaining, maintaining and, if applicable, expanding Regulatory Approvals for the Products, (c) an expected
timetable for the completion of such non-clinical studies and clinical trials and (d) Clinical Design Summaries to the extent the
Development Plan relates to a clinical trial, as such plan may be amended or updated from time to time in accordance with this
Agreement. Each Development Plan shall include sufficient detail to permit Ironwood to assess whether the Development activities
described in such plan would have an adverse impact on the development or commercialization of a Product outside of the Territory.

 

1.57           
“Disclosing Party” is defined in Section 7.1.1.

 

1.58           
“Dyspepsia” means functional dyspepsia, postprandial distress syndrome, epigastric pain syndrome, ulcer-like
dyspepsia, dysmotility-like dyspepsia and unspecified dyspepsia.

 

1.59           
“Effective Date” is defined in the Introduction.

 

1.60           
[**]

 

1.61           
“Existing Agreements” means the Forest Agreement, the Allergan Agreement and the Astellas Agreement.

 

1.62           
“Existing Product” means the immediate release formulation of the Licensed Compound approved by the National
Medical Products Administration in the People’s Republic of China under the name LINZESS.

 

1.63           
“Existing Supply Agreement” means the Supply Agreement by and between AstraZeneca AB and Ironwood Pharmaceuticals,
Inc., dated February 15, 2013, as amended as of the Amendment Date, including all Product Schedules thereto.

 

    7

     

    

 

1.64           
“Fair Market Value” means with respect to a valuation required by any provision of this Agreement, (a)
[**] if such valuation must be determined [**], or (b) if clause (a) does not apply, [**]. Fair Market Value will be determined
by [**].

 

1.65           
“Field” means all human prophylactic and therapeutic uses of a Product in all Oral Forms for any and
all indications, including but not limited to IBS-C, CC, OIC, IBS-A, Dyspepsia and other lower gastrointestinal disorders.

 

1.66           
“First Commercial Sale” means, (a) with respect to the People’s Republic of China and Macau, on
a country-by-country and Product-by-Product basis, the first sale of such Product under this Agreement for use in the Field to
a Third Party in such country, after such Product has been granted Regulatory Approval for use in the Field by the competent Regulatory
Authorities and (b) with respect to Hong Kong, the Amendment Date.

 

1.67           
“Force Majeure” is defined in Section 12.2.

 

1.68           
“Forest” is defined in Section B of the Recitals.

 

1.69           
“Forest Agreement” is defined in Section B of the Recitals.

 

1.70           
“Forest Territory” means the countries of North America, consisting of the United States, Canada, and
Mexico, and their respective territories and possessions (including Puerto Rico, irrespective of political status).

 

1.71           
“FTE Rate” means the [**] per employee [**]. The FTE Rate will initially be [**], provided however that
such rate may be adjusted from time to time by mutual agreement of the Parties.

 

1.72           
“Future Acquirer” means the Third Party to any Change of Control transaction and such Third Party’s
Affiliates immediately prior to the Change of Control.

 

1.73           
“GAAP” means United States generally accepted accounting principles, as in effect from time to time.

 

1.74           
“GC-C Agonist” means a guanylate cyclase C agonist.

 

1.75           
“Generic Competition” means, with respect to a Product and a country that [**] with respect to such Product
are being commercially sold in such country.

 

1.76           
“Generic Product” means, with respect to a Product in a country in the Territory, a product that [**].

 

1.77           
“GI Effect” means all human prophylactic and therapeutic uses for gastrointestinal indications.

 

1.78           
“Good Clinical Practice” or “GCP” means the standards of good clinical practice as
are required by governmental agencies in countries in which the Products are intended to be sold under this Agreement.

 

    8

     

    

 

1.79           
“Group” is defined in Section 7.6.

 

1.80           
“IBS-A” means irritable bowel syndrome with alternating bowel habits.

 

1.81           
“IBS-C” means irritable bowel syndrome with the primary manifestation of constipation.

 

1.82           
“ICC” is defined in Section 12.1.3(a).

 

1.83           
“IFRS” means the International Financial Reporting Standards, as in effect from time to time.

 

1.84           
“Impairment” means that (a) it is reasonably anticipated that the entity resulting from a Change of Control
of AstraZeneca, Parent or any Local Affiliate will be unable to perform its obligations in accordance with the terms of this Agreement,
as reasonably determined based on objective criteria available to both Parties, including the new entity’s financial position
and product pipeline, (b) the acquiring entity in such Change of Control or any of its Affiliates (prior to the Change of Control)
is actively developing or commercializing a GC-C Agonist indicated for the treatment of IBS-C, CC, or OIC (unless as to any such
indication, the JSC has determined not to pursue Development for such indication) or any other indication for which a Product is
then being Developed or Commercialized in the Territory pursuant to this Agreement, unless such entity or such Affiliate ceases
such activity or [**].

 

1.85           
“Incremental Taxes” is defined in Section 6.11.5.

 

1.86           
“Indemnified Party” is defined in Section 11.3.

 

1.87           
“Indemnifying Party” is defined in Section 11.3.

 

1.88           
“Indirect Taxes” means VAT, sales taxes, consumption taxes and other similar taxes required by law to
be disclosed on a Tax Invoice.

 

1.89           
“Infringement” is defined in Section 9.6.2.

 

1.90           
“Initial Development Plan” is defined in the Prior Agreement.

 

1.91           
“IPWG” is defined in Section 9.3.

 

1.92           
“Ironwood” is defined in the Introduction.

 

1.93           
“Ironwood Equipment” means the equipment identified in Schedule 1.93.

 

1.94           
“Ironwood House Marks” means Ironwood’s and its Affiliates’ trade names, corporate names
and corporate logos.

 

1.95           
“Ironwood Indemnified Party” is defined in Section 11.2(b).

 

    9

     

    

 

1.96           
“Ironwood Know-How” means (a) Know-How that Ironwood or any of its Affiliates Control as of the Effective
Date, including Know-How that has arisen or arises under the Existing Agreements to the extent Controlled by Ironwood or its Affiliates,
or that comes into the Control of Ironwood or its Affiliates during the Term (other than Joint Know-How and Development Data) to
the extent necessary or useful to Develop, Manufacture or Commercialize the Licensed Compound or Product in the Territory, including
without limitation any method of making the Licensed Compound or Product, any composition or formulation of the Licensed Compound
or Product, or any method of using or administering the Licensed Compound or Product, except to the extent that any such Know-How
relates solely to any active ingredient in a Product other than the Licensed Compound, (b) all clinical, pharmacology, toxicology
and other biological data with respect to the Licensed Compound or a Product to the extent Controlled by Ironwood or any of its
Affiliates during the Term and necessary or useful to Develop, Manufacture or Commercialize the Licensed Compound or Product in
the Territory, in each case other than Development Data and (c) Collaboration Know-How (other than Joint Know-How and Development
Data) that is invented, conceived or developed by one or more of the following: employees of Ironwood or its Affiliates, or Third
Parties acting on behalf of Ironwood or its Affiliates. Ironwood Know-How includes Reference Standards Know-How.

 

1.97           
“Ironwood Patent Rights” means (a) any Patent Rights claiming Ironwood Know-How, and (b) any other Patent
Rights that Ironwood or any of its Affiliates Control as of the Effective Date, including Patent Rights under the Existing Agreements,
or that come into the Control of Ironwood or its Affiliates during the Term (other than Joint Patent Rights) to the extent such
rights cover or recite the Licensed Compound or Product, any method of making the Licensed Compound or Product, any composition
or formulation of the Licensed Compound or Product in the Territory or any method of using or administering any Licensed Compound
or Product, except to the extent that any such Patent Rights relate solely to any active ingredient in a Product other than the
Licensed Compound.

 

1.98           
“Ironwood Technology” means Ironwood’s and its Affiliate’s interest in (a) the Ironwood Know-How,
(b) the Ironwood Patent Rights, and (c) all other intellectual property rights in any of the foregoing.

 

1.99           
[**]

 

1.100     
“JSC” is defined in Section 4.1.1.

 

1.101     
“Joint Know-How” means any Collaboration Know-How, other than Development Data, that is invented, conceived
or developed jointly by one or more employees of Ironwood or its Affiliates (or any Third Party or Third Parties acting on any
of their behalf) and one or more employees of AstraZeneca or its Affiliates (or any Third Party or Third Parties acting on any
of their behalf).

 

1.102     
“Joint Patent Right” means any Patent Right that claims Joint Know-How and names as the inventors one
or more employees or agents of Ironwood or its Affiliates together with one or more employees or agents of AstraZeneca or its Affiliates,
as determined by U.S. law.

 

    10

     

    

 

1.103     
“Joint Technology” means Joint Know-How, Joint Patent Rights, and all other intellectual property rights
therein.

 

1.104     
“Know-How” means all inventions, discoveries, data, information (including scientific, technical or regulatory
information), processes, methods, techniques, materials, technology, results, analyses, laboratory, non-clinical and clinical data,
or other know-how, whether or not patentable, including without limitation pharmacology, toxicology, drug stability, manufacturing
and formulation methodologies and techniques, clinical and non-clinical safety and efficacy studies, marketing studies, absorption,
distribution, metabolism and excretion studies.

 

1.105     
“Liabilities” is defined in Section 11.1(a).

 

1.106     
“Licensed Compound” means Ironwood’s proprietary GC-C Agonist generally referred to as “linaclotide”
and having the chemical structure set forth on Schedule 1.105 and any salts, metabolites, polymorphs and pro-drugs thereof.

 

1.107     
“Local Affiliate” means any of AstraZeneca’s Affiliates that are responsible for Developing or
Commercializing Products in the Territory.

 

1.108     
“Manufacture,” “Manufactured” or “Manufacturing” means all activities
involved in the production, storing, handling, packaging, and labeling of any Licensed Compound or Product to be Developed or Commercialized
under this Agreement.

 

1.109     
“Manufacturing Cutover Date” is defined in Section 5.3.1(a).

 

1.110     
“MD-7246” means a delayed release formulation of linaclotide, covered by the Patent Rights set forth
on Schedule 1.109 (including, with respect to such Patent Rights, (a) all provisional applications, substitutions, continuations,
continuations-in-part, divisions, renewals, and all patents granted thereon, (b) reissues, reexaminations and extensions or restorations
by existing or future extension or restoration mechanisms, including supplementary protection certificates or the equivalent thereof,
and (c) any other form of government-issued right substantially similar to any of the foregoing) being developed by Ironwood outside
of the Territory in the Field.

 

1.111     
“Milestone Event” is defined in Section 6.4.

 

1.112     
“Monetization Transaction” is defined in Section 12.9.

 

    11

     

    

 

1.113     
“Net Sales” means, with respect to any period, the gross amounts invoiced by AstraZeneca, its Affiliates
or Sublicensees, as applicable, to Third Parties for sales of a Product in the Field in the Territory, less the following deductions
to the extent included in the gross invoiced sales price for the Product or otherwise directly paid or incurred by AstraZeneca,
its Affiliates or Sublicensees, with respect to the sale of the Product in the Territory: (i) trade, quantity or cash discounts
credits, adjustments or allowances, including those granted on account of price adjustments, billing errors, rejected goods, or
damaged goods; (ii) rebates and chargebacks allowed, given or accrued (including, but not limited to, cash, governmental and managed
care rebates, hospital or other buying group chargebacks, and governmental taxes in the nature of a rebate based on usage levels
or sales of the Product); (iii) sales, excise, turnover, inventory, and similar taxes (not offset or refunded, except in the case
of value added taxes) assessed on the sale of the Product; (iv) bad debts reserved for on the basis utilized by AstraZeneca in
its branded pharmaceutical business generally or, if greater, bad debts actually written off, in each case which are attributable
to sales of Product; (v) administrative fees paid to group purchasing organization, managed care entities or other similar
types of organizations or networks participating in the distribution and/or sales of the Product; (vi) amounts paid or credited
to customers for inventory management services; (vii) any other similar and customary deductions that are consistent with GAAP
or IFRS, if applicable; and (viii) an allowance for transportation costs, distribution expenses, special packaging and related
insurance charges, freight and insurance charges, taken in accordance with AstraZeneca’s standard practices applicable to
other of AstraZeneca’s products, which allowance will in no event exceed [**] of the amount arrived at after application
of items (i) to (vii) above. Net Sales will be determined in accordance with applicable Accounting Standards. Without limiting
the generality of the foregoing, sales, transfers, or dispositions of Product for charitable, promotional (including samples),
non-clinical, clinical, or regulatory purposes will be excluded from Net Sales, as will sales or transfers of Product among a Party
and its Affiliates or Sublicensees.

 

Net Sales of Combination Products
will be calculated by first determining Net Sales of such Combination Product (in its entirety) pursuant to the foregoing and then
multiplying the Net Sales of the Combination Product by the fraction A/(A+B), where A is the gross invoice price of the Licensed
Compound if sold separately as a single agent Product in the Territory and B is the gross invoice price of the other active ingredient(s)
sold as single agent product(s) included in the Combination Product if sold separately in the Territory. In the event no such separate
sales are made by AstraZeneca, its Affiliates or Sublicensees, in the Territory, Net Sales of the Combination Product will be calculated
by multiplying such Net Sales by a fraction fairly and reasonably reflecting the relative value contributed by the Licensed Compound
or Product to the total value of the Combination Product as determined by the Parties in good faith.

 

1.114     
“New Drug Application” or “NDA” means a new drug application filed with a Regulatory
Authority (not including pricing and reimbursement approval), that is analogous to the new drug application with the United States
Food and Drug Administration described in 21 C.F.R. § 314.

 

1.115     
“NMPA” is defined in the definition of “Generic Product.”

 

1.116     
“Non-Contingent Payments” is defined in Section 6.2.

 

1.117     
“Official” is defined in Section 7.5.2.

 

1.118     
“OIC” means opioid induced constipation.

 

    12

     

    

 

1.119     
“Oral Form” means a finished dosage form that is delivered to the gastrointestinal tract after delivery
through the mouth, in any dosage strength or form. Specifically, an Oral Form includes forms that dissolve in the mouth but not
forms that are delivered by injection or inhalation.

 

1.120     
“Order” is defined in Section 7.1.3.

 

1.121      
[**]

 

1.122     
“Parent” is defined in Section 10.4.2.

 

1.123     
“Party” and “Parties” is defined in the Introduction.

 

1.124     
“Patent Rights” means any and all (a) U.S. or foreign patent applications, including all provisional
applications, substitutions, continuations, continuations-in-part, divisions, renewals, and all patents granted thereon, (b) all
U.S. or foreign patents, reissues, reexaminations and extensions or restorations by existing or future extension or restoration
mechanisms, including supplementary protection certificates or the equivalent thereof, and (c) any other form of government-issued
right substantially similar to any of the foregoing.

 

1.125     
“Payments” is defined in Section 6.11.1.

 

1.126     
“Permitted Purpose” is defined in the definition of “Territory.”

 

1.127     
“Person” means any individual, corporation, company, limited liability company, partnership, limited
liability partnership, trust, estate, proprietorship, joint venture, association, organization, or entity.

 

1.128     
“Pharmacovigilance Agreement” is defined in Section 5.2.4.

 

1.129     
“Phase II” in reference to a clinical trial means a trial defined in 21 C.F.R. 312.21(b), as may be amended
from time to time, or any foreign equivalent thereto.

 

1.130     
“Phase III” in reference to a clinical trial means a trial defined in 21 C.F.R. 312.21(c), as may be
amended from time to time, or any foreign equivalent thereto.

 

1.131     
“Phase IV” in reference to a clinical trial means a trial conducted for purposes of further characterizing
and supporting a Product for marketing but not for purposes of seeking Regulatory Approval or otherwise fulfilling a requirement
of a Regulatory Authority.

 

1.132     
“Post-Amendment Period” is defined in Section 11.2(a)(iii).

 

1.133     
“Post-Approval Research” means ongoing research and development of a Product after such Product has received
Regulatory Approval in the Territory, including Phase IV clinical studies and clinical studies in support of indications within
the Field or labeling changes for such Product within the Field in the Territory during the Term.

 

1.134     
“Pre-Amendment Period” is defined in Section 11.1(a).

 

1.135     
“Prior Agreement” is defined in the Introduction.

 

    13

     

    

 

1.136     
“Product” means any pharmaceutical product in finished form that contains the Licensed Compound either
as the sole active ingredient or in a Combination Product, in any present or future Oral Forms, including the Existing Product
and MD-7246. For the avoidance of doubt, (a) “Product” excludes non-Oral Forms, including intravenous and inhalable
forms and (b) different dosage strengths of a Product shall not be considered separate Products for purposes of this Agreement.

 

1.137     
“Product Domain Name” is defined in Section 9.5.

 

1.138     
“Product Trademarks” is defined in Section 9.5.

 

1.139     
“Prohibited Payment” is defined in Section 7.5.2.

 

1.140     
“Purchased Assets” means all rights and assets that are owned by Ironwood or any of its Affiliates, including
those described in clauses (a)-(f), in each case (i) to the extent related solely to the Product and the Territory and (ii) excluding
the Ironwood Equipment and any Ironwood Technology, Joint Technology, Development Data or any other intellectual property rights:
(a) the Purchased Inventory, (b) the Purchased Product Records, (c) the Purchased Promotional Materials, (d) the Purchased Regulatory
Approvals and Submissions, (e) the Purchased Regulatory Documentation and (f) all claims, actions, demands, judgments and causes
of action of Ironwood and its Affiliates against other Persons (regardless of whether or not such claims and causes of action have
been asserted by Ironwood or any of its Affiliates) that arise out of or relate to any of the foregoing, and all rights of indemnity,
warranty rights, rights of contribution, rights to refunds, rights of reimbursement and other rights of recovery possessed by Ironwood
or its Affiliates (regardless of whether such rights are currently exercisable) that relate to any of the foregoing (a)-(e).

 

1.141     
“Purchased Inventory” means the inventory of the Products set forth on Schedule 1.140.

 

1.142     
“Purchased Product Records” means all books and records (other than the Purchased Regulatory Documentation)
to the extent related to the Development, Manufacture or Commercialization of the Products in the Territory.

 

1.143     
“Purchased Promotional Materials” means the final versions of all sales, marketing, advertising, promotional,
disease state and media materials, sales training materials (including related quizzes and answers), existing customer lists (including
all target lists), other marketing data and materials (including market research), trade show materials (including displays) and
videos, including materials containing clinical data, in each case if any and to the extent used for the Commercialization of the
Product in the Territory.

 

1.144     
“Purchased Regulatory Approvals and Submissions” means the Regulatory Approvals and the Regulatory Submissions
set forth on Schedule 1.143.

 

1.145     
“Purchased Regulatory Documentation” means, with respect to the Products in the Territory, all (a) documentation
comprising the Regulatory Approvals, and all reports, regulatory applications, submissions and filings in connection therewith
and (b) correspondence and reports to the extent related to the Products in the Territory and necessary to, useful for, or
otherwise limiting the ability to, commercially distribute, sell or market the Products in the Territory submitted to or received
from governmental authorities and, to the extent related to the Territory, relevant supporting documents with respect thereto,
in each case ((a) and (b)), to the extent owned by Ironwood or any of its Affiliates; provided that the Purchased Regulatory Documentation
shall not be deemed to include any correspondence, reports, documents or data (i) to the extent they contain any attorney work
product, attorney-client communications and other items protected by established legal privilege or (ii) to the extent Applicable
Law prohibits their transfer or where transfer thereof would subject Ironwood or any of its Affiliates to Liability of any material
kind or nature.

 

    14

     

    

 

1.146     
“Quality Assurance Agreement” means the following quality assurance agreements for the Product entered
into by the Parties under the Prior Agreement, collectively: (a) Quality Assurance Agreement for the Manufacturing, Packaging,
Storage, Distribution, Complaint Monitoring, and Regulatory Reporting of China Linzess (Almac Packaging), dated as of July 24,
2019, (b) Quality Assurance Agreement for the Manufacturing, Packaging, Storage, Distribution, Complaint Monitoring, and Regulatory
Reporting of China Linzess (Wuxi Packaging), dated as of February 27, 2019, and (c) Quality Assurance Agreement for Contract Manufacturing/Packaging
of Bulk Linaclotide Drug Product, dated as of May 24, 2016.

 

1.147     
“Receiving Party” is defined in Section 7.1.1.

 

1.148     
“Reconciliation Report” is defined in the Prior Agreement.

 

1.149     
“Reference Standards Activities” is defined in Section 5.3.1(b).

 

1.150     
“Reference Standards Know-How” is defined in Section 5.3.1(b).

 

1.151     
“Referenced Regulatory Filings” means all Regulatory Submissions Controlled by Ironwood or any of its
Affiliates on the Effective Date and during the Term, including Regulatory Submissions to which Ironwood receives a transferable
Right of Reference from other licensees of the Licensed Compound or Product, including, for clarity, the Regulatory Approval for
the Product in Switzerland, that are necessary or useful to Manufacture the Licensed Compound or Product anywhere in the world
or Develop or Commercialize the Licensed Compound or Product in the Field in the Territory.

 

1.152     
“Regulatory Approval” means the approval and authorization of a Regulatory Authority in a country necessary
to develop, manufacture, distribute, sell, or market a Product in that country, including pricing and reimbursement approval.

 

1.153     
“Regulatory Authority” means any government regulatory authority involved in granting approvals for the
development, manufacturing, distribution, marketing, reimbursement or pricing of a Product.

 

1.154     
“Regulatory Submission” means any application for Regulatory Approval, notification, and other submission
made to or with a Regulatory Authority that is necessary or reasonably desirable to develop, manufacture, distribute or commercialize
a Product in the Field in a particular country, whether obtained before or after a Regulatory Approval in such country. Regulatory
Submissions include, without limitation, investigational new drug applications, clinical trial applications and NDAs or imported
drug license (IDL) applications, and amendments, renewals and supplements to any of the foregoing and their foreign counterparts,
applications for pricing and reimbursement approvals, and all proposed labels, labeling, package inserts, monographs, and packaging
for the Product.

 

    15

     

    

 

1.155     
“Required Post-Marketing Study” means the post-marketing study required by the China National Medical
Products Administration, the protocol of which has been provided to the China National Medical Products Administration prior to
the Amendment Date and is identified as [**].

 

1.156     
“Responsible Tax Party” is defined in Section 6.11.5.

 

1.157     
“Revenue Buyer” is defined in Section 12.9.

 

1.158     
“Right of Reference” is defined in Section 2.4.

 

1.159     
“Royalty Term” means, on a country-by-country and Product-by-Product basis, the period beginning on the First
Commercial Sale of such Product in such country and continuing until (a) with respect to the Existing Product, the expiration
of the last-to-expire Valid Claim of the Patent Rights set forth on Schedule 1.158 that claims the Existing Product, (b) with
respect to MD-7246, the expiration of the last-to-expire Valid Claim of the Patent Rights set forth on Schedule 1.109 that claims
MD-7246 and any Ironwood Patent Right or Joint Patent Right that claims the formulation of MD-7246 or its use and (c) with respect
to any Product other than the Existing Product or MD-7246, the Composition of Matter Patent and any Ironwood Patent Right or Joint
Patent Right that claims the formulation of such Product or its use (including, in each case ((a)-(c)), with respect to such Patent
Rights, (i) all provisional applications, substitutions, continuations, continuations-in-part, divisions, renewals, and all patents
granted thereon, (ii) reissues, reexaminations and extensions or restorations by existing or future extension or restoration
mechanisms, including supplementary protection certificates or the equivalent thereof, and (iii) any other form of government-issued
right substantially similar to any of the foregoing).

 

1.160     
“Safety Panel” means a panel of [**]. In the event the Parties are required to select a Safety Panel,
each Party will [**]. Each Party will [**]. The decision of [**] will be deemed the decision of the Safety Panel. The Parties will
instruct the Safety Panel to reach its decision as promptly as practicable, but within [**]. The costs of any Safety Panel will
be [**].

 

1.161     
“Sarbanes-Oxley Act” means the Sarbanes-Oxley Act of 2002, and the rules and regulations promulgated
thereunder.

 

1.162     
“Shared Liability Claims” is defined in Section 11.1(a).

 

1.163     
“Subject Technology” is defined in Section 9.6.5.

 

    16

     

    

 

1.164     
“Sublicense” means an agreement or arrangement pursuant to which a sublicense or distribution right has
been granted.

 

1.165     
“Sublicensee” means a Third Party that is granted a license, sublicense, covenant not to sue, or other
grant of rights under this Agreement pursuant to the terms of this Agreement.

 

1.166     
“Sued Party” is defined in Section 9.7.2.

 

1.167     
“Summary Statement” is defined in the Prior Agreement.

 

1.168     
 “Tax” or “Taxation” means any form of tax or taxation, levy, duty, charge, social
security charge, contribution, or withholding of whatever nature (including any related fine, penalty, surcharge or interest) imposed
by, or payable to, a Tax Authority.

 

1.169     
“Tax Authority” or “Tax Authorities” means any government, state or municipality, or any
local, state, federal or other fiscal, revenue, customs, or excise authority, body or official anywhere in the world, authorized
to levy tax.

 

1.170     
“Tax Invoice” means an invoice including such particulars as are required by any law imposing Tax and
such other information as required to claim any credit allowed under a law imposing Tax.

 

1.171     
“Technology” means Know-How and Patent Rights.

 

1.172     
“Term” is defined in Section 10.1.

 

1.173     
“Territory” means (a) the People’s Republic of China, including Hong Kong and Macau, but excluding
Taiwan, and (b) Switzerland, but only to the extent that [**] (the “Permitted Purpose”) and solely for the Permitted
Purpose. For clarity, (i) the phrase “outside the Territory” includes Switzerland and (ii) each of the People’s
Republic of China, Hong Kong and Macau shall be considered a separate country.

 

1.174     
“Third Party” means any Person other than Ironwood, AstraZeneca and their respective Affiliates.

 

1.175     
“Third Party Claims” is defined in Section 11.1(a).

 

1.176     
“Trademark” means all trademarks, service marks, trade names, brand names, sub-brand names, trade dress
rights, product configuration rights, certification marks, collective marks, logos, taglines, slogans, designs or business symbols
and all words, names, symbols, colors, shapes, designations or any combination thereof that function as an identifier of source
or origin or quality, whether or not registered, and all statutory and common law rights therein, and all registrations and applications
therefor, together with all goodwill associated with, or symbolized by, any of the foregoing.

 

1.177     
“Transition Services Agreement” is defined in Section G of the Recitals.

 

    17

     

    

 

1.178     
“Tripartite Agreement” is defined in Section G of the Recitals.

 

1.179     
“U.S. Bankruptcy Code” means Title 11, United States Code, as amended, or analogous provisions of Applicable
Law outside the United States.

 

1.180     
“United States” or “U.S.” means the United States of America, its territories and
possessions (including Puerto Rico, irrespective of political status).

 

1.181     
[**]

 

1.182     
“Valuation Panel” means a panel of [**]. In the event the Parties are required to select a Valuation
Panel, each Party will [**]. Each Party will [**]. The decision of [**] will be deemed the decision of the Valuation Panel. The
Parties will instruct the Valuation Panel to reach its decision as promptly as practicable, but within [**]. The costs of this
Valuation Panel will be [**].

 

1.183     
“Work-in-Process” is defined in Section 5.3.1(a).

 

1.184     
“Year” means each 12 month period ending December 31st.

 

	2.	LICENSE GRANT

 

2.1.                                  
License to AstraZeneca. Subject to the terms and conditions of this Agreement, Ironwood hereby grants to AstraZeneca,
a perpetual (except as otherwise provided in Section 10), exclusive, nontransferable (except as set forth in Section 12.9 or Section
12.10) license, with the right to grant sublicenses as described in Section 2.6, and subject only to the rights reserved to Ironwood
to the extent necessary to perform its obligations or exercise its rights hereunder, under the Ironwood Technology and Ironwood’s
interest in the Joint Technology and Development Data (a) to (A) Develop the Licensed Compound and Products in the Field anywhere
in the world for Commercialization in the Field in the Territory and (B) Commercialize the Licensed Compound and Products in the
Field in the Territory, and (b) to Manufacture, make or have made the Licensed Compound or Products anywhere in the world for (x)
Development of the Licensed Compound and Products in the Field anywhere in the world for Commercialization in the Field in the
Territory or (y) Commercialization of the Licensed Compound and Products in the Field in the Territory; provided that, for clarity,
the foregoing license grant with respect to Switzerland shall be limited to the Permitted Purpose. Notwithstanding the foregoing,
Ironwood reserves the right under the Ironwood Technology and Ironwood’s interest in the Joint Technology and the Development
Data to (i) subject to Section 5.2.5(c), develop and manufacture the Licensed Compound and Products inside or outside of the Territory
in support of development or commercialization of the Licensed Compound and Products outside of the Territory, (ii) develop and
commercialize the Licensed Compound and Products in the Territory outside of the Field, and (iii) commercialize the Licensed Compound
and Products outside of the Territory, in each case ((i) through (iii)) in accordance with any applicable terms of this Agreement.
Subject to Section 7.3, [**].

 

    18

     

    

 

2.2.                                  
License to Ironwood. Subject to the terms and conditions of this Agreement, AstraZeneca hereby grants to Ironwood
(a) a perpetual, royalty-free, exclusive, nontransferable (except as set forth in Section 12.9) license, with the right to sublicense
to any Third Party to the extent that corresponding rights are granted to Ironwood by its Sublicensee and sublicensed to AstraZeneca
hereunder, under the AstraZeneca Technology to develop, manufacture and commercialize the Licensed Compound or Products outside
of the Territory and to develop and manufacture the Licensed Compound or Products in the Territory for purposes of commercialization
outside of the Territory or commercialization in the Territory outside of the Field, (b) a perpetual, royalty-free, exclusive,
nontransferable (except as set forth in Section 12.9) license, with the right to sublicense to any Third Party to the extent that
corresponding rights are granted to Ironwood by its Sublicensee and sublicensed to AstraZeneca hereunder, under AstraZeneca’s
interest in the Joint Technology and Development Data to develop, manufacture and commercialize the Licensed Compound or Products
or any other GC-C Agonist outside of the Territory and to develop and manufacture the Licensed Compound or Products or any other
GC-C Agonist in the Territory for purposes of commercialization outside of the Territory or commercialization in the Territory
outside of the Field and (c) a perpetual, royalty-free, non-exclusive, nontransferable (except as set forth in Section 2.6 and
Section 12.9) license under the AstraZeneca Technology and AstraZeneca’s interest in the Joint Technology and Development
Data solely to perform its obligations under this Agreement, all in accordance with any applicable terms of this Agreement.

 

2.3.                                  
Joint Technology and Development Data. Subject to the terms and conditions of this Agreement, each Party hereby grants
the other Party a world-wide, non-exclusive, perpetual, royalty-free, fully paid up, freely sublicensable right and license under
its interest in the Joint Technology and the Development Data (a) to exploit compounds that are not GC-C Agonists and products
containing compounds that are not GC-C Agonists anywhere in the world, and (b) without compensating or accounting to the other
Party.

 

2.4.                                  
Rights of Reference. Ironwood hereby grants to AstraZeneca a “Right of Reference,” as that term
is defined in 21 C.F.R. § 314.3(b) and any foreign counterpart to such regulation, to the Referenced Regulatory Filings and
the Development Data and applicable Ironwood Know-How (including without limitation such data or know-how included in any Regulatory
Submission in or outside the Territory), in each case to the extent necessary or useful to Develop, Manufacture or Commercialize
the Licensed Compound or Product in the Field in the Territory subject to the terms and conditions of this Agreement. AstraZeneca
hereby grants to Ironwood (and any current or future licensee by Ironwood of the Licensed Compound) such a Right of Reference to
the Development Data to the extent necessary or useful to (a) subject to Section 5.2.5(c), develop and manufacture the Licensed
Compound and Products inside or outside of the Territory in support of development or commercialization of the Licensed Compound
and Products outside of the Territory, (b) develop and commercialize the Licensed Compound and Products in the Territory outside
of the Field or manufacture the Licensed Compound and Products in the Territory for use in the Territory outside of the Field,
and (c) commercialize the Licensed Compound and Products outside of the Territory, in each case ((a) through (c)) in accordance
with any applicable terms and conditions of this Agreement. Each Party will provide a signed statement to this effect, if requested
by the other Party, in accordance with 21 C.F.R. § 314.50(g)(3) or any foreign counterpart to such regulation, in the case
of a request by either Party, for the limited purpose described in this Section 2.4. For the avoidance of doubt, neither Party
may publish or otherwise publicly disclose any data of the other Party to which a Right of Reference is granted under this Section
2.4 except in accordance with this Agreement.

 

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2.5.                                  
Use of Third Party Contractors. Subject to Section 5.2.5(a) and Section 5.4.4, the Existing Supply Agreement and
the Quality Assurance Agreement, (a) AstraZeneca may grant a Sublicense of its rights under this Agreement to [**] and (b) Ironwood
may grant a Sublicense of its rights under this Agreement to [**].

 

2.6.                                  
Sublicensing. Each Party may only sublicense the rights granted to such Party under this Agreement as provided in
Section 2.1, Section 2.2, Section 2.3, Section 2.4, Section 2.5 and Section 10.5 and in accordance with the provisions of Section
5.2.5(a) and Section 5.4.3. Any Sublicenses granted by either Party pursuant to such Sections will be consistent with the terms
of this Agreement. In addition, each Party will require any licensee with respect to the Licensed Compound or Product or Sublicensee,
whether within or outside the Territory, to cross-license or otherwise transfer or convey back to the granting Party all Technology
which such licensee or Sublicensee may develop or acquire in connection with its activities with respect to the Licensed Compound
and Products that would constitute Ironwood Technology or AstraZeneca Technology if arising under Ironwood’s or AstraZeneca’s
(or their respective Affiliates’) activities, respectively, so that any such Technology will be Controlled by the granting
Party for purposes and to the extent of the licenses to the other Party provided by Sections 2.1, 2.2 and 2.3 above. Notwithstanding
the foregoing, [**].

 

2.7.                                  
Section 365(n). All rights and licenses granted under or pursuant to this Agreement by AstraZeneca or Ironwood are,
and will otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code, licenses of rights to “intellectual
property” as defined under Section 101 of the U.S. Bankruptcy Code. The Parties agree that the Parties, as licensees of such
rights under this Agreement, will retain and may fully exercise all of their rights and elections under the U.S. Bankruptcy Code.
The Parties further agree that, in the event of the commencement of a bankruptcy proceeding by or against either Party under the
U.S. Bankruptcy Code, the Party hereto that is not a party to such proceeding will be entitled to a complete duplicate of (or complete
access to, as appropriate) any such intellectual property and all embodiments of such intellectual property, and same, if not already
in their possession, will be promptly delivered to them (a) upon any such commencement of a bankruptcy proceeding upon their written
request therefor, unless the Party subject to such proceeding elects to continue to perform all of its obligations under this Agreement,
or (b) if not delivered under (a) above, following the rejection of this Agreement by or on behalf of the Party subject to such
proceeding upon written request therefor by the non-subject party.

 

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2.8.                                  
No Other Rights. No rights, other than those expressly set forth in this Agreement are granted to either Party hereunder,
and no additional rights will be deemed granted to either Party by implication, estoppel, or otherwise. All rights not expressly
granted by either Party to the other hereunder are reserved.

 

		3.	ASSET TRANSFER

 

3.1.                                  
Asset Transfer. Ironwood shall, and shall cause its Affiliates to, and does hereby, assign to AstraZeneca all of
its right, title and interest in and to the Purchased Assets and shall transfer, or shall cause its Affiliates and applicable Third
Parties to transfer, to AstraZeneca (or its designee), free and clear of any encumbrance, lien, or claim of ownership of any Third
Party, the Purchased Assets as of the Amendment Date or as otherwise set forth in the Transition Services Agreement. AstraZeneca
will use Commercially Reasonable Efforts to commence transfer of the Purchased Regulatory Approvals and Submissions, no later than
[**] with the goal of completion on or before [**].

 

3.2.                                  
[Reserved.]

 

3.3.                                  
Further Assurances. From time to time after the transfer of the Purchased Assets to AstraZeneca in accordance with
the terms of the Transition Services Agreement, and for no further consideration, Ironwood shall, and shall cause its Affiliates
and applicable Third Parties to, execute, acknowledge and deliver such assignments, transfers, consents, assumptions and other
documents and instruments and take such other commercially reasonable actions as may reasonably be requested by AstraZeneca to
more effectively assign, convey or transfer to or vest in AstraZeneca and its designated Affiliates, all right, title and interest
in and to the Purchased Assets.

 

3.4.                                  
Maintenance of Purchased Assets Prior to Transfer. Prior to the transfer of the applicable Purchased Asset to AstraZeneca,
Ironwood shall, and shall cause its Affiliates and applicable Third Parties to:

 

3.4.1.                                   
preserve the Purchased Assets until such time as such Purchased Assets are transferred to AstraZeneca pursuant to the Transition
Services Agreement, including maintaining the Purchased Regulatory Approvals and Submissions in the same manner as maintained by
or on behalf of Ironwood in the [**] period prior to the Amendment Date;

 

3.4.2.                                   
not take or omit to take any action that would reasonably be expected to have a material adverse impact on the Purchased
Regulatory Approvals and Submissions;

 

3.4.3.                                   
provide AstraZeneca with all benefit of such Purchased Regulatory Approvals and Submissions and such assistance and cooperation
as is necessary or reasonably requested by AstraZeneca to provide AstraZeneca or its designee with such benefit;

 

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3.4.4.                                   
use all Commercially Reasonable Efforts to preserve the business relating to the Product in the Territory and its goodwill
and maintain its relations and goodwill with material suppliers, customers, licensors and licensees and other Persons having material
business relationships with respect thereto, in each case only in the same manner and to the same extent as is preserved or maintained
by Ironwood prior to the Amendment Date;

 

3.4.5.                                   
not commence, compromise or settle any action, claim, action, suit, audit, assessment, arbitration or proceeding related
to the Purchased Assets; and

 

3.4.6.                                   
not agree, commit or offer (in writing or otherwise) to take any of the actions described in this Section 3.4.

 

AstraZeneca
shall reimburse Ironwood’s out-of-pocket expenses associated with the activities set forth in this Section 3.4 to the extent
and on the terms set forth in the Transition Services Agreement.

 

3.5.                                  
Wrong Pockets. If either AstraZeneca or Ironwood becomes aware that any of the Purchased Assets has not been transferred
to AstraZeneca, it shall promptly notify the other Party in writing and the Parties shall, as soon as reasonably practicable, take
all actions reasonably necessary to ensure that such property is transferred, with any reasonably necessary prior Third Party consent
or approval, to AstraZeneca. Notwithstanding anything to the contrary in this Agreement or in the Transition Services Agreement,
this Section 3.4 sets forth AstraZeneca’s sole and exclusive remedy for Ironwood’s failure to identify or transfer
any Purchased Asset to AstraZeneca under Section 3.1.

 

	4.	Governance

 

4.1.                                  
Joint Steering Committee.

 

4.1.1.                                   
Overview. Within 30 days after the Amendment Date, the Parties will establish a joint steering committee (the “JSC”).
The JSC will oversee and serve as a forum for exchanging data and information regarding the Development and Commercialization of
the Products in the Territory. The Parties anticipate that the JSC will perform the functions ascribed to it in Section 4.1.3;
provided, however, that the functions and operations of the JSC may be altered from time to time during the Term by the mutual
written agreement of the Parties to appropriately address ongoing requirements with respect to the Development or Commercialization
of the Products in the Territory.

 

4.1.2.                                   
Membership. The JSC will consist of two senior representatives from each Party of appropriate seniority and geographical
responsibility, one of each with appropriate expertise in Development and Commercialization activities. Ironwood and AstraZeneca
will each designate a co-chair for the JSC. The co-chairs of the JSC will be responsible for calling meetings of the JSC and setting
the agenda for such meetings (which will include a list of all participants expected at such meeting) and circulating such agenda
at least ten days, or such other period as agreed by the co-chairs, prior to each such meeting and distributing minutes of each
meeting within 30 days following such meeting (which minutes will be in the English language), but will not otherwise have any
greater power or authority than any other member of the JSC. JSC members must have such expertise as appropriate to the activities
of the JSC. From time to time, the JSC may invite personnel of the Parties having formulation, development, regulatory, manufacturing,
commercial and other expertise to participate in discussions of the JSC as appropriate to assist in the activities of the JSC.

 

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4.1.3.                                   
Responsibilities. Subject to Section 4.1.1, the JSC’s responsibilities will be:

 

(a)                      
subject to Ironwood’s rights under Section 5.1.3, reviewing any Development Plan (or any updates thereto) for
non-clinical and clinical studies (including Post-Approval Research) of Products in the Territory conducted by or on behalf of
AstraZeneca;

 

(b)                      
reviewing AstraZeneca’s regulatory activities and strategy for the Products in the Territory and the global regulatory
strategy for the Products outside the Territory;

 

(c)                      
subject to Sections 5.2.3 and 5.2.4 and any other applicable terms of this Agreement, facilitating the exchange of data,
information, material or results relating to the Development of Products in the Territory required to be provided to the JSC pursuant
to this Agreement;

 

(d)                      
[**], including providing updates on the Development of Products outside the Territory;

 

(e)                      
reviewing and discussing the Commercialization Plan and high-level summaries of Commercialization activities undertaken
by AstraZeneca in the prior six months, in each case as provided by AstraZeneca under this Agreement; and

 

(f)                       
reviewing and discussing updates on the global brand strategy for Products provided by Ironwood under this Agreement.

 

4.1.4.                                   
Meetings. The JSC will meet at such frequency as will be established by the Parties (but not less frequently than
twice per Year). The JSC will meet in-person at least once per Year and either telephonically or by video conference at least once
per Year unless the Parties otherwise agree. In-person meetings of the JSC will alternate between a location selected by AstraZeneca
and a location selected by Ironwood, unless otherwise agreed upon by the members of the JSC. Meetings of the JSC will be effective
only if at least one representative of each Party is in attendance or participating in the meeting. JSC members may participate
in meetings by telephone if mutually agreed by the Parties. Each Party will be responsible for expenses incurred by its employees
and its members of the JSC in attending or otherwise participating in JSC meetings. Each Party will use reasonable efforts to cause
its representatives to attend the meetings of the JSC. If a representative of a Party is unable to attend a meeting, such Party
may designate an alternate with equivalent experience and authority as such representative to attend such meeting in place of the
absent representative.

 

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4.1.5.                                   
Minutes. The minutes of each JSC meeting will provide a description in reasonable detail of the discussions held
at the meeting and a list of any actions, decisions or determinations of the JSC. Minutes of each JSC meeting will be approved
or disapproved, and revised as necessary, at the next meeting.

 

4.1.6.                                   
JSC Decision-Making. The JSC shall be a consultative body and shall not have any independent decision-making authority
unless otherwise agreed to by the Parties.

 

	5.	DEVELOPMENT, REGULATORY, AND COMMERCIALIZATION

 

5.1.                                  
Development.

 

5.1.1.                                   
Responsibility. As between the Parties, AstraZeneca shall have the sole and exclusive right to Develop Products for
Commercialization in the Territory within the Field, in each case at its own expense and subject to the terms of this Agreement
and the then current Development Plan (including the material and non-material changes thereto made pursuant to this Agreement)
(including the applicable Clinical Design Summary).

 

5.1.2.                                   
Development Plan.

 

(a)                      
The initial Development Plan is attached hereto as Exhibit B (the “2019 Initial Development Plan”).
In the event that AstraZeneca adopts a Development Plan other than the 2019 Initial Development Plan with respect to the Development
of any Product in the Territory hereunder, AstraZeneca shall provide such Development Plan to Ironwood prior to the conduct of
any Development activity under such Development Plan, and, if AstraZeneca contemplates the conduct of a clinical trial for a Product
under such Development Plan, the Development Plan shall be updated to include a Clinical Design Summary for such clinical trial
prior to the conduct of any clinical trial under such Development Plan. AstraZeneca shall provide to Ironwood any material updates
to a Development Plan (including each Clinical Design Summary), in each case setting forth in reasonable detail the completion,
commencement, modification or cessation of any Development activities included in the prior Development Plan to permit Ironwood
to assess whether Development activities with respect to the Product in the Territory would have an adverse impact on the development
or commercialization of a Product outside of the Territory. Without limiting the foregoing, for purposes of this Section 5.1.2(a),
a “material update” shall include [**]. No protocol with respect to a clinical trial shall reflect any material change
to the applicable then-current Clinical Design Summary.

 

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(b)                      
Neither AstraZeneca nor its Affiliates nor their respective sublicensees will Develop the Licensed Compound or any Product
in any manner that is inconsistent with the then-current Development Plan (as described in clause (a)), and neither AstraZeneca
nor its Affiliates nor their respective sublicensees will conduct any clinical trial under this Agreement in any manner that is
inconsistent with Applicable Law or the terms of the applicable protocol (provided such protocol is consistent with the then-current
Clinical Design Summary), or if no protocol has been provided with respect to a clinical trial, with the then-current Clinical
Design Summary. Without limiting the foregoing, neither AstraZeneca nor its Affiliates nor their respective sublicensees will undertake
any Development activities for the Licensed Compound or any Product set forth in a proposed Development Plan or a proposed update
to any Development Plan (including in a proposed Clinical Design Summary or a proposed update to any Clinical Design Summary) that
is not a then-current Development Plan prior to the later of (i) [**] following Ironwood’s receipt of such Development Plan
or update under Section 5.1.2(a) and (ii) if there is a Development Dispute with respect to such Development Plan or update, the
date of resolution of such dispute or exercise of Ironwood’s final decision-making authority in accordance with Section 5.1.3.

 

(c)                      
Upon the reasonable request of Ironwood, AstraZeneca shall promptly provide Ironwood (i) a copy of each clinical trial protocol
with respect to the Licensed Compound, and each material update thereto; and (ii) a summary of the correspondence or documentation
evidencing any compliance requirements under any Applicable Laws or other requirements imposed by a Regulatory Authority regarding
a study with respect to a Product.

 

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5.1.3.                                   
Development Dispute. If Ironwood determines, in its reasonable discretion, that any Development activity proposed
to be conducted by or on behalf of AstraZeneca under this Agreement, as set forth in a Development Plan (other than the 2019 Initial
Development Plan) (including any clinical trial set forth in a Clinical Design Summary included in a Development Plan) or any update
thereto, would have an adverse impact on the development or commercialization of a Product outside of the Territory (a “Development
Dispute”), Ironwood shall notify AstraZeneca and the JSC of such Development Dispute within [**] of Ironwood’s
receipt of such Development Plan or update, as applicable, and at the request of either Party, such Development Dispute will be
submitted to AstraZeneca’s SVP R&D China of AstraZeneca and Ironwood’s President or, in each case, his or her designee
for resolution. If Ironwood does not provide notice of a Development Dispute in accordance with the preceding sentence it will
be deemed to have waived its right to object to any Development activity solely to the extent such activity is set forth in the
applicable Development Plan (including in the applicable Clinical Design Summary) or update, as applicable. Such executives or
their designees will meet (in person or by teleconference) to attempt in good faith to resolve such matter through discussions
promptly following submission thereof, and in any event within 15 days thereafter, unless otherwise mutually agreed upon by the
executives or their designees. In the event such individuals are unable to resolve such issue within 15 days, such issue will be
referred to the Chief Executive Officer of Ironwood and the EVP International and CP China of AstraZeneca or, in each case, his
or her designee for resolution. Such executives or their designees will meet (in person or by teleconference) to attempt in good
faith to resolve such matter through discussions promptly following submission thereof, and in any event within 15 days thereafter,
unless otherwise mutually agreed upon by the executives or their designees. If consensus cannot be reached following escalation
in accordance with this Section 5.1.3 for such matter, then [**] will have final decision-making authority with respect to
such matter, but shall only exercise such right in good faith after full consideration of the positions of both Parties and shall
communicate its decision with respect to such Development Dispute to [**] in writing within 30 days after referral of such Development
Dispute to the Chief Executive Officer of Ironwood and the EVP International and CP China of AstraZeneca pursuant to the preceding
sentence. If Ironwood exercises such final decision-making authority to prohibit AstraZeneca from conducting the Development activity
that is the subject of the Development Dispute, AstraZeneca and its Affiliates shall not conduct such Development activity or amend
the applicable Development Plan (including any applicable Clinical Design Summary) to include such activity unless such activity
is required for AstraZeneca to comply with Applicable Laws or requirements imposed by Regulatory Authorities and AstraZeneca has
provided to Ironwood and the JSC a written explanation of such requirement and documentation evidencing such requirement. [**].
Ironwood represents and warrants to AstraZeneca that Ironwood has fulfilled its obligations to [**] and that any approval required
for [**] has been obtained.

 

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5.1.4.                                   
Reports of Development Activities. Subject to Section 5.2.2, each Party will report on any and all Development activities
undertaken by it and its Affiliates in the Territory or outside the Territory, as applicable, in connection with meetings of the
JSC, including by providing a reasonably detailed summary of all results of clinical studies, regulatory activities and material
Collaboration Know-How generated from such activities. In addition, each Party will, at the other Party’s expense, make appropriate
scientific and regulatory personnel available to such other Party, either by telephone or in person as the Parties may mutually
agree, as reasonably required to keep such other Party informed of Development activities. Without limiting the generality of the
foregoing, in connection with meetings of the JSC, Ironwood will also keep AstraZeneca reasonably informed on activities undertaken
by Ironwood’s Third Party licensees of Products, including Forest, Allergan and Astellas, relating to the development of
any Product outside of the Territory, and, if reasonably requested by AstraZeneca at any time, then, subject to Section 5.2.2,
will provide AstraZeneca any and all information Controlled by Ironwood that would reasonably be expected to have an impact on,
or be necessary or useful for the Development, Manufacture, Commercialization or other exploitation of, the Product in the Territory,
including by providing a reasonably detailed summary of all results of clinical studies and material Collaboration Know-How generated
from such activities. Without limitation of any specific disclosure obligations of Ironwood hereunder, Ironwood shall disclose
[**] any Ironwood Know-How that is necessary for AstraZeneca to conduct its activities hereunder and the JSC shall establish, in
good faith, the manner and procedures for disclosing any other Ironwood Know-How relevant to the applicable activities.

 

5.2.                                  
Regulatory Matters.

 

5.2.1.                                   
Responsibility For Regulatory Interactions. Subject to the Transition Services Agreement, as between the Parties,
regulatory strategy for the Products in the Territory and all decision-making with respect thereto will be determined solely and
exclusively by AstraZeneca. AstraZeneca will conduct all activities relating to obtaining and maintaining Regulatory Approvals
with respect to the Products in the Territory, including preparing and submitting Regulatory Submissions and attending meetings
with Regulatory Authorities in the Territory, in each case at its own expense. While Ironwood holds any Regulatory Approvals relating
to a Product in the Territory (or any foreign reference product with respect thereto), Ironwood will not be required to take any
action with respect to any such Regulatory Submission or Regulatory Approval that Ironwood reasonably believes violates Applicable
Law. Following the completion of the transfer of such Regulatory Submissions and Regulatory Approvals in accordance with Section
3.1, AstraZeneca will own all right, title, and interest in all Regulatory Submissions and Regulatory Approvals for Products in
the Territory.

 

5.2.2.                                   
Regulatory Submissions.

 

(a)                      
AstraZeneca will provide Ironwood with copies of all Regulatory Submissions in the form actually submitted to the applicable
Regulatory Authority, promptly following receipt or submission of such correspondence. Except as set forth on Schedule 5.2.2(a),
Ironwood shall provide to AstraZeneca copies of all Regulatory Submissions of Ironwood or its Third Party licensees that are in
Ironwood’s possession and Control in the form actually submitted to Regulatory Authorities for any Product outside the Territory;
[**]

 

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(b)                      
As part of AstraZeneca’s updates to the JSC pursuant to Section 4.1.3(b), AstraZeneca will provide Ironwood with a
high-level summary of all substantive regulatory activities undertaken by or on behalf of AstraZeneca with respect to the Licensed
Compound or any Product in the Territory in the preceding two Calendar Quarters, and plans for regulatory matters with respect
to each Product in the Territory in the then-current Calendar Quarter and the next three Calendar Quarters, including a high-level
summary of all substantive interactions with Regulatory Authorities relating to Regulatory Approvals, the Regulatory Submissions,
the Licensed Compound and such Product. In addition to the foregoing, AstraZeneca will provide prompt written notice to Ironwood
of Product regulatory submissions, regulatory correspondence, regulatory interactions, regulatory approvals, withdrawals, safety-related
label changes, and other matters, in each case that are reasonably likely to have a significant effect on any Product outside of
the Territory. Except as set forth on Schedule 5.2.2(b), Ironwood will keep AstraZeneca reasonably informed regarding the status
and progress of development activity related to the Licensed Compound outside the Territory as part of its updates to the JSC pursuant
to Section 4.1.3(b).

 

(c)                      
AstraZeneca will provide Ironwood with advance copies of the first application for Regulatory Approval made in the Territory
with respect to any Product (including, without limitation, MD-7246) that (x) is also being Developed or Commercialized outside
of the Territory and (y) is not the Existing Product, in each case (i) solely to the extent of any information regarding the safety
of, or the proposed label for, such Product included in such application and (ii) reasonably in advance of submission to a Regulatory
Authority (and, to the extent such copies are not in English, English-language versions thereof). AstraZeneca will provide Ironwood
with at least [**] to review and comment on such advance copies; provided, however, that Ironwood will use Commercially Reasonable
Efforts to review any such advance copy in a shorter period of time if AstraZeneca has kept Ironwood reasonably updated on the
content of the applicable advance copy (including by providing copies of prior drafts thereof to Ironwood) prior to submitting
such advance copy to Ironwood for review pursuant to this Section 5.2.2(c).

 

5.2.3.                                   
Clinical Trial Data. [**] will be responsible, at its own expense, for maintaining a database of clinical trial data
being developed under this Agreement [**]. Also at its expense, [**] will provide [**] with copies of any such clinical trial data
that is necessary or useful in connection with any Regulatory Submission made by [**] in the Territory.

 

5.2.4.                                   
Adverse Events. The Parties will use good faith efforts to enter into an amended and restated pharmacovigilance agreement
within 120 days after the Amendment Date, or earlier if required by Applicable Law, which amended and restated agreement will be
incorporated into this Agreement by reference (the “Pharmacovigilance Agreement”). [**] The Parties will comply
and cause their respective Affiliates to comply with the provisions of such agreement. Each Party shall conduct activities designated
to such Party under the Pharmacovigilance Agreement [**].

 

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5.2.5.                                   
Clinical Trials.

 

(a)                      
Any clinical trials conducted in accordance with the Development Plan by [**] will be conducted [**]. In the event that
[**] engages [**] to undertake any such clinical trial (or any portion of any clinical trial or other clinical trial task), [**]
will be qualified in such country and capable of producing data acceptable to the Regulatory Authorities in such country. [**]
will [**]. Any studies will be conducted in accordance with GCP and involve investigators of recognized competence. If so requested
by Ironwood, to enable Ironwood to use study data from the Territory in support of its Regulatory Submissions outside of the Territory,
AstraZeneca will permit, and will use reasonable efforts to require any clinical trial sites to permit, Regulatory Authorities
from outside of the Territory to validate any such clinical trial data through on-site inspections to the extent any such on-site
inspections do not materially interfere with AstraZeneca’s or such clinical trial sites’, as applicable, day-to-day
operations; provided that Ironwood provides reasonable advance notice of such inspection, and such inspections do not occur more
than once in any given year for a given site, unless required by applicable law.

 

(b)                      
The Parties acknowledge that [**] is required to [**] and (i) with respect to any clinical studies that are reasonably necessary
to obtain, maintain or expand Regulatory Approval for the Products in the Territory, [**] and (ii) with respect to any non-clinical
or clinical studies of a Product, including Phase IV studies, that are not required for registration or imposed by a Regulatory
Authority in the Territory, [**.] The foregoing rights of [**].

 

(c)                      
Ironwood will not conduct any clinical trials of any Product in the Field in the Territory without the prior written consent
of AstraZeneca, such consent not to be unreasonably withheld, conditioned or delayed.

 

5.3.                                  
Supply of Products.

 

5.3.1.                                   
General. Beginning on the Amendment Date, as between the Parties, subject to the remainder of this Section 5.3.1,
AstraZeneca will be solely responsible for the Manufacture and clinical and commercial supply of Licensed Compounds and Products
for the Territory.

 

(a)                      
Manufacture of Licensed Compound and Product. Ironwood shall continue to supply Licensed Compounds and Products for
the Territory under the Existing Supply Agreement until [**] or such earlier date as agreed to by the Parties (the “Manufacturing
Cutover Date”). On or prior to the Manufacturing Cutover Date, [**]. The Joint Operations Committee (as constituted under
the Existing Supply Agreement) shall coordinate as necessary, and the Parties shall use Commercially Reasonable Efforts, to transfer
Manufacturing responsibility for the Product from Ironwood to AstraZeneca, which transfer shall occur effective as of the Manufacturing
Cutover Date, and to coordinate the Parties’ responsibilities with respect to purchase orders as described in the immediately
prior sentence. In addition, Ironwood shall transfer title of any Licensed Compound, Product or work-in-process for the Territory
in Ironwood’s possession on the Manufacturing Cutover Date (“Work-in-Process”) to AstraZeneca, and AstraZeneca
shall reimburse Ironwood’s costs associated with such Work-in-Process to the extent not covered in the supply of Product
under the Existing Supply Agreement. Without limiting AstraZeneca’s obligations to reimburse Ironwood’s costs associated
with the Work-in-Process in the foregoing sentence, Schedule 5.3.1(a) sets forth a list of all open purchase orders with Ironwood’s
third party manufacturers as of the Amendment Date.

 

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(b)                      
Manufacture of Reference Standards. Subject to Ironwood’s obligation to transfer the Reference Standards Know-How
to AstraZeneca, AstraZeneca shall use Commercially Reasonable Efforts to assume sole responsibility for the preparation and quality
management (including the appropriate qualification and documentation) of all applicable reference materials needed for analytical
purposes in accordance with applicable quality standards and the specifications for the applicable Product for the Territory (the
“Reference Standards Activities”) within [**] following the Amendment Date. In connection with AstraZeneca’s
assumption of the sole responsibility for the Reference Standards Activities, Ironwood agrees to provide AstraZeneca with Ironwood
Know-How that is necessary to conduct the Reference Standards Activities (the “Reference Standards Know-How”).
Ironwood shall remain responsible for the Reference Standards Activities until such time as AstraZeneca assumes responsibility
for the Reference Standards Activities in accordance with this Section 5.3.1(b) and AstraZeneca shall reimburse Ironwood for its
reasonable out-of-pocket expenses associated with the Reference Standards Activities.

 

(c)                      
Other Manufacturing Activities. In addition, following the Amendment Date, as between the Parties, AstraZeneca shall
assume responsibility for all other activities conducted by Ironwood relating to the supply of Licensed Compound and Product for
the Territory, as set forth on Schedule 5.3.1(c) (the “Ancillary Supply Services”). Ironwood shall continue
to conduct the Ancillary Supply Services until the Manufacturing Cutover Date and AstraZeneca shall reimburse Ironwood for its
out-of-pocket costs associated with the Ancillary Supply Services to the extent not covered in the supply price for Product under
the Existing Supply Agreement. On the Manufacturing Cutover Date, AstraZeneca shall assume all of Ironwood’s remaining obligations
relating to the Ancillary Supply Services with Ironwood’s Third Party suppliers.

 

(d)                      
[**].

 

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5.3.2.                     
Recall. AstraZeneca will inform Ironwood of (a) any recall or withdrawal of a Product in the Territory that would
in each case reasonably be expected to have a material impact on the Product outside the Territory and (b) any material recall
or material withdrawal of a Product in the Territory prior to the initiation of such recall or withdrawal [**].
To the extent not constituting Third Party Claims covered by Section 11.2(a), and subject to the Existing Supply Agreement, the
costs and expenses of any recall or withdrawal of a Product in the Territory for Product sold during the Term (even if incurred
after the Term) will be [**].

 

5.3.3.                     
[**]

 

5.4.                    
Commercialization in the Territory.

 

5.4.1.                     
Responsibility. As between the Parties, AstraZeneca will be solely responsible for, and will control, the Commercialization
of Products in the Territory, and will book (directly itself or indirectly through any of its Affiliates and Sublicensees) all
sales of Products and will have the sole responsibility for the sale, invoicing, promotion, and distribution of the Products in
the Territory. AstraZeneca will be responsible for operating the Product Domain Names, including the content thereof, subject to
the IPWG’s recommendation and the Parties’ approval of the use of each Product Domain Name that is not exclusive to
the Territory as set forth in Section 9.5.

 

5.4.2.                     
Commercialization Updates.

 

(a)              
AstraZeneca Updates. Commencing in December 2019 and thereafter within 30 days following each of June 30 and January
1 of each Year to the extent of any updates, AstraZeneca will provide the JSC with a high-level summary regarding its Commercialization
activities (including those activities set forth in the Commercialization Plan) with respect to the Products in the prior half-Year.
Without limiting the foregoing, each such high-level summary will also [**]. In addition, no less frequently than once each Year,
AstraZeneca will provide the JSC with its then-current Commercialization Plan with respect to the Products in the Territory. Ironwood
may provide comments with respect to AstraZeneca’s Commercialization strategy through its representatives on the JSC, which
AstraZeneca will consider in good faith.

 

(b)              
Ironwood Updates. Within 30 days following each of June 30 and January 1 of each Year, Ironwood will provide the
JSC and AstraZeneca with a written update regarding its global brand strategy with respect to the Products. Without limiting the
foregoing, Ironwood shall provide the JSC and AstraZeneca additional written updates of any change to its global brand strategy
with respect to the Products that impacts Commercialization of the Products in the Territory.

 

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5.4.3.                     
Diligence. AstraZeneca will use Commercially Reasonable Efforts to (a) achieve the First Commercial Sale of each
Product in the Territory (other than in Switzerland) before the later of (i) [**] and (ii) within [**] months of receiving Regulatory
Approval (including, for the avoidance of doubt, where required, all final pricing, reimbursement, and other approvals required
for the First Commercial Sale) for such Product and (b) Commercialize each Product in the Territory (other than in Switzerland)
after such Regulatory Approval has been received.

 

5.4.4.                     
Commercial Sales Organization. If AstraZeneca desires to utilize a Third Party sales force to detail a Product in
the Territory, then [**] Any such sales force will be required to agree in writing to meet the quality, ethical and compliance
standards undertaken by AstraZeneca (including, but not limited to, all of AstraZeneca’s policies regarding engagement of
health care professionals and all standards applicable to AstraZeneca’s promotion efforts pursuant to Section 7.5) or applicable
to AstraZeneca’s detailing activities hereunder, and will not have been found to have committed a material violation of any
rule or regulation of any Regulatory Authority in any country where such detailing will take place.

 

5.5.                    
Executive Meetings. The Parties anticipate that the Chief Executive Officer of Ironwood and AstraZeneca’s Regional
Vice President of Asia Pacific will meet periodically as necessary or appropriate during the Term (and in any event such executives
will meet at least once per Year in person) in order to review significant issues and developments in the Development or Commercialization
of Products in the Territory.

 

5.6.                    
Publication.

 

5.6.1.                     
Prior Review. Ironwood and Forest will be afforded the opportunity to review and approve any scientific paper or
presentation with respect to any Product proposed for publication, presentation, or distribution by AstraZeneca or its Affiliates
and will have no more than [**] to complete such review and approval or such shorter period as may reasonably be required by applicable
publication deadlines promptly communicated to such Party. For the avoidance of doubt, [**]. Except as set forth on Schedule 5.6.1,
AstraZeneca will be afforded the opportunity to review any scientific paper or presentation with respect to any Product proposed
for publication, presentation, or distribution by Ironwood or its Affiliates or its or their (sub)licensees and will have no more
than [**] to complete such review or such shorter period as may reasonably be required by applicable publication deadlines promptly
communicated to Ironwood. Neither Party will unreasonably reject comments furnished by the other Party, will comply with the other
Party’s request to delete references to its Confidential Information in any such publication or presentation and will delay
publication for such reasonable period requested by the reviewing Party in order to permit the filing of patent applications concerning
any Ironwood Technology or AstraZeneca Technology that would be disclosed in such publication or presentation.

 

5.6.2.                     
Clinical Study Results. Subject to the [**], the Parties, [**], will coordinate the disclosure of the initiation
and results of clinical studies performed under this Agreement or clinical studies performed by either Party’s approved licensees
or Sublicensees with respect to any Licensed Compound or Product, whether within or outside of the Territory, to the extent required
by applicable law or AstraZeneca’s internal policies applicable to other of AstraZeneca’s products; provided that all
proposed disclosures and publications will be submitted for expeditious review by the JSC and [**] and due regard will be given
to the comments of each Party, the maintenance of confidentiality of Confidential Information of each Party and allowing time for
intellectual property registrations as described in Section 5.6.1. Ironwood and the JSC will each have at least 30 days, or such
shorter period as may reasonably be required by applicable regulatory deadlines that are promptly communicated to Ironwood and
the JSC to complete any such review. Nothing set forth in this Agreement will be deemed to limit or restrict either Party from
disclosing the results of clinical trials (whether performed by the Parties or by Third Parties) to the extent required by applicable
law; provided, however, that AstraZeneca will not disclose any results of clinical trials prior to the time such disclosure is
required by applicable law.

 

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5.6.3.                     
Publication by AstraZeneca Sublicensees. No Sublicensee of AstraZeneca will be permitted to publish or present materials
regarding any Product, and any Sublicense hereunder will contain a provision prohibiting such activities.

 

5.6.4.                     
[**]

 

5.7.                    
Compliance. AstraZeneca will at all times during the Term, including during the Commercialization of any Product
in the Territory, implement and adhere to quality and compliance standards consistent with Applicable Law and industry best practices
and reasonably acceptable to Ironwood in connection with the performance of its obligations or exercise of its rights under this
Agreement.

 

	6.	CONSIDERATION

 

6.1.                    
Payments under Prior Agreement.

 

6.1.1.                     
General. Notwithstanding anything to the contrary in this Agreement, each Party will be responsible for all payments
that are due and payable by such Party under the Prior Agreement as of the Amendment Date. AstraZeneca shall have the right to
offset any payment that is due and payable by Ironwood to AstraZeneca under the Prior Agreement against any Non-Contingent Payment
that is due and payable to Ironwood hereunder except to the extent such payment is the subject of a good faith dispute under the
Prior Agreement.

 

6.1.2.                     
Final Summary Statements and Reconciliation Report. Within the applicable timeframes set forth in the Prior Agreement,
each Party shall submit to the other Party a final Summary Statement, each of which Summary Statements shall cover any time period
prior to the Amendment Date that is not covered by a prior Summary Statement provided by the applicable Party. As soon as practicable
after the receipt by AstraZeneca of Ironwood’s final Summary Statement, but in any event within the applicable timeframe
set forth in the Prior Agreement, AstraZeneca will prepare a final Reconciliation Report, which final Reconciliation Report shall
cover any time period prior to the Amendment Date that is not covered by a prior Reconciliation Report and shall be prepared in
accordance with the terms of the Prior Agreement. The Parties acknowledge and agree that such final Reconciliation Report will
include no more than $[**] in Commercialization Expenses (as defined in the Prior Agreement) payable by Ironwood, which amount
is comprised of actual Commercialization Expenses payable by Ironwood for [**]. Based on such final Reconciliation Report, the
applicable Party will invoice the other Party the amount due under the Reconciliation Report within [**] days after such Reconciliation
Report is complete and the receiving Party will pay such invoice within [**] days of receipt of such invoice. In the event any
payment is made after the date specified in the preceding sentence, the paying Party will increase the amount otherwise due and
payable by adding interest as provided in Section 6.15 compounded monthly from the date such additional amount should have first
been paid; provided, however, that no Party will be charged interest hereunder to the extent it is late in making payment as a
result of the other Party’s delay in reporting any information required to prepare the applicable Reconciliation Report.
In the event that a Party fails to make any payment as required pursuant to this Section 6.1.2, amounts due may be offset against
any which are payable to such Party hereunder; provided, however, amounts being contested in good faith pursuant to appropriate
proceedings hereunder will not be subject to such offset. For clarity, no Summary Statement or Reconciliation Report shall cover
any time period on or after the Amendment Date, and any expense incurred by a Party on or after the Amendment Date that would be
included in a Summary Statement or Reconciliation Report had it been incurred by such Party prior to the Amendment Date will instead
be subject to the other terms of this Agreement.

 

6.2.                    
Manufacturing Payments. AstraZeneca will pay to Ironwood the amounts set forth in the invoices attached as Exhibit
A hereto pursuant to the terms of the Existing Supply Agreement.

 

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6.3.                    
Non-Contingent Payments. Subject to Section 6.1.1, AstraZeneca will pay to Ironwood the following one-time, non-contingent,
non-refundable payments (collectively, the “Non-Contingent Payments”) in accordance with the timeline set forth
below:

 

	Timeline	 	Payment
	(a)   No later than January 31, 2021	 	$10,000,000
	(b)   No later than January 31, 2023	 	$10,000,000
	(c)  
    No later than January 31, 2024	 	$15,000,000

 

Notwithstanding
anything to the contrary in this Agreement, in the event that the Agreement is terminated or expires prior to the payment of any
Non-Contingent Payment(s), such Non-Contingent Payment(s) shall remain payable to Ironwood, regardless of the termination or expiration
of the Agreement or the reason for termination.

 

6.4.                    
Milestones. AstraZeneca will pay to Ironwood the following one-time milestone payments within [**] after the first
occurrence of each of the following events (each, a “Milestone Event”):

 

	Milestone Event	 	Milestone Payment
	(a)   Aggregate Net Sales of all Products in the Territory during any 12 consecutive months exceeds $[**]	 	$[**]
	(b)   Aggregate Net Sales of all Products in the Territory during any 12 consecutive months exceeds $ [**]	 	$[**]
	(c)   Aggregate Net Sales of all Products in the Territory during any 12 consecutive months exceeds $[**]	 	$[**]
	(d)   Aggregate Net Sales of all Products in the Territory during any 12 consecutive months exceeds  $[**]	 	$[**]

 

Once AstraZeneca
has made any particular milestone payment under this Section 6.4, AstraZeneca will not be obligated to make any payment with respect
to the re-occurrence of the same Milestone Event.

 

6.5.                    
Royalties. Subject to Sections 6.6 and 6.7, AstraZeneca will pay Ironwood royalties based on the aggregate Net Sales
of all Products sold by AstraZeneca, its Affiliates or Sublicensees in the Territory during a Year at the marginal rates set forth
in the table below. The obligation to pay royalties will be imposed only once with respect to the same unit of a Product.

 

	Aggregate Annual Net Sales of all Products in the Territory	 	Royalty Rate
	Portion of aggregate annual Net Sales up to $[**]	 	[**]%
	Portion of aggregate annual Net Sales that equals or exceeds $[**] up to $[**]	 	[**]%
	Portion of aggregate annual Net Sales that equals or exceeds $[**] up to $[**]	 	[**]%
	Portion of aggregate annual Net Sales that equals or exceeds $[**]	 	20%

 

6.6.                    
Royalty Term. AstraZeneca will pay royalties to Ironwood under Section 6.5 with respect to each Product and each
country during the applicable Royalty Term. Upon the expiration of the Royalty Term for each Product in each country, the license
granted to AstraZeneca under Section 2.1 and Section 9.5.4 with respect to such Product in such country will become fully-paid,
perpetual and irrevocable.

 

6.7.                    
Generic Competition. In the event that there is Generic Competition with respect to a Product in a country at any
time [**], the Net Sales with respect to the applicable Product in the applicable country shall be reduced by [**]% for the purpose
of determining royalties payable by AstraZeneca under Section 6.5 for the remainder of the applicable Royalty Term; provided, however,
that [**].

 

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6.8.                    
[**]

 

6.9.                    
Royalty Reports and Payments. Beginning on the Amendment Date and continuing for the remainder of the Royalty Term:

 

6.9.1.                     
Within [**] days after the end of each Calendar Quarter, AstraZeneca will deliver a flash report estimating in good faith
on a Product-by-Product basis: (i) Net Sales in the relevant Calendar Quarter in the Territory (broken down on a monthly basis),
(ii) royalties payable on such Net Sales, and (iii) a summary of the exchange rate methodology then in use by AstraZeneca with
respect to the Territory.

 

6.9.2.                     
Within [**] days after the end of each Calendar Quarter, AstraZeneca will deliver a final report specifying on a Product-by-Product
basis: (i) Net Sales in the relevant Calendar Quarter in the Territory (broken down on a monthly basis), (ii) royalties payable
on such Net Sales, and (iii) a summary of the exchange rate methodology then in use by AstraZeneca with respect to the Territory.

 

All royalty
payments due under Section 6.5 for each Calendar Quarter will be due and payable within [**] days after the end of each
Calendar Quarter. For the avoidance of doubt, the report delivered pursuant to Section 6.9.2 shall be the report from which Net
Sales are determined.

 

6.10.                
Records and Audits. Each Party’s recordkeeping and audit obligations and rights under the Prior Agreement shall
continue until the [**] anniversary of the Amendment Date. In addition, during the Term of this Agreement, AstraZeneca will keep
and maintain accurate and complete records regarding Net Sales during the three preceding Years, and each Party will keep and maintain
accurate and complete records with respect to the Summary Statements and Reconciliation Reports (each as defined in the Prior Agreement)
submitted under Section 6.1.2. Upon 15 days prior written notice from the other Party (the “Auditing Party”),
each Party (the “Audited Party”) will permit an independent certified public accounting firm of internationally
recognized standing, selected by the Auditing Party and reasonably acceptable to the Audited Party, to examine the relevant books
and records of the Audited Party and its Affiliates as may be reasonably necessary to verify the accuracy of, as applicable, any
royalty report submitted by AstraZeneca in accordance with Section 6.9 (if AstraZeneca is the Audited Party) or any Summary Statement
or Reconciliation Report submitted by the Audited Party under Section 6.1.2. An examination by a Party under this Section 6.10
will occur not more than once in any Year and will be limited to the pertinent books and records for any Year ending not more than
36 months before the date of the request. The accounting firm will be provided access to such books and records at the Audited
Party’s facility where such books and records are normally kept and such examination will be conducted during the Audited
Party’s normal business hours. The Audited Party may require the accounting firm to sign a standard non-disclosure agreement
before providing the accounting firm access to the Audited Party’s facilities or records. Upon completion of the audit, the
accounting firm will provide both Ironwood and AstraZeneca a written report disclosing whether the applicable reports or statements
submitted by the Audited Party are correct or incorrect and the specific details concerning any discrepancies. No other information
will be provided to the Auditing Party with respect to such audit. If the accounting firm determines that, based on errors in the
reports so submitted, a Reconciliation Report is incorrect, the Parties will promptly revise the Reconciliation Report. If an audit
reveals any underpayment or overpayment under this Agreement, including pursuant to an incorrect Reconciliation Report, then any
additional amount owed by one Party to the other will be paid within 30 days after the paying Party’s receipt of the accountant’s
report, along with interest at the annual interest rate as provided in Section 6.15, compounded monthly from the date of the audit
report; provided, however, that no such interest will be payable with respect to any payment owed under Section 6.1.2 if the errors
leading to the final Reconciliation Report provided under Section 6.1.2 being incorrect were in the Summary Statement provided
by the Party entitled to receive such additional amount. Each audit under this Section 6.10 shall be conducted at the expense of
the Auditing Party, provided that if an audit reveals any underpayment by the Audited Party of [**] or more with respect to any
Year, then the Audited Party will reimburse the Auditing Party for the expenses incurred by the Auditing Party in conducting the
audit.

 

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6.11.                
Taxes and Withholding.

 

6.11.1.                 
Taxes. The royalties, milestones and other amounts payable by AstraZeneca to Ironwood pursuant to this Agreement
(“Payments”) shall not be reduced on account of any Taxes unless required by Applicable Law. Ironwood alone
shall be responsible for paying any and all Taxes (other than withholding taxes required by Applicable Law to be paid by AstraZeneca)
levied on account of, or measured in whole or in part by reference to, any Payments it receives.

 

6.11.2.                 
Withholding. AstraZeneca shall deduct or withhold from the Payments any Taxes that it is required by Applicable Law
to deduct or withhold. Notwithstanding the foregoing, if Ironwood is entitled under any applicable treaty to a reduction of rate
of, or the elimination of, applicable withholding tax, it may deliver to AstraZeneca or the appropriate governmental authority
(with the assistance of AstraZeneca to the extent that this is reasonably required and is expressly requested in writing) the prescribed
forms necessary to reduce the applicable rate of withholding or to relieve AstraZeneca of its obligation to withhold Tax, and AstraZeneca
shall apply the reduced rate of withholding, or dispense with withholding, as the case may be, provided that AstraZeneca has received
evidence, in a form satisfactory to AstraZeneca, of Ironwood’s delivery of all applicable forms (and, if necessary, its receipt
of appropriate governmental authorization) at least 15 days prior to the time that the Payments are due. If, in accordance with
the foregoing, AstraZeneca withholds any amount, it shall pay to Ironwood the balance when due, make timely payment to the proper
Tax Authority of the withheld amount, and send to Ironwood proof of such payment within 60 days following that payment. For purposes
of this Agreement, the stated amount of the Payments payable by AstraZeneca shall include any Indirect Tax that Ironwood may be
required to collect.

 

6.11.3.                 
Indirect Taxes. All Payments are exclusive of Indirect Taxes. If any Indirect Taxes are chargeable in respect of
any Payments, the paying Party shall pay such Indirect Taxes at the applicable rate in respect of such Payments following receipt,
where applicable, of an Indirect Taxes invoice in the appropriate form issued by the receiving Party in respect of those Payments.
The Parties shall issue invoices for all amounts payable under this Agreement consistent with Indirect Tax requirements and irrespective
of whether the sums may be netted for settlement purposes. If such amounts of Indirect Taxes are refunded by the applicable Governmental
Authority or other fiscal authority subsequent to payment, the Party receiving such refund will transfer such amount to the paying
Party within 45 days of receipt.

 

6.11.4.                 
Imports. For the avoidance of doubt, the Parties acknowledge and agree that none of the Payments under this Agreement
are related to the license (or right) to import or any import of Products. AstraZeneca shall ensure that AstraZeneca values clinical
Product in accordance with Applicable Law and maximizes the full benefits of available duty free or savings programs such as free
trade agreements or other special programs and minimizes where permissible any such duties and any related import taxes that are
not reclaimable from the relevant authorities. AstraZeneca shall be responsible for any import clearance, including payment of
any import duties and similar charges, in connection with any Products transferred to AstraZeneca.

 

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6.11.5.                 
Gross-Up. To the extent that, due to (a) an assignment by a Party, (b) any change in a Party’s tax residency,
(c) any change by a Party in the entity that originates or receives the payment, (d) any failure on the part of a Party
to comply with Applicable Law or (e) any change in Applicable Law that would not have affected the Parties but for a prior assignment
or change described in clauses (a)-(c) above, any Taxes are imposed on a payment made under this Agreement by one Party to the
other Party that were not otherwise applicable (“Incremental Taxes”), the Party that took such action resulting
in such Incremental Taxes (together with any subsequent successor or assign, “Responsible Tax Party”) shall
be solely responsible for and shall solely bear the amount of such Incremental Taxes, such that the Party receiving payments will
receive the same net amount it would have received (including, for the avoidance of doubt, any preexisting entitlements to additional
amounts pursuant to this Section 6.11.5) if no Incremental Taxes were payable.  If the other Party receives a refund or tax
credit in connection with the Incremental Taxes, then such other Party shall promptly pay the Responsible Tax Party an amount equal
to the amount of such refund or tax credit.

 

6.12.                
Currency. All amounts payable and calculations hereunder will be in United States dollars. Net
Sales recorded in any foreign currency shall be converted into United States dollars in a manner consistent
with AstraZeneca’s customary and usual conversion procedures used to ‎prepare its
audited financial statements for external reporting purposes, ‎provided that such practices use a widely accepted source of
published ‎exchange rates. ‎

 

6.13.                
Country of Payments. All amounts owed to a Party under this Agreement will be paid by the owing Party by wire transfer
of immediately available funds to an account designated by the owed Party (which account may be updated by such owed Party from
time to time in writing). All such payments made by AstraZeneca to Ironwood will be made [**].

 

6.14.                
Confidentiality. All financial information of a Party which is subject to review under this Article 6 will be
deemed to be Confidential Information subject to the provisions of Section 7.1, and such Confidential Information will not
be disclosed to any Third Party or used for any purpose other than verifying payments to be made by one Party to the other hereunder;
provided, however, that such Confidential Information may be disclosed to Third Parties only to the extent necessary to enforce
a Party’s rights under this Agreement.

 

6.15.                
Interest. Any payment under this Article 6 that is more than [**] past due will be subject to interest at an
annual percentage rate of [**] (as published in the “Money Rates” table of the U.S. Edition of The Wall Street Journal
during the period such amount is overdue) [**] if a Party does not make payment within [**] of its receipt of notice that such
amount is past due. Likewise, any overpayment that is not refunded within [**] after the date such overpayment was made will thereafter
be subject to interest at an annual percentage rate of [**] (as published in the “Money Rates” table of the U.S. Edition
of The Wall Street Journal during period such amount is overdue) [**]; provided, however, that if the overpayment is due to errors
in reports provided by the overpaid Party, such interest will accrue from the date the overpayment was made. Notwithstanding the
preceding, if a Party contests any amounts due hereunder in good faith and promptly notifies the other Party of such dispute, interest
will not accrue as to amounts being so contested until [**] following the presentation of such notice to the other Party.

 

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	7.	COVENANTS

 

7.1.                    
Confidentiality.

 

7.1.1.                     
Confidential Information. Except to the extent expressly permitted by this Agreement and subject to the provisions
of Sections 7.1.2 and 7.1.3, at all times during the Term and for [**] years following the expiration or termination of this
Agreement, each Party (a “Receiving Party”) (a) will keep completely confidential and will not publish or otherwise
disclose any Confidential Information furnished to it by the other Party (a “Disclosing Party”), except to those
of the Receiving Party’s employees, Affiliates, consultants or representatives who have a need to know such information (collectively,
“Authorized Recipients”) to perform such Party’s obligations hereunder or to potential Sublicensees under
an obligation of confidentiality no less protective than the terms hereof, and (b) will not use Confidential Information of the
Disclosing Party directly or indirectly for any purpose other than exercising its rights and performing its obligations hereunder.
The Receiving Party will be liable for any breach by any of its Authorized Recipients of the restrictions set forth in this Agreement.
Each Party will be deemed the Receiving Party with respect to any Joint Know-How or Development Data, regardless of which Party
has disclosed such Confidential Information.

 

7.1.2.                     
Exceptions to Confidentiality. The Receiving Party’s obligations set forth in this Agreement will not extend
to any Confidential Information of the Disclosing Party:

 

(a)              
that is or hereafter becomes part of the public domain through no wrongful act, fault or negligence on the part of a Receiving
Party or its Authorized Recipients;

 

(b)              
that is received from a Third Party without restriction and without breach of any agreement or fiduciary duty between such
Third Party and the Disclosing Party;

 

(c)              
that the Receiving Party can demonstrate by competent evidence was already in its possession without any limitation or restriction
on use or disclosure prior to its receipt from the Disclosing Party;

 

(d)              
that is generally made available to Third Parties by the Disclosing Party without any restriction imposed by the Disclosing
Party on disclosure, whether such restriction is by contract, fiduciary duty or by operation of law; or

 

(e)              
that the Receiving Party can demonstrate by competent evidence was independently developed by the Receiving Party without
any reference to Confidential Information.

 

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7.1.3.                     
Authorized Disclosure.

 

(a)              
Each Party and its Authorized Recipients may disclose Confidential Information received from the other Party to the extent
that such disclosure is:

 

(i)                
 made in response to a valid order, governmental inquiry, or request (each an “Order”) of a court of
competent jurisdiction or other agency, as applicable; provided, however, that the Receiving Party must first have given notice
to the Disclosing Party and given the Disclosing Party a reasonable opportunity to quash such Order or to obtain a protective order
requiring that the Confidential Information or documents that are the subject of such Order be held in confidence by such court
or agency or, if disclosed, be used only for the purposes for which the Order was issued; and provided further that if an Order
is not quashed or a protective order is not obtained, the Confidential Information disclosed in response to such Order will be
limited to that information that is legally required to be disclosed in such response to such Order;

 

(ii)             
made by a Party or its Affiliates, or Sublicensees to a Regulatory Authority as may be necessary or useful in connection
with any filing, application or request for a Regulatory Approval; provided, however, that reasonable measures shall be taken to
assure confidential treatment of such information, to the extent such protection is available;

 

(iii)           
made by a Party to a patent authority as may be necessary or useful for purposes of obtaining or enforcing a Patent Right
(consistent with the terms and conditions of Article 9); provided, however, that reasonable measures shall be taken to assure
confidential treatment of such information, to the extent such protection is available;

 

(iv)            
otherwise required by law; provided, however, that if either Party is required to disclose Confidential Information of the
other Party, the Party required to make the disclosure shall (A) provide to the other Party reasonable advance notice of and an
opportunity to comment on any such required disclosure, (B) if requested by the other Party, seek confidential treatment with respect
to any such disclosure to the extent available, and (C) use good faith efforts to incorporate the comments of the other Party in
any such disclosure or request for confidential treatment; or

 

(v)              
made by either Party to Third Parties under confidentiality obligations no less protective than the obligations set forth
herein as may be necessary or useful in connection with the Development, Commercialization, or Manufacture of the Licensed Compound
or Products as contemplated by this Agreement, including subcontracting or sublicensing transactions in connection therewith.

 

(b)              
Notwithstanding the provisions of this Section 7.1, Ironwood may disclose AstraZeneca’s Confidential Information to
(i) Forest, Allergan, Astellas and any future licensees of the Licensed Compound or Product in connection with the development,
manufacture and commercialization of the Licensed Compound or Product outside of the Territory or outside of the Field in the Territory
to the extent required under agreements with such parties and provide such Third Parties with copies of all Regulatory Submissions
in the Territory, and (ii) a Revenue Buyer or bona fide potential Revenue Buyer as reasonably necessary in connection with a Monetization
Transaction or proposed Monetization Transaction, provided that in the case of clause (ii) such receiving Person is not engaged
in the business of developing or commercializing pharmaceutical products, in which case such disclosure shall be limited to (A)
financial reports indicating the amounts that are the subject of the Monetization Transaction, (B) audit reports related to such
amounts, if any, and (C) notices and other correspondence provided under or relating to the subject matter of this Agreement, in
each case in clause (C) that are relevant to the Monetization Transaction, provided further that, in each case ((i) and (ii)),
each recipient of such Confidential Information shall be under an obligation of confidentiality no less protective than the terms
of this Agreement. For clarity, the disclosure of the terms of this Agreement is covered by Section 7.1.6 and not this Section
7.1.3(b).

 

(c)              
Notwithstanding the provisions of this Section 7.1, [**].

 

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7.1.4.                     
Notification. The Receiving Party will notify the Disclosing Party immediately, and cooperate with the Disclosing
Party as the Disclosing Party may reasonably request, upon the Receiving Party’s discovery of any loss or compromise of the
Disclosing Party’s Confidential Information.

 

7.1.5.                     
Destruction of Confidential Information. Upon the expiration or earlier termination of this Agreement, except to
the extent necessary or useful to exercise rights or perform obligations that continue after such expiration or termination, and
except as otherwise provided in Section 10.5, the Receiving Party will (a) destroy all tangible embodiments of Confidential Information
of the Disclosing Party, including any and all copies thereof, and those portions of any documents, memoranda, notes, studies,
and analyses prepared by the Receiving Party or its Authorized Recipients that contain, incorporate, or are derived from such Confidential
Information and provide written certification of such destruction to the Disclosing Party in a form reasonably acceptable to the
Disclosing Party, provided that the legal department of the Receiving Party will have the right to retain one copy of any such
tangible embodiments for archival purposes, provided such copy will continue to be maintained on a confidential basis subject to
the terms of this Agreement, and (b) immediately cease, and will cause its Authorized Recipients to cease, use of such Confidential
Information as well as any information or materials that contain, incorporate, or are derived from such Confidential Information.

 

7.1.6.                     
Use of Name and Disclosure of Terms. Except as permitted under Section 12.16, each Party will and will cause its
Affiliates to (a) keep the existence of, the terms of, and the transactions covered by this Agreement confidential and (b) not
disclose such information to any other Third Party through a press release or otherwise, and, except as otherwise permitted hereunder,
will not mention or otherwise use the name, insignia, symbol, trademark, trade name, or logotype of the other Party or its Affiliates
in any manner without the prior written consent of the other Party in each instance (which will not be unreasonably withheld, conditioned
or delayed). The restrictions imposed by this Section 7.1.6 will not prohibit either Party or its Affiliates from making any disclosure
that is required by Applicable Law, rule, or regulation or the requirements of a national securities exchange or another similar
regulatory body including disclosing such information in any clinical trial database maintained by or on behalf of a Party. In
addition, in connection with a specific transaction or proposed transaction, including, with respect to Ironwood, a Monetization
Transaction, either Party may disclose the terms of this Agreement to the counter party to such transaction if such counter party
is a bona fide potential investor, underwriter, lender or Revenue Buyer; provided that (i) such disclosure shall be under
provisions of confidentiality no less protective than the terms of this Agreement, (ii) the disclosure is reasonably necessary
in light of the contemplated transaction and (iii) the receiving Person is not engaged in the business of developing or commercializing
pharmaceutical products. Further, the restrictions imposed on each Party under this Section 7.1.6 are not intended, and will
not be construed, to prohibit a Party or is Affiliates from identifying the other Party or its Affiliates in its internal business
communications, provided that any Confidential Information in such communications remains subject to this Section 7.1.6. In
the event that either Party is required by Applicable Law or the requirements of a national securities exchange or another similar
regulatory body to disclose this Agreement, in whole or in part, the Parties will cooperate in preparing a redacted version of
this Agreement and consider any comments received from the other Party with respect thereto in good faith, provided that the Party
subject to such requirement shall have final decision-making authority with respect to the contents of such redacted version of
this Agreement.

 

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7.1.7.                     
Remedies. The Parties acknowledge and agree that the restrictions set forth in this Section 7.1 are reasonable
and necessary to protect the legitimate interests of the Parties and that neither Party would have entered into this Agreement
in the absence of such restrictions, and that any breach or threatened breach of any provision of this Section 7.1 will result
in irreparable injury to the other Party for which there will be no adequate remedy at law. Notwithstanding the dispute resolution
mechanism agreed to by the Parties in Section 12.1, in the event of a breach or threatened breach of any provision of Section 7.1
by a Party, the other Party will be authorized and entitled to obtain from any court of competent jurisdiction, applying the laws
of that court, injunctive relief, whether preliminary or permanent, specific performance and an equitable accounting of all earnings,
profits and other benefits arising from such breach, which rights will be cumulative and in addition to any other rights or remedies
to which such Party may be entitled in law or equity. The breaching Party agrees to waive any requirement that the non-breaching
Party (a) post a bond or other security as a condition for obtaining any such relief and (b) show irreparable harm, balancing of
harms, consideration of the public interest or inadequacy of monetary damages as a remedy. Nothing in this Section 7.1.7 is intended,
or will be construed, to limit the Parties’ rights to equitable relief or any other remedy for a breach of any provision
of this Agreement.

 

7.2.                    
Restrictions.

 

7.2.1.                     
[Reserved.]

 

7.2.2.                     
Reciprocal Non-Compete Provisions.

 

(a)              
[**], neither Party, nor any of their respective Affiliates will [**].

 

(b)              
Without limitation of Section 7.2.2(a), [**], neither Party nor any of their respective Affiliates will [**].

 

(c)              
Notwithstanding the provisions of Sections 7.2.2(a) and 7.2.2(b), if a Party or any of its Affiliates [**]

 

(d)              
For purposes of this Section 7.2.2, references to the “Territory” shall be deemed to exclude Switzerland.

 

7.3.                    
[**].

 

7.4.                    
Compliance with Law. Each Party hereby covenants to comply with all Applicable Law and industry professional standards
applicable to its activities connected with the Development, Manufacture, and Commercialization (as applicable) of Products. Without
limiting the generality of the foregoing:

 

7.4.1.                     
Patient Information. Each Party agrees to abide by all laws, rules, regulations, and orders of all applicable supranational,
national, federal, state, provincial, and local governmental entities concerning the confidentiality or protection of patient identifiable
information or patients’ protected health information, as defined by any other applicable legislation in the course of their
performance under this Agreement.

 

7.4.2.                     
Debarment. Each Party will not use in any capacity, in connection with the activities to be performed under this
Agreement, any person who has been debarred pursuant to Section 306 of the United States Federal Food, Drug, and Cosmetic Act or
analogous law, or who is the subject of a conviction described in such section or a corresponding section of any analogous law.
Each Party will inform the other Party in writing immediately if it or any person who is performing or has performed activities
hereunder or is conducting or has conducted any development of the Licensed Compound or Product is debarred or is the subject of
a conviction described in Section 306 or a corresponding section of any analogous law, or if any action, suit, claim, investigation
or legal or administrative proceeding is pending relating to the debarment or conviction of such Party or any person performing
services hereunder.

 

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7.5.                    
Business Ethics.

 

7.5.1.                     
Each Party will conduct its business in accordance with Applicable Law. By signing this Agreement, each Party agrees to
conduct its activities under this Agreement in a manner that is consistent with Applicable Law, including the U.S. Foreign Corrupt
Practices Act, the UK Bribery Act 2010, and the relevant provisions of the People’s Republic of China Criminal Law and People’s
Republic of China Anti-Unfair Competition Law, each as amended, and any other applicable anti-corruption laws and laws for the
prevention of fraud, racketeering, or money laundering (collectively, “Anti-Corruption Laws”).

 

7.5.2.                     
Each Party will not, directly or indirectly, pay, offer or promise to pay, or authorize the payment of any money, or give,
offer or promise to give, or authorize the giving of anything of value (collectively, a “Prohibited Payment”)
to any government or political party officials, officials of international public organizations, candidates for public office or
representatives of other businesses or persons acting on behalf of any of the foregoing (collectively, “Officials”)
where such Prohibited Payment would constitute a violation of any Anti-Corruption Law. In addition, regardless of legality, each
Party will make no Prohibited Payment, directly or indirectly, to any Official if such Prohibited Payment is for the purpose of
influencing decisions or actions with respect to the subject matter of this Agreement or any other aspect of the other Party’s
business. Each Party acknowledges and agrees that none of it, or any of its Affiliates or its or their respective officers, directors,
employees, agents and representatives (collectively, “Authorized Representatives”) is authorized to waive compliance
with the provisions of this Section 7.5 and that each Party will be solely responsible for its compliance with the provisions of
this Section 7.5 and the Anti-Corruption Laws irrespective of any act or omission of the other Party or any of its Affiliates,
Sublicensees or its or their respective Authorized Representatives. Each Party’s failure to abide by the provisions of this
Section 7.5 shall be deemed a material breach of this Agreement and without prejudice to any other rights or remedies that may
be available to the non-breaching Party under this Agreement or in law or equity, then the consequences in Section 5.7 will apply.

 

7.6.                    
Standstill Agreement. [**], neither AstraZeneca nor any of its controlled Affiliates or its Affiliates under common
control (collectively the “AstraZeneca Related Parties”) will, in any manner, directly or indirectly, do the
following unless requested by Ironwood, except in connection with the transactions contemplated by this Agreement:

 

(a)              
make, effect, initiate, directly participate in or cause

 

(i)                
any acquisition of beneficial ownership of any voting securities of Ironwood, if, after such acquisition, the AstraZeneca
Related Parties would beneficially own more than ten percent of the outstanding common stock of Ironwood provided that the AstraZeneca
Related Parties may own an amount in excess of such percentage to the extent resulting exclusively from actions taken by Ironwood
or its Affiliates;

 

(ii)             
any acquisition of all or substantially all of the assets of Ironwood; provided this subsection (ii) will not apply to the
acquisition by the AstraZeneca Related Parties of a license or other rights to Ironwood assets or technology under terms negotiated
by the Parties;

 

(iii)           
any tender offer, exchange offer, merger, business combination, recapitalization, restructuring, liquidation, dissolution
or extraordinary transaction involving Ironwood, or involving any voting securities or material portion of the assets of Ironwood
(except as otherwise permitted hereunder); provided that this subsection (iii) will not apply to such a transaction by the AstraZeneca
Related Parties involving a license or other rights to Ironwood assets or technology under terms negotiated by the Parties; or

 

(iv)            
any “solicitation” of “proxies” (as those terms are used in the proxy rules of the Securities and
Exchange Commission) or consents with respect to any voting securities of Ironwood;

 

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(b)              
form, join or participate in a Group with respect to the beneficial ownership of any voting securities of Ironwood;

 

(c)              
act, alone or in concert with others, to seek to control the management, board of directors or policies (except as they
related to the activities under this Agreement) of Ironwood;

 

(d)              
take any action that might require Ironwood to make a public announcement regarding any of the types of matters set forth
in Section 7.6(a)(i);

 

(e)              
enter into any agreement with any other person relating to any of the foregoing; or

 

(f)               
publicly request or propose that Ironwood amend, waive or consider the amendment or waiver of any provision set forth in
this Section 7.6.

 

Notwithstanding the foregoing,
the provisions of this Section 7.6 will not apply to (i) the exercise by any of the AstraZeneca Related Parties of any rights available
to shareholders generally pursuant to any transaction described in Section 7.6(a) above, provided that such AstraZeneca Related
Party has not then either directly or as a member of a Group made, effected, initiated or caused such transaction to occur, (ii)
the acquisition of, or offering to acquire, directly or indirectly, any, company or business unit (other than Ironwood) that beneficially
owns Ironwood voting securities so long as such company or business unit’s acquisition of Ironwood’s securities was
not made on AstraZeneca’s behalf, provided that although the AstraZeneca Related Parties shall not be required to divest
the holdings of Ironwood’s securities by such company or business unit upon acquisition thereof, such holdings when aggregated
with the then-existing holdings of Ironwood securities of the AstraZeneca Related Parties may prevent the AstraZeneca Related Parties,
pursuant to the terms of Section 7.6(a)(i), from acquiring additional Ironwood securities, (iii) the making of any non-public proposal,
or entering into any commercial transaction with respect to, or otherwise consummating, any commercial transaction in the ordinary
course of the business or the Parties’ ongoing business relationships or (iv) any activity by any of the AstraZeneca Related
Parties after (1) Ironwood has made any public announcement of its intent to solicit or engage in any transaction of the type which
if consummated would constitute a Combination, (2) Ironwood enters into an agreement or an agreement in principle providing for
a Combination or Ironwood redeems any rights under or modifies or agrees to modify a shareholder rights plan to facilitate any
specific Combination, or (3) a tender or exchange offer which if consummated would constitute a Combination is made and the Board
of Directors of Ironwood either accepts such offer or fails to recommend that its stockholders reject such offer within ten business
days from the date of commencement of such offer, provided, however, that, the provisions of this Section 7.6 will again be applicable,
in each case, (y) if Ironwood terminates such transaction (if entered into previously) or announces its intent to terminate such
transaction (if only an announcement has then been made), withdraws such recommendation or rejects such offer, each as applicable,
and (z) (A) such AstraZeneca Related Party has not previously made any public announcement of its intent to solicit or engaged
in any transaction of the type referred to in Section 7.6(a) above, or (B) in the event that such public announcement has been
made by any of the AstraZeneca Related Parties, such AstraZeneca Related Party has terminated or announced its intent to terminate
such transaction.

 

“Group”
means two or more Persons acting as a partnership, limited partnership, syndicate or other group for the purpose of acquiring,
holding or disposing of securities of Ironwood. A “Combination” means a transaction in which (1) a Person or
Group acquires, directly or indirectly, securities representing 50% or more of the voting power of the outstanding securities of
Ironwood or properties or assets constituting 50% or more of the consolidated assets of Ironwood and its subsidiaries or (2) in
any case not covered by (1), (x) Ironwood issues securities representing 50% or more of its total voting power, including the case
of (1) and (2) by way of a merger or other business combination with Ironwood or any of its subsidiaries or (y) Ironwood engages
in a merger or other business combination such that the holders of voting securities of Ironwood immediately prior to the transaction
do not own more than 50% of the voting power of securities of the resulting entity.

 

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Ironwood [**].

 

Nothing in this Section 7.6 shall
preclude discussions or communications of any kind between AstraZeneca and its Affiliates.

 

7.7.                    
Enforcement of Infringing or Counterfeit Goods. AstraZeneca will, at its own expense, use Commercially Reasonable
Efforts to (a) monitor commercial markets in the Territory (other than Switzerland) for incidences of sales of counterfeit goods
or uses of Trademarks, including trade dress, that infringe the Product Trademarks or Product Domain Names, including Product trade
dress that may cover, compete with, or damage sales of a Product and other similar offenses (collectively, “Counterfeiting”)
in accordance with the procedures established by the IPWG and (b) stop all such Counterfeiting using all Commercially Reasonable
measures available under Applicable Law. AstraZeneca will promptly notify Ironwood of any incidence of Counterfeiting in the Territory
(other than Switzerland) of which it becomes aware and will coordinate with and keep Ironwood apprised of any efforts to stop such
Counterfeiting. Ironwood will cooperate with AstraZeneca as reasonably requested by AstraZeneca with respect to the foregoing matters
and will use Commercially Reasonable Efforts to enforce any analogous provisions in the Existing Agreements to the extent likely
to impact the Territory.

 

7.8.                    
Development Data. AstraZeneca will not use any Development Data in connection with the development, manufacture or
commercialization of any GC-C Agonist anywhere in the world other than the Licensed Compound and Products in accordance with this
Agreement, unless (a) AstraZeneca is exercising (sub)licensed rights to the Development Data under a separate license agreement
under which Ironwood grants rights to use the Development Data, as applicable, in the applicable jurisdiction, or (b) such Development
Data, as applicable, becomes part of the public domain though no wrongful act, fault or negligence on the part of AstraZeneca,
its Affiliates or Sublicensees.

 

7.9.                    
Export Restrictions. AstraZeneca will not knowingly sell, export, or distribute, directly or indirectly, any Product
or Licensed Compound to any location outside of the Territory or take any action that AstraZeneca reasonably believes will result
in such export. Ironwood will not knowingly sell, export, or distribute, or permit any Third Party to do any of the foregoing,
directly or indirectly (including through Forest), any Product or the Licensed Compound to any location within the Territory that
is intended to be the final location for sale, export or distribution of such Product or Licensed Compound or take any action that
Ironwood reasonably believes would result in any of the foregoing (except for the supply of Licensed Compound and Product to AstraZeneca
pursuant to the terms and conditions of this Agreement and the Existing Supply Agreement).

 

7.10.                
Existing Agreements. Ironwood covenants the following relating to the Existing Agreements, except as would not materially
adversely affect any of AstraZeneca’s rights or obligations under this Agreement: (a) Ironwood will not and will cause its
Affiliates to not make any amendments or modifications with respect to, or provide any consents or waivers or enter into any side
letter relating to any of the Existing Agreements without AstraZeneca’s prior written consent; (b) Ironwood will use Commercially
Reasonable Efforts to ensure (i) the performance of any acts contemplated in this Agreement to be undertaken by Forest, Astellas
or Allergan and (ii) compliance by Forest, Astellas and Allergan with any corresponding obligations of Forest, Astellas or Allergan
under the Forest Agreement, Astellas Agreement and Allergan Agreement, as applicable; and (c) Ironwood will not breach (i) any
material provisions of any agreements with Third Parties relating to the Ironwood Patent Rights or Ironwood Know-How or (ii) any
of the Existing Agreements.

 

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7.11.                
Other Linaclotide Partners. [**]

 

7.12.                
Prevention of Facilitation of Tax Evasion.

 

7.12.1.                 
In this Section 7.12:

 

(a)              
references to ‘committing tax evasion’ shall include:

 

(i)              
fraudulently or dishonestly failing to pay any amount of tax to the relevant tax authority within any applicable time limit
for the payment of such tax without incurring interest or penalties; and

 

(ii)             
fraudulently or dishonestly claiming any relief, allowance, credit, deduction, exemption or set off in respect of any tax
(or relevant to the computation of any income, profits or gains for the purposes of any tax), or any right to or actual repayment
of or saving of tax; and

 

(b)              
‘tax’ or ‘taxation’ means

 

(i)              
taxes on gross or net income, profits and gains, and

 

(ii)             
all other taxes, levies, duties, imposts, charges and withholdings of any nature, including any excise, property, wealth,
capital, value added, sales, use, occupation, transfer, franchise and payroll taxes and any national insurance or social security
contributions, together with all penalties, charges, fees and interest relating to any of the foregoing or to any late or incorrect
return in respect of any of them.

 

7.12.2.                 
Each Party represents, warrants and undertakes to the other that in connection with the performance of its obligations under
this Agreement or with respect to payments from one Party to the other Party under this Agreement, as applicable:

 

(a)              
neither it nor its Affiliates shall commit tax evasion;

 

(b)              
neither it nor its Affiliates shall undertake any activities which would facilitate or otherwise result in another person
committing tax evasion and which would amount to a UK tax facilitation evasion offence or a foreign tax facilitation evasion offence
for the purposes of Part 3 of the UK Criminal Finances Act of 2017; and

 

(c)              
it and its Affiliates shall supervise its employees, agents or other persons who perform services for them or on their behalf
that are in each case engaged on matters related to this Agreement, in a manner consistent with its foregoing undertakings.

 

7.12.3.                 
Each Party shall promptly report any apparent breach by it of Section 7.12.2 to the other Party.

 

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	8.	REPRESENTATIONS AND WARRANTIES

 

8.1.                    
Representations and Warranties of Each Party. As of each of the Effective Date and the Amendment Date, each of AstraZeneca
and Ironwood hereby represents and warrants to the other Party hereto as follows:

 

(a)              
it is a corporation or entity duly organized and validly existing under the laws of the state or other jurisdiction of its
incorporation or formation;

 

(b)              
the execution, delivery and performance of this Agreement by such Party has been duly authorized by all requisite corporate
action and does not require any shareholder action or approval;

 

(c)              
it has the power and authority to execute and deliver this Agreement and to perform its obligations hereunder;

 

(d)              
the execution, delivery and performance by such Party of this Agreement and its compliance with the terms and provisions
do not and will not conflict with or result in a breach of any of the terms and provisions of or constitute a default under (i)
any agreement to which it or its Affiliates is a party, (ii) the provisions of its charter or operative documents or bylaws or
(iii) any order, writ, injunction or decree of any court or governmental authority entered against it or by which any of its property
is bound;

 

(e)              
it has the full right, power and authority to grant all of the right, title and interest in the licenses granted to the
other Party under this Agreement; and

 

(f)               
it and its Affiliates have not violated in any manner that is reasonably likely to affect the rights of the other Party
hereunder or adversely affect the Development, or Commercialization of any Product hereunder, any laws, rules, regulations, or
any order of any applicable supranational, national, federal, state, provincial, and local governmental entities, in each case,
concerning the confidentiality or protection of patient identifiable information or patients’ protected health information,
as defined by any applicable legislation.

 

8.2.                    
Additional Representations, Warranties and Covenants of Ironwood. Ironwood hereby represents, warrants and covenants
to AstraZeneca that (i) as of the Effective Date, in the case of Sections 8.2(i), (p), (q), and (r), (ii) as of the Effective Date
and the Amendment Date, in the case of Sections 8.2(a), (b), (c), (d), (e), (f), (g), (h), (j), (m), (n), (o), and (s), and (iii)
as of the Amendment Date, in the case of Sections 8.2(k), (l) and (t), and in each case ((i)-(iii)) except as set forth in Schedule
8.2:

 

(a)              
Ironwood has with respect to any Patent Right that has reached the nationalization stage as of the Effective Date or the
Amendment Date, as applicable, and will have at the time of nationalization of any other Patent Right, in each case, in the Territory,
the sole and exclusive right in the Territory in and to the applicable Ironwood Patent Rights listed in Schedule 8.2(a) attached
hereto and the ownership of such Ironwood Patent Rights is as set forth on such Schedule 8.2(a). Ironwood has the sole and exclusive
rights in the Territory with respect to all Ironwood Know-How that it purports to grant to AstraZeneca hereunder, in each case
free of any encumbrance, lien, or claim of ownership by any Third Party.

 

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(b)              
Ironwood is not subject to any agreement with a Third Party that includes a royalty or similar payment obligation to, or
other restriction or limitation in favor of, such Third Party (including, for this purpose, to current or former officers, directors,
employees, consultants or personnel of Ironwood or any predecessor) with respect to (i) its rights to practice the Ironwood Technology
in the Territory or (ii) the Development, Manufacture or Commercialization of the Licensed Compound or any Product in the Territory,
except, with respect to clause (ii), as set forth in Schedule 8.2(b)(ii).

 

(c)              
To Ironwood’s and its Affiliates’ knowledge [**], no Person is infringing or threatening to infringe or misappropriating
or threatening to misappropriate the Ironwood Patent Rights or the Ironwood Know-How.

 

(d)              
To Ironwood’s and its Affiliates’ knowledge, the conception, development, and reduction to practice of the Ironwood
Patent Rights and Ironwood Know-How existing as of the Effective Date or the Amendment Date, as applicable, have not constituted
or involved the misappropriation of trade secrets or other rights or property of any Person.

 

(e)              
No Ironwood Patent Rights are subject to, or were developed pursuant to any funding agreement with any government or government
agency.

 

(f)               
Ironwood is not in material breach of any provisions of any agreements with Third Parties relating to the Ironwood Patent
Rights or Ironwood Know-How and is not in material breach of any of the Existing Agreements, in each case, in a manner that is
reasonably likely to affect the rights of AstraZeneca hereunder.

 

(g)              
Ironwood has not received any written or oral claim of ownership, inventorship or patent infringement from any Third Party
(including by current or former officers, directors, employees, consultants, or personnel of Ironwood or any predecessor) with
respect to the Ironwood Technology, and Ironwood is not aware of any reasonable basis for any such claim.

 

(h)              
Except [**], no claim or litigation has been brought or threatened by any Person alleging, and Ironwood is not aware, that
any of the Ironwood Patent Rights or the Ironwood Know-How are invalid or unenforceable.

 

(i)                
To Ironwood’s and its Affiliates’ knowledge, the Manufacture, use or sale of any Product in the Territory for
the indications set forth in the Initial Development Plans will not infringe any issued claim of an issued patent right of any
Third Party, other than Patent Rights that Ironwood Controls.

 

(j)                
Ironwood has made available to AstraZeneca all material Regulatory Approvals and Regulatory Submissions, including the Referenced
Regulatory Filings and Ironwood Know-How, in each case, in its Control regarding or related to any Licensed Compound or Product,
including to its and its Affiliates’ knowledge, all of the foregoing, in each case, that are necessary to allow (i) as of
the Effective Date, Ironwood and AstraZeneca to file for initial Regulatory Approvals in the Field in the Territory as contemplated
under the Prior Agreement and (ii) as of the Amendment Date, AstraZeneca to file for initial Regulatory Approvals in the Field
in the Territory as contemplated hereunder or to maintain the Purchased Regulatory Approvals and Submissions in the Field in the
Territory, other than (in the case of clause (ii)) any Regulatory Approval, Regulatory Submission or other materials in AstraZeneca’s
possession prior to the Amendment Date. Ironwood has made available to AstraZeneca all Regulatory Approvals and Regulatory Submissions,
including the Referenced Regulatory Filings and Ironwood Know-How in its Control regarding or related to any Licensed Compound
or Product, other than all Regulatory Submissions that have been made by AstraZeneca and all Regulatory Approvals relating thereto,
and all such Regulatory Approvals, Regulatory Submissions, Referenced Regulatory Filings and Ironwood Know-How made available to
AstraZeneca are true and complete. As of the Effective Date and the Amendment Date, Ironwood has prepared, maintained and retained
all Regulatory Approvals and Regulatory Submissions, other than those Regulatory Approvals and Regulatory Submissions prepared,
maintained or retained by or on behalf of AstraZeneca, pursuant to and in accordance with GCP and good laboratory practices, as
applicable, and Applicable Law and all such information is and will be true and complete.

 

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(k)              
The Purchased Regulatory Approvals are in full force and effect and have been duly and validly issued. To Ironwood’s
knowledge, no event has occurred in the three years prior to the Amendment Date that would reasonably be expected to result in
the revocation or termination of any Purchased Regulatory Approval and Submission. No proceeding is pending or, to Ironwood’s
knowledge, threatened in writing regarding the revocation or termination of any Purchased Regulatory Approval and Submission. As
of the Amendment Date, neither Ironwood nor its Affiliates has received any written communication from any Regulatory Authority
or other governmental authority threatening to withdraw or suspend any Purchased Regulatory Approval and Submission. Neither Ironwood
nor any of its Affiliates is in material violation of the terms of any Purchased Regulatory Approval and Submission.

 

(l)                
As of the Amendment Date (i) Ironwood, or its Affiliates, owns and has good and valid title to, or valid contract rights
in, as applicable, the Purchased Assets, free and clear of all encumbrances, liens and claims or ownership of a Third Party, and
(ii) the Purchased Inventory is usable or saleable in the ordinary course of business consistent with past practices of Ironwood
..

 

(m)            
Material trade secrets comprising the Ironwood Know-How have been kept confidential or have been disclosed to Third Parties
only under terms of confidentiality. To Ironwood’s and its Affiliates’ knowledge, no breach of such confidentiality
with respect to such Know-How has been committed by any Third Party.

 

(n)              
Ironwood Controls, as of the Effective Date and the Amendment Date, and will maintain Control of, such Know-How, and Patent
Rights that have arisen or may arise under the Existing Agreements as are required to the extent necessary for AstraZeneca to perform
its obligations and exercise its rights under this Agreement, including to conduct the Development activities with respect to the
Licensed Compound and Product(s) in the Field in the Territory contemplated in the Initial Development Plan and the 2019 Initial
Development Plan, as applicable.

 

(o)              
To Ironwood’s and its Affiliates’ knowledge, it has conducted all development and Commercialization activities
in accordance with good laboratory and clinical practice and Applicable Law.

 

(p)              
To Ironwood’s and its Affiliates’ knowledge, neither Ironwood nor any of its Affiliates, nor any of its or their
respective officers, employees, or agents (provided that for purposes of this Section 8.2(p) AstraZeneca or any Affiliate thereof
shall not be deemed an agent of Ironwood or its Affiliate) has made an untrue statement of material fact or fraudulent statement
to any Regulatory Authority with respect to the Development of the Licensed Compound or the Products, failed to disclose a material
fact required to be disclosed to any Regulatory Authority with respect to the Development of the Licensed Compound or the Products,
or committed an act, made a statement, or failed to make a statement with respect to the Development of the Licensed Compound or
the Products that could reasonably be expected to provide a basis for the United States Food and Drug Administration to invoke
its policy respecting “Fraud, Untrue Statements of Material Facts, Bribery, and Illegal Gratuities”, set forth in 56
Fed. Reg. 46191 (September 10, 1991) and any amendments thereto or any analogous laws or policies in the Territory.

 

(q)              
Neither Ironwood nor any of its Affiliates has been debarred or is subject to debarment and neither Ironwood nor any of
its Affiliates has used in any capacity, in connection with the Ironwood Technology, the Licensed Compound or the Products, any
Person who has been debarred pursuant to Section 306 of the United States Federal Food, Drug, and Cosmetic Act, or who is the subject
of a conviction described in such section.

 

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(r)               
To Ironwood’s and its Affiliates’ knowledge, it and its Affiliates have not violated any material Anti-Corruption
Laws with respect to the Territory except for such matters as has been disclosed to AstraZeneca prior to the Effective Date.

 

(s)               
Ironwood has made available to AstraZeneca for review in due diligence all material (i) clinical and pre-clinical data relating
to the Product(s) existing as of the Effective Date and the Amendment Date, as applicable, that is contained in Regulatory Submissions
for such Product(s) in the Field in the Territory in its or any of its Affiliates’ possession, and (ii) Ironwood Know-How
that has been requested of Ironwood by AstraZeneca or, to Ironwood’s or its Affiliates’ knowledge, is material to the
Development or Commercialization of the Product(s) hereunder. To Ironwood’s or its Affiliates’ knowledge, all Ironwood
Know-How that has been disclosed by Ironwood or its Affiliates to AstraZeneca under this Agreement or in connection with such due
diligence or the negotiation of this Agreement is or will be true and correct in all material aspects. All adverse information
with respect to the safety and efficacy of the Products known to Ironwood or its Affiliates as of the Effective Date and the Amendment
Date, as applicable, has been disclosed by Ironwood to AstraZeneca through such due diligence review. To Ironwood’s knowledge,
there are no material facts or circumstances existing that would reasonably be expected to serve as a basis for such recall, withdrawal,
replacement or safety notice.

 

(t)                
As of the Amendment Date, Ironwood has not granted any rights to any Third Party that conflict with AstraZeneca’s
ability to seek, obtain or maintain Regulatory Approval for the Products in the Territory as contemplated by this Agreement.

 

Notwithstanding
the foregoing or anything to the contrary in this Agreement, neither Ironwood nor its Affiliates shall be liable under this Agreement
for any inaccuracy in or breach of any representation or warranty made as of the Amendment Date and set forth in Section 8.2 if
AstraZeneca or its Affiliate is aware of such inaccuracy or breach prior to the Amendment Date.

 

8.3.                    
Additional Representations and Warranties of AstraZeneca. AstraZeneca hereby represents, warrants and covenants to
Ironwood that as of the Effective Date and the Amendment Date:

 

(a)              
AstraZeneca has no products [**].

 

(b)              
To AstraZeneca’s knowledge, AstraZeneca and its Affiliates have not materially violated any Anti-Corruption Laws with
respect to the Territory except for such matters as has been disclosed to Ironwood prior to the Effective Date (or in this representation
and warranty made as of the Amendment Date, as of the Amendment Date).

 

8.4.                    
Representation by Legal Counsel. Each Party hereto represents that it has been represented by legal counsel in connection
with this Agreement and acknowledges that it has participated in the drafting. In interpreting and applying the terms and provisions
of this Agreement, the Parties agree that no presumption will exist or be implied against the Party which drafted such terms and
provisions.

 

8.5.                    
No Inconsistent Agreements. Neither Party has in effect and after the Effective Date neither Party may enter into
any oral or written agreement or arrangement that would be inconsistent with its obligations under this Agreement or limit the
ability of either Party to grant the licenses set forth in Article of this Agreement.

 

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8.6.                    
Disclaimer. THE FOREGOING WARRANTIES OF EACH PARTY ARE IN LIEU OF ANY OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING,
WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF NONINFRINGEMENT, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR ANY IMPLIED WARRANTIES
OF FITNESS FOR A PARTICULAR PURPOSE, ALL OF WHICH ARE HEREBY SPECIFICALLY EXCLUDED AND DISCLAIMED. EACH PARTY HEREBY DISCLAIMS
ANY REPRESENTATION OR WARRANTY THAT THE DEVELOPMENT OR COMMERCIALIZATION OF ANY PRODUCT UNDER THIS AGREEMENT WILL BE SUCCESSFUL.

 

	9.	INTELLECTUAL PROPERTY

 

9.1.                    
Disclosure. During the Term, the Parties will promptly disclose to one another all Collaboration Know-How (whether
patentable or not).

 

9.2.                    
Ownership.

 

9.2.1.                     
Ownership of Technology. Except as set forth in Section 9.2.2, determinations as to which Party has invented any
Patent Right or Know-How will be made in accordance with the standards of inventorship under U.S. patent law. Subject to the license
grants under Article 2, as between the Parties, Ironwood will own all Ironwood Technology (including any Collaboration Know-How
(other than Joint Know-How and Development Data) that is invented, conceived or developed solely by employees of Ironwood or its
Affiliates, or Third Parties acting on behalf of Ironwood or its Affiliates, and any Patent Rights claiming such Collaboration
Know-How), and AstraZeneca will own all AstraZeneca Technology (including Collaboration Know-How (other than Joint Know-How and
Development Data) that is invented, conceived, or developed solely by employees of AstraZeneca or its Affiliates, or Third Parties
acting on behalf of AstraZeneca or its Affiliates, and any Patent Rights claiming such Collaboration Know-How). Each Party will
own an undivided one-half interest in and to the Joint Technology. In the event inventorship and ownership of any Collaboration
Technology cannot be resolved by the Parties with advice of their respective intellectual property counsel, such dispute will be
resolved through arbitration pursuant to Section 12.1.3, provided such arbitration panel will include at least a single arbitrator
who is a specialist in U.S. chemical and pharmaceutical patent law and in chemical and pharmaceutical patents. Each Party shall
make such assignments as are required to effect the ownership allocations set forth in this Section 9.2.1. Subject to the licenses
granted to the other Party under this Agreement and the other terms of this Agreement, each Party has a right to exploit its interest
in the Joint Technology without the consent of and without accounting to the other Party except, neither Party may assign its right,
title, or interest in the Joint Technology to any Person, except (a) in connection with a permitted transaction under Section 12.9,
or (b) to an Affiliate.

 

9.2.2.                     
Development Data. Each Party will own an undivided one-half interest in and to all Development Data. Subject to the
licenses granted to the other Party under this Agreement, Section 7.8 and the other terms of this Agreement, each Party has the
right to exploit its interest in the Development Data without consent of and without accounting to the other Party, except neither
Party may assign its right, title, or interest in the Development Data to any Person, except (a) in connection with a permitted
transaction under Section 12.9, or (b) to an Affiliate.

 

9.2.3.                     
Employee Assignment. Each Party shall procure from each of its employees and permitted assignees and subcontractors
who are conducting work under this Agreement, rights to any and all Ironwood Technology, AstraZeneca Technology, Development Data
or Joint Technology, as applicable, such that each Party shall receive from the other Party, without payments beyond those contemplated
by this Agreement, the rights granted to such Party to use such Ironwood Technology (in the case of Ironwood), AstraZeneca Technology
(in the case of AstraZeneca), Development Data or Joint Technology, as applicable, pursuant to this Agreement. In the event such
rights have not been secured or any original holder challenges such procurement, the Party responsible for procuring such rights
[**].

 

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9.3.                    
Intellectual Property Working Group. The Parties have established an intellectual property working group (“IPWG”)
comprised of at least one senior patent attorney and, as needed, one trademark attorney, from each Party, together with research
and development personnel and such other representatives of the Parties as the Parties may determine to be appropriate from time
to time, to (a) manage and review the patent strategy for Collaboration Know-How to the extent such Collaboration Patent Rights
are necessary or useful in the Territory to Develop, Manufacture or Commercialize the Licensed Compound or Product, (b) review
usage instructions for and recommend for approval by the Parties in accordance with Section 9.5.5 the Product Trademarks and Domain
Names in the Territory and (c) perform such other activities as may be delegated to the IPWG pursuant to this Agreement or by the
Parties from time to time during the Term by mutual written agreement. All decisions of the IPWG will be made by consensus, with
each Party’s representatives on the IPWG having collectively one vote on all matters that are within the responsibility of
the IPWG. If the members of the IPWG are unable to agree on any such matter after endeavoring to reach consensus for a period of
30 days, then the provisions of Section 9.5.5 shall apply. In the event that the IPWG adopts a patent strategy, the Parties shall
comply with such strategy in connection with the exercise of their rights under this Article 9. If there is no such strategy, then
the Party with the primary responsibility for an activity under this Article 9 will be responsible for developing and implementing
the applicable strategy.

 

9.4.                    
Prosecution and Maintenance of Patent Rights.

 

9.4.1.                     
Patent Prosecution and Maintenance. Ironwood will be responsible for the preparation, filing, prosecution and maintenance
of the Ironwood Patent Rights at [**], and AstraZeneca will have the first right, but not the obligation, to prepare, file, prosecute
and maintain the Collaboration Patent Rights included in the AstraZeneca Patent Rights (the “AstraZeneca Collaboration
Patent Rights”) worldwide, at [**] expense, and in each case, provided that: in the case of the Ironwood Patent Rights
and the AstraZeneca Collaboration Patent Rights, each Party will provide the other with (a) advance copies of, and a reasonable
opportunity to comment upon, proposed patent filings in the Territory (in the case of the Ironwood Patent Rights) and worldwide
(in the case of the AstraZeneca Collaboration Patent Rights) and prosecution strategies and proposed correspondence with patent
offices in the applicable jurisdiction undertaken pursuant to any such filings, and will consider comments received in good faith
and will not unreasonably reject such comments, except that Ironwood will not be obligated to provide AstraZeneca with advance
copies of proposed patent filings, related prosecution strategies or proposed correspondence for any Patent Rights that are included
in the rights granted by Forest, Astellas or Allergan, as applicable, to Ironwood pursuant to any of the Existing Agreements, unless
it is permitted to do so thereunder; and (b) correspondence or other communications or actions which relate to the validity of
Collaboration Patent Rights, to the extent such Collaboration Patent Rights are necessary or useful in the Territory to Develop,
Manufacture or Commercialize a Licensed Compound or Product in the Territory, which correspondence or other communications or actions
that are to be made during the course of an action before a national or regional patent office in the Territory or national court
in the Territory will require the mutual approval of both Parties. A Party providing comments in accordance with this Section 9.4.1
will provide such comments, if any, expeditiously and in any event in reasonably sufficient time to meet any filing deadline communicated
to it by the other Party. The Party receiving any such patent application and correspondence will maintain such information in
confidence, except for patent applications that have been published and official correspondence that is publicly available. AstraZeneca
acknowledges that Ironwood may share advance copies of proposed patent filings with respect to the AstraZeneca Collaboration Patent
Rights with Forest to the extent required under the Forest Agreement, provided that Forest is under an obligation to keep such
proposed patent filings in confidence.

 

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9.4.2.                     
Joint Patent Rights. Ironwood will have the first right, but not the obligation for the preparation, filing, prosecution
and maintenance of the Joint Patent Rights. Except as otherwise agreed by the Parties in writing, costs incurred under this Section
9.4.2 for Joint Patent Rights [**].

 

9.4.3.                     
Second Rights. If a Party decides not to file, prosecute or maintain a Patent Right covering, as applicable, Ironwood
Technology, Collaboration Technology included in the AstraZeneca Technology or Joint Technology, to the extent such Technology
covers the Development, Manufacture or Commercialization of the Licensed Compound or Product, with respect to Ironwood Technology
within the Territory and with respect to such AstraZeneca Technology whether within or outside of the Territory, it will give the
other Party reasonable notice to that effect sufficiently in advance of any deadline for any filing with respect to such Patent
Right to permit the other Party to carry out such activity. After such notice, the other Party may, subject to the terms of any
applicable license as a result of which a Party Controls such Patent Rights (i.e., the Existing Agreements or other Third Party
agreements), file, prosecute and maintain the Patent Right, and perform such acts as may be reasonably necessary for such other
Party to file, prosecute or maintain such Patent Right, at its sole cost and expense. If such other Party does so elect, then the
Party which has elected not to pursue such filing, prosecution or maintenance will provide such cooperation to the other Party,
including the execution and filing of appropriate instruments, as may reasonably be requested to facilitate the transition of such
patent activities, and will assign all of its right, title and interest to such patent, other than its license rights thereto provided
by this Agreement, to the Party electing to pursue such patent activities.

 

9.4.4.                     
Patent Term Extensions. Regardless of which Party is filing, prosecuting and maintaining any Patent Right pursuant
to this Article 9, the Parties shall attempt to make all decisions by mutual consent regarding all patent term extensions for (a)
the Ironwood Patent Rights in the Territory, (b) the AstraZeneca Collaboration Patent Rights in the Territory and (c) the
Joint Patent Rights worldwide, including, if applicable, in the United States with respect to extensions pursuant to 35 U.S.C.
§ 156 et. seq. and in other jurisdictions pursuant to supplementary protection certificates, and in all jurisdictions with
respect to any other extensions that are now or become available in the future, wherever applicable, for such Patent Rights. If,
with respect to a Product and a country, the Parties cannot agree on which of such Patent Rights(s) as to which the term is to
be extended in such country, then (i) with respect to such Patent Rights in the Territory, the Parties shall mutually agree
on a Third Party patent lawyer (whose costs [**], with reimbursement made to the paying Party within [**] of the other Party’s
receipt from the paying Party of an invoice relating to such payment) and shall give such lawyer instructions to resolve such disagreement
in a manner designed to maximize the period of exclusivity for the applicable Product, and the decision of such lawyer shall be
binding on the Parties and (ii) Ironwood will have the right to make such decision outside the Territory for the Joint Patent
Rights. Upon request by a Party controlling a decision under this Section 9.4.4, the other Party shall reasonably cooperate in
the implementation of such decision.

 

9.5.                    
Trademarks and Domain Names.

 

9.5.1.                     
Product Trademark. On a Product-by-Product basis, each Product is to be Commercialized in the Territory under those
Trademarks and using those domain names that have been approved under the Prior Agreement as of the Amendment Date or, from and
after the Amendment Date, are recommended by the IPWG and approved by the Parties in accordance with Section 9.5.5 with respect
to such Product, after good faith consultation with the Parties’ intellectual property counsel (each such Trademark, other
than AstraZeneca House Marks or Ironwood House Marks, a “Product Trademark” and each such domain name, other
than those containing an AstraZeneca House Mark or Ironwood House Mark, a “Product Domain Name”). Notwithstanding
the foregoing, the Parties acknowledge and agree that any Trademarks or domain names developed or used in connection with the Existing
Agreements may not be used by the Parties in the Territory unless agreed to by Ironwood and Forest, Ironwood and Allergan, or Ironwood
and Astellas, as applicable, in writing. Ironwood shall notify AstraZeneca of such restricted Trademarks and domain names so that
AstraZeneca is able to comply with this requirement.

 

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9.5.2.                     
Ownership. The Parties acknowledge that as of the Amendment Date, AstraZeneca owns the Product Trademarks set forth
on Schedule 9.5.2. The Parties shall cooperate to assign and transfer ownership of the Product Trademarks set forth on Schedule
9.5.2 to Ironwood or its Affiliate as promptly as practicable following the Amendment Date, with the costs and expenses of such
assignment and transfer to be [**]. Ironwood will own all Product Trademarks and Product Domain Names, subject to the license granted
to AstraZeneca herein, and is responsible for the filing, prosecution, registration and maintenance of such Product Trademarks
and the registration and maintenance of such Product Domain Names. If the Party that owns a Product Trademark or Product Domain
Name decides not to file or continue to prosecute, register or maintain such Product Trademark or obtain or maintain such Product
Domain Name in the Territory, it will give the other Party reasonable notice to that effect sufficiently in advance of any deadline
for any filing with respect to such Product Trademark or Product Domain Name in the Territory to permit the other Party to carry
out such activity. After such notice, the other Party may undertake such activity on behalf of and in the name of the first Party.
The expenses of the selection, filing, prosecution and maintenance of the Product Trademarks (including the Product Trademarks
set forth on Schedule 9.5.2) and obtaining and maintaining the Product Domain Name [**]. Each Party will keep the other Party regularly
apprised of the status of its activities under this Section 9.5.2 and will consult with such other Party (through the IPWG) in
good faith prior to taking any material action with respect to any such Product Trademark or Product Domain Name.

 

9.5.3.                     
Trademark and Domain Name Use. The manner of use of the Product Trademarks and the Product Domain Names will be subject
to periodic review by the IPWG. AstraZeneca will not use the Product Trademarks in a way that is inconsistent with the trademark
usage guidelines and the usage instructions recommended by the IPWG and approved by the Parties pursuant to Section 9.5.5 (or previously
approved by the JCC (as defined in the Prior Agreement) under the Prior Agreement). Neither Party will use a Trademark confusingly
similar to any of the Product Trademarks with any of its other products in the Territory or, except as otherwise provided herein,
use the Product Trademarks in combination with its other Trademarks in the Territory in a manner which would create a composite
or combination marks. The Parties will utilize the Product Trademarks and the Product Domain Names within the Territory only in
accordance with this Agreement and for no other product in the Territory. Either Party may utilize the Product Trademarks and the
Product Domain Names outside of the Territory, provided that such use is not reasonably likely to cause confusion or devalue the
Product Trademark or Product Domain Name, as applicable, in the Territory.

 

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9.5.4.                     
Trademark and Domain Name License. To effectuate the purposes of this Agreement, Ironwood hereby grants to AstraZeneca
a royalty free, exclusive license, to use and display the Product Trademarks and to use the Product Domain Names in connection
with the Commercialization of the Products in the Territory in accordance with this Section 9.5 and to use the Ironwood House Marks
in connection with the Commercialization of a Product in the Field in the Territory, all in accordance with this Agreement. All
goodwill arising from the use of such Product Trademarks (other than the Product Trademarks set forth on Schedule 9.5.2),
Product Domain Names and Ironwood House Marks will inure to the benefit of Ironwood.

 

9.5.5.                     
IPWG Decision-Making; Elevation and Dispute Resolution. Any matter within the jurisdiction of the IPWG requiring
approval by the Parties or with respect to which the IPWG cannot reach consensus in accordance with Section 9.3 will be submitted
to the President of Ironwood and the SVP Intellectual Property of AstraZeneca or, in each case, his or her designee for approval.
Such executives or their designees will meet (in person or by teleconference) to attempt in good faith to approve such matter through
discussions promptly following submission thereof, and in any event within 15 days thereafter, unless otherwise mutually agreed
upon by the executives or their designees. In the event such individuals so not approve any such matter within 15 days, such matter
will be referred to the Chief Executive Officer of Ironwood and the EVP International and CP China of AstraZeneca, as applicable,
or, in each case, his or her designee for resolution. Such executives or their designees will meet (in person or by teleconference)
to attempt in good faith to resolve such matter through discussions promptly following submission thereof, and in any event within
15 days thereafter, unless otherwise mutually agreed upon by the executives or their designees. If consensus cannot be reached
following escalation in accordance with this Section 9.5.5 for such matter, then the matter will not be approved and may be resolved
by the Parties pursuant to the dispute resolution provisions in this Agreement.

 

9.6.                    
Enforcement and Defense of Technology Rights.

 

9.6.1.     
Monitoring. AstraZeneca will develop procedures for monitoring Third Party patent submissions in the Territory (other
than Switzerland), provided that the IPWG will have the right to review and comment on such procedures. AstraZeneca will be responsible
for executing such procedures and promptly reporting any relevant discovered activities or information to Ironwood. The costs of
such execution [**].

 

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9.6.2.     
Notice. If Ironwood or AstraZeneca becomes aware that any Ironwood Technology, AstraZeneca Technology, Collaboration
Technology (including Joint Technology), Development Data, Product Trademark, or Product Domain Name is infringed or misappropriated
by a Third Party in the Territory in the Field, or Collaboration Technology that is included in AstraZeneca Technology is infringed
or misappropriated by a Third Party outside the Territory, or is subject to an invalidation action (including any administrative
or judicial action, whether initiated at the State Intellectual Property Office of China or otherwise), or a declaratory judgment
action arising from such infringement (any of the foregoing, being an “Infringement”), Ironwood or AstraZeneca,
as the case may be, will promptly notify the other Party of such Infringement.

 

9.6.3.     
Enforcement and Defense of Product Trademarks and Domain Names. Subject to Section 7.7, AstraZeneca has the first
right (but not the obligation) to enforce or defend any Product Trademark or Product Domain Name, against an Infringement in the
Territory. If AstraZeneca exercises its right to enforce (and so defend) any Product Trademark or Product Domain Name pursuant
to this Section 9.6.3, Ironwood will reasonably cooperate with AstraZeneca with respect to such enforcement or defense, including
by joining any lawsuit or proceeding as a party where such joinder is required under Applicable Law to enforce or so defend the
Product Trademark or Product Domain Name. In the event that AstraZeneca declines to enforce or so defend the Product Trademark
or Product Domain Name against an Infringement within 90 days (or such shorter period as may be required to comply with legal or
regulatory deadlines which relate to such Infringement) of becoming aware thereof, Ironwood will have the right to so enforce or
so defend such Product Trademark or Product Domain Name. Irrespective of which Party controls an action pursuant to this Section
9.6.3, the Parties will collaborate with respect to such action and the comments of the other Party will not be unreasonably rejected
with respect to strategic decisions and their implementation with respect to such action. In furtherance of the foregoing, the
Party responsible for any such action will keep the other Party reasonably informed, in person or by telephone, regarding the status
and costs of such action or proceeding prior to and during any such enforcement or defense. Neither Party will settle any such
action without the written consent of the other Party, such consent not to be unreasonably withheld, conditioned or delayed. Neither
Party will incur any liability to the other as a consequence of such litigation or any unfavorable decision resulting therefrom,
but for clarity, this sentence is without limitation of a Party’s other obligations hereunder, including Section 11.1 and
Section 11.2.

 

9.6.4.     
Costs and Recoveries for Product Trademarks and Domain Names. Irrespective of which Party prosecutes the action,
the costs of any prosecution or defense of any Infringement of Product Trademarks or Product Domain Names in the Territory will
be borne as follows: If the IPWG, acting reasonably, recommends that the applicable prosecution or defense action be taken, such
costs [**], and the proceeds of any awards, judgments or settlements obtained in connection with an Infringement in the Territory
will be [**]. If the IPWG does not recommend that the applicable prosecution or defense action be taken (or did not act reasonably
in recommending the applicable prosecution or defense action be taken), such costs [**], and the proceeds of any awards, judgments
or settlements obtained in connection with an Infringement in the Territory [**].

 

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9.6.5.     
Enforcement and Defense of Patent Rights. Subject to the terms of any applicable license as a result of which Ironwood
Controls any Patent Rights included in the Ironwood Technology (i.e., the Existing Agreements or other Third Party agreements),
AstraZeneca has the first right (but not the obligation) to enforce or defend in connection with any such enforcement activity
any Ironwood Technology in the Territory, AstraZeneca Technology worldwide (provided that it has the sole right, but not the obligation,
with respect to AstraZeneca Technology that is not Collaboration Technology), and Collaboration Technology that is not included
in AstraZeneca Technology (including Joint Technology and Development Data) in the Territory, to the extent either Party has the
legal power to enforce or defend such Technology (“Subject Technology”), against an Infringement in the Territory,
provided that AstraZeneca may not admit the invalidity or unenforceability of any Ironwood Technology or Joint Technology without
first consulting with Ironwood and obtaining Ironwood’s prior written consent to such admission. If AstraZeneca exercises
its right to enforce (and so defend) any Subject Technology pursuant to this Section 9.6.5, Ironwood will reasonably cooperate
with AstraZeneca with respect to such enforcement or defense, including by joining any lawsuit or proceeding as a party where such
joinder is required under Applicable Law to enforce or so defend the Subject Technology. In the event that AstraZeneca declines
to enforce or so defend the Subject Technology (other than AstraZeneca Technology that is not Collaboration Technology) against
an Infringement within 90 days (or such shorter period as may be required to comply with legal or regulatory deadlines which relate
to such Infringement) of becoming aware thereof, Ironwood will have the right, but not the obligation, to so enforce or so defend
such Subject Technology against such Infringement. Ironwood has the first right (but not the obligation) to enforce and defend
any Joint Technology against an Infringement outside the Territory, provided that Ironwood may not admit the invalidity or unenforceability
of such Technology without first consulting with AstraZeneca and obtaining AstraZeneca’s prior written consent to such admission.
In the event that Ironwood declines to enforce or so defend such Technology against an Infringement within 90 days (or such shorter
period as may be required to comply with legal or regulatory deadlines which relate to such Infringement) of becoming aware thereof,
AstraZeneca will have the right to so enforce or defend such Technology. Irrespective of which Party controls an action pursuant
to this Section 9.6.5, the Parties will collaborate with respect to such action and the comments of the other Party will not be
unreasonably rejected with respect to strategic decisions and their implementation with respect to such action and, with respect
to any such action, the non-enforcing Party may select separate counsel of its own choosing at its own expense. In furtherance
of the foregoing, the Party responsible for any such action will keep the other Party reasonably informed, in person or by telephone,
regarding the status and costs of such action or proceeding prior to and during any such enforcement or defense. Neither Party
will settle any such action without the written consent of the other Party, such consent not to be unreasonably withheld, conditioned
or delayed. Neither Party will incur any liability to the other as a consequence of such litigation or any unfavorable decision
resulting therefrom, including any decision holding any such Subject Technology invalid, not infringed, not misappropriated or
unenforceable, but for clarity, this sentence is without limitation of a Party’s other obligations hereunder, including Section
11.1 and Section 11.2.

 

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9.6.6.     
Costs and Recoveries for Defense of Patent Rights.

 

(a)              
In the Territory. The Parties agree that, irrespective of which Party prosecutes the action, the costs of any prosecution
or defense of any Infringement in the Territory [**] and the proceeds of any awards, judgments or settlements obtained in connection
with an Infringement [**].

 

(b)              
Outside the Territory. Costs of any prosecution or defense of any Infringement relating to Subject Technology outside
the Territory [**] and the proceeds of any awards, judgments, or settlements obtained in connection with any prosecution or defense
against any such Infringement [**].

 

9.7.                    
Third Party Claims.

 

9.7.1.                     
Third Party Claims - Course of Action. If the Development, Commercialization or Manufacture of a Product or the use
of any Product Trademark or Product Domain Name, in each case, under this Agreement is alleged by a Third Party to infringe a Third
Party’s Patent Right(s) or Trademark rights or misappropriate a Third Party’s trade secret, the Party becoming aware
of such allegation will promptly notify the other Party thereof, in writing, reasonably detailing the claim.

 

9.7.2.                     
Third Party Suit. If a Third Party sues a Party (the “Sued Party”) alleging that the Sued Party’s
or the Sued Party’s Affiliates’ or Sublicensees’, Development, Manufacture or Commercialization of a Product
or use of a Product Trademark or Product Domain Name infringes or will infringe said Third Party’s Patent Right(s) or Trademark
rights or misappropriates said Third Party’s trade secret, then upon the Sued Party’s request and in connection with
the Sued Party’s defense of any such Third Party suit, the other Party will provide reasonable assistance to the Sued Party
for such defense and will join such suit if deemed a necessary party; provided that for suits relating to any Product Trademark
or Product Domain Name, subject to Section 7.7, AstraZeneca will have the first right (but not the obligation) and Ironwood will
have the second right (but not the obligation) to assume the defense of any such suit; provided further that, with respect to any
suit AstraZeneca elects to defend, Ironwood may select separate counsel of its own choosing at Ironwood’s expense. The Sued
Party (or the controlling Party in the case of suits relating to any Product Trademark or Product Domain Name) will keep the other
Party, if such other Party has not joined in such suit, reasonably informed with respect to the status of such suit on a quarterly
basis, in person or by telephone, prior to and during the pendency of any such suit. The Sued Party or the controlling Party, as
applicable, will not admit the invalidity of any Patent Right within the Ironwood Patent Rights, the AstraZeneca Patent Rights,
or Joint Patent Rights, nor settle any such suit, without written consent of the other Party, such consent not to be unreasonably
withheld (and Ironwood’s consent will not be required with respect to AstraZeneca Collaboration Patent Rights), and in the
case of the Product Trademarks and Product Domain Names, neither Party will submit any argument or take any position in such Third
Party suit which may in any way lessen, impair or undermine the Product Trademarks, or settle any such suit, without written consent
of the other Party, such consent not to be unreasonably withheld. Subject to the Parties’ respective indemnity obligations
pursuant to Section 11.1 or Section 11.2, all litigation costs and expenses incurred with respect to a Third Party suit, including
settlement costs, royalties paid in settlement of any such suit, and the payment of any damages to the Third Party, under this
Section 9.7.2 [**] and the proceeds of any awards, judgments or settlements obtained in connection with any such suit will [**].

 

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9.8.                    
Third Party Licenses. If, either Party in good faith believes that, in order to avoid infringing or misappropriating
any Third Party’s Patent Right, Know-How, Trademark or domain name that is necessary to Develop, Manufacture or Commercialize
the Licensed Compound or Products in the Territory, it is necessary to obtain a license to such Patent Right, Know-How, Trademark
or domain name, from such Third Party, then such Party will deliver notice thereof to the other Party setting forth the basis for
such belief. With respect to (a) licenses relating to any such Trademark or domain name, AstraZeneca will have the first right
(but not the obligation) and (b) licenses relating to any such Patent Rights or Know-How, (i) [**], in each case, through counsel
of its choosing, to negotiate and obtain a license from such Third Party if such license is applicable to one or more countries
outside the Territory and (ii) AstraZeneca will have the first right (but not the obligation), in each case, through counsel of
its own choosing, to negotiate and obtain a license from such Third Party if such license is applicable solely to the Territory;
[**]. If the Party with the first right to negotiate and obtain any such license elects not to obtain such license, the other Party
may through counsel of its choosing, negotiate and obtain a license from such Third Party. [**].

 

9.9.                    
Patent Marking. Each Party agrees to mark and have its Affiliates and all Sublicensees mark all Products (or their
containers or labels) sold pursuant to this Agreement in accordance with the applicable statutes or regulations in the country
or countries of manufacture and sale thereof.

 

9.10.                
Patent Certifications. Each Party will immediately give written notice to the other of any certification of which
it becomes aware has been filed pursuant to any foreign equivalent to 21 U.S.C. § 355(b)(2)(A) or § 355(j)(2)(A)(vii)
(or any amendment or successor statute thereto) claiming that the Ironwood Patent Rights, AstraZeneca Patent Rights, or Collaboration
Patent Rights, in each case, in the Territory covering any Product are invalid or that infringement will not arise from the manufacture,
use or sale in the Territory of such Third Party product by a Third Party. Any response to such certification shall be governed
by Section 9.6.5, provided that if AstraZeneca decides not to respond to such certification, including by bringing infringement
proceedings against such Third Party, AstraZeneca will give notice to Ironwood of its decision not to bring suit within ten business
days after receipt of notice of such certification (or, if the time period permitted by law is less than 20 business days, within
half of the time period permitted by law for AstraZeneca to commence such action) and Ironwood may then, but will not be obligated
to, bring suit against the Third Party that filed the certification in accordance with its second rights as described in Section
9.6.5. Each Party shall cooperate with the other Party, including joining any action, as described in Section 9.6.5. The costs
and recoveries of the Parties under this Section 9.10 [**]. In the event of a conflict between this Section 9.10 and Section 9.6.5,
this Section 9.10 will control.

 

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9.11.                
No Implied Licenses. Except as expressly set forth in this Agreement, no right or license under any Ironwood Technology
or AstraZeneca Technology is granted or will be granted by implication as a result of the respective rights of the Parties under
this Agreement. All such rights or licenses are or will be granted only as expressly provided in this Agreement.

 

9.12.                
Privileged Communications. In furtherance of this Agreement, it is expected that AstraZeneca and Ironwood will, from
time to time, disclose to one another privileged communications with counsel, including opinions, memoranda, letters and other
written, electronic and verbal communications. Such disclosures are made with the understanding that they will remain confidential,
they will not be deemed to waive any applicable attorney-client privilege and that they are made in connection with the shared
community of legal interests existing between Ironwood and AstraZeneca, including the community of legal interests in avoiding
infringement of any valid, enforceable patents of Third Parties and maintaining the validity of Ironwood Patent Rights, AstraZeneca
Patent Rights and Joint Patent Rights.

 

9.13.                
Registration and Submission of the Agreement. In the event that AstraZeneca or its Affiliate or Sublicensee is required,
upon advice of counsel, to disclose or register this Agreement (or any portion of this Agreement), or one or more confirmatory
patent or trademark license agreements to a government authority in the Territory, including in China, the Ministry of Commerce
or the State Intellectual Property Office (or any agency or bureau thereof), AstraZeneca will, and will cause its Affiliates and
Sublicensees to, provide prior written notice to Ironwood of such disclosure requirement and cooperate in good faith to prepare
and execute an abbreviated license agreement, in form and substance reasonably acceptable to Ironwood, solely for purposes of such
disclosure, with the understanding that the terms and conditions of this Agreement will control in the event of any dispute regarding
the interpretation, applicability or enforcement of the abbreviated license agreement, and disclose or register such abbreviated
license agreement.

 

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	10.	TERM AND TERMINATION

 

10.1.                
Term. The term of this Agreement will commence on the Effective Date and, unless and until terminated as provided
in this Article 10, will continue until the expiration of the last-to-expire Royalty Term (the “Term”). Upon
expiration of this Agreement, all Non-Contingent Payments, to the extent not paid prior to the effective date of expiration, will
become due and payable to Ironwood as of the effective date of expiration.

 

10.2.                
Termination for Cause.

 

10.2.1.                 
Termination for Material Breach. This Agreement may be terminated effective immediately by written notice by either
Party at any time during the Term if the other Party materially breaches this Agreement, which breach remains uncured for [**]
days measured from the date written notice of such breach is given to the breaching Party by the non-breaching Party, which notice
will specify the nature of the breach and demand its cure; provided, however, that if such breach is not capable of being cured
within the stated period and the breaching Party uses Commercially Reasonable Efforts to cure such breach during such period and
presents a mutually agreeable remediation plan for such breach, this Agreement will not terminate and the cure period will be extended
for such period provided in the remediation plan as long as the breaching party continues to use Commercially Reasonable Efforts
to pursue the cure as provided in such remediation plan. Further, in the case of a dispute during the cure period with respect
to whether a material breach has occurred, the non-breaching Party shall not have the right to terminate this Agreement until it
complies with the applicable dispute resolution procedures hereunder, including those set forth in Section 12.1.2, and the dispute
has been resolved pursuant to such procedures and breach remains uncured [**] days after the final resolution of the dispute through
such dispute resolution procedures. Notwithstanding anything to the contrary set forth in this Agreement but subject to the limitations
set forth in Section 11.6, termination will not be deemed to relieve a defaulting party from any liability arising from such
default.

 

10.2.2.                 
Termination for Safety Reasons. In the event that AstraZeneca determines in good faith in accordance with its internal
procedures that there is a material safety issue associated with a Product, which safety issue was not disclosed to AstraZeneca
prior to the Effective Date, then AstraZeneca shall discuss the matter with Ironwood as promptly as practicable. Provided that
AstraZeneca does not modify its determination following such discussion, AstraZeneca may terminate this Agreement effective upon
written notice thereof to Ironwood.

 

10.2.3.                 
Bankruptcy. If the other Party or a Local Affiliate files in any court or agency, pursuant to any statute or regulation
of any state or country, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment
of a receiver or trustee of that Party or of its assets, or if the other Party proposes a written agreement of composition or extension
of its debts, or if the other Party is served with an involuntary petition against it, filed in any insolvency proceeding, and
such petition is not dismissed within [**] days after the filing thereof, or if the other Party proposes or is a Party to any dissolution
or liquidation, or if the other Party makes an assignment for the benefit of its creditors (each, a “Bankruptcy”),
this agreement may be terminated, provided that in the case of a Local Affiliate’s Bankruptcy, if AstraZeneca notifies Ironwood
within [**] days following such Bankruptcy that it will make reasonable arrangements to perform the Development or Commercialization
activities assigned to such Local Affiliate in light of such Bankruptcy and then does so within [**] days following such Bankruptcy,
Ironwood may not terminate this Agreement due to such Bankruptcy.

 

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10.3.                
Termination for Convenience. Prior to its expiration, this Agreement may be terminated at any time by AstraZeneca
effective upon at least [**] days’ prior written notice to Ironwood for any reason.

 

10.4.                
Change of Control.

 

10.4.1.                 
Change of Control Notice. Each Party will notify the other in writing, referencing this Section 10.4.1, immediately
upon any Change of Control, and will provide such notice where permitted at least [**] days prior to the Change of Control.

 

10.4.2.                 
Consequences of a Change of Control of AstraZeneca. In the event that AstraZeneca, AstraZeneca PLC (“Parent”)
[**] is subject to a Change of Control which could reasonably be expected to lead to an Impairment, Ironwood may elect, in its
sole discretion, to (a) continue this Agreement in accordance with its terms or (b) terminate this Agreement effective upon [**]
days’ written notice of termination (or any sooner date specified in such written notice), such notice to be delivered within
[**] days after the Fair Market Value is determined pursuant to this Section 10.4.2. Within [**] days following the Change of Control,
Ironwood may provide notice to AstraZeneca requesting a determination of the Fair Market Value of the Product rights subject to
acquisition by Ironwood upon a termination pursuant to this Section 10.4.2 and the failure to so request such valuation will
be deemed the election to continue this Agreement in accordance with its terms. Each Party will provide the Valuation Panel with
all information reasonably requested by the Valuation Panel in connection with the determination of Fair Market Value. In connection
with a termination under this Section 10.4.2, Ironwood will be required to pay AstraZeneca an amount equal to the Fair Market Value
of the Product rights reacquired by Ironwood in a lump sum payment as of the effective date of the termination.

 

10.4.3.                 
Acceleration of Non-Contingent Payments upon Change of Control of AstraZeneca. Notwithstanding anything to the contrary
in this Agreement, all Non-Contingent Payments, to the extent not paid prior to the effective date of any Change of Control of
AstraZeneca, will become due and payable to Ironwood immediately prior to the effectiveness of such Change of Control, regardless
of whether Ironwood terminates this Agreement under Section 10.4.2.

 

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10.5.                
Effects of Termination and Expiration.

 

10.5.1.                 
Effects of Termination by Ironwood or by AstraZeneca for Convenience. If this Agreement is terminated by Ironwood
under Section 10.2.1, 10.2.2, 10.2.3, or 10.4.2, or by AstraZeneca under Section 10.3, then the following provisions will
be effective upon such termination:

 

(a)              
All licenses granted by Ironwood to AstraZeneca hereunder will automatically terminate, except to the extent required for
AstraZeneca to perform its surviving obligations hereunder and correspondingly the sublicense rights granted to AstraZeneca will
remain in effect solely to allow AstraZeneca to sublicense under such rights and licenses solely for the aforesaid purpose;

 

(b)              
All licenses granted by AstraZeneca to Ironwood herein will become fully paid up, fully sublicensable, irrevocable, perpetual,
royalty-free licenses and will be expanded to grant Ironwood corresponding rights in the Territory to the extent such rights are
not already granted hereunder;

 

(c)              
AstraZeneca will assign to Ironwood all right, title, and interest in and to (i) all Regulatory Submissions and Regulatory
Approvals pertaining to the Licensed Compound or Product Controlled by AstraZeneca (excluding Regulatory Submissions and Regulatory
Approvals to the extent pertaining to AstraZeneca’s proprietary compounds or products that are not or do not contain the
Licensed Compound as the sole active ingredient), (ii) all of AstraZeneca’s rights, title and interest in and to any Product
Trademark (including, without limitation, the goodwill symbolized by such Product Trademark) used to brand any Product (excluding,
for clarity, any AstraZeneca House Marks) and any Product-related domain names, and (iii) all of AstraZeneca’s interest in
any copyrights to the extent necessary or useful to enable Ironwood to continue to conduct Development of Products in the Territory
and to use the current versions of promotional materials and sales training materials for the Products in the Territory (excluding,
for clarity, any AstraZeneca House Marks) for a period of [**] months or shorter if required after the date of termination of this
Agreement to comply with Applicable Law;

 

(d)              
AstraZeneca will furnish Ironwood with reasonable cooperation (i) to assure a smooth transition of any clinical or other
studies in progress related to the Licensed Compound or Product(s) which Ironwood determines to continue in compliance with Applicable
Law and ethical guidelines applicable to the transfer or termination of any such studies, and (ii) as reasonably necessary for
Ironwood to assume the Commercialization activities of the Product(s) in the Territory. Further, until the completion of such transition,
AstraZeneca will use Commercially Reasonable Efforts to continue the Commercialization of the Product(s) in the Territory. In addition,
AstraZeneca will return all Ironwood Confidential Information to Ironwood as set forth in Section 7.1.5. Ironwood will return all
AstraZeneca Confidential Information to AstraZeneca as set forth in Section 7.1.5; provided however, that Ironwood may retain any
such Confidential Information that is reasonably necessary or useful for Ironwood to develop, manufacture and commercialize the
Licensed Compound or Products or exercise its rights hereunder after the effective date of such termination (but such right of
retention shall not be construed to expand the scope of the rights granted to Ironwood hereunder);

 

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(e)              
Without limiting the foregoing, AstraZeneca will furnish Ironwood with reasonable cooperation to ensure a smooth transition
of clinical and commercial supply of the Licensed Compound or Products to Ironwood with respect to the Territory [**];

 

(f)               
AstraZeneca will assign to Ironwood all right, title and interest in and to the Purchased Assets that are owned or Controlled
by AstraZeneca as of the effective date of termination and will transfer to Ironwood such Purchased Assets promptly following the
effective date of termination;

 

(g)              
Sections 10.5.1(a) will be effective upon any such termination, and Sections 10.5.1(b), 10.5.1(c), 10.5.1(d), 10.5.1(e)
and 10.5.1(f) will be effective upon such termination or, in the case of termination by AstraZeneca pursuant to Section 10.3 or
by Ironwood pursuant to Section 10.4, upon Ironwood’s earlier election following a notice of termination. All activities
performed by AstraZeneca on behalf of Ironwood in this Section 10.5.1 will be at AstraZeneca’s cost and expense. At the election
of AstraZeneca at the time of termination, the Parties will negotiate in good faith a transition agreement in order to effect the
provisions of this Section 10.5.1, provided, however, that the inability of the Parties to agree on the terms of such agreement
shall not relive AstraZeneca of its obligations under this Section 10.5.1; and

 

(h)              
All Non-Contingent Payments, to the extent not paid prior to the effective date of any such termination, will become due
and payable to Ironwood as of the effective date of such termination.

 

10.5.2.                 
Effects of Termination by AstraZeneca for Ironwood Material Breach or Insolvency. If AstraZeneca terminates this
Agreement pursuant to Section 10.2.1 or 10.2.3:

 

(a)              
All licenses granted by (i) Ironwood to AstraZeneca hereunder, will terminate, and (ii) AstraZeneca to Ironwood hereunder
will become fully paid up, fully sublicensable, irrevocable, perpetual, royalty-free licenses and will be expanded to grant Ironwood
corresponding rights in the Territory to the extent such rights are not already granted hereunder;

 

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(b)              
AstraZeneca will assign to Ironwood, at Ironwood’s cost and expense, all right, title, and interest in and to (i)
all Regulatory Submissions and Regulatory Approvals pertaining to the Licensed Compound or Product Controlled by AstraZeneca (excluding
Regulatory Submissions and Regulatory Approvals to the extent pertaining to AstraZeneca’s proprietary compounds or products
that are not or do not contain the Licensed Compound as the sole active ingredient), (ii) all of AstraZeneca’s rights, title
and interest in and to any Product Trademark (including, without limitation, the goodwill symbolized by such Product Trademark)
used to brand any Product (excluding, for clarity, any AstraZeneca House Marks) and any Product-related domain names, and (iii)
all of AstraZeneca’s interest in any copyrights to the extent necessary or useful to enable Ironwood to continue to conduct
Development of Products in the Territory and to use the current versions of promotional materials and sales training materials
for the Products in the Territory (excluding, for clarity, any AstraZeneca House Marks) for a period of six months or shorter if
required after the date of termination of this Agreement to comply with Applicable Law;

 

(c)              
Without limiting the foregoing, AstraZeneca will furnish Ironwood with reasonable cooperation to ensure a smooth transition
of clinical and commercial supply of the Licensed Compound or Products to Ironwood with respect to the Territory, including by
entering into an interim supply agreement with Ironwood (or its designee), if applicable, containing commercially reasonable terms
and conditions pursuant to which AstraZeneca will supply Licensed Compound or Products to Ironwood (or its designee) for a reasonable
transition period; provided that, Ironwood (or its designee) is using Commercially Reasonable Efforts to enter into applicable
supply agreements with Third Party manufacturers of the Licensed Compound or Products;

 

(d)              
AstraZeneca will assign to Ironwood, at Ironwood’s cost and expense, all right, title and interest in and to the Purchased
Assets that are owned or Controlled by AstraZeneca as of the effective date of termination and will transfer to Ironwood such Purchased
Assets promptly following the effective date of termination;

 

(e)              
Ironwood will return all of AstraZeneca’s Confidential Information to AstraZeneca as set forth in Section 7.1.5; provided
however, that Ironwood may retain any such Confidential Information that is reasonably necessary for Ironwood to develop, manufacture
and commercialize the Licensed Compound or Products or exercise its rights hereunder after the effective date of such termination
or perform its obligations under this Agreement in the Territory (but such right of retention shall not be construed to expand
the scope of the rights granted to Ironwood hereunder);

 

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(f)               
All Non-Contingent Payments, to the extent not paid prior to the effective date of any such termination, will become due
and payable to Ironwood as of the effective date of such termination; and

 

(g)              
Neither Party will have any further contractual obligations to the other hereunder, except (i) as set forth in this Section
10.5.2 or in Section 10.6 or (ii) with respect to any provisions which survive the termination of this Agreement by their respective
terms or obligations accrued but remaining outstanding as of the effectiveness of termination.

 

10.5.3.                 
Effects of Termination for Safety Reasons. If AstraZeneca terminates this Agreement for safety reasons pursuant to
Section 10.2.2, then the following provisions will be effective upon such termination:

 

(a)              
All licenses granted by Ironwood to AstraZeneca hereunder will automatically terminate, except to the extent required for
AstraZeneca to perform its surviving obligations hereunder, and correspondingly the sublicense rights granted to AstraZeneca will
remain in effect solely to allow AstraZeneca to sublicense under such rights and licenses solely for the aforesaid purpose;

 

(b)              
Notwithstanding the survival provisions of Section 10.6, all licenses granted by AstraZeneca to Ironwood hereunder will
automatically terminate with respect to any Technology that is the cause of the safety issue underlying such termination, and all
other licenses granted by AstraZeneca to Ironwood hereunder will survive such termination;

 

(c)              
AstraZeneca will return all Ironwood Confidential Information to Ironwood and Ironwood will return all AstraZeneca Confidential
Information to AstraZeneca, each as set forth in Section 7.1.5; provided however, that Ironwood may retain any such Confidential
Information that is reasonably necessary or useful for Ironwood to exercise its rights hereunder after the effective date of such
termination (but such right of retention shall not be construed to expand the scope of the rights granted to Ironwood hereunder);

 

(d)              
AstraZeneca will provide such documentation in its possession and control relating thereto and discuss such safety issue
with Ironwood in good faith as reasonably requested by Ironwood for at least [**] days after the effective date of such termination
to assist Ironwood and to identify, further characterize, and fully document such safety issue. AstraZeneca’s out-of-pocket
costs for such assistance, if any, shall be paid by Ironwood. For clarity, AstraZeneca will not be required to generate any new
information regarding such material safety issue or undertake any Development or Commercialization activities in the portion of
the Territory to which any termination relates after providing notice of termination for a material safety issue under Section
10.2.2;

 

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(e)              
All Non-Contingent Payments, to the extent not paid prior to the effective date of any such termination, will become due
and payable to Ironwood as of the effective date of such termination; and

 

(f)               
If, within [**] years after the effective date of a termination of this Agreement pursuant to Section 10.2.2, either (i)
Ironwood receives express authorization from a Regulatory Authority to recommence or continue the development and commercialization
of the Product or (ii) a Safety Panel determines that it is reasonable for Ironwood to continue the development and commercialization
of the Product, taking into account all safety issues with the Product, then Ironwood shall be afforded the more expanded reversion
rights with respect to the Product as to which it would have been entitled had AstraZeneca terminated this Agreement pursuant to
Section 10.3; provided, however, that Ironwood’s indemnification obligations with respect to the Product shall remain in
effect and AstraZeneca shall no longer have any indemnification obligation to Ironwood or any Ironwood Indemnified Party with respect
to any Product sold by or on behalf of Ironwood or its Affiliates or licensees after the date of such termination. Ironwood will
have the right to convene a Safety Panel during such [**]-year period upon written notice to AstraZeneca. Each Party will reasonably
cooperate with and provide any reasonably requested information to such Safety Panel.

 

10.5.4.                 
[**]

 

10.6.                
Survival of Certain Obligations. Expiration or termination of this Agreement will not relieve the Parties of any
obligation accruing before such expiration or termination. The provisions of this Agreement that survive expiration or termination
of this Agreement are: Articles 1, Sections 2.2, 2.3 (solely with respect to the rights granted to Ironwood thereunder), 2.4 (solely
with respect to the rights granted to Ironwood thereunder), 5.3.2 (for Product sold in the Territory during the Term), 6.2, 6.3
(for clarity, regardless of the reason for termination), 6.14, 7.1, 8.6, Article 9 (solely with respect to those provisions relating
to Joint Technology or Development Data), Sections 9.2, 9.12, and Articles 10, 11 and 12. In addition to the foregoing, the following
provisions survive expiration of this Agreement for so long as AstraZeneca is Commercializing any Product following such expiration:
Section 9.5.4. Any expiration or early termination of this Agreement will be without prejudice to the rights of either Party against
the other accrued or accruing under this Agreement before termination. In no event will (a) any milestone payment be due hereunder
after the date on which a notice of termination is provided hereunder or (b) expiration or termination of this Agreement relieve
AstraZeneca of its payment obligations under either of Section 6.2 or Section 6.3. In addition, Sections 6.1, 6.11, 6.12, 6.13
and 6.15 shall apply with respect to payments due hereunder after expiration or termination of this Agreement.

 

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	11.	PRODUCT LIABILITY, INDEMNIFICATION, AND INSURANCE

 

11.1.                
Indemnification under Prior Agreement. With respect to any Third Party Claims arising out of actions or omissions
occurring prior to the Amendment Date, the Parties’ indemnification obligations shall be as follows:

 

(a)               
Sharing of Liability Expenses. The Parties will share all losses, damages, liabilities, settlements, penalties, fines
and expenses (including reasonable attorneys’ fees and expenses) arising from claims against the Parties or their respective
Affiliates or any of their respective employees, officers, directors, agents or permitted Sublicensees by Third Parties (collectively,
“Liabilities” and such claims, “Third Party Claims”) to the extent such Liabilities relate
to the Development or Manufacture of the Licensed Compound or Product for the Territory under the Prior Agreement or the Commercialization
of the Product in the Territory after the Effective Date but before the Amendment Date (such period, the “Pre-Amendment
Period”), including any (i) death or bodily injury of any person (or similar claims) (“Product Liability Claims”)
in the Territory on account of the use of any Product sold in the Territory during the Pre-Amendment Period, (ii) any recall or
withdrawal of Product sold in the Territory during the Pre-Amendment Period, or (iii) any infringement claims brought by any Third
Parties in the Territory arising out of actions or omissions occurring during the Pre-Amendment Period (collectively, “Shared
Liability Claims”), which Shared Liability Claims shall, except to the extent that one of the Parties would be responsible
for such Liabilities (assuming they were incurred by the other Party) under Section 11.1(b) or 11.1(c), be allocated between the
Parties as follows: [**]% to AstraZeneca and [**]% to Ironwood and the Parties shall make reconciling payments to each other to
give effect to such sharing.

 

(b)              
Indemnification by Ironwood. Ironwood shall indemnify, defend and hold harmless AstraZeneca, its Affiliates, and
each of its and their respective employees, officers, directors agents and permitted Sublicensees (each, an “AstraZeneca
Indemnified Party”) from and against any and all Liabilities arising out of Third Party Claims to the extent resulting
from or arising out of:

 

(i)                
any intentional misconduct or negligence on the part of Ironwood or any of its Affiliates or Sublicensees in performing
any activity contemplated by the Prior Agreement or any Ancillary Agreement (as defined in the Prior Agreement) (subject
to any limitations on indemnification set forth in such Ancillary Agreement);

 

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(ii)             
any Ironwood representation or warranty set forth in the Prior Agreement or any Ancillary Agreement (as defined in the Prior
Agreement) (subject to any limitations on indemnification set forth in such Ancillary Agreement)
being untrue;

 

(iii)           
the Development, Manufacture or Commercialization in the Field in the Territory of the Licensed Compound or Product by or
on behalf of Ironwood or any of its Affiliates, which claims are based on acts or omissions occurring or failing to occur, in whole
or in part, prior to the Effective Date or are conducted during the Pre-Amendment Period in support of Development or Commercialization
outside the Territory, including in each case (A) any violation of Applicable Law in connection with such Development or Commercialization
and (B) personal injury or similar claims arising from the use of any Products;

 

(iv)            
the Development, Manufacture or Commercialization of the Licensed Compound or Product by or on behalf of Ironwood or any
of its Affiliates, licensees (including Forest, Almirall and Astellas) or Sublicensees prior to the Amendment Date (A) outside
the Territory or (B) outside the Field in the Territory;

 

(v)              
any breach by Ironwood of any of its covenants or obligations under the Prior Agreement or under any Ancillary Agreement
(as defined in the Prior Agreement) (subject to any limitations on indemnification set forth
in such Ancillary Agreement) or (except to the extent due to a breach of this Agreement by AstraZeneca) under the Existing
Agreements during the Pre-Amendment Period; or

 

(vi)            
the exercise by Ironwood, its Affiliates, licensees or Sublicensees (excluding such exercise by AstraZeneca, its Affiliates,
and Sublicensees as licensees of Ironwood and Sublicensees of AstraZeneca hereunder) of rights under Section 2.2 of the Prior Agreement,
including any exploitation of the Joint Technology or the Development Data for purposes other than exploitation of the Licensed
Compound and Products by Ironwood, its Affiliates, licensees or Sublicensees under the Prior Agreement or any Ancillary Agreement
(as defined in the Prior Agreement);

 

except, in
each case, to the extent AstraZeneca is obligated to indemnify Ironwood for such Liabilities pursuant to Section 11.1(c).

 

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(c)              
Indemnification by AstraZeneca. AstraZeneca shall indemnify, defend and hold harmless Ironwood, its Affiliates, Sublicensees,
distributors and each of its and their respective employees, officers, directors and agents (each, an “Ironwood Indemnified
Party”) from and against any and all Liabilities arising out of Third Party Claims to the extent resulting from or arising
out of:

 

(i)                
any intentional misconduct or negligence on the part of AstraZeneca or any of its Affiliates or Sublicensees in performing
any activity contemplated by the Prior Agreement or any Ancillary Agreement (as defined in the Prior Agreement) (subject
to any limitations on indemnification set forth in such Ancillary Agreement);

 

(ii)             
any AstraZeneca representation or warranty set forth in the Prior Agreement or any Ancillary Agreement (as defined in the
Prior Agreement) (subject to any limitations on indemnification set forth in such Ancillary
Agreement) being untrue;

 

(iii)           
any breach by AstraZeneca of any of its covenants or obligations under the Prior Agreement or under any Ancillary Agreement
(as defined in the Prior Agreement) (subject to any limitations on indemnification set forth
in such Ancillary Agreement); or

 

(iv)            
any exploitation of the Joint Technology or the Development Data by AstraZeneca or its Affiliates, licensees or Sublicensees
during the Pre-Amendment Period for purposes other than exploitation of the Licensed Compound and Products;

 

except, in
each case, to the extent Ironwood is obligated to indemnify AstraZeneca for such Liabilities pursuant to Section 11.1(b).

 

11.2.                
Indemnification under this Agreement after the Amendment Date. With respect to any Third Party Claims arising out
of actions or omissions occurring on or after the Amendment Date, the Parties’ indemnification obligations shall be as follows:

 

(a)              
Indemnification by Ironwood. Ironwood shall indemnify, defend and hold harmless the AstraZeneca Indemnified Parties
from and against any and all Third Party Claims to the extent resulting from or arising out of:

 

(i)                
any intentional misconduct or negligence on the part of Ironwood or any of its Affiliates or Sublicensees in performing
any activity contemplated by this Agreement or any Ancillary Agreement (subject to any limitations
on indemnification set forth in such Ancillary Agreement);

 

(ii)             
any Ironwood representation or warranty set forth in this Agreement or any Ancillary Agreement (subject
to any limitations on indemnification set forth in such Ancillary Agreement) being untrue;

 

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(iii)           
the Development or Commercialization in the Field in the Territory of the Licensed Compound or Product by or on behalf of
Ironwood or any of its Affiliates, which claims are based on acts or omissions occurring or failing to occur, in whole or in part,
during the Term after the Amendment Date (such period, the “Post-Amendment Period”) in support of Development
or Commercialization outside the Territory, including in each case any violation of Applicable Law in connection with such Development
or Commercialization;

 

(iv)            
the Manufacture in the Field in the Territory of the Licensed Compound or Product by or on behalf of Ironwood or any of
its Affiliates, which claims are based on acts or omissions occurring or failing to occur, in whole or in part, during the Post-Amendment
Period in support of Development or Commercialization outside the Territory, including in each case (A) any violation of Applicable
Law in connection with such Manufacture and (B) personal injury or similar claims arising from the use of any Products;

 

(v)              
the Development, Manufacture or Commercialization of the Licensed Compound or Product by or on behalf of Ironwood or any
of its Affiliates, licensees (including Forest, Allergan and Astellas) or Sublicensees (A) after the end of the Term (including
the use of any intellectual property or materials that revert to Ironwood following expiration or termination of this Agreement)
or (B) after the Amendment Date, (1) outside the Territory or (2) outside the Field in the Territory;

 

(vi)            
any breach by Ironwood of any of its covenants or obligations hereunder or under any Ancillary Agreement (subject
to any limitations on indemnification set forth in such Ancillary Agreement) or (except to the extent due to a breach of
this Agreement by AstraZeneca) under the Existing Agreements during the Post-Amendment Period; or

 

(vii)         
the exercise by Ironwood, its Affiliates, licensees or Sublicensees (excluding such exercise by AstraZeneca, its Affiliates,
and Sublicensees as licensees of Ironwood and Sublicensees of AstraZeneca hereunder) of rights under Section 2.2, including any
exploitation of the Joint Technology or the Development Data for purposes other than exploitation of the Licensed Compound and
Products by Ironwood, its Affiliates, licensees or Sublicensees under this Agreement or any Ancillary Agreement;

 

except, in
each case, to the extent AstraZeneca is obligated to indemnify Ironwood for such Liabilities pursuant to Section 11.2(b).

 

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(b)              
Indemnification by AstraZeneca. AstraZeneca shall indemnify, defend and hold harmless the Ironwood Indemnified Parties
from and against any and all Liabilities arising out of Third Party Claims to the extent resulting from or arising out of:

 

(i)                
any intentional misconduct or negligence on the part of AstraZeneca or any of its Affiliates or Sublicensees in performing
any activity contemplated by this Agreement or any Ancillary Agreement (subject to any limitations
on indemnification set forth in such Ancillary Agreement);

 

(ii)             
any AstraZeneca representation or warranty set forth in this Agreement or any Ancillary Agreement (subject
to any limitations on indemnification set forth in such Ancillary Agreement) being untrue;

 

(iii)           
any breach by AstraZeneca of any of its covenants or obligations hereunder or under any Ancillary Agreement (subject
to any limitations on indemnification set forth in such Ancillary Agreement);

 

(iv)            
 (A) the Development or Manufacturing of the Licensed Compound or Product for the Territory by AstraZeneca, its Affiliates
or Sublicensees under this Agreement or (B) the Commercialization of any Product in the Territory by AstraZeneca, its Affiliates
or Sublicensees during the Post-Amendment Period, including any death or bodily injury of any person (or similar claims);

 

(v)              
 (A) any recall or withdrawal of Product sold in the Territory during the Post-Amendment Period or (B) any infringement
claims brought by any Third Parties in the Territory that are based upon underlying facts and circumstances occurring on or after
the Amendment Date, which are the subject of Section 9.7;

 

(vi)            
any exploitation of any Purchased Asset by or on behalf of AstraZeneca or any of its Affiliates or Sublicensees from and
after the transfer of such Purchased Asset to AstraZeneca, or any and all Liabilities arising out of Third Party Claims with respect
to any Purchased Asset that are based upon underlying facts and circumstances occurring after the transfer of such Purchased Asset
to AstraZeneca; or

 

(vii)         
any exploitation of the Joint Technology or the Development Data by AstraZeneca or its Affiliates, licensees or Sublicensees
during the Post-Amendment Period for purposes other than exploitation of the Licensed Compound and Products;

 

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except, in
each case, to the extent Ironwood is obligated to indemnify AstraZeneca for such Liabilities pursuant to Section 11.2(a).

 

11.3.                
[**]

 

11.4.                
Procedure. Each Party will notify the other in the event it becomes aware of a claim for which indemnification may
be sought hereunder or for which Liability is shared pursuant to this Article 11. In case any proceeding (including any governmental
investigation) is instituted involving any Party in respect of which indemnity may be sought pursuant to this Article 11,
such Party (the “Indemnified Party”) will promptly notify the other Party (the “Indemnifying Party”)
in writing and the Indemnifying Party and Indemnified Party will meet to discuss how to respond to any claims that are the subject
matter of such proceeding. The Indemnifying Party, upon request of the Indemnified Party, will retain counsel reasonably satisfactory
to the Indemnified Party to represent the Indemnified Party and will pay the fees and expenses of such counsel related to such
proceeding. In any such proceeding, the Indemnified Party will have the right to retain its own counsel, but the fees and expenses
of such counsel will be at the expense of the Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party will
have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded
parties) include both the Indemnifying Party and the Indemnified Party and representation of both Parties by the same counsel would
be inappropriate due to actual or potential differing interests between them. All such fees and expenses incurred pursuant to Section
11.1 or Section 11.2 will be reimbursed as they are incurred. The Indemnifying Party will not be liable for any settlement of any
proceeding unless effected with its written consent. The Indemnifying Party will not, without the written consent of the Indemnified
Party, effect any settlement of any pending or threatened proceeding in respect of which the Indemnified Party is, or arising out
of the same set of facts could have been, a party and indemnity could have been sought hereunder by the Indemnified Party, unless
such settlement includes an unconditional release of the Indemnified Party from all liability on claims to which the indemnity
relates that are the subject matter of such proceeding. Notwithstanding the foregoing, if there is a conflict between this Section
11.4 and Section 9.7, the procedures in Article 9 will control.

 

11.5.                
Insurance. Each Party further agrees to use Commercially Reasonable Efforts to obtain and maintain, during the Term,
commercial general liability insurance, including products liability insurance, with reputable and financially secure insurance
carriers to cover its indemnification obligations under Sections 11.1 or Section 11.2; provided that [**].

 

11.6.                
Liability Limitations. NOTWITHSTANDING ANYTHING IN THIS AGREEMENT OR ANY ANCILLARY AGREEMENT TO THE CONTRARY, IN
NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, SPECIAL, PUNITIVE, OR EXEMPLARY
DAMAGES, OR FOR LOST PROFITS, LOST MILESTONES, OR LOST ROYALTIES UNDER THIS AGREEMENT OR ANY ANCILLARY AGREEMENT, WHETHER IN CONTRACT,
WARRANTY, NEGLIGENCE, TORT, STRICT LIABILITY OR OTHERWISE, ARISING OUT OF (a) THE DEVELOPMENT, COMMERCIALIZATION, USE OR SALE OF
ANY LICENSED COMPOUND OR PRODUCT DEVELOPED, OR COMMERCIALIZED HEREUNDER OR UNDER ANY ANCILLARY AGREEMENT, OR (b) ANY BREACH OF
OR FAILURE TO PERFORM ANY OF THE PROVISIONS OF THIS AGREEMENT OR ANY ANCILLARY AGREEMENT. THE FOREGOING LIMITATIONS IN THIS SECTION
11.6 SHALL NOT APPLY TO (I) ANY LIABILITY OF EITHER PARTY ARISING FROM ITS OR ITS AFFILIATE’S OR SUBCONTRACTOR’S GROSS
NEGLIGENCE OR WILLFUL MISCONDUCT, (II) ANY CLAIMS UNDER SECTION 11.1 OR SECTION 11.2 OR (III) ANY LIABILITY OF EITHER PARTY FOR
BREACH OF SECTION 7.1 OR SECTIONS 7.2.1 or 7.2.2.

 

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	12.	MISCELLANEOUS.

 

12.1.                
Governing Law; Jurisdiction; Dispute Resolution.

 

12.1.1.                 
Governing Law. The interpretation and construction of this Agreement will be governed by the laws of the State of
New York, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation
of this Agreement to the substantive law of another jurisdiction.

 

12.1.2.                 
Dispute Resolution. In the event of a dispute arising out of or relating to this Agreement other than a matter governed
by Section 4.1.6, either Party will provide written notice of the dispute to the other, in which event the dispute will be referred
to the executive officers designated below or their successors, for attempted resolution by good faith negotiations within [**]
days after such notice is received. The designated officers are initially as follows:

 

For Ironwood: Its Chief
Executive Officer or his designate

For AstraZeneca: Its
Regional VP for Asia Pacific or his designate

 

In the event the designated
executive officers do not resolve such dispute within the allotted [**] days, either Party may, after the expiration of the 30
day period, seek to resolve the dispute through arbitration in accordance with Section 12.1.3. The Parties acknowledge that
(a) the failure of the JSC to reach consensus on a matter under Section 4.1.6, which failure does not involve a breach by a Party
of its obligations hereunder, will not be deemed a dispute subject to this Section 12.1.2 or Section 12.1.3 and (b) a matter that
is subject to the final decision-making of a Party or its committee representatives hereunder is not subject to this Section 12.1.2
or Section 12.1.3 (except to extent a dispute arises as to whether such Party has exercised such decision-making authority in accordance
with its obligation to use Commercially Reasonable Efforts hereunder).

 

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12.1.3.                 
Arbitration.

 

(a)              
Claims. Any claim, dispute, or controversy of whatever nature arising between the Parties out of or relating to this
Agreement that is subject to but not resolved under Section 12.1.2 within the required [**] day time period, including any action
or claim based on tort, contract, or statute (including any claims of breach or violation of statutory or common law protections
from discrimination, harassment and hostile working environment), or concerning the interpretation, effect, termination, validity,
performance or breach of this Agreement (“Claim”), will be resolved by final and binding arbitration before
a panel of three experts with relevant industry experience (the “Arbitrators”). One Arbitrator will be chosen
by Ironwood and one Arbitrator will be chosen by AstraZeneca within 15 days from the notice of initiation of arbitration. The third
Arbitrator will be chosen by mutual agreement of the Arbitrator chosen by Ironwood and the Arbitrator chosen by AstraZeneca within
15 days of the date that the last of such Arbitrators were appointed. If the decisions of the Arbitrators will be enforced in the
People’s Republic of China, the Arbitrators will be administered by the Hong Kong International Arbitration Center in Hong
Kong in accordance with the then-effective International Chamber of Commerce (“ICC”) arbitration rules or procedures
regarding commercial or business disputes. For all other Claims, the Arbitrators will be administered by the ICC in accordance
with its then existing arbitration rules or procedures regarding commercial or business disputes and such arbitration will take
place in New York, New York. In each case, the Arbitrators will be instructed by the Parties to complete the arbitration within
90 days after selection of the final Arbitrator.

 

(b)              
Arbitrators’ Award. The Arbitrators will, within 15 calendar days after the conclusion of the arbitration hearing,
issue a written award and statement of decision describing the essential findings and conclusions on which the award is based,
including the calculation of any damages awarded. The decision or award rendered by the Arbitrators will be final and non-appealable,
and judgment may be entered upon it in accordance with Applicable Law in the People’s Republic of China, the State of New
York or any other court of competent jurisdiction. Any awards authorized by the Arbitrators will be subject to the limitations
set forth in Section 11.6. The Arbitrators will not be authorized to reform, modify or materially change this Agreement or any
Ancillary Agreement.

 

(c)              
Costs. Each Party will bear its own attorney’s fees, costs, and disbursements arising out of the arbitration
and the costs of the arbitrator selected by it, and will pay an equal share of the fees and costs of the third arbitrator; provided,
however, the Arbitrators will be authorized to determine whether a party is the prevailing party, and if so, to award to that prevailing
party reimbursement for its reasonable attorneys’ fees, costs and disbursements (including, for example, expert witness fees
and expenses, photocopy charges, travel expenses, etc.), or the fees and costs of the administrator of the arbitration and the
Arbitrators.

 

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(d)              
Compliance with this Agreement. Unless the Parties otherwise agree in writing, during the period of time that any
arbitration proceeding is pending under this Agreement, the Parties will continue to comply with all those terms and provisions
of this Agreement that are not the subject of the pending arbitration proceeding.

 

(e)              
Injunctive or Other Equity Relief. Nothing contained in this Agreement will deny any Party the right to seek injunctive
or other equitable relief from a court of competent jurisdiction applying the laws of that court in the context of a bona fide
emergency or prospective irreparable harm, and such an action may be filed and maintained notwithstanding any ongoing arbitration
proceeding.

 

12.2.                
Force Majeure. No liability will result from, and no right to terminate will arise, in whole or in part, based upon
any delay in performance or non-performance, in whole or in part, by either of the Parties to this Agreement to the extent that
such delay or non-performance is caused by an event of Force Majeure. “Force Majeure” means an event that is
beyond a non-performing Party’s reasonable control, including an act of God, act of the other Party, war, riot, civil commotion,
strike, terrorist act, malicious damage, epidemic, quarantine, fire, flood, storm, natural disaster, whether or not it is later
held to be invalid or inapplicable. The Force Majeure Party will within ten days of the occurrence of the Force Majeure event,
give written notice to the other Party stating the nature of the Force Majeure event, its anticipated duration and any action being
taken to avoid or minimize its effect. Any suspension of performance will be of no greater scope and of no longer duration than
is reasonably required and the Force Majeure Party will use reasonable effort to remedy its inability to perform; provided, however,
if the suspension of performance continues or is anticipated to continue for 30 days after the date of the occurrence, the unaffected
Party will have the right but not the obligation to perform on behalf of the Force Majeure Party for a period of such Force Majeure
and such additional period as may be reasonably required to assure a smooth and uninterrupted transition of such activities. If
such failure to perform would constitute a material breach of this Agreement in the absence of such event of Force Majeure, and
continues for one year from the date of the occurrence and the Parties are not able to agree on appropriate amendments within such
period, such other Party will have the right, notwithstanding the first sentence of this Section 12.2, to terminate this Agreement
immediately by written notice to the Force Majeure Party. In the case of such a termination, neither Party will have any liability
to the other except for those rights and liabilities that accrued prior to the date of termination or that survive termination
of this Agreement and the consequences of termination pursuant to Sections 10.5.1 or 10.5.2, as applicable, shall apply as if such
termination was a termination as to which such consequences applied. Notwithstanding the foregoing, nothing in this Section 12.2
will excuse or suspend the obligation to make any payment due hereunder in the manner and at the time provided.

 

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12.3.                
Additional Approvals. AstraZeneca and Ironwood will cooperate and use respectively all reasonable efforts to make
all other registrations, filings and applications, to give all notices and to obtain as soon as practicable all governmental or
other consents, transfers, approvals, orders, qualifications authorizations, permits and waivers, if any, and to do all other things
necessary or desirable for the consummation of the transactions as contemplated hereby. Neither Party will be required, however,
to divest or out-license products or assets or materially change its business if doing so is a condition of obtaining any governmental
approvals of the transactions contemplated by this Agreement.

 

12.4.                
Waiver and Non-Exclusion of Remedies. A Party’s failure to enforce, at any time or for any period of time,
any provision of this Agreement, or to exercise any right or remedy will not constitute a waiver of that provision, right or remedy
or prevent such Party from enforcing any or all provisions of this Agreement and exercising any rights or remedies. To be effective
any waiver must be in writing. The rights and remedies provided in this Agreement are cumulative and do not exclude any other right
or remedy provided by law or otherwise available except as expressly set forth in this Agreement.

 

12.5.                
Notices.

 

12.5.1.                 
Notice Requirements. Any notice, request, demand, waiver, consent, approval or other communication permitted or required
under this Agreement must be in writing, must refer specifically to this Agreement and will be deemed given only if delivered by
hand, sent by facsimile transmission (with transmission confirmed), by PDF e-mail attachment with digital return receipt, or by
internationally recognized overnight delivery service that maintains records of delivery, addressed to the Parties at their respective
addresses specified in Section 12.5.2 or to such other address as the Party to whom notice is to be given may have provided
to the other Party in accordance with this Section 12.5.1. Such Notice will be deemed to have been given as of the date delivered
by hand, transmitted by facsimile (with transmission confirmed) or by PDF e-mail attached with digital return receipt, or on the
second business day (at the place of delivery) after deposit with an internationally recognized overnight delivery service. This
Section 12.5.1 is not intended to govern the day-to-day business communications necessary between the Parties in performing their
obligations under the terms of this Agreement.

 

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12.5.2.                 
Address for Notice.

 

For Ironwood:

 

Ironwood Pharmaceuticals, Inc.

301 Binney Street

Cambridge, MA 02142

United States of America

Attention: General Counsel

Fax: +1 (617) 494-0480

E-mail: [**]

 

With a copy to:

 

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199-3600

United States of America

Attention: Marc A. Rubenstein,
Esq.

Fax: +1 (617) 235 0706

E-mail: marc.rubenstein@ropesgray.com

 

For AstraZeneca:

 

AstraZeneca Shanghai Zhangjiang
Park

No. 199 Liangjing Road

201203

China

Attention: VP of Alliances &
Business Development, AstraZeneca China

E-mail: [**]

 

With a copy to:

 

Covington & Burling LLP

Salesforce Tower, 415 Mission Street,
Suite 5400

San Francisco, CA 94105-2533

Attention: Amy L. Toro, Esq.

(415) 591-7086

E-mail: atoro@cov.com

 

and to:

 

AstraZeneca UK Limited

Corporate Legal

1 Francis Crick Ave.

Cambridge

CB2 0AA

England

Attention: Deputy General Counsel

E-mail: legalnotices@astrazeneca.com

 

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12.6.                
Entire Agreement. This Agreement, together with the Transition Services Agreement and the Tripartite Agreement, constitutes
the entire agreement between the Parties with respect to the subject matter of this Agreement. This Agreement supersedes all prior
agreements, whether written or oral, with respect to the subject matter of this Agreement. This Agreement specifically amends and
restates the Prior Agreement, and the terms and provisions of the Prior Agreement in respect of all matters, whether arising before,
on, or after the Amendment Date, except as amended and restated herein, shall be terminated and of no further force or effect.
Each Party confirms that it is not relying on any representations, warranties or covenants of the other Party except as specifically
set out in this Agreement. Nothing in this Agreement is intended to limit or exclude any liability for fraud. All Exhibits or Schedules
referred to in this Agreement are intended to be and are hereby specifically incorporated into and made a part of this Agreement.
In the event of any inconsistency between any such Exhibits or Schedules and this Agreement, the terms of this Agreement will govern.

 

12.7.                
Language. Meetings of the JSC and all other meetings between the Parties will be conducted in English. All documents
prepared by one Party hereunder for the purpose of distribution to the other Party for JSC meetings shall be written in English
except as otherwise agreed by the Parties in writing or in any Ancillary Agreement. [**]. Any other documents not covered above
shall be provided in the language in which such document was generated or received by AstraZeneca without any obligation of AstraZeneca
to have such document translated into English [**]. [**] will be solely responsible
for the costs and expenses relating to any translation that is required in order to make Regulatory Submissions in the Territory
as contemplated hereunder or other filings required by Applicable Law.

 

12.8.                
Amendment. Any amendment or modification of this Agreement must be in writing and signed by authorized representatives
of both Parties.

 

12.9.                
Assignment. Neither Party may assign its rights or delegate its obligations under this Agreement, in whole or in
part without the prior written consent of the other Party, except that, subject to the other terms of this Agreement, (a) each
Party will always have the right, without such consent, (i) to perform any or all of its obligations and exercise any or all of
its rights under this Agreement through any of its Affiliates, (ii) on written notice to the other Party, assign any or all of
its rights and delegate or subcontract any or all of its obligations hereunder to any of its Affiliates, and (iii) to assign this
Agreement in its entirety to a Future Acquirer in connection with a Change of Control of such Party, (b) AstraZeneca may [**],
and (c) Ironwood may, without such consent, monetize all or a portion of the value of the milestone payments to which it may be
entitled under Section 6.4 and payments it is entitled to receive under Section 6.5 by assigning to one Third Party (a “Revenue
Buyer”) the right to receive such milestone payments and other payments (a “Monetization Transaction”),
subject to compliance with the following:

 

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(A)            
Ironwood shall provide to AstraZeneca a copy of the agreement(s) effecting the Monetization Transaction (or any amendments
thereto) reasonably in advance of execution thereof in order to allow AstraZeneca an opportunity to confirm that the agreement
complies with the provisions of this Agreement. Ironwood shall also provide AstraZeneca with an executed copy of the Monetization
Transaction and an amendments thereto. Copies provided pursuant to this clause (A) may be redacted with respect to information
not pertinent to compliance with this Agreement.

 

(B)             
AstraZeneca shall make such payments to the Revenue Buyer as directed by Ironwood, provided that AstraZeneca is not required
under this Agreement to make payments to more than one account.

 

(C)             
Ironwood has put in place adequate and customary confidentiality provisions at least as stringent as those applicable to
Ironwood hereunder (including a term of confidentiality at least as long as the Term) with the Revenue Buyer and no Confidential
Information disclosed by AstraZeneca to Ironwood will be disclosed to any of AstraZeneca’s competitors that are engaged in
the business of developing and commercializing pharmaceutical products.

 

(D)            
AstraZeneca shall not incur any incremental tax liability as a result of the Monetization Transaction (other than tax liability
Ironwood reimburses in advance of any payment by AstraZeneca and if not AstraZeneca may deduct such incremental tax liability from
the payments made to the Revenue Buyer).

 

(E)             
Ironwood has not assigned any rights to enforce any provision of this Agreement to the Revenue Buyer (including the right
to audit), provided that Ironwood’s agreement to exercise its rights hereunder at the direction of a Revenue Buyer will not
be deemed such an assignment.

 

(F)             
AstraZeneca is not required to deliver notices or provide reports directly to the Revenue Buyer and Ironwood shall not disclose
any documents that would cause AstraZeneca to waive attorney-client privilege.

 

(G)            
All other provisions set forth in the Monetization Transaction that would affect AstraZeneca are reasonable and customary.

 

(H)            
For clarity, AstraZeneca shall not be required to generate any additional reports or new information to be provided to the
Revenue Buyer and shall not be required to deliver any reports or information directly to the Revenue Buyer.

 

(I)               
Notwithstanding anything in this Section 12.9, each Party will remain responsible for any failure to perform on the part
of any of its Affiliates. Any attempted assignment or delegation in violation of this Section 12.9 will be void.

 

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12.10.            
[**]

 

12.11.            
[**]

 

12.12.            
No Benefit to Others. The provisions of this Agreement are for the sole benefit of the Parties and their successors
and permitted assigns, and they will not be construed as conferring any rights in any other persons except as otherwise expressly
provided in this Agreement.

 

12.13.            
Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed an original
and all of which taken together will be deemed to constitute one and the same instrument. An executed signature page of this Agreement
delivered by facsimile transmission, including signatures in a fixed electronic format such as a PDF, will be as effective as an
original executed signature page.

 

12.14.            
Severability. To the fullest extent permitted by Applicable Law, the Parties waive any provision of law that would
render any provision in this Agreement invalid, illegal or unenforceable in any respect. If any provision of this Agreement is
held to be invalid, illegal or unenforceable, in any respect, then such provision will be given no effect by the Parties and will
not form part of this Agreement. To the fullest extent permitted by Applicable Law and if the rights or obligations of any Party
will not be materially and adversely affected, all other provisions of this Agreement will remain in full force and effect and
the Parties will use their best efforts to negotiate a provision in replacement of the provision held invalid, illegal or unenforceable
that is consistent with Applicable Law and achieves, as nearly as possible, the original intention of the Parties.

 

12.15.            
Further Assurance. Each Party will perform all further acts and things and execute and deliver such further documents
as may be necessary or as the other Party may reasonably require to implement or give effect to this Agreement.

 

12.16.            
Publicity. The Parties will consult with each other reasonably and in good faith with respect to the text and timing
of any press releases relating to this Agreement or the activity hereunder prior to the issuance thereof, provided that a Party
may not unreasonably withhold consent to such releases, and that either Party may issue such press releases as it determines, based
on advice of counsel, are reasonably necessary to comply with laws or regulations or for appropriate market disclosure or which
are consistent with information disclosed in prior releases properly made hereunder.

 

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12.17.            
Certain Conventions. Any reference in this Agreement to an Article, Section, subsection, paragraph, clause, Schedule
or Exhibit will be deemed to be a reference to an Article, Section, subsection, paragraph, clause, Schedule or Exhibit, of or to,
as the case may be, this Agreement, unless otherwise indicated. Unless the context of this Agreement otherwise requires, (a) all
definitions set forth herein will be deemed applicable whether the words defined are used herein with initial capital letters in
the singular or the plural, (b) the word “will” will be construed to have the same meaning and effect as the word “shall,”
(c) any definition of or reference to any agreement, instrument or other document herein will be construed as referring to such
agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions
on such amendments, supplements or modifications set forth herein), (d) any reference herein to any Person will be construed to
include the Person’s successors and assigns, (e) the word “notice” will mean notice in writing (whether or not
specifically stated) and will include notices, consents, approvals and other written communications contemplated under this Agreement,
(f) provisions that require that a Party, the Parties or any committee hereunder “agree,” “consent” or
“approve” or the like will require that such agreement, consent or approval be specific and in writing, whether by
written agreement, letter, approved minutes or otherwise (but excluding e-mail and instant messaging), (g) references to any specific
law, rule or regulation, or article, section or other division thereof, will be deemed to include the then-current amendments thereto
or any replacement or successor law, rule or regulation thereof and (h) the term “or” will be interpreted in the inclusive
sense commonly associated with the term “and/or”, (i) words of any gender include each other gender, (j) words such
as “herein”, “hereof” and “hereunder” refer to this Agreement as a whole and not merely to
the particular provision in which such words appear, (k) words using the singular will include the plural, and vice versa, (l)
the words “include,” “includes” and “including” will be deemed to be followed by the phrase
“but not limited to”, “without limitation”, “inter alia” or words of similar import and (m)
unless “business days” is specified, “days” will mean “calendar days.”

 

12.18.            
Relationship of the Parties. The status of a Party under this Agreement will be that of an independent contractor.
Nothing contained in this Agreement will be construed as creating a partnership, joint venture, or agency relationship between
the Parties or, except as otherwise expressly provided in this Agreement, as granting either Party the authority to bind or contract
any obligation in the name of or on the account of the other Party or to make any statements, representations, warranties, or commitments
on behalf of the other Party. All Persons employed by a Party or any of its Affiliates are employees of such Party or its Affiliates
and not of the other Party or such other Party’s Affiliates and all costs and obligations incurred by reason of any such
employment will be for the account and expense of such Party or its Affiliates, as applicable.

 

(Remainder of page left blank; signature
page follows)

 

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IN WITNESS WHEREOF,
duty authorized representatives of the Parties have duly executed this Agreement to be effective as of the Amendment Date.

 

 

	IRONWOOD PHARMACEUTICALS, INC.	 	ASTRAZENECA AB
	 	 	 
	By:	/s/ Halley Gilbert	 	By:	/s/ Derek Seaborn
	 	 	 	 	 
	Name:	Halley Gilbert	 	Name:	Derek Seaborn
	 	 	 	 	 
	Title:	Senior Vice President, Corporate Development and Chief Administrative Officer	 	Title:	VP Head of Sweden Operations

 

[Signature Page to Amended and Restated Collaboration Agreement]

 

     

     

    

 

EXHIBIT A

 

Manufacturing Invoices

 

[**]

 

     

     

    

  

EXHIBIT B

 

2019 Initial Development Plan

  

[**]

 

     

     

    

 

Schedule 1.38

 

ELEMENTS OF CLINICAL DESIGN SUMMARY

 

[**]

     

     

    

 

Schedule 1.47

 

Composition
of Matter Patent RIGHTs

 

[**]

 

     

     

    

 

Schedule 1.93

 

IRONWOOD EQUIPMENT

  

[**]

 

     

     

    

 

Schedule 1.106

 

licensed compound

 

[**]

 

 

     

     

    

 

Schedule 1.110

 

MD-7246 PATENT RIGHTS

 

[**]

 

     

     

    

 

Schedule 1.141

 

Purchased
INVENTORY

 

[**]

  

     

     

    

 

Schedule 1.144

 

PURCHASED
REGULATORY APPROVALS AND SUBMISSIONS

 

[**]

 

     

     

    

 

Schedule 1.159

 

PATENTS FOR EXISTING PRODUCT

 

[**]

 

     

     

    

 

Schedule 5.2.2(a)

 

EXCEPTIONS TO IRONWOOD’S OBLIGATION
REGARDING DISCLOSURE OF REGULATORY SUBMISSIONS

 

[**]

   

     

     

    

 

Schedule 5.2.2(b)

 

EXCEPTIONS TO IRONWOOD’S OBLIGATION
REGARDING DEVELOPMENT ACTIVITY UPDATES

 

[**]

  

     

     

    

 

Schedule 5.3.1(a)

 

PURCHASE ORDERS LIST

  

[**]

 

     

     

    

 

Schedule 5.3.1(c)

 

ANCILLARY SUPPLY SERVICES

 

[**]

 

     

     

    

 

Schedule 5.3.3

 

 

[**]

  

     

     

    

 

Schedule 5.6.1

 

EXCEPTIONS TO ASTRAZENECA’S PUBLICATION
OBLIGATION

 

[**]

 

     

     

    

 

 

Schedule 8.2

 

DISCLOSURE SCHEDULE

 

[**]

 

 

Schedule 8.2(a)

 

Ironwood Patent
Rights

 

As of Effective Date:

 

	Ironwood Ref. No.	Title	Country	Status	Application Date	Application No.	Registration No.	Ownership
	IW003PCT1CN1	Methods and Compositions for the Treatment of Gastrointestinal Disorders	China	Registered	January 28, 2004	200480008533.9	200480008533.9	Ironwood
	IW003PCT1CN2	Treatment of Gastrointestinal Disorders	China	Pending	December 30, 2009	200910266225.0	 	Ironwood
	IW003PCT1HK1	Methods and Compositions for the Treatment of Gastrointestinal Disorders	Hong Kong	Registered	November 23, 2005	05110618.6	HK1078768	Ironwood
	IW003PCT2CN1	Methods and Compositions for the Treatment of Gastrointestinal Disorders	China	Pending	March 8, 2005	200580014557.X	 	Ironwood
	IW003PCT2CN2	Methods and Compositions for the Treatment of Gastrointestinal Disorders	China	Pending	March 8, 2005	201010527728.1	 	Ironwood
	IW003PCT2HK1	Methods and Compositions for the Treatment of Gastrointestinal Disorders	Hong Kong	Pending	March 29, 2007	07105714.7	 	Ironwood
	IW057PCT1CN1	Stable Solid Formulation of A GC-C Receptor Agonist Polypeptide Suitable for Oral Administration	China	Pending	August 14, 2009	200980140931.9	 	Ironwood
	IW057PCT1CN1HK1	Stable Solid Formulation of A GC-C Receptor Agonist Polypeptide Suitable for Oral Administration	Hong Kong	Pending	August 14, 2009	200980140931.9	 	Ironwood
	IW087PCT1CN1	Treatments for Gastrointestinal Disorders	China	Pending	February 17, 2011	TBD	 	Ironwood
	IW082PCT1	Treatment of Constipation-Predominant Irritable Bowel Syndrome	PCT	Pending	September 9, 2011	PCT/US2011/051080	 	[**]
	IW099PCT1	Linaclotide Formulations	PCT	Pending	August 8, 2011	PCT/US2011/047434	 	[**]
	[**]	[**]	[**]	[**]	[**]	[**]	[**]	[**]

 

     

     

    

 

As of Amendment Date:

  

	Ironwood Ref. No.	Title	Country	Status	Application Date	Application No.	Registration No.	Ownership
	[**]	[**]	[**]	[**]	[**]	[**]	[**]	[**]
	[**]	[**]	[**]	[**]	[**]	[**]	[**]	[**]
	[**]	[**]	[**]	[**]	[**]	[**]	[**]	[**]
	[**]	[**]	[**]	[**]	[**]	[**]	[**]	[**]
	[**]	[**]	[**]	[**]	[**]	[**]	[**]	[**]
	[**]	[**]	[**]	[**]	[**]	[**]	[**]	[**]
	[**]	[**]	[**]	[**]	[**]	[**]	[**]	[**]
	[**]	[**]	[**]	[**]	[**]	[**]	[**]	[**]
	[**]	[**]	[**]	[**]	[**]	[**]	[**]	[**]
	[**]	[**]	[**]	[**]	[**]	[**]	[**]	[**]
	[**]	[**]	[**]	[**]	[**]	[**]	[**]	[**]
	[**]	[**]	[**]	[**]	[**]	[**]	[**]	[**]

  

Schedule 8.2(b)(ii)

 

[**]

 

Schedule 8.2(c)

[**]

 

     

     

    

 

Schedule 8.3

 

certain existing
az in-licensed Products

 

[**]

 

     

     

    

 

Schedule 9.5.2

 

AZ PRODUCT TRADEMARKS

[**]EX-4.1

 Exhibit 4.1 

RH 
 AS ISSUER 

AND 
 U.S. BANK NATIONAL
ASSOCIATION 
 AS TRUSTEE 

INDENTURE 
 DATED AS OF
SEPTEMBER 17, 2019 
 0.00% CONVERTIBLE SENIOR NOTES DUE 2024 

 TABLE OF CONTENTS 

 

							
	 	 	 	 	PAGE	 
			
	 ARTICLE 1
	 	DEFINITIONS AND INCORPORATION BY REFERENCE	 	 	1	 
	 Section 1.01
	 	Definitions	 	 	1	 
	 Section 1.02
	 	Other Definitions	 	 	6	 
	 Section 1.03
	 	Incorporation by Reference of Trust Indenture Act	 	 	7	 
	 Section 1.04
	 	Rules of Construction	 	 	7	 
	 Section 1.05
	 	Acts of Holders	 	 	7	 
			
	 ARTICLE 2
	 	THE NOTES	 	 	8	 
			
	 Section 2.01
	 	Form and Dating	 	 	8	 
	 Section 2.02
	 	Execution and Authentication	 	 	9	 
	 Section 2.03
	 	Registrar, Paying Agent and Conversion Agent	 	 	9	 
	 Section 2.04
	 	Paying Agent to Hold Money and Notes in Trust	 	 	10	 
	 Section 2.05
	 	Holder Lists	 	 	10	 
	 Section 2.06
	 	Transfer and Exchange	 	 	10	 
	 Section 2.07
	 	Replacement Notes	 	 	12	 
	 Section 2.08
	 	Outstanding Notes	 	 	12	 
	 Section 2.09
	 	Temporary Notes	 	 	13	 
	 Section 2.10
	 	Cancellation	 	 	13	 
	 Section 2.11
	 	Persons Deemed Owners	 	 	13	 
	 Section 2.12
	 	Transfer of Notes	 	 	13	 
	 Section 2.13
	 	CUSIP and ISIN Numbers	 	 	16	 
	 Section 2.14
	 	Additional Notes; Repurchases	 	 	17	 
	 Section 2.15
	 	Ranking of the Notes	 	 	17	 
			
	 ARTICLE 3
	 	REDEMPTION AND REPURCHASES	 	 	17	 
			
	 Section 3.01
	 	No Company Right to Redeem	 	 	17	 
	 Section 3.02
	 	Fundamental Change Permits Holders to Require Company to Purchase Notes	 	 	17	 
	 Section 3.03
	 	Fundamental Change Conversion Right Notice	 	 	17	 
	 Section 3.04
	 	Fundamental Change Purchase Notice	 	 	18	 
	 Section 3.05
	 	Effect of Fundamental Change Purchase Notice	 	 	19	 
	 Section 3.06
	 	Deposit of Fundamental Change Purchase Price	 	 	19	 
	 Section 3.07
	 	Notes Purchased in Part	 	 	19	 
	 Section 3.08
	 	Covenant to Comply with Securities Laws Upon Purchase of Notes	 	 	19	 
	 Section 3.09
	 	Repayment to the Company	 	 	19	 
	 Section 3.10
	 	Covenant Not to Purchase Notes Upon Certain Events of Default	 	 	20	 
			
	 ARTICLE 4
	 	COVENANTS	 	 	20	 
			
	 Section 4.01
	 	Payment of Notes	 	 	20	 
	 Section 4.02
	 	SEC and Other Reports	 	 	20	 
	 Section 4.03
	 	Compliance Certificate	 	 	21	 
	 Section 4.04
	 	Further Instruments and Acts	 	 	21	 
	 Section 4.05
	 	Maintenance of Office or Agency	 	 	21	 
	 Section 4.06
	 	Delivery of Certain Information	 	 	21	 
	 Section 4.07
	 	Par Value Limitation	 	 	22	 
			
	 ARTICLE 5
	 	CONSOLIDATION, MERGER AND SALE OF ASSETS	 	 	22	 
			
	 Section 5.01
	 	Company May Consolidate, Merge or Sell Its Assets on Certain Terms	 	 	22	 
	 Section 5.02
	 	Successor Corporation to Be Substituted	 	 	22	 
			
	 ARTICLE 6
	 	DEFAULTS AND REMEDIES	 	 	22	 
			
	 Section 6.01
	 	Events of Default.	 	 	22	 
	 Section 6.02
	 	Acceleration	 	 	24	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	 	PAGE	 
			
	 Section 6.03
	 	Other Remedies	 	 	25	 
	 Section 6.04
	 	Waiver of Past Defaults	 	 	25	 
	 Section 6.05
	 	Control by Majority	 	 	25	 
	 Section 6.06
	 	Limitation on Suits	 	 	25	 
	 Section 6.07
	 	Rights of Holders to Receive Payment	 	 	25	 
	 Section 6.08
	 	Collection Suit by Trustee	 	 	25	 
	 Section 6.09
	 	Trustee May File Proofs of Claim	 	 	26	 
	 Section 6.10
	 	Priorities	 	 	26	 
	 Section 6.11
	 	Undertaking for Costs	 	 	26	 
	 Section 6.12
	 	Waiver of Stay, Extension or Usury Laws	 	 	26	 
			
	 ARTICLE 7
	 	TRUSTEE	 	 	26	 
			
	 Section 7.01
	 	Duties of Trustee	 	 	26	 
	 Section 7.02
	 	Rights of Trustee	 	 	27	 
	 Section 7.03
	 	Individual Rights of Trustee	 	 	28	 
	 Section 7.04
	 	Trustee’s Disclaimer	 	 	28	 
	 Section 7.05
	 	Notice of Defaults	 	 	28	 
	 Section 7.06
	 	Reports by Trustee to Holders	 	 	28	 
	 Section 7.07
	 	Compensation and Indemnity	 	 	28	 
	 Section 7.08
	 	Replacement of Trustee	 	 	29	 
	 Section 7.09
	 	Successor Trustee by Merger	 	 	30	 
	 Section 7.10
	 	Eligibility; Disqualification	 	 	30	 
	 Section 7.11
	 	Preferential Collection of Claims Against Company	 	 	30	 
	 Section 7.12
	 	Trustee’s Application for Instructions from the Company	 	 	30	 
			
	 ARTICLE 8
	 	DISCHARGE OF INDENTURE	 	 	30	 
			
	 Section 8.01
	 	Discharge of Liability on Notes	 	 	30	 
	 Section 8.02
	 	Repayment to the Company	 	 	30	 
			
	 ARTICLE 9
	 	AMENDMENTS	 	 	31	 
			
	 Section 9.01
	 	Without Consent of Holders	 	 	31	 
	 Section 9.02
	 	With Consent of Holders	 	 	31	 
	 Section 9.03
	 	Execution of Supplemental Indentures	 	 	32	 
	 Section 9.04
	 	Notices of Supplemental Indentures	 	 	32	 
	 Section 9.05
	 	Effect of Supplemental Indentures	 	 	32	 
	 Section 9.06
	 	Conformity with Trust Indenture Act	 	 	32	 
	 Section 9.07
	 	Notation on or Exchange of Notes	 	 	32	 
	 Section 9.08
	 	Revocation and Effect of Consents, Waivers and Actions	 	 	32	 
			
	 ARTICLE 10
	 	CONVERSIONS	 	 	32	 
			
	 Section 10.01
	 	Conversion Privilege and Consideration	 	 	32	 
	 Section 10.02
	 	Conversion Procedure	 	 	34	 
	 Section 10.03
	 	Settlement Upon Conversion	 	 	35	 
	 Section 10.04
	 	Company to Provide Stock	 	 	37	 
	 Section 10.05
	 	Adjustments to the Conversion Rate	 	 	37	 
	 Section 10.06
	 	Effect of Reclassification, Consolidation, Merger or Sale	 	 	44	 
	 Section 10.07
	 	Adjustment to Conversion Rate Upon Certain Transactions	 	 	45	 
	 Section 10.08
	 	Miscellaneous	 	 	46	 
			
	 ARTICLE 11
	 	NO REGULAR INTEREST; PAYMENT OF SPECIAL INTEREST	 	 	46	 
			
	 Section 11.01
	 	Special Interest Only	 	 	46	 
	 Section 11.02
	 	Defaulted Interest	 	 	46	 

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	 	PAGE	 
			
	 Section 11.03
	 	Interest Rights Preserved	 	 	47	 
	 Section 11.04
	 	Other Provisions Applicable to the Payment of Special Interest	 	 	47	 
			
	 ARTICLE 12
	 	RESERVED	 	 	47	 
			
	 ARTICLE 13
	 	RESERVED	 	 	47	 
			
	 ARTICLE 14
	 	MISCELLANEOUS	 	 	47	 
			
	 Section 14.01
	 	Trust Indenture Act Controls	 	 	47	 
	 Section 14.02
	 	Notices	 	 	47	 
	 Section 14.03
	 	Communication by Holders with Other Holders	 	 	49	 
	 Section 14.04
	 	Certificate and Opinion as to Conditions Precedent	 	 	49	 
	 Section 14.05
	 	Statements Required in Certificate or Opinion	 	 	49	 
	 Section 14.06
	 	Separability Clause	 	 	49	 
	 Section 14.07
	 	Rules by Trustee	 	 	49	 
	 Section 14.08
	 	Governing Law	 	 	49	 
	 Section 14.09
	 	No Recourse Against Others	 	 	49	 
	 Section 14.10
	 	Calculations	 	 	49	 
	 Section 14.11
	 	Successors	 	 	50	 
	 Section 14.12
	 	Multiple Originals	 	 	50	 
	 Section 14.13
	 	Table of Contents; Headings	 	 	50	 
	 Section 14.14
	 	Force Majeure	 	 	50	 
	 Section 14.15
	 	Submission to Jurisdiction	 	 	50	 
	 Section 14.16
	 	Legal Holidays	 	 	50	 
	 Section 14.17
	 	No Security Interest Created	 	 	50	 
	 Section 14.18
	 	Benefits of Indenture	 	 	50	 

  

					
	 Exhibits
	 			
	 Form of Note
	 	 	A-1	 
	 Form of Transfer Certificate
	 	 	B-1	 
	 Restricted Stock Legend
	 	 	C-1	 

  
 -iii- 

 INDENTURE dated as of September 17, 2019 between RH, a Delaware corporation (the
“Company”) and U.S. Bank National Association, as trustee (the “Trustee”). 
 Each party agrees as follows for the benefit
of (except as otherwise provided below) the other party and for the equal and ratable benefit of the Holders of the Company’s 0.00% Convertible Senior Notes due 2024: 

ARTICLE 1 
 DEFINITIONS
AND INCORPORATION BY REFERENCE 
 Section 1.01 Definitions. 

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

“Applicable Procedures” means, with respect to any transfer or transaction involving a Global Note or any beneficial interest therein, the
rules and procedures of the Depositary for such Note, in each case to the extent applicable to such transfer or transaction and as in effect from time to time. 

“Bankruptcy Law” means Title 11, United States Code, or any similar U.S. federal, state or non-U.S.
law for the relief of debtors. 
 “Bid Solicitation Agent” means the Trustee or such other Person as may be appointed from time to time by
the Company, without prior notice to the Holders, to solicit market bid quotations for the Notes in accordance with Section 10.01(a)(ii). 

“Board of Directors” means the board of directors of the Company or a committee of such board duly authorized to act for it. 

“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, and delivered to the Trustee. 

“Business Day” means any day other than a Saturday, a Sunday or any other day on which the Federal Reserve Bank of New York is authorized or
obligated by law or executive order to close or be closed. 
 “Capital Stock” means, for any Person, any and all shares, interests, rights
to purchase, warrants, options, participations or other equivalents of or interests in (however designated) the equity of such Person, but excluding any debt securities convertible into such equity. 

“Cash Settlement Averaging Period” means, with respect to any Note as to which Cash Settlement or Combination Settlement is applicable, the
45 consecutive Trading Day period beginning on, and including, the second Trading Day immediately following the related Conversion Date; except that “Cash Settlement Averaging Period” means, with respect to any Conversion Date occurring
during the Final Conversion Period, the 45 consecutive Trading Day period beginning on, and including, the 46th Scheduled Trading Day immediately preceding the Maturity Date. 

“Certificated Notes” means Notes that are in registered definitive form. 

“Close of Business” means 5:00 p.m., New York City time. 

“Common Stock” means the shares of the common stock of the Company, par value $0.0001 per share, existing on the Issue Date or any other
shares of Capital Stock of the Company into which such shares of common stock shall be reclassified or changed. 
 “Company” means the
party named as such in the first paragraph of this Indenture until a successor or assign replaces it pursuant to the applicable provisions hereof and, thereafter, means the successor or assign. 

  
 1 

 “Company Order” means a written request or order signed in the name of the Company by any
Officer. 
 “Conversion Price” means as of any date, $1,000 divided by the Conversion Rate as of such date. 

“Corporate Trust Office” means the corporate trust office of the Trustee at which at any time the trust created by this Indenture shall be
administered, which office at the date hereof is located at 225 Asylum Street, 23rd Floor, Hartford, Connecticut 06103, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the corporate
trust office of any successor Trustee at which such trust shall be administered (or such other address as a successor Trustee may designate from time to time by notice to the Holders and the Company). 

“Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 

“Daily Conversion Value” means, with respect to any Note as to which Cash Settlement or Combination Settlement is applicable, for each of the
45 consecutive Trading Days during the Cash Settlement Averaging Period, one-forty-fifth (1/45th) of the product of (i) the Conversion Rate in effect on such Trading Day and (ii) the Daily VWAP on
such Trading Day. 
 “Daily VWAP” means, with respect to any Note as to which Cash Settlement or Combination Settlement is applicable, for
any Trading Day, the per-share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “RH.N <equity> AQR” (or its equivalent successor if such
page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market value of
one share of the Common Stock on such Trading Day determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by the Company). The “Daily VWAP” will be
determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours. 
 “Default”
means any event which is, or after notice or passage of time or both would be, an Event of Default. 
 “DTC” mean The Depository Trust
Company. 
 “Ex-Dividend Date” means, with respect to any issuance, dividend or distribution, the
first date on which the shares of the Common Stock trade in the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Final Conversion Period” means the period beginning on, and including, the 50th Scheduled Trading Day immediately preceding the Maturity
Date, and ending at the Close of Business on the second Scheduled Trading Day immediately prior to the Maturity Date. 
 “Free Trade Date”
means the date that is the 18-month anniversary of the last date of original issuance of the Notes offered by the Offering Memorandum. 

“Freely Tradable” means, with respect to the Notes and the shares of Common Stock issuable upon conversion of the Notes, if any, that such
Notes or such shares of Common Stock, if any, (i) are eligible to be sold by a Person who has not been an Affiliate of the Company during the preceding three months without any volume or manner of sale restrictions under the Securities Act,
(ii) do not bear a Restricted Security Legend or Restricted Stock Legend and (iii) with respect to Global Notes only, are identified by an unrestricted CUSIP number in the facilities of the applicable depositary. 

“Fundamental Change” means an event that shall be deemed to have occurred any time after the Issue Date when any of the following events
occurs: 
 (1) any person, including any syndicate or group deemed to be a “person” or “group” within the meaning of
Section 13(d) of the Exchange Act, other than the Company, its Subsidiaries and the employee benefits plans of the Company and of its Subsidiaries, has filed a Schedule TO or any schedule, form or report under the Exchange Act disclosing that
such person has become, and such person has become, directly or indirectly, through a purchase, merger, or other acquisition transaction or series of transactions, the “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of shares of the Company’s common equity representing more than 50% of the total voting power of all shares of the Company’s common equity entitled to vote generally in
elections of directors; 

  
 2 

 (2) consummation of any consolidation or merger of the Company pursuant to which the Common Stock is or will
be converted into cash, securities or other property or any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to
any person other than one or more of the Company’s Subsidiaries, other than any transaction which is effected solely to change the Company’s jurisdiction of incorporation and results in a reclassification, conversion or exchange of
outstanding shares of the Common Stock solely for shares of common stock of the surviving entity; provided, however, that if in any such transaction the holders of more than 50% of the shares of the Company’s common equity,
representing more than 50% of the voting power of the common equity, immediately prior to such transaction, own, directly or indirectly, more than 50% of all classes of common equity, representing more than 50% of the total voting power of the
continuing or surviving Person or transferee or the parent thereof immediately after such transaction, such transaction shall not constitute a Fundamental Change under this clause (2); 

(3) the holders of the Common Stock approve any plan or proposal for the Company’s liquidation or dissolution; or 

(4) the Common Stock (or any other common equity into which the Notes are convertible at such time) is neither listed nor admitted or approved for trading
(which will not be deemed to have occurred upon a suspension of trading) on a National Securities Exchange. 
 Notwithstanding the foregoing, a transaction
or a series of transactions as set forth in clause (1) or (2) above shall not constitute Fundamental Change if, at least 90% of the consideration received or to be received by holders of the Common Stock (excluding cash payments for fractional
shares and cash payments made pursuant to dissenters’ appraisal rights) in connection with such transaction or transactions otherwise constituting a Fundamental Change under clause (1) or (2) above consists of shares of common stock or
depositary receipts evidencing interests in ordinary shares or common equity traded on a National Securities Exchange, and as a result of such transaction or transactions, the Notes become convertible into or by reference to (in accordance with the
provisions of Section 10.03(a)) such shares of common stock or depositary receipts, excluding cash payments for fractional shares or pursuant to dissenter’s appraisal rights. For the avoidance of doubt, a Merger Event pursuant to which
(x) at least 90% of the consideration received or to be received by the common stockholders of the Company, excluding cash payments for fractional shares and cash payments made pursuant to dissenters’ appraisal rights, consists of shares
of common stock or other common equity interests, in each case, that are listed or quoted or approved for trading on a National Securities Exchange or will be so listed or quoted or approved for trading when issued or exchanged in connection with
such Merger Event and (y) as a result of which the Notes become convertible into such consideration, excluding cash payments for fractional shares and cash payments made pursuant to dissenters’ appraisal rights (subject to the provisions
of Section 10.03(a)) shall not constitute a Fundamental Change pursuant to clause (2) above. 
 “GAAP” means generally accepted
accounting principles in the United States of America as in effect and, to the extent optional, adopted by the Company, on the Issue Date, consistently applied. 

“Global Note” means a permanent Global Note that is in the form of the Note attached hereto as Exhibit A and that is deposited with and
registered in the name of the Depositary or the nominee of the Depositary. 
 “Global Securities Legend” means a legend set forth in
Exhibit A. 
 “Holder” or “Holders” means a Person or Persons in whose name a Note is registered in the Register. 

“Indenture” means this Indenture, as amended or supplemented from time to time in accordance with the terms hereof, including the provisions
of the TIA that are deemed to be a part hereof. 
 “Initial Purchaser” means the initial purchaser as defined in the Purchase Agreement.

 “Issue Date” means September 17, 2019. 

“Last Reported Sale Price” of the Common Stock means, for any day, the closing sale price per share (or if no closing sale price is reported,
the average of the last bid price and the last ask price or, if more than one in either case, the average of the average last bid prices and the average last ask prices) on such day as reported in composite transactions for the principal U.S.
securities exchange on which the Common Stock is listed for trading, without regard to afterhours or extended market trading. If the Common Stock is not listed for trading on a U.S. national or regional securities exchange on the relevant date,

  
 3 

 
the “Last Reported Sale Price” of the Common Stock will equal the last quoted bid price for the Common Stock in the
over-the-counter market on such date as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock is not so quoted on such date, the “Last
Reported Sale Price” will be the average of the mid-point of the last bid prices and the last ask prices for the Common Stock on such date from each of at least three nationally recognized independent
investment banking firms selected by the Company for this purpose. On and after the occurrence of a Merger Event, the Last Reported Sale Price for a Unit of Reference Property means, for any day, the value of a Unit of Reference Property on such day
as determined by the Board of Directors in a commercially reasonable manner. 
 “Make-Whole Fundamental Change” means, subject to the
sentence immediately following clause (4) of the definition of Fundamental Change, any event that either constitutes a Fundamental Change or would constitute a Fundamental Change but for the proviso in clause (2) of the definition of
Fundamental Change. 
 “Market Disruption Event” means, if the Common Stock is listed for trading on The New York Stock Exchange or listed
on another U.S. national or regional securities exchange, the occurrence or existence during the one-half-hour period ending on the scheduled close of trading on any Trading Day of any material suspension or
limitation imposed on trading (by reason of movements in price exceeding limits permitted by the stock exchange or otherwise) in the Common Stock or in any options, contracts or futures contracts relating to the Common Stock. For the purposes of
determining amounts due upon conversion only pursuant to Section 10.03, “Market Disruption Event” means (1) a failure by the primary exchange or quotation system on which the Common Stock trades or is quoted to open for trading
during its regular trading session or (2) the occurrence or existence, prior to 1:00 p.m., New York City time, on any Trading Day for the Common Stock, of an aggregate one half-hour period of any suspension or limitation imposed on trading (by
reason of movements in price exceeding limits permitted by the stock exchange or otherwise) in the Common Stock or in any options, contracts or future contracts relating to the Common Stock. 

“Maturity Date” means September 15, 2024. 

“National Securities Exchange” means a securities exchange registered as a national securities exchange under Section 6(a) of the
Exchange Act (or any successor thereto). 
 “Notes” means any of the Company’s 0.00% Convertible Senior Notes due 2024 issued under
this Indenture. 
 “Offering Memorandum” means the final offering memorandum for the offering and sale of the Notes dated
September 12, 2019. 
 “Officer” means the Chairman of the Board, the Vice Chairman, the Chief Executive Officer, the President, the
Chief Financial Officer, Chief Legal Officer, any Executive Vice President, any Senior Vice President, any Vice President, the Treasurer or the Secretary or any Assistant Treasurer or Assistant Secretary of the Company. 

“Officer’s Certificate” means a written certificate (i) containing the information specified in Sections 14.04 and 14.05, signed in
the name of the Company by any Officer, and delivered to the Trustee; and (ii) if given pursuant to Section 4.03, signed by the principal financial or accounting Officer of the Company, which certificate need not contain the information
specified in Sections 14.04 and 14.05. 
 “Open of Business” means 9:00 a.m., New York City time. 

“Opinion of Counsel” means a written opinion containing the information specified in Sections 14.04 and 14.05, from legal counsel. The
counsel may be an employee of, or counsel to, the Company who is reasonably satisfactory to the Trustee. 
 “Person” means any individual,
corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, or government or any agency or political subdivision thereof. 

“Purchase Agreement” means that certain Purchase Agreement, dated September 12, 2019, between the Company and the Initial Purchaser.

 “Restricted Securities Legend” means a legend in the form set forth in Exhibit A, or any other substantially similar legend indicating
the restricted status of the Notes under Rule 144. 
 “Restricted Stock Legend” means a legend in the form set forth in Exhibit C, or any
other substantially similar legend indicating the restricted status of the shares of Common Stock under Rule 144. 

  
 4 

 “Rule 144” means Rule 144 under the Securities Act (or any successor provision), as it may
be amended from time to time. 
 “Rule 144A” means Rule 144A under the Securities Act (or any successor provision), as it may be amended
from time to time. 
 “Rule 144A Information” shall be such information as is specified pursuant to Rule 144A(d)(4) under the Securities
Act. 
 “Scheduled Trading Day” means a day that is scheduled to be a Trading Day on the principal U.S. national or regional securities
exchange or market on which the Common Stock is listed or admitted for trading. If the Common Stock is not so listed or admitted for trading, “Scheduled Trading Day” means Business Day. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Significant Subsidiary” means any Subsidiary that is a “significant subsidiary” of the Company within the meaning of Rule 1-02(w) of Regulation S-X promulgated under the Exchange Act. 
 “Special
Interest” means all amounts, if any, payable pursuant to Section 4.02(b), 4.02(c) and Section 6.01(c), as applicable. 
 “Stock
Price” means, with respect to the Common Stock, in connection with a Fundamental Change, (i) in the case of a Fundamental Change described in clause (2) of the definition of Fundamental Change in which the holders of the Common
Stock receive only cash, the amount of cash paid per share of the Common Stock in such Fundamental Change, and (ii) otherwise, the average of the Last Reported Sales Price of the Common Stock over the five Trading Day period ending on, and
including, the Trading Day immediately preceding the applicable Make-Whole Fundamental Change Effective Date. 
 “Subsidiary” means a
Person more than 50% of the outstanding Voting Stock of which is owned, directly or indirectly, by the Company or by one or more other Subsidiaries of the Company, or by the Company and one or more other Subsidiaries of the Company. 

“TIA” means the Trust Indenture Act of 1939 as in effect on the Issue Date, provided, however, that if the TIA is amended after
such date, TIA means, to the extent required by any such amendment, the TIA as so amended. 
 “Trading Day” means a Scheduled Trading Day
on which (i) trading in the Common Stock generally occurs on The New York Stock Exchange or, if the Common Stock is not then listed on The New York Stock Exchange, on the principal other U.S. national or regional securities exchange on which
the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded, and (ii) there is no Market Disruption Event.
If the Common Stock is not so listed or traded, “Trading Day” means a “Business Day.” Notwithstanding the foregoing, for the purposes of determining amounts due upon conversion only pursuant to Section 10.03, “Trading
Day” means a day during which (i) trading in the Common Stock generally occurs on the primary exchange or quotation system on which the Common Stock then trades or is quoted and (ii) there is no Market Disruption Event. 

“Trading Price” per $1,000 principal amount of the Notes, for any date of determination, means the average (per $1,000 principal amount of
Notes) of the secondary market bid quotations obtained by the Bid Solicitation Agent for $5,000,000 principal amount of Notes at approximately 3:30 p.m., New York City time, on such determination date from three independent nationally recognized
securities dealers selected by the Company; provided that, if three such bids cannot reasonably be obtained by the Bid Solicitation Agent but two such bids are obtained, then the average of the two bids shall be used, and if only one such bid
can reasonably be obtained by the Bid Solicitation Agent, that one bid shall be used. If the Bid Solicitation Agent cannot reasonably obtain at least one bid for $5,000,000 principal amount of the Notes from an independent nationally recognized
securities dealer, then the Trading Price per $1,000 principal amount of Notes will be deemed to be less than 98% of the Trading Price Product. If, on any date of determination, the Company does not so instruct the Bid Solicitation Agent to obtain
bids when required, the Trading Price per $1,000 principal amount of the Notes will be deemed to be less than 98% of the Trading Price Product on such date of determination. 

  
 5 

 “Trust Officer” means any officer within the corporate trust department of the Trustee (or
any successor group of the Trustee) with direct responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter hereunder, any other officer of the Trustee to whom such matter is referred
because of his or her knowledge of and familiarity with the particular subject. 
 “Trustee” means the party named as the
“Trustee” in the first paragraph of this Indenture until a successor replaces it pursuant to the applicable provisions of this Indenture and, thereafter, means such successor. The foregoing sentence shall likewise apply to any such
subsequent successor or successors. 
 “Uniform Commercial Code” means the New York Uniform Commercial Code as in effect from time to time.

 “Voting Stock” of a Person means Capital Stock of such Person of the class or classes pursuant to which the holders thereof have the
general voting power under ordinary circumstances to elect at least a majority of the board of directors, managers or trustees of such Person (irrespective of whether or not at the time Capital Stock of any other class or classes shall have or might
have voting power by reason of the happening of any contingency). 
 “Wholly Owned Subsidiary” means, at any time, a Subsidiary all the
Voting Stock of which (except directors’ qualifying shares which shall be deemed to include investments by foreign nationals mandated by applicable law) is at such time owned, directly or indirectly, by the Company and its other Wholly Owned
Subsidiaries. 
 Section 1.02 Other Definitions. 
  

			
	 Term Section:
	  	 Defined in:

	“Act”	  	1.05
	“Additional Shares”	  	10.07(a)
	“Agent Members”	  	2.12(e)
	“Cash Settlement”	  	10.03(a)
	“Combination Settlement”	  	10.03(a)
	“Company’s Filing Obligations”	  	6.01(c)
	“Conversion Agent”	  	2.03
	“Conversion Date”	  	10.02(a)(i)
	“Conversion Rate”	  	10.01(a)
	“Daily Measurement Value”	  	10.03(a)
	“Daily Settlement Amount	  	10.03(a)
	“Defaulted Interest”	  	11.02
	“Depositary”	  	2.01(a)
	“Event of Default”	  	6.01(a)
	“Expiration Date”	  	10.05(e)
	“Expiration Time”	  	10.05(e)
	“Fundamental Change Notice”	  	3.03(a)
	“Fundamental Change Notice Date”	  	3.03(a)
	“Fundamental Change Purchase Date”	  	3.02
	“Fundamental Change Purchase Notice”	  	3.04(a)
	“Fundamental Change Purchase Price”	  	3.02
	“Measurement Period”	  	10.01(a)(ii)
	“Merger Event”	  	10.06(a)
	“Notice of Conversion”	  	10.02(a)
	“Paying Agent”	  	2.03
	“Physical Settlement”	  	10.03(a)
	“QIB”	  	2.01(a)
	“Record Date”	  	11.01
	“Reference Property”	  	10.06(a)
	“Register”	  	2.03
	“Registrar”	  	2.03
	“Restricted Notes”	  	2.06(f)(i)
	“Settlement Amount”	  	10.03(a)
	“Settlement Method”	  	10.03(a)
	“Settlement Notice”	  	10.03(a)
	“Special Interest Payment Date”	  	11.01

  
 6 

			
	“Special Record Date”	  	11.02(a)
	“Specified Corporate Transaction”	  	10.01(a)(iv)
	“Specified Corporate Transaction Notice”	  	10.01(a)(iv)
	“Specified Dollar Amount”	  	10.03(a)
	“Spin-off”	  	10.05(c)(ii)
	“Successor Company”	  	5.01(a)(i)
	“Temporary Notes”	  	2.09
	“Trading Price Product”	  	10.01(a)(ii)
	“transfer”	  	2.06(f)(i)
	“Unit of Reference Property”	  	10.06(a)
	“Valuation Period”	  	10.05(c)(ii)
	“Weighted Average Consideration”	  	10.06(a)(v)(C)

 Section 1.03 Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of
the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

“indenture securities” means the Notes. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Company and any other obligor on the indenture securities. 

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule have the meanings
assigned to them by such definitions. 
 Section 1.04 Rules of Construction. 

(1) a term has the meaning assigned to it; 
 (2) an accounting
term not otherwise defined has the meaning assigned to it and shall be construed in accordance with GAAP; 
 (3) “or” is not exclusive;

 (4) “including” means including, without limitation; 

(5) words in the singular include the plural, and words in the plural include the singular; 

(6) all references to $, dollars, cash payments or money refer to United States currency; and 

(7) all references to payments of interest on the Notes shall be deemed to refer solely to Special Interest if, in such context, Special Interest is, was or
would be payable pursuant to any of Section 4.02 or Section 6.01 hereof, as applicable, or to any interest payable on Defaulted Interest as set forth in Section 11.02. 

Section 1.05 Acts of Holders. Any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing; and, except
as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and to the Company. Such instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of
this Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section 1.05. 

  
 7 

 (a) The fact and date of the execution by any Person of any such instrument or writing may be proved by the
affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to such officer the
execution thereof. Where such execution is by a signer acting in a capacity other than such signer’s individual capacity, such certificate or affidavit shall also constitute sufficient proof of such signer’s authority. The fact and date of
the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient. 

(b) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall bind every future Holder of the same
Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, the Company or the Conversion Agent in reliance
thereon, whether or not notation of such action is made upon such Note. 
 (c) If the Company shall solicit from the Holders any request, demand,
authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization,
direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after
such record date, but only the Holders of record at the Close of Business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of outstanding Notes have authorized or agreed or
consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the outstanding Notes shall be computed as of such record date; provided that no such authorization, agreement or consent
by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 

ARTICLE 2 
 THE NOTES

 Section 2.01 Form and Dating. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of
Exhibit A, which is a part of this Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. The Company shall provide any such notations, legends or endorsements to
the Trustee in writing. Each Note shall be dated the date of its authentication. Except as otherwise expressly permitted in this Indenture, all Notes shall be identical in all respects. Notwithstanding any differences among them, all
Notes issued under this Indenture shall vote and consent together on all matters as one class. 
 (a) Initial Notes. The Notes initially shall be
offered and sold only to qualified institutional buyers as defined in Rule 144A (“QIBs”) in reliance on Rule 144A and shall be issued in the form of Global Notes that shall be deposited with the Trustee at its Corporate Trust
Office, as custodian for the Depositary and registered in the name of DTC or the nominee thereof (DTC, or any successor thereto, and any such nominee being hereinafter referred to as the “Depositary”), duly executed by the Company
and authenticated by the Trustee as hereinafter provided. 
 (b) Global Notes in General. Each Global Note shall represent the outstanding Notes as
shall be specified therein and each Global Note shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges, purchases by the Company and conversions. 
 Any adjustment of
the aggregate principal amount of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee in accordance with instructions given by the Holder thereof as
required by Section 2.12 hereof and shall be made on the records of the Trustee and the Depositary. 
 Payment of the principal, accrued and unpaid
Special Interest, if any, or payment of the Fundamental Change Purchase Price on the Global Note shall be made to the Holder of such Note on the date of payment, unless a record date or other means of determining Holders eligible to receive payment
is provided for herein. 
 (c) Book-Entry Provisions. This Section 2.01(d) shall apply only to Global Notes deposited with or on behalf of the
Depositary. The Company shall execute and the Trustee shall, in accordance with Section 2.02, authenticate and deliver Global Notes that (a) shall be registered in the name of the Depository or the nominee of the Depositary and
(b) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instructions. 
 (d) Legends. 

  
 8 

 (i) Each Global Note shall bear the Global Securities Legend unless otherwise directed by the Company. 

(ii) Each Restricted Note shall bear the Restricted Securities Legend. Each Note that bears or is required to bear the Restricted Securities Legend shall be
subject to the restrictions on transfer set forth therein, and each Holder of such Note, by such Holder’s acceptance thereof, agrees to be bound by all such restrictions on transfer. 

(iii) Every stock certificate representing the shares of Common Stock issued in the circumstances described in Section 2.06(g) hereof shall bear the
Restricted Stock Legend unless removed in accordance with the provisions of Section 2.06(j) or otherwise at the direction of the Company. 

Section 2.02 Execution and Authentication. The Notes shall be executed on behalf of the Company by any Officer. The signature of the
Officer on the Notes may be manual or facsimile. 
 If an Officer whose signature is on a Note no longer holds that office at the time the Trustee
authenticates the Note, the Note shall be valid nevertheless. 
 At any time after the Issue Date, the Company may deliver Notes executed by the Company to
the Trustee for authentication, together with a written order of the Company in the form of an Officer’s Certificate for the authentication and delivery of such Notes, and the Trustee, in accordance with such written order of the Company, shall
authenticate and deliver such Notes. 
 A Note shall not be valid until an authorized signatory of the Trustee manually signs the certificate of
authentication on the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Notes shall
originally be issued only in registered form without coupons and only in minimum denominations of $1,000 of principal amount and any integral multiple thereof. 

The aggregate principal amount of Notes that may be authenticated by the Trustee under this Indenture is initially limited to $350,000,000, subject to
Section 2.14 and except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of other Notes pursuant to Sections 2.06, 2.07, 2.09, 2.12, 3.07, 9.07 and 10.02 hereof. 

The Trustee may appoint authenticating agents. The Trustee may at any time after the Issue Date appoint an authenticating agent acceptable to the Company to
authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so, except any Notes issued pursuant to Section 2.07 hereof. Each reference in this Indenture to authentication by the Trustee includes
authentication by such agent. An authenticating agent shall have the same right to deal with the Company as the Trustee with respect to such matters for which it has been appointed. 

Section 2.03 Registrar, Paying Agent and Conversion Agent. The Company shall maintain an office or agency where Notes may be presented for
registration of transfer or for exchange (“Registrar”), an office or agency where Notes may be presented for payment (“Paying Agent”), an office or agency where Notes may be presented for conversion
(“Conversion Agent”) and an office or agency where notices to or upon the Company in respect of the Notes and this Indenture may be served. The Registrar shall keep a register for the recordation of, and shall record, the names and
addresses of Holders of the Notes, the Notes held by each Holder and the transfer, exchange and conversion of Notes (the “Register”). The entries in the Register shall be conclusive, and the parties may treat each Person whose name
is recorded in the Register pursuant to the terms hereof as a Holder hereunder for all purposes of this Indenture. The Company may have one or more co-registrars, one or more additional paying agents and one
or more additional conversion agents. The term Paying Agent includes any additional paying agent, including any named pursuant to Section 4.05. The term Conversion Agent includes any additional conversion agent, including any named pursuant to
Section 4.05. 
 The Company shall enter into an appropriate agency agreement with any Registrar, Paying Agent, Conversion Agent or co-registrar not a party to this Indenture, which shall incorporate the terms of the TIA. Any such agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the
Trustee of the name and address of any such agent. If the Company fails to maintain a Registrar, Paying Agent or Conversion Agent, the Trustee may agree to act as such and shall be entitled to appropriate compensation therefor pursuant to
Section 7.07. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent, Registrar, Conversion Agent or co-registrar. 

The Company initially appoints the Trustee as the Paying Agent, the Conversion Agent, and the Registrar, in connection with the Notes, and the Corporate Trust
Office to be such office or agency of the Company for the aforesaid purposes. The Company may at any time rescind the designation of the Paying Agent, Conversion Agent or the Registrar or approve a change in the location through which any of them
acts. 

  
 9 

 Section 2.04 Paying Agent to Hold Money and Notes in Trust. Except as otherwise provided herein,
on or prior to each due date of payment in respect of any Note, the Company shall deposit with the Paying Agent a sum of money (in immediately available funds if deposited on the due date) and/or shares of Common Stock, as
applicable, sufficient to make such payments when so becoming due. The Paying Agent shall (or, if the Paying Agent is not a party hereto, the Company shall require each Paying Agent to agree in writing that such Paying Agent
shall) hold in trust for the benefit of Holders or the Trustee (if the Trustee is not the Paying Agent) all money and shares of Common Stock, if any, held by the Paying Agent for the making of payments in respect of the Notes and shall
notify the Trustee (if the Trustee is not the Paying Agent) of any default by the Company in making any such payment. At any time during the continuance of any such default, the Paying Agent (if not the Trustee) shall, upon the written
request of the Trustee, forthwith pay to the Trustee all money and shares of Common Stock, if any, so held in trust. If the Company or a Wholly Owned Subsidiary acts as Paying Agent, it shall segregate the money and
shares of Common Stock, if any, held by it as Paying Agent and hold it as a separate trust fund. The Company at any time may require a Paying Agent to pay all money and shares of Common Stock, if any, held by it to the
Trustee and to account for any funds and shares of Common Stock, if any, disbursed by the Paying Agent. Upon complying with this Section 2.04, the Paying Agent shall have no further liability for the money delivered to the
Trustee. Upon any Event of Default pursuant to Section 6.01(viii) and (ix), the Trustee shall automatically be the Paying Agent. 
 Section 2.05
Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders. If the Trustee is not the Registrar, the Company shall furnish to
the Trustee, promptly after each Record Date, and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders.

 Section 2.06 Transfer and Exchange. 
 (a)
Subject to Section 2.12 hereof, upon surrender for registration of transfer of any Note, together with a written instrument of transfer satisfactory to the Registrar duly executed by the Holder or such Holder’s attorney-in-fact duly authorized in writing, at the office or agency of the Company-designated Registrar or co-Registrar pursuant to
Section 2.03, (i) the Company shall execute, and the Trustee (or any authenticating agent) shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denomination or
denominations, of a like aggregate principal amount and bearing such restrictive legends as may be required by this Indenture and (ii) the Registrar shall record the information required pursuant to Section 2.03 regarding the designated
transferee or transferees in the Register. The Company shall not charge a service charge for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to pay all taxes, assessments or other governmental
charges that may be imposed in connection with the registration of, transfer or exchange of the Notes from the Holder requesting such transfer or exchange. 

At the option of the Holder, Notes may be exchanged for other Notes of any authorized denomination or denominations, of a like aggregate principal amount,
upon surrender of the Notes to be exchanged, at such office or agency, together with a written instrument of transfer satisfactory to the Registrar duly executed by the Holder or such Holder’s attorney-in-fact duly authorized in writing, and documents of identity and title satisfactory to Registrar. Whenever any Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive, bearing registration numbers not contemporaneously outstanding. 

The Company shall not be required to make, and the Registrar need not register, transfers or exchanges of Notes in respect of which a Fundamental Change
Purchase Notice has been given and not validly withdrawn by the Holder thereof in accordance with the terms of this Indenture (except, in the case of Notes to be repurchased in part, the portion of such Notes not to be repurchased). 

(b) Notwithstanding any provision to the contrary herein, so long as a Global Note remains outstanding and is held by or on behalf of the Depositary,
transfers of a Global Note, in whole or in part, shall be made only in accordance with Section 2.12 and this Section 2.06(b). Transfers of a Global Note shall be limited to transfers of such Global Note to the Depositary, to nominees of
the Depositary or to a successor of the Depositary or such successor’s nominee. 
 (c) Successive registrations and registrations of transfers and
exchanges as aforesaid may be made from time to time as desired, and each such registration shall be noted on the Register. 

  
 10 

 (d) Any Registrar appointed pursuant to Section 2.03 shall provide to the Trustee such information as
the Trustee may reasonably require in connection with the delivery by such Registrar of Notes upon transfer or exchange of Notes. 
 (e) No Registrar shall
be required to make registrations of transfer or exchange of Notes during any periods designated in Paragraph 7 of the form of Note attached as Exhibit A hereto or in this Indenture as periods during which such registration of transfers and
exchanges need not be made. 
 (f) Transfer Restrictions. 

(i) Every Note that bears or is required under this Section 2.06(f) to bear the Restricted Securities Legend required by Section 2.01(d) (the
“Restricted Notes”) shall be subject to the restrictions on transfer set forth in this Section 2.06(f) unless such restrictions on transfer shall be eliminated or otherwise waived by written consent of the Company, and the
Holder of each such Restricted Note, by such Holder’s acceptance thereof, agrees to be bound by all such restrictions on transfer. As used in this Section 2.06(f), and Sections 2.06(g), 2.12(b) and 2.12(c), the term
“transfer” encompasses any sale, pledge, transfer, loan, hypothecation or other disposition whatsoever of any Restricted Note. Except as otherwise provided in this Indenture with respect to any 

Restricted Notes (including, without limitation, Section 2.06(i) below) or as permitted under the terms of such Restricted Securities Legend, if a
request is made to remove the legend on any Restricted Note, the legend shall not be removed unless there is delivered to the Company and the Registrar such satisfactory evidence that neither the Restricted Securities Legend nor the restrictions on
transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A or Rule 144, that such Notes are not “restricted” within the meaning of Rule 144 or that transfers thereof comply with all
other applicable securities laws and regulations. In such a case, upon (i) provision of such satisfactory evidence, or (ii) notification by the Company to the Trustee and Registrar of the sale of such Note pursuant to a registration
statement that is effective at the time of such sale, the Trustee, pursuant to a Company Order, shall authenticate and deliver a Note that does not bear the Restricted Securities Legend. 

(ii) Except as provided elsewhere in this Indenture (including, without limitation, Section 2.06(i) below), until the later of (x) the date that is
one year after the last date of original issuance of the Notes and (y) the date that is three months after the Holder ceases to be an Affiliate of the Company, any certificate evidencing such Notes (and all securities issued in exchange
therefor or substitution thereof, other than Common Stock, if any, issued upon conversion thereof, which shall bear the Restricted Stock Legend, if applicable) shall bear the Restricted Securities Legend unless such Notes have been transferred
(a) to the Company, (b) under a registration statement that has been declared effective under the Securities Act, or (c) under any other available exemption from the registration requirements of the Securities Act pursuant to which
the Notes are not required to bear the Restricted Securities Legend. 
 (iii) No transfer of any Note prior to the Free Trade Date will be registered by the
Registrar unless the applicable box on the Form of Assignment and Transfer has been checked. 
 (iv) Neither the Trustee or any agent of the Trustee shall
have an obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among depositary participants or beneficial owners or holders of any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by the terms of this Indenture, and to
examine the same to determine substantial compliance as to form with the express requirements thereof. 
 (g) Legends on the Common Stock. 

(i) Except as provided elsewhere in this Indenture (including, without limitation, Section 2.06(j) below), until the later of (x) the date that is
one year after the last date of original issuance of the Notes and (y) the date that is three months after the holder of such shares of Common Stock ceases to be an Affiliate of the Company, any stock certificate representing shares of the
Common Stock issued upon conversion of such Notes shall bear the Restricted Stock Legend unless the Notes or such Common Stock, as applicable, has been transferred (a) to the Company; (b) under a registration statement that has been
declared effective under the Securities Act; or (c) under any other available exemption from the registration requirements of the Securities Act pursuant to which the shares of Common Stock are not required to bear the Restricted Stock Legend.

  
 11 

 (ii) Any such shares of Common Stock as to which such restrictions on transfer shall have expired in
accordance with their terms may, subject to applicable securities laws and regulations and upon surrender of the certificates representing such shares of Common Stock for exchange in accordance with the procedures of the transfer agent for the
Common Stock, be exchanged for a new certificate or certificates for a like aggregate number of shares of Common Stock which shall not bear the Restricted Stock Legend. 

(h) The Company shall not permit any Note that is purchased or owned by the Company or any Affiliate thereof to be resold by the Company or such Affiliate
unless registered under the Securities Act or resold pursuant to an exemption from the registration requirements of the Securities Act in a transaction that results in such Notes, as the case may be, no longer being “restricted
securities” (as defined under Rule 144). If the legend is removed from the face of a Note and the Note is subsequently held by the Company or an Affiliate of the Company, the legend shall be reinstated. 

(i) So long as and to the extent that any Notes are represented by one or more Global Notes held by or on behalf of the Depositary only, the Company may cause
the removal of the Restricted Securities Legend from such Notes at any time on or after the Free Trade Date by: 
 (i) providing to the Trustee written
notice stating that the Free Trade Date has occurred and instructing the Trustee to remove the Restricted Securities Legend from such Notes; 
 (ii)
providing to the Holders of such Notes written notice that the Restricted Securities Legend has been removed or deemed removed; 
 (iii) providing to the
Trustee and the Depositary written notice to change the CUSIP number for the Notes to the applicable unrestricted CUSIP number; and 
 (iv) complying with
any Applicable Procedures for delegending; 
 whereupon the Restricted Securities Legend shall be deemed removed from any Global Notes without further
action on the part of Holders. 
 (j) On and after the Free Trade Date, the Company shall also (i) instruct the transfer agent for the Common Stock to
remove the Restricted Stock Legend from any shares of Common Stock issued upon conversion of the Notes that bear the Restricted Stock Legend; (ii) notify the holders of any shares of Common Stock issued upon conversion of the Notes (to the
extent any shares of Common Stock have been issued upon conversion of the Notes) that such Restricted Stock Legend has been removed; (iii) if relevant, notify the transfer agent for the Common Stock to change the CUSIP number for any shares of
Common Stock issued upon conversion of the Notes to the applicable unrestricted CUSIP number; and (iv) comply with any Applicable Procedures that apply to the delegending of any shares of Common Stock issued upon conversion of a Note. 

Section 2.07 Replacement Notes. If a mutilated Note is surrendered to the Registrar or if the Holder of a Note claims that such Note has been
lost, destroyed or stolen and the Holder provides evidence of the loss, theft or destruction satisfactory to the Company and the Trustee, the Company shall issue, and the Trustee shall authenticate, a replacement Note if the requirements of Section 8-405 of the Uniform Commercial Code are met and the Holder satisfies any other reasonable requirements of the Trustee. If required by the Trustee or the Company, such Holder shall furnish an indemnity
bond sufficient in the judgment of the Company and the Trustee to protect the Company, the Trustee, the Paying Agent, the Registrar and any co-registrar from any loss that any of them may
suffer if a Note is replaced. The Company and the Trustee may charge the Holder for their expenses in replacing a Note. 
 Upon the issuance of any new
Notes under this Section 2.07, 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 Note issued pursuant to this Section 2.07 in exchange for any mutilated Note, or in lieu of any destroyed, lost or
stolen Note, shall constitute an original additional contractual obligation of the Company and any other obligor upon the Notes, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be
entitled to all benefits of (and shall be subject to all the limitations set forth in) this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

Section 2.08 Outstanding Notes. Notes outstanding at any time include and are limited to all Notes authenticated by the Trustee except
(i) those cancelled by it, (ii) those delivered to it for cancellation and (iii) those deemed not outstanding under this Section 2.08. If the Company or an Affiliate of the Company holds the Note, a Note does not
cease to be outstanding; 

  
 12 

 
provided, however, that for purposes of determining whether the Holders of the requisite principal amount of Notes have given or concurred in any request, demand, authorization,
direction, notice, consent, waiver or other action hereunder, Notes owned by the Company or any other obligor upon the Notes or any Affiliate of the Company or such other obligor shall be disregarded and deemed not to be outstanding. Subject to the
foregoing, only Notes outstanding at the time of such determination shall be considered in any such determination (including, without limitation, determinations pursuant to Articles 6 and 9); provided that, for purposes of deciding if the
Trustee shall be protected in relying on a direction or other Act of the Holders, only Notes that a Trust Officer knows are owned by the Company or any other obligor shall be so disregarded. 

If a Note is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee and the Company receive proof satisfactory to them that
the replaced Note is held by a bona fide purchaser. 
 If the Paying Agent holds, in accordance with this Indenture, on a Fundamental Change Purchase Date
or on the Maturity Date, money sufficient to pay Notes payable on that date, then immediately after such Fundamental Change Purchase Date or Maturity Date, as the case may be, such Notes shall cease to be outstanding, Special Interest, if any, on
such Notes shall cease to accrue and such Notes shall cease to be convertible. 
 If a Note is converted in accordance with Article 10, then from and after
the time of conversion on the Conversion Date, such Note shall cease to be outstanding and Special Interest, if any, shall cease to accrue on such Note. 

Section 2.09 Temporary Notes. Until Certificated Notes are ready for delivery, the Company may execute and the Trustee or an authenticating
agent appointed by the Trustee shall, upon written request of the Company, authenticate and deliver temporary Notes (printed or lithographed) (“Temporary Notes”). Temporary Notes shall be issuable in any authorized
denomination, and substantially in the form of Certificated Notes but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Company. Every such Temporary Note
shall be executed by the Company and authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Certificated Notes. Without unreasonable
delay the Company will prepare, execute and deliver to the Trustee or such authenticating agent Certificated Notes (other than any Global Note) and thereupon any or all Temporary Notes (other than any Global Note) may be surrendered in
exchange therefor, at each office or agency maintained by the Company pursuant to Section 4.05 and the Trustee or such authenticating agent shall authenticate and deliver in exchange for such Temporary Notes an equal aggregate principal
amount of Certificated Notes. Such exchange shall be made by the Company at its own expense and without any charge therefor. Until so exchanged, the Temporary Notes shall in all respects be entitled to the same benefits and subject to the
same limitations under this Indenture as Certificated Notes authenticated and delivered hereunder. 
 Section 2.10 Cancellation. The Company at
any time may deliver Notes to the Trustee for cancellation. The Registrar, Conversion Agent and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange, conversion,
purchase, or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, conversion, purchase, payment or cancellation and shall dispose of such Notes in its
customary manner. The Company may not issue new Notes to replace Notes it has purchased, paid or delivered to the Trustee for cancellation or that any Holder has converted pursuant to Article 10. 

Section 2.11 Persons Deemed Owners. Prior to due presentment of a Note 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 Note is registered in the Register as the owner of such Note for the purpose of receiving payment of principal, Special Interest, if any, or payment
of the Fundamental Change Purchase Price, for the purpose of conversion and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Company, the Trustee nor any agent of the Company or the
Trustee shall be affected by notice to the contrary. 
 Section 2.12 Transfer of Notes. 

(a) Notwithstanding any other provisions of this Indenture or the Notes, (A) transfers of a Global Note, in whole or in part, shall be made only in
accordance with Sections 2.06 and 2.12(a)(i); (B) transfers of a beneficial interest in a Global Note for a Certificated Note shall comply with Sections 2.06 and 2.12(a)(ii), and (C) transfers of a Certificated Note shall comply with Sections
2.06 and 2.12(a)(iii) and (iv) below. All such transfers shall comply with the Applicable Procedures to the extent so required. 

  
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 (i) Transfer of Global Note. A Global Note may not be transferred, in whole or in part, to any Person
other than the Depositary or a nominee or any successor thereof, and no transfer of a Global Note to any other Person may be registered; provided that this clause (i) shall not prohibit any transfer of a Note that is issued in exchange
for a Global Note but is not itself a Global Note. No transfer of a Note to any Person shall be effective under this Indenture or the Notes unless and until such Note has been registered in the name of such Person. Nothing in this
Section 2.12(a)(i) shall prohibit or render ineffective any transfer of a beneficial interest in a Global Note effected in accordance with the other provisions of this Section 2.12(a). 

(ii) Restrictions on Transfer of a Beneficial Interest in a Global Note for a Certificated Note. 

(A) A beneficial interest in a Global Note may not be exchanged for a Certificated Note unless: 

(1) DTC notifies the Company that it is unwilling or unable to continue as Depositary for such Global Note and a successor Depositary is not appointed by the
Company within 90 days of such notice; 
 (2) DTC ceases to be registered as a clearing agency under the Exchange Act and a successor Depositary is not
appointed by the Company within 90 days of such cessation, in which case Certificated Notes shall be issued to all owners of beneficial interests in a Global Note in exchange for their beneficial interests; or 

(3) An Event of Default has occurred and is continuing, in which case, the owner of a beneficial interest in a Global Note will be entitled to receive a
Certificated Note in exchange for its beneficial interest in such Global Note. 
 In connection with the exchange of an entire Global Note for Certificated
Notes pursuant to this Section 2.12(a)(ii), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and upon Company Order the Trustee shall authenticate and deliver, to each beneficial
owner identified by DTC in exchange for its beneficial interest in such Global Note, an equal aggregate principal amount of Certificated Notes of authorized denominations. 

(B) Upon receipt by the Registrar of instructions from the Holder of a Global Note directing the Registrar to (x) issue one or more Certificated Notes in
the amounts specified to the owner of a beneficial interest in such Global Note and (y) debit or cause to be debited an equivalent amount of beneficial interest in such Global Note, subject to the Applicable Procedures: 

(1) the Registrar shall notify the Company and the Trustee of such instructions and identify the owner of and the amount of such beneficial interest in such
Global Note; 
 (2) the Company shall promptly execute, and upon Company Order, the Trustee shall authenticate and deliver, to such beneficial owner
Certificated Note(s) in an equivalent amount to such beneficial interest in such Global Note; and 
 (3) the Registrar shall decrease such Global Note by
such amount in accordance with the foregoing. 
 (iii) Transfer and Exchange of Certificated Notes. When Certificated Notes are presented to the
Registrar with a request: (x) to register the transfer of such Certificated Notes; or (y) to exchange such Certificated Notes for an equal principal amount of Certificated Notes of other authorized denominations, the Registrar shall
register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met; provided, however, that the Certificated Notes surrendered for transfer or exchange: 

(1) must be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Registrar, duly executed
in writing by the Holder thereof or its duly authorized attorney-in-fact; and 

(2) so long as such Notes are “restricted securities” (as defined under Rule 144), such Notes are being transferred or exchanged pursuant to an
effective registration statement under the Securities Act or pursuant to clause (A), (B) or (C) below, and are accompanied by the following additional information and documents, as applicable: 

(A) if such Certificated Notes are being delivered to the Registrar by a Holder for registration in the name of such Holder, without transfer, a certification
from such Holder to that effect; or 
 (B) if such Certificated Notes are being transferred to the Company, a certification from such Holder to that effect;
or 

  
 14 

 (C) if such Certificated Notes are being transferred pursuant to an exemption from registration, (i) a
certification from such Holder to that effect (in the form set forth in Exhibit B, if applicable) and (ii) if the Company so requests, an opinion of counsel in form and substance reasonably satisfactory to the Company or any other evidence as
to the compliance with the restrictions set forth in the legend thereon that is reasonably satisfactory to the Company. 
 (iv) Restrictions on Transfer
of a Certificated Note for a Beneficial Interest in a Global Note. A Certificated Note may not be exchanged for a beneficial interest in a Global Note except upon satisfaction of the requirements set forth below. 

Upon receipt by the Trustee of a Certificated Note, duly endorsed or accompanied by appropriate instruments of transfer, in form satisfactory to the Trustee,
together with: 
 (A) so long as the Notes are Restricted Notes, certification, in the form set forth in Exhibit B, that such Certificated Note is being
transferred to a QIB in accordance with Rule 144A; and 
 (B) written instructions directing the Trustee to make, or to direct the Registrar to make, an
adjustment on its books and records with respect to such Global Note to reflect an increase in the aggregate principal amount of the Notes represented by the Global Note, such instructions to contain information regarding the Depositary account to
be credited with such increase, then the Trustee shall cancel such Certificated Note and cause, or direct the Registrar to cause, in accordance with the standing instructions and procedures existing between the Depositary and the Registrar, the
aggregate principal amount of Notes represented by the Global Note to be increased by the aggregate principal amount of the Certificated Note to be exchanged, and shall credit or cause to be credited to the account of the Person specified in such
instructions a beneficial interest in the Global Note equal to the principal amount of the Certificated Note so cancelled. If no Global Notes are then outstanding, the Company shall issue and the Trustee shall authenticate, upon written order of the
Company in the form of an Officer’s Certificate, a new Global Note in the appropriate principal amount. 
 (b) Subject to the succeeding
Section 2.12(c), every Note shall be subject to the restrictions on transfer provided in Section 2.06(f), including the delivery of an opinion of counsel, if so required. Whenever any Restricted Note is presented or surrendered for
registration of transfer or for exchange for a Note registered in a name other than that of the Holder, such Note must be accompanied by a certificate in substantially the form set forth in Exhibit B, dated the date of such surrender and signed by
the Holder of such Note, as to compliance with such restrictions on transfer. The Registrar shall not be required to accept for such registration of transfer or exchange any Note not so accompanied by a properly completed certificate. 

(c) The restrictions imposed by Section 2.06(f) upon the transferability of any Note shall cease and terminate when such Note has been sold pursuant to
an effective registration statement under the Securities Act or transferred in compliance with Rule 144. Any Note as to which such restrictions on transfer shall have expired in accordance with their terms or shall have terminated may, upon a
surrender of such Note for exchange to the Registrar in accordance with the provisions of this Section 2.12 (accompanied, if such restrictions on transfer have terminated by reason of a transfer in compliance with Rule 144 or any successor
provision, by an opinion of counsel having substantial experience in practice under the Securities Act and otherwise reasonably acceptable in form and substance to the Company, addressed to the Company, to the effect that the transfer of such Note
has been made in compliance with Rule 144), be exchanged for a new Note, of like tenor and aggregate principal amount, which shall not bear the legends required by Section 2.01(d). The Company shall inform the Trustee upon the occurrence of the
Free Trade Date and promptly after a registration statement with respect to the Notes or any shares of Common Stock issued upon conversion of the Notes has been declared effective under the Securities Act. The Trustee shall not be liable for any
action taken or omitted to be taken by it in good faith in accordance with the aforementioned opinion of counsel or registration statement. 
 (d) The
provisions of clauses (i), (ii), (iii) and (iv) below shall apply only to Global Notes: 
 (i) Notwithstanding any other provisions of this Indenture
or the Notes, a Global Note shall not be exchanged in whole or in part for a Note registered in the name of any Person other than the Depositary or one or more nominees thereof, provided that a Global Note may be exchanged for Notes
registered in the name of any Person designated by the Depositary if (A) the Depositary has notified the Company that it is unwilling or unable to continue as Depositary for such Global Note or such Depositary has ceased to be a “clearing
agency” registered under the Exchange Act, and a successor Depositary is not appointed by the Company within 90 days or (B) an Event of Default has occurred and is continuing with respect to the Notes. Any Global Note exchanged pursuant to
clause (A) above shall be so exchanged in whole and not in part, and any Global Note exchanged pursuant to clause (B) above may be exchanged in whole or, from time to time, in part as directed by the Depositary. Any Note issued in exchange
for a Global Note or any portion thereof shall be a Global Note; provided that any such Note so issued that is registered in the name of a Person other than the Depositary or a nominee thereof shall not be a Global Note. 

  
 15 

 (ii) Notes issued in exchange for a Global Note or any portion thereof shall be issued in definitive, fully
registered form, without interest coupons, shall have an aggregate principal amount equal to that of such Global Note or portion thereof to be so exchanged, shall be registered in such names and be in such authorized denominations as the Depositary
shall designate and shall bear the applicable legends provided for herein. Any Global Note to be exchanged in whole shall be surrendered by the Depositary to the Trustee, as Registrar. With regard to any Global Note to be exchanged in part, either
such Global Note shall be so surrendered for exchange or, if the Trustee is acting as custodian for the Depositary or its nominee with respect to such Global Note, the principal amount thereof shall be reduced, by an amount equal to the portion
thereof to be so exchanged, by means of an appropriate adjustment made on the records of the Trustee. Upon any such surrender or adjustment, the Trustee shall authenticate and deliver the Note issuable on such exchange to or upon the order of the
Depositary or an authorized representative thereof. 
 (iii) Subject to the provisions of Section 2.12(e), a Holder may grant proxies and otherwise
authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which such Holder is entitled to take under this Indenture or the Notes. 

(iv) In the event of the occurrence of any of the events specified in clause (i) above, the Company will promptly make available to the Trustee a
reasonable supply of Certificated Notes in definitive, fully registered form, without interest coupons. 
 (e) Neither any members of, or participants in,
the Depositary (collectively, the “Agent Members”) nor any other Persons on whose behalf any Agent Member may act shall have any rights under this Indenture with respect to any Global Note registered in the name of the Depositary or
any nominee thereof, or under any such Global Note, and the Depositary or such nominee, as the case may be, may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and holder of such Global Note
for all purposes whatsoever. Neither the Company, the Trustee nor any agent for the Company or the Trustee shall have any responsibility or obligation to any Agent Members or any other Person on whose behalf Agent Members may act with respect to
(i) any ownership interests in the Global Note, (ii) the accuracy of the records of the Depositary or its nominee (iii) any notice required hereunder or (iv) any payments, under or with respect to, the Global Note.
Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or such
nominee, as the case may be, or impair, as between the Depositary, its Agent Members and any other Person on whose behalf an Agent Member may act, the operation of customary practices of such Persons governing the exercise of the rights of a holder
of any Note. The registered Holder of a Global Note may grant proxies and otherwise authorize any Person, including Agent Members and persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take under
this Indenture or the Notes. None of the Company, the Trustee or any agent of the Company or Trustee shall have any responsibility or liability for any act or omission of the Depositary. 

Section 2.13 CUSIP and ISIN Numbers. 
 (a) The
Company, in issuing the Notes, shall use restricted CUSIP and ISIN numbers for such Notes (if then generally in use) until such time as the Restricted Securities Legend is removed pursuant to Section 2.06(i). At such time as the legend is
removed from such Notes pursuant to Section 2.06(i), the Company will use an unrestricted CUSIP number for such Note, but only with respect to the Notes where so removed. The Trustee may use CUSIP and ISIN numbers in notices as a convenience to
Holders; provided, however, that neither the Company nor the Trustee shall have any responsibility for any defect in the CUSIP or ISIN number that appears on any Note, check, advice of payment or notice, and any such notice may state
that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice and that reliance may be placed only on the other identification numbers printed on the Notes, and any action taken in
connection with such a notice shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee in the event of any change in the CUSIP or ISIN numbers. 

(b) Until such time as the Restricted Stock Legend is no longer required to be borne by any shares of Common Stock issued upon the conversion of the Notes
pursuant to Section 2.06(g) or otherwise, any shares of Common Stock issued upon conversion of the Notes shall bear a restricted CUSIP number. At such time as the Restrictive Stock Legend is no longer required to be borne by any shares of
Common Stock issued upon the conversion of the Notes pursuant to Section 2.06(g) or otherwise, any shares of Common Stock issued upon conversion of the Notes shall bear an unrestricted CUSIP number. 

  
 16 

 Section 2.14 Additional Notes; Repurchases. The Company may, without the consent of the Holders
and notwithstanding Section 2.02, reopen this Indenture and increase the principal amount of the Notes by issuing an unlimited amount of additional Notes in the future pursuant to this Indenture with the same terms and with the same CUSIP
number as the Notes initially issued hereunder in an unlimited aggregate principal amount, which will form the same series with the Notes initially issued hereunder, provided that no such additional Notes may be issued unless they will be fungible
with the original Notes for U.S. federal income tax and securities law purposes. Prior to the issuance of any such additional Notes, the Company shall deliver to the Trustee a Company Order, an Officer’s Certificate and an Opinion of Counsel,
such Officer’s Certificate and Opinion of Counsel to cover such matters, in addition to those required by Section 14.05, as the Trustee shall reasonably request. The Company may also from time to time repurchase the Notes in open market
purchases or negotiated transactions without prior notice to Holders. 
 Section 2.15 Ranking of the Notes. The Notes will be unsecured and
unsubordinated obligations of the Company and will rank senior in right of payment to any future indebtedness of the Company that is expressly subordinated in right of payment to the Notes and rank equal in right of payment to any existing and
future indebtedness of the Company that is not so subordinated, including any senior indebtedness issued or incurred prior to the date hereof (including, for the avoidance of doubt, the Company’s outstanding 0.00% convertible senior notes due
2020 and 0.00% convertible senior notes due 2023). 
 ARTICLE 3 

REDEMPTION AND REPURCHASES 

Section 3.01 No Company Right to Redeem. The Company shall have no right to redeem the Notes before the Maturity Date. 

Section 3.02 Fundamental Change Permits Holders to Require Company to Purchase Notes. If a Fundamental Change occurs, each Holder shall have the
right, at its option, to require the Company to purchase in cash, on the Fundamental Change Purchase Date, all of its Notes, or any portion of its Notes in principal amount equal to $1,000 or an integral multiple thereof, on a date (the
“Fundamental Change Purchase Date”) specified by the Company in the Fundamental Change Purchase Notice for such Fundamental Change and that is not less than 20 calendar days or more than 35 calendar days immediately following the
Fundamental Change Notice Date, at a price (the “Fundamental Change Purchase Price”) equal to 100% of the principal amount of the Notes to be purchased, plus accrued and unpaid Special Interest, if any, to, but excluding, the
Fundamental Change Purchase Date; provided, however, that if the Fundamental Change Purchase Date occurs after a Record Date for the payment of interest, but on or prior to the corresponding Special Interest Payment Date, the Company
will pay the full amount of accrued and unpaid Special Interest, if any, payable on such interest payment date to the Holder of the Note on such Record Date and reduce the Fundamental Change Purchase Price by such amount. 

Section 3.03 Fundamental Change Conversion Right Notice. 

(a) On or after the effective date of a Fundamental Change but on or before the 20th calendar day immediately following such effective date, the Company shall
deliver written notice of such Fundamental Change and the resulting purchase right (the “Fundamental Change Notice,” and the date of such mailing, the “Fundamental Change Notice Date”) to each Holder (and to
beneficial owners as required by applicable law), the Trustee and the Paying Agent. A Fundamental Change Notice for a Fundamental Change shall state: 
 (i)
briefly, the events causing such Fundamental Change; 
 (ii) the effective date of such Fundamental Change; 

(iii) the last date on which a Holder may exercise its right to require the Company to purchase such Holder’s Notes under this Article 3; 

(iv) the Fundamental Change Purchase Date; 
 (v) the Fundamental
Change Purchase Price; 
 (vi) that the Fundamental Change Purchase Price for any Notes as to which a Fundamental Change Purchase Notice has been duly
tendered and not withdrawn will be paid promptly following the later of the Fundamental Change Purchase Date and the time of surrender of such Notes; 

(vii) that payment may be collected only if the Notes to be repurchased are surrendered to the Paying Agent; 

  
 17 

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

(ix) briefly, the procedures the Holder must follow to exercise its rights under this Section 3.03; 

(x) briefly, the conversion rights of the Notes, including an explanation that a condition to conversion has been satisfied; 

(xi) the Conversion Rate in effect on the Fundamental Change Notice Date; 

(xii) any adjustments that will be made to the Conversion Rate as a result of the Fundamental Change, including, without limitation, any Additional Shares by
which the Conversion Rate will be increased pursuant to Section 10.07; 
 (xiii) that any Notes with respect to which a Fundamental Change Purchase
Notice has been given may be converted only if such Fundamental Change Purchase Notice is validly withdrawn in accordance with the terms of this Indenture; 

(xiv) the procedures for withdrawing a Fundamental Change Purchase Notice; 

(xv) that, unless the Company defaults in making payment of such Fundamental Change Purchase Price on the Notes surrendered for repurchase by the Company,
Special Interest, if any, on Notes for which a Fundamental Change Purchase Notice has been validly given will cease to accrue on and after the Fundamental Change Purchase Date; and 

(xvi) the CUSIP and ISIN number(s) of the Notes. 

Section 3.04 Fundamental Change Purchase Notice. 

(a) To exercise its repurchase rights under Section 3.02, a Holder must deliver to the Paying Agent, by the Close of Business on the Business Day
immediately preceding the Fundamental Change Purchase Date, (i)(A) if the Notes that such Holder is tendering for purchase are Global Notes, a duly completed written notice in the form of the “Form of Fundamental Change Purchase Notice” on
the reverse side of the Notes, or (B) if the Notes that such Holder is tendering for purchase are Certificated Notes, the duly completed “Form of Fundamental Change Purchase Notice” on the reverse side of the Notes that such Holder is
tendering for purchase (in either case (A) or case (B), such notice, a “Fundamental Change Purchase Notice”) and (ii) the Notes that such Holder is tendering for purchase on such Fundamental Change Purchase Date. The
Fundamental Change Purchase Notice must state: 
 (A) the portion of the principal amount of the Notes that the Holder will deliver to be purchased, which
portion must be $1,000 or an integral multiple thereof; 
 (B) that such Notes shall be purchased pursuant to the terms and conditions specified in this
Indenture; and 
 (C) if Certificated Notes have been issued, the certificate numbers of the Notes that the Holder will deliver to be purchased. 

If the Notes to be purchased are Global Notes, the Holder must deliver the Notes to be repurchased in accordance with the Applicable Procedures. 

(b) Unless and until the Paying Agent receives a validly endorsed and delivered Fundamental Change Purchase Notice, together with any Notes to which such
Fundamental Change Purchase Notice pertains, in a form that conforms with the description contained in such Fundamental Change Purchase Notice in all material aspects, the Holder submitting the Notes shall not be entitled to receive the Fundamental
Change Purchase Price for such Notes. 
 (c) After delivering a Fundamental Change Purchase Notice to the Paying Agent, a Holder may withdraw such
Fundamental Change Purchase Notice by delivering to the Trustee a written notice of withdrawal at any time prior to the Close of Business on the Business Day immediately preceding the Fundamental Change Purchase Date. Such notice of withdrawal must
specify: 
 (i) the principal amount of any Notes with respect to which the notice of withdrawal pertains, which must equal $1,000 or an integral multiple
thereof; 
 (ii) if Certificated Notes have been issued, the certificate numbers of the Notes to be withdrawn; and 

  
 18 

 (iii) the principal amount, if any, that remains subject to the original Fundamental Change Purchase Notice,
which amount must equal $1,000 or an integral multiple thereof. 
 If the Notes to be withdrawn are Global Notes, a Holder must deliver its notice of
withdrawal in compliance with the Applicable Procedures. 
 Section 3.05 Effect of Fundamental Change Purchase Notice. 

(a) If a Holder validly delivers to the Paying Agent a Fundamental Change Purchase Notice (together with all necessary endorsements) with respect to a Note,
such Holder may no longer convert such Note unless and until such Holder validly withdraws such Fundamental Change Purchase Notice in accordance with Section 3.04(c) above. 

(b) Upon the Paying Agent’s receipt of (i) a valid Fundamental Change Purchase Notice (together with all necessary endorsements) and (ii) the
Notes to which such Fundamental Change Purchase Notice pertains, the Holder of the Notes to which such Fundamental Change Purchase Notice pertains shall be entitled, except to the extent such Holder has validly withdrawn such Fundamental Change
Purchase Notice in accordance with Section 3.04(c) above, to receive the Fundamental Change Purchase Price with respect to such Notes promptly following the later of (i) the Fundamental Change Purchase Date and (ii) if the Notes are
Certificated Notes, the date of delivery of such Notes to the Paying Agent, or, if the Notes are Global Notes, the date of book-entry transfer. 
 (c) If,
on the Fundamental Change Purchase Date, the Company, in accordance with Section 3.06 below, has deposited with the Paying Agent money sufficient to pay the Fundamental Change Purchase Price of all of the Notes that Holders have tendered for
purchase and have not validly withdrawn in accordance with Section 3.04(c) above: 
 (i) such tendered Notes will cease to be outstanding and Special
Interest, if any, will cease to accrue (whether or not all of such Notes were delivered to the Paying Agent or book-entry transfer has been made, as applicable); and 

(ii) all other rights of the Holders with respect to the tendered Notes will terminate (other than the right to receive payment of the Fundamental Change
Purchase Price upon delivery or transfer of the Notes). 
 Section 3.06 Deposit of Fundamental Change Purchase Price. Prior to 10:00
a.m., New York City time, on the Fundamental Change Purchase Date, as the case may be, the Company shall deposit with the Trustee or with the Paying Agent (or, if the Company or a Subsidiary or an Affiliate of
either of them is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 2.04) an amount of cash (in immediately available funds if deposited on such Business Day), sufficient to pay the aggregate
Fundamental Change Purchase Price of all the Notes or portions thereof which are to be repurchased as of the Fundamental Change Purchase Date. 

Section 3.07 Notes Purchased in Part. Any Certificated Note that is to be purchased only in part shall be surrendered at the office of the Paying
Agent (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or such
Holder’s attorney-in-fact duly authorized in writing) and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such
Note, without service charge, a new Note or Notes, of any authorized denomination as requested by such Holder in aggregate principal amount equal to, and in exchange for, the portion of the principal amount of the Note so
surrendered which is not repurchased, or in the case of a Global Note, the Company shall instruct the Registrar to decrease such Global Note by the principal amount of the repurchased portion of the Note surrendered. 

Section 3.08 Covenant to Comply with Securities Laws Upon Purchase of Notes. When repurchasing Notes under this Article 3, the Company
will, to the extent applicable, (i) comply with Rule 13e-4 (or any successor provision) and Rule 14e-1 (or any successor provision) under the Exchange
Act, (ii) file the related Schedule TO (or any successor schedule, form or report) under the Exchange Act, and (iii) otherwise comply with any applicable U.S. federal and state securities laws so as to permit Holders
to exercise their rights and obligations under Section 3.02 in the time and in the manner specified in Section 3.02. 
 Section 3.09
Repayment to the Company. The Trustee and the Paying Agent shall return to the Company any cash held by them for the payment of the Fundamental Change Purchase Price that remains unclaimed as provided in Paragraph 11 of the form of Note
attached as Exhibit A hereto; provided, however, that to the extent that the aggregate amount of cash deposited by the Company pursuant to Section 3.04 exceeds the aggregate Fundamental Change Purchase Price of the Notes or portions thereof
which the Company is obligated to repurchase as of the Fundamental Change Purchase Date, then, unless otherwise agreed in writing with the Company, promptly after the Business Day following the Fundamental Change Purchase
Date, the Trustee shall return any such excess to the Company. 

  
 19 

 Section 3.10 Covenant Not to Purchase Notes Upon Certain Events of Default. 

(a) Notwithstanding anything to the contrary in this Article 3, the Company shall not purchase any Notes under this Article 3 if there has occurred and is
continuing an Event of Default unless the payment by the Company of the Fundamental Change Purchase Price will cure such Event of Default. 
 (b) If a
Fundamental Change Purchase Notice is tendered and, on the Fundamental Change Purchase Date, such Fundamental Change Purchase Notice has not been validly withdrawn in accordance with Section 3.04(c) above, and, pursuant to this
Section 3.10, the Company is not permitted to purchase Notes, the Paying Agent will deem withdrawn such Fundamental Change Purchase Notice. 
 (c) If a
Holder tenders a Note for purchase pursuant to this Article 3 and, on the Fundamental Change Purchase Date, pursuant to this Section 3.10, the Company is not permitted to purchase such Note, the Paying Agent will (i) if such Note is a
Certificated Note, return such Note to such Holder, and (ii) if such Note is held in book-entry form, in compliance with the Applicable Procedures, deem to be cancelled any instructions for book-entry transfer of such Note. 

ARTICLE 4 
 COVENANTS

 Section 4.01 Payment of Notes. 
 (a) The
Company shall promptly make all payments on the Notes on the dates, in the manner and as otherwise required under the Notes or this Indenture. If the Company is required to deliver any amounts of cash and/or shares of Common Stock to the Trustee,
the Paying Agent or the Conversion Agent, such amounts of cash and/or shares of Common Stock shall be deposited by the Company with the Trustee, the Paying Agent or the Conversion Agent by 10:00 a.m., New York City time, on the required date. The
Company may, at its option, make payments on any Certificated Notes by check mailed to a Holder’s registered address; provided, however, that if a Holder of more than $5,000,000 principal amount of Certificated Notes requests in
writing that the Company make payments on its Certificated Notes by wire transfer to an account in the United States, then, beginning with the interest payment corresponding to the next Record Date, all subsequent payments due to such Holder to such
account shall be so made until such Holder notifies the Registrar in writing that the Company should no longer make payments by wire transfer to such account. If the Notes are held in book-entry form, all payments shall be made by wire transfer.

 (b) The Company shall make any required payments of Special Interest, if any, to the Person in whose name each Note is registered at the Close of
Business on the Record Date for such Special Interest payment. The principal, accrued and unpaid Special Interest, if any, or payment of the Fundamental Change Purchase Price shall be considered paid on the applicable date due if by 10:00 a.m. New
York City time on such date (or, in the case of a Fundamental Change Purchase Price, on the Business Day following the applicable Fundamental Change Purchase Date) the Trustee or the Paying Agent holds, in accordance with this Indenture, cash
sufficient to pay all such amounts then due. The Trustee shall have no duty to verify the Company’s determination as to whether Special Interest is due or the Company’s calculations as to the amounts of such Special Interest. 

Section 4.02 SEC and Other Reports. 
 (a) For so long
as the Notes are outstanding, the Company shall file with the Trustee the Company’s annual and quarterly reports, information, documents and other reports which the Company is required to file with the SEC pursuant to Section 13 or 15(d)
of the Exchange Act (for the avoidance of doubt, excluding any such information, documents or portions thereof, subject to confidential treatment and any correspondence with the Commission) within 15 days of the date on which the Company is required
to file the same with the SEC (after giving effect to any grace period provided by Rule 12b-25 under the Exchange Act). Documents filed by the Company with the SEC via the EDGAR filing system will be deemed to
be filed with the Trustee as of the time such documents are filed via the EDGAR filing system. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely
conclusively on Officer’s Certificates). 

  
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 (b) If, at any time during the period beginning on, and including, the date which is one year after the last
date of original issuance of the Notes offered by the Offering Memorandum and ending on the Free Trade Date, the Company fails to timely file any periodic report that the Company is required to file with the Commission pursuant to Section 13 or
15(d) of the Exchange Act, as applicable (other than current reports on Form 8-K), and the Company does not cure such failure to file within 14 calendar days, the Company shall pay Special Interest on the
Notes, accruing from the due date of the first missed filing that gives rise to such obligation and continuing until the earlier of (i) the Free Trade Date and (ii) the date all such filings have been made. During the first 90 days on
which such Special Interest is payable, such Special Interest shall accrue at a rate of 0.25% per annum; thereafter, such Special Interest shall accrue at a rate of 0.50% per annum. 

(c) In addition, if the Company fails to cause the Notes or any shares of the Common Stock issuable upon conversion of the Notes that are held by Holders that
have not been Affiliates of the Company during the immediately preceding three months to become Freely Tradable on and at all times after the Free Trade Date (or the next succeeding Business Day if the Free Trade Date is not a Business Day), the
Company will pay Special Interest on the Notes accruing from the Free Trade Date and until the date on which the Notes and any shares of Common Stock issuable upon the conversion of the Notes become Freely Tradable. During the first 90 days on which
such Special Interest is payable, such Special Interest will accrue at a rate of 0.25% per annum; thereafter, such Special Interest will accrue at a rate of 0.50% per annum. 

(d) Notwithstanding anything else in this Indenture, in no event will (i) the combined rate of any Special Interest payable under this Section 4.02
and of any Special Interest payable under Section 6.01(c) exceed 0.50% per annum; or (ii) Special Interest pursuant to this Section 4.02 accrue on any day on which (A)(1) the Company has filed a shelf registration statement for the
resale of the Notes, (2) such shelf registration statement is effective and usable by Holders for the resale of the Notes, and (3) the Holders may register the resale of their Notes under such shelf registration statement on terms
customary for the resale of convertible securities offered in reliance on Rule 144A; or (B) conditions (A)(1) through (A)(3) of this sentence have been satisfied for a period of two years. 

Section 4.03 Compliance Certificate. Within 120 days after the end of each fiscal year (beginning with the fiscal year ending February 1,
2020) of the Company, the Company shall deliver to the Trustee an Officer’s Certificate (which Officer’s Certificate shall not be required to include such statements included in Section 14.05) stating whether, to the
knowledge of the signers thereof, the Company is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided
hereunder) and if the Company shall be in default, specifying all such defaults and the nature and status thereof of which they may have knowledge. 

Section 4.04 Further Instruments and Acts. Upon request of the Trustee, the Company will execute and deliver such further instruments and
do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 
 Section 4.05
Maintenance of Office or Agency. The Company will maintain, in the continental United States, an office or agency of the Trustee, Registrar, Paying Agent and Conversion Agent where Notes may be presented or
surrendered for payment, where Notes may be surrendered for registration of transfer, exchange, repurchase, or conversion and where notices and demands to or upon the Company in respect of the Notes and this Indenture may
be served. The Corporate Trust Office of the Trustee shall initially be such office or agency for all of the aforesaid purposes. The Company shall give prompt written notice to the Trustee of the location, and of any change in the
location, of any such office or agency (other than a change in the location of the Corporate Trust Office of the Trustee). If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the Trustee set forth in Section 14.02. 

The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations. 
 Section 4.06 Delivery of Certain Information. At any time when the Company is
not subject to Sections 13 or 15(d) of the Exchange Act, upon the request of a Holder, or any beneficial owner of, or prospective purchaser of, the Notes or a holder of, beneficial owner of, or prospective
purchaser of, any shares of Common Stock issued upon the conversion of Notes, the Company will promptly furnish or cause to be furnished Rule 144A Information to such Holder, or any beneficial owner of, or prospective
purchaser of, the Notes or holder of, beneficial owner of, or prospective purchaser of, shares of Common Stock issued upon the conversion of Notes, as the case may be, to the extent required to permit
compliance by such Holder or holder with Rule 144A in connection with the resale of any such Note. Whether a Person is a beneficial owner shall be determined by the Company to the Company’s reasonable satisfaction. 

  
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 Section 4.07 Par Value Limitation. The Company will not take any action that, after
giving effect to any adjustment pursuant to Section 10.05, would result in the issuance of shares of Common Stock for less than the par value of such shares of Common Stock. 

ARTICLE 5 

CONSOLIDATION, MERGER AND SALE OF ASSETS 

Section 5.01 Company May Consolidate, Merge or Sell Its Assets on Certain Terms. The Company will not consolidate with, merge with or
into, or convey, transfer or lease all or substantially all of its property and assets to, any Person unless the Company is the resulting, surviving or transferee Person, unless: 

(i) the resulting, surviving or transferee Person (the “Successor Company”) is a corporation organized and validly existing under the laws of
the United States of America, any state thereof or the District of Columbia, and the Successor Company expressly assumes, by executing and delivering a supplemental indenture to the Trustee, all of the Company’s obligations under the Notes and
under this Indenture; 
 (ii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred or shall be
continuing; 
 (iii) the Company and the Successor Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that: 
 (A) such consolidation, merger, conveyance, transfer or lease and such supplemental indenture complies with this Section 5.01; and

 (B) that all conditions precedent to such consolidation, merger, conveyance, transfer or lease provided for in this Indenture have been satisfied. 

Section 5.02 Successor Corporation to Be Substituted. Upon any such consolidation, merger, conveyance, transfer or lease and
the assumption by the Successor Company, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal of, accrued and unpaid
Special Interest, if any, on all of the Notes, the due and punctual delivery or payment, as the case may be, of any consideration due upon conversion of the Notes and the due and punctual performance of all of the
covenants and conditions of this Indenture to be performed by the Company, such Successor Company shall succeed to and be substituted for the Company, with the same effect as if it had been named herein as the party of the first part.
Such Successor Company thereupon may cause to be signed, and may issue in its own name, any or all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and,
upon the order of such Successor Company instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver, or cause to be
authenticated and delivered, any Notes that such Successor Company thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall in all respects have the same legal rank and benefit under
this Indenture as the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Notes had been issued at the date of the execution hereof. Upon any such consolidation, merger, conveyance or transfer
(but not upon a lease), the Person named as the “Company” in the first paragraph of this Indenture or any successor that shall thereafter have become such in the manner prescribed in this Article 5 may be dissolved, wound up and
liquidated at any time thereafter and, except in the case of a lease, such Person shall be released from its liabilities as obligor and maker of the Notes and from its obligations under this Indenture. 

In case of any such consolidation, merger, conveyance, transfer or lease, changes in phraseology and form (but not in substance) may be made in the Notes
thereafter to be issued as may be appropriate. 
 ARTICLE 6 

DEFAULTS AND REMEDIES 
 Section 6.01
Events of Default. 
 (a) Each of the following events shall be an “Event of Default”: 

(i) the Company defaults in the payment of Special Interest, if any, on any Note when the same becomes due and payable and such default continues for a period
of 30 days; 

  
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 (ii) the Company defaults in the payment of the principal of any Note when the same becomes due and payable
at the Maturity Date, upon declaration of acceleration, upon any Fundamental Change Purchase Date or otherwise; 
 (iii) the failure by the Company to
deliver the consideration due upon the conversion of any Notes and such failure continues for a period of five Business Days following the due date for the delivery thereof; 

(iv) the failure by the Company to give a Fundamental Change Notice as required pursuant to Section 3.03, the notice required by
Section 10.01(a)(iii) or a Specified Corporate Transaction Notice as required under Section 10.01(a)(iv) and such failure is not cured within five days after the due date for such notice; 

(v) the failure by the Company to comply with its obligations under Article 5 hereof; 

(vi) the default by the Company in the performance of or the breach of any other applicable covenant or agreement of the Company in this Indenture with
respect to the Notes (other than a covenant or agreement in respect of which a default or breach is specifically addressed in Sections 6.01(a)(i) through 6.01(a)(v) above) and such default or breach continues for a period of 60 consecutive days
after written notice of such default is delivered to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes then outstanding; 

(vii) the occurrence of an event of default by the Company as defined under any mortgage, indenture or instrument under which there may be issued, or by which
there may be secured or evidenced, any indebtedness of the Company or any of its Significant Subsidiaries for money borrowed, whether such indebtedness exists as of the Issue Date or is later created, if that event of default: 

(A) constitutes the failure to pay when due (whether at express maturity, upon acceleration as a result of an event of default or otherwise) indebtedness in
an aggregate principal amount in excess of $20,000,000, and 
 (B) such event of default continues for a period of 30 days after written notice thereof is
delivered to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% of the aggregate principal amount of the Notes then outstanding without such default having been cured or waived, such acceleration having been
rescinded or annulled (if applicable) and such indebtedness not having been paid or discharged; 
 (viii) the Company or any of its Significant
Subsidiaries, pursuant to or within the meaning of any Bankruptcy Law: 
 (A) commences a voluntary case; 

(B) consents in writing to the entry of an order for relief against it in an involuntary case; 

(C) consents in writing to the appointment of a Custodian of it or for any substantial part of its property; 

(D) makes a general assignment for the benefit of its creditors; or 

(E) takes any comparable action under any foreign laws relating to insolvency; or 

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

(A) is for relief against the Company or any of its Significant Subsidiaries in an involuntary case; 

(B) appoints a Custodian of the Company or any of its Significant Subsidiaries or for any substantial part of its or any of its Significant Subsidiaries’
property; 
 (C) orders the winding up or liquidation of the Company or any of its Significant Subsidiaries; or 

(D) grants any similar relief under any foreign laws; 
 and, in
each such case, the order or decree remains unstayed and in effect for 60 days. 

  
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 Each of the foregoing will constitute an Event of Default whatever the cause and regardless of whether
voluntary or involuntary or 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. 

Notwithstanding anything to the contrary in the Notes or elsewhere in this Indenture, a Default under clause (vi) or (vii) of this Section 6.01(a)
is not an Event of Default until the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding notify the Company (and in the case of such notice by Holders, the Trustee) of the Default and the Company does
not cure such Default within the time specified after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.” 

(b) Within the 30 days immediately following the occurrence of an Event of Default or any Default, the Company shall deliver to the Trustee written notice
thereof in the form of an Officer’s Certificate describing such Event of Default or Default and its status and explaining what action the Company is taking or proposes to take with respect thereto. 

(c) Notwithstanding anything to the contrary in the Notes or elsewhere in this Indenture, excepted as provided in Section 4.02(b) or (c), at the election
of the Company, the sole remedy for an Event of Default specified in Section 6.01(a)(vi) relating to the failure by the Company to comply with Section 4.02(a) (the “Company’s Filing Obligations”), including, without
limitation, the obligation to comply with Section 314(a) of the TIA, shall consist exclusively of the right to receive Special Interest on the Notes. For the first 180 days after the occurrence of such an Event of Default, the Special Interest
will accrue at a rate equal to 0.25% per annum, and (ii) for the 180 days immediately following such 180 day period, the 
 Special Interest will
accrue at a rate equal to 0.50% per annum. The Special Interest will be in addition to any Special Interest that the Company is required to pay under Section 4.02; provided, however, that in no event will the combined rate of the
Special Interest pursuant to this Section 6.01(c) and any Special Interest due under Section 4.02 exceed 0.50% per annum. This Special Interest will accrue on the Notes from and including the date on which an Event of Default relating to a
failure to comply with the Company’s Filing Obligations first occurs to but not including the 360th day thereafter (or such earlier date on which the Event of Default relating to such obligations shall have been cured or waived pursuant to
Section 6.04). On such 360th day (or earlier, if such Event of Default is cured or waived pursuant to Section 6.04 prior to such 360th day), such Special Interest will cease to accrue and, if such Event of Default has not been cured or
waived pursuant to Section 6.04 prior to the 361st day following the occurrence of such Event of Default, then the Trustee or the Holders of not less than 25% in principal amount of the Notes may declare the principal of and accrued and unpaid
Special Interest on all such Notes to be due and payable immediately. This provision shall not affect the rights of Holders in the event of the occurrence of any other Event of Default. If the Company elects to pay the Special Interest as the sole
remedy for an Event of Default specified in Section 6.01(a)(vi) relating to the failure by the Company to comply with the Company’s Filing Obligations, the Company shall notify, in the manner provided for in Section 14.02, the
Holders, the Paying Agent and the Trustee of such election at any time on or before the Close of Business on the fifth Business Day immediately following the date any such Event of Default first occurs (which notice shall include a statement as to
the date from which Special Interest is payable). Unless and until a Trust Officer receives at the Corporate Trust Office such notice, the Trustee may assume without inquiry that no Special Interest is payable. If the Special Interest has been paid
by the Company directly to the Persons entitled to it, the Company shall deliver to the Trustee a certificate setting forth the particulars of such payment. 

Section 6.02 Acceleration. If an Event of Default (other than an Event of Default specified in Sections 6.01(a)(viii) or 6.01(a)(ix) with respect
to the Company) occurs and is continuing, the Trustee, by notice to the Company, or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by notice to the Company and the Trustee, may declare the principal amount
of Notes outstanding plus accrued and unpaid Special Interest, if any, on all the Notes that are not already due and payable to be immediately due and payable. Upon such a declaration, such accelerated amount shall be due and payable immediately. If
an Event of Default specified in Sections 6.01(viii) or 6.01(ix) with respect to the Company (and not solely with respect to one or more of its Significant Subsidiaries) occurs and is continuing, the principal amount of Notes outstanding plus
accrued and unpaid Special Interest, if any, on all the Notes shall, automatically and without any action by the Trustee or any Holder, become and be immediately due and payable without any declaration or other act on the part of the Trustee or any
Holders. The Holders of a majority in aggregate principal amount of the Notes at the time outstanding, by notice to the Trustee and the Company, and without notice to any other Holder, may rescind any declaration of acceleration if the rescission
would not conflict with any judgment or decree of a court of competent jurisdiction and if all existing Events of Default have been cured or waived other than nonpayment of the principal amount or accrued but unpaid Special Interest, if any, that
has become due solely as a result of acceleration. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 

  
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 Section 6.03 Other Remedies. If an Event of Default occurs and is continuing, the Trustee
may pursue any available remedy to collect the payment of principal, accrued and unpaid Special Interest, if any, or payment of the Fundamental Change Purchase Price on the Notes or to enforce the performance of any provision of
the Notes or this Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of the Notes in
the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is
exclusive of any other remedy. All available remedies are cumulative. 
 Section 6.04 Waiver of Past Defaults. The Holders of a majority in
aggregate principal amount of the Notes at the time outstanding by written notice to the Trustee and without notice to any other Holder may waive an existing or past default and its consequences except (a) an Event of Default described in
Sections 6.01(a)(i), 6.01(a)(ii) or 6.01(a)(iii) or (b) a default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Holder. When a Default is waived, it is deemed cured,
but no such waiver shall extend to any subsequent or other default or impair any consequent right. 
 Section 6.05 Control by Majority. The
Holders of a majority in aggregate principal amount of the Notes at the time outstanding may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred
on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, subject to Section 7.01, that the Trustee determines is prejudicial to the rights of other Holders or would potentially
involve the Trustee in personal liability; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any action hereunder, the
Trustee shall be entitled to reasonable indemnification against all losses and expenses caused by taking or not taking such action. 
 Section 6.06
Limitation on Suits. A Holder may pursue any remedy with respect to this Indenture or the Notes only if: 
 (a) such Holder shall have previously
given to the Trustee written notice that an Event of Default has occurred and is continuing; 
 (b) the Holders of at least 25% in aggregate principal
amount of the Notes at the time outstanding make a written request to the Trustee to take action because of the Event of Default; 
 (c) such Holder or
Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs and other liabilities of compliance with such written request; 

(d) the Trustee has not complied with such written request within 60 days after receiving such notice, written request and offer of security or indemnity; and

 (e) during such 60-day period, the Trustee has not received from the Holders of at least a majority in aggregate
principal amount of the Notes outstanding at such time a direction inconsistent with such written request. 
 A Holder may not use this Indenture to
prejudice the rights of any other Holder or to obtain a preference or priority over any other Holder. 
 Section 6.07 Rights of Holders to Receive
Payment. Notwithstanding any other provision of this Indenture, the right of any Holder to bring suit for the enforcement of payment of principal, accrued and unpaid Special Interest, if any, or payment of the
Fundamental Change Purchase Price on or after the respective due dates, or the right to receive consideration due upon conversion of Notes in accordance with Article 10, shall not be impaired or affected without the consent of such
Holder and shall not be subject to the requirements of Section 6.06. 
 Section 6.08 Collection Suit by Trustee. If an Event of Default
specified in Section 6.01(a)(i) or 6.01(a)(ii) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount then due and owing (together with
interest on any unpaid Special Interest, if any, to the extent lawful) and the amounts provided for in Section 7.07. 

  
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 Section 6.09 Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Company, its creditors or its property and, unless prohibited by
law or applicable regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each
Holder to make payments to the Trustee and, if the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07. 
 Section 6.10 Priorities. If
the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 
 FIRST: to the Trustee for amounts
due under Section 7.07; 
 SECOND: to Holders for amounts due and unpaid on the Notes for principal, accrued and unpaid Special Interest, if any,
payment of the Fundamental Change Purchase Price and the cash deliverable upon conversion of Notes then submitted for conversion, as the case may be, ratably, without preference or priority of any kind, according to such amounts due and payable on
the Notes; and 
 THIRD: the balance, if any, to the Company. 

The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10. At least 15 days before such record date,
the Company shall mail to each Holder and the Trustee a notice that states the record date, the payment date and the amount to be paid. 
 Section 6.11
Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by
any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in
the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit
by Holders of more than 10% in aggregate principal amount of the Notes at the time outstanding. 
 Section 6.12 Waiver of Stay, Extension or Usury
Laws. The Company shall not (to the extent lawfully allowable) at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now
or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and
shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 

ARTICLE 7 
 TRUSTEE

 Section 7.01 Duties of Trustee. 
 (a) If an
Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent Person would exercise or use under the
circumstances in the conduct of such Person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 

(i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations
shall be read into this Indenture against the Trustee; and 
 (ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; provided, however, that the Trustee will
examine the certificates and opinions to determine whether they conform to the requirements set forth in this Indenture. 

  
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 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure
to act, or its own willful misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph (b) of this Section 7.01; 

(ii) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee was negligent in
ascertaining the pertinent facts; and 
 (iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to Sections 6.02, 6.04 or 6.05 hereof. 
 (d) Whether herein expressly so provided, every provision of
this Indenture that in any way relates to the Trustee is subject to Sections 7.01(a), (b) and (c). 
 (e) The Trustee shall not be liable for interest on
any money received by it or risk or expend any of its own funds. 
 (f) Money and shares of Common Stock held in trust by the Trustee need not be segregated
from other funds or property except to the extent required by law. 
 (g) No provision of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 
 (h)
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 7 and to the provisions of the TIA. 

(i) The Trustee shall not be deemed to have notice of a Default or an Event of Default unless (i) a Trust Officer of the Trustee has received written
notice at its Corporate Trust Office thereof from the Company or any Holder or (ii) a Trust Officer shall have actual knowledge thereof. 
 None of the
provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers. The Trustee
shall not be required to give any bond or surety in respect of the performance of its powers or duties hereunder. 
 Section 7.02 Rights of
Trustee. 
 (a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper
person. The Trustee need not investigate any fact or matter stated in the document. The Trustee may, however, in its discretion make such further inquiry or investigation into such facts or matters as it may see fit and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the expense of the Company and shall incur no liability of any kind by
reason of such inquiry or investigation. 
 (b) Before the Trustee acts or refrains from acting (except in connection with an application for authorization
of Notes pursuant to Section 2.02), it may require an Officer’s Certificate and an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or
Opinion of Counsel. 
 (c) The Trustee may act through agents, attorneys or custodians and shall not be responsible for the misconduct or negligence of any
agent, attorney or custodian appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith that it
believes to be authorized or within the rights or powers conferred upon it by this Indenture; provided, however, that the Trustee’s conduct does not constitute willful misconduct or negligence. 

(e) The Trustee may consult with counsel of its own selection, and the written advice or opinion of counsel with respect to legal matters relating to this
Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

  
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 (f) The permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as
a duty unless so specified herein. 
 (g) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at
the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities that might be
incurred by it in compliance with such request or direction. 
 (h) The rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder, including, without
limitation, the Registrar, Paying Agents, Conversion Agent and Bid Solicitation Agent. 
 (i) The Trustee may request that the Company deliver an
Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any Person authorized to sign
an Officer’s Certificate, including any Person specified as so authorized in any such certificate previously delivered and not superseded. 
 In no
event shall the Trustee be liable for any special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), regardless of the form of action other than any such loss or damage. 

Section 7.03 Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may
otherwise deal with the Company or its affiliates with the same rights it would have if it were not Trustee. However, if the Trustee acquires any conflicting interest it must eliminate the conflict within 90 days or resign or, if this
Indenture has been qualified under the TIA, apply to the SEC to continue as trustee. Any Paying Agent, Registrar, Conversion Agent or co-registrar may do the same with like rights.
However, the Trustee must comply with Sections 7.10 and 7.11. 
 Section 7.04 Trustee’s Disclaimer. The Trustee shall
not be responsible for and makes no representation as to the validity, priority or adequacy of this Indenture, of the Notes or any Common Stock underlying the Notes, it shall not be accountable for the Company’s use of the
proceeds from the Notes, and it shall not be responsible for any statement of the Company in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of
authentication. 
 Section 7.05 Notice of Defaults. If a Default or Event of Default occurs and is continuing, the Trustee shall mail to
each Holder notice of the Default or Event of Default within 90 days after it is known to a Trust Officer or written notice of it is received by the Trustee; provided, however, that except in the case of a Default described in
Section 6.01(a)(i), 6.01(a)(ii) or 6.01(iii), the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good faith determines that withholding the notice is in the interests of Holders. The first
sentence of this Section 7.05 shall be in lieu of the proviso to TIA Section 315(b) and such proviso is hereby expressly excluded from this Indenture, as permitted by the TIA. 

Section 7.06 Reports by Trustee to Holders. Within 120 days of each January 31, commencing on January 31, 2020, and
for so long as any Notes remain outstanding, the Trustee shall mail to each Holder a brief report dated as of January 31 of such year that complies with TIA Section 313(a), if and to the extent required by such subsection.
The Trustee shall also comply with TIA Section 313(b). The Trustee will also transmit by mail all reports as required by TIA 313(c). 
 A copy of each
report at the time of its mailing to Holders shall be mailed by the Trustee to the Company and filed with the SEC and each stock exchange (if any) on which the Notes are listed. The Company agrees to notify promptly the Trustee whenever the Notes
become listed on any stock exchange and of any delisting thereof. 
 Section 7.07 Compensation and Indemnity. The Company shall pay to the
Trustee, in each of its capacities, from time to time such compensation as shall be agreed upon from time to time in writing for its services. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express
trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket fees and expenses incurred or made by it, including costs of
collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation, fees and expenses, disbursements and advances of the Trustee’s agents, counsel,
accountants and experts. The Company shall fully indemnify the Trustee in any capacity against any and all loss, liability, claim, damage or expense (including reasonable attorneys’ fees and expenses) incurred by it in
connection with the acceptance and administration of this trust and the performance of its 

  
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duties hereunder, including the costs and expenses of defending itself against any claim (whether asserted by the Company, any Holder or any other Person). The Trustee shall notify
the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company of any claim for which it may seek indemnity of which a Trust Officer has actually received written notice shall not relieve the
Company of its obligations hereunder except to the extent such failure shall have materially prejudiced the Company. The Company shall defend the claim and the Trustee shall cooperate in the defense. If the Trustee is advised by counsel in writing
that it may have available to it defenses which are in conflict with the defenses available to the Company, then the Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company will not
have any obligation to reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct or negligence, as determined by a final
non-appealable decision of a court of competent jurisdiction. The Company will not have any obligation to pay for any settlement made by the Trustee without the Company’s consent, such consent not to be
unreasonably withheld. All indemnifications and releases from liability granted hereunder to the Trustee shall extend to its officers, directors, employees, agents, attorneys, custodians, successors and assigns. 

(a) To secure the Company’s payment obligations under this Section 7.07, the Trustee, in each of its capacities, shall have a lien prior to the
Notes on all money or property held or collected by the Trustee other than money or property held in trust to pay the principal, accrued and unpaid Special Interest, if any, or payment of the Fundamental Change Purchase Price on particular Notes.

 (b) The Company’s payment obligations pursuant to this Section 7.07 shall survive the resignation or removal of the Trustee and the discharge
of this Indenture. If the Trustee incurs expenses after the occurrence of a Default specified in Sections 6.01(viii) or 6.01 (ix) with respect to the Company, the expenses are intended to constitute expenses of administration under the Bankruptcy
Law. 
 Section 7.08 Replacement of Trustee. (a) The Trustee may resign at any time by notifying the Company in writing at least 30 days
prior to the proposed resignation. The Holders of a majority in aggregate principal amount of the Notes then outstanding may remove the Trustee by notifying the Trustee in writing. The Company may remove the Trustee if: 

(i) the Trustee fails to comply with Section 7.10; 
 (ii)
the Trustee is adjudged bankrupt or insolvent; 
 (iii) a receiver or other public officer takes charge of the Trustee or its property; or 

(iv) the Trustee otherwise becomes incapable of acting. 
 (b) If
the Trustee resigns, is removed by the Company or by the Holders of a majority in aggregate principal amount of the Notes then outstanding, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to
herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. 
 (c) A successor Trustee shall deliver a written acceptance of
its appointment to the retiring Trustee and to the Company. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall upon payment of all of its costs and the costs of its agents and counsel promptly transfer all property held by it as Trustee to the
successor Trustee, subject to the lien provided for in Section 7.07. 
 (d) If a successor Trustee does not take office within 60 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least 10% in aggregate principal amount of the Notes then outstanding may petition at the expense of the Company any court of competent jurisdiction for
the appointment of a successor Trustee. 
 (e) If the Trustee, after written request by any Holder, fails to comply with Section 7.10, such Holder may
petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (f) Notwithstanding the
replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 

  
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 Section 7.09 Successor Trustee by Merger. (a) If the Trustee consolidates with,
merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking
association without any further act shall be the successor Trustee. 
 (b) In case at the time such successor or successors by merger, conversion or
consolidation to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor
trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any such successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the
name of the successor to the Trustee. 
 Section 7.10 Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of
TIA Section 310(a). The Trustee shall have (or, in the case of a corporation included in a bank holding company system, the related bank holding company shall have) a combined capital and surplus of at least
$100,000,000 as set forth in its (or its related bank holding company’s) most recent published annual report of condition. The Trustee shall comply with TIA Section 310(b), subject to the penultimate paragraph thereof;
provided, however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Company
are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(1) are met. 
 Section 7.11 Preferential Collection of
Claims Against Company. The Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a)
to the extent indicated therein. 
 Section 7.12 Trustee’s Application for Instructions from the Company. Any application by
the Trustee for written instructions from the Company may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action
shall be taken or such omission shall be effective. The Trustee shall not be liable to the Company for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date
specified in such application (which date shall not be less than three Business Days after the Trustee delivers such application to the Company pursuant to Section 14.02, unless any such officer shall have consented in writing to any
earlier date) unless prior to taking any such action (or the effective date in the case of any omission), the Trustee shall have received written instructions in response to such application specifying the action to be taken or omitted. 

ARTICLE 8 
 DISCHARGE OF
INDENTURE 
 Section 8.01 Discharge of Liability on Notes. When (a) all outstanding Notes (other than Notes replaced pursuant to
Section 2.07) for cancellation have been delivered to the Registrar or (b) all outstanding Notes have become due and payable, and the Company irrevocably deposits with the Trustee or delivers to the Holders, as
applicable, cash and/or shares of Common Stock (solely to satisfy outstanding conversions, if applicable) sufficient to pay all amounts due and owing on all outstanding Notes (other than Notes replaced pursuant to
Section 2.07), and if in either case the Company pays all other sums payable hereunder by the Company with respect to the outstanding Notes, then this Indenture shall, subject to Section 7.07, cease to be of
further effect with respect to the Notes or any Holders. The Trustee shall acknowledge satisfaction and discharge of this Indenture with respect to the Notes on demand of the Company accompanied by an Officer’s Certificate and an Opinion of
Counsel and at the cost and expense of the Company. 
 Section 8.02 Repayment to the Company. The Trustee and the Paying Agent shall promptly
turn over to the Company upon request any excess money or securities held by them at any time. 
 Subject to any applicable abandoned property law, the
Trustee and the Paying Agent shall pay to the Company upon request any money held by them for payments on the Notes that remains unclaimed for two years after the date on which such payments became due, and, thereafter, Holders entitled to the money
must look to the Company for payment as general creditors and all liability of the Trustee or Paying Agent with respect to such money will cease. 

  
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 ARTICLE 9 

AMENDMENTS 
 Section 9.01 Without
Consent of Holders. The Company and the Trustee may amend or supplement this Indenture or the Notes without the consent of any Holder to: 
 (a) cure
any ambiguity, omission, defect or inconsistency in this Indenture or in the Notes; 
 (b) conform the terms of this Indenture or the Notes to the
“Description of Notes” section of the Offering Memorandum; 
 (c) make provisions with respect to the conversion rights of the Holders in
accordance with Section 10.06 hereof; 
 (d) provide for the assumption by a successor corporation of the Company’s obligations under this
Indenture as described in Article 5 hereof; 
 (e) add guarantees with respect to the Notes; 

(f) secure the Notes; 
 (g) add to the Company’s covenants
for the benefit of the Holders or surrender any right or power conferred upon the Company; 
 (h) make any change that does not adversely affect the rights
of any Holder; 
 (i) appoint a successor Trustee with respect to the Notes; 

(j) comply with the rules of any applicable securities depositary, including DTC; or 

(k) comply with any requirements of the SEC in connection with the qualification of this Indenture under the TIA. 

Section 9.02 With Consent of Holders. With the written consent of the Holders of at least a majority in aggregate principal amount of the Notes at
the time outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes), by Act of such Holders delivered to the Company and the Trustee, the Company, when authorized
by a Board Resolution, may amend or supplement this Indenture or the Notes; provided, however, that, without the consent of each affected Holder, no amendment or supplement to this Indenture or the Notes may: 

(a) reduce the percentage in aggregate principal amount of Notes whose Holders must consent to an amendment of this Indenture or to waive any past Event of
Default; 
 (b) reduce the rate of or extend the stated time for payment of Special Interest on any Note; 

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

(d) make any change that impairs or adversely affects the conversion rights of any Notes under Article 10 hereof, subject to the provisions set forth in
Section 10.06 hereof; 
 (e) reduce the Fundamental Change Purchase Price of any Note or amend or modify in any manner adverse to the Holders the
Company’s obligation to make such payments; 
 (f) make any Note payable in a currency other than that stated in the Note; 

(g) change the ranking of the Notes; 
 (h) impair the right of
any Holder to receive payment of the principal of, and Special Interest, if any, on, such Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes;
or 

  
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 (i) make any change to the amendment provisions of this Indenture which require each Holder’s consent
or in the waiver provisions of this Indenture, 
 It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the
particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. 
 Section 9.03 Execution of
Supplemental Indentures. Upon the request of the Company, the Trustee shall sign any supplemental indenture authorized pursuant to this Article 9 if the amendment contained therein does not affect the rights, duties, liabilities or immunities
under this Indenture of the Trustee. If the supplemental indenture adversely affects the Trustee’s rights, duties, liabilities or immunities under this Indenture, then the Trustee may, but need not, sign such supplemental indenture. In
executing any such supplemental indenture, the Trustee shall be provided with, and (subject to the provisions of Section 7.01) shall be fully protected in relying upon, an Officer’s Certificate and an Opinion of Counsel stating that such
supplemental indenture is authorized and permitted under this Indenture. 
 Section 9.04 Notices of Supplemental Indentures. After an amendment
or supplement to this Indenture or the Notes pursuant to Sections 9.01 or 9.02 becomes effective, the Company shall mail to each Holder a notice briefly describing such amendment or supplement to this Indenture. The failure to deliver such notice,
or any defect in such notice, shall not impair or affect the validity of such amendment or supplement to this Indenture. 
 Section 9.05 Effect of
Supplemental Indentures. Upon the execution of any supplemental indenture under this Article 9, (i) this Indenture shall be modified in accordance therewith, (ii) such supplemental indenture shall form a part of this Indenture
for all purposes, and (iii) every Holder of Notes theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

Section 9.06 Conformity with Trust Indenture Act. Every supplemental indenture executed pursuant to this Article shall comply with the TIA. 

Section 9.07 Notation on or Exchange of Notes. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to
this Article 9 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 Notes so
modified as to conform, in the opinion of the Trustee and the Board of Directors, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for outstanding
Notes. 
 Section 9.08 Revocation and Effect of Consents, Waivers and Actions. A consent to an amendment or a waiver by a Holder of a Note shall
bind the Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on the Note. However, any such
Holder or subsequent Holder may revoke the consent or waiver as to such Holder’s Note or portion of the Note if the Trustee receives the notice of revocation before the date the supplemental indenture setting forth the amendment or waiver
becomes effective. After an amendment or waiver becomes effective, it shall bind every Holder. An amendment or waiver becomes effective in accordance with the terms of the supplemental indenture, which shall become effective upon the execution
thereof by the Trustee. 
 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give
their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then those Persons who were Holders at such record date (or their duly designated proxies), and only
those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for
more than 120 days after such record date. 
 ARTICLE 10 

CONVERSIONS 
 Section 10.01
Conversion Privilege and Consideration. 
 (a) Subject to and upon compliance with the provisions of this Indenture, a Holder shall have the right, at
such Holder’s option, to convert the principal amount of its Notes, or any portion of such principal amount that is equal to $1,000 or an integral multiple thereof, at a conversion rate initially equal to 4.7304 shares of the Common Stock
(subject to adjustment as provided in Sections 10.05 and 10.07, the “Conversion Rate”) per $1,000 principal amount of Notes, into the Settlement 

  
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Amount determined in accordance with Section 10.03 (x) at any time prior to the Close of Business on the Business Day immediately preceding June 15, 2024, only upon the satisfaction of
one or more of the conditions described in clauses (i) through (iv) below, and (y) on and after June 15, 2024, at any time until the Close of Business on the second Scheduled Trading Day immediately preceding the Maturity Date,
without regard to the conditions described in clauses (i) through (iv) below: 
 (i) During any calendar quarter (and only during such calendar
quarter) commencing after December 31, 2019 if, for at least 20 Trading Days (whether or not consecutive) during the 30 consecutive Trading Day period ending on the last Trading Day of the immediately preceding calendar quarter, the Last
Reported Sale Price of the Common Stock is greater than or equal to 130% of the applicable Conversion Price on such Trading Day. If the Notes become convertible in accordance with this Section 10.01(a)(i), as promptly as practicable, the
Company shall notify the Holders, the Conversion Agent and the Trustee in writing that the condition to conversion described in this Section 10.01(a)(i) has been satisfied and of the Holders’ right to convert their Notes. 

(ii) During the five consecutive Business Day period immediately following any ten consecutive Trading Day period (the “Measurement Period”)
in which, for each Trading Day of such Measurement Period, the Trading Price per $1,000 principal amount of Notes, as determined following a request by a Holder in accordance with the procedures set forth in this Section 10.01(a)(ii), is less
than 98% of the product of (x) the Last Reported Sale Price of the Common Stock on such Trading Day and (y) the Conversion Rate on such Trading Day (for any Trading Day, the “Trading Price Product”). 

(A) Unless the Company requests in writing that the Bid Solicitation Agent determine the Trading Price of the Notes, the Bid Solicitation Agent shall have no
obligation to determine the Trading Price of the Notes, and unless a Holder of at least $1,000,000 principal amount of Notes (x) provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes for the
immediately following Trading Day will be less than 98% of the Trading Price Product for such Trading Day and (y) requests that the Company require the Bid Solicitation Agent to determine the Trading Price of the Notes on the immediately
following Trading Day, the Company shall have no obligation to request that the Bid Solicitation Agent determine the Trading Price of the Notes on such Trading Day. 

(B) Upon receipt from a Holder of such evidence and such a request, the Company shall promptly instruct the Bid Solicitation Agent to determine (or, if the
Company is then acting as Bid Solicitation Agent, the Company shall determine) the Trading Price of the Notes beginning on the next Trading Day and on each successive Trading Day until a Trading Day occurs in which the Trading Price per $1,000
principal amount of Notes for such Trading Day is greater than or equal to 98% of the Trading Price Product for such Trading Day. Upon providing such instruction to the Bid Solicitation Agent, the Company shall provide the Bid Solicitation Agent
with the names and contact details of the three independent nationally recognized securities dealers selected by the Company, and the Company will direct such dealers to provide bids to the Bid Solicitation Agent. 

(C) As promptly as practicable after the condition to conversion described in this Section 10.01(a)(ii) has been met, the Company shall notify the
Holders, the Conversion Agent and the Trustee of the Trading Price and of the Holders’ right to convert their Notes in accordance with this Section 10.01(a)(ii). On the first Trading Day thereafter on which the Trading Price per $1,000
principal amount of Notes for such Trading Day is greater than or equal to 98% of the Trading Price Product for such Trading Day, as promptly as practicable, the Company shall notify the Holders, the Conversion Agent and the Trustee of such Trading
Price and that the condition to conversion described in this Section 10.01(a)(ii) is no longer satisfied. 
 (iii) If the Company elects to: 

(A) issue to all or substantially all holders of its Common Stock rights, options or warrants that entitle them, for a period of not more than 60 calendar
days after the announcement date of such issuance, to subscribe for or purchase shares of the Common Stock at a price per share of Common Stock less than the average of the Last Reported Sale Prices of the Common Stock for the ten consecutive
Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance; or 
 (B) distribute to all or
substantially all holders of the Common Stock the Company’s assets, debt securities or rights to purchase securities of the Company, which distribution has a per share value, as reasonably determined by the Board of Directors, exceeding 10% of
the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the date of announcement for such distribution, 

  
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 then, in each case, at least 50 Scheduled Trading Days immediately prior to the Ex-Dividend Date for such issuance or distribution, the Company shall mail notice to the Holders describing such issuance or distribution, the Holders’ right to convert their Notes in accordance with this
Section 10.01(a)(iii), the Conversion Rate in effect on the date the Company mails such notice, any adjustments to the Conversion Rate that must be made pursuant to Section 10.05 as a result of such issuance or distribution, and the
effective date for any such adjustments. Once the Company has given such notice, a Holder may surrender its Notes for conversion at any time until the earlier of (x) the Close of Business on the Business Day immediately preceding the Ex-Dividend Date for the issuance or distribution or (y) the Company’s announcement that such issuance or distribution will not take place. 

(iv) If a transaction or event that constitutes a Fundamental Change or a Make-Whole Fundamental Change occurs, in each case, without giving effect to the
penultimate paragraph of the definition of Fundamental Change and regardless of whether the Holders have the right to require the Company to purchase their Notes pursuant to Section 3.02 (a “Specified Corporate Transaction”),
the Company shall mail notice (a “Specified Corporate Transaction Notice”) of such Specified Corporate Transaction to the Holders, the Conversion Agent and the Trustee as promptly as practicable following the date that there is a
public announcement of such Specified Corporate Transaction and will use commercially reasonable efforts to notify the Holders, the Trustee and the Conversion Agent prior to the effective date of such Specified Corporate Transaction if practicable.
For any Specified Corporate Transaction, the Specified Corporate Transaction Notice shall describe: 
 (A) such Specified Corporate Transaction; 

(B) the effective date or anticipated effective date of such Specified Corporate Transaction; 

(C) the Holders’ right to convert their Notes in accordance with this Section 10.01(a)(iv); 

(D) the Conversion Rate in effect on the date the Company mails such notice; 

(E) any adjustments to the Conversion Rate that must be made pursuant to Section 10.05 as a result of such transaction; 

(F) whether such Specified Corporate Transaction also constitutes a Fundamental Change, and, if so, the Holders’ right to require the Company to purchase
their Notes pursuant to Article 3; and 
 (G) whether such Specified Corporate Transaction also constitutes a Make-Whole Fundamental Change, and, if so, the
Holders’ right under Section 10.07 to receive Additional Shares if they convert their Notes in connection with such Make-Whole Fundamental Change. 

Upon the Company’s delivery of a Specified Corporate Transaction Notice for a Specified Corporate Transaction, a Holder may surrender its Notes for
conversion at any time until the Close of Business on the earliest of (w) the 35th Trading Day immediately following the effective date of such transaction, (x) if such Specified Corporate Transaction constitutes a Fundamental Change, the
related Fundamental Change Purchase Date, (y) if the Company announces that such Specified Corporate Transaction will not occur, the date on which the Company makes such announcement, and (z) the second Scheduled Trading Day immediately
preceding the Maturity Date. 
 Section 10.02 Conversion Procedure. 

(a) To convert a Note, a Holder must (i) in the case of a Global Note, (A) comply with the procedures of the Depositary in effect on the date such
Holder surrenders its Note for conversion and (B) if required, pay all funds required under Sections 10.02(e) and 10.02(f) below, and (ii) in the case of a Certificated Note, (A) complete and manually sign the conversion notice in the
form on the reverse of such Certificated Note (a “Notice of Conversion”) or a facsimile of the Notice of Conversion, (B) deliver the Notice of Conversion, which is irrevocable, and the Certificated Note to the Conversion Agent,
(C) if required, furnish appropriate endorsements and transfer documents, (D) if required, pay all transfer or similar taxes, and (E) if required, pay all funds required under Sections 10.02(e) and 10.02(f) below. 

(i) On the first Business Day on which such Holder satisfies all of the requirements set forth in Section 10.02(a) above with respect to a Note (and the
conversion of such Note is not otherwise prohibited by Section 3.05 hereof), such Note will be deemed converted and such Business Day will be the conversion date (the “Conversion Date”) for such Note. 

(ii) If the last day on which a Note may be converted is not a Business Day, the Note may be surrendered on the immediately following day that is a Business
Day. Upon the conversion of a Note, the Conversion Agent, as promptly as possible, and in no event later than one Business Day immediately following the Conversion Date for the Note, will provide the Company with notice of the conversion of the
Note, and the Company, as promptly as possible, and in no event later than two Business Days after such Conversion Date, will notify the Trustee, if other than the Conversion Agent, of the conversion of the Note. 

  
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 (b) At the Close of Business on the Conversion Date for a Note, the converting Holder shall no longer be the
Holder of such Note. 
 (c) If a Holder surrenders only a portion of a Certificated Note for conversion, promptly after the Conversion Date for such
portion, the Company shall execute and the Trustee shall authenticate and deliver to such Holder, a new Certificated Note in an authorized denomination equal to the aggregate principal amount of the unconverted portion of the surrendered Note. Upon
the conversion of an interest in a Global Note, the Trustee shall promptly make a notation on the “Schedule of Increases and Decreases of Global Note” of such Global Note as to the reduction in the principal amount represented
thereby. The Company shall notify the Trustee in writing upon any conversion of a Note effected through any Conversion Agent other than the Trustee. 
 (d)
Each conversion shall be deemed to have been effected as to any such Notes (or portion thereof) surrendered for conversion at the Close of Business on the applicable Conversion Date; provided, however, that the person in whose name the
certificate for any shares of Common Stock delivered upon conversion is registered shall be treated as a stockholder of record as of the Close of Business on (i) such Conversion Date (in the case of Physical Settlement) or (ii) the last
Trading Day of the applicable Cash Settlement Averaging Period (in the case of Combination Settlement) except to the extent required by Section 10.05 hereof. 

(e) If a Holder surrenders a Note for conversion after the Close of Business on a Record Date and prior to the Open of Business on the corresponding Special
Interest Payment Date, the Holder must accompany the Note with an amount of cash equal to the amount of Special Interest, if any, that will be payable on the Note on such corresponding Special Interest Payment Date; provided, however,
that a Holder need not make such a payment (i) if the Company has specified a Fundamental Change Purchase Date that is after the Record Date and on or prior to the corresponding Special Interest Payment Date, (ii) to the extent of any
overdue interest on the Note, if any overdue interest exists at the time of conversion, or (iii) if the Holder surrenders the Note after the Close of Business on the last Record Date immediately preceding the Maturity Date. 

For the avoidance of doubt, all record Holders of Notes on the Record Date immediately preceding the Maturity Date and any Fundamental Change Purchase Date
described in clauses (i) through (iii) in the preceding paragraph will receive the full interest payment due on the Maturity Date or other applicable Special Interest Payment Date regardless of whether their Notes have been converted following
such Record Date. 
 (f) If a Holder surrenders a Note for conversion, the Company shall pay all stamp taxes and all other duties, if any, which may be
imposed by the United States or any political subdivision thereof or taxing authority thereof or therein with respect to the issuance of shares of Common Stock, if any, upon the conversion. However, if any tax is due because the Holder requests that
any shares of Common Stock issued upon conversion be issued in a name other than that of the Holder, the Holder shall pay such tax and the Conversion Agent, until having received a sum sufficient to pay such tax, may refuse to deliver any
certificates representing shares of Common Stock being issued in a name other than that of the converting Holder. Nothing herein shall preclude any tax withholding required by law or regulations. 

Section 10.03 Settlement Upon Conversion. 
 (a)
Except as provided in Section 10.07(d), subject to this Section 10.03, if a Holder converts a Note, the Company shall pay or deliver to such Holder, as the case may be, in respect of each $1,000 principal amount of Notes being converted,
solely cash, solely shares of Common Stock or a combination of cash and Common Stock (the “Settlement Amount”), at the Company’s election, as set forth in this Section 10.03. 

(1) Subject to the provisions of Section 10.07(d), the Company shall pay or deliver, as the case may be, the Settlement Amount on the second Trading Day
immediately following the last Trading Day of the Cash Settlement Averaging Period; provided, that; if the Company elects to fulfill its conversion obligation solely in shares of Common Stock, the Company shall deliver such Common Stock on
the second Trading Day immediately following the relevant Conversion Date. Notwithstanding the foregoing, if any information required to calculate the conversion obligation is not available as of the applicable settlement date, the Company will
deliver the additional shares of Common Stock resulting from such adjustment on the second Trading Day after the earliest Trading Day on which such calculation can be made. 

  
 35 

 (2) All conversions during the Final Conversion Period will be settled in the same relative proportions of
cash and/or shares of Common Stock (the “Settlement Method”). 
 (3) Prior to the first day of the Final Conversion Period, the Company
will elect (or be deemed to have elected) the same Settlement Method for all conversions occurring on any given Conversion Day. Except for any conversions that occur during the Final Conversion Period, the Company need not elect the same Settlement
Method with respect to conversions that occur on different Conversion Dates. 
 (4) With respect to each Conversion Date occurring prior to the Final
Conversion Period, the Company shall deliver a notice (each, a “Settlement Notice”) of the relevant Settlement Method not later than the Close of Business on the Trading Day following the related Conversion Date. With respect to
each Conversion Date occurring during the Final Conversion Period, the Company shall, prior to the Final Conversion Period, deliver a single Settlement Notice that shall apply to all conversions occurring during the Final Conversion Period. Each
such Settlement Notice shall specify whether the Company shall satisfy its conversion obligation by (i) delivering solely shares of Common Stock (“Physical Settlement”), (ii) paying solely cash (“Cash
Settlement”) or (iii) paying and delivering, as the case may be, a combination of cash and shares of Common Stock (“Combination Settlement”). In the case of an election that provides for Combination Settlement, the
relevant Settlement Notice shall indicate the Specified Dollar Amount. If the Company does not deliver a Settlement Notice within the time periods specified above, or if the Company provides a Settlement Notice within the time periods specified
above and elects Combination Settlement but the Settlement Notice does not specify a Specified Dollar Amount, the Company will be deemed to have elected Combination Settlement with a Specified Dollar Amount of $1,000. 

(5) The Settlement Amount in respect of any conversion shall be computed as follows: 

(6) (A) if the Company elects to satisfy its conversion obligation in respect of such conversion through Physical Settlement, the Company will deliver to the
converting Holder a number of shares of Common Stock equal to (1) (i) the aggregate principal amount of Notes to be converted, divided by (ii) $1,000, multiplied by (2) the then-applicable Conversion Rate on the date the
converting Holder becomes a record owner of Common Stock pursuant to the last paragraph of Section 10.02(d); 
 (B) if the Company elects to satisfy
its conversion obligation in respect of such conversion through Cash Settlement, the Company shall pay to the converting Holder cash in an amount per $1,000 principal amount of Notes being converted equal to the sum of the Daily Conversion Values
for each of the 45 consecutive Trading Days during the related Cash Settlement Averaging Period; and 
 (C) if the Company elects to satisfy its conversion
obligation in respect of such conversion through Combination Settlement, the Company shall pay and deliver to the converting Holder, as the case may be, in respect of each $1,000 principal amount of Notes being converted, a Settlement Amount equal
to the sum of the Daily Settlement Amounts for each of the 45 consecutive Trading Days during the related Cash Settlement Averaging Period. 
 (7) The
“Daily Settlement Amount” for each of the 45 consecutive Trading Days of the applicable Cash Settlement Averaging Period, will consist of: 

(A) cash equal to the lesser of (i) a dollar amount per Note to be received upon conversion as specified by the Company in the Settlement Notice (the
“Specified Dollar Amount”), if any, divided by 45 (such quotient being referred to as the “Daily Measurement Value”) and (ii) the Daily Conversion Value; and 

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

(8) In the case of Cash Settlement or Combination Settlement, the Settlement Amount shall be determined by the Company promptly following the last day of the
Cash Settlement Averaging Period. Promptly after such determination of the Settlement Amount and the amount of cash deliverable in lieu of fractional shares (if any), the Company shall notify the Trustee and the Conversion Agent of the Daily
Settlement Amounts or the Daily Conversion Values, as the case may be, and the amount of cash deliverable in lieu of fractional shares of Common Stock. The Trustee and the Conversion Agent shall be entitled to rely exclusively on the notice given by
the Company and shall have no responsibility for any such determination. 

  
 36 

 (b) Notwithstanding the foregoing, the Company will not issue fractional shares of Common Stock as part of
the Settlement Amount due with respect to any converted Note in respect of which shares of Common Stock are deliverable. Instead, if any such Settlement Amount includes a fraction of a share of Common Stock, the Company will, in lieu of delivering
such fraction of a share of Common Stock, pay an amount of cash equal to the product of (i) such fraction of a share and (ii) the Daily VWAP of the Common Stock on the relevant Conversion Data (in the case of Physical Settlement) or on the
last Trading Day of the applicable Cash Settlement Averaging Period (in the case of Combination Settlement), subject in each case to the following paragraph. 

If a Holder surrenders more than one Note for conversion on a single Conversion Date, the Company will calculate the amount of cash and the number of shares
of Common Stock due with respect to such Notes as if such Holder had surrendered for conversion one Note having an aggregate principal amount equal to the sum of the principal amounts of each of the Notes surrendered for conversion by such Holder on
such Conversion Date. 
 (c) If a Holder converts a Note, the Company will not adjust the Conversion Rate to account for any accrued and unpaid interest on
such Note and the Company’s delivery of the amount of cash and the number of shares of Common Stock, if any, into which a Note is convertible will be deemed to satisfy and discharge in full the Company’s obligation to pay the principal of,
and accrued and unpaid Special Interest, if any, on, such Note to, but excluding, the Conversion Date (subject to the provisions of Section 11.02); provided, however, that if a Holder converts a Note after a Regular Record Date
and prior to the Open of Business on the corresponding Special Interest Payment Date, the Company will still be obligated to pay the Special Interest due, if any, on such Special Interest Payment Date to the Holder of such Note on such Regular
Record Date (provided the Holder makes the interest payment upon conversion if so required by Section 10.02(e)). 
 As a result, except as otherwise
provided in the proviso to the immediately preceding sentence, any accrued and unpaid Special Interest with respect to a converted Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited. In addition, if the
Settlement Amount for any Note includes both cash and shares of the Common Stock, accrued and unpaid Special Interest will be deemed to be paid first out of the amount of cash delivered upon such conversion. In no event will a Holder be entitled to
receive any dividend or other distribution with respect to any Common Stock issued on conversion of such Holder’s Notes if the applicable Conversion Date is after the Regular Record Date for such dividend or distribution. Prior to the
settlement of any conversion in accordance with this Section 10.03, a Holder shall not be the owner of any Common Stock issuable upon conversion of such Holder’s Notes. 

(d) Whenever a Conversion Date occurs with respect to a Note, the Conversion Agent will (provided it has received a Conversion Notice from the Depository or
the Holder), as promptly as possible, and in no event later than the Business Day immediately following such Conversion Date, deliver to the Company and the Trustee, if it is not then the Conversion Agent, notice that a Conversion Date has occurred,
which notice will state such Conversion Date, the principal amount of Notes converted on such Conversion Date and the names of the Holders that converted Notes on such Conversion Date. 

Section 10.04 Company to Provide Stock. The Company shall, prior to issuance of any shares of Common Stock under this Article 10, and from
time to time as may be necessary, reserve out of its authorized but unissued shares of Common Stock a sufficient number of shares of Common Stock to permit the conversion of the Notes. 

(a) Any shares of Common Stock delivered upon conversion of the Notes shall be newly issued shares or treasury shares, shall be duly and validly issued and
fully paid and nonassessable, and shall be free from preemptive rights and shall be free of any lien or adverse claim (except any lien or adverse claim created by the action or inaction of the Holder to whom such shares are delivered). The Company
will endeavor promptly to comply with all federal and state securities laws regulating the offer and delivery of Common Stock, as applicable and if any, upon conversion of Notes; provided, that the Company shall not be obligated to register
the offer and sale of the Common Stock under the Securities Act or any other applicable securities laws. In addition, the Company will cause any such shares of Common Stock to be listed on any stock exchange on which the Common Stock is then listed
and will comply with any stock exchange rules applicable to the Notes and/or the Common Stock (or Reference Property) issuable upon conversion of the Notes. 

(b) If any shares of the Common Stock issued upon conversion are required to bear a Restricted Stock Legend, the Company will affix, or will direct its
transfer agent to affix the Restricted Stock Legend upon such shares. 
 Section 10.05 Adjustments to the Conversion Rate. The Conversion Rate
will be adjusted as described in this Section 10.05, except that the Company will not make any adjustments to the Conversion Rate for any Holder that may participate (as a result of holding the Notes, and at the same time as the
holders of the Common Stock participate) in any of the transactions described below as if such Holder held, for each $1,000 principal amount of Notes held, a number of shares of the Common Stock equal to the applicable
Conversion Rate, without having to convert its Notes. 

  
 37 

 (a) Dividends, Distributions, Splits and Combinations. If the Company issues solely shares of the
Common Stock as a dividend or distribution on all or substantially all of the shares of the Common Stock, or if the Company effects a share split or a share combination of the Common Stock, the Conversion Rate will be adjusted based on the following
formula: 
  

			
	CR1= CR0
x	  	OS1
	  	OS0

 where: 
  

			
	CR0 =	  	the Conversion Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date of such dividend or distribution, or immediately prior to the Open of Business on the effective
date of such share split or combination, as the case may be;
		
	CR1 =	  	the Conversion Rate in effect immediately after the Open of Business on the Ex-Dividend Date of such dividend or distribution or the effective date of such share split or combination, as the
case may be;
		
	OS0 =	  	the number of shares of the Common Stock outstanding immediately prior to the Open of Business on such Ex-Dividend Date or effective date, as the case may be; and
		
	OS1 =	  	the number of shares of the Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share combination, as the case may be.

 Any adjustment made under this Section 10.05(a) shall become effective immediately after the Open of Business on the Ex-Dividend Date for such dividend or distribution or the effective date for such share split or combination, as the case may be. If any dividend or distribution of the type described in this Section 10.05(a)
is declared but not so paid or made, then the Conversion Rate shall immediately be readjusted, effective as of the date the Company’s Board of Directors determines not to pay such dividend or distribution to the Conversion Rate that would then
be in effect had such dividend or distribution not been declared or announced. 
 (b) Adjustment for Rights Issue. If the Company issues to all or
substantially all of the holders of the Common Stock any rights, options or warrants (other than pursuant to any rights plan in effect from time to time) entitling such holders for a period of not more than 60 calendar days after the announcement
date of such issuance to subscribe for or purchase shares of the Common Stock, at a price per share less than the average of the Last Reported Sale Prices of the Common Stock for the ten consecutive Trading Day period ending on, and including, the
Trading Day immediately preceding the date of announcement of such issuance, the Conversion Rate will be adjusted based on the following formula: 
  

			
	CR1= CR0
x	  	OS0 + X
	  	 OS0 + Y

 where: 
  

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

  
 38 

 Any adjustment made under this Section 10.05(b) will be made successively whenever any such rights,
options or warrants are issued and shall become effective immediately after the Open of Business on the Ex-Dividend Date for such issuance. To the extent that shares of Common Stock are not delivered after the
expiration of such rights, options or warrants, the Conversion Rate shall be readjusted to the Conversion Rate that would then be in effect had the adjustment made upon the issuance of such rights, options or warrants been made on the basis of
delivery of only the number of shares of Common Stock actually delivered. If such rights, options or warrants are not so issued, the Conversion Rate shall immediately be readjusted to equal the Conversion Rate that would then be in effect had the
relevant adjustment pursuant to this Section 10.05(b) not occurred. 
 For purposes of this Section 10.05(b), in determining whether any issued
rights, options or warrants entitle the holders of the Common Stock to subscribe for or purchase shares of the Common Stock at a price less than the average of the Last Reported Sale Prices of the Common Stock for each Trading Day in the ten
consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the announcement date of such issuance, and in determining the aggregate offering price of such shares of Common Stock, there shall be taken into account
any consideration that the Company receives for such rights, options or warrants and any amount payable on exercise thereof, with the value of such consideration, if other than cash, to be determined by the Board of Directors. 

(c) Other Distributions. 
 (i) If the Company distributes
shares of its Capital Stock, evidences of its indebtedness, other assets or property or rights or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the Common Stock, excluding: 

 

	 	•	 	 dividends or distributions (including subdivisions) and rights, options or warrants for which an adjustment is
made pursuant to Sections 10.05(a) or 10.05(b) above; 

  

	 	•	 	 rights issued to all holders of the Common Stock pursuant to a rights plan, where such rights are not presently
exercisable, continue to trade with the Common Stock and holders will receive such rights together with any Common Stock upon conversion as described below; 

  

	 	•	 	 dividends or distributions paid exclusively in cash for which an adjustment is made pursuant to
Section 10.05(d) below; and 

  

	 	•	 	 Spin-offs for which an adjustment is made pursuant to Section 10.05(c)(ii) below, 

then the Conversion Rate will be adjusted based on the following formula: 
  

			
	CR1= CR0
x	  	SP0
	  	SP0 - FMV

 where: 
  

			
	CR0 =	  	the Conversion Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date for such distribution;
		
	CR1 =	  	the Conversion Rate in effect immediately after the Open of Business on the Ex-Dividend Date for such distribution;
		
	SP0 =	  	the average of the Last Reported Sale Prices of the Common Stock for the ten consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date
for such distribution; and
		
	FMV =	  	the fair market value, as determined by the Company’s Board of Directors, of the shares of Capital Stock evidences of indebtedness, assets, property, or rights or warrants distributed with respect to each outstanding share of
the Common Stock outstanding immediately prior to the Open of Business on the Ex-Dividend Date for such distribution.

 Notwithstanding the foregoing, if “SP0” (as defined above)
minus “FMV” (as defined above) is less than $1.00, in lieu of the foregoing adjustment, each Holder shall receive, for each $1,000 principal amount of Notes held, at the same time and upon the same terms as holders of the Common Stock, the
amount and kind of indebtedness, other assets or property of the Company or rights or warrants to acquire the Company’s Capital Stock or other securities that such Holder would have received as if such Holder had owned a number of shares of the
Common Stock equal to the Conversion Rate in effect on the record date for such distribution. 

  
 39 

 Any adjustment made under this Section 10.05(c)(i) will become effective immediately after the Open of
Business on the Ex-Dividend Date for such distribution. If such distribution is not so paid or made, or if any rights or warrants are not exercised before their expiration date, the Conversion Rate shall be
readjusted to be the Conversion Rate that would then be in effect had such distribution not been declared or to the extent such rights or warrants are not exercised, as applicable. 

(ii) With respect to an adjustment pursuant to this Section 10.05(c) in which there has been a payment of a dividend or other distribution on the Common
Stock of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Company and such dividend or distribution is listed for trading or quoted (or will be listed or quoted
upon consummation of the spin-off) on a National Securities Exchange (a “Spin-off”), the Conversion Rate will be increased based on the following
formula: 
  

			
	CR1= CR0
x	  	FMV0 + MP0
	  	MP0

 where: 
  

			
	CR0 =	  	the Conversion Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date for the Spin-off;
		
	CR1 =	  	the Conversion Rate in effect immediately after the Open of Business on the Ex-Dividend Date for the Spin-off;
		
	FMV0 =	  	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of one share of the Common Stock over the ten consecutive Trading Day period immediately following, and including,
the effective date for the Spin-off (such period, the “Valuation Period”); and
		
	MP0 =	  	the average of the Last Reported Sale Prices of the Common Stock over the Valuation Period.

 Notwithstanding the foregoing, if the Ex-Dividend Date for the Spin-off is less than 10 Trading Days prior to, and including, the end of the Cash Settlement Averaging Period in respect of any conversion, references within this Section 10.05(c)(ii) to 10 Trading Days shall
be deemed replaced, for purposes of calculating the affected Daily Conversion Values in respect of that conversion, with such lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend
Date for the Spin-off to, and including, the last Trading Day of such Cash Settlement Averaging Period. For purposes of determining the applicable Conversion Rate, in respect of any conversion during the 10
Trading Days commencing on the Ex-Dividend Date for any Spin-off, references within the portion of this Section 10.05(c)(ii) related to “Spin-offs” to 10
Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date for such Spin-off to, and
including, the relevant Conversion Date. 
 Any adjustment made pursuant to this Section 10.05(c)(ii) shall become effective as of the Open of Business
on the Ex-Dividend Date for the Spin-off. If such Spin-off is subsequently cancelled and does not become effective, the
Conversion Rate shall be readjusted to be the Conversion Rate that would have been in effect if such Spin-off had not been declared. 

(d) Adjustment for Cash Distributions. If the Company pays cash dividends or distributions to all or substantially all holders of the outstanding
Common Stock, the Conversion Rate will be adjusted based on the following formula: 
  

			
	CR1= CR0
x	  	SP0
	  	SP0 - C

 where: 
  

			
	CR0 =	  	the Conversion Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date for such distribution;

  
 40 

			
	CR1 =	  	the Conversion Rate in effect immediately after the Open of Business on the Ex-Dividend Date for such distribution;
		
	SP0 =	  	the average of the Last Reported Sale Prices of the Common Stock over the ten consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend
Date for such distribution; and
		
	C =	  	the amount in cash per share the Company distributes to holders of the Common Stock in such distribution.

 If “SP0”
(as defined above) minus “C” (as defined above) is less than $1.00, in lieu of the foregoing adjustment, each Holder shall receive, for each $1,000 principal amount of Notes held, at the same time and upon the same terms as holders
of the Common Stock, the amount of cash such Holder would have received if such Holder had owned a number of shares of the Common Stock equal to the Conversion Rate in effect on the record date for such distribution. 

Any adjustment made under this Section 10.05(d) will become effective immediately after the Open of Business on the
Ex-Dividend Date for such distribution. If such distribution is not so paid or made, the Conversion Rate shall be readjusted to be the Conversion Rate that would then be in effect had such distribution not
been declared. 
 (e) Adjustment for Tender Offers or Exchange Offers. If the Company or any of its Subsidiaries makes a payment to holders of the
Common Stock in respect of a tender offer or exchange offer by the Company or any of its Subsidiaries, to the extent that the cash and value of any other consideration included in the payment per share of Common Stock exceeds the average of the Last
Reported Sale Prices of the Common Stock over the ten consecutive Trading Day period commencing on, and including, the Trading Day immediately following the last date on which tenders or exchanges may be made pursuant to such tender offer or
exchange offer (the “Expiration Date”), the Conversion Rate will be increased based on the following formula: 
  

			
	CR1= CR0
x	  	AC + (SP1 x OS1)
	  	 OS0 x SP1

 where: 
  

			
	CR0 =	  	the Conversion Rate in effect immediately prior to the Close of Business on the Expiration Date;
		
	CR1 =	  	the Conversion Rate in effect immediately after the Close of Business on the Expiration Date;
		
	AC =	  	the aggregate value of all cash and any other consideration (as determined by the Company’s Board of Directors) paid or payable for the shares purchased in such tender or exchange offer as of the expiration time of the tender
offer or exchange offer (the “Expiration Time”);
		
	OS0 =	  	the number of shares of Common Stock outstanding immediately prior to the Expiration Time (prior to giving effect to the purchase of shares of Common Stock pursuant to such tender offer or exchange offer);
		
	OS1 =	  	the number of shares of Common Stock outstanding immediately after the Expiration Time (after giving effect to the purchase of shares of such series pursuant to such tender offer or exchange offer); and
		
	SP1 =	  	the average of the Last Reported Sale Prices of the Common Stock over the ten consecutive Trading Day period commencing on, and including, the Trading Day immediately following the Expiration Date.

 The adjustment to the Conversion Rate under this Section 10.05(e) will be given effect at the Open of Business on the
Trading Day next succeeding the Expiration Date. If the Trading Day next succeeding the Expiration Date is less than 10 Trading Days prior to, and including, the end of the Cash Settlement Averaging Period in respect of any conversion, references
within this Section 10.05(e) to 10 Trading Days shall be deemed replaced, for purposes of calculating the affected Daily Conversion Values in respect of that conversion, with such lesser number of Trading Days as have elapsed from, and
including, the Trading Day next succeeding the Expiration Date to, and including, the last Trading Day of such Cash Settlement Averaging Period. For purposes of determining the applicable Conversion Rate, in respect of any conversion during the 10
Trading Days commencing on the Trading Day next succeeding the Expiration Date, references within this Section 10.05(e) to 10 Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed from, and including, the
Trading Day next succeeding the Expiration Date to, and including, the relevant Conversion Date. 

  
 41 

 (f) Holder Participation in Adjustment Events. Notwithstanding the foregoing, if pursuant to this
Section 10.05, an adjustment to the Conversion Rate becomes effective on any Ex-Dividend Date or effective date and a Holder that has converted its Notes would (i) receive shares of Common Stock
based on an adjusted Conversion Rate and (ii) be a record holder of the shares of Common Stock on the record date for the dividend, distribution or event giving rise to the adjustment pursuant to this Section 10.05, then, in lieu or
receiving shares of Common Stock at such an adjusted Conversion Rate, such Holder will participate in the related dividend, distribution or other event giving rise to such adjustment and shall receive a number of shares of Common Stock, if any, upon
conversion based on an unadjusted Conversion Rate. 
 (g) Adjustments Not Yet Effective. If a Holder converts a Note to which Cash Settlement or
Combination Settlement is applicable and, on any Trading Day during the Cash Settlement Averaging Period corresponding to the Conversion Date for such Note: 

(A) shares of Common Stock are deliverable as part of the Daily Settlement Amount for such Trading Day; 

(B) any event that requires an adjustment to the Conversion Rate pursuant to Sections 10.05(a), (b), (c), (d) or (e) has occurred, but will not result in
an adjustment to the Conversion Rate for such Trading Day for such Holder; and 
 (C) the shares of Common Stock (or the cash value thereof) that the Holder
shall receive as part of the Daily Settlement Amount for such Trading Day will not be entitled to participate in the distribution or transaction requiring the adjustment (because such shares were not held by such Holder on the record date
corresponding to such distribution or transaction or otherwise), 
 then the Company will adjust the number of shares of Common Stock (or the cash value
thereof) deliverable to such Holder as part of the Daily Settlement Amount for such Trading Day in a manner that appropriately reflects the relevant distribution or transaction requiring adjustment. 

(h) Other Adjustments. Whenever any provision of this Indenture requires the calculation of Last Reported Sale Prices, Daily VWAPs or any functions
thereof over a span of multiple days, the Board of Directors will make appropriate adjustments to each to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate in which
the Ex-Dividend Date, effective date or expiration date, as the case may be, of the event occurs, at any time prior to or during the period over which such calculation is to be made. 

(i) Rights Plans. If the Company adopts a stockholder rights plan and, on the Conversion Date for a Note, (i) such plan is in effect and
(ii) the rights provided for in such plan have not yet separated from the Common Stock, each share of Common Stock issued upon the conversion of Notes on such Conversion Date (x) shall be entitled to receive the number of rights, if any,
associated with one share of Common Stock under such stockholder rights plan, and (y) shall, if issued in certificated form, bear such legends, if any, as may be required under such stockholder rights plan; provided, however, that
if prior to the Conversion Date for a Note, the rights separate from the Common Stock in accordance with the provisions of the applicable stockholder rights plan, a converting Holder shall not be entitled to receive such rights upon conversion, and
on the date of such separation, the Conversion Rate will be adjusted in accordance with Section 10.05(c); provided, further, that such adjustment shall be subject to readjustment upon the expiration, termination or redemption of
such separated rights. 
 (j) Deferral of Adjustments. Notwithstanding anything to the contrary herein, the Company will not be required to adjust
the Conversion Rate unless such adjustment would require an increase or decrease of at least one percent; provided, however, that any such minor adjustments that are not required to be made will be carried forward and taken into
account in any subsequent adjustment, and provided, further, that any such adjustment of less than one percent that has not been made shall be made upon the occurrence of (i) the Effective Date for any Make-Whole Fundamental
Change, (ii) each Trading Day of any Cash Settlement Averaging Period and (iii) if the Company elects to satisfy its conversion obligation solely in shares of Common Stock, upon any such conversion of Notes. 

(k) Simultaneous and Successive Adjustments. If this Article 10 requires adjustments to the Conversion Rate under more than one of Sections 10.05(a),
(b), (c) or (d), and the Ex-Dividend Dates (or, in the case of a Spin-off, the effective date of such a Spin-off) for the
distributions giving rise to such adjustments shall occur on the same date, then such adjustments shall be made, without duplication, by applying, first, the provisions of Section 10.05(a); second, the provisions of Section 10.05(c);
third, the provisions of Section 10.05(d); and, fourth, the provisions of Section 10.05(b). 

  
 42 

 After an adjustment to the Conversion Rate under this Article 10, any subsequent event requiring an
adjustment under this Article 10 shall cause an adjustment to the Conversion Rate as so adjusted, without duplication. 
 (l) Voluntary Increases.
From time to time, the Company may (but is not required to) increase the Conversion Rate by any amount for a period of at least 20 Business Days if (i) the Board of Directors determines that such increase is in the best interest of the Company,
(ii) such increase is irrevocable during such period, (iii) such increase does not violate applicable law and (iv) if any shares of the Company’s Capital Stock are listed on New York Stock Exchange, such increase does not violate
any applicable New York Stock Exchange rules. In addition, the Company may (but is not required to) increase the Conversion Rate to avoid or diminish the taxation of any subdivisions of the Common Stock, dividends on the Common Stock, rights
distributions to purchase stock or other securities to holders of the Common Stock, or distributions to holders of the Common Stock of securities convertible into or exchangeable for shares of the Common Stock if (i) such increase does not
violate applicable law and (iii) if any shares of the Company’s Capital Stock are listed on the New York Stock Exchange, such increase does not violate applicable New York Stock Exchange rules. 

(m) No Other Adjustments. Except as specifically described in this Section 10.05, the Conversion Rate will not be subject to adjustment as a
result of any issuance of shares of Common Stock, securities convertible into or exchangeable for shares of Common Stock or rights, options or warrants to purchase shares of Common Stock or securities convertible into or exchangeable for shares of
Common Stock. In addition, if the application of the formulas in Sections 10.05(a) through 10.05(e) would result in a decrease in the Conversion Rate, no adjustment to the Conversion Rate will be made (other than as a result of a reverse share split
or share combination); provided that, for the avoidance of doubt, if the Company adjusts the Conversion Rate pursuant to Section 10.05(a), 10.05(b), 10.05(c), or 10.05(d) and the event that gave rise to the adjustment is not paid or
made, delivered or issued or fails to become effective, as applicable, the Company may readjust the Conversion Rate as expressly contemplated in the applicable section. Without limiting the foregoing, the Conversion Rate will not be adjusted upon
the following events: 
 (i) upon the issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of
dividends or interest payable on securities of the Company and the investment of additional optional amounts in shares of Common Stock under any plan; 

(ii) upon the issuance of any shares of Common Stock or options or rights to purchase those shares pursuant to any present or future employee, director or
consultant benefit plan or program of or assumed by the Company or any of its Subsidiaries; 
 (iii) upon the issuance of any shares of Common Stock
pursuant to any option, warrant, right or exercisable, exchangeable or convertible security not described in the preceding clause and outstanding as of the Issue Date; 

(iv) for a change in the par value of the Common Stock; 
 (v)
any accrued and unpaid Special Interest, if any; or 
 (vi) upon the issuance of any shares of Common Stock pursuant to any option, warrant, right, or
exercisable, exchangeable or convertible security outstanding as of the Issue Date. 
 (n) Notice of Adjustments. Whenever an event occurs that will
require an adjustment to the Conversion Rate pursuant to this Section 10.05, the Company shall, at least 35 Scheduled Trading Days prior to the anticipated effective date of such adjustment, mail to the Holders a notice of such event describing
the event requiring adjustment to the Conversion Rate pursuant to this Section 10.05, the effective date of the adjustment and the adjusted Conversion Rate; provided, however, that if on such date, the Company does not have
knowledge of such event or the adjusted Conversion Rate cannot be calculated, the Company shall deliver such notice as promptly as practicable upon obtaining knowledge of such event or information sufficient to make such calculation, as the case may
be, and in no event later than the effective date of such adjustment. On or before the day on which the Company is required to deliver notice to the Holders pursuant to this Section 10.05(n), the Company shall file such notice, together with an
Officer’s Certificate briefly describing the event triggering the adjustment to the Conversion Rate pursuant to this Section 10.05 and the Company’s manner of computing the adjustment, with the Conversion Agent and the Trustee. To the
Trustee and the Conversion Agent, receipt of such notice and of such Officer’s Certificate shall be conclusive evidence that the adjustment is correct and in effect on the effective date stated in such notice. Neither the Trustee nor the
Conversion Agent shall be under any duty or responsibility with respect to any such notice of adjustment except to exhibit the same to any Holder desiring inspection thereof. The failure of the Company to give such notice, or any defect therein,
shall not affect the validity of such adjustment. 

  
 43 

 Section 10.06 Effect of Reclassification, Consolidation, Merger or Sale. 

(a) Upon the occurrence of: 
 (i) any recapitalization,
reclassification or change of the Common Stock (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination for which an adjustment is provided pursuant to
Section 10.05); 
 (ii) any consolidation, merger, or combination involving the Company; 

(iii) any sale, lease or other transfer to another Person of substantially all of the consolidated assets of the Company and its Subsidiaries; or 

(iv) any statutory share exchange, 
 in each case, as a result
of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets (including cash or any combination thereof) (any such event, a “Merger Event,” any such stock, other securities,
other property or assets, “Reference Property,” and the kind and amount of Reference Property that a holder of one share of Common Stock immediately prior to the effective date of such Merger Event would have been entitled to
receive in the applicable Merger Event a “Unit of Reference Property”; provided that if as a result of the applicable Merger Event, each share of Common Stock is converted into the right to receive more than a single type of
consideration (determined based in part upon any form of stockholder election), then each Unit of Reference Property will be deemed to be the per-share of Common Stock weighted average of the types and amounts
of Reference Property received by the holders of Common Stock that affirmatively make such an election) then, at the effective time of such Merger Event, (A) the right to convert each $1,000 principal amount of Notes based on a number of shares
of the Common Stock equal to the applicable Conversion Rate will, without the consent of the Holders, be changed into a right to convert each $1,000 principal amount of Notes based on a number of Units of Reference Property equal to the applicable
Conversion Rate and, (B) prior to or at the effective time of such Merger Event, the Company or the successor or purchasing person, as the case may be, shall execute with the Trustee a supplemental indenture (which shall comply with the TIA as
in force at the date of execution of such supplemental indenture) providing for such change in the right to convert each $1,000 principal amount of Notes; provided, however, that (w) any amount payable in cash upon conversion of
the Notes in accordance with Sections 10.03 and 10.07 hereof shall continue to be payable in cash, (x) the number of shares of Common Stock that the Company would have been required to deliver upon conversion of the Notes in accordance with
Sections 10.03 and 10.07 hereof shall instead be deliverable in Units of Reference Property and (y) the Daily VWAP and the Last Reported Sale Price will, to the extent reasonably possible, be calculated based on the value of a Unit of Reference
Property and the definitions of Trading Day and Market Disruption Event shall be determined by reference to the components of a Unit of Reference Property. 

The Company shall not become a party to any Merger Event unless its terms are consistent with this Section 10.06. The supplemental indenture described in
clause (B) above shall provide for adjustments which shall be as nearly equivalent to the adjustments provided for in this Article 10 in the judgment of the Board of Directors or the board of directors of the successor person. If, in the case
of any such Merger Event, the Reference Property receivable thereupon by a holder of Common Stock includes shares of stock, securities or other property or assets (including cash or any combination thereof) of a person other than the successor or
purchasing person, as the case may be, in such Merger Event, then such supplemental indenture shall also be executed by such other person. 
 (b)
Notices. 
 (i) If the Merger Event causes the Common Stock to be converted into, or exchanged for, the right to receive more than a single type of
consideration (determined based in part upon any form of stockholder election) as contemplated by the first paragraph of Section 10.06(a) such that a Unit of Reference Property is comprised of the
per-share of Common Stock weighted average of the types and amounts of consideration received by the holders of the Common Stock in the Merger Event that affirmatively make such an election, the Company shall
notify Holders of the weighted average as soon as practicable after a determination of such weighted average is made. 
 (ii) As soon as practicable upon
learning the anticipated or actual effective of a Merger Event, the Company shall deliver written notice to the Holders stating: 
 (1) a brief description
of such Merger Event; 

  
 44 

 (2) the Conversion Rate in effect on the date the Company delivers such notice; 

(3) the anticipated effective date for the Merger Event; 
 (4)
that the Notes will be convertible based on Reference Property in lieu of shares of Common Stock on and after the effective date for the Merger Event; and 

(5) the composition of a Unit of Reference Property for such Merger Event. 

(c) If the Company executes a supplemental indenture pursuant to this Section 10.06, as promptly as practicable, the Company shall file with the Trustee
an Officer’s Certificate briefly describing such Merger Event, the composition of a Unit of Reference Property for such Merger Event, any adjustment to be made with respect thereto and that all conditions precedent to such Merger Event under
this Indenture have been complied with. Any failure to deliver such Officer’s Certificate shall not affect the legality or validity of such supplemental indenture. 

(d) The provisions of this Section 10.06 shall apply successively to successive Merger Events. 

Section 10.07 Adjustment to Conversion Rate Upon Certain Transactions. 

(a) If a Make-Whole Fundamental Change occurs and a Holder converts a Note “in connection” with such Make-Whole Fundamental Change, the Company will,
in the circumstances described in this Section 10.07, increase the Conversion Rate for such Note by the number of additional shares Common Stock (the “Additional Shares”) described in this Section 10.07. For the purposes
of this Section 10.07, any conversion during the period beginning on, and including, the effective date of a Make-Whole Fundamental Change (the “Make-Whole Fundamental Change Effective Date”) and ending on, and including, the
Close of Business on the earliest of (i) the 35th Scheduled Trading Day immediately following the Make-Whole Fundamental Change Effective Date, (ii) if the Make-Whole Fundamental Change is also a Fundamental Change, the Fundamental Change
Purchase Date corresponding to such Fundamental Change, and (iii) the second Scheduled Trading Day immediately preceding the Maturity Date, will be deemed to be “in connection with” such Make-Whole Fundamental Change, regardless of
any other condition to conversion. 
 (b) The numbers of Additional Shares by which the Conversion Rate will be increased if a Holder converts a Note in
connection with a Make-Whole Fundamental Change will be determined by reference to the table below, based on the Make-Whole Fundamental Change Effective Date for such Make-Whole Fundamental Change and the Stock Price for such Make-Whole Fundamental
Change. 
 (c) The following table sets forth the Stock Prices and Effective Dates and the number of Additional Shares by which the Conversion Rate will be
increased for a Holder that converts a Note in connection with a Make-Whole Fundamental Change having such Effective Date and Stock Price. The Stock Prices set forth in the first row of the tables (i.e., the column headers) will be adjusted on each
date on which the Conversion Rate is adjusted pursuant to Section 10.05. The adjusted Stock Prices will equal the Stock Prices in effect immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the Conversion
Rate in effect immediately prior to the adjustment giving rise to the share price adjustment, and the denominator of which is the Conversion Rate in effect immediately after the adjustment. The numbers of Additional Shares set forth in the table
below will be adjusted in the same manner and at the same time as the Conversion Rate. 
  

																																																					
	 	  	Stock Price	 
	 Effective Date
	  	$	169.12	 	  	$	180.00	 	  	$	190.00	 	  	$	200.00	 	  	$	211.40	 	  	$	225.00	 	  	$	250.00	 	  	$	275.00	 	  	$	300.00	 	  	$	350.00	 	  	$	400.00	 	  	$	500.00	 	  	$	600.00	 
	 September 17, 2019
	  	 	1.1825	 	  	 	1.0132	 	  	 	0.8817	 	  	 	0.7693	 	  	 	0.6602	 	  	 	0.5519	 	  	 	0.3997	 	  	 	0.2912	 	  	 	0.2126	 	  	 	0.1125	 	  	 	0.0574	 	  	 	0.0106	 	  	 	0.0000	 
	 September 15, 2020
	  	 	1.1825	 	  	 	1.0132	 	  	 	0.8817	 	  	 	0.7693	 	  	 	0.6602	 	  	 	0.5476	 	  	 	0.3885	 	  	 	0.2769	 	  	 	0.1975	 	  	 	0.0992	 	  	 	0.0474	 	  	 	0.0067	 	  	 	0.0000	 
	 September 15, 2021
	  	 	1.1825	 	  	 	1.0132	 	  	 	0.8817	 	  	 	0.7612	 	  	 	0.6384	 	  	 	0.5186	 	  	 	0.3553	 	  	 	0.2440	 	  	 	0.1671	 	  	 	0.0764	 	  	 	0.0321	 	  	 	0.0023	 	  	 	0.0000	 
	 September 15, 2022
	  	 	1.1825	 	  	 	1.0132	 	  	 	0.8507	 	  	 	0.7127	 	  	 	0.5826	 	  	 	0.4583	 	  	 	0.2946	 	  	 	0.1887	 	  	 	0.1197	 	  	 	0.0455	 	  	 	0.0144	 	  	 	0.0000	 	  	 	0.0000	 
	 September 15, 2023
	  	 	1.1825	 	  	 	0.9453	 	  	 	0.7579	 	  	 	0.6051	 	  	 	0.4659	 	  	 	0.3391	 	  	 	0.1863	 	  	 	0.1003	 	  	 	0.0524	 	  	 	0.0117	 	  	 	0.0010	 	  	 	0.0000	 	  	 	0.0000	 
	 September 15, 2024
	  	 	1.1825	 	  	 	0.8251	 	  	 	0.5327	 	  	 	0.2696	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 

 If the exact Stock Price and Make-Whole Fundamental Change Effective Date for a Make-Whole Fundamental Change are not set
forth in the table above, then: 
 (A) if the Stock Price is between two prices listed in the table or the Make-Whole Fundamental Change Effective Date is
between two dates listed in the table, then the number of Additional Shares by which the Conversion Rate will be increased for a Holder that converts its Notes in connection with such Make-Whole Fundamental Change will be determined by a
straight-line interpolation between the numbers of Additional Shares set forth for the higher and lower listed prices in the table and the two Make-Whole Fundamental Change Effective Dates in the table, based on a
365-day year; 

  
 45 

 (B) if the Stock Price is greater than $600.00, subject to adjustment in the same manner and at the same
time as the Stock Prices listed in the table, the Conversion Rate will not be adjusted; and 
 (C) if the Stock Price is less than $169.12, subject to
adjustment in the same manner and at the same time as the Stock Prices listed in the table, the Conversion Rate will not be adjusted. 
 Notwithstanding the
foregoing, in no event will the Conversion Rate exceed 5.9129 shares of Common Stock per $1,000 principal amount of Notes, subject to adjustment in the same manner and at the same time as the Conversion Rate under Section 10.05. 

(d) If a Holder converts a Note in connection with a Make-Whole Fundamental Change, the Company will settle such conversion of such Note in accordance with
Section 10.03; provided, however, that notwithstanding anything to the contrary in Section 10.03, if a Holder converts a Note in connection with a Make-Whole Fundamental Change described in clause (2) of the definition
Fundamental Change in which the holders of the Common Stock receive only cash in consideration for their shares of Common Stock, the Company will settle such conversion by delivering to such Holder, on the second Business Day immediately following
the Conversion Date for such Note, an amount of cash, for each $1,000 principal amount of such Note converted, equal to the product of (i) the Conversion Rate on the Conversion Date for such Note (including any Additional Shares added to such
Conversion Rate pursuant to this Section 10.07) and (ii) the Stock Price. 
 Section 10.08 Miscellaneous. 

(a) Company Determination Final. Any determination and/or calculation that the Company or the Board of Directors must make pursuant to this Article 10
is conclusive, absent manifest error. 
 (b) Trustee’s Disclaimer. The Trustee has no duty to (i) determine or verify whether the
conditions for conversion have been met or (ii) determine when an adjustment under this Article 10 should be made, how it should be made or what it should be. The Trustee shall not be accountable for and makes no representation as to the
validity or value of any securities or assets issued upon conversion of Notes. The Trustee shall not be responsible for the Company’s failure to comply with this Article 10. Each Conversion Agent shall have the same protection under this
Section 10.08 as the Trustee. 
 ARTICLE 11 

NO REGULAR INTEREST; PAYMENT OF SPECIAL INTEREST 

Section 11.01 Special Interest Only. The Notes shall not bear regular cash interest, and the principal amount of the Notes shall not accrete. If
and to the extent Special Interest shall accrue with respect to the Notes, such Special Interest shall be payable semi-annually in arrears on March 15 and September 15 of each year (each, a “Special Interest Payment
Date”), beginning with the next March 15 or September 15, as the case may be, on which any such Special Interest may be payable or, if any such day is not a Business Day, the immediately following Business Day.
Special Interest on a Note shall be paid to the Holder of such Note at the Close of Business on March 1 or September 1 (each, a “Record Date”), as the case may be, immediately preceding the related
Special Interest Payment Date, and shall be computed on the basis of a 360-day year comprised of twelve 30-day months, and, for partial months, on the basis of
the number of days actually elapsed in a 30-day month. In the event of the maturity, conversion, or repurchase of a Note by the Company at the option of the Holder, interest shall cease to
accrue on such Note. If the Conversion Date for a Note occurs after a Record Date but on or before the corresponding Special Interest Payment Date, the Special Interest, if any, payable on such Special Interest Payment Date will be paid to
the Holder of such Note on such Record Date notwithstanding the conversion of such Note. 
 Section 11.02 Defaulted Interest. Any installment of
Special Interest that is payable, but is not punctually paid or duly provided for on any Special Interest Payment Date (“Defaulted Interest”), shall forthwith cease to be payable to the Holders in whose names the Notes
were registered on the Record Date applicable to such installment of Special Interest. Defaulted Interest (including any interest on such Defaulted Interest at the applicable rate at which Special Interest shall then be payable) may be paid by the
Company, at its election, as provided in Sections 11.02(a) or 11.02(b). 
 (a) The Company may elect to make payment of any Defaulted Interest
(including any interest on such Defaulted Interest at the applicable rate at which Special Interest shall then be payable) to the Holders in whose names the Notes are registered at the Close of Business on a special record date for the payment of
such Defaulted Interest (a “Special Record Date”), which 

  
 46 

 
shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid 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 prior to the date
of the proposed payment, such money when deposited to be held in trust for the benefit of the Holders entitled to such Defaulted Interest as provided in this Section 11.02(a). Thereupon the Trustee shall fix a Special Record Date for the
payment of such Defaulted Interest, which shall be not more than 15 calendar days and not less than ten calendar days prior to the date of the proposed payment and not less than ten calendar days after the receipt by the Trustee of the notice of the
proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date
therefor to be sent by first-class mail, postage prepaid, to each Holder at such Holder’s address as it appears in the registration books of the Registrar, not less than ten calendar days prior to 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 Holders in whose names the Notes are registered at the Close of Business on such Special
Record Date and shall no longer be payable pursuant to Section 11.02(b). 
 (b) Alternatively, the Company may make payment of any Defaulted Interest
(including any interest on such Defaulted Interest at the applicable rate at which Special Interest shall then be payable) in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes 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 Section 11.02(b), such manner of payment shall be deemed practicable by the Trustee. 

Section 11.03 Interest Rights Preserved. Subject to the foregoing provisions of this Article 11 and, to the extent applicable,
Sections 2.06 and 2.07, each Note delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were
carried by such other Note. 
 Section 11.04 Other Provisions Applicable to the Payment of Special Interest. Whenever Special Interest is
accruing on a Record Date, the Company will pay all accrued and unpaid Special Interest to the Holders of record on such Record Date on the corresponding Special Interest Payment Date. If Special Interest is not accruing on a Record Date, but has
accrued since the immediately preceding Record Date, the Company shall pay any accrued and unpaid Special Interest on the Special Interest Payment Date corresponding to the latter Record Date to Holders of record on the latter Record Date. 

If the Company is required to pay Special Interest to Holders, the Company shall provide a direction or order in the form of a written notice to the Trustee
(and if the Trustee is not the Paying Agent, to the Paying Agent) of the Company’s obligation to pay such Special Interest no later than three Business Days prior to the date on which any such Special Interest is scheduled to be paid. Such
notice shall set forth the amount of Special Interest to be paid by the Company on such payment date and direct the Trustee (or, if the Trustee is not the Paying Agent, direct the Paying Agent) to make payment to the extent it receives funds from
the Company to do so. The Trustee shall not at any time be under any duty or responsibility to any Holder to determine whether the Special Interest is payable, or with respect to the nature, extent, or calculation of the amount of the Special
Interest owed, or with respect to the method employed in such calculation of the Special Interest. 
 ARTICLE 12 

RESERVED 
 ARTICLE 13

 RESERVED 

ARTICLE 14 

MISCELLANEOUS 
 Section 14.01 Trust
Indenture Act Controls. If any provision of this Indenture limits, qualifies, or conflicts with another provision that would be required to be included in this Indenture by the TIA, the required provision shall control. 

Section 14.02 Notices. Any request, demand, authorization, notice, waiver, consent or communication shall be in writing and delivered in Person or
mailed by first-class mail, postage prepaid, addressed as follows or transmitted by facsimile transmission or other similar means of unsecured electronic methods to the following: 

  
 47 

 if to the Company: 

RH 
 15 Koch Road, Suite K 

Corte Madera, California 94925 
 Attn: Office of Legal Counsel

 Attn: Chief Financial Officer 
 Chief Legal Officer 

Facsimile: (415) 927-7264 

With a copy to: 
 Morrison & Foerster LLP 

425 Market Street 
 San Francisco, California 94105 

Attn: Gavin B. Grover, Esq. 
 Facsimile: (415) 268-7522 
 if to the Trustee, Registrar, Paying Agent or Conversion Agent: 

U.S. Bank National Association 
 225 Asylum Street, 23rd Floor 
 Hartford, Connecticut 06103 

Facsimile: (866) 640-1284 

Attn: Alicia Pelletier 
 if to the Administrative Agent: 

Bank of America, N.A. 
 100 Federal Street, 9th Floor 

Boston, Massachusetts 02110 
 Attention: Stephen J. Garvin,
Managing Director 
 Facsimile: (617) 434-4312 

Telephone: (617) 434-9399 

E-mail: stephen.garvin@baml.com 

with a copy to: 
 Riemer & Braunstein LLP 

Three Center Plaza 
 Boston, Massachusetts 02108 

Attention: Marjorie S. Crider, Esq. 
 Facsimile: (617) 692-3423 
 Telephone: (617) 880-3423 

E-mail: mcrider@riemerlaw.com 

The Company or the Trustee, by notice given to the other in the manner provided above, may designate additional or different addresses for subsequent notices
or communications. 
 Any notice or communication given to a Holder shall be mailed to the Holder, by first-class mail, postage prepaid, at the
Holder’s address as it appears on the registration books of the Registrar, or by electronic transmission in the case of Notes held in book-entry form, and shall be deemed given on the date of such mailing or transmission. 

Failure to send a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or
communication is sent in the manner provided above, it is duly given, whether or not received by the addressee. 
 If the Company sends a notice or
communication to the Holders, it shall, at the same time, send a copy to the Trustee and each of the Registrar, Paying Agent and Conversion Agent. If the Company is required under this Indenture to give a notice to the Holders, in lieu of delivering
such notice to the Holders, the Company may deliver such notice to the Trustee and cause 

  
 48 

 
the Trustee to have delivered such notice to the Holders on or prior to the date on which the Company would otherwise have been required to deliver such notice to the Holders. In such a case, the
Company shall also cause the Trustee to send a copy of the notice to each of the Registrar, Paying Agent and Conversion Agent at the same time it mails the notice to the Holders. 

Section 14.03 Communication by Holders with Other Holders. Holders may communicate pursuant to TIA Section 312(b) with other Holders with
respect to their rights under this Indenture or the Notes. The Company, the Trustee, the Registrar, the Paying Agent, the Conversion Agent and anyone else shall have the protection of TIA Section 312(c). 

Section 14.04 Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take any action
under this Indenture, the Company shall furnish to the Trustee: 
 (a) an Officer’s Certificate stating that, in the judgment of the signers,
all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 
 (b) an Opinion of Counsel
stating that, in the judgment of such counsel, all such conditions precedent relating to the proposed action (to the extent of legal conclusions) have been complied with. 

Section 14.05 Statements Required in Certificate or Opinion. Each Officer’s Certificate or Opinion of Counsel with respect to compliance with
a covenant or condition (except for such Officer’s Certificate required to be delivered pursuant to Section 4.03) provided for in this Indenture shall include: 

(a) a statement that each Person making such Officer’s Certificate or Opinion of Counsel has read such covenant or condition; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or judgments contained in such Officer’s
Certificate or Opinion of Counsel are based; 
 (c) a statement that, in the judgment of each such Person, he has made such examination or investigation as
is necessary to enable such Person to express an informed judgment as to whether or not such covenant or condition has been complied with; and 
 (d) a
statement that, in the judgment of such Person, such covenant or condition has been complied with. 
 Section 14.06 Separability Clause. In case
any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 14.07 Rules by Trustee. The Trustee may make reasonable rules for action by or a meeting of Holders. 

Section 14.08 Governing Law. THE INDENTURE AND EACH NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO ANY APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

Section 14.09 No Recourse Against Others. No director, officer, employee or stockholder, as such, of the Company shall have any liability for any
obligation of the Company under the Notes or this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder shall waive and release all such liability. The waiver and
release shall be part of the consideration for the issue of the Notes. 
 Section 14.10 Calculations. The Company will be responsible for making
all calculations called for under the Notes. These calculations include, but are not limited to, determinations of the Last Reported Sale Prices of the Common Stock, Daily VWAPs, Daily Conversion Values, Daily Settlement Amounts, Special Interest
payable on the Notes, if any, and the Conversion Rate in effect on any Conversion Date. 
 The Company will make these calculations in good faith and,
absent manifest error, the calculations will be final and binding on Holders. The Company will provide to each of the Trustee and the Conversion Agent a schedule of its calculations, and each of the Trustee and Conversion Agent is entitled to rely
upon the accuracy of such calculations without independent verification. The Trustee will forward the Company’s calculations to any Holder upon the request of such Holder. 

  
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 All calculations shall be made to the nearest cent or to the nearest 1/10,000th of a share, as the case may
be. 
 Section 14.11 Successors. All agreements of the Company, the Trustee, the Registrar, the Paying Agent and the Conversion
Agent in this Indenture and the Notes shall bind their respective successors. 
 Section 14.12 Multiple Originals. The parties may sign any
number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall
constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their
original signatures for all purposes. One signed copy is enough to prove this Indenture. 
 Section 14.13 Table of Contents; Headings. The table
of contents and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions
hereof. 
 Section 14.14 Force Majeure. The Trustee, Registrar, Paying Agent, Bid Solicitation Agent and Conversion Agent
shall not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of such person (including but not limited to any act or provision of any
present or future law or regulation or governmental authority, any act of God or war, civil unrest, local or national disturbance or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank
wire or facsimile or other wire or communication facility). 
 Section 14.15 Submission to Jurisdiction. The Company (i) agrees that any
suit, action or proceeding against it arising out of or relating to this Indenture or the Notes, as the case may be, may be instituted in any U.S. federal court with applicable subject matter jurisdiction sitting in The City of
New York; (ii) waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such suit, action or proceeding, and any claim that any suit, action or
proceeding in such a court has been brought in an inconvenient forum; and (iii) submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding. 

Section 14.16 Legal Holidays. In any case where any Special Interest Payment Date, Fundamental Change Purchase Date, Conversion Date or
Maturity Date is not a Business Day, then any action to be taken on such date need not be taken on such date, but may be taken on the immediately following Business Day with the same force and effect as if taken on such date,
and no Special Interest, if any shall then be accruing, shall accrue for the period from and after such date. 
 Section 14.17 No Security Interest
Created. Except as provided in Section 7.07, nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter
enacted and in effect, in any jurisdiction. 
 Section 14.18 Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed
or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Registrar and their successors hereunder or the Holders, any benefit or any legal or equitable right, remedy
or claim under this Indenture. 

  
 50 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as a deed the day and
year first before written. 
  

			
	ISSUER:
	
	RH
		
	By:	 	 /s/ Jack Preston

	Name:	 	Jack Preston
	Title:	 	Chief Financial Officer

  
 [Signature Page to
Indenture] 

 
			
	TRUSTEE:
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee, Paying Agent, Registrar, Bid Solicitation Agent and Conversion Agent
		
	By:	 	 /s/ Laurel A. Melody Casasanta

	Name:	 	Laurel A. Melody Casasanta
	Title:	 	Officer

  
 [Signature Page to
Indenture] 

 EXHIBIT A 

FORM OF NOTE 
 [FORM OF FACE
OF NOTE] 
 [Include the following legend for Global Notes only (the “Global Securities Legend”):] 

[THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE
DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS CONVERTIBLE NOTE FOR ALL PURPOSES. 
 UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO
TRANSFERS TO NOMINEES OF THE DEPOSITORY TRUST COMPANY, OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN
ARTICLE TWO OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.] 
 [Include the following legend on all Notes that are Restricted Notes (the
“Restricted Securities Legend”):] 
 [THE SALE OF THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, PRIOR TO THE RESALE RESTRICTION TERMINATION DATE (AS DEFINED BELOW), THIS NOTE AND ANY COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE (AND ANY BENEFICIAL INTEREST HEREIN
OR THEREIN) MAY NOT BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED, EXCEPT: 
  

	(A)	 TO THE COMPANY OR ANY SUBSIDIARY THEREOF; 

 

	(B)	 PURSUANT TO A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT; 

 

	(C)	 TO A PERSON THAT YOU REASONABLY BELIEVE TO BE A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A
UNDER THE SECURITIES ACT; OR 

  

	(D)	 UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (INCLUDING, IF
AVAILABLE, THE EXEMPTION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT). 

 THE “RESALE RESTRICTION TERMINATION DATE” MEANS THE
DATE: (A) THAT IS AT LEAST ONE YEAR AFTER THE LAST DATE OF ORIGINAL ISSUANCE OF THE NOTES; AND (B) ON WHICH THE COMPANY HAS INSTRUCTED THE TRUSTEE THAT THIS LEGEND WILL NO LONGER APPLY IN ACCORDANCE WITH THE PROCEDURES DESCRIBED IN THE
INDENTURE. 
 PRIOR TO ANY TRANSFER PURSUANT TO THE FOREGOING CLAUSE (D), THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH
CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THEY MAY REASONABLY REQUIRE AND MAY RELY UPON TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. 
 NO AFFILIATE OF THE COMPANY MAY PURCHASE OR OTHERWISE ACQUIRE NOTES.] 

No.: 1 
 CUSIP: 74967X AC7 

ISIN: US74967XAC74 

  
 A-1 

 Principal Amount: $ [    ] 

[as revised by the Schedule of Increases 

and Decreases of Global Note attached hereto]1 

RH 
 0.00% Convertible
Senior Notes due 2024 
 RH, a Delaware corporation, promises to pay to [ ] [include “Cede & Co.” for Global
Note] or registered assigns, the principal amount of $ [ ] [include for Global Note: or such lesser amount set forth on the Schedule of Increases and Decreases of Global Note attached hereto (as the same may be revised from time to time)] on
September 15, 2024 (the “Maturity Date”). 
 Special Interest Payment Dates, if applicable: March 15 and September 15. 

Record Dates: March 1 and September 1. 
 Additional
provisions of this Note are set forth on the other side of this Note. 
  

			
	RH	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated: 

 

	1 	 Include for Global Note only 

  
 A-2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

U.S. BANK NATIONAL ASSOCIATION, as Trustee, certifies that this is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	By:	 	  

	Name:	 	
	Title:	 	Authorized Signatory

 Dated: 

  
 A-3 

 [FORM OF REVERSE OF NOTE] 

RH 
 0.00% Convertible Senior
Notes due 2024 
 This Note is one of a duly authorized issue of Notes of the Company, designated as its 0.00% Convertible Senior Notes due 2024 (the
“Notes”), all issued or to be issued under and pursuant to an Indenture dated as of September 17, 2019 (the “Indenture”), between the Company and U.S. Bank National Association (the “Trustee”),
to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders. Capitalized terms
used but not defined herein shall have the meaning ascribed to them in the Indenture. 
  

	1.	 Interest. 

This Note shall bear no regular cash interest, and the principal amount of this Note shall not accrete. Special Interest is payable semiannually in arrears on
March 15 and September 15, if and to the extent Special Interest shall accrue and be payable on such Special Interest Payment Date pursuant to the within-mentioned Indenture, to the Holder of record of this Note as of the Close of Business
on the March 1 or September 1 immediately preceding the related Special Interest Payment Date. Special Interest will be payable as set forth in Section 4.02 and Section 6.01 of the within-mentioned Indenture, and any reference to
interest on, or in respect of, any Note therein shall be deemed to refer solely to Special Interest if, in such context, Special Interest is, was or would be payable pursuant to any of such sections or any interest on any Defaulted Interest payable
as set forth in Section 11.02 in the within-mentioned Indenture. 
 Any payment required to be made on any day that is not a Business Day shall be made
on the next succeeding Business Day and no interest or other amount will be paid as a result of any such postponement. Special Interest, if any, shall be calculated using a 360-day year composed of twelve 30-day months. Any Special Interest shall cease to accrue on this Note upon its Maturity Date, conversion or repurchase by the Company at the option of the Holder upon the occurrence of a Fundamental Change. 

Subject to certain exceptions, Special Interest, if any, on Notes converted after a Record Date, but on or prior to the corresponding Special Interest Payment
Date, will be paid to the Holder of the Notes on the Record Date, but upon conversion, the Holder must pay the Company the Special Interest which has accrued and will be paid by the Company on such Special Interest Payment Date. No such payment need
be made (1) if the Company has specified a Fundamental Change Purchase Date that is after a Record Date and on or prior to the next Special Interest Payment Date; (2) to the extent of overdue Special Interest, if any overdue interest
exists on the Conversion Date with respect to such Notes; or (3) if such Notes are surrendered for conversion after the Close of Business on the Record Date immediately preceding the Maturity Date. 

 

	2.	 Method of Payment. 

The Company shall promptly make all payments in respect of the Notes on the dates and in the manner provided herein and in the Indenture. Holders must
surrender Notes to a Paying Agent to collect principal payments. The Company will pay principal, accrued and unpaid Special Interest, if any, or payment of the Fundamental Change Purchase Price in money of the United States that at the time of
payment is legal tender for payment of public and private debts. The Company will make all payments in respect of a Global Note registered in the name of the Depositary or its nominee to the Depositary or its nominee, as the case may be, by wire
transfer of immediately available funds to the account specified by such Holder. If a Special Interest Payment Date is a date other than a Business Day, payment may be made at that place on the next succeeding day that is a Business Day and no
interest shall accrue for the intervening period. 
  

	3.	 Paying Agent, Conversion Agent and Registrar. 

Initially, U.S. Bank National Association, will act as the Trustee, Paying Agent, Conversion Agent and Registrar. The Company may appoint and change any Paying
Agent, Conversion Agent or Registrar without notice, other than notice to the Trustee; provided, however, that the Company will maintain at least one Paying Agent in the United States of America, which shall initially be an office or
agency of the Trustee. The Company or any of its Subsidiaries or any of their affiliates may act as Paying Agent, Conversion Agent or Registrar. 

  
 A-4 

	4.	 Indenture. 

The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the TIA. Capitalized terms used herein and
not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of those terms. 

 

	5.	 Purchase by the Company at the Option of the Holder upon a Fundamental Change. 

(a) At the option of the Holder, and subject to the terms and conditions of the Indenture, upon the occurrence of a Fundamental Change, each Holder will have
the right, at its option, to require the Company to purchase for cash all of its Notes, or any portion of its Notes in principal amount equal to $1,000 or an integral multiple of thereof, at a Fundamental Change Purchase Price equal to 100% of the
principal amount of Notes to be purchased plus accrued and unpaid Special Interest, if any, to but excluding, the Fundamental Change Purchase Date. To exercise its purchase right, a Holder must deliver, on or before the Close of Business on the
Business Day immediately preceding the Fundamental Change Purchase Date, written notice to the Trustee of such Holder’s exercise of its purchase right, together with the Notes with respect to which the right is being exercised. Subject to such
Holder’s satisfaction of certain requirements in the Indenture, the Company is required to purchase the Notes on a date specified by the Company that is no fewer than 20 calendar days and no more than 35 calendar days after the date on which
the Company delivers notice of the Fundamental Change, which date of notice shall be after the effective date of the Fundamental Change but no more than 20 calendar days after such effective date. 

(b) Holders have the right to withdraw a Fundamental Change Purchase Notice delivered pursuant to Paragraph 5(a) above by delivering to the Paying Agent, in
accordance with the provisions of the Indenture, a written notice of withdrawal at any time prior to the Close of Business on the Business Day immediately preceding the Fundamental Change Purchase Date. If cash sufficient to pay the Fundamental
Change Purchase Price of all Notes or portions thereof to be repurchased as of the Fundamental Change Purchase Date is deposited with the Paying Agent on the Fundamental Change Purchase Date, Special Interest, if any, will cease to accrue on such
Notes (or portions thereof) immediately after such Fundamental Change Purchase Date, and the Holder thereof shall have no other rights as such other than the right to receive the Fundamental Change Purchase Price upon surrender of such Note. 

 

	6.	 Conversion. 

(a) Subject to and upon compliance with the provisions of the Indenture (including, without limitation, the conditions to conversion of this Note set forth in
Section 10.01 of the Indenture), a Holder hereof has the right, at such Holder’s option, to convert the principal amount hereof or any portion of such principal amount that is $1,000 or an integral multiple thereof, subject to Sections
10.01 and 10.03 of the Indenture, into cash, shares of Common Stock or any combination of cash and shares of Common Stock, at the Company’s election, at the Conversion Rate in effect on the Conversion Date. The Conversion Rate shall initially
equal 4.7304 shares of Common Stock per $1,000 and is subject to adjustment in the manner set forth in the Indenture. 
 (b) To surrender a Note for
conversion, a Holder must (1) complete and manually sign the irrevocable conversion notice below or as provided by the Conversion Agent (or complete and manually sign a facsimile of such notice) and deliver such notice to the Conversion Agent;
(2) surrender the Note to the Conversion Agent (if the Note is a Certificated Note); (3) if required, furnish appropriate endorsements and transfer documents; (4) if required pay all transfer or similar taxes; and (5) if required, pay
funds under Sections 10.02(e) and 10.02(f) of the Indenture. If a Holder holds a beneficial interest in a Global Note, such Holder must also comply with any procedure of DTC applicable to the conversion of a beneficial interest in such Global Note.

  

	7.	 Denominations; Transfer; Exchange. 

The Notes are in fully registered form, without coupons, in denominations of $1,000 of principal amount and integral multiples of $1,000. A Holder may transfer
or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The
Registrar need not transfer or exchange any Notes in respect of which a Fundamental Change Purchase Notice has been given and not withdrawn (except, in the case of a Note to be repurchased in part, the portion of the Note not to be repurchased).

  
 A-5 

	8.	 Amendment, Supplement and Waiver. 

Subject to certain exceptions, the Indenture or the Notes may be amended or supplemented with the written consent of the Holders of at least a majority in
aggregate principal amount of the Notes at the time outstanding, by the Company and the Trustee. The Company and the Trustee may also amend or supplement the Indenture or the Notes without the consent of any Holder in accordance with the provisions
of the Indenture. 
  

	9.	 Defaults and Remedies. 

The Indenture provides that if an Event of Default (other than an Event of Default specified in Sections 6.01(a)(viii) or 6.01(a)(ix) of the Indenture with
respect to the Company) occurs and is continuing, the Trustee by notice to the Company or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding by notice to the Company and the Trustee, may declare the principal
amount plus accrued and unpaid Special Interest, if any, on the Notes to be due and payable immediately. If an Event of Default specified in Sections 6.01(a)(viii) or 6.01(a)(ix) of the Indenture with respect to the Company (and not solely with
respect to one or more of its Significant Subsidiaries), occurs and is continuing, the principal amount plus accrued and unpaid Special Interest, if any, on the Notes shall, automatically and without any action by the Trustee or any Holder, become
and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. The Holders of a majority in aggregate principal amount of the Notes at the time outstanding, by notice to the Trustee and the
Company, and without notice to any other Holder, may rescind any declaration of acceleration if the rescission would not conflict with any judgment or decree and if all existing Events of Default have been cured or waived other than nonpayment of
the principal amount or accrued but unpaid Special Interest, if any, that have become due solely as a result of acceleration. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 

 

	10.	 Persons Deemed Owners. 

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

 

	11.	 Unclaimed Money or Notes. 

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

	12.	 Trustee Dealings with the Company. 

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

 

	13.	 Calculations in Respect of Notes. 

The Company will be responsible for making all calculations called for under the Notes. These calculations include, but are not limited to, determinations of
the Last Reported Sale Prices of Common Stock, Daily VWAPs, Daily Conversion Values, Daily Settlement Amounts, accrued Special Interest, if any, payable on the Notes and the Conversion Rate in effect on any Conversion Date. 

The Company will make these calculations in good faith and, absent manifest error, the calculations will be final and binding on Holders of the Notes. The
Company will provide to each of the Trustee and Conversion Agent schedule of its calculations, and each of the Trustee and Conversion Agent is entitled to rely upon the accuracy of such calculations without independent verification. The Trustee will
forward the Company’s calculations to any Holder of the Notes upon the request of such Holder. 
  

	14.	 No Recourse Against Others. 

A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Notes or the
Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the
Notes. 

  
 A-6 

	15.	 Authentication. 

This Note shall not be valid until an authorized signatory of the Trustee manually signs the Trustee’s certificate of authentication on the other side of
this Note. 
  

	16.	 Abbreviations. 

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

	17.	 GOVERNING LAW. 

THE INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO ANY
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  

	18.	 CUSIP Numbers. 

Pursuant to a recommendation promulgated by the Committee on Uniform Note Identification Procedures, the Company has caused CUSIP numbers to be printed on the
Notes and the Trustee may use CUSIP numbers in notices as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice and reliance may be placed only on the
other identification numbers placed thereon. 
  

	19.	 Special Interest. 

Holders shall be entitled to payments of Special Interest to the extent set forth in the Indenture. 

  
 A-7 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note 
 (Insert assignee’s soc. sec. or tax ID no.) 

(Print or type assignee’s name, address and zip code) 
 and
irrevocably appoint agent to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

  
 A-8 

 CONVERSION NOTICE 

To convert this Note into shares of the Common Stock of the Company, check the box ☐ 

To convert only part of this Note, state the principal amount to be converted (which must be $1,000 or an integral multiple of $1,000): 

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

(Insert the other Person’s soc. sec. or tax ID no.) 

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

							
	Date:	 		 	                    Your Signature:	 	

 (Sign exactly as your name appears on the other side of this Note) 

 

			
	Signature Guaranteed
	
	     

	Participant in a Recognized Signature
	Guarantee Medallion Program
		
	By:	 	  

		 	Authorized Signatory

  
 A-9 

 FUNDAMENTAL CHANGE PURCHASE NOTICE 

U.S. Bank National Association 
 225 Asylum Street, 23rd Floor

 Hartford, Connecticut 06103 
 Facsimile: (866) 640-1284 
 Attn: Corporate Trust Services 

The undersigned registered owner of this Note hereby acknowledges receipt of a notice from RH (the “Company”) as to the occurrence of a
Fundamental Change with respect to the Company and specifying the Fundamental Change Purchase Date and requests and instructs the Company to pay to the registered holder hereof in accordance with the applicable provisions of the Indenture referred
to in this Note (1) the entire principal amount of this Note, or the portion thereof (that is equal to $1,000 principal amount or an integral multiple thereof) below designated, and (2) if such Fundamental Change Purchase Date does not
fall during the period after a Record Date and on or prior to the corresponding Special Interest Payment Date, if any Special Interest shall then be accruing, accrued and unpaid Special Interest thereon to, but excluding, such Fundamental Change
Purchase Date. 
 Certificate Number: 
 Dated: 

 

	
	  

	Signature(s)
	
	     

	Social Security or Other Taxpayer Identification Number

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

$                    ,000 

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

  
 A-10 

 [Include for Global Note] 

SCHEDULE OF INCREASES AND DECREASES OF GLOBAL NOTE 

Initial Principal Amount of Global Note: 
  

									
	 Date
	 	 Amount of
Increase in
Principal
Amount
of
Global Note
	 	
Amount of
Decrease in
Principal Amount
of Global Note
	 	 Principal

Amount

of Global
 Note

After
 Increase

or
 Decrease
	 	 Notation

by
Registrar
 or
Note
Custodian

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  
 A-11 

 EXHIBIT B 

FORM OF TRANSFER CERTIFICATE 

0.00% Convertible Senior Notes due 2024 

Transfer Certificate 
 In connection with any
transfer of any of the Notes within the period prior to the expiration of the holding period applicable to sales thereof under Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”) (or any successor
provision), the undersigned registered owner of this Note hereby certifies with respect to $                     principal amount of the
above-captioned Notes presented or surrendered on the date hereof (the “Surrendered Notes”) for registration of transfer, or for exchange or conversion where the securities issuable upon such exchange or conversion are to be
registered in a name other than that of the undersigned registered owner (each such transaction being a “transfer”), that such transfer complies with the restrictive legend set forth on the face of the Surrendered Notes for the
reason checked below: 
  

	 	☐	 A transfer of the Surrendered Notes is made to the Company or any of its Subsidiaries; or

  

	 	☐	 The transfer of the Surrendered Notes complies with Rule 144A under the Securities Act; or

  

	 	☐	 The transfer of the Surrendered Notes is pursuant to an effective registration statement under the Securities
Act; or 

  

	 	☐	 The transfer of the Surrendered Notes is pursuant to another available exemption from the registration
requirement of the Securities Act. 

 The undersigned confirms that, to the undersigned’s knowledge, such Notes are not being
transferred to an “affiliate” of the Company as defined in Rule 144 under the Securities Act (an “Affiliate”). 
  

			
	Date:	 	  

		
	By:	 	  

 (If the registered owner is a corporation, partnership or fiduciary, 

the title of the Person signing on behalf of such registered owner must be stated.) 

 

			
	Signature Guaranteed
	
	      

	Participant in a Recognized Signature
	Guarantee Medallion Program
		
	By:	 	  

		 	Authorized Signatory

  
 B-1 

 EXHIBIT C 

RESTRICTED STOCK LEGEND 
 THE SALE OF THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, PRIOR TO THE RESALE RESTRICTION TERMINATION DATE (AS DEFINED BELOW), THIS SECURITY (AND ANY BENEFICIAL
INTEREST HEREIN) MAY NOT BE OFFERED, RESOLD, OR OTHERWISE TRANSFERRED, EXCEPT: 
  

	(A)	 TO THE COMPANY OR ANY SUBSIDIARY THEREOF; 

 

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

  

	(C)	 UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (INCLUDING, IF
AVAILABLE, THE EXEMPTION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT). 

 THE “RESALE RESTRICTION TERMINATION DATE” MEANS THE
DATE: (A) THAT IS AT LEAST ONE YEAR AFTER THE LAST DATE OF ORIGINAL ISSUANCE OF THE COMPANY’S 0.00% CONVERTIBLE SENIOR NOTES DUE 2024; AND (B) ON WHICH THE COMPANY HAS INSTRUCTED THE TRANSFER AGENT THAT THIS LEGEND WILL NO LONGER
APPLY, IN ACCORDANCE WITH THE PROCEDURES DESCRIBED IN THE INDENTURE FOR THE NOTES. 
 PRIOR TO ANY TRANSFER PURSUANT TO THE FOREGOING CLAUSE (C), THE
COMPANY AND THE COMPANY’S TRANSFER AGENT RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THEY MAY REASONABLY REQUIRE AND MAY RELY UPON TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT
TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

  
 C-1

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