Document:

Sixth Loan Modification Agreement between the Company and Silicon Valley Bank

 Exhibit 10.17 
 SIXTH LOAN MODIFICATION AGREEMENT 
 This Sixth Loan Modification Agreement
(this “Loan Modification Agreement”) is entered into as of September 29, 2011, by and between (a) SILICON VALLEY BANK, a California corporation (“Bank”), with its principal place of business at 3003 Tasman Drive,
Santa Clara, California 95054 and (b) JIVE SOFTWARE, INC., a Delaware corporation (“Borrower”), with its principal place of business at 915 SW Stark Street, Suite 400, Portland, Oregon 97205. 

1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Borrower is indebted to Bank pursuant to a loan arrangement dated as of October 14,
2008, evidenced by, among other documents, a certain Amended and Restated Loan and Security Agreement dated as of October 14, 2008, as amended by that certain First Amendment to Amended and Restated Loan and Security Agreement dated as of
August 3, 2009, as further amended by that certain Second Amendment to Amended and Restated Loan and Security Agreement dated as of April 6, 2010, as further amended by that certain Third Amendment to Amended and Restated Loan and Security
Agreement dated as of September 24, 2010, as further amended by that certain Fourth Amendment to Amended and Restated Loan and Security Agreement dated as of March 31, 2011, and as further amended by that certain Fifth Loan Modification
Agreement dated as of May 17, 2011 (as the same may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”). Capitalized terms used but not otherwise defined herein shall have the same meaning
as in the Loan Agreement. 
 2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the Collateral as described in the
Loan Agreement (together with any other collateral security granted to Bank, the “Security Documents”). Hereinafter, the Security Documents, together with all other documents evidencing or securing the Obligations shall be referred to as
the “Existing Loan Documents”. 
 3. DESCRIPTION OF CHANGE IN TERMS. 

 

	 	A.	Modifications to Loan Agreement. 

  

	 	1	The Loan Agreement shall be amended by deleting the following text, appearing in Section 6.7 thereof: 

“ 6.7 Financial Covenants. 
 Borrower shall maintain at all times, to be tested as of the last day of each month: 
 (a) Liquidity Ratio. A Liquidity Ratio of at least 2.0 to 1.0.” 
 and
inserting in lieu thereof the following: 
 “ 6.7 Financial Covenants. 

Borrower shall maintain at all times: 

(a) Liquidity Ratio. To be tested as of the last day of each month, a Liquidity Ratio of at
least (i) through and including the month ending September 30, 2011, 2.0 to 1.0 and (ii) as of October 1, 2011 and thereafter, (A) with respect to the first (1st) and second (2nd) months of each calendar quarter, 1.50 to 1.0 and (B) with respect to the third (3rd) month of each calendar quarter, 2.0 to 1.0. Notwithstanding
the foregoing, immediately upon the occurrence of 

 
the Equity Event and at all times thereafter, Borrower shall maintain at all times, to be tested as of the last day of each month, a Liquidity Ratio of at least 2.0 to 1.0.” 

 

	 	2	Effective as of July 1, 2011, the Loan Agreement shall be amended by deleting the following text, appearing in Section 6.7 thereof: 

“(b) Adjusted EBITDA. Adjusted EBITDA (i) on a cumulative basis (which cumulative period shall commence on April 1,
2011) of at least ($5,000,000.00) through and including December 31, 2011, and (ii) on a rolling three-month basis of at least $1,000,000.00 at all times thereafter.” 

and inserting in lieu thereof the following: 
 “(b) Adjusted EBITDA. To be tested as of the last day of each month, Adjusted EBITDA on a cumulative basis (which cumulative period shall commence on April 1, 2011) of at least
($5,000,000.00) through and including June 30, 2011.” 
 “(c) Quarterly Adjusted EBITDA. To be tested as
of the last day of each quarter, quarterly Adjusted EBITDA of at least (i) ($12,000,000.00) for the quarter ending September 30, 2011, (ii) ($8,000,000.00) for the quarter ending December 31, 2011, (iii) ($6,000,000.00) for
the quarter ending March 31, 2012, (iv) $0.00 for the quarter ending June 30, 2012 and (v) $1,000,000.00 for the quarter ending September 30, 2012 and for each quarter thereafter.” 

 

	 	3	The Loan Agreement shall be amended by inserting the following new definition appearing alphabetically in Section 13.1 thereof: 

“ “Equity Event” means Borrower’s receipt of gross proceeds in an amount of at least Twenty Million Dollars
($20,000,000.00) in connection with the sale of equity securities of Borrower (which shall include, without limitation, gross proceeds received in connection with the exercise of warrants previously entered into or hereafter entered into by
Borrower).” 
  

	 	4	The Loan Agreement shall be amended by deleting the following definition appearing in Section 13.1 thereof: 

“ “Adjusted EBITDA” shall mean, for any period of determination, (a) Borrower’s earnings (as determined
in accordance with GAAP) plus (b) to the extent deducted in the calculation of Borrower’s earnings, Interest Expense, income tax expense, depreciation expense, amortization expense and non-cash stock compensation expense, plus (c) the
change in Borrower’s Deferred Revenue minus (d) unfunded capital expenditures.” 
 and inserting in lieu thereof
the following: 
 “ “Adjusted EBITDA” shall mean, for any period of determination,
(a) Borrower’s earnings (as determined in accordance with GAAP) plus (b) to the extent deducted in the calculation of Borrower’s earnings, Interest Expense, income tax expense, depreciation expense, amortization expense, non-cash
stock compensation expense and non-cash expenses in connection with warrants entered into by Borrower for the purchase of Borrower’s equity securities plus (c) the change in Borrower’s Deferred Revenue minus (d) unfunded capital
expenditures.” 

	 	5	The Compliance Certificate attached to the Loan Agreement as Exhibit D is amended by deleting such certificate and replacing it with the Compliance
Certificate attached hereto as Schedule 1. 

 4. FEES AND EXPENSES. Borrower shall pay to Bank a modification
fee equal to Twenty Thousand Dollars ($20,000.00), which fee shall be due on the date hereof and shall be deemed fully earned as of the date hereof. Borrower shall also reimburse Bank for all legal fees and expenses incurred in connection with this
amendment to the Existing Loan Documents. 
 5. RATIFICATION OF PERFECTION CERTIFICATE. Borrower hereby ratifies, confirms and reaffirms,
all and singular, the terms and disclosures contained in a certain Perfection Certificate of Borrower dated as of May 17, 2011, and acknowledges, confirms and agrees that the disclosures and information Borrower provided to Bank in such
Perfection Certificate have not changed, as of the date hereof. 
 6. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended
wherever necessary to reflect the changes described above. After giving effect to this Loan Modification Agreement pursuant to Section 10 hereof, Bank hereby waives any noncompliance with Section 6.7(b) of the Loan Agreement that occurred
prior to the effectiveness of this Loan Modification Agreement for the period from July 1, 2011 up to September 30, 2011. 
 7.
RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all terms and conditions of all security or other collateral granted to the Bank, and confirms that the indebtedness secured thereby includes, without
limitation, the Obligations. 
 8. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no offsets,
defenses, claims, or counterclaims against Bank with respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Bank, whether known or unknown, at law or in
equity, all of them are hereby expressly WAIVED and Borrower hereby RELEASES Bank from any liability thereunder. Notwithstanding anything contained in this Loan Modification Agreement, the general release set forth in this Loan Modification
Agreement shall not extend to any obligations of Bank in the Loan Agreement as amended by this Loan Modification Agreement or in any of the Loan Documents. 
 9. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the existing Obligations, Bank is relying upon Borrower’s representations, warranties, and agreements, as set forth in
the Existing Loan Documents. Except as expressly modified pursuant to this Loan Modification Agreement, the terms of the Existing Loan Documents remain unchanged and in full force and effect. Bank’s agreement to modifications to the existing
Obligations pursuant to this Loan Modification Agreement in no way shall obligate Bank to make any future modifications to the Obligations. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the Obligations. It is the
intention of Bank and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is expressly released by Bank in writing. No maker will be released by virtue of this Loan Modification Agreement. 

10. COUNTERSIGNATURE. This Loan Modification Agreement shall become effective only when it shall have been executed by Borrower and Bank.

 This Loan Modification Agreement is executed as of the date first written above. 

 

							
	BORROWER:	  	BANK:
		
	JIVE SOFTWARE, INC.	  	SILICON VALLEY BANK
				
	By:	 	 /s/
	  	By:	  	  

	Name:	 	  
	  	Name:	  	  

	Title:	 	  
	  	Title:	  	  

 Schedule 1 

EXHIBIT D 
 COMPLIANCE CERTIFICATE 
  

					
	TO:	 	SILICON VALLEY BANK	 	Date:                    
	FROM:	 	JIVE SOFTWARE, INC.	 	

 The undersigned authorized officer of Jive Software, Inc. (“Borrower”) certifies that under the terms and
conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”), (1) Borrower is in complete compliance for the period ending
                    with all required covenants except as noted below, (2) there are no Events of Default, (3) all representations and
warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified
or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date, (4) Borrower,
and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except as otherwise permitted
pursuant to the terms of Section 5.9 of the Agreement, and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously
provided written notification to Bank. Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with GAAP consistently applied from one period to the next except as explained
in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement, and that compliance is
determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 
 Please indicate compliance status by circling Yes/No under “Complies” column. 
  

					
	 Reporting Covenant
	  	 Required
	  	 Complies

	 Monthly financial statements with Compliance Certificate
	  	Monthly within 30 days	  	Yes     No
	 Annual financial statement (CPA Audited)
	  	FYE within 150 days	  	Yes     No
	 10-Q, 10-K and 8-K
	  	Within 5 days after filing with SEC	  	Yes     No
	 Borrowing Base Certificate A/R & A/P Agings with Deferred Revenue report
	  	Monthly within 30 days	  	Yes     No
	 Quarterly consolidating financial statements
	  	Quarterly within 30 days	  	Yes     No

  

							
	 Financial Covenants
	  	 Required
	  	 Actual
	  	 Complies

	 Minimum Liquidity Ratio (tested monthly)
	  	            :1.0*            	  	            :1.0            	  	Yes     No
	 Adjusted EBITDA (tested quarterly)
	  	$            **            	  	$                           
 	  	Yes     No

  

	*	See Section 6.7(a) of the Agreement. 

	**	See Section 6.7(b) of the Agreement. 

							
	 Performance Pricing
	  	 Required
	  	 Actual
	  	 Eligible for Reduction

	 Minimum Adjusted Quick Ratio
	  	2.0:1.0                	  	:1.0                	  	Yes     No

 The following financial covenant analyses and information set forth in Schedule 1 attached hereto are
true and accurate as of the date of this Certificate. 
 The following are the exceptions with respect to the certification
above: (If no exceptions exist, state “No exceptions to note.”) 

	
	  

	  

	  

  

									
	 Jive Software, Inc.
	 	 	 	BANK USE ONLY
					
	 By:
	 	  
	 		 	Received by:	 	  

	 Name:
	 	  
	 		 		 	AUTHORIZED SIGNER
	 Title:
	 	  
	 		 	Date:	 	  

					
		 		 		 	Verified:	 	  

		 		 		 		 	AUTHORIZED SIGNER
		 		 		 	Date:	 	  

				
		 		 		 	Compliance Status:     Yes     No

 Schedule 1 to Compliance Certificate 

Financial Covenants of Borrower 
 In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. 
 Dated:                      

 

	I.	Liquidity Ratio (Section 6.7(a)) 

  

			
	Required:	 	            :1.0 (see Section 6.7(a)
	Actual:	 	            :1.0

  

					
	 A.     Borrower’s unrestricted and unencumbered cash maintained with
Bank
	  	$            
		
	 B.     Eligible Accounts
	  	$            
		
	 C.     Line A plus line B
	  	$            
		
	 D.     Funded Debt
	  	
		
	  (i)  borrowed money (whether direct or indirect) incurred, assumed, or guaranteed,
	  	$            
		
	 (ii)  all capital lease obligations,
	  	$            
		
	 (iii) all synthetic leases,
	  	$            
		
	 (iv) all obligations, contingent or otherwise, under any letters of credit,
	  	$            
		
	 (v) all obligations for the deferred purchase price of capital assets, and
	  	$            
		
	 (vi) all obligations under conditional sales agreements;
	  	$            
		
	 MINUS (to the extent included in (i) through (vi) above):
	  	
		
	 (1) Borrower’s operating leases,
	  	$            
		
	 (2) Borrower’s obligations under guarantees provided in respect of operating leases of Borrower’s
Subsidiaries, and
	  	$            
		
	 (3) the Obligations owing to Bank with respect to the 2011 Mezzanine Term Advance.
	  	$            
		
	 E.     Funded Debt (the aggregate of lines D(i) through D(vi) minus the aggregate of lines
D(1) through D(3))
	  	$            
		
	 F.      Liquidity Ratio (line C divided by line E)
	  	            :1.0

 Is line F equal to or greater than 2.0:1:0? 

 

			
	            No, not in compliance	 	            Yes, in compliance

	II.	Adjusted EBITDA (Section 6.7(b)) (Note – calculations are for the applicable quarter) 

 

			
	Required:	 	$            (see Section 6.7(b)
		
	Actual:	 	$            

  

					
	A.	  	Earnings (as determined in accordance with GAAP)	  	$            
			
	B.	  	To the extent included in the determination of earnings for such period	  	
			
		  	 1.      Interest Expense
	  	$            
			
		  	 2.      income tax expense
	  	$            
			
		  	 3.      depreciation expense
	  	$            
			
		  	 4.      amortization expense
	  	$            
			
		  	 5.      Non-cash stock compensation expense
	  	$            
			
		  	 6.      Non-cash warrant expense
	  	$            
			
		  	 7.      The sum of lines 1 through 6
	  	$            
			
	C.	  	The change in Borrower’s Deferred Revenue	  	$            
			
	D.	  	Unfunded Capital Expenditures	  	$            
			
	E.	  	Adjusted EBITDA (line A plus line B.7 plus line C minus line D)	  	$            

  

			
	                        No, not in compliance	  	            Yes, in complianceIndenture

 Exhibit 4.1 
 EXECUTION VERSION 
  
  

REGENERON PHARMACEUTICALS, INC. 
 1.875% CONVERTIBLE SENIOR NOTES DUE 2016 
  

 
 INDENTURE

 Dated as of October 21, 2011 

 
  

WELLS FARGO BANK, NATIONAL ASSOCIATION 
 Trustee 
  

 
  

 

 EXECUTION VERSION 
 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	  
	 Section 1.01
	  	 Definitions
	  	 	1	  
	 Section 1.02
	  	 Other Definitions
	  	 	9	  
	 Section 1.03
	  	 Rules of Construction
	  	 	10	  
	 Section 1.04
	  	 Acts of Holders
	  	 	11	  
		
	 ARTICLE II THE NOTES
	  	 	12	  
	 Section 2.01
	  	 Designation, Amount and Issuance of Notes
	  	 	12	  
	 Section 2.02
	  	 Form of Notes
	  	 	13	  
	 Section 2.03
	  	 Denomination of Notes
	  	 	14	  
	 Section 2.04
	  	 Execution and Authentication
	  	 	14	  
	 Section 2.05
	  	 Registrar, Paying Agent and Conversion Agent
	  	 	15	  
	 Section 2.06
	  	 Money Held in Trust
	  	 	15	  
	 Section 2.07
	  	 Noteholder Lists
	  	 	16	  
	 Section 2.08
	  	 Transfer and Exchange
	  	 	16	  
	 Section 2.09
	  	 Transfer Restrictions
	  	 	19	  
	 Section 2.10
	  	 Expiration of Restrictions
	  	 	21	  
	 Section 2.11
	  	 Replacement Notes
	  	 	23	  
	 Section 2.12
	  	 Outstanding Notes
	  	 	24	  
	 Section 2.13
	  	 Temporary Notes
	  	 	24	  
	 Section 2.14
	  	 Cancellation
	  	 	25	  
	 Section 2.15
	  	 Persons Deemed Owners
	  	 	25	  
	 Section 2.16
	  	 Additional Notes; Repurchases
	  	 	25	  
	 Section 2.17
	  	 CUSIPs
	  	 	25	  
	 Section 2.18
	  	 Ranking
	  	 	26	  
		
	 ARTICLE III REPURCHASES
	  	 	26	  
	 Section 3.01
	  	 No Company Right to Redeem
	  	 	26	  
	 Section 3.02
	  	 Repurchase of Notes at Option of the Holder Upon Fundamental Change
	  	 	26	  
	 Section 3.03
	  	 Fundamental Change Notice
	  	 	26	  
	 Section 3.04
	  	 Effect of Fundamental Change Repurchase Notice
	  	 	28	  
	 Section 3.05
	  	 Covenant Not to Repurchase Notes in Certain Circumstances
	  	 	30	  
	 Section 3.06
	  	 Deposit of Fundamental Change Repurchase Price
	  	 	30	  
	 Section 3.07
	  	 Notes Repurchased in Part
	  	 	30	  
	 Section 3.08
	  	 Covenant to Comply With Securities Laws Upon Repurchase of Notes
	  	 	30	  
	 Section 3.09
	  	 Repayment to the Company
	  	 	30	  
		
	 ARTICLE IV COVENANTS
	  	 	31	  
	 Section 4.01
	  	 Payment of Notes
	  	 	31	  

							
	 Section 4.02
	  	 SEC and Other Reports; 144A Information
	  	 	31	  
	 Section 4.03
	  	 Compliance Certificate
	  	 	33	  
	 Section 4.04
	  	 Maintenance of Office or Agency
	  	 	33	  
	 Section 4.05
	  	 Restriction on Repurchases
	  	 	34	  
	 Section 4.06
	  	 Corporate Existence
	  	 	34	  
	 Section 4.07
	  	 Par Value Limitation
	  	 	34	  
	 Section 4.08
	  	 Stay, Extension and Usury Laws
	  	 	34	  
		
	 ARTICLE V CONSOLIDATION, MERGER AND SALE OF ASSETS
	  	 	34	  
	 Section 5.01
	  	 When Company May Merge or Transfer Assets
	  	 	34	  
		
	 ARTICLE VI DEFAULTS AND REMEDIES
	  	 	35	  
	 Section 6.01
	  	 Events of Default
	  	 	35	  
	 Section 6.02
	  	 Acceleration
	  	 	37	  
	 Section 6.03
	  	 Other Remedies
	  	 	37	  
	 Section 6.04
	  	 Sole Remedy for Failure to Report
	  	 	37	  
	 Section 6.05
	  	 Waiver of Past Defaults
	  	 	39	  
	 Section 6.06
	  	 Control by Majority
	  	 	39	  
	 Section 6.07
	  	 Limitation on Suits
	  	 	39	  
	 Section 6.08
	  	 Rights of Holders to Receive Payment
	  	 	40	  
	 Section 6.09
	  	 Collection Suit by Trustee
	  	 	40	  
	 Section 6.10
	  	 Trustee May File Proofs of Claim
	  	 	40	  
	 Section 6.11
	  	 Priorities
	  	 	41	  
	 Section 6.12
	  	 Undertaking for Costs
	  	 	41	  
	 Section 6.13
	  	 Waiver of Stay, Extension or Usury Laws
	  	 	41	  
		
	 ARTICLE VII TRUSTEE
	  	 	42	  
	 Section 7.01
	  	 Duties of Trustee
	  	 	42	  
	 Section 7.02
	  	 Rights of Trustee
	  	 	43	  
	 Section 7.03
	  	 Individual Rights of Trustee
	  	 	44	  
	 Section 7.04
	  	 Trustee’s Disclaimer
	  	 	44	  
	 Section 7.05
	  	 Notice of Defaults
	  	 	45	  
	 Section 7.06
	  	 [RESERVED]
	  	 	45	  
	 Section 7.07
	  	 Compensation and Indemnity
	  	 	45	  
	 Section 7.08
	  	 Replacement of Trustee
	  	 	46	  
	 Section 7.09
	  	 Successor Trustee by Merger
	  	 	46	  
	 Section 7.10
	  	 Eligibility; Disqualification
	  	 	47	  
	 Section 7.11
	  	 [RESERVED]
	  	 	47	  
	 Section 7.12
	  	 Trustee’s Application for Instructions from the Company
	  	 	47	  
		
	 ARTICLE VIII SATISFACTION AND DISCHARGE
	  	 	47	  
	 Section 8.01
	  	 Discharge of Liability on Notes
	  	 	47	  
	 Section 8.02
	  	 Repayment to the Company
	  	 	48	  
		
	 ARTICLE IX AMENDMENTS
	  	 	48	  
	 Section 9.01
	  	 Without Consent of Holders
	  	 	48	  
	 Section 9.02
	  	 With Consent of Holders
	  	 	49	  

  
 ii 

							
	 Section 9.03
	  	 [RESERVED]
	  	 	49	  
	 Section 9.04
	  	 Revocation and Effect of Consents, Waivers and Actions
	  	 	50	  
	 Section 9.05
	  	 Notation on or Exchange of Notes
	  	 	50	  
	 Section 9.06
	  	 Trustee to Sign Supplemental Indentures
	  	 	50	  
	 Section 9.07
	  	 Effect of Supplemental Indentures
	  	 	50	  
	 Section 9.08
	  	 Notices of Supplemental Indentures
	  	 	50	  
		
	 ARTICLE X CONVERSIONS
	  	 	50	  
	 Section 10.01
	  	 Conversion Privilege and Consideration
	  	 	50	  
	 Section 10.02
	  	 Conversion Procedures
	  	 	53	  
	 Section 10.03
	  	 Settlement Upon Conversion
	  	 	55	  
	 Section 10.04
	  	 [RESERVED]
	  	 	58	  
	 Section 10.05
	  	 Adjustment of Conversion Rate
	  	 	58	  
	 Section 10.06
	  	 Discretionary Adjustments
	  	 	69	  
	 Section 10.07
	  	 Adjustments to Conversion Rate Upon Fundamental Change Transactions
	  	 	69	  
	 Section 10.08
	  	 Effect of Recapitalization, Reclassification, Consolidation, Merger or Sale
	  	 	71	  
	 Section 10.09
	  	 Responsibility of Trustee
	  	 	73	  
		
	 ARTICLE XI PAYMENT OF INTEREST
	  	 	74	  
	 Section 11.01
	  	 Interest Payments
	  	 	74	  
	 Section 11.02
	  	 Defaulted Interest
	  	 	74	  
	 Section 11.03
	  	 Interest Rights Preserved
	  	 	75	  
		
	 ARTICLE XII MISCELLANEOUS
	  	 	75	  
	 Section 12.01
	  	 [RESERVED]
	  	 	75	  
	 Section 12.02
	  	 Notices; Address of Agency
	  	 	75	  
	 Section 12.03
	  	 [RESERVED]
	  	 	76	  
	 Section 12.04
	  	 Certificate and Opinion as to Conditions Precedent
	  	 	76	  
	 Section 12.05
	  	 Statements Required in Certificate or Opinion
	  	 	76	  
	 Section 12.06
	  	 Separability Clause
	  	 	77	  
	 Section 12.07
	  	 Rules by Trustee, Paying Agent, Conversion Agent and Registrar
	  	 	77	  
	 Section 12.08
	  	 Calculations
	  	 	77	  
	 Section 12.09
	  	 Legal Holidays
	  	 	77	  
	 Section 12.10
	  	 Governing Law and Waiver of Jury Trial
	  	 	77	  
	 Section 12.11
	  	 No Recourse Against Others
	  	 	78	  
	 Section 12.12
	  	 Successors
	  	 	78	  
	 Section 12.13
	  	 Multiple Originals
	  	 	78	  
	 Section 12.14
	  	 Table of Contents; Headings
	  	 	78	  
	 Section 12.15
	  	 Force Majeure
	  	 	78	  
	 Section 12.16
	  	 Submission to Jurisdiction
	  	 	78	  
	 Section 12.17
	  	 No Security Interest Created
	  	 	79	  
	 Section 12.18
	  	 Benefits of Indenture
	  	 	79	  
	 Section 12.19
	  	 U.S.A. Patriot Act
	  	 	79	  

  
 iii

							
	 Exhibit A. Form of Note
	  	 	A-1	  
	 Exhibit B. Form of Restricted Stock Legend
	  	 	B-1	  
	 Exhibit C. Form of Transfer Certificate
	  	 	C-1	  
	 Exhibit D. Form of Free Transferability Certificate
	  	 	D-1	  
	 Exhibit E. Form of Transfer Agent Notice
	  	 	E-1	  

  
 iv 

 EXECUTION VERSION 
 INDENTURE dated as of October 21, 2011, between Regeneron Pharmaceuticals, Inc., a New York corporation (“Company”), and Wells Fargo Bank, National Association, a national banking
association, organized and existing under the laws of the United States of America, as trustee (“Trustee”). 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the
Company’s 1.875% Convertible Senior Notes due 2016: 
 ARTICLE I 

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 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 or state 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(b) hereof. 
 “Bloomberg” means Bloomberg LLP and any successor person serving a similar function. 
 “Board of Directors” means the board of directors of the Company, or a committee of such Board of Directors duly authorized to act for it hereunder. 

“Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking
institutions in The City of New York, New York are 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) stock issued by that person. 

 “Cash Settlement Averaging Period” means, with respect to any Note
surrendered for conversion, (i) if the relevant Conversion Date for such Note occurs prior to the first day of the Final Conversion Period, the forty consecutive Trading Day period beginning on, and including, the third Trading Day immediately
following such Conversion Date, and (ii) if the Conversion Date for such Note occurs during the Final Conversion Period, the forty consecutive Trading Day period beginning on and including the 42nd Scheduled Trading Day prior to the Maturity
Date. 
 “Close of Business” means 5:00 p.m., New York City time. 

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

 “Common Stock” means the shares of common stock, $0.001 par value, of the Company as it exists on the date
of this Indenture or any other shares of Capital Stock of the Company into which the Common Stock shall be reclassified or changed. 
 “Company” means the party named as the “Company” in the first paragraph of this Indenture until a successor replaces it pursuant to the applicable provisions of this Indenture
and, thereafter, shall mean such successor. The foregoing sentence shall likewise apply to any subsequent such successor or successors. 
 “Company Request” or “Company Order” means a written request or order signed in the name of the Company by an Officer. 

“Conversion Price” means, at any time, $1,000 divided by the Conversion Rate in effect at such time. 

“Corporate Trust Office” means the principal office of the Trustee at which at any time its corporate trust business
shall be administered, which office at the date hereof is located at 45 Broadway, 14th Floor, New York, New York 10006, Attention: Corporate Trust Services – Administrator, Regeneron Pharmaceuticals, Inc., or such other address as the
Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as a successor Trustee may designate from time to time by notice to the Holders
and the Company). 
 “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar
official under any Bankruptcy Law. 
 “Daily Conversion Value” means, for each of the forty consecutive Trading
Days during the applicable Cash Settlement Averaging Period, one-fortieth (1/40th) of the product of (i) the applicable Conversion Rate in effect on such Trading Day and (ii) the Daily VWAP of Common Stock on such Trading Day.

 “Daily Measurement Value” is equal to the Specified Dollar Amount, divided by forty. 

  
 2 

 “Daily Settlement Amount” for each of the forty consecutive Trading Days
during the Cash Settlement Averaging Period, shall consist of: 
 (a) cash equal to the lesser of (i) the Daily Measurement
Value and (ii) the Daily Conversion Value for such Trading Day (the “Daily Cash Amount”); and 
 (b) if
the Daily Conversion Value exceeds Daily Measurement Value, a number of shares equal to the Daily Share Amount for such Trading Day. 
 “Daily Share Amount” means, for any Trading Day during the Cash Settlement Averaging Period applicable to any Note, a number of shares of the Common Stock equal to (i) the excess of
the Daily Conversion Value for such Trading Day over the Daily Measurement Value, divided by (ii) the Daily VWAP of the Common Stock for such Trading Day. 
 “Daily VWAP” for the Common Stock, in respect of any Trading Day, means the per share volume-weighted average price on the NASDAQ Global Select Market as displayed under the heading
“Bloomberg VWAP” on Bloomberg page “REGN <equity> AQR” (or its equivalent successor if such page is not available) in respect of the period from the scheduled opening 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 as determined by the Board of Directors in a commercially reasonable manner,
using a volume-weighted average price method) and will be determined without regard to after hours trading or any other trading outside of the regular trading session. 
 “Default” means any event which is, or after notice or passage of time or both would be, an Event of Default. 
 “Definitive Notes” means Notes that are in registered definitive form. 
 “Depositary” means The Depository Trust Company, or any successor thereto. 
 “Ex-Dividend Date” means, for any issuance, dividend or distribution, the first date on which shares of the Common Stock trade on the applicable exchange or in the applicable market,
regular way, without the right to receive such issuance, dividend or distribution from the Company or, if applicable, from the seller of such shares of the Common Stock on such exchange or market (in the form of due bills or otherwise) as determined
by such exchange or market. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Free Trade Date” means the date that is 365 days after the last date of original issuance of the Notes.

 “Freely Tradable” means, with respect to any Notes, that such Notes (i) are eligible to be sold by a
person who is not an affiliate of the Company (within the meaning of Rule 144) and has not been an affiliate of the Company (within the meaning of Rule 144) during the immediately preceding three months without any volume or manner of sale
restrictions under the Securities Act, (ii) do not bear a Restricted Notes Legend and (iii) with respect to Global Notes only, are identified by an unrestricted CUSIP number in the facilities of the applicable depositary; provided
that clauses (ii) and (iii) will apply only after the Free Trade Date. 

  
 3 

 “Free Transferability Certificate” means a certificate substantially in the
form of Exhibit D or such other form as may be agreed by the Trustee. 
 A “Fundamental Change” means
the occurrence after the original issuance of the Notes of any of the following events: 
 (a) any “person” or
“group” (within the meaning of Section 13(d) of the Exchange Act) other than the Company or its Subsidiaries files a Schedule TO or any schedule, form or report under the Exchange Act disclosing that such person or group has become
the direct or indirect ultimate “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the Company’s Common Equity representing more than 50% of the voting power of the Company’s Common Equity; or 

(b) consummation of any binding share exchange, exchange offer, tender offer, consolidation or merger of the Company pursuant to which
all or substantially all of the Common Stock will be converted into cash, securities or other property or any sale, lease or other transfer in one transaction or a series of related 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 (any such exchange, offer, consolidation, merger, transaction or series of transactions being referred to in this
definition as an “event”); provided, however, that any such event where the holders of more than 50% of the outstanding shares of Common Stock immediately prior to such event, own, directly or indirectly, more than 50%
of all classes of the common equity of the continuing or surviving person or transferee or the parent thereof immediately after such event shall not be a Fundamental Change; or 

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

(d) Common Stock (or other common stock into which the Notes are then convertible) ceases to be listed on at least one U.S. national
securities exchange; 
 provided, however, a transaction or event described above shall not be a Fundamental
Change if (1) at least 90% of the consideration, excluding cash payments for fractional shares, in the transaction or event that otherwise would have constituted a Fundamental Change consists of shares of Publicly Traded Securities, and
(2) as a result of the event, the Notes become convertible into such Publicly Traded Securities, excluding cash payments for fractional shares (subject to the provisions of Article 10); provided, further, if any transaction
in which the Common Stock is replaced by the securities of another entity shall occur, following completion of any related Make-Whole Fundamental Change period and any related Fundamental Change Repurchase Date, references to the Company in this
definition shall instead apply to such other entity; and provided, further, that any filing that would otherwise constitute a Fundamental Change under clause (a) above shall not constitute a Fundamental Change if (x) the
filing occurs in connection with a transaction in which the Common Stock is replaced by the securities of another entity (including a parent entity) and (y) no such filing is made or is in effect with respect to Common Equity representing more
than 50% of the voting power of such other entity. 

  
 4 

 For purposes of defining a “Fundamental Change”: 

(i) the term “person” and the term “group” have the meanings given by Section 13(d) of the
Exchange Act or any successor provisions, and “person” includes any syndicate or group that would be deemed to be a “person” under Section 13(d)(3) of the Exchange Act; 

(ii) the term “group” includes any group acting for the purpose of acquiring, holding or disposing of securities within
the meaning of Rule 13d-5(b)(1) under the Exchange Act or any successor provision; and 
 (iii) the term “beneficial
owner” is determined in accordance with Rules 13d-3 and 13d-5 under the Exchange Act or any successor provisions. 

“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 Notes
Legend” means the legend set forth as such in Exhibit A hereto. 
 “Holder” 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. 
 “Initial Purchaser” means the Person
named as such in the Purchase Agreement. 
 “Interest Payment Date” means April 1 and October 1 of
each year, beginning on April 1, 2012. 
 “Issue Date” means October 21, 2011. 

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

  
 5 

 “Make-Whole Fundamental Change” means any transaction or event that
constitutes a Fundamental Change under clause (a) or (b) of the definition thereof, subject to the three provisos immediately following clause (d) of the definition of Fundamental Change. 

“Market Disruption Event” means (a) a failure by the primary exchange or quotation system on which the Common Stock
trades or is quoted, as the case may be, to open for trading during its regular trading session or (b) the occurrence or existence prior to 1:00 p.m., New York City time, on any 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 October 1, 2016. 

“Notes” means any of the Company’s 1.875% Convertible Senior Notes due 2016 issued under this Indenture.

 “Offering Circular” means the offering circular for the offering and sale of the Notes dated
October 21, 2011. 
 “Officer” means the Chairman of the Board, the Vice Chairman, the Chief Executive
Officer, the Chief Financial Officer, the President, any Executive Vice President, any Senior Vice President, any Vice President, the Comptroller, the Treasurer or the Secretary or any Assistant Treasurer or Assistant Secretary of the Company.

 “Officers’ Certificate” means a written certificate containing the information specified in Sections
12.04 and 12.05, signed in the name of the Company by any two Officers, one of which shall be the Chief Executive Officer, the Chief Financial Officer, the Treasurer or the Comptroller and delivered to the Trustee. 

“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 12.04 and 12.05, from
legal counsel. The counsel may be an employee of, or counsel to, the Company. 
 “Person” or
“person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, or government or any agency or political subdivision thereof.

 “Principal Amount” of a Note means the Principal Amount as set forth on the face of the Note. 

“Publicly Traded Securities” means shares of Common Stock that are traded on a national securities exchange or that will
be so traded when issued or exchanged in connection with a Fundamental Change described in clause (a) or (b) of the definition thereof. 

  
 6 

 “Purchase Agreement” means the purchase agreement, dated as of
October 18, 2011, between the Company and Goldman Sachs & Co. 
 “Regular Record Date” means,
with respect to any Interest Payment Date, the March 15 or the September 15 (whether or not a Business Day) immediately preceding such Interest Payment Date. 
 “Resale Restriction Termination Date” means the date that is the later of (i) the date that is one year after the last date of original issuance of the Notes, or such other period of
time as permitted by Rule 144 or any successor provision thereto, and (ii) such later date, if any, as may be required by applicable laws. 
 “Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice
president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any
corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject, and who shall have direct responsibility for the administration of this Indenture. 

“Restricted Notes CUSIP” means CUSIP number 75886F AC1. 

“Restricted Notes ISIN” means ISIN number US75886FAC14. 

“Restricted Notes Legend” means a legend in the form set forth in Exhibit A hereto, 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 B hereto, or any other substantially similar legend indicating the restricted status of the Common Stock under Rule 144. 
 “Rule 144” means Rule 144 under the Securities Act or any successor to such Rule, as it may be amended from time to time. 

“Rule 144A” means Rule 144A under the Securities Act or any successor to such Rule, as it may be amended from time to
time. 
 “Scheduled Trading Day” means any day that is scheduled to be a Trading Day. 

“SEC” means the Securities and Exchange Commission. 

“Settlement Method” means, with respect to a conversion of Notes, the relative proportions of cash and/or shares of
Common Stock with which such conversion is settled under this Indenture, as elected (or deemed elected) by the Company. 

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

  
 7 

 “Significant Subsidiary” means a Subsidiary that is a “significant
subsidiary,” as such term is defined in Article 1, Rule 1-02 of Regulation S-X under the Exchange Act. 

“Specified Dollar Amount” means an amount of cash per $1,000 Principal Amount of a Note specified by the Company in the
Settlement Notice related to such Note. 
 “Stated Maturity,” when used with respect to any Note or any
installment of interest thereon, means the date specified in such Note as the fixed date on which an amount equal to the Principal Amount of such Note or such installment of interest is due and payable. 

“Stock Price” means (a) in the case of a Make-Whole Fundamental Change described in clause (b) of the
definition of Fundamental Change in which holders of Common Stock receive solely cash consideration in connection with such Make-Whole Fundamental Change, the amount of cash paid per share of the Common Stock and (b) in the case of all other
Make-Whole Fundamental Changes, the average of the Last Reported Sale Prices per share of Common Stock over the period of five consecutive Trading Days ending on, and including, the Trading Day immediately preceding the effective date of such
Make-Whole Fundamental Change. The Board of Directors will make appropriate adjustments, in its good faith determination, to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the
Conversion Rate where the Ex-Dividend Date of the event occurs, during such five consecutive Trading Day period. 

“Subsidiary” means (i) a corporation, a majority of whose Voting Stock is, at the date of determination, directly
or indirectly owned by the Company, by one or more Subsidiaries of the Company, or by the Company and one or more Subsidiaries of the Company, (ii) a partnership in which the Company, a Subsidiary of the Company or the Company and one or more
Subsidiaries of the Company, holds a majority interest in the equity capital or profits of such partnership, or (iii) any other person (other than a corporation or a partnership) in which the Company, a Subsidiary of the Company, or the Company
and one or more Subsidiaries of the Company, directly or indirectly, at the date of determination, has (a) at least a majority ownership interest or (b) the power to elect or direct the election of a majority of the directors or trustees,
as the case may be, or other governing body of such person. 
 “Trading Day” means a day during which trading
in the Common Stock generally occurs on the primary exchange or quotation system on which Common Stock then trades or is quoted and there is no Market Disruption Event. If the Common Stock (or other security for which a Last Reported Sale Price must
be determined) is not so traded or quoted, “Trading Day” means “Business Day.” 
 “Trading
Price” means, per $1,000 Principal Amount of the Notes, for any day, the average of the secondary market bid quotations obtained by the Bid Solicitation Agent for $1.0 million Principal Amount of the Notes at approximately 3:30 p.m., New
York City time, on such day from three independent nationally recognized securities dealers that the Company selects; 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. Any such determination will be conclusive absent manifest error. If the Bid Solicitation
Agent cannot 

  
 8 

 
reasonably obtain at least one bid for $1.0 million Principal Amount of Notes from a nationally recognized securities dealer, then the Trading Price per $1,000 Principal Amount of Notes for such
day will be deemed to be less than 98% of the Trading Price Product for such day. If, on any day, the Company does not so instruct the Bid Solicitation Agent to obtain bids when required, or if we instruct the Bid Solicitation Agent to obtain bids
and the Bid Solicitation Agent fails to obtain such bids when required then, in either case, the Trading Price per $1,000 Principal Amount of Notes for such day will be deemed to be less than 98% of the Trading Price Product for each day of such
failure. 
 “Transfer Agent Notice” means a notice substantially in the form of Exhibit E hereto or such
other form as may be agreed by the Trustee. 
 “Trustee” means the party named as the “Trustee” in
the first paragraph of this Indenture until a successor replaces it pursuant to the applicable provisions of this Indenture and, thereafter, shall mean such successor. The foregoing sentence shall likewise apply to any subsequent successor or
successors. 
 “Uniform Commercial Code” means the New York Uniform Commercial Code, as in effect from
time to time. 
 “Unrestricted Notes CUSIP” means CUSIP number 75886F AD9. 

“Unrestricted Notes ISIN” means ISIN number US75886FAD96. 

“Unrestricted Stock CUSIP” means CUSIP number 75886F 107. 

“Voting Stock” means, with respect to any corporation, association, company or business trust, stock or other securities
of the class or classes having general voting power under ordinary circumstances to elect at least a majority of the board of directors, managers or trustees of such corporation, association, company or business trust, provided that, for the
purposes hereof, stock or other securities which carry only the right to vote conditionally on the happening of an event shall not be considered Voting Stock whether or not such event shall have happened. 

Section 1.02 Other Definitions. 
  

			
	 Term
	  	 Defined in Section

	“Act”	  	1.04
	“Additional Interest”	  	4.02(c)
	“Agent Members”	  	2.02(c)(ii)
	“Cash Settlement”	  	10.03(b)(v)
	“Combination Settlement”	  	10.03(b)(v)
	“Conversion Agent”	  	2.05(a)
	“Conversion Date”	  	10.02(b)
	“Conversion Notice”	  	10.02(b)(i)
	“Conversion Obligation”	  	10.01
	“Conversion Rate”	  	10.01
	“Corporate Event”	  	10.01(d)

  
 9 

			
	 Term
	  	 Defined in Section

	“Defaulted Interest”	  	11.02
	“Event of Default”	  	6.01(a)
	“Expiration Date”	  	10.05(e)
	“Expiration Time”	  	10.05(e)
	“Extension Fee”	  	6.04(a)
	“Final Conversion Period”	  	10.03(b)(iii)
	“Full Physical Settlement Election”	  	10.02(f)
	“Fundamental Change Effective Date”	  	10.07(a)
	“Fundamental Change Notice Date”	  	3.03(a)
	“Fundamental Change Notice”	  	3.03(a)
	“Fundamental Change Repurchase Date”	  	3.02
	“Fundamental Change Repurchase Notice”	  	3.03(c)
	“Fundamental Change Repurchase Price”	  	3.02
	“Legal Holiday”	  	12.09
	“Make-Whole Shares”	  	10.07(a)
	“Mandatory Exchange Date”	  	2.10(c)(ii)
	“Measurement Period”	  	10.01(b)
	“Merger Event”	  	10.08
	“Net Share Settlement Election”	  	10.02(e)
	“Notice of Default”	  	6.01(a)(iii)
	“Paying Agent”	  	2.05(a)
	“Physical Settlement”	  	10.03(b)(v)
	“Protected Purchaser”	  	2.11
	“Reference Property”	  	10.08(b)
	“Register”	  	2.07(a)
	“Registrar”	  	2.05(a)
	“Reporting Event of Default”	  	6.04(a)
	“Restricted Global Note”	  	2.10(c)(i)
	“Restricted Note”	  	2.09(a)(i)
	“Restricted Stock”	  	2.09(b)(i)
	“Settlement Amount”	  	10.03(a)
	“Settlement Notice”	  	10.03(b)(v)
	“Special Interest”	  	4.02(b)
	“Spin-Off”	  	10.05(c)(ii)
	“Temporary Notes”	  	2.13
	“Trading Day”	  	10.03(f)(i)
	“Trading Price Product”	  	10.01(b)
	“transfer”	  	2.09(c)
	“Unit of Reference Property”	  	10.08(c)(i)
	“Valuation Period”	  	10.05(c)(ii)
	“Weighted Average Consideration”	  	10.08(c)(iv)

 Section 1.03 Rules of Construction. Unless the context otherwise requires: (1) a term has the
meaning assigned to it; 

  
 10 

 (2) an accounting term not otherwise defined has the meaning assigned to it in accordance
with United States generally accepted accounting principles as in effect from time to time; 
 (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) unless the context requires otherwise, all references to payments of interest on the Notes shall include Additional Interest, Special
Interest and the Extension Fee, if any, payable in accordance with the terms of Sections 4.02(b), 4.02(c) or 6.04 hereof, as applicable. 
 Section 1.04 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 (which may take the form of an electronic writing or messaging or otherwise be in accordance with customary procedures of the Depositary or the Trustee) of substantially similar tenor signed by such
Holders in person or by agent duly appointed in writing (which may be in electronic form); and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and,
where it is hereby expressly required, to the Company. 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 (either of which may be in electronic form) 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 1.04. 
 (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 electronic delivery) or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the
individual signing or delivering such instrument or writing acknowledged to such officer the execution thereof (or electronic delivery). 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 (electronic or otherwise), or the authority of the person executing the same, may
also be proved in any other manner which the Trustee deems sufficient. 
 (b) The ownership of Notes shall be proved by the
Register. 
 (c) 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 

  
 11 

 
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 or the
Company in reliance thereon, whether or not notation of such action is made upon such Note. 
 (d) 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 resolution of the Board of Directors, 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 II 
 THE NOTES 
 Section 2.01 Designation, Amount and Issuance of
Notes. (a) The Notes shall be designated as “1.875% Convertible Senior Notes due 2016.” The aggregate Principal Amount of initial Notes that may be authenticated and delivered under this Indenture is limited to $400,000,000 (as
may be increased by the aggregate Principal Amount of additional Notes purchased by the Initial Purchaser pursuant to its option to purchase additional Notes set forth in Section 2 of the Purchase Agreement, which aggregate Principal Amount
shall not exceed $60,000,000). The Company may also issue an unlimited aggregate Principal Amount of additional Notes in accordance with Section 2.01(b). Furthermore, from time to time, the Company may issue and execute, and the Trustee may
authenticate, Notes delivered upon registration of transfer of, or in exchange for, or in lieu of other Notes pursuant to Sections 2.08, 2.11, 2.13, 3.07, 9.05 and 10.02 hereof. 

(b) The Company may, without the consent of the Holders, and notwithstanding Sections 2.01(a), increase the aggregate Principal Amount
of the Notes issued under this Indenture by reopening this Indenture and issuing additional Notes with the same terms and the same CUSIP number as the Notes initially issued under this Indenture, which Notes shall be considered to be part of the
same series of Notes as those initially issued hereunder; provided that the Company may not issue such additional Notes unless, for U.S. federal income tax and securities law purposes, such additional Notes shall be fungible with the Notes
initially issued hereunder. Prior to issuing any such additional Notes, the Company shall deliver to the Trustee a Company Order, an Officers’ Certificate and an Opinion of Counsel, which Officers’ Certificate and Opinion of Counsel shall
address (i) any matters required to be addressed under Section 12.04 hereof and (ii) any matters that the Trustee reasonably requests. 

  
 12 

 Section 2.02 Form of Notes. 

(a) General. The Notes shall be substantially in the form of Exhibit A hereto, but may have any notations, legends or
endorsements required by any applicable law (or regulation promulgated thereunder), stock exchange rule or usage, or any insertions, omissions or other variations otherwise permitted or required by this Indenture. Whenever any such notation, legend
or endorsement, or any such insertion, omission or other variation is applicable to a Note, the Company shall provide such notation, legend or endorsement, or such insertion, omission or other variation to the Trustee in writing. Each Note shall
bear a Trustee’s certificate of authentication substantially in the form set forth in Exhibit A hereto. Notes that are Global Notes shall bear the Global Notes Legend set forth in Exhibit A hereto and the “Schedule of
Exchanges of Interests in the Global Note” attached thereto. Notes that are Restricted Notes shall bear the Restricted Notes Legend set forth in Exhibit A hereto. The terms and provisions contained in the Notes shall constitute, and are
hereby expressly made, a part of this Indenture and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the
extent that any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 (b) Initial and Subsequent Notes. The Notes initially shall be issued in global form, registered in the name of Cede & Co., as the nominee of the Depositary, and deposited with the
Trustee, at its Corporate Trust Office, as custodian for the Depositary. Except to the extent provided in Section 2.08(c) hereof, all Notes shall be represented by one or more Global Notes. 

(c) Global Notes. Each Global Note shall represent the aggregate Principal Amount of then outstanding Notes endorsed thereon and
provide that it represents such aggregate Principal Amount of then outstanding Notes, which aggregate Principal Amount may, from time to time, be reduced or increased to reflect transfers, exchanges, conversions or repurchases by the Company.

 (i) Only the Trustee, or the custodian holding such Global Note for the Depositary, at the direction of the Trustee, may
endorse a Global Note to reflect the amount of any increase or decrease in the aggregate Principal Amount of then outstanding Notes represented thereby, and whenever the Holder of a Global Note delivers written instructions to the Trustee to
increase or decrease the aggregate Principal Amount of then outstanding Notes represented by a Global Note in accordance with Section 2.08 hereof, the Trustee, or the custodian holding such Global Note for the Depositary, at the direction of
the Trustee, shall endorse such Global Note to reflect such increase or decrease in the aggregate Principal Amount of then outstanding Notes represented thereby. None of the Trustee, the Company or any agent of the Trustee or the Company shall have
any responsibility or bear any liability for any aspect of the records relating to or payments made on account of the ownership of any beneficial interest in a Global Note or with respect to maintaining, supervising or reviewing any records relating
to such beneficial interest. 
 (ii) Neither any members of, or participants in, the Depositary (collectively, the
“Agent Members”) nor any other persons on whose behalf Agent Members 

  
 13 

 
may act shall have any rights under this Indenture with respect to any Global Note or under such Global Note, and the Company, the Trustee and any agent of the Company or the Trustee, may, for
all purposes, treat the Depositary, or its nominee, if any, as the absolute owner and holder of such Global Note. 
 (iii) 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 Holders are entitled to take under this Indenture or
the Notes, and, 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 interest in any Note. 
 Section 2.03 Denomination of Notes. The Notes shall be issuable in registered
form without coupons in denominations of $1,000 Principal Amount and integral multiples of $1,000 in excess thereof. 

Section 2.04 Execution and Authentication. 
 (a) A Note shall be valid only if executed by the Company and authenticated by the Trustee. 
 (b) Execution. 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. 

Notes bearing the manual or facsimile signatures of an individual who was at the time of the execution of the Notes the proper Officer of
the Company shall bind the Company, notwithstanding that such individual has ceased to hold such office prior to the authentication and delivery of such Notes or did not hold such office at the date of authentication of such Notes. 

(c) Authentication. A Note shall be deemed authenticated when a Responsible Officer of the Trustee manually signs the certificate
of authentication on such Note. A Responsible Officer of the Trustee shall manually sign the certificate of authentication on a Note only if (i) the Company delivers such Note to the Trustee, (ii) such Note is validly executed by the
Company in accordance with Section 2.04(b) hereof, and (iii) the Company delivers, before or with such Note, a Company Order setting forth (A) a request that the Trustee authenticate such Note; (B) the Principal Amount of such
Note; (C) the name of the registered holder of such Note; (D) the date on which such Note is to be authenticated; and (E) any insertions, omissions or other variations, or notations, legends or endorsements permitted under
Section 2.02 hereof and applicable to such Note. If the Company Order also specifies that the Trustee must deliver such Note to the registered Holder or the Depositary, the Trustee shall promptly deliver such Note in accordance with such
Company Order. Each Note shall be dated the date of its authentication 

  
 14 

 The Trustee shall have the right to decline to authenticate and deliver any Notes under this
Section 2.04 if the Trustee, being advised by counsel, determines that such action may not be lawfully taken, or not permitted hereunder or if the Trustee in good faith shall determine that such action would expose the Trustee to personal
liability. 
 The Trustee may appoint an authenticating agent. If the Trustee appoints an authenticating agent and such
authenticating agent is reasonably acceptable to the Company, such authenticating agent may authenticate a Note whenever the Trustee may authenticate such Note; provided, however, that such authenticating agent may not authenticate any
Notes pursuant to Section 2.13 hereof. For purposes of this provision, each reference in this Indenture to authentication by the Trustee shall be deemed to include authentication by an authenticating agent, and an authenticating agent shall
have the same rights to deal with the Company as the Trustee would have if it were performing the duties that the authentication agent was validly appointed to undertake. 
 Section 2.05 Registrar, Paying Agent and Conversion Agent. 
 (a) The
Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange for other Notes (“Registrar”), an office or agency (which shall be in the Borough of Manhattan, New York City)
where Notes may be presented for repurchase or payment (“Paying Agent”), an office or agency where Notes may be presented for conversion (“Conversion Agent”) and an office or agency where any notices and demands to
or upon the Company with respect to the Notes and this Indenture may be served. The Company may have one or more registrars, one or more additional paying agents and one or more additional conversion agents. The Company may change the Paying Agent
or the Registrar without prior notice to the Holders. The term Paying Agent includes any additional paying agent, including any named pursuant to Section 4.04. The term Conversion Agent includes any additional conversion agent, including any
named pursuant to Section 4.04. The term Registrar includes any additional Registrars, including any named pursuant to Section 4.04. 
 (b) The Company shall enter into an appropriate agency agreement with any Registrar, Paying Agent or Conversion Agent (other than the Trustee). The agreement shall implement the provisions of this
Indenture that relate to such agent. The Company shall notify the Trustee of the name and address of any such agent. If the Company fails to maintain a Registrar, Paying Agent or Conversion Agent, the Trustee shall act as such and shall be entitled
to appropriate compensation therefor pursuant to Section 7.07. The Company may act as Paying Agent, Registrar, or co-registrar. 
 (c) The Company initially appoints the Trustee as Registrar, Conversion Agent and Paying Agent in connection with the Notes and its agency at the Corporate Trust Office of the Trustee, as a place where
Definitive Notes may be presented for payment of principal or interest, for conversion or for registration of transfer or exchange. 
 (d) The Company shall pay principal of and interest on Global Notes registered in the name of or held by the Depositary or its nominee in immediately available funds to the Depositary or its nominee, as
the case may be, as the registered holder of such Global Note. 
 Section 2.06 Money Held in Trust. Except as
otherwise provided herein, by no later than 11:00 a.m., New York City time, on or prior to each due date of payments in respect of 

  
 15 

 
any Note, the Company shall deposit with the Paying Agent a sum of money (in immediately available funds if deposited on the due date) sufficient to make such payments when so becoming due. The
Company shall require each Paying Agent (other than the Trustee) to agree in writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the making of payments in respect of the
Notes and shall notify the Trustee of any default by the Company in making any such payment. At any time during the continuance of any such default, the Paying Agent shall, upon the written request of the Trustee, forthwith pay to the Trustee all
money so held in trust. If the Company or a Subsidiary or an Affiliate of either of them acts as Paying Agent, it shall segregate the money 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 held by it to the Trustee and to account for any funds disbursed by it. Upon doing so, the Paying Agent shall have no further liability for the money. 
 Section 2.07 Noteholder Lists. 
 (a) The Registrar shall keep a
register for the recordation of, and will record, the names and addresses of Holders, the Notes held by each Holder and the transfer, exchange, repurchase and conversion of Notes (the “Register”). The entries in the Register will 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 Register will be in written form or in any form capable of being
converted into written form within a reasonably prompt period of time. 
 (b) The Registrar 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 cause to be furnished to the Trustee at least semiannually on April 1 and
October 1 a listing of Holders dated within 15 days of the date on which the list is furnished and at such other times as the Trustee may request in writing, within 30 days after receipt by the Company of such request (or such lesser time as
the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders. 

Section 2.08 Transfer and Exchange. 
 (a) Provisions Applicable to All Transfers and Exchanges. 
 (i) Subject to
the restrictions set forth in this Section 2.08, Definitive Notes and beneficial interests in Global Notes may be transferred or exchanged from time to time as desired. Each such transfer or exchange of Definitive Notes will be noted by the
Registrar in the Register. Each such transfer or exchange of beneficial interests in Global Notes is subject to provisions of Section 2.08(b) below. 
 (ii) All Notes issued upon any registration of transfer or exchange in accordance with this Indenture will be the valid obligations of the Company, evidencing the same debt, and entitled to the same
benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange. 

  
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 (iii) No service charge will be imposed on any Holder of a Definitive Note or any owner of
a beneficial interest in a Global Note for any exchange or registration of transfer, but each of the Company, the Trustee or the Registrar may require such Holder or owner of a beneficial interest to pay a sum sufficient to cover any tax or similar
governmental charge required by law or permitted by this Indenture imposed in connection with such transfer or exchange because a holder requests any shares to be issued in a name other than such holder’s name will be paid by such holder.

 (iv) Unless the Company specifies otherwise, none of the Company, the Trustee, the Registrar or any co-registrar will be
required to exchange or register a transfer of any Note (i) surrendered for conversion, except to the extent that any portion of such Note has not been surrendered for conversion or (ii) subject to a Fundamental Change Repurchase Notice
validly delivered pursuant to Section 3.03 hereof, except to the extent any portion of such Note is not subject to a Fundamental Change Repurchase Notice. 
 (v) The Trustee will have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any
transfer of any interest in any Note (including any transfers between or among Depositary participants or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as
are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

(b) In General; Transfer and Exchange of Beneficial Interests in Global Notes. So long as the Notes are eligible for book-entry
settlement with the Depositary, unless otherwise required by law, except to the extent required by Section 2.08(c) hereof: 
 (i) all Notes will be represented by one or more Global Notes; 
 (ii) every
transfer and exchange of a beneficial interest in a Global Note will be effected through the Depositary in accordance with the Applicable Procedures and the provisions of this Indenture (including the restrictions on transfer set forth in
Section 2.09 hereof); and 
 (iii) each Global Note may be transferred only as a whole and only (A) by the Depositary
to a nominee of the Depositary, (B) by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or (C) by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.

 (c) Transfer and Exchange of Global Notes. 
 (i) Notwithstanding any other provision of this Indenture, each Global Note will be exchanged for Definitive Notes if the Depositary delivers notice to the Company that: (A) the Depositary is
unwilling or unable to continue to act as Depositary; or (B) the Depositary is no longer registered as a clearing agency under the Exchange Act; and, in each case, the Company promptly delivers a copy of such notice to the Trustee and the
Company fails to appoint a successor Depositary within 90 days after receiving notice from the Depositary. In 

  
 17 

 
each such case, each Global Note will be deemed surrendered to the Trustee for cancellation, and the Trustee will cause each Global Note to be cancelled in accordance with the Applicable
Procedures, and the Company, in accordance with Section 2.04 hereof, will promptly execute, and, upon receipt of a Company Order, the Trustee, in accordance with Section 2.04 hereof, will promptly authenticate and deliver, for each
beneficial interest in each Global Note so exchanged, an aggregate Principal Amount of Definitive Notes equal to the aggregate Principal Amount of such beneficial interest, registered in such names and in such authorized denominations as the
Depositary specifies, and bearing any legends that such Definitive Notes are required to bear under Section 2.09 hereof. 

(ii) In addition, if an Event of Default has occurred and is continuing, any owner of a beneficial interest in a Global Note may
exchange such beneficial interest for Definitive Notes by delivering a written request to the Registrar. 
 (iii) In addition,
beneficial interests in a Global Note may be exchanged for a Definitive Note upon request of a Depositary participant by written notice given to the Trustee by or on behalf of the Depositary in accordance with the Applicable Procedures. 

In any such case, (A) the Registrar will deliver notice of such request to the Company and the Trustee, which notice will identify
the owner of the beneficial interest to be exchanged, the aggregate Principal Amount of such beneficial interest and the CUSIP of the relevant Global Note; (B) the Company shall, in accordance with Section 2.04 hereof, promptly execute,
and, upon receipt of a Company Order, the Trustee, in accordance with Section 2.04 hereof, will promptly authenticate and deliver, to such owner, for the beneficial interest so exchanged by such owner, Definitive Notes registered in such
owner’s name having an aggregate Principal Amount equal to the aggregate Principal Amount of such beneficial interest and bearing any legends that such Definitive Notes are required to bear under Section 2.09 hereof; and (C) the
Registrar, in accordance with the Applicable Procedures, will cause the Principal Amount of such Global Note to be decreased by the aggregate Principal Amount of the beneficial interest so exchanged. If all of the beneficial interests in a Global
Note are so exchanged, such Global Note will be deemed surrendered to the Trustee for cancellation, and the Trustee will cause such Global Note to be cancelled in accordance with its customary procedures and the Applicable Procedures. 

(d) Transfer and Exchange of Definitive Notes. If Definitive Notes are issued, a Holder may: 

(i) transfer a Definitive Note by: (A) surrendering such Definitive Note for registration of transfer to the Registrar, together
with any endorsements or instruments of transfer required by any of the Company, the Trustee or the Registrar; (B) if such Definitive Note is a Restricted Note, delivering the transfer certificate attached hereto as Exhibit C and any
other documentation that the Company, the Trustee or the Registrar reasonably require to ensure that such transfer complies with Section 2.09 hereof and any applicable securities laws; and (C) satisfying all other requirements for such
transfer set forth in this Section 2.08 and Section 2.09 hereof. Upon the satisfaction of conditions (A), (B) and (C), the Company, in accordance with Section 2.04 hereof, will promptly execute and deliver to the Trustee, and the
Trustee, upon receipt of a Company Order, will, in accordance with Section 2.04 hereof, promptly authenticate 

  
 18 

 
and deliver, in the name of the designated transferee or transferees, one or more new Definitive Notes, of any authorized denominations, having like aggregate Principal Amount and bearing any
restrictive legends required by Section 2.09 hereof. 
 (ii) exchange a Definitive Note for other
Definitive Notes of any authorized denominations and aggregate Principal Amount equal to the aggregate Principal Amount of the Notes to be exchanged by surrendering such Notes, together with any endorsements or instruments of transfer required by
any of the Company, the Trustee or the Registrar, at any office or agency maintained by the Company for such purposes pursuant to Section 4.04 hereof. Whenever a Holder surrenders Notes for exchange, the Company, in accordance with
Section 2.04 hereof, will promptly execute and deliver to the Trustee, and the Trustee, upon receipt of a Company Order, will, in accordance with Section 2.04 hereof, promptly authenticate and deliver the Notes that such Holder is entitled
to receive, bearing registration numbers not contemporaneously outstanding and any restrictive legends that such Definitive Notes are to bear under Section 2.09 hereof. 
 (iii) transfer or exchange a Definitive Note for a beneficial interest in a Global Note by (A) surrendering such Definitive Note for registration of transfer or exchange, together with any
endorsements or instruments of transfer required by any of the Company, the Trustee or the Registrar, at any office or agency maintained by the Company for such purposes pursuant to Section 4.04 hereof; (B) if such Definitive Note is a
Restricted Note, delivering any documentation the Company, the Trustee or the Registrar reasonably require to ensure that such transfer complies with Section 2.09 hereof and any applicable securities laws; (C) satisfying all other
requirements for such transfer set forth in this Section 2.08 and Section 2.09 hereof; and (D) providing written instructions to the Trustee to make, or to direct the Registrar to make, an adjustment in its books and records with
respect to the applicable Global Note to reflect an increase in the aggregate Principal Amount of the Notes represented by such Global Note, which instructions will contain information regarding the Depositary account to be credited with such
increase. Upon the satisfaction of conditions (A), (B), (C) and (D), the Trustee will cancel such Definitive Note and cause, or direct the Registrar to cause, in accordance with the Applicable Procedures, the aggregate Principal Amount of Notes
represented by such Global Note to be increased by the aggregate Principal Amount of such Definitive Note, and will credit or cause to be credited the account of the person specified in the instructions provided by the exchanging Holder in an amount
equal to the aggregate Principal Amount of such Definitive Note. If no Global Notes are then outstanding, the Company, in accordance with Section 2.04 hereof, will promptly execute and deliver to the Trustee, and the Trustee, upon receipt of a
Company Order, will, in accordance with Section 2.04 hereof, authenticate, a new Global Note in the appropriate aggregate Principal Amount. 
 Section 2.09 Transfer Restrictions. 
 (a) Restricted Notes.

 (i) Every Note (and all securities issued in exchange therefor or substitution thereof, except any shares of the Common
Stock issued upon conversion thereof) that bears, or that is required under this Section 2.09 to bear, the Restricted Notes Legend will be deemed to be a “Restricted Note.” Each Restricted Note will be subject to the
restrictions on 

  
 19 

 
transfer set forth in this Indenture (including in the Restricted Notes Legend) and will bear the Restricted Notes CUSIP unless such restrictions on transfer are eliminated or otherwise waived by
written consent of the Company, and each Holder of a Restricted Note, by such Holder’s acceptance of such Restricted Note, will be deemed to be bound by the restrictions on transfer applicable to such Restricted Note. 

(ii) Until the Resale Restriction Termination Date, any Note (or any security issued in exchange therefor or substitution thereof,
except any shares of Common Stock issued upon the conversion thereof) will bear the Restricted Notes Legend unless: 
 (A) such
Note, since last held by the Company or an affiliate of the Company (within the meaning of Rule 144), if ever, was transferred (1) to a person other than (x) the Company or (y) an affiliate of the Company (within the meaning of Rule
144) and (2) pursuant to a registration statement that was effective under the Securities Act at the time of such transfer; 
 (B) such Note was transferred (1) to a person other than (x) the Company or (y) an affiliate of the Company (within the meaning of Rule 144), and (2) pursuant to the exemption from
registration provided by Rule 144 or any similar provision then in force under the Securities Act; or 
 (C) the Company
delivers written notice to the Trustee and the Registrar stating that the Restricted Notes Legend may be removed from such Note. 
 (iii) In addition, until the Resale Restriction Termination Date: 
 (A) no
transfer of any Note will be registered by the Registrar prior to the Resale Restriction Termination Date unless the transferring Holder delivers the form of Transfer Certificate set forth on the Note, with the appropriate box checked, to the
Trustee; and 
 (B) the Registrar will not register any transfer of any Note that is a Restricted Note to a person that has
been an affiliate of the Company (within the meaning of Rule 144) within the three months immediately preceding the date of such proposed transfer. 
 (iv) On and after the Resale Restriction Termination Date, any Note (or any security issued in exchange therefor or substitution thereof, except any shares of Common Stock issued upon the conversion
thereof) will bear the Restricted Notes Legend at any time the Company reasonably determinates that, to comply with law, such Note (or such securities issued in exchange for or substitution of a Note) must bear the Restricted Notes Legend.

 (b) Restricted Stock. 
 (i) Every share of Common Stock that bears, or that is required under this Section 2.09 to bear, the Restricted Stock Legend will be deemed to be “Restricted Stock.” Each share of
Restricted Stock will be subject to the restrictions on transfer set forth in 

  
 20 

 
this Indenture (including in the Restricted Stock Legend), unless such restrictions on transfer are eliminated or otherwise waived by written consent of the Company, and each Holder of Restricted
Stock, by such Holder’s acceptance of Restricted Stock, will be deemed to be bound by the restrictions on transfer applicable to such Restricted Stock. 
 (ii) Until the Resale Restriction Termination Date, any share of Common Stock issued upon the conversion of a Note will be issued in definitive form and will bear the Restricted Stock Legend unless:

 (A) such share of Common Stock was transferred (1) to a person other than (x) the Company or (y) an affiliate
of the Company (within the meaning of Rule 144) and (2) pursuant to a registration statement that was effective under the Securities Act at the time of such conversion; 
 (B) such share of Common Stock was transferred (1) to a person other than (x) the Company or (y) an affiliate of the Company (within the meaning of Rule 144), and (2) pursuant to the
exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act; 
 (C) such
Note, regardless of whether bearing the Restricted Notes Legend, was not, at the time of its conversion, required to bear the Restricted Notes Legend pursuant to Section 2.09(a) hereof and such Common Stock was issued to a person other than
(1) the Company or (2) an affiliate of the Company (within the meaning of Rule 144); or 
 (D) the Company delivers
written notice to the Trustee, the Registrar and the transfer agent for the Common Stock stating that such share of Common Stock need not bear the Restricted Stock Legend. 
 (iii) On and after the Resale Restriction Termination Date, any share of the Common Stock will be issued in definitive form and will bear the Restricted Stock Legend at any time the Company reasonably
determinates that, to comply with law, such share of Common Stock must bear the Restricted Stock Legend. 
 (c) As used in this
Section 2.09, the term “transfer” means any sale, pledge, transfer, loan, hypothecation or other disposition whatsoever of any Restricted Note, any interest therein or any Restricted Stock. 

Section 2.10 Expiration of Restrictions. 
 (a) Definitive Notes. Any Definitive Note (or any Note issued in exchange or substitution therefor) that bears the Restricted Notes Legend and that has been transferred, replaced or exchanged on or
after the Resale Restriction Termination Date or that has been transferred pursuant to a registration statement that has been declared effective under the Securities Act may be exchanged for a new Note or Notes of like tenor and aggregate Principal
Amount that do not bear the Restricted Notes Legend unless the Company reasonably determines that, to comply with law, such Note must bear the Restricted Notes Legend. To exercise such right of exchange, the Holder of such Note must surrender such
Note in accordance with the 

  
 21 

 
provisions of Section 2.08 hereof and deliver to the Registrar and the Company any additional documentation reasonably requested by the Company, the Trustee or the Registrar in connection
with such exchange. 
 (b) Common Stock. Any certificate representing shares of Common Stock that bears the Restricted
Stock Legend and that has been transferred, replaced or exchanged on or after the Resale Restriction Termination Date or that has been transferred pursuant to a registration statement that has been declared effective under the Securities Act may be
exchanged for a new certificate or certificates representing such shares of Common Stock that do not bear the Restricted Stock Legend unless the Company reasonably determines that, to comply with law, such shares of Common Stock must bear the
Restricted Stock Legend. To exercise such right of exchange, the Holder of such Common Stock must surrender such shares of Common Stock in accordance with the procedures of the transfer agent for the Common Stock at such time and deliver to such
transfer agent and the Company any additional documentation reasonably requested by the Company or the transfer agent for Common Stock in connection with such exchange. 
 (c) Global Notes; Resale Restriction Termination Date. 
 (i) If, on the
Resale Restriction Termination Date, or the next succeeding Business Day if the Resale Restriction Termination Date is not a Business Day, any Notes are represented by a Global Note that is a Restricted Note (any such Global Note, a
“Restricted Global Note”), the Company may automatically exchange every beneficial interest in each Restricted Global Note for beneficial interests in Global Notes that are not subject to the restrictions set forth in the Restricted
Notes Legend and in Section 2.09 hereof. 
 (ii) The Company may effect any such automatic exchange as follows:
(A) deliver to the Depositary an instruction letter for the Depositary’s mandatory exchange process and (B) deliver (1) to each of the Trustee and the Registrar a duly completed Free Transferability Certificate and (2) to
the transfer agent for the Common Stock, the Transfer Agent Notice. The first date on which both the Trustee and the Registrar have received the Free Transferability Certificate and the transfer agent for the Common Stock has received the Transfer
Agent Notice will be known as the “Mandatory Exchange Date.” 
 (A) Immediately upon receipt of the Free
Transferability Certificate by each of the Trustee and the Registrar and receipt of the Transfer Agent Notice by the transfer agent for the Common Stock: 
 (1) the Restricted Notes Legend will be deemed removed from each of the Global Notes specified in such Free Transferability Certificate, and the Restricted Notes CUSIP and the Restricted Notes ISIN will
be deemed removed from each of such Global Notes and deemed replaced with the Unrestricted Notes CUSIP and the Unrestricted Notes ISIN (or, if required by the Depositary, the Company and the Trustee shall cooperate to cause the execution and
authentication of a replacement Global Note bearing the Unrestricted Notes CUSIP and the Unrestricted Notes ISIN pursuant to the terms hereof); 

  
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 (2) the Restricted Stock Legend will be deemed removed from any shares of Common Stock
previously issued upon conversion of the Notes and the CUSIP number will be deemed removed from each such share of Common Stock and deemed replaced with the Unrestricted Stock CUSIP; and 

(3) thereafter, any shares of Common Stock issued upon conversion of the Notes will be assigned the Unrestricted Stock CUSIP and will
not bear the Restricted Stock Legend (except as provided in Section 2.09(b) hereof). 
 (B) Promptly after the Mandatory
Exchange Date, the Company will provide Bloomberg with a copy of the Free Transferability Certificate and will use reasonable efforts to cause Bloomberg to adjust its screen page for the Notes to indicate that the Notes are no longer Restricted
Notes and are now identified by the Unrestricted Notes CUSIP. 
 (iii) Prior to the Company’s delivery of the Free
Transferability Certificate and afterwards, the Company and the Trustee will comply with the Applicable Procedures, and the Trustee will cooperate with the Company in its efforts to cause each Global Note to be identified by the Unrestricted Notes
CUSIP in the facilities of the Depositary on the date the Free Transferability Certificate is delivered to the Trustee and the Registrar or as promptly as possible thereafter. 
 Section 2.11 Replacement Notes. If (i) any mutilated Note is surrendered to the Trustee, or (ii) the Company and the Trustee receive evidence to their satisfaction of the
destruction, loss or theft of any Note, and there is delivered to the Company and the Trustee such security and/or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Company or the Trustee that
such Note has been acquired by a protected purchaser within the meaning of Article 8 of the Uniform Commercial Code as in effect from time to time in the State of New York (a “Protected Purchaser”), the Company shall execute and
upon a Company Request the Trustee shall authenticate and deliver, in exchange for any such mutilated Note or in lieu of any such destroyed, lost or stolen Note, a new Note of like tenor and Principal Amount, bearing a number not contemporaneously
outstanding. 
 (a) In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and
payable, or is about to be repurchased by the Company pursuant to Article 3 hereof, the Company in its discretion may, instead of issuing a new Note, pay or repurchase such Note, as the case may be. 

(b) Upon the issuance of any new Notes under this Section 2.11, the Company or the Trustee 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. 

(c) Every new Note issued pursuant to this Section 2.11 in lieu of any mutilated, destroyed, lost or stolen Note shall constitute
an original additional contractual obligation of the Company, 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 this Indenture equally and
proportionately with any and all other Notes duly issued hereunder. 

  
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 (d) The provisions of this Section 2.11 are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 Section 2.12 Outstanding Notes. 
 (a) Notes outstanding at any time
are all the Notes authenticated by the Trustee except for those cancelled by it, those paid pursuant to Section 2.11 and delivered to it for cancellation and those described in this Section 2.12 as not outstanding. A Note does not cease to
be outstanding because the Company or an Affiliate thereof holds the Note; provided, however, that in determining whether the Holders of the requisite Principal Amount of Notes have given or concurred in any request, demand,
authorization, direction, notice, consent or waiver hereunder, Notes owned by the Company or any other obligor upon the Notes or any Affiliate of the Company or such other obligor shall be disregarded and deemed not to be outstanding, except that,
in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes which a Responsible Officer of the Trustee actually knows to be so owned shall be so
disregarded. 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). 

(b) If a Note is replaced pursuant to Section 2.11, the replaced Note ceases to be outstanding unless the Trustee and the Company
receive proof satisfactory to each of them that the replaced Note is held by a Protected Purchaser. 
 (c) If the Paying Agent
holds, in accordance with this Indenture, on a Fundamental Change Repurchase Date or on Stated Maturity, money sufficient to pay all Notes payable on that date, then immediately after such Fundamental Change Repurchase Date or Stated Maturity, as
the case may be, such Notes shall cease to be outstanding, and interest on such Notes shall cease to accrue whether or not the Note is delivered to the Paying Agent. 
 (d) If a Note is converted in accordance with Article 10 hereof, then from and after the time of conversion on the Conversion Date, such Note shall cease to be outstanding and interest shall cease to
accrue on such Note. 
 (e) In addition, if the Company, any other obligor or an Affiliate of the Company or an Affiliate of
such other obligor holds a Note, such Note will be disregarded and deemed not to be outstanding for purposes of determining whether the Holders of the requisite aggregate Principal Amount of Notes have given or concurred in any request, demand,
authorization, direction, notice, consent, waiver or other action hereunder. Subject to the foregoing, only Notes outstanding at the time of any such determination will be considered in such determination (including, determinations pursuant to
Articles 6 and 9 hereof). 
 Section 2.13 Temporary Notes. Pending the preparation of Definitive Notes, the Company
may execute, and the Trustee upon receipt of a Company Order shall authenticate 

  
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and deliver, temporary Notes (“Temporary Notes”) which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially
of the tenor of the Definitive Notes in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Temporary Notes may determine, as conclusively evidenced by
their execution of such Temporary Notes. 
 If Temporary Notes are issued, the Company shall cause Definitive Notes to be
prepared without unreasonable delay. After the preparation of Definitive Notes, the Temporary Notes shall be exchangeable for Definitive Notes upon surrender of the Temporary Notes at the office or agency of the Company designated for such purpose
pursuant to Section 4.04, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Company shall execute and the Trustee upon receipt of a Company Order shall authenticate and deliver in exchange
therefor a like Principal Amount of Definitive Notes of authorized denominations. Until so exchanged the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 

Section 2.14 Cancellation. All Notes surrendered for payment, repurchased by the Company pursuant to Article 3, conversion or
registration of transfer or exchange shall, if surrendered to any person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it at the written direction of the Company. The Company may at any time deliver to the
Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Trustee. The Company may not issue new
Notes to replace Notes that it has paid or delivered to the Trustee for cancellation or that any Holder has converted pursuant to Article 10. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this
Section 2.14, except as expressly permitted by this Indenture. All cancelled Notes held by the Trustee shall be disposed of by the Trustee in accordance with the Trustee’s customary procedure, upon written request and at the expense of the
Company. 
 Section 2.15 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 the Principal Amount, Fundamental Change
Repurchase Price, and interest, on such Note, for the purpose of conversion and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected
by notice to the contrary. 
 Section 2.16 Additional Notes; Repurchases. The Company may also from time to time
repurchase Notes in open market purchases or in negotiated transactions without delivering prior notice to Holders. 

Section 2.17 CUSIPs. Until the Restricted Notes Legend is removed from a Note pursuant to Section 2.10 hereof, the
Company shall use the Restricted Notes CUSIP and ISIN numbers (if then generally in use) for such Note. After the Restricted Notes Legend is removed from a Note as described in Section 2.10 hereof, the Company shall use the Unrestricted Notes
CUSIP and Unrestricted Notes ISIN numbers for such Note. The Trustee 

  
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may use CUSIP and ISIN numbers in notices as a convenience to Holders; provided, however, that neither the Company nor the Trustee will 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 writing of any change in the CUSIP or ISIN numbers. 
 Section 2.18 Ranking. The obligations of the
Company arising under or in connection with this Indenture and every outstanding Note issued under this Indenture from time to time constitute and shall constitute a general unsecured obligation of the Company, ranking equal in right of payment to
all other existing and future senior unsecured and unsubordinated indebtedness of the Company and ranking senior in right of payment to any future indebtedness of the Company that is expressly made subordinate to the Notes by the terms of such
indebtedness. 
 ARTICLE III 
 REPURCHASES 
 Section 3.01 No Company Right to Redeem.
The Company will not have any right to redeem the Notes before the Maturity Date through the operation of any sinking fund or otherwise. 
 Section 3.02 Repurchase of Notes at Option of the Holder Upon Fundamental Change. If prior to the Stated Maturity, there shall have occurred a Fundamental Change, each Holder shall have the
right, at such Holder’s option, to require the Company to repurchase for cash all or any portion of such Holder’s Note such that the Principal Amount of such Note equals $1,000 or an integral multiple of $1,000 in excess thereof at a
repurchase price specified in paragraph 5 of the Notes (the “Fundamental Change Repurchase Price”), as of the date specified by the Company in the Fundamental Change Notice for such Fundamental Change that is no earlier than 20
Business Days, and no later than 35 Business Days, after the Fundamental Change Notice Date (the “Fundamental Change Repurchase Date”), subject to satisfaction by or on behalf of the Holder of the requirements set forth in
Section 3.03. 
 Section 3.03 Fundamental Change Notice. 

(a) On or before the 20th calendar day immediately following the effective date of a Fundamental Change, the Company shall deliver a
written notice to the Trustee, the Paying Agent and to each Holder at their addresses shown in the Register (and to beneficial owners of a Global Note, as required by applicable law) of, and issue a press release (and make the press release
available on its web site) in respect of the occurrence of, the Fundamental Change and of the resulting repurchase right (such notice, the “Fundamental Change Notice,” and the date of mailing of such notice, the “Fundamental
Change Notice Date”). The Fundamental Change Notice shall include a form of Fundamental Change Repurchase Notice to be completed by the Holder and shall state: 
 (i) briefly, the events causing a Fundamental Change; 

  
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 (ii) the effective date of such Fundamental Change, and whether the Fundamental Change is a
Make-Whole Fundamental Change, in which case, the Fundamental Change Effective Date; 
 (iii) the last date by which the
Fundamental Change Repurchase Notice pursuant to this Article 3 must be given; 
 (iv) the Fundamental Change Repurchase Price;

 (v) the Fundamental Change Repurchase Date; 
 (vi) if applicable, the name and address of the Paying Agent and the Conversion Agent; 
 (vii) if applicable, the applicable Conversion Rate and any adjustments thereto resulting from the Fundamental Change; 
 (viii) if applicable, that the Notes with respect to which a Fundamental Change Repurchase Notice has been delivered by a Holder may be converted pursuant to Article 10 hereof only if the Holder withdraws
the Fundamental Change Repurchase Notice in accordance with the terms of this Indenture; and 
 (ix) the procedures Holders
must follow to require the Company to repurchase their Notes; 
 (b) Failure or Defect. Notwithstanding anything
provided elsewhere in this Indenture, neither the failure of the Company to deliver a Fundamental Change Notice nor a defect in a Fundamental Change Notice delivered by the Company will limit the repurchase rights of any Holder under this Article 3
or impair or otherwise affect the validity of any proceedings relating to the repurchase of any Note pursuant to this Article 3. 
 (c) To exercise its rights specified in Section 3.02, a Holder must deliver the Notes to be repurchased, duly endorsed for transfer, together with a written notice of repurchase (a
“Fundamental Change Repurchase Notice”) and the form entitled “Form of Fundamental Change Repurchase Notice” on the reverse side of the Notes, duly completed, to the Paying Agent at any time on or prior to the Close of
Business on the Scheduled Trading Day immediately preceding the Fundamental Change Repurchase Date. If the Notes are not in certificated form, the Holder must comply with the Depositary’s procedures for surrendering interests in Global Notes.
The Fundamental Change Repurchase Notice must state: 
 (i) if Definitive Notes have been issued, the certificate number of the
Notes to be delivered for repurchase; 

  
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 (ii) the portion of the Principal Amount of the Note which the Holder will deliver to be
repurchased, which portion must have a Principal Amount equal to $1,000 or an integral multiple of $1,000 in excess thereof; and 
 (iii) that such Note shall be repurchased pursuant to the terms and conditions specified in Section 3.02 and this Section 3.03 of this Indenture and the applicable provisions of the Notes;

 provided, however, that if the Notes are Global Notes, the Fundamental Change Repurchase Notice must comply with the
appropriate procedures of the Depositary. 
 The delivery of such Note to the Paying Agent prior to, on or after the Fundamental
Change Repurchase Date (together with all necessary endorsements) at the offices of the Paying Agent shall be a condition to the receipt by the Holder of the Fundamental Change Repurchase Price therefor; provided, however, that such
Fundamental Change Repurchase Price shall be so paid pursuant to this Article 3 only if the Note so delivered to the Paying Agent shall conform in all respects to the description thereof set forth in the related Fundamental Change Repurchase Notice.

 The Company shall repurchase from the Holder thereof, pursuant to this Section 3.03, a portion of a Note if the
Principal Amount repurchased equals $1,000 or an integral multiple of $1,000 in excess thereof. Provisions of this Indenture that apply to the repurchase of all of a Note also apply to the repurchase of such portion of such Note. 

Notwithstanding anything herein to the contrary, any Holder delivering to the Paying Agent the Fundamental Change Repurchase Notice
contemplated by this Section 3.03 shall have the right to withdraw such Fundamental Change Repurchase Notice at any time prior to the Close of Business on the Scheduled Trading Day immediately preceeding the Fundamental Change Repurchase Date
by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 3.04(b). 
 (d) The Paying
Agent shall promptly notify the Company of the receipt by it of any Fundamental Change Repurchase Notice or written withdrawal thereof. 
 (e) The Company shall not be required to comply with this Section 3.03 if a third party mails a written notice of Fundamental Change in the manner, at the times and otherwise in compliance with this
Section 3.03 and repurchases all Notes for which a Fundamental Change Repurchase Notice shall be delivered and not withdrawn. 
 Section 3.04 Effect of Fundamental Change Repurchase Notice. 
 (a)
Upon receipt by the Paying Agent of the Fundamental Change Repurchase Notice specified in Section 3.03, the Holder of the Note in respect of which such Fundamental Change Repurchase Notice was given shall (unless such Fundamental Change
Repurchase Notice is withdrawn as specified in the following clause 3.04(b) below) thereafter be entitled to receive solely the Fundamental Change Repurchase Price upon delivery or transfer of the Note. Holders shall receive payment of such
Fundamental Change Repurchase Price promptly following the later of (i) the Fundamental Change Repurchase Date and (ii) the time of book-entry 

  
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transfer or delivery of the Note to the Paying Agent in accordance with Section 3.03. If the Paying Agent holds funds on the Fundamental Change Repurchase Date sufficient to pay the
Fundamental Change Repurchase Price of the Note on the Fundamental Change Repurchase Date, then: 
 (i) the Note shall cease to
be outstanding and interest thereon, if any, shall cease to accrue (whether or not book-entry transfer of the Note is made or whether or not the Note is delivered to the Paying Agent); and 

(ii) all other rights of the Holder shall terminate (other than the right to receive the Fundamental Change Repurchase Price and
previously accrued and unpaid interest, if any, upon book-entry transfer or delivery or transfer of the Note). 
 Notes in respect of which a
Fundamental Change Repurchase Notice has been given by the Holder thereof may not be converted pursuant to Article 10 hereof on or after the date of the delivery of such Fundamental Change Repurchase Notice, unless such Fundamental Change Repurchase
Notice has first been validly withdrawn as specified in the following two paragraphs. 
 (b) A Fundamental Change Repurchase
Notice may be withdrawn by means of a written notice of withdrawal delivered to the office of the Paying Agent in accordance with the Fundamental Change Repurchase Notice at any time prior to the Close of Business on the Scheduled Trading Day
immediately preceding the Fundamental Change Repurchase Date specifying: 
 (i) if certificated Notes have been issued, the
certificate numbers of the Notes being withdrawn, 
 (ii) the Principal Amount of the Notes with respect to which such notice
of withdrawal is being submitted, and 
 (iii) the Principal Amount, if any, of such Note which remains subject to the original
Fundamental Change Repurchase Notice, which must be $1,000 or an integral multiple thereof and which has been or will be delivered for repurchase by the Company; 
 provided, however, that if the Notes are Global Notes, the notice must comply with appropriate procedures of the Depositary. 

(c) Upon receipt of a validly delivered withdrawal notice, the Paying Agent will promptly (i) if such notice pertains to a
Definitive Note or a portion of a Definitive Note, return such Note or portion of a Note to such Holder, and (ii) if such notice pertains to a beneficial interest in a Global Note, in compliance with the Applicable Procedures, deem to be
cancelled any instructions for book-entry transfer of such beneficial interest. 
 (d) If any Holder validly delivers to the
Paying Agent a notice of withdrawal with respect to a Note or any portion of a Note, the Paying Agent will promptly deliver to the Company a copy of such notice of withdrawal. 

  
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 Section 3.05 Covenant Not to Repurchase Notes in Certain Circumstances. There
shall be no repurchase of any Notes pursuant to this Article 3 if the Principal Amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to the Fundamental Change Repurchase Date (except in the case of an
acceleration resulting from a Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes). The Paying Agent will promptly return to the respective Holders thereof any Notes (x) with respect to
which a Fundamental Change Repurchase Notice has been withdrawn in compliance with this Indenture, or (y) held by it during the continuance of an acceleration (except in the case of an acceleration resulting from a Default by the Company in the
payment of the Fundamental Change Repurchase Price with respect to such Notes) in which case, upon such return, the Fundamental Change Repurchase Notice with respect thereto shall be deemed to have been withdrawn. 

Section 3.06 Deposit of Fundamental Change Repurchase Price. Prior to 11:00 a.m., New York City time, on the Fundamental
Change Repurchase Date, 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 2.06 hereof) an amount of money (in immediately available funds if deposited on such Business Day) sufficient to pay the aggregate Fundamental Change Repurchase Price of all the Notes or portions thereof which are to be repurchased as
of the Fundamental Change Repurchase Date. 
 Section 3.07 Notes Repurchased in Part. Any Definitive Note which is
to be repurchased only in part shall be surrendered at the office of the Paying Agent (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly
executed by, the Holder thereof or such Holder’s attorney duly authorized in writing) and the Company shall execute, and the Trustee shall authenticate and deliver, to the Holder of such Note, without service charge, a new Note or Notes, of any
authorized denomination or denominations 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. If any Global Note is repurchased
in part, the Company shall instruct the Registrar to decrease the Principal Amount of such Global Note by the Principal Amount repurchased. Any Notes that are repurchased or owned by the Company whether or not in connection with a Fundamental Change
shall be submitted to the Trustee for cancellation in accordance with Section 2.14 and will be duly retired by the Company. 
 Section 3.08 Covenant to Comply With Securities Laws Upon Repurchase of Notes. In connection with any offer to repurchase or repurchase of Notes under Section 3.02 hereof, the Company
shall, to the extent applicable, (i) comply with Rule 13e-4 (or any successor provision) and Rule 14e-1 (or any successor provision) and any other applicable tender offer rules under the Exchange Act, (ii) file the related Schedule TO (or
any successor schedule, form or report), if required, under the Exchange Act, and (iii) otherwise comply with any applicable U.S. federal and state securities laws so as to permit the rights and obligations under Section 3.02 to be
exercised hereof in the time and in the manner specified in Sections 3.02 and 3.03 hereof. 
 Section 3.09 Repayment to
the Company. The Trustee and the Paying Agent shall return to the Company any cash that remains unclaimed as provided in paragraph 10 of the 

  
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Notes, together with interest thereon (subject to the provisions of Section 7.01(e)), held by them for the payment of the Fundamental Change Repurchase Price; provided,
however, that to the extent that the aggregate amount of cash deposited by the Company pursuant to Section 3.06 exceeds the aggregate Fundamental Change Repurchase Price, with respect to, the Notes or portions thereof which the Company is
obligated to repurchase as of the Fundamental Change Repurchase Date, whether as a result of withdrawal or otherwise, then promptly after the Business Day following the Fundamental Change Repurchase Date, the Trustee shall return any such excess to
the Company together with interest thereon, if any (subject to the provisions of Section 7.01(e)). 
 ARTICLE IV

 COVENANTS 
 Section 4.01 Payment of Notes. The Company shall promptly make all payments of the Principal Amount of, Fundamental Change Repurchase Price for, interest on, and the Conversion Obligation in
respect of, the Notes on the dates and in the manner provided in the Notes or pursuant to this Indenture. Any amounts to be given to the Trustee or Paying Agent, shall be deposited with the Trustee or Paying Agent by 11:00 a.m., New York City time,
by the Company. The Principal Amount, Fundamental Change Repurchase Price and interest, as well as the cash portion of the Conversion Obligation, shall be considered paid on the applicable date due if on such date the Trustee or the Paying Agent
holds, in accordance with this Indenture, money sufficient to pay all such amounts when due. The portion of the Conversion Obligation that consists of Common Stock (or other securities) shall be considered paid on the applicable date due if on such
date the transfer agent for the Common Stock holds, in accordance with this Indenture, a number of shares of Common Stock (or other securities) sufficient to pay all such amounts then due. 

The Company shall, to the extent permitted by law, pay interest on overdue amounts at the rate per annum set forth in paragraph 1 of the
Notes, compounded semiannually, which interest shall accrue from the date such overdue amount was originally due to the date payment of such amount, including interest thereon, has been made or duly provided for. 

Section 4.02 SEC and Other Reports; 144A Information. 

(a) The Company shall deliver to the Trustee copies of all quarterly and annual reports on Forms 10-Q and 10-K, respectively, that the
Company is required to deliver to the SEC and any other documents, or reports that the Company is required to file with the SEC under Sections 13 or 15(d) of the Exchange Act (or copies of such portions of any of the foregoing as the SEC may by
rules and regulations prescribe) within 15 days after 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). At any time the Company is not
subject to Sections 13 or 15(d) of the Exchange Act, the Company shall, so long as any of the Notes or any shares of Common Stock delivered upon conversion thereof shall, at such time, constitute “restricted securities” within the meaning
of Rule 144(a)(3) under the Securities Act, promptly provide to the Trustee and shall, upon written request, provide to any Holder, 

  
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beneficial owner or prospective purchaser of such Notes or any shares of Common Stock issued upon conversion of such Notes, the information required to be delivered pursuant to Rule 144A(d)(4)
under the Securities Act to facilitate the resale of such Notes or shares of Common Stock pursuant to Rule 144A under the Securities Act. The Company shall take such further action as any Holder or beneficial owner of such Notes or such Common Stock
may reasonably request to the extent required from time to time to enable such Holder or beneficial owner to sell such Notes or shares of Common Stock in accordance with Rule 144A under the Securities Act, as such rule may be amended from time to
time. 
 Documents filed by the Company with the SEC via the EDGAR system will be deemed to be furnished to the Trustee at the
time such document is filed via the EDGAR system; provided, however, that the Trustee will have no responsibility whatsoever to determine whether the Company has made any filing via the EDGAR system. 

Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of
the same 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 exclusively on Officers’ Certificates). The Trustee shall have no responsibility or liability for the filing, timeliness or content of any report required under this Section 4.02 or any other reports, information and
documents required under this Indenture (aside from any report that is expressly the responsibility of the Trustee subject to the terms hereof). 
 (b) If, at any time during the period beginning on, and including, the date that is six months after the last date of original issuance of the Notes and ending on, but not including, the Free Trade Date
(or the next succeeding Business Day if the Free Trade Date is not a Business Day), the Company fails to timely file (any document or report that it is required to file with the SEC pursuant to Sections 13 or 15(d) of the Exchange Act, as applicable
(after giving effect to all applicable grace periods thereunder and other than current reports on Form 8–K), or the Notes are not otherwise Freely Tradable (as a result of restrictions pursuant to U.S. securities law, the terms of this
Indenture or the terms of the Notes), the Company shall pay additional interest (the “Special Interest”) on the Notes. The Special Interest will accrue at a rate equal to 0.50% per annum on the Principal Amount of then
outstanding Notes on each day during such period for which the failure of the Company to file has occurred and is continuing or the Notes are not Freely Tradable. Any Special Interest payable on a Note will be payable at the same time, in the same
manner and to the same Holder as the stated interest on such Note. 
 (c) In addition, if the Notes are not Freely Tradable
(without restrictions pursuant to U.S. securities law, the terms of this Indenture or the terms of the Notes) at all times on and after the Free Trade Date (or the next succeeding Business Day if the Free Trade Date is not a Business Day), the
Company shall pay additional interest (the “Additional Interest”) on the Notes. The Additional Interest will accrue on each day on and after the Free Trade Date on which the Notes are not so Freely Tradable at a rate of
0.50% per annum on the Principal Amount of then outstanding Notes. Any Additional Interest payable on a Note will be payable at the same time, in the same manner and to the same Holder as the stated interest on such Note. 

  
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 (d) Notwithstanding anything to the contrary in the foregoing Sections 4.02(b) and (c), if,
on any day, (i) the Company has filed a shelf registration statement for the resale of the Notes and any Common Stock issued upon conversion of the Notes, (ii) such shelf registration statement is effective and usable by Holders for the
resale of the Notes and any Common Stock issued upon conversion of the Notes, and (iii) 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, then neither Special Interest nor Additional Interest will accrue on such day. 
 (e) If the
Company is required to pay Special Interest or Additional Interest on any Note, no later than three Business Days prior to the date on which such Special Interest or Additional Interest is scheduled to be paid, the Company shall provide to the
Trustee (and if the Trustee is not the Paying Agent, to the Paying Agent) an Officers’ Certificate, which Officers’ Certificate will state (i) that the Company expects to pay Special Interest or Additional Interest, as applicable,
pursuant to this Section 4.02, (ii) the amount of such Special Interest or Additional Interest, as applicable, that the Company is required to pay under this Section 4.02, (iii) the amount of such Special Interest or Additional
Interest, as applicable, that the Company will pay, (iv) the scheduled date on which such Special Interest or Additional Interest, as applicable, will be paid to Holders and (v) a direction that the Trustee (or, if the Trustee is not the
Paying Agent, the Paying Agent) pay such Special Interest or Additional Interest, as applicable, to the extent it receives funds from the Company to do so, on the scheduled payment date for such Special Interest or Additional Interest, as
applicable. The Trustee will not have any duty or responsibility to any Holder to determine whether any Special Interest or Additional Interest is payable, or, if any Special Interest or Additional Interest is payable, the amount of such Special
Interest or Additional Interest that is payable. 
 Section 4.03 Compliance Certificate. The Company shall deliver
to the Trustee within 120 days after the end of each fiscal year of the Company (beginning with the fiscal year ending on December 31, 2012) an Officers’ Certificate, stating whether or not to the knowledge of the signers thereof the
Company is, or was during the previous fiscal year, 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 Maintenance of Office or Agency. The Company shall maintain an office or agency of the Trustee, Registrar, Paying Agent and Conversion Agent (which will be in the borough of
Manhattan, New York City) where Notes may be presented or surrendered for payment, where Notes may be surrendered for registration of transfer, exchange for other Notes, 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 Trustee’s office specified in Section 12.02 shall initially be such office or agency for all of the aforesaid purposes. The Company shall give prompt written notice to the
Trustee of the location, and of any change in the location, of any such office or agency (other than a change in the location of the office of the Trustee). If at any time the Company shall fail to maintain any such required office or agency or
shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the Trustee set forth in Section 12.02. 

  
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 The Company may also from time to time and in accordance with Section 2.05 hereof,
designate one or more other offices or agencies (which will be in the borough of Manhattan, New York City) where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. 

Section 4.05 Restriction on Repurchases. The Company agrees that it will not and it will not permit any affiliates of the
Company (within the meaning of Rule 144) to resell any Notes that have been reacquired by any of them, except, in the case of sales by any affiliate of the Company (within the meaning of Rule 144) in transactions registered under the Securities Act.

 Section 4.06 Corporate Existence. Subject to Article 5 hereof, the Company shall do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate existence in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company. 

Section 4.07 Par Value Limitation. The Company shall not take any action that, after giving effect to any adjustment pursuant
to Sections 10.05 or 10.06 hereof, would result in the Conversion Price becoming less than the par value of one share of Common Stock. 
 Section 4.08 Stay, Extension and Usury Laws. The Company covenants that, to the extent that it may lawfully do so, it will not at any time insist upon, plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay, extension or usury law 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 covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will instead suffer and permit the
execution of every such power as though no such law has been enacted. 
 ARTICLE V 

CONSOLIDATION, MERGER AND SALE OF ASSETS 
 Section 5.01 When Company May Merge or Transfer Assets. The Company shall not consolidate with or merge with or into any other person or convey, transfer or lease all or substantially all its
properties and assets to another person, unless: 
 (a) either (i) the Company shall be the continuing person or
(ii) the person (if other than the Company) formed by such consolidation or into which the Company is merged or the person which acquires by conveyance, transfer or lease all or substantially all the properties and assets of the Company
(A) shall be organized and validly existing under the laws of the United States, any State thereof or the District of Columbia and (B) shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in
form satisfactory to the Trustee, all of the obligations of the Company under the Notes and this Indenture; 

  
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 (b) immediately after giving effect to such transaction, no Default or Event of Default
shall have occurred and be continuing; and 
 (c) the Company shall have delivered to the Trustee an Officers’ Certificate
and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with this Article 5 and that
all conditions precedent herein provided for relating to such transaction have been satisfied. 
 The successor person (if other
than the Company) formed by such consolidation or into which the Company is merged or the successor person to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the
Company under this Indenture with the same effect as if such successor had been named as the Company herein; and thereafter, except in the case of a lease and obligations the Company may have under a supplemental indenture pursuant to
Section 10.08, the Company shall be discharged from all obligations and covenants under this Indenture and the Notes. Subject to Section 9.06, the Company, the Trustee and the successor person shall enter into a supplemental indenture to
evidence the succession and substitution of such successor person and such discharge and release of the Company. 
 ARTICLE VI

 DEFAULTS AND REMEDIES 
 Section 6.01 Events of Default. 
 (a) Each of the following is an
“Event of Default”: 
 (i) Default in the payment of the Principal Amount of any Note when due and payable at
its Stated Maturity, upon required repurchase in connection with a Fundamental Change, upon declaration of acceleration or otherwise; 
 (ii) Default in the payment of any interest upon any Note when due and payable and continuance of such Default for a period of 30 days; 

(iii) Default in the performance, or breach, of any covenant or agreement of the Company in this Indenture (other than a covenant or
agreement a Default in whose performance or whose breach is specifically dealt with in clauses (i), (ii) or (vi) of this Section 6.01(a)), and continuance of such default or breach for a period of 60 days after written notice thereof
has been given 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 outstanding Notes (any such notice must specify the Default, demand that it be remedied and state that
such notice is a “Notice of Default”); 
 (iv) a Default or Defaults under any bonds, debentures, notes or
other evidences of indebtedness (other than the Notes) having, individually or in the aggregate, a principal or similar amount outstanding of at least $15.0 million, whether such indebtedness now

  
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exists or shall hereafter be created, which default or defaults shall have resulted in the acceleration of the maturity of such indebtedness prior to its express maturity or shall constitute a
failure to pay at least $15.0 million of such indebtedness when due and payable after the expiration of any applicable grace period with respect thereto, without such indebtedness having been paid or discharged within a period of 30 days after the
occurrence of such indebtedness becoming or being declared due and payable or the failure to pay, as the case may be; 
 (v)
the failure by the Company to comply with the obligation to convert the Notes into Common Stock, cash or a combination of cash and Common Stock, as applicable, in accordance with Article 10 hereof upon exercise of a Holder’s conversion right
and such failure continues for 5 days; 
 (vi) failure by the Company to provide a Fundamental Change Notice pursuant to
Section 3.03(a) when due and such failure continues for 5 days; 
 (vii) the Company or any Subsidiary that is a
Significant Subsidiary (or any group of subsidiaries that, taken together, would constitute a Significant Subsidiary) pursuant to or within the meaning of any Bankruptcy Law: 
 (A) commences a voluntary case or proceeding; 
 (B) consents to the entry of an
order for relief against it in an involuntary case or proceeding or the commencement of any case against it; 
 (C) consents 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; 
 (E) generally is unable to pay its debts as the same become due; or 

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

(A) is for relief against the Company or any Significant Subsidiary (or any group of subsidiaries that, taken together, would constitute
a Significant Subsidiary) in an involuntary case or proceeding; or 
 (B) appoints a Custodian of the Company or any
Significant Subsidiary (or any group of subsidiaries that, taken together, would constitute a Significant Subsidiary) or for all or any substantially all of the property of the Company; or 

(C) orders the winding up or liquidation of the Company or any Significant Subsidiary (or any group of subsidiaries that, taken
together, would constitute a Significant Subsidiary); and 

  
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 (D) the order or decree remains unstayed and in effect for 60 days. 

(b) The Company shall deliver to the Trustee, within 30 days after it becomes aware of the occurrence thereof, written notice of any
event which with the giving of notice or the lapse of time, or both, would become an Event of Default, its status and what action the Company is taking or proposes to take with respect thereto 

Section 6.02 Acceleration. 
 (a) If an Event of Default (other than an Event of Default specified in Section 6.01(a)(vii) or (viii) in respect of 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 at the time outstanding by notice to the Company and the Trustee, may declare the Principal Amount through the date of declaration, and any accrued and unpaid interest through
the date of such declaration, on all the Notes to be immediately due and payable. Upon such a declaration, such Principal Amount, and such accrued and unpaid interest if any, shall be due and payable immediately. If an Event of Default specified in
Section 6.01(vii) or (viii) in respect of the Company occurs and is continuing, the Principal Amount plus accrued and unpaid interest, if any, on all the Notes shall 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 without notice to any other Holder) may rescind an acceleration and its
consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default, other than the nonpayment of the Principal Amount and interest that have become due solely as a result of acceleration, have been
cured or waived and if all amounts due to the Trustee under Section 7.07 have been paid. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 

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 the Principal Amount plus any accrued and unpaid interest and reasonable fees and/or expenses incurred by the Trustee in connection with such collection, including attorney’s fees and expenses, if any, on, or the
Conversion Obligation with respect to, the Notes or to enforce the performance of any provision of the Notes or this Indenture. The Trustee may maintain a proceeding even if the Trustee 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 Sole Remedy
for Failure to Report. 
 (a) General. Notwithstanding anything to the contrary in the Notes or in this Indenture,
the Company may elect that the sole remedy for any Event of Default specified in Section 6.01(a)(iii) hereof relating to the Company’s failure to file reports with the Trustee as required under Section 4.02 hereof (a
“Reporting Event of Default”) will, for the period 

  
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beginning on the date on which such Reporting Event of Default first occurred (which, for the avoidance of doubt, will be 60 days after the Company receives the related Notice of Default) and
ending on the earlier of (A) the date on which such Reporting Event of Default is cured or validly waived in accordance with Section 6.05 hereof and (B) the 180th day immediately following the date on which such Reporting Event of Default first occurred, consist exclusively of the
right to receive additional interest (the “Extension Fee”) on the Notes. Such Extension Fee will accrue at a rate equal to 0.25% per annum on the Principal Amount of the Notes outstanding for each day during the period
beginning on, and including, the date on which the Reporting Event of Default first occurred and ending on the earlier of (i) the date on which the Reporting Event of Default is cured or validly waived or (ii) the 90th day immediately following, and including, the date on which the
Reporting Event of Default first occurred; and, if such Reporting Event of Default has not been cured or validly waived prior to the 91st day immediately following, and including, the date on which such Reporting Event of Default first occurred,
0.50% per annum of the Principal Amount of the Notes then outstanding for each day during the period beginning on, and including, the 91st day immediately following and including the date on which such Reporting Event of Default first occurred and ending on
the earlier of (i) the date on which such Reporting Event of Default is cured or validly waived or (ii) the
180th day immediately following, and including, the date
on which such Reporting Event of Default first occurred. 
 (b) If (i) a Reporting Event of Default
occurs and the Company elects that the sole remedy with respect to such Reporting Event of Default will be the Extension Fee and (ii) on the 181st day immediately following, and including, the date on which such Reporting Event of Default first occurred, such
Reporting Event of Default has not been cured or validly waived in accordance with Section 6.05 hereof, the Notes will immediately become subject to acceleration under Section 6.02(a) hereof on account of such Reporting Event of Default.

 (c) To elect to pay the Extension Fee as the sole remedy for a Reporting Event of Default, the Company must deliver written
notice of such election to the Holders, the Paying Agent and the Trustee prior to the Close of Business on the fifth Business Day after the date on which such Reporting Event of Default first occurs. Any such notice must include a brief description
of the report that the Company failed, or will fail, to file, a statement that the Company is electing to pay the Extension Fee and the date on which such Reporting Event of Default occurred or will occur. 

If a Reporting Event of Default occurs and the Company fails to timely deliver such notice for such Reporting Event of Default or pay the
Extension Fee, the Notes will immediately be subject to acceleration under Section 6.02(a) hereof on account of such Reporting Event of Default. 
 (d) Notwithstanding anything to the contrary herein, if the Company elects to pay the Extension Fee with respect to any Reporting Event of Default, the Company’s election will not affect the rights
of any Holder with respect to any other Event of Default, including with respect to any other Reporting Event of Default. 

(e) The Extension Fee shall accrue in addition to any Special Interest payable pursuant to Section 4.02(b) or any Additional
Interest payable pursuant to Section 4.02(c). 

  
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 Section 6.05 Waiver of Past Defaults. Subject to Section 6.02, The Holders
of a majority in aggregate Principal Amount of the Notes then outstanding, by written notice to the Company and to the Trustee, may waive all past Defaults or Events of Default with respect to the Notes (other than a Default or an Event of Default
resulting from (i) nonpayment of principal or interest, including any Additional Interest, (ii) failure to repurchase any Notes when required upon a Fundamental Change or (iii) a failure to deliver, upon conversion, cash, shares of
Common Stock or a combination of cash and shares of Common Stock, as applicable, due upon conversion) and rescind any such acceleration with respect to the Notes and its consequences if (A) rescission would not conflict with any judgment or
decree of a court of competent jurisdiction and (B) all existing Events of Default, other than the nonpayment of the principal of and interest, including any Additional Interest, on the Notes that have become due solely by such declaration of
acceleration have been cured or waived. 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 6.06 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 that the Trustee determines in good faith is unduly prejudicial to the rights of other Holders or could, in reasonable likelihood, impose personal liability upon the Trustee, unless the Trustee is offered
indemnity and/or security satisfactory to it. In addition, prior to taking any action hereunder, the Trustee will be entitled to indemnification and/or security reasonably satisfactory to it against all losses and expenses caused by taking or not
taking such action. 
 Section 6.07 Limitation on Suits. Except to enforce the right to receive payment of Principal
Amount or interest on the Notes when due, a Holder may not pursue any remedy with respect to this Indenture or the Notes unless: 
 (a) the Holder gives to the Trustee written notice stating that an Event of Default is continuing; 
 (b) the Holders of at least 25% in aggregate Principal Amount of the Notes at the time outstanding make a written request to the Trustee to pursue the remedy; 

(c) such Holder or Holders offer to the Trustee security or indemnity reasonably satisfactory to the Trustee against any loss, liability
or expense; 
 (d) the Trustee does not comply with the request within 60 days after receipt of such written notice, request
and offer of security or indemnity; and 
 (e) the Holders of a majority in aggregate Principal Amount of the Notes at the time
outstanding do not give the Trustee a written direction that, in the opinion of the trustee, is inconsistent with such request during such 60-day period. 
 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 (it being understood that the Trustee does not have an
affirmative duty to ascertain whether or its actions or forbearances are unduly prejudicial to the rights of such Holders). 

  
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 Section 6.08 Rights of Holders to Receive Payment. Notwithstanding any other
provision of this Indenture, the right of any Holder to receive payment of the Principal Amount, Fundamental Change Repurchase Price, and interest in respect of the Notes held by such Holder on or after the respective due dates expressed in the
Notes, and to convert the Notes in accordance with Article 10, or to bring suit for the enforcement of any such payment on or after such respective dates or the right to convert, shall not be impaired or affected adversely without the consent of
such Holder and will not be subject to the requirements of Section 6.07 hereof. 
 Section 6.09 Collection Suit by
Trustee. If an Event of Default described in Section 6.01(a)(i), 6.01(a)(ii) or 6.01(a)(v) hereof 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 owing with respect to the Notes and the amounts provided for herein and, to the extent lawful, default interest as described in paragraph 7 of the Notes thereon. 
 Section 6.10 Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to the Company or any other obligor upon the Notes or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the Principal Amount, Fundamental Change Repurchase
Price, and interest in respect of, the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of any such amount)
shall be entitled and empowered, by intervention in such proceeding or otherwise: 
 (a) to file and prove a claim for the
whole amount of the Principal Amount, Fundamental Change Repurchase Price, or interest and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel or any other amounts due the Trustee hereunder) and of the Holders allowed in such judicial proceeding, and 

(b) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee hereunder.

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

  
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 Section 6.11 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 (acting in any capacity under this
Indenture) for amounts due hereunder; 
 SECOND: to Holders, for amounts due and unpaid on the Notes for the Principal Amount,
Fundamental Change Repurchase Price, interest, and the Conversion Obligation, 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 or to such other party as a court of competent jurisdiction directs. 

The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.11. At least 15 days before
such record date, the Trustee shall provide to each Holder and the Company a notice that states the record date, the payment date and the amount to be paid. 
 Section 6.12 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 (other than the Trustee) 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 (other than the Trustee), having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.12 does not apply to a suit
by the Trustee, a suit by a Holder pursuant to Section 6.08 or a suit by Holders of more than 10% in aggregate Principal Amount of the Notes at the time outstanding. 
 Section 6.13 Waiver of Stay, Extension or Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury or other law wherever enacted, now or at any time hereafter in force, which would prohibit or forgive the Company from paying all or any portion of the
Principal Amount, Fundamental Change Repurchase Price, interest and the Conversion Obligation in respect of, Notes, or any interest on such amounts, as contemplated herein, or which may affect the covenants or the performance of this Indenture; and
the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer
and permit the execution of every such power as though no such law had been enacted. 

  
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 ARTICLE VII 
 TRUSTEE 
 Section 7.01 Duties of Trustee. 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. 
 (a) Except during the continuance of an Event of Default: 

(i) the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants
or obligations shall be read into the 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 any certificate or opinion furnished to the Trustee and conforming to the requirements of this Indenture, but in case of any
such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this
Indenture, but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein. 
 (b)
The Trustee may not be relieved from liability for its own willful misconduct, except that: 
 (i) this paragraph (b) does
not limit the effect of paragraph (a) of this Section 7.01; 
 (ii) the Trustee shall not be liable for any error of
judgment made in good faith by a Responsible Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (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 hereunder; and 

(iv) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it. 
 (c) Every provision of this Indenture that in any way relates to the Trustee is subject to
paragraphs (a), (b), (d) and (e) of this Section 7.01. 

  
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 (d) The Trustee may refuse to perform any duty or exercise any right or power or extend or
risk its own funds or otherwise incur any financial liability unless it receives indemnity and/or security satisfactory to it against any loss, liability or expense. 
 (e) Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee (acting in any capacity hereunder) shall be under no liability
for interest on any money received by it hereunder unless otherwise agreed in writing with the Company. 
 Section 7.02
Rights of Trustee. Subject to its duties and responsibilities under the provisions of Section 7.01: 
 (a) the
Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
 (b) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee
(unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, request and conclusively rely upon an Officers’ Certificate; 
 (c) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any
misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 
 (d) the Trustee shall
not be liable for any action taken, suffered, or omitted to be taken by it in good faith which it believes to be authorized or within its rights or powers conferred under this Indenture; 

(e) the Trustee may consult with counsel selected by it and any advice or Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel; 
 (f) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Holders, pursuant to the provisions of
this Indenture, unless such Holders shall have offered to the Trustee security and/or indemnity satisfactory to it against the costs, expenses and liabilities which may be incurred therein or thereby; 

(g) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and
any resolution of the Board of Directors may be sufficiently evidenced by a resolution of the Board of Directors; 

  
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 (h) the Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, including, without limitation, any Company
Request, Company Order or Officers’ Certificate, but the Trustee may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it
shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or
investigation or lack thereof; 
 (i) the Trustee shall not be deemed to have notice of any Default or Event of Default unless
a Responsible Officer of the Trustee received written notice of an event which is in fact such a Default or Event of Default, and such notice references the Notes and this Indenture, describes the event with specificity, and alleges that the
occurrence of this event is a Default or an Event of Default under this Indenture; 
 (j) the rights, privileges, protections,
immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other person
employed to act hereunder; 
 (k) the Trustee may request that the Company deliver an Officers’ Certificate setting forth
the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including
any person specified as so authorized in any such certificate previously delivered and not superseded; 
 (l) the permissive
rights of the Trustee enumerated herein shall not be construed as duties; and 
 (m) in no event shall the Trustee be
responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action. 
 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. Any Paying Agent, Registrar, Conversion Agent or co-registrar may do the
same with like rights. However, the Trustee must comply with Section 7.10. 
 Section 7.04 Trustee’s
Disclaimer. The Trustee makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s use or application of the proceeds from the Notes, it shall not be responsible for
any statement in the registration statement for the Notes under the Securities Act or in this Indenture or the Notes (other than its certificate of authentication), or the determination as to which beneficial owners are entitled to receive any
notices hereunder. 

  
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 Section 7.05 Notice of Defaults. If a Default occurs and is continuing and if it
is known to the Trustee, the Trustee shall give to each Holder notice of the Default, by mail or in accordance with the Applicable Procedures, within 90 days after the Default occurs unless such Default shall have been cured or waived before the
giving of such notice. Except in the case of a Default described in Section 6.01(a)(i) or (ii), the Trustee shall be protected in withholding such notice if and so long as the Trustee in good faith determines that the withholding of such notice
is in the interest of the Holders of the Notes. The Trustee shall not be deemed to have knowledge of a Default unless a Responsible Officer of the Trustee has received written notice of such Default in the manner described in Section 7.02(i).

 Section 7.06 [RESERVED]. 
 Section 7.07 Compensation and Indemnity. The Company agrees: 
 (a) to
pay to the Trustee (acting in any capacity hereunder) from time to time such compensation as the Company and the Trustee shall from time to time agree in writing for all services rendered by it hereunder (which compensation shall not be limited (to
the extent permitted by law) by any provision of law in regard to the compensation of a trustee of an express trust); 
 (b) to
reimburse the Trustee (acting in any capacity hereunder) upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable
compensation and the expenses, advances and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence or bad faith; and 

(c) to indemnify the Trustee or any predecessor Trustee (acting in any capacity hereunder) and their agents for, and to hold them
harmless against, any loss, damage, claim, liability, cost or expense (including reasonable attorney’s fees and expenses and taxes (other than taxes based upon, measured by or determined by the income of the Trustee)) reasonably incurred
without bad faith, gross negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of this trust, including the reasonable costs and expenses of defending itself against any claim (whether
asserted by the Company or any Holder or any other person) or liability in connection with the acceptance, exercise or performance of any of its powers or duties hereunder or in connection with enforcing the provisions of this Section 7.07.

 To secure the Company’s payment and indemnification obligations in this Section 7.07, Holders shall have been
deemed to have granted to the Trustee a lien prior to the Notes on all money, Common Stock or property held or collected by the Trustee, except that held in trust to pay the Principal Amount, Fundamental Change Repurchase Price, interest or
Conversion Obligation, as the case may be, on particular Notes. 
 The Company’s payment obligations pursuant to this
Section 7.07 shall survive the discharge of this Indenture and the resignation or removal of the Trustee. When the Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(a)(vii) or (viii), its expenses
including the reasonable charges and expenses of its counsel, are intended to constitute expenses of administration under any Bankruptcy Law. 

  
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 Section 7.08 Replacement of Trustee. The Trustee may resign by so notifying the
Company; provided, however, no such resignation shall be effective until a successor Trustee has accepted its appointment pursuant to this Section 7.08. The Holders of a majority in aggregate Principal Amount of the Notes at the
time outstanding may remove the Trustee by so notifying the Trustee and the Company. The Company shall remove the Trustee if: 

(a) the Trustee fails to comply with Section 7.10; 
 (b) the Trustee is adjudged bankrupt or insolvent; 
 (c) a receiver or public
officer takes charge of the Trustee or its property; or 
 (d) the Trustee otherwise becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint,
by resolution of the Board of Directors, a successor Trustee. 
 (e) A successor Trustee shall deliver a written acceptance of
its appointment to the retiring Trustee and to the Company satisfactory in form and substance to the retiring Trustee and the Company. Thereupon and upon payment of the outstanding fees and expenses (including, but not limited to, attorneys’
fees and expenses) of the resigning or removed Trustee, 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 promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07. 

(f) If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee,
the Company or the Holders of a majority in aggregate Principal Amount of the Notes at the time outstanding may petition any court of competent jurisdiction at the expense of the Company for the appointment of a successor Trustee. 

(g) If the Trustee fails to comply with Section 7.10, any Holder may petition any court of competent jurisdiction for the removal
of the Trustee and the appointment of a successor Trustee. 
 (h) The resignation or removal of a Trustee shall not diminish,
impair or terminate its rights to indemnification pursuant to Section 7.07 as they relate to periods prior to such resignation or removal. The Trustee shall have no liability or responsibility for the action or inaction of any successor
Trustee. 
 Section 7.09 Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or
transfers all or substantially all its corporate trust business or assets to, another corporation, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee. 

  
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 (a) In case at the time such successor or successors by merger, conversion or consolidation
to the Trustee succeeds to the trusts created by this Indenture, any of the Notes 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 
 (b) in case at that time any of the Notes have not 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. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee and shall have a combined capital and surplus of at least
$50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of federal, state, territorial or District of Columbia supervising or examining authority, then, for the purposes of this
Section 7.10, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section 7.10, it shall resign immediately in the manner and with the effect hereinafter specified in this Article 7. 
 Section 7.11 [RESERVED]. 
 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 will be taken or such omission will be effective. The Trustee will 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 will not be less than three Business Days after the date any officer of the Company actually receives such application, unless any such officer has consented in writing
to any earlier date) unless, subject to the provisions of this Article 7, prior to taking any such action (or the effective date in the case of any omission), the Trustee has received written instructions in response to such application specifying
the action to be taken or omitted. 
 ARTICLE VIII 

SATISFACTION AND DISCHARGE 
 Section 8.01 Discharge of Liability on Notes. When (a) the Company delivers to the Trustee all outstanding Notes (other than Notes replaced pursuant to Section 2.11) for cancellation
or (b) all outstanding Notes have become due and payable and the Company deposits with the Trustee, the Paying Agent (if the Paying Agent is not the Company or any Subsidiary or any Affiliate of either of them) or the Conversion Agent cash
and/or, deposits with 

  
 47 

 
the stock transfer agent of the Company Common Stock (solely to satisfy the rights of Holders granted in Article 10), to pay all amounts due and owing on all outstanding Notes (other than Notes
replaced pursuant to Section 2.11), and if in either case the Company pays all other sums payable hereunder by the Company, then this Indenture shall, subject to Section 7.07, cease to be of further effect. The Trustee shall join in the
execution of a document prepared by the Company acknowledging satisfaction and discharge of this Indenture on demand of the Company accompanied by an Officers’ Certificate stating that the consideration being given is expressly permitted by the
terms of the Notes and that all conditions precedent to the discharge of this Indenture have been complied with by the Company and an Opinion of Counsel that all conditions precedent to the discharge of the Indenture have been complied with and that
such satisfaction and discharge does not violate the terms of this Indenture or the Notes, and at the cost and expense of the Company. The Trustee shall be allowed to conclusively rely on such Officers’ Certificate and Opinion of Counsel.

 Section 8.02 Repayment to the Company. 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 and the Trustee and the Paying Agent shall have no further liability to the Holders with respect to such money
or securities for that period commencing after the return thereof. 
 ARTICLE IX 

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: 

(a) to cure any ambiguity, omission, defect or inconsistency in this Indenture or the Notes; 

(b) to conform the provisions of this Indenture or the Notes to the “Description of Notes” section in the Offering Circular,
as supplemented by the related pricing term sheet; 
 (c) to comply with Section 5.01(c) or Section 10.08(a);

 (d) to add guarantees with respect to the Notes; 
 (e) to secure the Company’s obligations under the Notes; 
 (f) to add to the
Company’s covenants for the benefit of the Holders or to surrender any right or power conferred upon the Company; 

  
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 (g) to make any change that does not materially adversely affect the rights of any Holder;

 (h) to appoint a successor Trustee with respect to the Notes; or 

(i) to irrevocably elect to settle its Conversion Obligation in cash, shares of Common Stock or combination thereof. 

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 consents obtained in connection with a repurchase 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 resolution of the Board of Directors delivered to the Trustee, may amend or supplement this Indenture or the Notes; provided, however, that, without the consent of each Holder affected, an amendment or supplement to
this Indenture or the Notes may not: 
 (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 default; 
 (b) reduce the rate of or extend the stated time for
payment of interest on any Note; 
 (c) reduce the Principal Amount of or extend the Stated Maturity of any Note; 

(d) reduce any amount payable upon repurchase of any Note or change the time at which or circumstances under which the Notes will be
repurchased; 
 (e) make any change that impairs or adversely affects the conversion rights of any Notes; 

(f) reduce the Fundamental Change Repurchase Price of any Note or amend or modify in any manner adverse to the Holders of Notes the
Company’s obligation to make such payment, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise; 
 (g) make any Note payable in a currency other than that stated in the Note or change any Note’s place of payment; or 
 (h) impair the right of any Holder to receive payment of principal of and any interest 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. 
 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 [RESERVED]. 

  
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 Section 9.04 Revocation and Effect of Consents, Waivers and Actions. Until an
amendment, waiver or other action by Holders becomes effective, a consent thereto by a Holder of a Note hereunder is a continuing consent by the Holder and every subsequent Holder of that Note or portion of the Note that evidences the same
obligation as the consenting Holder’s Note, even if notation of the consent, waiver or action is not made on the Note. However, any such Holder or subsequent Holder may revoke the consent, waiver or action as to such Holder’s Note or
portion of the Note if the Trustee receives the notice of revocation before the date the amendment, waiver or action becomes effective. After an amendment, waiver or action becomes effective, it shall bind every Holder. 

Section 9.05 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 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 9.06 Trustee to Sign Supplemental Indentures. The Trustee may, but shall not be obligated to, enter into any such
supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. In signing any supplemental indenture the Trustee shall receive, and (subject to the provisions of Section 7.01) shall
be fully protected in relying upon, in addition to the documents required by Section 12.04, an Officers’ Certificate and an Opinion of Counsel stating that such amendment is authorized or permitted by this Indenture, and such Opinion of
Counsel shall also state that the supplemental indenture is a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. 
 Section 9.07 Effect of Supplemental Indentures. Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and every Holder theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

Section 9.08 Notices of Supplemental Indentures. After an amendment or supplement to this Indenture or the Notes pursuant to
Sections 9.01 or 9.02 hereof becomes effective, the Company shall provide 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, will not impair or
affect the validity of such amendment or supplement to this Indenture. 
 ARTICLE X 

CONVERSIONS 
 Section 10.01 Conversion Privilege and Consideration. Subject to and upon compliance with the provisions of this Indenture, a Holder will have the right, at such Holder’s

  
 50 

 
option, to convert its Notes, or any portion of such Notes such that the Principal Amount of each Note not converted equals $1,000 or an integral multiple of $1,000 in excess thereof, at a
conversion rate initially equal to 11.9021 shares of the Common Stock (subject to adjustment as provided in Sections 10.05, 10.06 and 10.07, the “Conversion Rate”) per $1,000 Principal Amount of Notes, into an amount of cash, a
number of shares of the Common Stock, or a combination of cash and shares of Common Stock, in accordance with Section 10.03 (the “Conversion Obligation”), only under the following circumstances: 

(a) Stock Price Condition. Prior to the Close of Business on the Business Day immediately preceding July 1, 2016, a Holder
may surrender all or a portion of its Notes for conversion during any calendar quarter (and only during such calendar quarter) commencing after December 31, 2011, 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.

 (b) Trading Price Condition. Prior to the Close of Business on the Business Day immediately preceding July 1,
2016, a Holder may surrender all or a portion of its Notes for conversion 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 the immediately following paragraph, was less than 98% of
the product of (x) the Last Reported Sale Price of the Common Stock on such Trading Day and (y) the applicable Conversion Rate in effect on such Trading Day (for any Trading Day, the “Trading Price Product”). 

Unless the Company requests that the Bid Solicitation Agent determine the Trading Price of the Notes (and such determination is made in
accordance with the definition of “Trading Price” and the method set forth herein), the Bid Solicitation Agent will have no obligation to determine the Trading Price of the Notes, and unless a Holder provides the Company with reasonable
evidence that the Trading Price per $1,000 Principal Amount of Notes on the applicable day will be less than 98% of the Trading Price Product for such day, the Company will have no obligation to request that the Bid Solicitation Agent begin to
determine the Trading Price of the Notes as provided in the immediately following paragraph of this Section 10.01(b). The Bid Solicitation Agent shall have no liability for the bids it receives or for its non-negligent failure to obtain bids.

 Upon receipt from a Holder of such evidence and such a request, the Company shall promptly (but in no event later than one
Business Day after receipt of such evidence) instruct the Bid Solicitation Agent in writing to determine (or, if the Company is then acting as Bid Solicitation Agent, the Company will determine) the Trading Price of the Notes beginning on the
immediately following Trading Day after receipt of such evidence and request 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. 

  
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 As promptly as practicable after the condition to conversion described in this
Section 10.01(b) has been met, the Company shall notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing of the Trading Price during the Measurement Period that caused such condition to be met and of the
Holders’ right to convert their Notes in accordance with this Section 10.01(b). 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 Trustee and the Conversion Agent (if other than the Trustee) in writing of such Trading Price and that the condition to conversion
described in this Section 10.01(b) is no longer satisfied. 
 (c) Prior to the Close of Business on the Business Day
immediately preceding July 1, 2016, if the Company elects to distribute to all or substantially all holders of the Common Stock: 
 (i) issue to all or substantially all holders of the Common Stock rights, options or warrants (other than pursuant to a rights plan) entitling such holders, for a period of not more than 60 calendar days
after the record date for 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 declaration date for such issuance; or 
 (ii) distribute to all or
substantially all holders of the Common Stock assets of the Company, debt securities (or other evidence of indebtedness) or rights to purchase Company’s securities (other than pursuant to a rights plan), which distribution has a value per share
of Common Stock, as reasonably determined by the Board of Directors, exceeding 10% of the Last Reported Sale Prices of the Common Stock on the Trading Day immediately preceding the declaration date for such distribution; 

then, in either case, at least 60 Scheduled Trading Days immediately prior to the Ex-Dividend Date for such issuance or distribution, the Company shall
notify Holders of their rights to convert their Notes in accordance with this Section 10.01(c), the Conversion Rate in effect on the date the Company delivers such notice, any adjustments to the Conversion Rate that it must make 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 all or a portion of 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 such issuance or distribution and (y) the Company’s announcement that such issuance or distribution will not take place, even if the Notes are not otherwise
convertible at such time; provided, however, that the Holders will not be entitled to convert their Notes under this Section 10.01(c) (and need not be given advance notice of the issuance or distribution) if such Holders may
participate (as a result of holding the Notes, and at the same time and on the same terms as Holders of Common Stock participate) in any of the transactions described above in Sections 10.01(c)(i) and (ii) as if such Holders of Notes held a
number of shares of Common Stock equal to the applicable Conversion Rate, multiplied by the Principal Amount of Notes held by such Holders divided by $1,000, without having to convert their Notes. 

  
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 (d) Certain Corporate Events. Prior to the Close of Business on the Business Day
immediately preceding July 1, 2016, if (x) a transaction or event that constitutes a Fundamental Change or a Make-Whole Fundamental Change occurs (regardless of whether Holders have the right to require the Company to repurchase the Notes
pursuant to Article III), or (y) the Company is a party to a consolidation, merger, binding share exchange, sale, conveyance, transfer or lease of all or substantially all of the Company’s assets (excluding a pledge of securities issued by
any of the Subsidiaries), pursuant to which the Common Stock would be converted into cash, securities or other assets (in either case (x) or case (y), a “Corporate Event”), then a Holder may surrender all or a portion of its
Notes for conversion at any time from and after the effective date of such Corporate Event until (I) if such Corporate Event constitutes a Fundamental Change, the Scheduled Trading Day immediately prior to the Fundamental Change Repurchase Date
for such Fundamental Change, or (II) if such Corporate Event does not constitute a Fundamental Change, 30 Trading Days immediately following the effective date of such Corporate Event. The Company shall deliver notice of a Corporate Event to the
Trustee and the Holders in writing as promptly as practicable following the date on which it publicly announces such Corporate Event, but in no event later than 20 Scheduled Trading Days prior to the anticipated effective date of such Corporate
Event; provided, however, that the Company shall not be required to so publicly announce before such time that (i) it is otherwise required by law or by the rules of the stock exchange on which the Common Stock is then listed to
publicly disclose such Corporate Event or (ii) it has knowledge of a Corporate Event. Any such notice of a Corporate Event will include a brief description of such Corporate Event and the conversion right provided by this Section 10.01(d)
and state the anticipated effective date of such Corporate Event. If the Company delivers to the Trustee and the Holders notice of a Corporate Event before such Corporate Event becomes effective, and such Corporate Event fails to become effective,
the Company shall deliver to the Trustee and the Holders a second notice, which notice will state that such Corporate Event failed to become effective and whether the Holders may still convert their Notes pursuant to any other provision of this
Indenture. 
 (e) Conversion on or After July 1, 2016. On or after July 1, 2016, a Holder may surrender all or
a portion of its Notes for conversion at any time until the Close of Business on the second Scheduled Trading Day immediately preceding the Maturity Date regardless of whether any of the conditions in paragraphs (a), (b), (c) or (d) of
this Section 10.01 have been met. 
 Section 10.02 Conversion Procedures. 

(a) Each Note shall be convertible at the office of the Conversion Agent and, if applicable, in accordance with the Applicable
Procedures. 
 (b) In order to exercise the conversion privilege with respect to any interest in a Global Note, the Holder must
complete the appropriate instruction form for conversion pursuant to the Depositary’s book-entry conversion program, furnish appropriate endorsements and transfer documents if required by the Company or the Conversion Agent, and pay the funds,
if any, required by Section 10.02(d)(i) and all transfer or similar taxes if required pursuant to Section 10.02(d)(ii), and the Conversion Agent must be informed of the conversion in accordance with the customary practice of the
Depositary. In order to exercise the conversion privilege with respect to any Definitive Notes, the Holder of any such Notes to be converted, in whole or in part, shall: 
 (i) complete and manually sign the conversion notice provided on the back of the Note (the “Conversion Notice”) or a facsimile of the Conversion Notice; 

  
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 (ii) deliver the Conversion Notice, which is irrevocable, and the Note to the Conversion
Agent; 
 (iii) if required, furnish appropriate endorsements and transfer documents, 

(iv) if required, pay all transfer or similar taxes as set forth in Section 10.02(d)(ii), and 

(v) pay the funds, if any, required under Section 10.02(d)(i). 

The first Business Day on which a Holder satisfies all of the applicable requirements set forth in this Section 10.02(b) with
respect to a Note and on which such conversion is not otherwise prohibited pursuant to this Indenture, will be the conversion date (the “Conversion Date”) for such Note. If, at any time, the last date on which any Note may be
converted is not a Business Day, such Note may be converted on the immediately following Business Day. 
 (c) Conversions in
Whole and in Part. 
 (i) If a Holder surrenders the entire Principal Amount of a Note for conversion, as of the Conversion
Date for such Note, such person will no longer be the Holder of such Note. 
 (ii) If a Holder surrenders only a portion of a
Definitive Note for conversion, promptly after the Conversion Date for such portion, the Company shall, in accordance with Section 2.04 hereof, execute, and the Trustee will, in accordance with Section 2.04 hereof, authenticate and deliver
to such Holder a new Definitive Note or new Definitive Notes in an authorized denomination or authorized denominations equal to the aggregate Principal Amount of the unconverted portion of such Definitive Note. Upon the conversion of any beneficial
interest in a Global Note, the Conversion Agent will promptly make a notation on the “Schedule of Increases and Decreases of Global Note” of such Global Note to reduce the Principal Amount represented by such Global Note by the Principal
Amount of the converted beneficial interest. If the Trustee is not the Conversion Agent at the time of any conversion, the Company shall promptly notify the Trustee in writing of such conversion. 

(iii) If any shares of Common Stock are issuable upon the conversion of a Note, the person in whose name the certificate or certificates
for such shares of Common Stock will be registered will become the holder of record of such shares at the Close of Business on (x) the relevant Conversion Date (if the Company elects to satisfy the related Conversion Obligation solely in shares
of Common Stock) or (y) the last Trading Day of the relevant Cash Settlement Averaging Period (in the case of any other Settlement Method). 

  
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 (d) Additional Conversion Requirements. 

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

(ii) If a Holder surrenders a Note for conversion, the Company shall pay all documentary, stamp or similar issue or transfer tax due 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 will 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. 
 (e) Irrevocable Election of Net Share Settlement. At any time on or prior to the first day of the Final Conversion Period, the Company may irrevocably elect (in its sole discretion and
without the consent of the Holders) to satisfy its Conversion Obligation with respect to the Notes to be converted after the date of such election by delivering cash up to the aggregate Principal Amount of Notes to be converted, and shares of Common
Stock, cash or a combination thereof in respect of the remainder, if any, of the Conversion Obligation (the “Net Share Settlement Election”). Upon making such election, the Company shall promptly (i) issue a press release and
use its reasonable best efforts to post such information on its website or otherwise publicly disclose this information and (ii) provide written notice to the Holders in a manner contemplated by this Indenture, including through the facilities
of the Depositary. 
 (f) Irrevocable Election of Full Physical Settlement. At any time on or prior to the first
day of the Final Conversion Period, the Company may irrevocably elect (in its sole discretion and without the consent of the Holders) to satisfy its Conversion Obligation with respect to the Notes to be converted after the date of such election by
delivering solely shares of Common Stock, other than solely cash in lieu of any fractional share (such election, a “Full Physical Settlement Election”). Upon making such election, the Company shall promptly (i) issue a press
release and use its reasonable best efforts to post such information on its website or otherwise publicly disclose this information and (ii) provide written notice to the Holders in a manner contemplated by this Indenture, including through the
facilities of the the Depositary. 
 Section 10.03 Settlement Upon Conversion. 

(a) Subject to this Section 10.03, upon any conversion of any Note, the Company shall deliver to converting Holders, in respect of
each $1,000 Principal Amount of 

  
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Notes being converted, solely cash, solely shares of Common Stock or a combination of cash and shares of Common Stock (the “Settlement Amount”), at the Company’s election,
as set forth in this Section 10.03. 
 (b) The Company shall pay or deliver, as the case may be, the Settlement Amount on
the third Trading Day immediately following the last Trading Day of the Cash Settlement Averaging Period; provided, that 
 (i) if the Company elects to fulfill its Conversion Obligation solely in shares of Common Stock, the Company shall deliver such Common Stock on the third Trading Day immediately following the relevant
Conversion Date; provided, however, that during the Final Conversion Period, even if the Company has elected to satisfy its Conversion Obligation solely in shares of Common Stock, the Company will deliver the Conversion Obligation due
in respect of conversion on the third Trading Day immediately following the last day of the Cash Settlement Averaging Period that would have been applicable if the Company had not made such an election); and 

(ii) if prior to the relevant Conversion Date, the Common Stock has been replaced by Reference Property consisting solely of cash,
pursuant to Section 10.08, the Company shall pay such cash on the third 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 third Trading Day after the earliest Trading Day on which such calculation can be made. If any
shares of Common Stock are due to converting Holders, the Company shall issue or cause to be issued, and deliver to the Conversion Agent or to such Holder, or such Holder’s nominee or nominees, certificates or a book-entry transfer through the
Depositary for the number of full shares of Common Stock to which such Holder shall be entitled in satisfaction of such Conversion Obligation. 
 (iii) All conversions during the period beginning on June 1, 2016 and ending at the Close of Business, on the second Scheduled Trading Day immediately prior to the maturity date (the
“Final Conversion Period”) will be settled using the same Settlement Method. 
 (iv) 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 Trading Days. 
 (v) If,
in respect of any Conversion Date (or the Final Conversion Period, as the case may be), the Company elects to settle conversions on a given Trading Day other than by Combination Settlement with the Specified Dollar Amount of $1,000, the Company
shall deliver a notice (the “Settlement Notice”) of the relevant Settlement Method in respect of such Conversion Date (or such period, as the case may be), through the Trustee, to converting Holders no later than the second Business
Day immediately following the relevant 

  
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Conversion Date. Such Settlement Notice shall specify whether the Company shall satisfy its Conversion Obligation by (A) delivering solely shares of Common Stock (“Physical
Settlement”), (B) paying solely cash (“Cash Settlement”) or (C) 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 to pay and deliver, as the case may be, a combination of cash and shares of Common Stock, the relevant Settlement Notice shall indicate the Specified Dollar Amount. If the Company does not deliver a Settlement Notice, the Company will
be deemed to have elected Combination Settlement with a Specified Dollar Amount of $1,000. 
 (vi) The Settlement Amount in
respect of any conversion of Notes shall be computed as follows: 
 (A) if the Company elects to satisfy its Conversion
Obligation 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; 
 (B)
if the Company elects to satisfy its Conversion Obligation 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 forty consecutive Trading Days during the related Cash Settlement Averaging Period; and 
 (C) if the
Company elects to satisfy its Conversion Obligation 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 forty consecutive Trading Days during the related Cash Settlement Averaging Period. 
 (vii) The Company will also deliver to each converting Holder cash in lieu of fractional shares of Common Stock as set forth pursuant to clauses (c) and (d) below. 

(viii) The Daily Settlement Amounts (if applicable) and the Daily Conversion Values (if applicable) shall be determined by the Company
promptly following the last day of the Cash Settlement Averaging Period. Promptly after such determination of the Daily Settlement Amounts or the Daily Conversion Values, as the case may be, and the amount of cash 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. 
 (c) Notwithstanding the foregoing, the Company will not issue fractional shares of Common Stock as part of the Conversion Obligation applicable to any Conversion Date. Instead, if the Conversion
Obligation applicable to any Conversion Date includes a fraction of a share of the Common Stock, the Company will, in lieu of delivering such fraction of a share of 

  
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Common Stock, pay an amount of cash equal to the product of (1) such fraction of a share and (2) the Daily VWAP for the Common Stock on the relevant Conversion Date (if the Company
elects to satisfy its Conversion Obligation solely in shares of Common Stock) or on the last Trading Day of the relevant Cash Settlement Averaging Period (in the case of any other Settlement Method). 

(d) If a Holder surrenders more than one Note for conversion on a single day, the amount of cash and the number of shares of Common
Stock, if any, that the Company will deliver upon conversion shall be determined based on the total Principal Amount of Notes converted by such Holder. 
 (e) If a Holder converts a Note, the Company will not adjust the Conversion Rate to account for any accrued and unpaid interest on the Note and the Company’s delivery to such Holder of the amount of
cash and number of shares of Common Stock, if any, into which such Holder’s Note is convertible will be deemed to satisfy and discharge in full the Company’s obligation to pay to such Holder (A) the Principal Amount of such converted
Note and (B) any accrued and unpaid interest on such converted Note to, but not including, the Conversion Date. If the Conversion Obligation includes both cash and shares of the Common Stock, such accrued and unpaid interest will be deemed paid
first out of the cash paid upon such conversion. Notwithstanding the foregoing, if the conversion occurs after the Close of Business on a Regular Record Date and prior to the Open of Business on the Interest Payment Date corresponding to such
Regular Record Date, in which case the Holder of such Notes at the Close of Business on such Regular Record Date shall receive payment of interest payable on such Notes on the corresponding Interest Payment Date , subject to
Section 10.02(d)(i). As a result, except as provided in this Section 10.03(e), any accrued and unpaid interest to, but not including, the Conversion Date with respect to a converted Note will be deemed to be paid in full rather than
cancelled, extinguished or forfeited. 
 Section 10.04 [RESERVED]. 

Section 10.05 Adjustment of Conversion Rate. The Company shall adjust the Conversion Rate from time to time as described in
this Section 10.05. 
 (a) Stock Dividends and Share Splits. If the Company issues solely shares of the Common
Stock as a dividend or distribution on all or substantially all shares of the outstanding Common Stock, or if the Company effects a share split of the Common Stock or a share combination of the Common Stock, the applicable Conversion Rate shall be
adjusted based on the following formula: 
 

 
 where 
  

					
	CR0	  	=	  	the applicable Conversion Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately prior to the Open of
Business on the effective date of such share split or share combination, as applicable;

  
 58 

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

 Such adjustment 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 share combination. If any dividend or distribution of the type described in this Section 10.05(a) is declared but not so paid or made, the Conversion Rate shall be immediately
readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution, to the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. 

(b) Rights and Warrants. If the Company distributes to all or substantially all holders of its outstanding Common Stock rights,
options or warrants entitling such holders for a period of not more than 45 calendar days from the record date for such distribution 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 declaration date for such distribution, the Conversion Rate shall be increased based on the
following formula: 
 

 
 where 
  

					
	
CR0
	  	=	  	the applicable Conversion Rate in effect immediately prior to the Open of Business on the Ex-Dividend Date for such distribution;
			
	CR1	  	=	  	the applicable Conversion Rate in effect immediately after the Open of Business on the Ex-Dividend Date for such distribution;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the Open of Business on such Ex-Dividend Date;

  
 59 

					
	X	  	=	  	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
			
	Y	  	=	  	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Last Reported Sale
Prices of the Common Stock over the ten consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of the Ex-Dividend Date for such distribution.

 Such adjustment shall be successively made whenever any such rights, options or warrants are distributed and shall become
effective immediately after the Open of Business on the Ex-Dividend Date for such distribution. 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 adjustments 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 again be adjusted to be the Conversion Rate that would then be in effect if such Ex-Dividend Date for such distribution had not been fixed. 

For purposes of this Section 10.05(b), in determining whether any rights, option or warrants entitle holders of the Common Stock to
subscribe for or purchase shares of Common Stock at a price per share less than the average of the Last Reported Sale Prices of the Common Stock for each Trading Day in the applicable ten-consecutive-Trading Day period, there shall be taken into
account any consideration received by the Company for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Board of Directors

 (c) Spin-Offs and Other Distributed Property. 

(i) If the Company distributes shares of its Capital Stock, evidences of its indebtedness, other assets or property of the Company to
all or substantially all holders of the Common Stock, other than: 
 (A) dividends or distributions (including share splits),
for which an adjustment is made pursuant to Section 10.05(a) hereof or Section 10.05(b) hereof, as applicable; 
 (B)
dividends or distributions paid exclusively in cash; and 
 (C) Spin-Offs for which an adjustment is made pursuant to
Section 10.05(c)(ii) hereof, 

  
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 then the Conversion Rate shall be increased based on the following formula: 

 
 where 
  

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

 Such adjustment shall become effective immediately after the Open of Business on the
Ex-Dividend Date for such distribution; provided that if “FMV” as set forth above is equal to or greater than
“SP0” as set forth above, in lieu of the foregoing
adjustment, adequate provisions shall be made so that each Holder shall have the right to receive on conversion in respect of each $1,000 Principal Amount of the Notes held by such Holder, in addition to the number of shares of Common Stock equal to
the Conversion Rate, the amount and kind of distributed securities and assets such Holder would have received had such Holder owned a number of shares of Common Stock equal to the Conversion Rate immediately prior to the record date for such
distribution. If such distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. 

(ii) With respect to an adjustment pursuant to this Section 10.05(c) where there has been a payment of a dividend or other
distribution on the Common Stock of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Company (a “Spin-Off”), the Conversion Rate shall be
increased based on the following formula: 
 

 
 where 
  

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

  
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	CR1	  	=	  	the applicable 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 Common Stock applicable to one share of Common Stock
(determined for purposes of the Last Reported Sale Price as if such Capital Stock or similar equity interest were Common Stock) over the first 10 consecutive Trading Day period beginning on, and including, the Ex-Dividend Date of the Spin-Off (the
“Valuation Period”); and
			
	MP0	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the Valuation Period.

 The adjustment to the Conversion Rate under the preceding paragraph of this Section 10.05 (c) shall be made
immediately after the Open of Business on the day after the last day of the Valuation Period, but shall become effective as of the Open of Business on the Ex-Dividend Date for the Spin-Off. If the Ex-Dividend Date for the Spin-Off is less than ten
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) to ten Trading Days shall be deemed replaced, for purposes of calculating the affected
daily Conversion Rates 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 ten Trading Days commencing on the Ex-Dividend Date of any Spin-Off, references in the portion of this Section 10.05 (c) related to
Spin-Offs to ten 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, but excluding, the Conversion Date for such conversion. 

Subject in all respect to Section 10.05(h), rights, options or warrants distributed by the Company to all holders of its Common Stock entitling the
holders thereof to subscribe for or purchase shares of the Company’s Capital Stock, including Common Stock (either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events
(“Trigger Event”): (i) are deemed to be transferred with such shares of the Common Stock; (ii) are not exercisable; and (iii) are also issued in respect of future issuances of the Common Stock, shall be deemed not to
have been distributed for purposes of this Section 10.05 (and no adjustment to the Conversion Rate under this Section 10.05 will be required) until the occurrence of the earliest Trigger Event, whereupon such rights and warrants shall be
deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate shall be made under this Section 10.05(c). If any such right, option or warrant, including any such existing rights, options or warrants
distributed prior to the date of this Indenture, are subject to events, upon the occurrence of which such rights, options or warrants become exercisable to purchase different Notes, evidences of indebtedness or other assets, then the date of the
occurrence of any and each such event shall be deemed to be the date of 

  
 62 

 
distribution and Ex-Dividend Date with respect to new rights, options or warrants with such rights (and a termination or expiration of the existing rights, options or warrants without exercise by
any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the preceding sentence) with respect thereto that was
counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Rate under this Section 10.05 was made, (1) in the case of any such rights, options or warrants that shall all have been redeemed or
repurchased without exercise by any holders thereof, the Conversion Rate shall be readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger Event, as the case may be, as though it were a cash distribution,
equal to the per share redemption or repurchase price received by a holder or holders of Common Stock with respect to such rights, options or warrants (assuming such holder had retained such rights or warrants), made to all holders of Common Stock
as of the date of such redemption or repurchase, and (2) in the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof, the Conversion Rate shall be readjusted as if such
rights, options and warrants had not been issued. 
 For purposes of this Section 10.05(c), Section 10.05(a), and
Section 10.05(b), any dividend or distribution to which this Section 10.05(c) is applicable that also includes shares of Common Stock, or rights, options or warrants to subscribe for or purchase shares of Common Stock to which
Section 10.05(a) or Section 10.05(b) applies (or both), shall be deemed instead to be (1) a dividend or distribution of the evidences of indebtedness, assets or shares of capital stock other than such shares of Common Stock or rights,
options or warrants to which Section 10.05(c) applies (and any Conversion Rate adjustment required by this Section 10.05(c) with respect to such dividend or distribution shall then be made) immediately followed by (2) a dividend or
distribution of such shares of Common Stock or such rights, options or warrants (and any further Conversion Rate adjustment required by Section 10.05(a) and Section 10.05(b) with respect to such dividend or distribution shall then be
made), except (A) the Ex-Dividend Date of such dividend or distribution shall be substituted as “the Ex-Dividend Date,” “the Ex-Dividend Date relating to such distribution of such rights, options or warrants” and “the
Ex-Dividend Date for such distribution” within the meaning of Section 10.05(a) and Section 10.05(b) and (B) any shares of Common Stock included in such dividend or distribution shall not be deemed “outstanding immediately
prior to the Ex-Dividend Date for such dividend or distribution, or the effective date of such share split or share combination, as the case may be” within the meaning of Section 10.05(a) or “outstanding immediately prior to the
Ex-Dividend Date for such dividend or distribution” within the meaning of Section 10.05(b). 
 (d) Cash Dividends
or Distributions. If any cash dividend or other cash distribution is made or paid to all or substantially all holders of the Common Stock, the Conversion Rate shall be increased based on the following formula: 

 
 where 
  

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

  
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	CR1	  	=	  	the applicable Conversion Rate in effect immediately after the Open of Business on the Ex-Dividend Date for such dividend or distribution;
			
	SP0	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading-Day period ending on, and including, the Trading Day immediately preceding the
Ex-Dividend Date for such dividend or distribution; and
			
	C	  	=	  	the amount in cash per share the Company pays or distributes to holders of Common Stock.

 Such adjustment shall become effective immediately after the Open of Business on the Ex-Dividend Date
for such dividend or distribution; provided that if “C” as set forth above is equal to or greater than
“SP0” as set forth above, in lieu of the foregoing
adjustment, adequate provision shall be made so that each Holder shall have the right to receive on the date on which the relevant cash dividend or distribution is distributed to holders of Common Stock, for each $1,000 Principal Amount of Notes,
the amount of cash such holder would have received had such holder owned a number of shares equal to the Conversion Rate on the record date for such distribution. If such dividend or distribution is not so paid or made, the Conversion Rate shall
again be adjusted to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. 
 For the
avoidance of doubt, for purposes of this Section 10.05(d), in the event of any reclassification of the Common Stock, as a result of which the Notes become convertible into more than one class of Common Stock, if an adjustment to the Conversion
Rate is required pursuant to this Section 10.05(d), references in this Section to one share of Common Stock or Last Reported Sale Prices of one share of Common Stock shall be deemed to refer to a unit or to the price of a unit consisting of the
number of shares of each class of Common Stock into which the Notes are then convertible equal to the numbers of shares of such class issued in respect of one share of Common Stock in such reclassification. The above provisions of this paragraph
shall similarly apply to successive reclassifications. 
 In no event shall the Conversion Rate be decreased pursuant to this
Section 10.05(d). 
 (e) Tender Offers or Exchange Offers. If the Company or any of its Subsidiaries makes a
payment in respect of a tender offer or exchange offer for the Common Stock, where the value of the cash and any other consideration included in the payment per share of the Common Stock validly tendered or exchanged exceeds the average of the Last
Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer (the
“Expiration Date”), the Conversion Rate shall be increased based on the following formula: 
 

 

  
 64 

 where 
  

					
	CR0	  	=	  	the applicable Conversion Rate in effect immediately prior to the Open of Business on the Trading Day next succeeding the Expiration Date;
			
	CR1	  	=	  	the applicable Conversion Rate in effect immediately after the Open of Business on the Trading Day next succeeding the Expiration Date;
			
	AC	  	=	  	the aggregate value of all cash and any other consideration (as determined by the Board of Directors) paid or payable for shares of the Common Stock purchased in such tender or
exchange offer;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the time (the “Expiration Time”) such tender or exchange offer expires (prior to giving effect
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 such tender or exchange offer); and
			
	SP
1	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading-Day period commencing on, and including, the Trading Day next succeeding the
Expiration Date.

 Such adjustment under this Section 10.05(e) shall become effective 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 ten 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 ten Trading Days shall be deemed replaced, for purposes of calculating the affected daily Conversion Rates 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 ten
Trading Days commencing on the Trading Day next succeeding the Expiration Date, references within this Section 10.05(e) to ten 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, but excluding, the Conversion Date for such conversion. If the Company is obligated to purchase shares pursuant to any such tender or exchange offer, but the Company is permanently prevented by
applicable law from effecting any or all or any portion of such purchases or all such purchases are rescinded, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such tender or exchange offer had
not been made or had been made only in respect of the purchases that had been effected. 

  
 65 

 (f) 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. Except as set forth in this Article 10, the Conversion Rate shall not be adjusted for the issuance of the Common
Stock or any securities convertible into or exchangeable for the Common Stock or carrying the right to purchase the Common Stock or any such security or for any other event. The Company will not take any action that would result in an adjustment to
the Conversion Rate pursuant to the provisions of Sections 10.4, 10.5 or 10.6 without complying with NASDAQ Listing Rule 5635, if applicable. 
 (g) Notwithstanding anything else in this Section 10.05, if any adjustment to the Conversion Rate described in clauses 10.05(a) through 10.05(e) hereof becomes effective and a Holder that has
converted its Notes (i) receives shares of Common Stock based on an adjusted Conversion Rate and (ii) is a holder of record of such shares of Common Stock on the record date for the dividend, distribution or other event giving rise to the
adjustment or otherwise participates in such dividend, distribution or other event giving rise to the adjustment as a result of holding such shares of Common Stock, then, in lieu of receiving shares of Common Stock at such an adjusted Conversion
Rate, the Company may adjust the number of shares of Common Stock that it delivers to such Holder as it determines is appropriate to reflect such Holder’s participation in the related dividend, distribution or other event giving rise to the
adjustment. 
 (h) To the extent that the Company has a stockholder rights plan in effect upon conversion of the Notes into
Common Stock, the converting Holder will receive, in addition to shares of Common Stock received in connection with such conversion, if any, the rights under the rights plan, unless, prior to any conversion, the rights have separated from the Common
Stock, in which case, and only in such case, the Conversion Rate shall be adjusted at the time of separation as if the Company distributed to all holders of the Common Stock, shares of the Capital Stock, evidences of indebtedness, assets or property
of the Company or rights, options or warrants to acquire the Company’s Capital Stock or other securities as described in Section 10.05(c) above, subject to readjustment in the event of the expiration, termination or redemption of such
rights. 
 (i) If, in respect of any Trading Day within the Cash Settlement Averaging Period for a converted Note:
(i) shares of Common Stock are deliverable with respect to the Daily Settlement Amount for such Trading Day in accordance with this Article 10; (ii) any event that requires an adjustment to the Conversion Rate under any of clauses
(a), (b), (c), (d) and (e) of this Section 10.05 has not resulted in an adjustment to the Conversion Rate as of such Trading Day; and (iii) the shares of Common Stock the holder of such Note shall receive in respect of such
Trading Day are not entitled to participate in the distribution or transaction giving rise to such adjustment event (because such shares were not held by such holder on the record date corresponding to such distribution or transaction or otherwise);
then the Company shall adjust the number of shares of Common Stock deliverable with respect to the Daily Settlement Amount for such Trading Day to reflect the relevant distribution or transaction. 

  
 66 

 (j) If: (i) the Company elects to satisfy the Conversion Obligation through Physical
Settlement; (ii) any event that requires an adjustment to the Conversion Rate under any of clauses (a), (b), (c), (d) and (e) of this Section 10.05 has not resulted in an adjustment to the Conversion Rate as of the Conversion
Date; and (iii) the shares of Common Stock the Holder of such Note shall receive on settlement are not entitled to participate in the distribution or transaction giving rise to such adjustment event (because such shares were not held by such
holder on the record date corresponding to such distribution or transaction or otherwise); then the Company shall adjust the number of shares of Common Stock deliverable to reflect the relevant distribution or transaction. 

(k) Whenever any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices, the Daily VWAPs, the Daily
Conversion Value, the Daily Settlement Amount or any functions thereof over a span of multiple days (including, without limitation, during a Cash Settlement Averaging Period and during the five Trading Day period used to determine the “Stock
Price” for purposes of determining the number of Make-Whole Shares associated with a Make-Whole Fundamental Change), 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 where the Ex-Dividend Date of the event occurs, at any time during the period in which the Last Reported Sale Prices, Daily VWAPs, the Daily Conversion Value, Daily
Settlement Amount or such functions thereof is to be calculated. 
 (l) No adjustment to the Conversion Rate pursuant to
Sections 10.05(a) through 10.05(e) hereof will be made if each Holder participates in the relevant transaction, without having to convert its Notes, at the same time and upon the same terms as holders of the Common Stock and solely as a result of
holding the Notes, as if it held a number of shares of the Common Stock equal to the applicable Conversion Rate, multiplied by the Principal Amount of Notes held by such Holder, divided by $1,000. If immediately prior to the effective time for such
adjustment, the application of any the adjustments set forth in Sections 10.05(a) through 10.05(e) hereof, other than as a result of a reverse share split, share combination or readjustment, would result in a decrease in the Conversion Rate, the
Company will not adjust the Conversion Rate. 
 (m) Deferral of Adjustments. Notwithstanding anything to the contrary in
this Section 10.05, the Company will not be required to adjust the Conversion Rate unless the adjustment would result in a change of at least 1% of the Conversion Rate; provided, however, that, if the Company defers any
adjustments pursuant to this Section 10.05(m), the Company shall make such deferred adjustments, regardless of whether the aggregate adjustment is less than 1% (i) upon any conversion of Notes and (ii) on each of the 42 Scheduled
Trading Days immediately preceding the Maturity Date. 
 (n) Notwithstanding any of the foregoing, the Conversion Rate will not
be adjusted: 
 (i) upon the issuance of any shares of the Common Stock pursuant to any present or future plan providing for
the reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of the Common Stock under any plan; 

  
 67 

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

(iii) upon the issuance of any shares of the Common Stock pursuant to any option, warrant, right or exercisable, exchangeable or
convertible security not described in clause (ii) of this subsection and outstanding as of the date the Notes were first issued; 
 (iv) for a change in the par value of the Common Stock; or 
 (v) for accrued and
unpaid interest, including Additional Interest, if any. 
 (o) Notices. Upon the public announcement of any event that
will require the Company to make an adjustment to the Conversion Rate pursuant to this Section 10.05, the Company shall deliver to each Holder, the Trustee and the Conversion Agent a written notice, which notice shall include (i) a brief
description of such event, (ii) the date on which the Company anticipates that such event will occur, (iii) the date on which the Company anticipates that the adjustment to the Conversion Rate will become effective, and (iv) if any
record date, Expiration Date, Ex-Dividend Date or effective date is applicable to such event, the anticipated record date, Expiration Date, Ex-Dividend Date or effective date. Neither the failure to give such notice, nor any defect therein, will
affect the legality or validity of such action by the Company. 
 Whenever the Company adjusts the Conversion Rate pursuant to
this Section 10.05, the Company shall promptly deliver to each Holder a written notice, which notice will include (i) a brief description of the event requiring adjustment to the Conversion Rate pursuant to this Section 10.05,
(ii) the effective date of such adjustment, (iii) the Conversion Rate in effect after such adjustment is made and (iv) a schedule explaining, in reasonable detail, how the Company calculated such adjustment. On the same day the
Company delivers such notice to each Holder, the Company shall deliver to the Trustee, the Paying Agent and the Conversion Agent, an Officers’ Certificate that includes all of the information contained in such notice, which Officers’
Certificate each of the Trustee, the Paying Agent and the Conversion Agent may treat as conclusive evidence that the adjustment specified in such Officers’ Certificate is correct and will be in effect as of the effective date specified in such
Officers’ Certificate. The failure to deliver such notice will not affect the legality or validity of any such adjustment. 
 (p) Certain Definitions. For purposes of this Section 10.05, (i) the number of shares outstanding at any time will include shares issuable in respect of scrip certificates issued in lieu
of fractions of shares of Common Stock, but (ii) so long as the Company does not pay any dividend or make any distribution on shares of Common Stock held in the treasury of the Company, will not include shares of Common Stock held in the
treasury of the Company. 

  
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 For purposes of this Section 10.05, (a) the term “effective date”
will mean the first date on which the Common Stock trades on the applicable exchange or in the applicable market, regular way, reflecting the transaction; and (b) the term “record date” means, with respect to any dividend,
distribution or other transaction or event in which the holders of Common Stock (or other security) have the right to receive any cash, securities or other property or in which Common Stock (or other applicable security) is exchanged for or
converted into any combination of cash, securities or other property, the date fixed for determination of securityholders entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors, by statute,
by contract or otherwise). 
 Section 10.06 Discretionary Adjustments. The Company may, from time to time, to the
extent permitted by law and the rules of the NASDAQ Global Select Market and other securities exchange on which Company’s securities are then listed: 
 (a) increase the Conversion Rate by any amount if (i) the Board of Directors determines that such increase is in the best interest of the Company, which determination shall be conclusive, and
(ii) such increase is in effect for a period of at least 20 Business Days; and 
 (b) increase the Conversion Rate if the
Board of Directors determines, which determination shall be conclusive, that such increase is advisable to avoid or diminish any income tax imposed on holders of the Common Stock or rights to purchase the Common Stock in connection with any dividend
or distribution of shares (or rights to acquire shares) or similar event. 
 Whenever the Board of Directors determines that the
Company will increase the Conversion Rate pursuant to this Section 10.06, the Company shall deliver to each Holder notice of such increase before such increase will take effect, which notice shall state the increase to be made and the period
during which such increase will be in effect. 
 Section 10.07 Adjustments to Conversion Rate Upon Fundamental Change
Transactions. 
 (a) If a Make-Whole Fundamental Change occurs, and a Holder elects to convert its Notes “in
connection” with such Make-Whole Fundamental Change, the Company shall, in the circumstances described in this Section 10.07, increase the Conversion Rate for such Notes surrendered for conversion by the number of additional shares of
Common Stock (the “Make-Whole Shares”) described in this Section 10.07. For purposes of this Section 10.07, a conversion of Notes will be deemed to be “in connection with” a Make-Whole Fundamental Change if the
notice of conversion for such Notes is received by the Conversion Agent during the period beginning on, and including, the effective date of such Make-Whole Fundamental Change (the “Fundamental Change Effective Date”) and ending on,
and including, the Close of Business on the second Scheduled Trading Day immediately preceding the Fundamental Change Repurchase Date for such Make-Whole Fundamental Change. The Company shall notify Holders and the Trustee of the effective date of
any Make-Whole Fundamental Change and issue a press release (and make the press release available on its web site) announcing such effective date as soon as practicable after the Company first determines the anticipated effective date of such
Make-Whole Fundamental Change. 

  
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 (b) The number of Make-Whole 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 and will be based on the Fundamental Change Effective Date and the Stock Price (paid or deemed paid) for such Make-Whole
Fundamental Change. If the Holders of Common Stock receive only cash in a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Stock Price shall be the cash amount paid per share of Common Stock.
Otherwise, the Stock Price shall be the average of the Last Reported Sale Price of the Common Stock over the five Trading Day period ending on, and including, the Trading Day immediately preceding the effective date of the Make-Whole Fundamental
Change. 
 (c) The Stock Prices set forth in the first row of the table below (i.e., the column headers) will be adjusted as of
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
applicable Conversion Rate in effect immediately prior to the adjustment giving rise to the share price adjustment, and the denominator of which is the applicable Conversion Rate in effect immediately after the adjustment. The numbers of Make-Whole
Shares set forth in the table below will be adjusted in the same manner as the applicable Conversion Rate is adjusted pursuant to Section 10.05. 
 (d) The following table sets forth hypothetical Fundamental Change Effective Dates, Stock Prices and the number of Make-Whole 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 Fundamental Change Effective Date and Stock Price. 
  

																																																					
	 	  	 	 	  	Share Price	 
	 Effective Date
	  	$64.63	 	  	$70.00	 	  	$75.00	 	  	$80.00	 	  	$84.02	 	  	$90.00	 	  	$95.00	 	  	$100.00	 	  	$120.00	 	  	$140.00	 	  	$160.00	 	  	$180.00	 	  	$200.00	 
														
	 October 18, 2011
	  	 	3.5706	  	  	 	3.0907	  	  	 	2.6148	  	  	 	2.2207	  	  	 	1.9491	  	  	 	1.6165	  	  	 	1.3879	  	  	 	1.1929	  	  	 	0.6720	  	  	 	0.4033	  	  	 	0.2590	  	  	 	0.1647	  	  	 	0.1016	  
														
	 October 1, 2012
	  	 	3.5706	  	  	 	3.0002	  	  	 	2.5102	  	  	 	2.1067	  	  	 	1.8309	  	  	 	1.4931	  	  	 	1.2639	  	  	 	1.0711	  	  	 	0.5614	  	  	 	0.3149	  	  	 	0.1942	  	  	 	0.1157	  	  	 	0.0626	  
														
	 October 1, 2013
	  	 	3.5706	  	  	 	29180	  	  	 	2.4087	  	  	 	1.9931	  	  	 	1.7116	  	  	 	1.3702	  	  	 	1.1374	  	  	 	0.9462	  	  	 	0.4590	  	  	 	0.2421	  	  	 	0.1455	  	  	 	0.0847	  	  	 	0.0457	  
														
	 October 1, 2014
	  	 	3.5706	  	  	 	2.8182	  	  	 	2.2771	  	  	 	1.8382	  	  	 	1.5485	  	  	 	1.2012	  	  	 	0.9692	  	  	 	0.7812	  	  	 	0.3303	  	  	 	0.1623	  	  	 	0.0955	  	  	 	0.0532	  	  	 	0.0271	  
														
	 October 1, 2015
	  	 	3.5706	  	  	 	2.6656	  	  	 	2.0645	  	  	 	1.5904	  	  	 	1.2818	  	  	 	0.9239	  	  	 	0.6983	  	  	 	0.5215	  	  	 	0.1596	  	  	 	0.0773	  	  	 	0.0421	  	  	 	0.0211	  	  	 	0.0084	  
														
	 October 1, 2016
	  	 	3.5706	  	  	 	2.3836	  	  	 	1.4313	  	  	 	0.5979	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  

 (e) If the Stock Price and/or Fundamental Change Effective Date for a Make-Whole Fundamental Change are
not set forth in the table above, then: 
 (i) if the Stock Price is between two Stock Prices in the table or the Fundamental
Change Effective Date is between two Fundamental Change Effective Dates in the table, then the number of Make-Whole Shares will be determined by a straight-line interpolation between the numbers of Make-Whole Shares set forth for the higher and
lower Stock Prices listed in the table or the earlier and later Fundamental Change Effective Dates listed in the table, as applicable, based on a 365-day year; 

  
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 (ii) if the Stock Price is greater than $200.00 per share, subject to adjustment in the
same manner as the Stock Prices listed in the table, the Conversion Rate will not be adjusted; and 
 (iii) if the Stock Price
is less than $64.63 per share, subject to adjustment in the same manner as the Stock Prices listed in the table, the Conversion Rate will not be adjusted. 
 Notwithstanding the foregoing, in no event will the total number of shares of Common Stock issuable upon conversion exceed 15.4726 shares of Common Stock per $1,000 Principal Amount of Notes, subject to
adjustment in the same manner as the Conversion Rate as set forth in Section 10.05 hereof. 
 Section 10.08 Effect
of Recapitalization, Reclassification, Consolidation, Merger or Sale. Upon the occurrence of (i) any reclassification of Common Stock, (ii) any consolidation, merger, combination or binding share exchange involving the Company, or
(iii) any sale or conveyance to another Person of all or substantially all of the property and assets of the Company, in each case as a result of which holders of Common Stock shall be entitled to receive cash, securities or other property or
assets with respect to or in exchange for such Common Stock (any such event a “Merger Event”), then: 
 (a)
the Company or the successor or purchasing Person, as the case may be, shall execute with the Trustee a supplemental indenture permitted as permitted by this Indenture. Such supplemental indenture shall provide for adjustments that shall be as
nearly equivalent as may be practicable to the adjustments provided for in this Article 10. If, in the case of any Merger Event, the Reference Property includes shares of stock or other securities and assets of a corporation other than the successor
or purchasing corporation, as the case may be, in such Merger Event (excluding, for the avoidance of doubt, any cash paid for shares of Common Stock in such Merger Event), then such supplemental indenture shall also be executed by such other
corporation and shall contain any additional provisions to protect the interests of the holders of the Notes as, and to the extent, the Board of Directors shall reasonably consider necessary by reason of the foregoing, including to the extent
required by the Board of Directors and practicable, the provisions providing for the repurchase rights set forth in Article 3 herein. In the event the Company shall execute a supplemental indenture pursuant to this Section 10.08, the Company
shall promptly file with the Trustee an Officers’ Certificate briefly stating the reasons therefor, the kind or amount of cash, securities or property or asset that will comprise the Reference Property after any such Merger Event, any
adjustment to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly provide notice thereof to all Holders. The Company shall cause notice of the execution of such supplemental indenture to be
provided to each Holder, at its address appearing on the Register provided for in this Indenture, within twenty days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture.

 (b) Notwithstanding the provisions of Section 10.03, and subject to the provisions of Section 10.01 and
Section 10.07, at and after the effective time of such Merger Event, (i) the right to convert each $1,000 Principal Amount of Notes into cash, shares of Common Stock or a combination of cash and shares of Common Stock at the Company’s
election 

  
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as set forth in Section 10.02 and 10.03 will be changed to a right to convert each $1,000 Principal Amount of such Note into cash, the kind and amount of shares of stock, securities or other
property or assets (including cash or any combination thereof) that a holder of a number of shares of Common Stock equal to the Conversion Rate immediately prior to such transaction would have owned or been entitled to receive (the
“Reference Property”) or a combination of cash and Reference Property at the Company’s election, (ii) the related Conversion Obligation shall be settled as set forth under clause (c) below, and (iii) references
herein to “Common Stock” shall be to such Reference Property to the extent the context of such references require. 

(c) With respect to each $1,000 Principal Amount of Notes surrendered for conversion after the effective date of any such Merger Event,
the Company’s Conversion Obligation shall be settled in cash or units of Reference Property, at the Company’s election, in accordance with Section 10.03 as follows: 

(i) (A) if the Company elects to satisfy its Conversion Obligation in respect of such conversion by delivering solely
Reference Property, the Company shall deliver to the converting Holder a number of units of Reference Property (each such unit comprised of the kind and amount of shares of stock, securities or other property or assets (including cash or any
combination thereof) that a holder of one share of Common Stock immediately prior to such Merger Event would have owned or been entitled to receive based on the Weighted Average Consideration) equal to (1) the aggregate Principal Amount of
Notes to be converted, divided by $1,000, multiplied by (2) the then-applicable Conversion Rate; (B) if the Company elects to satisfy its Conversion Obligation in respect of such conversion by paying solely cash, the Company shall pay to
the converting Holder cash in an amount, per $1,000 Principal Amount of Notes equal to the sum of the Daily Conversion Values for each of the forty consecutive Trading Days during the related Cash Settlement Averaging Period, such Daily Conversion
Values determined as if the reference to “the Daily VWAP of the Common Stock” in definition thereof were instead a reference to “the Daily VWAP of a unit of Reference Property” comprised of the kind and amount of shares of stock,
securities or other property or assets (including cash or any combination thereof) that a holder of one share of Common Stock immediately prior to such Merger Event would have owned or been entitled to receive based on the Weighted Average
Consideration (such unit, a “Unit of Reference Property”); and (C) if the Company elects to satisfy its Conversion Obligation through delivery of a combination of cash and Reference Property, the Company shall deliver 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 forty consecutive Trading Days during the Cash Settlement Averaging Period for such Note, such
Daily Settlement Amounts determined as if the reference to “the Daily VWAP of the Common Stock” in definition of Daily Conversion Value and Daily Share Amount were instead a reference to “the Daily VWAP of a Unit of Reference
Property” comprised of the kind and amount of shares of stock, securities or other property or assets (including cash or any combination thereof) that a holder of one share of Common Stock immediately prior to such Merger Event would have owned
or been entitled to receive based on the Weighted Average Consideration. 
 (ii) The Company will deliver the cash in lieu of
fractional units of Reference Property as set forth pursuant to Section 10.03 (provided that the amount of such cash shall be determined as if references in such Section to “the Daily VWAP of the Common

  
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Stock” were instead a reference to “the Daily VWAP of a unit of Reference Property” composed of the kind and amount of shares of stock, securities or other property or assets
(including cash or any combination thereof) that a holder of one share of Common Stock immediately prior to such Merger Event would have owned or been entitled to receive based on the Weighted Average Consideration). 

(iii) The Daily Settlement Amounts (if applicable) and Daily Conversion Values (if applicable) shall be determined by the Company
promptly following the last day of the Cash Settlement Averaging Period. 
 (iv) For purposes of this Section 10.08, the
“Weighted Average Consideration” means the weighted average of the types and amounts of consideration received by the holders of the Common Stock entitled to receive cash, securities or other property or assets with respect to or in
exchange for such Common Stock in any Merger Event (in the event holders of the Common Stock are entitled to elect the type of consideration such holders receive, considering only holders who affirmatively make such an election). 

(d) The above provisions of this Section shall similarly apply to successive Merger Events. 

(e) In the event that the Notes become convertible into Reference Property pursuant to this Section 10.08, the Company shall notify
the Trustee and issue a press release containing the relevant information, which will include the Weighted Average Consideration, and make such press release available on the Company’s website. 

Section 10.09 Responsibility of Trustee. The Trustee and any other Conversion Agent will not have any duty or responsibility
to any Holder to determine whether any facts exist that require an adjustment of the Conversion Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method employed in making the same.
Neither the Trustee nor any Conversion Agent will be responsible for any failure of the Company to deliver the cash or Common Stock, if any, due upon the surrender of any Notes for the purpose of conversion or to comply with any of the duties,
responsibilities or covenants of the Company contained in this Article 10. Without limiting the generality of the foregoing, neither the Trustee nor any Conversion Agent will be under any responsibility to determine the correctness of any provisions
contained in any supplemental indenture entered into pursuant to Section 10.08 hereof relating to the amount of cash or the number of Units of Reference Property, if any, receivable by Holders upon the conversion of their Notes after any Merger
Event or to any adjustment to be made with respect thereto, but, subject to the provisions of Section 7.01 hereof, the Trustee may accept as conclusive evidence of the correctness of any such provisions, and will be protected in relying upon,
the Officers’ Certificate (which the Company shall file with the Trustee prior to the execution of any such supplemental indenture) with respect thereto and an Opinion of Counsel, both subject to the provisions of Section 12.04 hereof. The
Trustee will have no responsibility to determine if a supplemental indenture must be entered into pursuant to Section 10.08. 

  
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 ARTICLE XI 
 PAYMENT OF INTEREST 
 Section 11.01 Interest Payments.
Interest on any Note that is payable, and is punctually paid or duly provided for, on any applicable Interest Payment Date shall be paid to the person in whose name that Note is registered at the Close of Business on the Regular Record Date or
accrual date, as the case may be, for such interest at the office or agency of the Company maintained for such purpose. Each installment of interest payable in cash on any Definitive Note shall be payable (1) to Holders holding Definitive Notes
having an aggregate Principal Amount of $1,000,000 or less, by check mailed to the Holders of such Notes and (2) to Holders holding Definitive Notes having an aggregate Principal Amount of more than $1,000,000, either by check mailed to each
Holder or, upon written application by a Holder to the Registrar not later than the relevant Regular Record Date, by wire transfer in immediately available funds to that Holder’s account within the United States, which application shall remain
in effect until the Holder notifies, in writing, the Registrar to the contrary. In the case of a permanent Global Note, interest payable on any applicable payment date will be paid to the Depositary, with respect to that portion of such permanent
Global Note held for its account by Cede & Co. for the purpose of permitting such party to credit the interest received by it in respect of such permanent Global Note to the accounts of the beneficial owners thereof. 

Section 11.02 Defaulted Interest. Except as otherwise specified with respect to the Notes, any interest on any Note that is
payable, but is not punctually paid or duly provided for, within 30 days following any applicable payment date (herein called “Defaulted Interest”, which term shall include any accrued and unpaid interest that has accrued on such
defaulted amount in accordance with paragraph 1 of the Notes), shall forthwith cease to be payable to the registered Holder thereof on the relevant Regular Record Date or accrual date, as the case may be, by virtue of having been such Holder, and
such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (a) or (b) below. All such Defaulted Interest shall be payable on the next Interest Payment Date. 

(a) The Company may elect to make payment of any Defaulted Interest to the persons in whose names the Notes are registered at the Close
of Business on a special record date for the payment of such Defaulted Interest, which 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 on each Note and
the date of the proposed payment (which shall not be less than 20 days after such notice is received by the Trustee), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be
paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the persons entitled
to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed
payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The 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 delivered to each Holder at such 

  
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Holder’s address as it appears in the Register not less than 10 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 persons 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 the following
clause (b). 
 (b) The Company may make payment of any Defaulted Interest on the Notes in any other lawful manner not
inconsistent with the requirements of any securities exchange on which such 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
clause, 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 Sections 2.08 and 2.09, 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. 
 ARTICLE XII 

MISCELLANEOUS 
 Section 12.01 [RESERVED]. 
 Section 12.02 Notices; Address of
Agency. 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
(confirmed by guaranteed overnight courier) to the following: 
 if to the Company: 

Investor Relations Department 
 Regeneron Pharmaceuticals, Inc. 
 777 Old Saw Mill River Road 

Tarrytown, New York 10591 
 Telephone No.: (914) 345-7400 
 Facsimile No.: (914) 593-1506 

if to the Trustee, Registrar, Bid Solicitation Agent, Paying Agent or Conversion Agent: 

Wells Fargo Bank, National Association 
 45 Broadway, 14th Floor, 
 New York, New York 10006, 

Attention: Corporate Trust Services – Administrator, Regeneron Pharmaceuticals, Inc. 

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. 

  
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 Unless otherwise provided in this Indenture or in the Notes, (a) any notice or
communication given to a Holder of a Definitive Note 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 and shall be sufficiently given if so
mailed within the time prescribed, and (b) any notice or communication given to a beneficial owner of a Global Note shall be given in accordance with the Applicable Procedures; provided, however, that the Company may, at its
option, in lieu of delivering notice in such manner and/or form, satisfy any obligation under Sections 10.01(a)-(e) to deliver notice to a Holder by issuing a press release containing the relevant information and by using commercially
reasonable efforts to disseminate such information on the Company’s website or any other public medium reasonably likely to be viewed by such Holder. 
 Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided
above, it is duly given, whether or not received by the addressee. 
 If the Company delivers a notice or communication to the
Holders, it shall, on the same day, deliver a copy to the Trustee. 
 Except as otherwise described herein, notice to registered
Holders of the notes will be given to the addresses as they appear in the Register. Notices will be deemed to have been given on the date of such mailing or electronic delivery. Whenever a notice is required to be given by the Company, such notice
may be given by the Trustee on behalf of the Company. 
 Section 12.03 [RESERVED]. 

Section 12.04 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, provided, however, that no Opinion of Counsel shall be required in connection with the actions referred to in Sections 2.01 and 2.04 but only with regard to the issuance and
authentication and delivery of the initial Notes (as may be increased by the aggregate Principal Amount of additional Notes purchased by the Initial Purchaser pursuant to its option to purchase additional Notes set forth in Section 2 of the
Purchase Agreement), the Company shall, upon request by Trustee, furnish to the Trustee: 
 (a) an Officers’ Certificate
stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 
 (b) an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
 Section 12.05 Statements Required in Certificate or Opinion. Unless the Trustee agrees to accept a different form or format, each Officers’ Certificate or Opinion of Counsel with respect
to compliance with a covenant or condition provided for in this Indenture (except for such Officers’ Certificate required to be delivered pursuant to Section 4.03 hereof) shall include: 

(a) a statement that each person making such Officers’ Certificate or Opinion of Counsel has read such covenant or condition;

  
 76 

 (b) a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such Officers’ Certificate or Opinion of Counsel are based; 
 (c) a
statement that, in the opinion of each such person, he has made such examination or investigation as is necessary to enable such person to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 (d) a statement that, in the opinion of such person, such covenant or condition has been complied with. 

Section 12.06 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 12.07 Rules by Trustee, Paying Agent, Conversion Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of Holders. The Registrar, Conversion Agent and
the Paying Agent may make reasonable rules for their functions. 
 Section 12.08 Calculations. The calculation of
the Conversion Obligation, Conversion Date, Daily VWAP, Cash Settlement Averaging Period, Fundamental Change Repurchase Price, Conversion Rate, Last Reported Sale Price of the Common Stock, the number of shares of Common Stock, if any, to be issued
upon conversion and, except as otherwise provided in this Indenture, each other calculation to be made hereunder shall be the obligation of the Company only and not the Trustee or Conversion Agent. All calculations made by the Company as
contemplated pursuant to this Section 12.08 shall be in good faith and final and binding on the Company and the Holders absent manifest error. The Company shall provide a schedule of the calculations to the Trustee and the Conversion Agent and
the Trustee and the Conversion Agent are entitled to rely upon the accuracy of the calculations without independent verification. The Trustee will forward the calculations of the Company to any Holder upon the request of that Holder. 

All calculations will be made to the nearest cent or to the nearest 1/10,000th of a share, as the case may be. 

Section 12.09 Legal Holidays. A “Legal Holiday” is any day other than a Business Day. If any specified date
(including a date for giving notice) is a Legal Holiday, the action shall be taken on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. 

Section 12.10 Governing Law and Waiver of Jury Trial. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THIS INDENTURE AND THE
NOTES, BUT WITHOUT GIVING EFFECT TO THE CHOICE OF LAW DOCTRINE THEREOF OTHER THAN TITLE 14 OF ARTICLE 5 OF NEW YORK GENERAL OBLIGATIONS LAW. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE 

  
 77 

 
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED
HEREBY. 
 Section 12.11 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 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 12.12 Successors. All agreements of the Company in this Indenture and the Notes shall bind its successor. All
agreements of the Trustee, the Registrar, the Paying Agent and the Conversion Agent in this Indenture and the Notes shall bind their respective successors. 
 Section 12.13 Multiple Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One
signed copy is enough to prove this Indenture. 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. 

Section 12.14 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 will not modify or restrict any of the terms or provisions hereof. 
 Section 12.15 Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by,
directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss
or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance
as soon as practicable under the circumstances. 
 Section 12.16 Submission to Jurisdiction. The Company:
(a) 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; (b) 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 (c) submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding. 

  
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 Section 12.17 No Security Interest Created. Except as provided in
Section 7.07 hereof, nothing in this Indenture or in the Notes, expressed or implied, will 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 12.18 Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed or
implied, will 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. 
 Section 12.19 U.S.A. Patriot Act. The parties hereto acknowledge that in accordance
with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person
or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements
of the U.S.A. Patriot Act. 
 (Signature Pages Follow) 

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

 

			
	REGENERON PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Leonard S. Schleifer

		 	Name: Leonard S. Schleifer
		 	Title:    President and Chief Executive Officer

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

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Raymond Delli Colli

		 	Name: Raymond Delli Colli
		 	Title:    Vice President

 EXECUTION VERSION 
 EXHIBIT A 
 [FORM OF FACE OF NOTE] 

NO AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF REGENERON PHARMACEUTICALS, INC. (THE “COMPANY”) OR
PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE COMPANY DURING THE THREE IMMEDIATELY PRECEDING MONTHS MAY PURCHASE OR OTHERWISE ACQUIRE THIS NOTE OR A BENEFICIAL INTEREST HEREIN. 

[Include the following legend for Global Notes only (the “Global Notes 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 SECURITY FOR ALL PURPOSES. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, 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 Notes Legend”):] 
 THIS SECURITY AND THE COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS
SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) MAY NOT BE OFFERED, SOLD, PLEDGED, OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION
HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 
  

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

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

  

	 	(A)	TO THE COMPANY OR ANY OF ITS SUBSIDIARIES; OR 

  

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

 

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

 

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

 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE
TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND
APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 THIS NOTE HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT, FOR PURPOSES OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. UPON REQUEST OF THE HOLDER OF THIS NOTE, THE COMPANY WILL PROMPTLY MAKE
AVAILABLE TO THE HOLDER OF THIS NOTE, (I) THE ISSUE PRICE OF THE NOTE, (II) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT IN RESPECT THEREOF, (III) THE ISSUE DATE OF THE NOTE, AND (IV) THE YIELD TO MATURITY OF THE NOTE, IN EACH CASE AS
DETERMINED UNDER THE ORIGINAL ISSUE DISCOUNT RULES OF THE U.S. INTERNAL REVENUE CODE. PLEASE CONTACT INVESTOR RELATIONS DEPARTMENT, REGENERON PHARMACEUTICALS, INC., 777 OLD SAW MILL RIVER ROAD, TARRYTOWN, NEW YORK 10591, TELEPHONE NO.:
(914) 345-7741. 

  
 A-2

 REGENERON PHARMACEUTICALS, INC. 

1.875% Convertible Senior Notes due 2016 
  

							
	No.	 		 		  	CUSIP: 75886FAC1 *
	Issue Date:	 		 		  	ISIN: US75886FAC14

 Principal Amount: 
 [as revised by the Schedule of Increases 
 and Decreases in the
Global Note attached hereto]1 

REGENERON PHARMACEUTICALS, INC., a New York corporation, promises to pay to
[            ] [include “Cede & Co.” for Global Note] or registered assigns, the Principal Amount of
$[            ] on October 1, 2016 (the “Maturity Date”). This Note shall bear cash interest at the rate of 1.875% per annum. This Note is
convertible as specified on the other side of this Note. 
 Additional provisions of this Note are set forth on the other side
of this Note. 
  

	*	At such time as the Company provides the Free Transferability Certificate to the Trustee and the Registrar, these CUSIP and ISIN numbers will be deemed removed and
replaced with the CUSIP number 75886F AD9 and ISIN number US75886FAD96 respectively (or, if required by the Depositary, the Company and the Trustee will cooperate to cause the execution and authentication of a replacement Global Note bearing such
CUSIP and ISIN numbers pursuant to the terms of the Indenture). 

  

 

	1 	 Include for Global Notes only. 

  
 A-3

 EXECUTION VERSION 
 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
  

			
	REGENERON PHARMACEUTICALS, INC.
		
	By:	 	  

		 	Name:
		 	Title:
		 	Dated:

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	 Wells Fargo Bank, National Association,
 as Trustee, certifies that this is
 one of the Notes referred

to in the within-mentioned Indenture.

		
	By:	 	  

		 	Authorized Signatory
		
	Date:	 	  

  
 A-5

 [FORM OF REVERSE SIDE OF NOTE] 

1.875% Convertible Senior Notes due 2016 
  

	1.	Interest. 

 This Note shall bear
cash interest at the rate of 1.875% per annum. Interest on this Note shall accrue from the most recent date to which interest has been paid or provided for, or if no interest has been paid or provided for, the Issue Date. Interest shall be
payable semiannually in arrears on April 1 and October 1 of each year, beginning on April 1, 2012, to the holders of record of Notes at the Close of Business on the March 15 or September 15 (whether or not a Business Day),
as the case may be, immediately preceding the relevant Interest Payment Date. Subject to certain exceptions described in the Indenture, each payment of cash interest on this Note shall include interest accrued for the period commencing on and
including the immediately preceding Interest Payment Date (or, if none, the Issue Date) through the day before the applicable Interest Payment Date or purchase date. 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 such postponment. Interest shall be calculated using a 360-day year composed of twelve 30-day months. Interest shall cease to accrue on this Note upon
its Stated Maturity, conversion or purchase by the Company at the option of the Holder upon a Fundamental Change in accordance with paragraph 5 hereof. The Notes are not subject to redemption through the operation of any sinking fund or otherwise.

 If the Principal Amount hereof or any portion of such Principal Amount is not paid when due (whether upon acceleration
pursuant to Section 6.02 of the Indenture, upon the date set for payment of the Fundamental Change Repurchase Price pursuant to paragraph 5 hereof or upon the Stated Maturity of this Note), or if interest due hereon or any portion of such
interest is not paid when due in accordance with paragraph 7 hereof, then in each such case the overdue amount shall, to the extent permitted by law, bear interest at the same interest rate, compounded semiannually, which interest shall accrue from
the date such overdue amount was originally due to the date payment of such amount, including interest thereon, has been made or duly provided for. All such interest shall be payable on the next Interest Payment Date. 

Pursuant to Section 4.02 of the Indenture, in certain circumstances, the Company will pay Additional Interest or Special Interest on
this Note. 
 Pursuant to Section 6.04 of the Indenture, in certain circumstances, the Company will pay an Extension Fee on
this Note. 
 Pursuant to Section 11.02 of the Indenture and paragraph 7 hereof, in certain circumstances, the Company will
pay Defaulted Interest on this Note. 
 Unless the context requires otherwise, all references to “interest” in this
Note will be deemed to include any Additional Interest, Special Interest and the Extension Fee. 

  
 A-6

	2.	Method of Payment. 

 Subject to
the terms and conditions of the Indenture, the Company will make payments in respect of Fundamental Change Repurchase Prices and at Stated Maturity to Holders who surrender Notes to a Paying Agent to collect such payments in respect of the Notes.
Payments in respect of Notes represented by a Global Note (including principal and interest) will be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company. The Company will pay any cash
amounts in money of the United States that at the time of payment is legal tender for payment of public and private debts. However, the Company may make such cash payments by check payable in such money. 

 

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

 Initially, Wells Fargo Bank, National Association, a national banking association, organized and existing under the laws of the United States of America (the “Trustee”), will act as
Paying Agent, Conversion Agent, Bid Solicitation Agent and Registrar. The Company may appoint and change any Paying Agent, Conversion Agent, Bid Solicitation 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 will 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. The Company may maintain deposit accounts and conduct other banking transactions with the Trustee in the normal course of business. 

 

	4.	Indenture 

 The Company issued
the Notes under an Indenture dated as of October 21, 2011 (the “Indenture”), between the Company and the Trustee. The terms of the Notes include those stated in the Indenture. 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 for a statement of those terms. 
 The Notes are senior unsecured obligations of the Company limited to $400,000,000 aggregate Principal Amount, as may be increased by the aggregate Principal Amount of additional Notes purchased by the
Initial Purchaser pursuant to its option to purchase additional Notes set forth in Section 2 of the Purchase Agreement, which aggregate Principal Amount shall not exceed $60,000,000 (subject to Section 2.01 of the Indenture) or qualified
reopening. The Indenture does not limit other indebtedness of the Company, secured or unsecured. 
  

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

 At the option of the Holder and subject to the terms and conditions of the Indenture, the Company shall become obligated to repurchase the Notes held by such Holder on a date no earlier than 20 calendar
days, and no later than 35 calendar days, after the Fundamental Change Notice Date for a Fundamental Change for a Fundamental Change Repurchase Price equal to the Principal Amount of the Notes to be repurchased, plus accrued and

  
 A-7

 
unpaid interest to, but excluding, the Fundamental Change Repurchase Date, unless the Fundamental Change Repurchase Date is after a Regular Record Date and on or prior to the Interest Payment
Date to which it relates, in which case interest accrued to the Interest Payment Date will be paid to Holders of the Notes as of the preceding Regular Record Date, which Fundamental Change Repurchase Price shall be paid in cash. 

Holders have the right to withdraw any Fundamental Change Repurchase Notice by delivering to the Paying Agent a written notice of
withdrawal in accordance with the provisions of the Indenture. 
 If cash sufficient to pay the Fundamental Change Repurchase
Price, of, together with any accrued and unpaid interest with respect to, all Notes or portions thereof to be repurchased as of the Fundamental Change Repurchase Date is deposited with the Paying Agent on the Fundamental Change Repurchase Date,
interest shall cease to accrue on such Notes (or portions thereof) immediately after such Fundamental Change Repurchase Date whether or not the Note is delivered to the Paying Agent, and the Holder thereof shall have no other rights as such (other
than the right to receive the Fundamental Change Repurchase Price and previously accrued and unpaid interest upon delivery, book-entry transfer or transfer of such Note). 

 

	6.	Conversion. 

 Subject to and upon
compliance with the provisions set forth in the Indenture (including the conditions to conversion set forth in Section 10.01 of the Indenture), a Holder of this Note has the right, at such Holder’s option, to convert the Principal Amount
hereof or any portion thereof such that the Principal Amount that is not so converted equals $1,000 or an integral multiple of $1,000 in excess thereof into an amount of cash, a number of shares of Common Stock, or a combination thereof, based on
the Conversion Rate in effect on the Conversion Date for this Note. The Conversion Rate will initially equal 11.9021 shares of Common Stock per $1,000 Principal Amount of the Notes and is subject to adjustment as described in the Indenture.

  

	7.	Defaulted Interest. 

 Except as
otherwise specified with respect to the Notes, any Defaulted Interest on any Note shall forthwith cease to be payable to the registered Holder thereof on the relevant Regular Record Date or accrual date, as the case may be, by virtue of having been
such Holder, and such Defaulted Interest may be paid by the Company as provided for in Section 11.02 of the Indenture. 
  

	8.	Denominations; Transfer; Exchange. 

 The Notes are in fully registered form, without coupons, in denominations of $1,000 and integral multiples of $1,000 in excess thereof. 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 register the transfer
or exchange of any Notes in respect of which a Fundamental Change Repurchase Notice 

  
 A-8

 
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) or in respect of which a Conversion Notice has been given
(except, in the case of a Note to be converted in part, the portion of the Note not to be converted). 
  

	9.	Persons Deemed Owners. 

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

	10.	Unclaimed Money or Securities. 

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 laws. 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. 
  

	11.	Amendment; Waiver. 

 Subject to
certain exceptions set forth in the Indenture, (i) the Indenture or the Notes may be amended with the written consent of the Holders of at least a majority in aggregate Principal Amount of the Notes at the time outstanding and (ii) certain
Defaults may be waived with the written consent of the Holders of a majority in aggregate Principal Amount of the Notes at the time outstanding. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Company
and the Trustee may amend the Indenture or the Notes (i) to cure any ambiguity, omission, defect or inconsistency in the Indenture or the Notes; (ii) to comply with Article 5 or Section 10.08 of the Indenture; (iii) to conform
the provisions of the Indenture to the “Description of Notes” section in the Offering Circular, as supplemented by the related pricing term sheet; (iv) to add guarantees with respect to the Notes; (v) to secure the Company’s
obligations under the Notes and the Indenture; (vi) to add to the Company’s covenants for the benefit of the Holders or to surrender any right or power conferred upon the Company; (vii) to make any change that does not materially
adversely affect the rights of any Holder; (viii) to appoint a successor Trustee with respect to the Notes; or (ix) to irrevocably elect to settle Conversion Obligation in cash, shares or combination thereof. 

 

	12.	Defaults and Remedies. 

 Under
the Indenture, Events of Default include: (i) Default in the payment of the Principal Amount of any Note when due and payable at its Stated Maturity, upon required repurchase in connection with a Fundamental Change, upon declaration of
acceleration or otherwise; (ii) Default in any payment of interest on any Note when due and payable if the default continues for a period of 30 days; (iii) Default in the performance, or breach, of any covenant or agreement of the Company
in this Indenture (other than a covenant or agreement a default in whose performance or whose breach is specifically dealt with in clauses (i) or (ii) above or in clause (vi) below), and continuance of such default or breach for a
period of 60 days after written notice thereof has been given to the Company by the 

  
 A-9

 
Trustee or to the Company and the Trustee by the holders of at least 25% in aggregate Principal Amount of the outstanding Notes (any such notice must specify the Default, demand that it be
remedied and state that such notice is a “Notice of Default”); (iv) a Default or Defaults under any bonds, debentures, notes or other evidences of indebtedness (other than the Notes) having, individually or in the aggregate, a
principal or similar amount outstanding of at least $15.0 million, whether such indebtedness now exists or shall hereafter be created, which default or defaults shall have resulted in the acceleration of the maturity of such indebtedness prior to
its express maturity or shall constitute a failure to pay at least $15.0 million of such indebtedness when due and payable after the expiration of any applicable grace period with respect thereto, without such indebtedness having been paid or
discharged within a period of 30 days after the occurrence of such indebtedness becoming or being declared due and payable or the failure to pay, as the case may be; (v) the failure by the Company to comply with the obligation to convert the
Notes into Common Stock, cash or a combination of cash and Common Stock, as applicable, in accordance with Article 10 hereof upon exercise of a Holder’s conversion right and such failure continues for 5 days; (vi) failure by the Company to
provide a Fundamental Change Notice pursuant to Section 3.03(a) of the Indenture when due if such failure continues for 5 days; and (vii) certain events of bankruptcy or insolvency. 

If an Event of Default occurs and is continuing (other than certain events of bankruptcy or insolvency with respect to the Company), the
Trustee, or the Holders of at least 25% in aggregate Principal Amount of the Notes at the time outstanding, may declare the Principal Amount through the date of such declaration, and any accrued and unpaid interest through the date of such
declaration, on all the Notes to be due and payable immediately. Certain events of bankruptcy or insolvency with respect to the Company, however, are Events of Default which will result in the Principal Amount on the Notes, and any accrued and
unpaid interest through the occurrence of such event, becoming due and payable immediately upon the occurrence of such Events of Default. 
 Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it receives indemnity and/or security reasonably
satisfactory to it. Subject to certain limitations, Holders of a majority in aggregate Principal Amount of the Notes at the time outstanding may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice
of any continuing Default (except a Default in payment of amounts specified in clauses (i) and (ii) above) if it determines that withholding notice is in their interests. 

 

	13.	Trustee Dealings with the Company. 

 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 Trustee. 

  
 A-10

	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. 
  

	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 LAWS OF THE
STATE OF NEW YORK SHALL GOVERN THIS INDENTURE AND THE NOTES, BUT WITHOUT GIVING EFFECT TO THE CHOICE OF LAW DOCTRINE THEREOF OTHER THAN TITLE 14 OF ARTICLE 5 OF NEW YORK GENERAL OBLIGATIONS LAW. 

 
  

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture which has in it the text of this
Note in larger type. Requests may be made to: 
 Investor Relations Department 

Regeneron Pharmaceuticals, Inc. 
 777 Old Saw Mill River Road 
 Tarrytown, New York 10591 

Telephone No.: (914) 345-7400 
 Facsimile No.: (914) 593-1506 

  
 A-11

 ASSIGNMENT FORM 

REGENERON PHARMACEUTICALS, INC. 
 1.875% CONVERTIBLE SENIOR NOTES DUE 2016 
 To assign this Note, fill in the form
below: 
 I or we assign and transfer this Note to: 

 
  
  

 
 (Insert assignee’s Soc. Sec.
or Tax ID no.) 
  
  

 
  
  

 
 (Print or type Assignee’s
name, address and zip code) 
 and irrevocably appoint 
                                   
              agent to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

 

			
	Signature Guaranteed
	
	  

	 Participant in a Recognized Signature
 Guarantee Medallion Program

		
	By:	 	  

		 	    Authorized Signatory

  
 A-12

 CONVERSION NOTICE 

REGENERON PHARMACEUTICALS, INC. 
 1.875% CONVERTIBLE SENIOR NOTES DUE 2016 
 To convert this Note into cash and Common Stock of the
Company, if any, check the box:  ̈ 
 To convert only part of this Note, state the Principal
Amount to be converted (which must be such that the Principal Amount of this Note that is not converted equals $1,000 or an integral multiple of $1,000 in excess thereof): 
 $                                  
                           
 If you want any stock certificate issuable upon conversion of this Note made out in another person’s name, fill in the form below: 

 
  
  

 
 (Insert other person’s Soc.
Sec. or Tax ID no.) 
  
  

 
  
  

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

			
	Signature Guaranteed
	
	  

	 Participant in a Recognized Signature
 Guarantee Medallion Program

		
	By:	 	  

		 	    Authorized Signatory

  
 A-13

 FUNDAMENTAL CHANGE REPURCHASE NOTICE 

REGENERON PHARMACEUTICALS, INC. 
 1.875% CONVERTIBLE SENIOR NOTES DUE 2016 
 Wells Fargo Bank, National Association 

45 Broadway, 14th Floor, 
 New York, New York
10006, 
 Attention: Corporate Trust Services – Administrator, Regeneron Pharmaceuticals, Inc. 

The undersigned registered owner of this Note hereby acknowledges receipt of a notice from Regeneron Pharmaceuticals, Inc. (the
“Company”) as to the occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs the Company to pay to the registered holder hereof in accordance
with 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 such that the Principal Amount of this Note that is repurchased will equal $1,000 Principal
Amount or an integral multiple of $1,000 in excess thereof) below designated, and (2) if such Fundamental Change Repurchase Date does not occur during the period after a Regular Record Date and on or prior to the corresponding Interest Payment
Date, accrued and unpaid interest, if any, thereon to, but excluding, such Fundamental Change Repurchase Date. 
 Certificate
Number: 
  

	
	Dated:
	
	  

	Signature(s)
	
	  

	Social Note or Other Taxpayer Identification Number
	
	Principal amount to be repaid (if less than all): $            ,000

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

  
 A-14

 [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, Trustee
or Note Custodian

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 A-15

 EXHIBIT B 

RESTRICTED STOCK LEGEND 

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

 

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

  

	(2)	AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT
IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE OF THE COMPANY’S 1.875% CONVERTIBLE SENIOR NOTES DUE 2016 OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION
THEREUNDER, AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: 

  

	 	(A)	TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, OR 

  

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

 

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

 

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

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

  
 B-1

 EXHIBIT C 

FORM OF TRANSFER CERTIFICATE 
 Wells Fargo Bank – DAPS Reorg 
 MAC N9303-121 

608
2nd Avenue South 

Minneapolis, MN 55479 
 REGENERON
PHARMACEUTICALS, INC. 
 1.875% CONVERTIBLE SENIOR NOTES DUE 2016 

Transfer Certificate 
 In connection with any transfer of any of Notes that bear the Restricted Notes Legend or that are required to bear the Restricted Notes Legend under the Indenture, 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: 
  ̈ The transfer of the Surrendered Notes is to the Company or any of its Subsidiaries; 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 to a Qualified Institutional Buyer in compliance with Rule 144A 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. 

 

			
	 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

  
 C-1

 EXHIBIT D 
 FORM OF FREE TRANSFERABILITY CERTIFICATE 
 Wells Fargo Bank, National Association

 45 Broadway, 14th Floor, 
 New York,
New York 10006, 
 Attention: Corporate Trust Services – Administrator, Regeneron Pharmaceuticals, Inc. 

Dear Sir/Madam: 
 Whereas the
1.875% Convertible Senior Notes due 2016 of Regeneron Pharmaceuticals, Inc. (the “Notes”) have become freely tradable without restriction by non-affiliates of Regeneron Pharmaceuticals, Inc. (the “Company”) pursuant
to Rule 144(b)(1) under the Securities Act of 1933, as amended, in accordance with Section 2.10 of the Indenture, dated as of October 21, 2011 (the “Indenture”), between the Company and Wells Fargo Bank, National
Association, as trustee, pursuant to which the Notes were issued, the Company hereby instructs you that, unless otherwise later directed in writing by the Company: 
  

	(i)	the restrictive legends described in Section 2.09 of the Indenture and set forth on the Notes will be deemed removed from the Global Notes representing such
securities, in accordance with the terms and conditions of the Notes and as provided in the Indenture, without further action on the part of holders; and 

  

	(ii)	the Restricted Notes CUSIP and Restricted Notes ISIN will be deemed removed from the global Notes and replaced, respectively, with the Unrestricted Notes CUSIP and
Unrestricted Notes ISIN set forth therein, in accordance with the terms and conditions of the Notes and as provided in the Indenture, without further action on the part of holders. 

Capitalized terms used but not defined herein have the meanings set forth in the Indenture. 

 

			
	 Very truly yours,
  

Regeneron Pharmaceuticals, Inc.

		
	By:	 	  

			
	Name:	 	
	Title:	 	

 EXHIBIT E 
 FORM OF TRANSFER AGENT NOTICE 
 AMERICAN STOCK TRANSFER & TRUST COMPANY 

59 Maiden Lane 
 New York, New York 10038

 Phone: 212 936 5100 
 Dear
Sir/Madam: 
 Whereas the 1.875% Convertible Senior Notes due 2016 of Regeneron Pharmaceuticals, Inc. (the “Notes”) have become
freely tradable without restriction by non-affiliates of Regeneron Pharmaceuticals, Inc. (the “Company”) pursuant to Rule 144(b)(1) under the Securities Act of 1933, as amended, in accordance with Section 2.10 of the Indenture,
dated as of October 21, 2011 (the “Indenture”), between the Company and Wells Fargo Bank, National Association, as trustee, pursuant to which the Notes were issued, the Company hereby instructs you that, unless otherwise later
instructed in writing by the Company: 
 (i) any shares of Common Stock issued upon conversion of the Notes (A) shall be issued without the
Restricted Stock Legend and (B) will be assigned the Unrestricted Stock CUSIP; and 
 (ii) (A) the Restricted Stock Legend will be
deemed removed from any shares of Common Stock previously issued upon conversion of the Notes and (B) the CUSIP number will be deemed removed from such shares of Common Stock and replaced with the Unrestricted Stock CUSIP. 

Capitalized terms used but not defined herein have the meanings set forth in the Indenture. 

 

			
	Very truly yours,
	
	Regeneron Pharmaceuticals, Inc.
		
	By:	 	  

			
	Name:	 	
	Title:

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