Document:

Indenture

 Exhibit 4.4 

  
 CONFORMED COPY 
  
 BLACKROCK, INC. 
  
 as Issuer 
  
 AND 
  
 JPMORGAN CHASE BANK, N.A. 
  
 as Trustee 
  
 INDENTURE 
  
 Dated as of February 23, 2005 
  
 2.625% Convertible Debentures due 2035 
  

  

 TABLE OF CONTENTS 
  

  

			
	 	  	PAGE

	ARTICLE 1	  	 
	DEFINITIONS	  	 
		
	 Section 1.01. Definitions
	  	1
		
	ARTICLE 2	  	 
	ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF
DEBENTURES	  	 
		
	 Section 2.01. Designation, Amount and Issue of Debentures
	  	14
	 Section 2.02. Form of Debentures
	  	15
	 Section 2.03. Date and Denomination of Debentures; Payments of Interest
	  	16
	 Section 2.04. Date and Denomination of Debentures; Payments of Liquidated Damages
	  	17
	 Section 2.05. Execution of Debentures
	  	18
	 Section 2.06. Exchange and Registration of Transfer of Debentures; Restrictions on Transfer; Depositary
	  	18
	 Section 2.07. Mutilated, Destroyed, Lost or Stolen Debentures
	  	25
	 Section 2.08. Temporary Debentures
	  	26
	 Section 2.09. Cancellation of Debentures Paid, Etc.
	  	27
	 Section 2.10. CUSIP Numbers
	  	27
		
	ARTICLE 3	  	 
	REDEMPTION OF DEBENTURES	  	 
		
	 Section 3.01. Company’s Right to Redeem; Notices to Trustee
	  	27
	 Section 3.02. Selection of Debentures to Be Redeemed
	  	28
	 Section 3.03. Notice of Redemption
	  	28
	 Section 3.04. Effect of Notice of Redemption
	  	29
	 Section 3.05. Deposit of Redemption Price
	  	29
	 Section 3.06. Debentures Redeemed in Part
	  	30
	 Section 3.07. No Redemption Upon Acceleration
	  	30
		
	ARTICLE 4	  	 
	CONTINGENT INTEREST	  	 
		
	 Section 4.01. Contingent Interest
	  	30
	 Section 4.02. Payment of Contingent Interest
	  	31
	 Section 4.03. Contingent Interest Notification
	  	31

  

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	 	  	PAGE

	ARTICLE 5	  	 
	PARTICULAR COVENANTS OF THE COMPANY	  	 
		
	 Section 5.01. Payment of Principal, Premium, Interest and Liquidated Damages
	  	31
	 Section 5.02. Maintenance of Office or Agency
	  	32
	 Section 5.03. Appointments to Fill Vacancies in Trustee’s Office
	  	33
	 Section 5.04. Provisions as to Paying Agent
	  	33
	 Section 5.05. Existence
	  	34
	 Section 5.06. Rule 144A Information Requirement
	  	34
	 Section 5.07. Stay, Extension and Usury Laws
	  	35
	 Section 5.08. Compliance Certificate
	  	35
	 Section 5.09. Liquidated Damages
	  	35
	 Section 5.10. Further Instruments and Acts
	  	35
	 Section 5.11. Calculation of Tax Original Issue Discount
	  	35
	 Section 5.12. Resale Of The Debentures
	  	36
		
	ARTICLE 6	  	 
	LISTS OF DEBENTUREHOLDERS AND REPORTS BY THE COMPANY
AND THE TRUSTEE	  	 
		
	 Section 6.01. Lists of Debentureholders
	  	36
	 Section 6.02. Preservation and Disclosure of Lists
	  	36
	 Section 6.03. Reports by Trustee
	  	37
	 Section 6.04. Reports by Company
	  	37
		
	ARTICLE 7	  	 
	DEFAULTS AND REMEDIES	  	 
		
	 Section 7.01. Events of Default
	  	37
	 Section 7.02. Payments of Debentures on Default; Suit Therefor
	  	40
	 Section 7.03. Application of Monies Collected by Trustee
	  	42
	 Section 7.04. Proceedings by Debentureholders
	  	43
	 Section 7.05. Proceedings by Trustee
	  	44
	 Section 7.06. Remedies Cumulative and Continuing
	  	44
	 Section 7.07. Direction of Proceedings and Waiver of Defaults by Majority of Debentureholders
	  	44
	 Section 7.08. Notice of Defaults
	  	45
	 Section 7.09. Undertaking to Pay Costs
	  	45
		
	ARTICLE 8	  	 
	CONCERNING THE TRUSTEE	  	 
		
	 Section 8.01. Duties and Responsibilities of Trustee
	  	46
	 Section 8.02. Reliance on Documents, Opinions, Etc.
	  	48
	 Section 8.03. No Responsibility for Recitals, Etc.
	  	49

  

 ii 

			
	 	  	PAGE

	 Section 8.04. Trustee, Paying Agents, Conversion Agents or Registrar May Own Debentures
	  	49
	 Section 8.05. Monies to Be Held in Trust
	  	49
	 Section 8.06. Compensation and Expenses of Trustee
	  	49
	 Section 8.07. Officers’ Certificate as Evidence
	  	50
	 Section 8.08. Conflicting Interests of Trustee
	  	51
	 Section 8.09. Eligibility of Trustee
	  	51
	 Section 8.10. Resignation or Removal of Trustee
	  	51
	 Section 8.11. Acceptance by Successor Trustee
	  	52
	 Section 8.12. Succession by Merger, Etc.
	  	53
	 Section 8.13. Limitation on Rights of Trustee as Creditor
	  	54
	 Section 8.14. Trustee’s Application for Instructions from the Company
	  	54
		
	ARTICLE 9	  	 
	CONCERNING THE DEBENTUREHOLDERS	  	 
		
	 Section 9.01. Action by Debentureholders
	  	54
	 Section 9.02. Proof of Execution by Debentureholders
	  	55
	 Section 9.03. Who Are Deemed Absolute Owners
	  	55
	 Section 9.04. Company-Owned Debentures Disregarded
	  	55
	 Section 9.05. Revocation of Consents; Future Holders Bound
	  	56
		
	ARTICLE 10	  	 
	DEBENTUREHOLDERS’ MEETINGS	  	 
		
	 Section 10.01. Purpose of Meetings
	  	56
	 Section 10.02. Call of Meetings by Trustee
	  	57
	 Section 10.03. Call of Meetings by Company or Debentureholders
	  	57
	 Section 10.04. Qualifications for Voting
	  	57
	 Section 10.05. Regulations
	  	58
	 Section 10.06. Voting
	  	58
	 Section 10.07. No Delay of Rights by Meeting
	  	59
		
	ARTICLE 11	  	 
	SUPPLEMENTAL INDENTURES	  	 
		
	 Section 11.01. Supplemental Indentures Without Consent of Debentureholders
	  	59
	 Section 11.02. Supplemental Indentures With Consent of Debentureholders
	  	61
	 Section 11.03. Effect of Supplemental Indentures
	  	62
	 Section 11.04. Notation on Debentures
	  	62
	 Section 11.05. Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee
	  	62

  

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	 	  	PAGE

	.ARTICLE 12	  	 
	CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE	  	 
		
	 Section 12.01. Company May Consolidate, Etc. on Certain Terms
	  	63
	 Section 12.02. Successor Corporation to Be Substituted
	  	63
	 Section 12.03. Opinion of Counsel to Be Given Trustee
	  	64
		
	ARTICLE 13	  	 
	SATISFACTION AND DISCHARGE OF INDENTURE	  	 
		
	 Section 13.01. Discharge of Indenture
	  	64
	 Section 13.02. Deposited Monies to Be Held in Trust by Trustee
	  	65
	 Section 13.03. Paying Agent to Repay Monies Held
	  	65
	 Section 13.04. Return of Unclaimed Monies
	  	65
	 Section 13.05. Reinstatement
	  	66
		
	ARTICLE 14	  	 
	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND
DIRECTORS	  	 
		
	 Section 14.01. Indenture and Debentures Solely Corporate Obligations
	  	66
		
	ARTICLE 15	  	 
	CONVERSION OF DEBENTURES	  	 
		
	 Section 15.01. Conversion Privilege
	  	67
	 Section 15.02. Conversion Procedure
	  	71
	 Section 15.03. Adjustment of Conversion Rate
	  	74
	 Section 15.04. Shares to Be Fully Paid
	  	85
	 Section 15.05. Effect of Reclassification, Consolidation, Merger or Sale
	  	85
	 Section 15.06. Certain Covenants
	  	89
	 Section 15.07. Responsibility of Trustee
	  	89
	 Section 15.08. Notice to Holders Prior to Certain Actions
	  	90
	 Section 15.09. Shareholder Rights Plans
	  	91
		
	ARTICLE 16	  	 
	REPURCHASE OF DEBENTURES AT OPTION OF HOLDERS	  	 
		
	 Section 16.01. Repurchase at Option of Holders
	  	91
	 Section 16.02. Repurchase at Option of Holders Upon a Designated Event
	  	93
	 Section 16.03. Withdrawal of Repurchase Notice or Designated Event Repurchase Notice
	  	96
	 Section 16.04. Deposit of Repurchase Price or Designated Event Repurchase Price
	  	96
	 Section 16.05. Covenant to Comply with Securities Laws
	  	97

  

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	 	  	PAGE

	ARTICLE 17	  	 
	MISCELLANEOUS PROVISIONS	  	 
		
	 Section 17.01. Provisions Binding on Company’s Successors
	  	97
	 Section 17.02. Official Acts by Successor Corporation
	  	98
	 Section 17.03. Addresses for Notices, Etc.
	  	98
	 Section 17.04. Governing Law
	  	98
	 Section 17.05. Evidence of Compliance with Conditions Precedent; Certificates to Trustee
	  	98
	 Section 17.06. Legal Holidays
	  	99
	 Section 17.07. No Security Interest Created
	  	99
	 Section 17.08. Trust Indenture Act
	  	99
	 Section 17.09. Benefits of Indenture
	  	99
	 Section 17.10. Table of Contents, Headings, Etc.
	  	100
	 Section 17.11. Authenticating Agent
	  	100
	 Section 17.12. Execution in Counterparts
	  	101
	 Section 17.13. Tax Treatment of the Debentures
	  	101

  

			
	 Exhibit A
	  	Form of Debenture
	 Exhibit B
	  	Form of Conversion Notice
	 Exhibit C
	  	Form of Option to Elect Repayment Upon a Designated Event
	 Exhibit D
	  	Form of Option to Elect Repayment on a Repurchase Date
	 Exhibit E
	  	Form of Assignment and Transfer
	 Schedule A
	  	Table of Additional Shares
	 Schedule B
	  	Schedule of Changes to Principal Amount

  

 v 

 INDENTURE dated as of February 23, 2005 between BlackRock, Inc., a Delaware corporation, as issuer
(hereinafter sometimes called the “Company”, as more fully set forth in Section 1.01), and JPMorgan Chase Bank, N.A., a national banking association, as trustee (hereinafter sometimes called the “Trustee”, as more fully set forth
in Section 1.01). 
  
 W I T N E S S E T H: 
  
 WHEREAS, for its lawful corporate purposes, the Company has duly authorized
the issue of its 2.625% Convertible Debentures due 2035 (hereinafter sometimes called the “Debentures”), initially in an aggregate principal amount not to exceed $250,000,000, and in order to provide the terms and conditions upon
which the Debentures are to be authenticated, issued and delivered, the Company has duly authorized the execution and delivery of this Indenture; and 
  
 WHEREAS, the Debentures, the certificate of authentication to be borne by the Debentures, a form of assignment, a form of option to elect repayment upon a
Designated Event (as defined herein), a form of option to elect repayment on a Repurchase Date (as defined herein), a form of conversion notice and certificate of transfer to be borne by the Debentures are to be substantially in the forms
hereinafter provided for; and 
  
 WHEREAS, all acts and things
necessary to make the Debentures, when executed by the Company and authenticated and delivered by the Trustee or a duly authorized authenticating agent, as in this Indenture provided, the valid, binding and legal obligations of the Company, and to
constitute these presents a valid agreement according to its terms, have been done and performed, and the execution of this Indenture and the issue hereunder of the Debentures have in all respects been duly authorized. 
  
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
  
 That in order to declare the terms and conditions upon which the Debentures
are, and are to be, authenticated, issued and delivered, and in consideration of the premises and of the purchase and acceptance of the Debentures by the holders thereof, the Company covenants and agrees with the Trustee for the equal and
proportionate benefit of the respective holders from time to time of the Debentures (except as otherwise provided below), as follows: 
  
 ARTICLE 1 
 DEFINITIONS

  
 Section 1.01. Definitions. 
  
 (a) The terms defined in this Section 1.01 (except as herein otherwise
expressly provided or unless the context otherwise requires) for all purposes of 

  

 
this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01. All other terms used in this
Indenture, which are defined in the Trust Indenture Act or which are by reference therein defined in the Securities Act (except as herein otherwise expressly provided or unless the context otherwise requires) shall have the meanings assigned to such
terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this Indenture. The words “herein,” “hereof,” “hereunder,” and words of similar import refer to this Indenture as
a whole and not to any particular Article, Section or other Subdivision. The terms defined in this Article include the plural as well as the singular. 
  
 “Accepted Purchased Shares” The term “Accepted Purchased Shares” shall have the meaning specified in Section 15.03(g)(i).

  
 “Acquisition Value” The term
“Acquisition Value” of the Common Stock means, for each Trading Day in the Valuation Period with respect to a Public Acquirer Change of Control, the value of the consideration paid per share of Common Stock in connection with such Public
Acquirer Change of Control, as follows: (i) for any cash, 100% of the face amount of such cash; (ii) for any Acquirer Common Stock, 100% of the Last Reported Sale Price of such Acquirer Common Stock on each such Trading Day; and (iii) for any other
securities, assets or property, 102% of the fair market value of such security, asset or property on each such Trading Day, as determined by two independent nationally recognized investment banks selected by the Trustee for this purpose. 

 
 “Additional Shares” The term “Additional
Shares” shall have the meaning specified in Section 15.01(d)(ii). 
  
 “Adjustment Determination Date” The term “Adjustment Determination Date” shall have the meaning specified in Section 15.03(m). 
  
 “Adjustment Event” The term “Adjustment Event” shall have the meaning specified in Section
15.03(m). 
  
 “Affiliate” The term
“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. 
  
 “Board of Directors” The term “Board of Directors” means the Board of Directors of the Company or a committee of such Board
duly authorized to act for it hereunder. 
  

 2 

 “Board Resolution” The term “Board Resolution” means a copy of a resolution
certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors, or duly authorized committee thereof (to the extent permitted by applicable law), and to be in full force and effect on the date
of such certification, and delivered to the Trustee. 
  
 “Business Day” The term “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which the banking institutions in The City of New York or the city in which the Corporate
Trust Office is located are authorized or obligated by law or executive order to close or be closed. 
  
 “Capital Stock” The term “Capital Stock” means, for any entity, any and all shares, interests, rights to purchase, warrants,
options, participations or other equivalents of or interests in (however designated) stock issued by that entity. 
  
 “Change of Control” The term “Change of Control” means the occurrence after the original issuance of the Debentures of
any of the following events: 
  
 (i) any Person
acquires beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of transactions, of (A) shares of Class A Common Stock entitling that Person to exercise 50% or more of the total voting
power of all shares of the Class A Common Stock that are entitled to vote generally in elections of directors; or (B) shares of the Capital Stock entitling that Person to exercise 50% (or 90% if such Person is The PNC Financial Services Group, Inc.,
or any of its Affiliates) or more of the total voting power of all shares of the Class A Common Stock that are entitled to vote generally in elections of directors; or 
  
 (ii) any transaction or event or any series of transactions or events (whether by means of an exchange
offer, liquidation, tender offer, consolidation, merger, combination, reclassification, recapitalization, asset sale, lease of assets or otherwise) in connection with which all or substantially all of the Class A Common Stock not beneficially owned
by PNC Financial Services Group, Inc. or any of its Affiliates is exchanged for, converted into, acquired for or constitutes solely the right to receive stock, other securities, other property, assets or cash, other than any transaction or series of
transactions: (A) that does not result in any reclassification, conversion, exchange or cancellation of the outstanding shares of Class A Common Stock (other than the cancellation of any of the outstanding shares of Class A Common Stock held by the
Person with whom the Company mergers or consolidates), or (B) pursuant to which the holders of Class A Common Stock immediately prior to the transaction 

  

 3 

 
have the entitlement to exercise, directly or indirectly, 50% or more of the total voting power of all shares of Capital Stock entitled to vote generally in
the election of directors of the continuing or surviving corporation immediately after the transaction, or (C) that is effected solely to change the Company’s jurisdiction of incorporation and results in a reclassification, conversion or
exchange of outstanding shares of Common Stock solely into shares of common stock of the surviving entity; or 
  
 (iii) the first day on which a majority of the members of the Board of Directors are not Continuing Directors. 
  
 Notwithstanding the foregoing definition, a Change of
Control shall not be deemed to have occurred under clause (ii) above if at least 90% of the consideration (excluding cash payments for fractional shares and cash payments made pursuant to dissenters’ appraisal rights) in a transaction otherwise
constituting a Change of Control under clause (ii) above consists of shares of common stock traded on a national securities exchange or quoted on the Nasdaq National Market (or will be so traded or quoted immediately following the transaction) and
as a result of the transaction the Debentures become convertible into such common stock or into consideration based on the value of such common stock. 
  
 For purposes of this definition, whether a Person is a “beneficial owner” shall be determined in accordance with Rule
13d-3 under the Exchange Act and “Person” includes any syndicate or group that would be deemed to be a “person” under Section 13(d)(3) of the Exchange Act. 
  
 “Class A Common Stock” The term “Class A Common
Stock” shall mean shares of the class designated as class A common stock of the Company, par value $0.01 per share, at the date of this Indenture or shares of any class or classes resulting from any reclassification or reclassifications thereof
and that have no preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company and that are not subject to redemption by the Company; provided that
if at any time there shall be more than one such resulting class, the shares of each such class then so issuable shall be substantially in the proportion which the total number of shares of such class resulting from all such reclassifications bears
to the total number of shares of all such classes resulting from all such reclassifications. 
  
 “close of business” The term “close of business” means 5 p.m. (New York City time). 
  
 “Commission” The term “Commission” shall mean the Securities and Exchange Commission. 
  

 4 

 “Common Stock” The term “Common Stock” shall mean any stock of any class of
the Company that has no preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company and that is not subject to redemption by the Company. Subject to the
provisions of Section 15.05, however, shares issuable on conversion of Debentures shall include only shares of Class A Common Stock. 
  
 “Company” The term “Company” shall mean BlackRock, Inc., a Delaware corporation, and subject to the provisions of Article 12,
shall include its successors and assigns. 
  
 “Company
Notice” The term “Company Notice” shall have the meaning specified in Section 16.01(a). 
  
 “Contingent Interest” The term “Contingent Interest” means interest that accrues and is payable as provided in Article 4.

  
 “Continuing Directors” The term
“Continuing Directors” means, as of any date of determination, any member of the Board of Directors who (a) was a member of the Board of Directors as of February 16, 2005 or (b) who becomes a member of the Board of Directors subsequent to
that date and whose appointment, election or nomination for election by shareholders is duly approved by a majority of the Continuing Directors on the Board of Directors at the time of such approval, either by a specific vote or by approval of the
proxy statement issued by the Company on behalf of the Board of Directors in which such individual is named as nominee for director. 
  
 “Conversion Agent” The term “Conversion Agent” shall have the meaning specified in Section 5.02. 
  
 “Conversion Date” The term “Conversion Date” shall
have the meaning specified in Section 15.02(d). 
  
 “Conversion Obligation” The term “Conversion Obligation” shall have the meaning specified in Section 15.01(a). 
  
 “Conversion Price” The term “Conversion Price” means as of any date $1,000 divided by the Conversion Rate as of such date.

  
 “Conversion Rate” The term “Conversion
Rate” shall have the meaning specified in Section 15.01(a). 
  
 “Conversion Settlement Date” The term “Conversion Settlement Date” shall have the meaning specified in Section 15.02(d). 
  

 5 

 “Conversion Value” The term “Conversion Value” shall have the meaning
specified in Section 15.02(a). 
  
 “Corporate Trust
Office” The term “Corporate Trust Office,” or other similar term, shall mean the principal corporate trust office of the Trustee at which at any particular time its corporate trust business shall be principally administered, which
office is, at the date as of which this Indenture is dated, located at JPMorgan Chase Bank, N.A., 4 New York Plaza, New York, New York 10004, Attention: Institutional Trust Services (BlackRock, Inc. 2.625% Convertible Debentures due 2035).

  
 “Current Market Price” The term “Current
Market Price” means, in respect of shares of Class A Common Stock on any day and in respect of an issuance or distribution on the Class A Common Stock, the average of the Last Reported Sale Prices per share of Class A Common Stock or the
security issued or distributed on the Class A Common Stock for each of the ten consecutive Trading Days ending on the earlier of the day in question and the day before the “Ex-Dividend Date” with respect to such issuance or distribution
requiring such computation. 
  
 “Custodian” The
term “Custodian” means JPMorgan Chase Bank, N.A., as custodian for The Depository Trust Company, with respect to the Debentures in global form, or any successor entity thereto. 
  
 “Debenture” or “Debentures” The terms “Debenture” or “Debentures”
shall mean any Debenture or Debentures, as the case may be, authenticated and delivered under this Indenture. 
  
 “Debentureholder” or “holder” The terms “Debentureholder” or “holder” as applied to any Debenture,
or other similar terms (but excluding the term “beneficial holder”), shall mean any person in whose name at the time a particular Debenture is registered on the Debenture register. 
  
 “Debenture registrar” The term “Debenture
registrar” shall have the meaning specified in Section 2.06(a). 
  
 “Debenture register” The term “Debenture register” shall have the meaning specified in Section 2.06(a). 
  
 “Default” The term “Default” shall mean any event that is, or after notice or passage of time, or both, would be, an Event of
Default. 
  
 “Depositary” The term
“Depositary” means, with respect to the Debentures issuable or issued in whole or in part in global form, the person specified in Section 2.06(d) as the Depositary with respect to such Debentures, until a successor shall have been
appointed and become such pursuant to the 

  

 6 

 
applicable provisions of this Indenture, and thereafter, “Depositary” shall mean or include such successor. 
  
 “Designated Event” The term “Designated Event”
means the occurrence of (a) a Change of Control or (b) a Termination of Trading. 
  
 “Designated Event Expiration Time” The term “Designated Event Expiration Time” shall have the meaning specified in Section 16.02(b). 
  
 “Designated Event Notice” The term “Designated Event
Notice” shall have the meaning specified in Section 16.02(b). 
  
 “Designated Event Repurchase Date” The term “Designated Event Repurchase Date” shall have the meaning specified in Section 16.02(a). 
  
 “Designated Event Repurchase Notice” The term “Designated Event Repurchase Notice” shall have the
meaning specified in Section 16.02(a)(i). 
  
 “Designated
Event Repurchase Price” The term “Designated Event Repurchase Price” shall have the meaning specified in Section 16.02(a). 
  
 “Determination Date” The term “Determination Date” shall have the meaning specified in Section 15.02(b). 
  
 “Distributed Property” The term “Distributed
Property” shall have the meaning specified in Section 15.03(d). 
  
 “Dividend Threshold Amount” The term “Dividend Threshold Amount” shall have the meaning specified in Section 15.03(e) 
  
 “Effective Date” The term “Effective Date” shall have the meaning specified in Section 15.01(d)(ii). 
  
 “Event of Default” The term “Event of Default”
means with respect to the Debentures any event specified in Section 7.01, continued for the period of time, if any, and after the giving of notice, if any, therein designated. 
  
 “Ex-Dividend Date” The term “Ex-Dividend Date” means, with respect to any issuance or
distribution on the Common Stock or any other equity security, the first date on which the shares of Common Stock or such other equity security trade on the applicable exchange or in the applicable market, regular way, without the right to receive
such issuance or distribution. 
  
 “Exchange Act”
The term “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
  

 7 

 “Exchange Property” The “Exchange Property” shall have the meaning specified
in Section 15.05. 
  
 “Exchange Property Value”
The term “Exchange Property Value” shall have the meaning specified in Section 15.05(c). 
  
 “Exchange Property Weighted Average Price” The term “Exchange Property Weighted Average Price” shall have the meaning specified
in Section 15.05(c). 
  
 “Expiration Time” The
term “Expiration Time” shall have the meaning specified in Section 15.03(f). 
  
 “Global Debenture” The term “Global Debenture” shall have the meaning specified in Section 2.06(b). 
  

“Indebtedness” The term “Indebtedness” shall mean, with respect to any Person, and without duplication, (a) all
indebtedness, obligations and other liabilities (contingent or otherwise) of such Person for borrowed money (including obligations of the Company in respect of overdrafts, foreign exchange contracts, currency exchange agreements, interest rate
protection agreements, and any loans or advances from banks, whether or not evidenced by Debentures or similar instruments, and all commitment, stand by and other fees due and payable to financial institutions with respect to credit facilities
available to such Person) or evidenced by bonds, debentures, Debentures or similar instruments (whether or not the recourse of the lender is to the whole of the assets of such Person or to only a portion thereof) (other than any account payable or
other accrued current liability or obligation incurred in the ordinary course of business in connection with the obtaining of materials or services); (b) all reimbursement obligations and other liabilities (contingent or otherwise) of such Person
with respect to letters of credit, bank guarantees or bankers’ acceptances; (c) all obligations and liabilities (contingent or otherwise) in respect of leases of real or personal property or other assets of such Person required, in conformity
with generally accepted accounting principles, to be accounted for as capitalized lease obligations on the balance sheet of such Person; (d) all direct or indirect guaranties or similar agreements by such Person in respect of, and obligations or
liabilities (contingent or otherwise) of such Person to assure a creditor against loss in respect of indebtedness of another Person of the kind described in clauses (a) through (c); (e) any indebtedness described in clauses (a) through (d) secured
by any mortgage, pledge, lien or other encumbrance existing on property that is owned or held by such Person, regardless of whether the indebtedness or other obligation secured thereby shall have been assumed by such Person; and (f) any and all
deferrals, renewals, extensions and refundings of, or amendments, modifications or supplements to, any indebtedness, obligation or liability of the kind described in clauses (a) through (e). 
  

 8 

 “Indenture” The term “Indenture” shall mean this instrument as originally
executed or, if amended or supplemented as herein provided, as so amended or supplemented. 
  
 “Initial Purchasers” The term “Initial Purchasers” means Morgan Stanley & Co. Incorporated. 
  
 “Last Reported Sale Price” The term “Last Reported Sale Price” of the Class A Common Stock, or any other security for which a
Last Reported Sale Price is to be determined, on any date means the closing sale price per share (or if no closing sale price is reported, the average of the bid and asked prices or, if more than one in either case, the average of the average bid
and the average asked prices) on that date as reported in composite transactions for the principal United States securities exchange on which the Class A Common Stock or such other security is traded or, if the Class A Common Stock or such other
security is not listed on a United States national or regional securities exchange, as reported by Nasdaq. If the Class A Common Stock or such other security is not listed for trading on a United States national or regional securities exchange and
not reported by Nasdaq on the relevant date, the “Last Reported Sale Price” will be the last quoted bid price for the Class A Common Stock or such other security in the over-the-counter market on the relevant date as reported by Pink
Sheets LLC or any similar organization. If the Class A Common Stock or such other security is not so quoted, the “Last Reported Sale Price” will be the average of the mid-point of the last bid and asked prices of Class A Common Stock or
such other security on the relevant date from each of at least three nationally recognized independent investment banking firms selected by the Company for this purpose. 
  
 “Liquidated Damages” The term “Liquidated Damages” means all Liquidated Damages Amounts as
defined in the Registration Rights Agreement. 
  
 “Measurement Period” The term “Measurement Period” shall have the meaning specified in Section 15.01(a)(i) 
  
 “Net Exchange Property Amount” The term “Net Exchange Property Amount” shall have the meaning specified in Section
15.05(d)(ii). 
  
 “Net Share Amount” The term
“Net Share Amount” shall have the meaning specified in Section 15.02(b)(ii). 
  
 “Net Shares” The term “Net Shares” shall have the meaning specified in Section 15.02(b)(ii). 
  
 “non-electing share” The term “non-electing share” shall have the meaning specified in Section 15.05(b). 
  

 9 

 “Notice of Conversion” The term “Notice of Conversion” shall have the meaning
specified in Section 15.02(c). 
  
 “Offer Expiration
Time” The term “Offer Expiration Time” shall have the meaning specified in Section 15.03(g). 
  
 “Officers’ Certificate” The term “Officers’ Certificate,” when used with respect to the Company, shall mean a
certificate signed by (a) one of the President, the Chief Executive Officer, any Executive or Senior Vice President, Managing Director or any Vice President (whether or not designated by a number or numbers or word added before or after the title
“Vice President”) and (b) by one of the Treasurer or any Assistant Treasurer, Secretary or any Assistant Secretary or Controller of the Company, which is delivered to the Trustee. Each such certificate shall include the statements provided
for in Section 17.05 if and to the extent required by the provisions of such Section. One of the officers giving an Officers’ Certificate pursuant to Section 5.08 shall be the principal executive, financial or accounting officer of the Company.

  
 “Opinion of Counsel” The term “Opinion
of Counsel” shall mean an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company, or other counsel acceptable to the Trustee, which is delivered to the Trustee. Each such opinion shall include the
statements provided for in Section 17.05 if and to the extent required by the provisions of such Section. 
  
 “outstanding” The term “outstanding,” when used with reference to Debentures, shall, subject to the provisions of Section 9.04,
mean, as of any particular time, all Debentures authenticated and delivered by the Trustee under this Indenture, except: 
  
 (i) Debentures theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 
  
 (ii) Debentures, or portions thereof, for the payment repurchase of which
monies in the necessary amount shall have been deposited in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own Paying
Agent); 
  
 (iii) Debentures in lieu of which, or in substitution
for which, other Debentures shall have been authenticated and delivered pursuant to the terms of Section 2.07 unless proof satisfactory to the Trustee is presented that any such Debentures are held by protected purchasers in due course; and

  
 (iv) Debentures converted pursuant to Article 15. 

 

 10 

 “Paying Agent” The term “Paying Agent” shall have the meaning specified in
Section 5.02. 
  
 “Person” or person The term
“person” shall mean an individual, a corporation, a limited liability company, an association, a partnership, a joint venture, a joint stock company, a trust, an unincorporated organization or a government or an agency or a political
subdivision thereof. 
  
 “Portal Market” The term
“Portal Market” shall mean The Portal Market operated by the National Association of Securities Dealers, Inc. or any successor thereto. 
  
 “Predecessor Debenture” The term “Predecessor Debenture” of any particular Debenture shall mean every previous Debenture
evidencing all or a portion of the same debt as that evidenced by such particular Debenture; and, for the purposes of this definition, any Debenture authenticated and delivered under Section 2.07 in lieu of a lost, destroyed or stolen Debenture
shall be deemed to evidence the same debt as the lost, destroyed or stolen Debenture that it replaces. 
  
 “Principal Return” The term “Principal Return” shall have the meaning specified in Section 15.02(b)(i). 
  
 “Public Acquirer Change of Control” means any transaction
described in clause (ii) of the definition of Change of Control (disregarding for this purpose the exception set forth in clause (ii)(B) of such definition), where the acquirer, the person formed by or surviving the transaction, or any entity that
it is a direct or indirect “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of more than 50% of the total voting power of all shares of such acquirer’s or person’s capital stock that are entitled to vote
generally in the election of directors has a class of common stock traded on a national securities exchange or quoted on Nasdaq or which will be so traded or quoted when issued or exchanged in connection with such Change of Control; provided
that if there is more than one such entity, the relevant entity will be such entity with the most direct beneficial ownership to such acquirer’s or person’s capital stock. Such acquirer’s, person’s or other entity’s class of
common stock traded on a national securities exchange or quoted on Nasdaq or which will be so traded or quoted when issued or exchanged in connection with such Change of Control is herein referred to as “Acquirer Common Stock.”

  
 “Purchase Agreement” The term “Purchase
Agreement” means that certain Purchase Agreement, dated as of February 16, 2005, between the Company and the Initial Purchasers. 
  
 “Purchased Shares” The term “Purchased Shares” shall have the meaning specified in Section 15.03(f)(i). 
  

 11 

 “QIB” The term “QIB” shall mean a “qualified institutional buyer” as
defined in Rule 144A. 
  
 “Record Date” The term
“Record Date” shall have the meaning specified in Section 15.03(h)(iii). 
  
 “Redemption Date” The term “Redemption Date” means the date specified in a notice of redemption on which the Debentures may be redeemed in accordance with the terms of the Debentures and
this Indenture. 
  
 “Redemption Price” The term
“Redemption Price” shall have the meaning specified in Section 3.01. 
  
 “Registration Rights Agreement” The term “Registration Rights Agreement” means that certain Registration Rights Agreement, dated as of February 23, 2005, between the Company and the Initial
Purchasers. 
  
 “Repurchase Date” The term
“Repurchase Date” has the meaning specified in Section 16.01(a). 
  
 “Repurchase Notice” The term “Repurchase Notice” has the meaning specified in Section 16.01(a). 
  
 “Repurchase Price” The term “Repurchase Price” has the meaning specified in Section 16.01(a). 
  
 “Resale Restriction Termination Date” The term “Resale
Restriction Termination Date” shall have the meaning specified in Section 2.06(d). 
  
 “Responsible Officer” The term “Responsible Officer”, when used with respect to the Trustee, shall mean an officer of the Trustee in the Corporate Trust Office, having direct responsibility
for the administration of this Indenture, and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 
  
 “Restricted Securities” The term “Restricted
Securities” has the meaning specified in Section 2.06(d). 
  
 “Rule 144A” The term “Rule 144A” shall mean Rule 144A as promulgated under the Securities Act. 
  
 “Securities Act” The term “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder. 
  

 12 

 “Stock Price” The term “Stock Price” means the price paid per share of Class A
Common Stock in connection with a Change of Control pursuant to which Additional Shares shall be added to the Conversion Rate pursuant to Section 15.01(d) hereof, which shall be equal to (i) if holders of Class A Common Stock receive only cash in
such Change of Control, the cash amount paid per share of Class A Common Stock and (ii) in all other cases, the average of the Last Reported Sale Prices of the Class A Common Stock for the ten Trading Days up to but not including the effective date
of such Change of Control. 
  
 “Subsidiary” The
term “Subsidiary” means a corporation more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries. For
the purposes of this definition, “voting stock” means stock which ordinarily has voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting power by reason of any
contingency. 
  
 “Tax Original Issue Discount”
The term “Tax Original Issue Discount” means the amount of ordinary interest income on a Debenture that must be accrued as original issue discount for United States federal income tax purposes pursuant to Treasury regulation section
1.1275-4 or any successor provision. 
  
 “Ten Day Weighted
Average Price” The term “Ten Day Weighted Average Price” shall have the meaning specified in Section 15.02(a)(ii). 
  
 “Termination of Trading” A “Termination of Trading” means any time that the Class A Common Stock (or other common stock into
which the Debentures are then convertible) is neither listed for trading on a United States national or regional securities exchange nor approved for trading on the Nasdaq National Market. 
  
 “Trading Day” The term “Trading Day” means, with
respect to the Common Stock or any other securities, a day during which trading in securities generally occurs on the principal United States securities exchange on which the Common Stock or such other security is traded or, if the Common Stock or
such other security is not listed on a United States national or regional securities exchange, on Nasdaq. If the Common Stock or such other security is not listed for trading on a United States national or regional securities exchange and not
reported by Nasdaq, the term “trading day” will mean a day during which trading in securities generally occurs on the principal market on which Common Stock or such other security is then traded. 
  
 “Trading Price” The term “Trading Price” shall
have the meaning specified in Section 15.01(a). 
  

 13 

 “transfer” The term “transfer” shall have the meaning specified in Section
2.06(d). 
  
 “Trigger Event” The term
“Trigger Event” shall have the meaning specified in Section 15.03(d). 
  
 “Trust Indenture Act” The term “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this Indenture, except as provided
in Section 11.03 and Section 15.05; provided, however, that in the event the Trust Indenture Act of 1939 is amended after the date hereof, the term “Trust Indenture Act” shall mean, to the extent required by such amendment, the
Trust Indenture Act of 1939 as so amended. 
  
 “Trustee” The term “Trustee” shall mean JPMorgan Chase Bank, N.A., and its successors and any corporation resulting from or surviving any consolidation or merger to which it or its successors may be a party and
any successor trustee at the time serving as successor trustee hereunder. 
  
 “Volume Weighted Average Price” The term “Volume Weighted Average Price” with respect to any share of Class A Common Stock on any Trading Day shall mean the volume weighted average price on
the New York Stock Exchange or, if the Class A Common Stock is not listed on the New York Stock Exchange, on the principal Unites States securities exchange or over-the-counter market on which Class A Common Stock is then listed or traded, from 9:30
a.m. to 4:00 p.m. (New York City time) on that Trading Day as displayed by Bloomberg (Bloomberg key-strokes: BLK Equity VAP) (or if such volume weighted average price is not available, the market value of one share of Class A Common Stock on such
Trading Day as determined by the Board of Directors in good faith using a volume weighted method). 
  
 ARTICLE 2 
 ISSUE, DESCRIPTION,
EXECUTION, REGISTRATION AND EXCHANGE OF DEBENTURES 
  
 Section 2.01. Designation, Amount and Issue of Debentures. The Debentures shall be designated as the
“2.625% Convertible Debentures due 2035.” Debentures not to exceed the aggregate principal amount of $250,000,000, upon the execution of this Indenture, or (except pursuant to Section 2.06, Section 2.07, Section 15.02 and Section 16.02)
from time to time thereafter, may be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver said Debentures upon the written order of the Company, signed by the
Company’s (a) Chief Executive Officer, President, Executive or Senior Vice President, Managing Director or any Vice President (whether or not designated by a number or numbers or word or words added before or after the title “Vice
President”) and (b) Treasurer or Assistant 

  

 14 

 
Treasurer or its Secretary or any Assistant Secretary, without any further action by the Company hereunder, provided, however, that said Debentures
may not be executed, delivered or authenticated unless and until the Trustee shall have received an Officers’ Certificate stating that the Debentures are substantially in the form set forth in Exhibit A of the Indenture and an Opinion of
Counsel substantially to the effect that the Indenture, to the extent applicable, and Debentures have been duly authorized and, if executed and authenticated in accordance with the provisions of the Indenture and delivered to and duly paid for by
the Purchasers thereof on the date of such opinion, would be entitled to the benefits of the Indenture and would be valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms, subject to
bankruptcy, insolvency, reorganization, receivership, moratorium and other similar laws affecting creditors’ rights generally, general principles of equity, and such other matters as shall be specified therein; provided further
that additional Debentures may be issued in an unlimited aggregate principal amount so long as such Debentures are part of the same issue, within the meaning of Treasury Regulations Sections 1.1275-1(f) and 1.1275-2(k)(2), as the Debentures
initially issued hereunder. The Trustee shall be fully protected in relying upon such Officers’ Certificate and Opinion of Counsel. 
  
 Section 2.02. Form of Debentures. The Debentures and the Trustee’s certificate of authentication to be borne by such Debentures shall
be substantially in the form set forth in Exhibit A, which is incorporated in and made a part of this Indenture. 
  
 Any of the Debentures may have such letters, numbers or other marks of identification and such notations, legends or endorsements as the officers
executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made
pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Debentures may be listed or designated for issuance, or to conform to usage or to indicate any special limitations or restrictions
to which any particular Debentures are subject. 
  
 The Global
Debenture shall represent such of the outstanding Debentures as shall be specified therein and shall provide that it shall represent the aggregate amount of outstanding Debentures from time to time endorsed thereon and that the aggregate amount of
outstanding Debentures represented thereby may from time to time be increased or reduced to reflect redemptions, repurchases, conversions, transfers or exchanges permitted hereby. Any endorsement of the Global Debenture to reflect the amount of any
increase or decrease in the amount of outstanding Debentures represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon instructions given by the holder of such Debentures in
accordance with this Indenture. 
  

 15 

 Payment of principal, accrued and unpaid interest, including Contingent Interest, if any, and Liquidated Damages, if any,
and premium, if any (including any Repurchase Price or Designated Event Repurchase Price), on the Global Debenture shall be made to the holder of such Debenture on the date of payment, unless a record date or other means of determining holders
eligible to receive payment is provided for herein. 
  
 The terms
and provisions contained in the form of Debenture attached as Exhibit A hereto 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. 
  
 Section 2.03. Date and Denomination of Debentures; Payments of Interest. The Debentures shall be issuable in registered form without coupons in denominations of $1,000 principal amount and integral
multiples thereof. Each Debenture shall be dated the date of its authentication and shall bear interest from the date specified on the face of the form of Debenture attached as Exhibit A hereto. Interest on the Debentures shall be computed on the
basis of a 360-day year comprised of twelve 30-day months. 
  
 The
Person in whose name any Debenture (or its Predecessor Debenture) is registered on the Debenture Register at the close of business on any record date with respect to any interest payment date shall be entitled to receive the interest payable on such
interest payment date. Interest shall be payable at the office of the Company maintained by the Company for such purposes in the Borough of Manhattan, City of New York, which shall initially be an office or agency of the Trustee. The Company shall
pay interest (i) on any Debentures in certificated form by check mailed to the address of the Person entitled thereto as it appears in the Debenture Register (or upon written notice by such Person, by wire transfer in immediately available funds, if
such Person is entitled to interest on aggregate principal in excess of $2 million) or (ii) on any Global Debenture by wire transfer of immediately available funds to the account of the Depositary or its nominee. The term “record
date” with respect to any interest payment date shall mean the February 1 or August 1 preceding the applicable February 15 or August 15 interest payment date, respectively. 
  

 16 

 Any interest on any Debenture which is payable, but is not punctually paid or duly provided for, on any
February 15 or August 15 (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Debentureholder on the relevant record date by virtue of his having been such Debentureholder, and such Defaulted Interest
shall be paid by the Company, at its election in each case, as provided in clause (1) or (2) below: 
  
 (1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Debentures (or their respective Predecessor
Debentures) 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 Debenture and the date of the proposed payment (which shall be not less than twenty-five (25) days after the receipt by the Trustee of such notice, unless the Trustee shall consent to an earlier date), and at the
same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted 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 Company shall fix a special record date for the payment of such
Defaulted Interest which shall be not more than fifteen (15) days and not less than ten (10) days prior to the date of the proposed payment, and not less than ten (10) days after the receipt by the Trustee of the notice of the proposed payment. The
Company shall promptly notify the Trustee of such special record date and the Trustee, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be
mailed, first-class postage prepaid, to each holder at his address as it appears in the Debenture Register, not less than ten (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 so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Debentures (or their respective Predecessor Debentures) are registered at the close of business on such special record date and shall
no longer be payable pursuant to the following clause (2) of this Section 2.03. 
  
 (2) The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Debentures may be
listed or designated for issuance, and upon such notice as may be required by such exchange or automated quotation system, 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 2.04.
Date and Denomination of Debentures; Payments of Liquidated Damages. The Debentures shall be issuable in fully registered form without coupons in denominations of $1,000 principal amount and integral multiples thereof. Every Debenture
shall be dated the date of its authentication and shall pay Liquidated Damages in the manner and to the persons set forth in the Registration Rights Agreement. 
  

 17 

 Section 2.05. Execution of Debentures. The Debentures shall be signed in the name and on
behalf of the Company by the manual or facsimile signature of its Chairman or Vice-Chairman of the Board of Directors, Chief Executive Officer, President, any of its Executive or Senior Vice Presidents, Managing Director, or any of its Vice
Presidents (whether or not designated by a number or numbers or word or words added before or after the title “Vice President”). Only such Debentures as shall bear thereon a certificate of authentication substantially in the form set forth
on the form of Debenture attached as Exhibit A hereto, manually executed by the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 17.11), shall be entitled to the benefits of this Indenture or be valid or obligatory
for any purpose. Such certificate by the Trustee (or such an authenticating agent) upon any Debenture executed by the Company shall be conclusive evidence that the Debenture so authenticated has been duly authenticated and delivered hereunder and
that the holder is entitled to the benefits of this Indenture. 
  
 In case any officer of the Company who shall have signed any of the Debentures shall cease to be such officer before the Debentures so signed shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such
Debentures nevertheless may be authenticated and delivered or disposed of as though the person who signed such Debentures had not ceased to be such officer of the Company; and any Debenture may be signed on behalf of the Company by such persons as,
at the actual date of the execution of such Debenture, shall be the proper officers of the Company, although at the date of the execution of this Indenture any such person was not such an officer. 
  
 Section 2.06. Exchange and Registration of Transfer of Debentures;
Restrictions on Transfer; Depositary. 
  
 (a) The
Company shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office and in any other office or agency of the Company designated pursuant to Section 5.02 being herein sometimes collectively referred to as
the “Debenture register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Debentures and of transfers of Debentures. Such register shall be in written form or
in any form capable of being converted into written form within a reasonable period of time. The Trustee is hereby appointed “Debenture registrar” for the purpose of registering Debentures and transfers of Debentures as herein provided.
The Company may appoint one or more co-registrars in accordance with Section 5.02. 
  
 Upon surrender for registration of transfer of any Debenture to the Debenture registrar or any co-registrar, and satisfaction of the requirements for such transfer set forth in this Section 2.06, the Company shall
execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or 

  

 18 

 
transferees, one or more new Debentures of any authorized denominations and of a like aggregate principal amount and bearing such restrictive legends as may
be required by this Indenture. 
  
 Debentures may be exchanged for
other Debentures of any authorized denominations and of a like aggregate principal amount, upon surrender of the Debentures to be exchanged at any such office or agency maintained by the Company pursuant to Section 5.02. Whenever any Debentures are
so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Debentures which the Debentureholder making the exchange is entitled to receive, bearing registration numbers not contemporaneously
outstanding. 
  
 All Debentures presented or surrendered for
registration of transfer or for exchange, redemption, repurchase or conversion shall (if so required by the Company, the Trustee, the Debenture registrar or any co-registrar) be duly endorsed, or be accompanied by a written instrument or instruments
of transfer in form satisfactory to the Company and duly executed, by the Debentureholder thereof or his attorney-in-fact duly authorized in writing. 
  
 No service charge shall be charged to the Debentureholder for any exchange or registration of transfer of Debentures, but the Company or the Trustee may
require payment of a sum sufficient to cover any tax, assessments or other governmental charges that may be imposed in connection therewith. 
  
 None of the Company, the Trustee, the Debenture registrar or any co-registrar shall be required to exchange or register a transfer of (a) any Debentures
for a period of thirty (30) days next preceding any selection of Debentures to be redeemed, (b) any Debentures or portions thereof called for redemption pursuant to Section 3.02, (c) any Debentures surrendered for conversion or, if a portion of any
Debenture is surrendered for conversion, such portion thereof surrendered for conversion or (d) any Debentures, or a portion of any Debenture, surrendered for repurchase (and not withdrawn) in accordance with Article 16 hereof. 
  
 All Debentures issued upon any registration of transfer or exchange of
Debentures in accordance with this Indenture shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture as the Debentures surrendered upon such registration of transfer or
exchange. 
  
 (b) So long as the Debentures are eligible for
book-entry settlement with the Depositary, unless otherwise required by law, all Debentures shall be represented by a Debenture in global form (a “Global Debenture”) registered in the name of the Depositary or the nominee of the
Depositary. The transfer and exchange of beneficial interests in a Global Debenture, which does not involve the issuance of a definitive Debenture, shall be effected through the Depositary 

  

 19 

 
(but not the Trustee or the Custodian) in accordance with this Indenture (including the restrictions on transfer set forth herein) and the procedures of the
Depositary therefor. 
  
 (c) Any Global Debenture may be endorsed
with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Indenture as may be required by the Custodian, the Depositary or by the National Association of Securities Dealers, Inc.
in order for the Debentures to be tradable on The Portal Market or as may be required for the Debentures to be tradable on any other market developed for trading of securities pursuant to Rule 144A or required to comply with any applicable law or
any regulation thereunder or with the rules and regulations of any securities exchange or automated quotation system upon which the Debentures may be listed or traded or designated for issuance or to conform with any usage with respect thereto, or
to indicate any special limitations or restrictions to which any particular Debentures are subject. 
  
 (d) Every Debenture that bears or is required under this Section 2.06(d) to bear either of the legends set forth in this Section 2.06(d) (together with
any Common Stock issued upon conversion of the Debentures and required to bear either of the legends set forth in Section 2.06(e), collectively, the “Restricted Securities”) shall be subject to the restrictions on transfer set forth in
this Section 2.06(d) (including one of the legends set forth below), unless such restrictions on transfer shall be waived by written consent of the Company, and the holder of each such Restricted Security, by such holder’s acceptance thereof,
agrees to be bound by all such restrictions on transfer. As used in Section 2.06(d) and Section 2.06(e), the term “transfer” encompasses any sale, pledge, transfer or other disposition whatsoever of any Restricted Security. 
  
 Until the date (the “Resale Restriction Termination Date”)
that is two (2) years after the last date of original issuance of the Debentures, any certificate evidencing such Debenture (and all securities issued in exchange therefor or substitution thereof, other than Common Stock, if any, issued upon
conversion thereof which shall bear the legend set forth in Section 2.06(e), if applicable) shall bear a legend in substantially the following form (unless such Debentures have been transferred pursuant to a registration statement that has been
declared effective under the Securities Act and which continues to be effective at the time of such transfer, pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or unless
otherwise agreed by the Company in writing, with notice thereof to the Trustee): 
  
 THIS DEBENTURE AND THE SHARES OF BLACKROCK, INC. (THE “COMPANY”) COMMON STOCK (“COMMON STOCK”) ISSUABLE UPON CONVERSION OF THIS DEBENTURE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED 

  

 20 

 
(THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NONE OF THIS DEBENTURE, THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF THIS DEBENTURE
OR ANY INTEREST OR PARTICIPATION HEREIN OR THEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
REGISTRATION. 
  
 THE HOLDER OF THIS DEBENTURE, BY ITS ACCEPTANCE
HEREOF, AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH DEBENTURE, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS TWO YEARS AFTER THE LAST DATE OF ORIGINAL ISSUANCE OF THIS DEBENTURE (OR ANY PREDECESSOR OF SUCH
SECURITY) ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) FOR SO LONG AS THE DEBENTURES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A
UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHICH NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) PURSUANT TO A REGISTRATION STATEMENT THAT HAS
BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHTS OF THE COMPANY AND THE WITHIN MENTIONED TRUSTEE PRIOR TO ANY SUCH OFFER,
SALE OR TRANSFER PURSUANT TO CLAUSE (D) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND IN EACH OF THE FOREGOING CASES WHERE REGISTRATION OR TRANSFER OF THIS DEBENTURE IS
REQUIRED, A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS DEBENTURE COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED AFTER THE RESALE RESTRICTION TERMINATION DATE UPON THE REQUEST OF THE
HOLDER AND THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATES AND/OR OTHER INFORMATION SATISFACTORY TO THE COMPANY. 
  
 Any Debenture (or security issued in exchange or substitution therefor) as to which such restrictions on transfer shall have expired in accordance with
their terms may, upon surrender of such Debenture for exchange to the Debenture registrar in accordance with the provisions of this Section 2.06, be exchanged for 

  

 21 

 
a new Debenture or Debentures, of like tenor and aggregate principal amount, which shall not bear the restrictive legend required by this Section 2.06(d).

  
 Notwithstanding any other provisions of this Indenture (other
than the provisions set forth in this Section 2.06(d)), a Global Debenture may not be transferred as a whole or in part except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of
the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary, provided that a Global Debenture may be exchanged in whole or in part for a definitive Debenture registered in the
name of any Person other than the Depositary if (x) any holder of a beneficial interest in such Global Debenture through the Depositary requests to exchange such beneficial interest for a Debenture in registered form, in accordance with customary
procedures or (y) the Company determines, in its sole discretion, not to have Debentures represented by a Global Debenture. 
  
 The Depositary shall be a clearing agency registered under the Exchange Act. The Company initially appoints The Depository Trust Company to act as
Depositary with respect to the Global Debenture. Initially, the Global Debenture shall be issued to the Depositary, registered in the name of Cede & Co., as the nominee of the Depositary, and deposited with the Trustee as custodian for Cede
& Co. 
  
 If at any time the Depositary for a Global Debenture
notifies the Company that it is unwilling or unable to continue as Depositary for such Debenture, the Company may appoint a successor Depositary with respect to such Debenture. If a successor Depositary for such Global Debenture is not appointed by
the Company within ninety (90) days after the Company receives such notice, the Company will execute, and the Trustee, upon receipt of an Officers’ Certificate for the authentication and delivery of Debentures, will authenticate and deliver
Debentures in definitive form in an aggregate principal amount equal to the principal amount of such Global Debenture, in exchange for such Global Debenture, and upon delivery of the Global Debenture to the Trustee such Global Debenture shall be
canceled. 
  
 Definitive Debentures issued in exchange for all or
a part of the Global Debenture pursuant to this Section 2.06(d) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct
the Trustee. Upon execution and authentication, the Trustee shall deliver such definitive Debentures to the persons in whose names such definitive Debentures are so registered. 
  
 At such time as all interests in a Global Debenture have been converted, canceled, repurchased or transferred, such Global
Debenture shall be, upon 

  

 22 

 
receipt thereof, canceled by the Trustee in accordance with standing procedures and instructions existing between the Depositary and the Custodian. At any
time prior to such cancellation, if any interest in a Global Debenture is exchanged for definitive Debentures, converted, canceled, repurchased or transferred to a transferee who receives definitive Debentures therefor or any definitive Debenture is
exchanged or transferred for part of such Global Debenture, the principal amount of such Global Debenture shall, in accordance with the standing procedures and instructions existing between the Depositary and the Custodian, be appropriately reduced
or increased, as the case may be, and an endorsement shall be made on such Global Debenture, by the Trustee or the Custodian, at the direction of the Trustee, to reflect such reduction or increase. 
  
 (e) Until the Resale Restriction Termination Date, any stock certificate
representing Common Stock issued upon conversion of such Debenture shall bear a legend in substantially the following form (unless the Debenture or such Common Stock has been sold pursuant to the exemption from registration provided by Rule 144
under the Securities Act or pursuant to a registration statement that has been declared effective under the Securities Act, and which continues to be effective at the time of such transfer, or such Common Stock has been issued upon conversion of
Debentures that have been transferred pursuant to a registration statement that has been declared effective under the Securities Act or pursuant to the exemption from registration provided by Rule 144 under the Securities Act, or unless otherwise
agreed by the Company with written notice thereof to the Trustee and any transfer agent for the Common Stock): 
  
 THE COMMON STOCK OF BLACKROCK, INC. EVIDENCED HEREBY (THE “SECURITY”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, AND MAY NOT BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, REGISTRATION. 
  
 THE HOLDER OF THIS SECURITY, BY ITS
ACCEPTANCE HEREOF, AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS TWO YEARS AFTER THE LAST DATE OF ORIGINAL ISSUANCE OF THE COMPANY’S 2.625% CONVERTIBLE
DEBENTURES DUE 2035 ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A 

  

 23 

 
QUALIFIED INSTITUTIONAL BUYER TO WHICH NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) PURSUANT TO A REGISTRATION STATEMENT
THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHTS OF THE COMPANY PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
PURSUANT TO CLAUSE (D) TO REQUIRE THE DELIVERY TO THE COMPANY AND THE TRANSFER AGENT FOR THE COMMON STOCK OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT, AND IN EACH OF THE FOREGOING CASES WHERE REGISTRATION OR
TRANSFER OF THIS SECURITY IS REQUIRED, A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE COMPANY AND THE TRANSFER AGENT FOR THIS COMMON STOCK. THIS LEGEND WILL BE
REMOVED AFTER THE RESALE RESTRICTION TERMINATION DATE UPON THE REQUEST OF THE HOLDER AND THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATES AND/OR OTHER INFORMATION SATISFACTORY TO THE COMPANY. 
  
 Any such Common Stock as to which such restrictions on transfer shall have
expired in accordance with their terms may, upon surrender of the certificates representing such shares of Common Stock for exchange in accordance with the procedures of the transfer agent for the Common Stock, be exchanged for a new certificate or
certificates for a like aggregate number of shares of Common Stock, which shall not bear the restrictive legend required by this Section 2.06(e). 
  
 (f) Any Debenture or Common Stock issued upon the conversion or exchange of a Debenture that, prior to the expiration of the holding period applicable to
sales thereof under Rule 144(k) under the Securities Act (or any successor provision), is purchased or owned by the Company or any Affiliate thereof may not be resold by the Company or such Affiliate unless registered under the Securities Act or
resold pursuant to an exemption from the registration requirements of the Securities Act in a transaction that results in such Debentures or Common Stock, as the case may be, no longer being “restricted securities” (as defined under Rule
144). 
  
 (g) Notwithstanding any provision of Section 2.06 to the
contrary, in the event Rule 144(k) as promulgated under the Securities Act (or any successor rule) is amended to change the two-year period under Rule 144(k) (or the corresponding period under any successor rule), from and after receipt by the
Trustee of the Officers’ Certificate and Opinion of Counsel provided for in this Section 2.06(g), (i) each reference in Section 2.06(d) to “two (2) years” and in the 

  

 24 

 
restrictive legend set forth in such paragraph to “TWO YEARS” shall be deemed for all purposes hereof to be references to such changed period, (ii)
each reference in Section 2.06(e) to “two (2) years” and in the restrictive legend set forth in such paragraph to “TWO YEARS” shall be deemed for all purposes hereof to be references to such changed period and (iii) all
corresponding references in the Debentures (including the definition of Resale Restriction Termination Date) and the restrictive legends thereon shall be deemed for all purposes hereof to be references to such changed period, provided that
such changes shall not become effective if they are otherwise prohibited by, or would otherwise cause a violation of, the then-applicable federal securities laws. The provisions of this Section 2.06(g) will not be effective until such time as the
Opinion of Counsel and Officers’ Certificate have been received by the Trustee hereunder. This Section 2.06(g) shall apply to successive amendments to Rule 144(k) (or any successor rule) changing the holding period thereunder. 
  
 Section 2.07. Mutilated, Destroyed, Lost or Stolen Debentures.
In case any Debenture shall become mutilated or be destroyed, lost or stolen, the Company in its discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver,
a new Debenture, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Debenture, or in lieu of and in substitution for the Debenture so destroyed, lost or stolen. In every case the applicant for a
substituted Debenture shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless from any loss, liability, cost or expense caused
by or connected with such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the
destruction, loss or theft of such Debenture and of the ownership thereof. 
  
 The Trustee or such authenticating agent may authenticate any such substituted Debenture and deliver the same upon the receipt of such security or indemnity as the Trustee, the Company and, if applicable, such
authenticating agent may require. Upon the issuance of any substituted Debenture, the Company or the Trustee may require the payment by the holder of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in
relation thereto and any other expenses connected therewith. In case any Debenture which has matured or is about to mature or has been called for redemption or has been tendered for repurchase upon a Designated Event or has been surrendered for
repurchase on a Repurchase Date or is about to be converted into Common Stock shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Debenture, pay or authorize the payment of or convert or authorize
the conversion of the same (without surrender thereof except in the case of a mutilated Debenture), as the case may be, if the applicant for such 

  

 25 

 
payment or conversion shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be
required by them to save each of them harmless for any loss, liability, cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if
applicable, any Paying Agent or Conversion Agent evidence of their satisfaction of the destruction, loss or theft of such Debenture and of the ownership thereof. 
  
 Every substitute Debenture issued pursuant to the provisions of this Section 2.07 by virtue of the fact that any Debenture
is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Debenture shall be found at any time, and shall be entitled to all the benefits of (but shall be subject
to all the limitations set forth in) this Indenture equally and proportionately with any and all other Debentures duly issued hereunder. To the extent permitted by law, all Debentures shall be held and owned upon the express condition that the
foregoing provisions are exclusive with respect to the replacement or payment or conversion or redemption or repurchase of mutilated, destroyed, lost or stolen Debentures and shall preclude any and all other rights or remedies notwithstanding any
law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment or conversion of negotiable instruments or other securities without their surrender. 
  
 Section 2.08. Temporary Debentures. Pending the preparation of
Debentures in certificated form, the Company may execute and the Trustee or an authenticating agent appointed by the Trustee shall, upon written request of the Company, authenticate and deliver temporary Debentures (printed or lithographed).
Temporary Debentures shall be issuable in any authorized denomination, and substantially in the form of the Debentures in certificated form but with such omissions, insertions and variations as may be appropriate for temporary Debentures, all as may
be determined by the Company. Every such temporary Debenture shall be executed by the Company and authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as
the Debentures in certificated form. Without unreasonable delay the Company will execute and deliver to the Trustee or such authenticating agent Debentures in certificated form (other than in the case of Debentures in global form) and thereupon any
or all temporary Debentures (other than any Global Debenture) may be surrendered in exchange therefor, at each office or agency maintained by the Company pursuant to Section 5.02 and the Trustee or such authenticating agent shall authenticate and
deliver in exchange for such temporary Debentures an equal aggregate principal amount of Debentures in certificated form. Such exchange shall be made by the Company at its own expense and without any charge therefor. Until so exchanged, the
temporary Debentures shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as Debentures in certificated form authenticated and delivered hereunder. 
  

 26 

 Section 2.09. Cancellation of Debentures Paid, Etc. All Debentures surrendered for the
purpose of payment, repurchase, conversion, exchange or registration of transfer, shall, if surrendered to the Company or any Paying Agent or any Debenture registrar or any Conversion Agent, be surrendered to the Trustee and promptly canceled by it,
or, if surrendered to the Trustee, shall be promptly canceled by it, and no Debentures shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee shall destroy canceled Debentures in
accordance with its customary procedures and, after such destruction, shall deliver a certificate of such destruction to the Company, at the Company’s written request. If the Company shall acquire any of the Debentures, such acquisition shall
not operate as satisfaction of the indebtedness represented by such Debentures unless and until the same are delivered to the Trustee for cancellation. 
  
 Section 2.10. CUSIP Numbers. The Company in issuing the Debentures may use “CUSIP” numbers (if then generally in use), and, if so, the
trustee shall use “CUSIP” numbers in Company Notices as a convenience to holders of the Debentures; provided, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the
Debentures or Company Notice and that reliance may be placed only on the other identification numbers printed on the Debentures. The Company will promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 
  
 ARTI CLE 3 
 REDEMPTION OF DEBENTURES 
  
 Section 3.01. Company’s Right to Redeem; Notices to Trustee. Prior to February 20, 2010, the Debentures will not be redeemable at the
Company’s option. Beginning on February 20, 2010, the Company, at its option, may redeem the Debentures for cash at any time as a whole, or from time to time in part, at a redemption price (the “Redemption Price”) equal to 100%
of the principal amount of the Debentures to be redeemed plus accrued and unpaid interest, including Contingent Interest, if any, and accrued and unpaid Liquidated Damages, if any, on the Debentures to be redeemed to (but excluding) the Redemption
Date; provided, however, that, if the Redemption Date falls after a Record Date and on or prior to the succeeding Interest Payment Date, the Redemption Price shall be equal to 100% of the principal amount of the Debentures to be
redeemed. If the Company elects to redeem Debentures, it shall notify the Trustee in writing of the Redemption Date, the principal amount of Debentures to be redeemed and the Redemption Price. 
  
 The Company shall give the notice to the Trustee provided for in this Section
3.01 not less than thirty (30) days but not more than sixty (60) days before the Redemption Date, unless the Trustee consents to a shorter period, 

  

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accompanied by an Officers’ Certificate to the effect that such redemption will comply with the conditions herein. 
  
 Section 3.02. Selection of Debentures to Be Redeemed. If fewer
than all the Debentures are to be redeemed, the Trustee shall select the Debentures to be redeemed pro rata or by lot or by a method that complies with applicable legal and securities exchange requirements, if any, and that the Trustee considers
appropriate and in accordance with methods generally used at the time of selection by trustees in similar circumstances. The Trustee shall make the selection from outstanding Debentures not previously called for redemption. Debentures and portions
of Debentures the Trustee selects shall be in principal amounts of $1,000 or a whole multiple of $1,000. Provisions of this Indenture that apply to Debentures called for redemption also apply to portions of Debentures called for redemption. The
Trustee shall notify the Company as promptly as practicable of the Debentures or portions of Debentures to be redeemed. 
  
 Debentures and portions of Debentures that are to be redeemed are convertible, pursuant to this Article 3, by the holder thereof until the close of
business one Business Day prior to the Redemption Date. If any Debenture selected for partial redemption is converted in part before termination of the conversion right with respect to the portion of the Debenture so selected, the converted portion
of such Debenture shall be deemed (so far as may be) to be from the portion selected for redemption. Debentures that have been converted during a selection of Debentures to be redeemed may be treated by the Trustee as outstanding for the purpose of
such selection. 
  
 Section 3.03. Notice of Redemption.
At least 30 days but not more than 60 days before a Redemption Date, the Company or the Trustee (provided that the Company provided the notice specified in Section 3.01 to the Trustee not less than 45 days before the Redemption Date) shall mail
a notice of redemption by first-class mail, postage prepaid, to the holders of each Debenture to be redeemed. 
  
 The notice shall identify the Debentures to be redeemed and shall state: 
  
 (1) the Redemption Date; 
  
 (2) the Redemption Price; 
  
 (3) the then existing Conversion Rate; 
  
 (4) the name and address of the Paying Agent and the Conversion Agent; 
  

 28 

 (5) that Debentures called for redemption may be converted at any time before the close of business on
the date that is one Business Day immediately prior to the Redemption Date; 
  
 (6) that holders who want to convert their Debentures must satisfy the requirements for conversion set forth in the Debentures and this Indenture; 
  
 (7) that Debentures called for redemption must be surrendered to the Paying Agent to collect the Redemption Price;

  
 (8) if fewer than all of the outstanding Debentures are to be
redeemed, the certificate numbers, if any, and principal amounts of the particular Debentures to be redeemed; and 
  
 (9) the CUSIP number(s) of the Debentures. 
  
 At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense, provided that
the Company makes such request at least three Business Days prior to the date by which such notice of redemption must be given to holders in accordance with this Section 3.03. 
  
 Section 3.04. Effect of Notice of Redemption. Once notice of redemption is given, Debentures called for
redemption become due and payable on the Redemption Date and at the Redemption Price stated in the notice except for Debentures which are converted in accordance with the terms of this Indenture. Upon surrender to the Paying Agent, such Debentures
shall be paid at the Redemption Price stated in the notice. 
  
 Section 3.05. Deposit of Redemption Price. Prior to 10:00 a.m. (New York City time) on the Redemption Date, the Company shall deposit with the Paying Agent (or if the Company or a Subsidiary thereof is the Paying Agent, shall
segregate and hold in trust) money sufficient to pay the Redemption Price of all Debentures to be redeemed on that date other than Debentures or portions of Debentures called for redemption which on or prior thereto have been delivered by the
Company to the Trustee for cancellation or have been converted. Subject to receipt of funds and/or Debentures by the Paying Agent, payment for Debentures surrendered for redemption will be made promptly after the later of (x) the Redemption Date
with respect to such Debenture and (y) the time of delivery of such Debenture to the Paying Agent by the holder thereof, by mailing checks for the amount payable to the holders of such Debentures entitled thereto as they shall appear in the
Debenture Register, provided, however, that payments to the Depositary shall be made by wire transfer of immediately available funds to the account of the Depositary or its nominee. The Paying Agent shall as promptly as practicable
return to the Company any money not required for that purpose because of conversion of Debentures pursuant to Section 15.01. If such money is 

  

 29 

 
then held by the Company in trust and is not required for such purpose it shall be discharged from such trust. 
  
 If the Trustee (or other Paying Agent appointed by the Company) holds money
sufficient to redeem on the Redemption Date all the Debentures or portions thereof that are to be redeemed as of the Redemption Date, then on and after the Business Day following the Redemption Date (i) such Debentures will cease to be outstanding,
(ii) interest, including Contingent Interest, if any, and Liquidated Damages, if any, will cease to accrue on such Debentures, and (iii) all other rights of the holders of such Debentures will terminate, whether or not book-entry transfer of the
Debentures has been made or the Debentures have been delivered to the Trustee or Paying Agent, other than the right to receive the Redemption Price upon delivery of the Debentures. 
  
 Section 3.06. Debentures Redeemed in Part. Upon surrender of a Debenture that is redeemed in part, the Company
shall execute and the Trustee shall authenticate and deliver to the holder a new Debenture in an authorized denomination equal in principal amount to the unredeemed portion of the Debenture surrendered. In the event of any redemption in part, the
Company will not be required to (i) issue, register the transfer of or exchange any Debenture during a period beginning at the opening of business 15 days before any selection of Debentures for redemption and ending at the close of business on the
earliest date on which the relevant notice of redemption is deemed to have been given to all holders of Debentures to be so redeemed, or (ii) register the transfer of or exchange any Debenture so selected for redemption, in whole or in part, except
the unredeemed portion of any Debenture being redeemed in part. 
  
 Section 3.07. No Redemption Upon Acceleration. Notwithstanding the foregoing, the Company may not redeem the Debentures if it failed to pay any interest, including Contingent Interest, if any, and Liquidated Damages, if any, and such
failure to pay is continuing, or if the principal amount of the Debentures has been accelerated, and such acceleration has not been rescinded, on or prior to such Redemption Date.  
  
 ARTICLE 4 
 CONTINGENT INTEREST 
  
 Section 4.01. Contingent Interest. Beginning with the six-month interest period commencing February 15, 2010, the Company will pay contingent interest to the Debentureholders during a six month interest period if the Trading
Price for each $1,000 principal amount of Debentures for each of the ten Trading Days immediately preceding the first day of the applicable six-month interest period equals or exceeds $1,200. During any six-month interest period when contingent
interest is payable, the contingent interest payable on each $1,000 

  

 30 

 
principal amount of Debentures shall equal 0.25% of the average Trading Price per $1,000 principal amount of Debentures during the ten Trading Days
immediately preceding the first day of applicable six-month interest period. 
  
 The Trustee’s sole responsibility pursuant to this Section 4.01 hereof shall be to obtain the Trading Price of the Debentures for each of the ten Trading Days immediately preceding the first day of the applicable
six-month interest period and to provide such information to the Company. The Company shall determine whether holders are entitled to receive Contingent Interest, and if so, provide notice pursuant to Section 4.03. Notwithstanding any term contained
in this Indenture or any other document to the contrary, the Trustee shall have no responsibilities, duties or obligations for or with respect to (i) determining whether the Company must pay Contingent Interest or (ii) determining the amount of
Contingent Interest, if any, payable by the Company. 
  
 Section
4.02. Payment of Contingent Interest. Contingent Interest for any six-month interest period shall be paid on the applicable interest payment date to the Person in whose name any Debenture (or its Predecessor Debenture) is registered on the
Debenture Register at the corresponding Record Date. Contingent Interest due under this Article 4 shall be treated for all purposes of this Indenture like any other interest accruing on the Debentures. 
  
 Section 4.03. Contingent Interest Notification. By the first Business
Day of a six-month interest period during which Contingent Interest will be paid, the Company will disseminate a press release through Dow Jones & Company, Inc. or Bloomberg Business News stating that Contingent Interest will be paid on the
Debentures and identifying the six-month interest period (or publish the information on its website or through such other public medium it may use at that time). 
  
 ARTICLE 5 
 PARTICULAR COVENANTS OF THE COMPANY 
  
 Section 5.01. Payment of Principal, Premium, Interest and Liquidated Damages. The Company covenants and agrees that it will
duly and punctually pay or cause to be paid the principal of and premium, if any (including the redemption price upon redemption pursuant to Article 3), accrued and unpaid interest, including Contingent Interest, if any, and Liquidated Damages, if
any, on each of the Debentures at the places, at the respective times and in the manner provided herein and in the Debentures. Each installment of accrued and unpaid interest, including Contingent Interest, if any, and Liquidated Damages, if any, on
the Debentures due on any Payment Date (as defined in the Registration Rights Agreement) may be paid by mailing checks for the amount payable to or upon the written order of the Debentureholders entitled thereto as they shall appear on the registry
books of the Company, provided that, with respect to any Debentureholder with an aggregate principal amount equal to or in excess of 

  

 31 

 
$2,000,000, at the request of such holder in writing to the Company, accrued and unpaid interest, including Contingent Interest, if any, and Liquidated
Damages, if any, on such holder’s Debentures shall be paid by wire transfer in immediately available funds in accordance with the wire transfer instructions supplied by such holder from time to time to the Trustee and Paying Agent (if different
from Trustee) at least two days prior to the applicable record date; provided further that payment of accrued and unpaid interest, including Contingent Interest, if any, and Liquidated Damages, if any, made to the Depositary shall be paid by
wire transfer in immediately available funds in accordance with such wire transfer instructions and other procedures provided by the Depositary from time to time. 
  
 Section 5.02. Maintenance of Office or Agency. The Company will maintain in the Borough of Manhattan, The City of New
York, an office or agency where the Debentures may be surrendered for registration of transfer or exchange or for presentation for payment, redemptions or repurchase (“Paying Agent”) or for conversion (“Conversion
Agent”) and where notices and demands to or upon the Company in respect of the Debentures and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such
office or agency not designated or appointed by 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 Corporate Trust Office or the office or agency of the Trustee in the Borough of Manhattan, The City of New York. 
  

The Company may also from time to time designate one or more other offices or agencies where the Debentures may be presented or surrendered for any or
all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, The
City of New York, for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. The terms Paying Agent and Conversion Agent
include any such additional or other offices or agencies, as applicable. 
  
 The Company hereby initially designates the Trustee as the Paying Agent, Debenture registrar, Custodian and Conversion Agent and the Corporate Trust Office and the office of agency of the Trustee in the Borough of
Manhattan shall be considered as one such office or agency of the Company for each of the aforesaid purposes. 
  
 So long as the Trustee is the Debenture registrar, the Trustee agrees to mail, or cause to be mailed, the notices set forth in Section 8.10(a) and the
third paragraph of Section 8.11. 
  

 32 

 Section 5.03. Appointments to Fill Vacancies in Trustee’s Office. The Company, whenever
necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 8.10, a Trustee, so that there shall at all times be a Trustee hereunder. 
  
 Section 5.04. Provisions as to Paying Agent. 
  
 (a) If the Company shall appoint a Paying Agent other than the Trustee or if
the Trustee shall appoint such a Paying Agent, the Company will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 5.04: 

 
 (i) that it will hold all sums held by it as such agent
for the payment of the principal of and premium, if any, and accrued and unpaid interest, including Contingent Interest, if any, and Liquidated Damages, if any, on the Debentures (whether such sums have been paid to it by the Company or by any other
obligor on the Debentures) in trust for the benefit of the holders of the Debentures; 
  
 (ii) that it will give the Trustee notice of any failure by the Company (or by any other obligor on the Debentures) to make any payment of
the principal of and premium, if any, and accrued and unpaid interest, including Contingent Interest, if any, and Liquidated Damages, if any, on the Debentures when the same shall be due and payable; and 
  
 (iii) that at any time during the continuance of an Event of
Default, upon request of the Trustee, it will forthwith pay to the Trustee all sums so held in trust. 
  
 The Company shall, on or before each due date of the principal of, or premium, if any, or accrued and unpaid interest, including Contingent Interest, if any, or Liquidated Damages, if any, on the Debentures, deposit
with the Paying Agent a sum sufficient to pay such principal, premium, if any, or accrued and unpaid interest, including Contingent Interest, if any, or Liquidated Damages, if any, and (unless such Paying Agent is the Trustee) the Company will
promptly notify the Trustee of any failure to take such action, provided that if such deposit is made on the due date, such deposit must be received by the Paying Agent by 10:00 a.m., New York City time, on such date. 
  
 (b) If the Company shall act as its own Paying Agent, it will, on or before
each due date of the principal of, premium, if any, accrued and unpaid interest, including Contingent Interest, if any, and Liquidated Damages, if any, on the Debentures, set aside, segregate and hold in trust for the benefit of the holders of the
Debentures a sum sufficient to pay such principal, premium, if any, accrued and unpaid interest, including Contingent Interest, if any, and Liquidated Damages, if any, so becoming due and will notify the Trustee in writing of any 

  

 33 

 
failure to take such action and of any failure by the Company (or any other obligor under the Debentures) to make any payment of the principal of, premium,
if any, accrued and unpaid interest, including Contingent Interest, if any, and Liquidated Damages, if any, on the Debentures when the same shall become due and payable. 
  
 (c) Anything in this Section 5.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of
obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by the Company or any Paying Agent hereunder as required by this Section 5.04, such sums to be held by
the Trustee upon the trusts herein contained and upon such payment by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall be released from all further liability with respect to such sums. 
  
 (d) Anything in this Section 5.04 to the contrary notwithstanding, the
agreement to hold sums in trust as provided in this Section 5.04 is subject to Section 13.03 and Section 13.04. 
  
 Section 5.05. Existence. Subject to Article 12, the Company will do or cause to be done all things necessary to preserve and keep in full force and
effect its corporate existence. 
  
 Section 5.06. Rule 144A
Information Requirement. Within the period prior to the expiration of the holding period applicable to sales of Debentures or any Common Stock issuable on conversion thereof under Rule 144(k) under the Securities Act (or any successor
provision), the Company covenants and agrees that it shall, during any period in which it is not subject to Section 13 or 15(d) under the Exchange Act, make available to any holder or beneficial Debentureholder or any such Common Stock, in each case
which continue to be Restricted Securities, in connection with any sale thereof and any prospective Purchasers of Debentures or such Common Stock from such holder or beneficial holder, the information required pursuant to Rule 144A(d)(4) under the
Securities Act upon the written request of any holder or beneficial holder of the Debentures or such Common Stock and it will take such further action as any holder or beneficial holder of such Debentures or such Common Stock may reasonably request,
all to the extent required from time to time to enable such holder or beneficial holder to sell its Debentures or Common Stock without registration under the Securities Act within the limitation of the exemption provided by Rule 144A, as such rule
may be amended from time to time. Upon the written request of any holder or any beneficial holder of the Debentures or such Common Stock, the Company will deliver to such holder a written statement as to whether it has complied with such
requirements. 
  

 34 

 Section 5.07. Stay, Extension and Usury Laws. The Company covenants (to the extent that it
may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Company from paying all or
any portion of the principal of or interest on the Debentures as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and the Company (to the extent it
may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and
permit the execution of every such power as though no such law had been enacted. 
  
 Section 5.08. 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,
2005) an Officers’ Certificate stating whether or not to the best of their knowledge the signers know of any default or Event of Default that occurred during such period. If they do, such Officers’ Certificate shall describe the default or
Event of Default and its status. 
  
 Section 5.09. Liquidated
Damages. If Liquidated Damages are payable by the Company pursuant to the Registration Rights Agreement, the Company shall deliver to the Trustee a certificate to that effect stating (i) the amount of such Liquidated Damages that are
payable and (ii) the date on which such damages are payable. Unless and until a Responsible Officer of the Trustee receives at the Corporate Trust Office such a certificate, the Trustee may assume without inquiry that no such Liquidated Damages are
payable. If the Company has paid Liquidated Damages directly to the persons entitled to them, the Company shall deliver to the Trustee a certificate setting forth the particulars of such payment. 
  
 Section 5.10. Further Instruments and Acts. Upon request of the
Trustee, the Company will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 
  
 Section 5.11. Calculation of Tax Original Issue Discount. The
Company shall file with the Trustee promptly at the end of each calendar year (i) a written notice specifying the amount of Tax Original Issue Discount (including daily rates and accrual periods) accrued on the Debentures as of the end of such year
and (ii) such other specific information relating to such Tax Original Issue Discount as may then be reasonably requested by the Trustee and relevant under the Internal Revenue Code of 1986, as amended from time to time, or the Treasury regulations
promulgated thereunder. 
  

 35 

 Section 5.12. Resale Of The Debentures. During the period of two years after the last date of
original issuance of the Debentures the Company shall not, and shall not permit any of its Affiliates to, resell any of the Debentures or the shares of Class A Common Stock, if any, issued upon conversion of the Debentures, that constitute
“restricted securities” under Rule 144 under the Securities Act that have been reacquired by any of them. 
  
 ARTICLE 6 
 LISTS OF DEBENTUREHOLDERS
AND REPORTS BY THE COMPANY AND THE TRUSTEE 
  
 Section 6.01. Lists of Debentureholders. The Company covenants and agrees that it will furnish or cause to be
furnished to the Trustee, semi-annually, not more than fifteen (15) days after each May 1 and November 1 in each year beginning with May 1, 2005, and at such other times as the Trustee may request in writing, within thirty (30) days after receipt by
the Company of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such form as the Trustee may reasonably require of the names and
addresses of the Debentureholders as of a date not more than fifteen (15) days (or such other date as the Trustee may reasonably request in order to so provide any such notices) prior to the time such information is furnished, except that no such
list need be furnished so long as the Trustee is acting as Debenture registrar. 
  
 Section 6.02. Preservation and Disclosure of Lists. 
  
 (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the Debentureholders contained in the most recent list furnished to it as provided in
Section 6.01 or maintained by the Trustee in its capacity as Debenture registrar, if so acting. The Trustee may destroy any list furnished to it as provided in Section 6.01 upon receipt of a new list so furnished. 
  
 (b) The rights of Debentureholders to communicate with other Debentureholders
with respect to their rights under this Indenture or under the Debentures and the corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act. 
  
 (c) Every Debentureholder, by receiving and holding the same, agrees with the Company and the Trustee that neither the
Company nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Debentureholders made pursuant to the Trust Indenture Act. 
  

 36 

 Section 6.03. Reports by Trustee. 
  
 (a) Within sixty (60) days after May 15 of each year commencing with the year
2005, the Trustee shall transmit to Debentureholders such reports dated as of May 15 of each year in which such reports are made concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at
the times and in the manner provided pursuant thereto. 
  
 (b) A
copy of such report shall, at the time of such transmission to Debentureholders, be filed by the Trustee with each stock exchange and automated quotation system upon which the Debentures are listed and with the Company. The Company will notify the
Trustee in writing within a reasonable time when the Debentures are listed on any stock exchange or automated quotation system and when any such listing is discontinued. 
  
 Section 6.04. Reports by Company. 
  
 (a) After this Indenture has been qualified under the Trust Indenture Act, the Company shall file with the Trustee and the
Commission, and transmit to Debentureholders, such information, documents and other reports and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act;
provided that any such information, documents or reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is so required to be filed
with the Commission. 
  
 (b) Delivery of such reports, information
and documents to the Trustee is for informational purposes only, and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely exclusively on an Officers’ Certificate). 
  
 ARTICLE 7 
 DEFAULTS AND REMEDIES 
  
 Section 7.01. Events of Default. The following events shall be Events of Default with respect to the Debentures: 
  

(a) default in the payment of the principal of and premium, if any, on the Debentures as and when the same shall become due and payable either at
maturity or in connection with any redemption, repurchase or otherwise; or 
  
 (b) default for thirty (30) days in the payment of any installment of interest, including Contingent Interest, upon any of the Debentures as and when the same shall become due and payable; or 
  

 37 

 (c) default for thirty (30) days in the payment of any installment of Liquidated Damages, if any, upon
any of the Debentures as and when the same shall become due and payable; or 
  
 (d) failure on the part of the Company duly to observe or perform any other of the covenants on the part of the Company in the Debentures or in this Indenture (other than a covenant default in whose performance or
whose breach is elsewhere in this Section specifically dealt with) and the continuance of such failure for a period of sixty (60) days after the date on which written notice of such failure, requiring the Company to remedy the same, shall have been
given to the Company by the Trustee, or to the Company and a Responsible Officer of the Trustee by the holders of at least 25% in aggregate principal amount of Debentures at the time outstanding, determined in accordance with Section 9.04; or

  
 (e) a default in the payment of the Repurchase Price or
Designated Event Repurchase Price in respect of any Debenture on the Repurchase Date or Designated Event Repurchase Date in accordance with the provisions of Article 16; or 
  
 (f) failure on the part of the Company to provide a written notice of a Designated Event in accordance with Section 16.02;
or 
  
 (g) the Company shall commence a voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to the Company or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator,
custodian or other similar official of the Company or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced
against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due; or 
  
 (h) an involuntary case or other proceeding shall be commenced against the Company seeking liquidation, reorganization or other relief with respect to the
Company or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company or any substantial part of its
property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of ninety (90) consecutive days; or 
  
 (i) following the exercise by a Debentureholder of the right to convert any Debenture in accordance with Article 15 hereof, the Company fails to pay the
Principal Return or deliver the Net Shares when due within five calendar days following the applicable date of payment and delivery set forth in Article 15; or 
  

 38 

 (j) acceleration of Indebtedness of the Company that, in the aggregate, is equal to or exceeds
$25,000,000 and such Indebtedness is not discharged, or such acceleration is not rescinded or annulled, within a period of thirty (30) days after the date on which written notice of such failure, requiring the Company to remedy the same, shall have
been given to the Company by the Trustee, or to the Company and a Responsible Officer of the Trustee by the holders of at least 25% in aggregate principal amount of Debentures at the time outstanding, determined in accordance with Section 9.04.

  
 In case one or more Events of Default shall have occurred and
be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body), then, and in each and every such case (other than an Event of Default specified in Section 7.01(g) or Section 7.01(h) with respect to the Company), unless the principal of all of the Debentures shall have
already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of the Debentures then outstanding determined in accordance with Section 9.04, by notice in writing to the Company (and to the
Trustee if given by Debentureholders), may declare the principal of and premium, if any, on all the Debentures and accrued and unpaid interest, including Contingent Interest, if any, and accrued and unpaid Liquidated Damages, if any, to be due and
payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, anything in this Indenture or in the Debentures contained to the contrary notwithstanding. If an Event of Default specified in Section
7.01(g) or Section 7.01(h) occurs and is continuing with respect to the Company, the principal of all the Debentures and accrued and unpaid interest, including Contingent Interest, if any, and accrued and unpaid Liquidated Damages, if any, shall be
immediately due and payable. This provision, however, is subject to the conditions that if, at any time after the principal of the Debentures shall have been so declared due and payable, and before any judgment or decree for the payment of the
monies due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay installments of accrued and unpaid interest, including Contingent Interest, if any, and accrued
and unpaid Liquidated Damages, if any, upon all Debentures and the principal of and premium, if any, on any and all Debentures that shall have become due otherwise than by acceleration (with interest on overdue installments of accrued and unpaid
interest, including Contingent Interest, if any, and accrued and unpaid Liquidated Damages, if any, (to the extent that payment of such interest is enforceable under applicable law) and on such principal and premium, if any, at the rate of 3.625%
per year) and amounts due to the Trustee pursuant to Section 8.06, and if any and all defaults under this Indenture, other than the nonpayment of principal of and premium, if any, and accrued and unpaid interest, including Contingent Interest, if
any, and accrued and unpaid Liquidated Damages, if any, on Debentures that shall 

  

 39 

 
have become due by acceleration, shall have been cured or waived pursuant to Section 7.07, then and in every such case the holders of a majority in aggregate
principal amount of the Debentures then outstanding, by written notice to the Company and to the Trustee, may waive all defaults or Events of Default with respect to the Debentures and rescind and annul such declaration and its consequences; but no
such waiver or rescission and annulment shall extend to or shall affect any subsequent default or Event of Default, or shall impair any right consequent thereon. The Company shall notify the Responsible Officer of the Trustee, promptly upon becoming
aware thereof, of any Event of Default by delivering to the Trustee a statement specifying such Event of Default. 
  
 In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because
of such waiver or rescission and annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the Debentureholders, and the Trustee shall, subject to any determination in such
proceeding, be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the Debentureholders, and the Trustee shall continue as though no such proceeding had been instituted.

  
 Section 7.02. Payments of Debentures on Default; Suit
Therefor. In the event that the Trustee or the holders of not less than twenty-five percent (25%) in aggregate principal amount of the Debentures then outstanding hereunder have declared the principal of and premium, if any, on all
Debentures (including accrued and unpaid interest, including Contingent Interest, if any, and accrued and unpaid Liquidated Damages, if any) to be due and payable immediately in accordance with Section 7.01, and the Company shall have failed
forthwith to pay such amounts, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any actions or proceedings at law or in equity for the collection of the sums so due and unpaid (including
such further amounts as shall be sufficient to cover the reasonable costs and expenses of collection, including reasonable compensation to the Trustee, its agents, attorneys and counsel, and any expenses or liabilities incurred by the Trustee
hereunder other than through its negligence or bad faith), and may prosecute any such action or proceeding to judgment or final degree, and may enforce any such judgment or final decree against the Company or any other obligor on the Debentures and
collect in the manner provided by law out of the property of the Company or any other obligor on the Debentures wherever situated the monies adjudged or decreed to be payable. 
  
 In the case there shall be pending proceedings for the bankruptcy or for the reorganization of the Company or any other
obligor on the Debentures under title 11 of the United States Code, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, 

  

 40 

 
sequestrator or similar official shall have been appointed for or taken possession of the Company or such other obligor, the property of the Company or such
other obligor, or in the case of any other judicial proceedings relative to the Company or such other obligor upon the Debentures, or to the creditors or property of the Company or such other obligor, the Trustee, irrespective of whether the
principal of the Debentures shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section 7.02, shall be entitled and
empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal premium, if any, and accrued and unpaid interest, including Contingent Interest, if any, and accrued and unpaid
Liquidated Damages, if any, in respect of the Debentures, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents and to take such other actions as it may deem necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Debentureholders allowed in such judicial proceedings relative to the Company or any
other obligor on the Debentures, its or their creditors, or its or their property, and to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute the same after the deduction of any amounts due
the Trustee under Section 8.06; and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Debentureholders to make such payments to the Trustee, as
administrative expenses, and, in the event that the Trustee shall consent to the making of such payments directly to the Debentureholders, to pay to the Trustee any amount due it for reasonable compensation, expenses, advances and disbursements,
including agents and counsel fees, and including any other amounts due to the Trustee under Section 8.06 hereof, incurred by it up to the date of such distribution. To the extent that such payment of reasonable compensation, expenses, advances and
disbursements out of the estate in any such proceedings shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, monies, securities and other property which
the holders of the Debentures may be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise. 
  
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of
any Debentureholder any plan of reorganization, arrangement, adjustment or composition affecting the Debentureholder or the rights of any Debentureholder thereof, or to authorize the Trustee to vote in respect of the claim of any Debentureholder in
any such proceeding. 
  
 All rights of action and of asserting
claims under this Indenture, or under any of the Debentures, may be enforced by the Trustee without the possession of 

  

 41 

 
any of the Debentures, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for
the ratable benefit of the holders of the Debentures. 
  
 In any
proceedings brought by the Trustee (and in any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held to represent all the holders of the Debentures, and it shall
not be necessary to make any holders of the Debentures parties to any such proceedings. 
  
 Section 7.03. Application of Monies Collected by Trustee. Any monies collected by the Trustee pursuant to this Article 7 with respect to the Debentures shall be applied in the order following, at the
date or dates fixed by the Trustee for the distribution of such monies, upon presentation of the several Debentures, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid: 
  
 First, to the payment of all amounts due the Trustee under Section 8.06;

  
 Second, in case the principal of the outstanding Notes shall
not have become due and be unpaid, to the payment of interest on the Notes in default in the order of the maturity of the installments of such interest, with interest (to the extent that such interest has been collected by the Trustee) upon the
overdue installments of interest at the rate borne by the Notes, such payments to be made ratably to the Persons entitled thereto; 
  
 Third, in case the principal of the outstanding Debentures shall have become due, by declaration or otherwise, and be unpaid to the payment of the whole
amount then owing and unpaid upon the Debentures for principal and premium, if any, and interest, with interest on the overdue principal and premium, if any, and (to the extent that such interest has been collected by the Trustee) upon overdue
installments of interest at the rate borne by the Debentures, and in case such monies shall be insufficient to pay in full the whole amounts so due and unpaid upon the Debentures, then to the payment of such principal and premium, if any, and
interest without preference or priority of principal and premium, if any, over interest, or of interest over principal and premium, if any, or of any installment of interest over any other installment of interest, or of any Debenture over any other
Debenture, ratably to the aggregate of such principal and premium, if any, and accrued and unpaid interest; and 
  
 Fourth, to the payment of the remainder, if any, to the Company or any other Person lawfully entitled thereto. 
  

 42 

 Section 7.04. Proceedings by Debentureholders. No holder of any Debenture shall have any
right by virtue of or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment of a receiver, trustee, liquidator,
custodian or other similar official, or for any other remedy hereunder, unless such holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof, as hereinbefore provided, and unless also the
holders of not less than 25% in aggregate principal amount of the Debentures then outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered
to the Trustee such indemnity it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity, shall have neglected or
refused to institute any such action, suit or proceeding and no direction inconsistent with such written request shall have been given to the Trustee by the Debentureholders pursuant to Section 7.07; it being understood and intended, and being
expressly covenanted by the taker and holder of every Debenture with every other taker and holder and the Trustee, that no one or more Debentureholders shall have any right in any manner whatever by virtue of or by availing of any provision of this
Indenture to affect, disturb or prejudice the rights of any other Debentureholder, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein
provided and for the equal, ratable and common benefit of all Debentureholders (except as otherwise provided herein). For the protection and enforcement of this Section 7.04, each and every Debentureholder and the Trustee shall be entitled to such
relief as can be given either at law or in equity. 
  
 Notwithstanding any other provision of this Indenture and any provision of any Debenture, the right of any Debentureholder to receive payment of the principal of and premium, if any (including the redemption price upon redemption pursuant
to Article 3), and accrued and unpaid interest, including Contingent Interest, and accrued and unpaid Liquidated Damages, if any, on such Debenture, on or after the respective due dates expressed in such Debenture or in the notice of redemption, or
to institute suit for the enforcement of any such payment on or after such respective dates against the Company shall not be impaired or affected without the consent of such Debentureholder. 
  
 Anything in this Indenture or the Debentures to the contrary notwithstanding,
the holder of any Debenture, without the consent of either the Trustee or the holder of any other Debenture, in his own behalf and for his own benefit, may enforce, and may institute and maintain any proceeding suitable to enforce, his rights of
conversion as provided herein. 
  

 43 

 Section 7.05. Proceedings by Trustee. In case of an Event of Default the Trustee may in its
discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit in equity or by action at law or by proceeding in
bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the
Trustee by this Indenture or by law. 
  
 Section 7.06. Remedies
Cumulative and Continuing. Except as provided in the last paragraph of Section 2.07, all powers and remedies given by this Article 7 to the Trustee or to the Debentureholders shall, to the extent permitted by law, be deemed cumulative and
not exclusive of any thereof or of any other powers and remedies available to the Trustee or the holders of the Debentures, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in
this Indenture, and no delay or omission of the Trustee or of any holder of any of the Debentures to exercise any right or power accruing upon any default or Event of Default shall impair any such right or power, or shall be construed to be a waiver
of any such default or any acquiescence therein; and, subject to the provisions of Section 7.04, every power and remedy given by this Article 7 or by law to the Trustee or to the Debentureholders may be exercised from time to time, and as often as
shall be deemed expedient, by the Trustee or by the Debentureholders. 
  
 Section 7.07. Direction of Proceedings and Waiver of Defaults by Majority of Debentureholders. The holders of a majority in aggregate principal amount of the Debentures at the time outstanding determined in accordance with
Section 9.04 shall have the right to direct the time, method, and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to Debentures; provided,
however, that (a) such direction shall not be in conflict with any rule of law or with this Indenture, and (b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. The holders of a
majority in aggregate principal amount of the Debentures at the time outstanding determined in accordance with Section 9.04 may on behalf of the holders of all of the Debentures waive any past default or Event of Default hereunder and its
consequences except (i) a default in the payment of premium, accrued and unpaid interest, including Contingent Interest, if any, or accrued and unpaid Liquidated Damages, if any, on, or the principal of, the Debentures when due which has not been
cured pursuant to the provisions of Section 7.01, (ii) a failure by the Company to convert any Debentures into Common Stock or (iii) a default in respect of a covenant or provisions hereof which under Article 11 cannot be modified or amended without
the consent of the holders of all Debentures then outstanding. Upon any such waiver the Company, the Trustee and the holders of the Debentures shall be restored to their former positions and rights hereunder; 

  

 44 

 
but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. Whenever any default or Event
of Default hereunder shall have been waived as permitted by this Section 7.07, said default or Event of Default shall for all purposes of the Debentures and this Indenture be deemed to have been cured and to be not continuing; but no such waiver
shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. 
  
 Section 7.08. Notice of Defaults. The Trustee shall, within ninety (90) days after the occurrence of a default of which a Responsible
Officer has actual knowledge, mail to all Debentureholders as the names and addresses of such holders appear upon the Debenture register, notice of all defaults known to a Responsible Officer, unless such defaults shall have been cured or waived
before the giving of such notice; and provided that, except in the case of default in the payment of the principal of, or premium, if any, accrued and unpaid interest, including Contingent Interest, if any, or accrued and unpaid Liquidated Damages,
if any, on any of the Debentures, including without limiting the generality of the foregoing any default in the payment of any Repurchase Price or Designated Event Repurchase Price, then in any such event the Trustee shall be protected in
withholding such notice if and so long as a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Debentureholders. 
  
 Section 7.09. Undertaking to Pay Costs. All parties to this
Indenture agree, and each holder of any Debenture by his acceptance thereof shall be deemed to have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided that the provisions of this Section 7.09 (to the extent
permitted by law) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Debentureholder, or group of Debentureholders, holding in the aggregate more than 10% in principal amount of the Debentures at the time
outstanding determined in accordance with Section 9.04, or to any suit instituted by any Debentureholder for the enforcement of the payment of the principal of or premium, if any, accrued and unpaid interest, including Contingent Interest, if any,
or accrued and unpaid Liquidated Damages, if any, on any Debenture (including, but not limited to, the Repurchase Price or Designated Event Repurchase Price with respect to the Debentures being repurchased as provided in this Indenture) on or after
the due date expressed in such Debenture or to any suit for the enforcement of the right to convert any Debenture in accordance with the provisions of Article 15. 
  

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 ARTICLE 8 
 CONCERNING THE TRUSTEE 
  
 Section 8.01. Duties and Responsibilities of Trustee. The Trustee, prior to the occurrence of an Event of
Default and after the curing or waiver of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In case an Event of Default has occurred (which has not
been cured or waived) the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the
conduct of such person’s own affairs. 
  
 No provision of
this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that 
  
 (a) prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Default which may have
occurred: 
  
 (i) the duties and obligations of
the Trustee shall be determined solely by the express provisions of this Indenture and, after it has been qualified thereunder, the Trust Indenture Act, and the Trustee shall not be liable except for the performance of such duties and obligations as
are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture and the Trust Indenture Act against the Trustee; and 
  
 (ii) in the absence of bad faith and willful misconduct on the part of the Trustee, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but, in the case of any such
certificates or opinions which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture;

  
 (b) the Trustee shall not be liable for any error of judgment
made in good faith by a Responsible Officer or Officers of the Trustee, unless it shall be established by a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; 
  
 (c) the Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the direction of the holders of not less than a majority in principal amount of the Debentures at the time outstanding determined as provided in Section 9.04 relating to the time, 

  

 46 

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

 
 (g) in the absence of written investment direction from the Company, all
cash received by the Trustee shall be placed in a non-interest bearing trust account. In no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon or for losses incurred as a result of the
liquidation of any such investments prior to its stated maturity or the failure of the party directing such investments prior to its stated maturity or the failure of the party directing such investment to provide timely written investment
direction, and the Trustee shall have no obligation to invest or reinvest any amounts held hereunder in the absence of such written investment direction from the Company; and 
  
 (h) in the event that the Trustee is also acting as Custodian, Debenture Registrar, Paying Agent, Conversion Agent or
transfer agent hereunder, the rights and protections afforded to the Trustee pursuant to this Article 8 shall also be afforded to such Custodian, Debenture Registrar, Paying Agent, Conversion Agent or transfer agent. 
  
 None of the provisions contained in this Indenture shall require the Trustee
to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if there is reasonable ground for believing that the repayment of such funds
or adequate indemnity against such risk or liability is not assured to it. 
  

 47 

 Section 8.02. Reliance on Documents, Opinions, Etc. Except as otherwise provided in Section
8.01: 
  
 (a) the Trustee may conclusively rely and shall be fully
protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, note, coupon or other paper or document believed by it in good faith to be genuine and to have been signed or
presented by the proper party or parties; 
  
 (b) any request,
direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any resolution of the Board of Directors
may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company; 
  
 (c) the Trustee may consult with counsel and require an opinion of counsel and any advice of such counsel or Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel; 
  

(d) 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 Debentureholders pursuant to the provisions of this Indenture, unless such Debentureholders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which may be incurred
therein or thereby; 
  
 (e) the Trustee shall not be bound to make
any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the
Company, personally or by agent or attorney; provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the
opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require indemnity satisfactory to the Trustee from the Debentureholders against such expenses or liability
as a condition to so proceeding; the reasonable expenses of every such examination shall be paid by the Company or, if paid by the Trustee or any predecessor Trustee, shall be repaid by the Company upon demand; and 
  
 (f) the Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents, custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct 

  

 48 

 
or negligence on the part of any agent, custodian, nominee or attorney appointed by it with due care hereunder. 
  
 In no event shall the Trustee be liable for any consequential loss or damage
of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action other than through the Trustee’s willful misconduct or gross
negligence. The Trustee shall not be charged with knowledge of any default or Event of Default with respect to the Debentures, unless either (1) a Responsible Officer shall have actual knowledge of such default or Event of Default or (2) written
notice of such default or Event of Default shall have been given to the Trustee by the Company or by any holder of the Debentures; and the permissive rights of the Trustee enumerated herein shall not be construed as duties. 
  
 Section 8.03. No Responsibility for Recitals, Etc. The recitals
contained herein and in the Debentures (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the Debentures. The Trustee shall not be accountable for the use or application by the Company of any Debentures or the proceeds of any Debentures authenticated and delivered
by the Trustee in conformity with the provisions of this Indenture. 
  
 Section 8.04. Trustee, Paying Agents, Conversion Agents or Registrar May Own Debentures. The Trustee, any Paying Agent, any Conversion Agent or Debenture registrar, in its individual or any other capacity, may become the owner or
pledgee of Debentures with the same rights it would have if it were not Trustee, Paying Agent, Conversion Agent or Debenture registrar. 
  
 Section 8.05. Monies to Be Held in Trust. Subject to the provisions of Section 13.04, all monies received by the Trustee shall, until used or
applied as herein provided, be held in trust for the purposes for which they were received. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no
liability for interest on any money received by it hereunder except as may be agreed from time to time by the Company and the Trustee. 
  
 Section 8.06. Compensation and Expenses of Trustee. The Company covenants and agrees to pay to the Trustee from time to time, and the
Trustee shall be entitled to, reasonable compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as mutually agreed to
in writing between the Trustee and the Company, and the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements 

  

 49 

 
and advances reasonably incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and
the expenses and disbursements of its agents and counsel and of all persons not regularly in its employ) except any such expense, disbursement or advance as may arise from its negligence, willful misconduct or bad faith. The Company also covenants
to indemnify the Trustee in any capacity under this Indenture and any other document or transaction entered into in connection herewith and its agents and any authenticating agent for, and to hold them harmless against, any loss, liability or
expense incurred without negligence, willful misconduct or bad faith on the part of the Trustee, its officers, directors, agents or employees, or such agent or authenticating agent, as the case may be, and arising out of or in connection with the
acceptance or administration of this trust or in any other capacity hereunder, including the costs and expenses of defending themselves against any claim of liability in the premises. The obligations of the Company under this Section 8.06 to
compensate or indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall be secured by a lien prior to that of the Debentures upon all property and funds held or collected by the Trustee as such, except,
subject to the effect of Section 7.06, funds held in trust herewith for the benefit of the holders of particular Debentures prior to the date of the accrual of such unpaid compensation or indemnifiable claim. The Trustee’s right to receive
payment of any amounts due under this Section 8.06 shall not be subordinate to any other liability or indebtedness of the Company (even though the Debentures may be so subordinated). The obligation of the Company under this Section 8.06 shall
survive the satisfaction and discharge of this Indenture and the earlier resignation or removal or the Trustee. The indemnification provided in this Section 8.06 shall extend to the officers, directors, agents and employees of the Trustee.

  
 When the Trustee and its agents and any authenticating agent
incur expenses or render services after an Event of Default specified in Section 7.01(g) or Section 7.01(h) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any bankruptcy,
insolvency or similar laws. 
  
 Section 8.07. Officers’
Certificate as Evidence. Except as otherwise provided in Section 8.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to
taking or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence, willful misconduct, recklessness and bad faith on the part of the Trustee, be deemed
to be conclusively proved and established by an Officers’ Certificate delivered to the Trustee, and such Officers’ Certificate, in the absence of negligence, willful misconduct, recklessness and bad faith on the part of the Trustee, shall
be full warrant to the Trustee for any action taken or omitted by it under the provisions of this Indenture upon the faith thereof. 
  

 50 

 Section 8.08. Conflicting Interests of Trustee. After qualification under the Trust
Indenture Act, if the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the
provisions of, the Trust Indenture Act and this Indenture. 
  
 Section 8.09. Eligibility of Trustee. There shall at all times be a Trustee hereunder which shall be a person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at
least $50,000,000. If such person publishes reports of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such
person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect hereinafter specified in this Article. 
  
 Section 8.10. Resignation or Removal of Trustee. 
  
 (a) The Trustee may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof to the Debentureholders at their addresses as they shall appear on the Debenture
register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the
resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment sixty (60) days after the mailing of such notice of resignation to the Debentureholders, the resigning
Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee, or any Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of
Section 7.09, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor
trustee. 
  
 (b) In case at any time any of the following shall
occur: 
  
 (i) the Trustee shall fail to comply
with Section 8.08 within a reasonable time after written request therefor by the Company or by any Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least six (6) months, or 
  
 (ii) the Trustee shall cease to be eligible in accordance
with the provisions of Section 8.09 and shall fail to resign after written request therefor by the Company or by any such Debentureholder, or 
  

 51 

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

  
 then, in any such case, the Company may by a Board Resolution remove the
Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to
the provisions of Section 7.09, any Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least six (6) months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 
  
 (c) The holders of a majority in aggregate principal amount of the Debentures
at the time outstanding may at any time remove the Trustee and nominate a successor trustee which shall be deemed appointed as successor trustee unless within ten (10) days after notice to the Company of such nomination the Company objects thereto,
in which case the Trustee so removed or any Debentureholder, upon the terms and conditions and otherwise as in Section 8.10(a) provided, may petition any court of competent jurisdiction for an appointment of a successor trustee. 
  
 (d) Any resignation or removal of the Trustee and appointment of a successor
trustee pursuant to any of the provisions of this Section 8.10 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.11. 
  
 Section 8.11. Acceptance by Successor Trustee. Any successor trustee appointed as provided in Section 8.10
shall execute, acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor
trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein; but, nevertheless, on the written
request of the Company or of the successor trustee, the trustee ceasing to act shall, upon payment of any amounts then due it pursuant to the provisions of Section 8.06, execute and deliver an instrument transferring to such successor trustee all
the rights and powers of the trustee so ceasing to act. Upon request of any such successor trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all
such 

  

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rights and powers. Any trustee ceasing to act shall, nevertheless, retain a lien upon all property and funds held or collected by such trustee as such,
except for funds held in trust for the benefit of holders of particular Debentures, to secure any amounts then due it pursuant to the provisions of Section 8.06. 
  
 No successor trustee shall accept appointment as provided in this Section 8.11 unless at the time of such acceptance such
successor trustee shall be qualified under the provisions of Section 8.08 and be eligible under the provisions of Section 8.09. 
  
 Upon acceptance of appointment by a successor trustee as provided in this Section 8.11, each of the Company and the former trustee, at the written
direction and at the expense of the Company shall mail or cause to be mailed notice of the succession of such trustee hereunder to the Debentureholders at their addresses as they shall appear on the Debenture register. If the Company fails to mail
such notice within ten (10) days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Company. 
  
 Section 8.12. Succession by Merger, Etc. Any corporation or other entity into which the Trustee may be merged
or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or other entity succeeding to all or substantially all of the
corporate trust business of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto,
provided that in the case of any corporation succeeding to all or substantially all of the corporate trust business of the Trustee such corporation shall be qualified under the provisions of Section 8.08 and eligible under the provisions of Section
8.09. 
  
 In case at the time such successor to the Trustee shall
succeed to the trusts created by this Indenture, any of the Debentures shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent
appointed by such predecessor trustee, and deliver such Debentures so authenticated; and in case at that time any of the Debentures shall not have been authenticated, any successor to the Trustee or an authenticating agent appointed by such
successor trustee may authenticate such Debentures either in the name of any predecessor trustee hereunder or in the name of the successor trustee; and in all such cases such certificates shall have the full force which it is anywhere in the
Debentures or in this Indenture provided that the certificate of the Trustee shall have; provided, however, that the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Debentures in the name
of any predecessor 

  

 53 

 
Trustee shall apply only to its successor or successors by merger, conversion or consolidation. 
  
 Section 8.13. Limitation on Rights of Trustee as Creditor. If and when the Trustee shall be or become a
creditor of the Company (or any other obligor upon the Debentures), after qualification under the Trust Indenture Act, the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of the claims against the
Company (or any such other obligor). 
  
 Section 8.14.
Trustee’s Application for Instructions from the Company. Any application by the Trustee for written instructions from the Company (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee
that affects the rights of the holders of the Debentures under this Indenture, including, without limitation, under Article IV hereof) may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee
under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in
such application on or after the date specified in such application (which date shall not be less than three (3) Business Days after the date any officer of the Company actually receives such application, unless any such officer shall have consented
in writing to any earlier date), unless, prior to taking any such action (or the effective date in the case of any omission), the Trustee shall have received written instructions in response to such application specifying the action to be taken or
omitted. 
  
 ARTICLE 9 
 CONCERNING THE DEBENTUREHOLDERS 
  
 Section 9.01. Action by Debentureholders. Whenever in this Indenture it is provided that the holders of
a specified percentage in aggregate principal amount of the Debentures may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of
taking any such action, the holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Debentureholders in person or by agent or proxy appointed in
writing, or (b) by the record of the Debentureholders voting in favor thereof at any meeting of Debentureholder duly called and held in accordance with the provisions of Article 10, or (c) by a combination of such instrument or instruments and any
such record of such a meeting of Debentureholders. Whenever the Company or the Trustee solicits the taking of any action by the holders of the Debentures, the Company or the Trustee may fix in advance of such solicitation, a date as the record date
for determining Debentureholders entitled to take such action. The record date shall 

  

 54 

 
be not more than fifteen (15) days prior to the date of commencement of solicitation of such action. 
  
 Section 9.02. Proof of Execution by Debentureholders. Subject
to the provisions of Section 8.01, Section 8.02 and Section 10.05, proof of the execution of any instrument by a Debentureholder or his agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be
prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Debentures shall be proved by the Debenture register or by a certificate of the Debenture registrar. The record of any Debentureholders’ meeting
shall be proved in the manner provided in Section 10.06. 
  
 Section 9.03. Who Are Deemed Absolute Owners. The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent and any Debenture registrar may deem the person in whose name such Debenture shall be registered
upon the Debenture register to be, and may treat him as, the absolute owner of such Debenture (whether or not such Debenture shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other than the
Company or any Debenture registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, accrued and unpaid interest, including Contingent Interest, if any, and accrued and unpaid Liquidated Damages, if any, on
such Debenture, for conversion of such Debenture and for all other purposes; and neither the Company nor the Trustee nor any Paying Agent nor any Conversion Agent nor any Debenture registrar shall be affected by any notice to the contrary. All such
payments so made to any holder for the time being, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies payable upon any such Debenture. Notwithstanding
anything to the contrary in this Indenture or the Debentures following an event which, after notice or passage of time or both, would become a Default, any holder of a beneficial interest in a Global Debenture may directly enforce against the
Company, without the consent, solicitation, proxy, authorization or any other action of the Depositary or any other person, such holder’s right to exchange such beneficial interest for a Debenture in certificated form in accordance with the
provisions of this Indenture. 
  
 Section 9.04. Company-Owned
Debentures Disregarded. In determining whether the holders of the requisite aggregate principal amount of Debentures have concurred in any direction, consent, waiver or other action under this Indenture, Debentures that are owned by the Company
or any other obligor on the Debentures or by any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any other obligor on such Debentures shall be disregarded and deemed not to be
outstanding for the purpose of any such determination; provided that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, consent, 

  

 55 

 
waiver or other action only Debentures that a Responsible Officer knows are so owned shall be so disregarded. Debentures so owned that have been pledged in
good faith may be regarded as outstanding for the purposes of this Section 9.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote such Debentures and that the pledgee is not the Company, any other
obligor on the Debentures or a person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In the case of a dispute as to such right, any decision by the Trustee
taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all Debentures, if any, known by the
Company to be owned or held by or for the account of any of the above described persons; and, subject to Section 8.01, the Trustee shall be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and
of the fact that all Debentures not listed therein are outstanding for the purpose of any such determination. 
  
 Section 9.05. Revocation of Consents; Future Holders Bound. At any time prior to (but not after) the evidencing to the Trustee, as provided in
Section 9.01, of the taking of any action by the holders of the percentage in aggregate principal amount of the Debentures specified in this Indenture in connection with such action, any holder of a Debenture that is shown by the evidence to be
included in the Debentures the holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office and upon proof of holding as provided in Section 9.02, revoke such action so far as concerns
such Debenture. Except as aforesaid, any such action taken by the holder of any Debenture shall be conclusive and binding upon such holder and upon all future holders and owners of such Debenture and of any Debentures issued in exchange or
substitution therefor, irrespective of whether any notation in regard thereto is made upon such Debenture or any Debenture issued in exchange or substitution therefor. 
  
 ARTICLE 10 
 DEBENTUREHOLDERS’ MEETINGS 
  
 Section 10.01. Purpose of Meetings. A meeting of Debentureholders may be called at any time and from time to time pursuant to the provisions of this Article 10 for any of the following purposes: 
  
 (a) to give any notice to the Company or to the Trustee or to give any
directions to the Trustee permitted under this Indenture, or to consent to the waiving of any default or Event of Default hereunder and its consequences, or to take any other action authorized to be taken by Debentureholders pursuant to any of the
provisions of Article 7; 
  

 56 

 (b) to remove the Trustee and nominate a successor trustee pursuant to the provisions of Article 8;

  
 (c) to consent to the execution of an indenture or indentures
supplemental hereto pursuant to the provisions of Section 11.02; or 
  
 (d) to take any other action authorized to be taken by or on behalf of the holders of any specified aggregate principal amount of the Debentures under any other provision of this Indenture or under applicable law. 
  
 Section 10.02. Call of Meetings by Trustee. The Trustee may at
any time call a meeting of Debentureholders to take any action specified in Section 10.01, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Debentureholders, setting forth the time and the
place of such meeting and in general terms the action proposed to be taken at such meeting and the establishment of any record date pursuant to Section 9.01, shall be mailed to holders of such Debentures at their addresses as they shall appear on
the Debenture register. Such notice shall also be mailed to the Company. Such notices shall be mailed not less than twenty (20) nor more than ninety (90) days prior to the date fixed for the meeting. 
  
 Any meeting of Debentureholders shall be valid without notice if the holders
of all Debentures then outstanding are present in person or by proxy or if notice is waived before or after the meeting by the holders of all Debentures outstanding, and if the Company and the Trustee are either present by duly authorized
representatives or have, before or after the meeting, waived notice. 
  
 Section 10.03. Call of Meetings by Company or Debentureholders. In case at any time the Company, pursuant to a resolution of its Board of Directors, or the holders of at least 10% in aggregate principal amount of the
Debentures then outstanding, shall have requested the Trustee to call a meeting of Debentureholders, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed the
notice of such meeting within twenty (20) days after receipt of such request, then the Company or such Debentureholders may determine the time and the place for such meeting and may call such meeting to take any action authorized in Section 10.01,
by mailing notice thereof as provided in Section 10.02. 
  
 Section 10.04. Qualifications for Voting. To be entitled to vote at any meeting of Debentureholders a person shall (a) be a holder of one or more Debentures on the record date pertaining to such meeting or (b) be a person
appointed by an instrument in writing as proxy by a holder of one or more Debentures. The only persons who shall be entitled to be present or to speak at any meeting of Debentureholders shall be the persons entitled to vote at such meeting and their
counsel and any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 
  

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 Section 10.05. Regulations. Notwithstanding any other provisions of this Indenture, the
Trustee may make such reasonable regulations as it may deem advisable for any meeting of Debentureholders, in regard to proof of the holding of Debentures and of the appointment of proxies, and in regard to the appointment and duties of inspectors
of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit. 
  
 The Trustee shall, by an instrument in writing, appoint a temporary chairman
of the meeting, unless the meeting shall have been called by the Company or by Debentureholders as provided in Section 10.03, in which case the Company or the Debentureholders calling the meeting, as the case may be, shall in like manner appoint a
temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the holders of a majority in principal amount of the Debentures represented at the meeting and entitled to vote at the meeting. 

 
 Subject to the provisions of Section 9.04, at any meeting of
Debentureholders each Debentureholder or proxyholder shall be entitled to one vote for each $1,000 principal amount of Debentures held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect
of any Debenture challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Debentures held by him or instruments in writing as
aforesaid duly designating him as the proxy to vote on behalf of other Debentureholders. Any meeting of Debentureholders duly called pursuant to the provisions of Section 10.02 or Section 10.03 may be adjourned from time to time by the holders of a
majority of the aggregate principal amount of Debentures represented at the meeting, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice. 
  
 Section 10.06. Voting. The vote upon any resolution submitted
to any meeting of Debentureholders shall be by written ballot on which shall be subscribed the signatures of the Debentureholders or of their representatives by proxy and the principal amount of the Debentures held or represented by them. The
permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in
duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Debentureholders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the
inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was mailed as provided in Section 10.02. The
record shall show the principal amount of the Debentures 

  

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voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the
meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. 
  
 Any record so signed and verified shall be conclusive evidence of the matters
therein stated. 
  
 Section 10.07. No Delay of Rights by
Meeting. Nothing contained in this Article 10 shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Debentureholders or any rights expressly or impliedly conferred hereunder to make such call, any
hindrance or delay in the exercise of any right or rights conferred upon or reserved to the Trustee or to the Debentureholders under any of the provisions of this Indenture or of the Debentures. 
  
 ARTICLE 11 
 SUPPLEMENTAL INDENTURES 
  
 Section 11.01. Supplemental Indentures Without Consent of Debentureholders. The Company, when authorized by the resolutions of the
Board of Directors, and the Trustee, at the Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental hereto for one or more of the following purposes: 
  
 (a) to make provision with respect to the conversion rights of the
Debentureholders pursuant to the requirements of Article 15; 
  
 (b) to convey, transfer, assign, mortgage or pledge to the Trustee as security for the Debentures, any property or assets; 
  
 (c) to evidence the succession of another corporation to the Company, or successive successions, and the assumption by the successor corporation of the
covenants, agreements and obligations of the Company pursuant to Article 12; 
  
 (d) to add to the covenants of the Company such further covenants, restrictions or conditions for the benefit of the Debentureholders, and to make the occurrence, or the occurrence and continuance, of a default in any
such additional covenants, restrictions or conditions a default or an Event of Default permitting the enforcement of all or any of the several remedies provided in this Indenture as herein set forth; provided, however, that in respect of any
such additional covenant, restriction or condition such supplemental indenture may provide for a particular period of grace 

  

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after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such
default or may limit the remedies available to the Trustee upon such default; 
  
 (e) to increase, from time to time, the per annum interest rate on the Debentures for any period; 
  
 (f) to cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective or
inconsistent with any other provision contained herein or in any supplemental indenture, or to make such other provisions in regard to matters or questions arising under this Indenture which shall not materially adversely affect the interests of the
holders of the Debentures; 
  
 (g) to evidence and provide for
the acceptance of appointment hereunder by a successor Trustee with respect to the Debentures; 
  
 (h) to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualifications of this Indenture
under the Trust Indenture Act, or under any similar federal statute hereafter enacted; or 
  
 (i) to provide the holders of Debentures with additional rights to require the Company to purchase the Debentures on additional purchase dates. 
  
 Upon the written request of the Company, accompanied by a Board Resolution authorizing the execution of such supplemental
indenture, the Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations which may be therein contained and to accept the conveyance,
transfer and assignment of any property thereunder, but the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise. 
  
 Any supplemental indenture authorized by the
provisions of this Section 11.01 may be executed by the Company and the Trustee without the consent of the holders of any of the Debentures at the time outstanding, notwithstanding any of the provisions of Section 11.02. 
  
 Notwithstanding any other provision of the Indenture or the Debentures, the
Registration Rights Agreement and the obligation to pay Liquidated Damages thereunder may be amended, modified or waived solely in accordance with the provisions of the Registration Rights Agreement. 
  

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 Section 11.02. Supplemental Indentures With Consent of Debentureholders. With the consent
(evidenced as provided in Article 9) of the holders of not less than a majority in aggregate principal amount of the Debentures at the time outstanding (determined in accordance with Article 9), the Company, when authorized by the resolutions of the
Board of Directors, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this
Indenture or any supplemental indenture or of modifying in any manner the rights of the holders of the Debentures, provided, however, that no such supplemental indenture shall (i) extend the fixed maturity of any Debenture, or reduce the rate
or extend the time for payment of accrued and unpaid interest, including Contingent Interest, if any, and accrued and unpaid Liquidated Damages, if any, thereon, or reduce the principal amount thereof or premium, if any, thereon, or reduce any
amount payable on repurchase, redemption or conversion thereof, impair, or change in any respect adverse to the Debentureholder, the obligation of the Company to repurchase any Debenture at the option of the holder on any Repurchase Date or upon the
happening of a Designated Event, or change the time at which the Debentures may or must be redeemed or repurchased, or impair or adversely affect the right of any Debentureholder to institute suit for the payment thereof, or change the currency in
which the Debentures are payable, or impair the right to convert the Debentures into Common Stock, cash or other property receivable upon conversion, subject to the terms set forth herein, including Section 15.05, or reduce the number of shares of
Common Stock or the amount of any other property receivable upon conversion of the Debentures, reduce the quorum or voting requirement for the Debentures as set forth in this Indenture, modify the provisions of this Section 11.02, except to increase
the percentage in principal amount of Debentures whose holders must consent to an amendment or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of holders of outstanding Debentures affected
by such modification or waiver without the consent of the holder of each such Debenture so affected, or (ii) reduce the aforesaid percentage of Debentures, the holders of which are required to consent to any such supplemental indenture, without the
consent of the holders of all Debentures then outstanding. 
  
 Upon the written request of the Company, accompanied by a copy of the Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Debentureholders as
aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the
Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 
  

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 It shall not be necessary for the consent of the Debentureholders under this Section 11.02 to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
  
 Section 11.03. Effect of Supplemental Indentures. Any supplemental indenture executed pursuant to the provisions of this Article 11 shall
comply with the Trust Indenture Act, as then in effect, provided that this Section 11.03 shall not require such supplemental indenture or the Trustee to be qualified under the Trust Indenture Act prior to the time such qualification is in fact
required under the terms of the Trust Indenture Act or the Indenture has been qualified under the Trust Indenture Act, nor shall it constitute any admission or acknowledgment by any party to such supplemental indenture that any such qualification is
required prior to the time such qualification is in fact required under the terms of the Trust Indenture Act or the Indenture has been qualified under the Trust Indenture Act. Upon the execution of any supplemental indenture pursuant to the
provisions of this Article 11, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the
Company and the Debentureholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed
to be part of the terms and conditions of this Indenture for any and all purposes. 
  
 Section 11.04. Notation on Debentures. Debentures authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article 11 may bear a notation in form approved
by the Trustee as to any matter provided for in such supplemental indenture. If the Company or the Trustee shall so determine, new Debentures so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any modification of
this Indenture contained in any such supplemental indenture may, at the Company’s expense, be prepared and executed by the Company, authenticated by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section
17.11) and delivered in exchange for the Debentures then outstanding, upon surrender of such Debentures then outstanding. 
  
 Section 11.05. Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee. In addition to the documents required by Section
17.05, upon its request, the Trustee shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant hereto complies with the requirements of this Article 11. 

 

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 ARTICLE 12 
 CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE 
  
 Section 12.01. Company May Consolidate, Etc. on Certain Terms.
Subject to the provisions of Section 12.02 and notwithstanding anything to the contrary in this Indenture, the Company shall not consolidate or merge with or into any other Person (whether or not affiliated with the Company), or sell, convey or
lease its assets and properties substantially as an entirety to any Person unless the Company is the surviving Person or the Person formed by such consolidation or into which the Company is merged or the Person that acquires by conveyance or
transfer, or that leases the assets and properties of the Company substantially as an entirety shall be a corporation organized under the laws of the United States of America, any state thereof or the District of Columbia; and unless, after giving
effect to any such consolidation, merger, sale, conveyance or lease, there shall be no Event of Default under this Indenture, and no event which, after notice or passage of time or both, would become an Event of Default. Further, upon any such
consolidation, merger, sale, conveyance or lease, the due and punctual payment of the principal of and premium, if any, accrued and unpaid interest, including Contingent Interest, if any, and accrued and unpaid Liquidated Damages, if any, on all of
the Debentures, according to their terms, and the due and punctual performance and observance of all of the covenants and conditions of this Indenture to be performed by the Company, shall be expressly assumed by supplemental indenture satisfactory
in form to the Trustee, executed and delivered to the Trustee by the Person (if other than the Company) formed by such consolidation, or into which the Company shall have been merged, or which shall have acquired or leased the Company’s assets
or properties substantially as an entirety, and such supplemental indenture shall provide for the applicable conversion rights set forth in Article 15. 
  
 Section 12.02. Successor Corporation to Be Substituted. In case of any such consolidation, merger, sale, conveyance or lease and upon the
assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal of and premium, if any, accrued and unpaid interest,
including Contingent Interest, if any, and accrued and unpaid Liquidated Damages, if any, on all of the Debentures and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Company, such
successor Person shall succeed to and be substituted for the Company, with the same effect as if it had been named herein as the party of the first part. Such successor Person thereupon may cause to be signed, and may issue either in its own name or
in the name of BlackRock, Inc. any or all of the Debentures issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such successor corporation instead of the Company and
subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver, or cause to 

  

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be authenticated and delivered, any Debentures which previously shall have been signed and delivered by the officers of the Company to the Trustee for
authentication, and any Debentures which such successor corporation thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Debentures so issued shall in all respects have the same legal rank and benefit under this
Indenture as the Debentures theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Debentures had been issued at the date of the execution hereof. In the event of any such consolidation, merger, sale,
conveyance or lease, the person named as the “Company” in the first paragraph of this Indenture or any successor which shall thereafter have become such in the manner prescribed in this Article 12 may be dissolved, wound up and liquidated
at any time thereafter and such person shall be released from its liabilities as obligor and maker of the Debentures and from its obligations under this Indenture. 
  
 In case of any such consolidation, merger, sale, conveyance or lease, such changes in phraseology and form (but not in
substance) may be made in the Debentures thereafter to be issued as may be appropriate. 
  
 Section 12.03. Opinion of Counsel to Be Given Trustee. The Trustee shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale,
conveyance or lease and any such assumption complies with the provisions of this Article 12. 
  
 ARTICLE 13 
 SATISFACTION AND DISCHARGE OF
INDENTURE 
  
 Section 13.01. Discharge of
Indenture. When (a) the Company shall deliver to the Trustee for cancellation all Debentures theretofore authenticated (other than any Debentures that have been destroyed, lost or stolen and in lieu of or in substitution for which other
Debentures shall have been authenticated and delivered) and not theretofore canceled, or (b) all the Debentures not theretofore canceled or delivered to the Trustee for cancellation shall have become due and payable, and the Company shall deposit
with the Trustee, in trust, funds sufficient to pay at maturity or at redemption all of the Debentures (other than any Debentures that shall have been mutilated, destroyed, lost or stolen and in lieu of or in substitution for which other Debentures
shall have been authenticated and delivered) not theretofore canceled or delivered to the Trustee for cancellation, including principal and premium, if any, and accrued and unpaid interest, including Contingent Interest, if any, and accrued and
unpaid Liquidated Damages, if any, due or to become due to such date of maturity or Redemption Date, as the case may be, accompanied by a verification report, as to the sufficiency of the deposited amount, from an independent certified public
accountant or other financial professional, and if in either case the Company shall also pay or cause to be paid all other sums payable hereunder by the Company, 

  

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then this Indenture shall cease to be of further effect except as to (i) the right to receive payments of principal of and premium, if any, and accrued and
unpaid interest, including Contingent Interest, if any, and accrued and unpaid Liquidated Damages, if any, on, the Debentures and the other rights, duties and obligations of Debentureholders, as beneficiaries hereof with respect to the amounts, if
any, so deposited with the Trustee, (ii) the rights, obligations and immunities of the Trustee hereunder and (iii) the obligations of the Company under Section 8.06, and the Trustee, on written demand of the Company accompanied by an Officers’
Certificate and an Opinion of Counsel as required by Section 17.05 and at the cost and expense of the Company, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture; the Company, however, hereby agrees to
reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred by the Trustee and to compensate the Trustee for any services thereafter reasonably and properly rendered by the Trustee in connection with this Indenture or
the Debentures. 
  
 Section 13.02. Deposited Monies to Be Held
in Trust by Trustee. Subject to Section 13.04, all monies deposited with the Trustee pursuant to Section 13.01 shall be held in trust and applied by it to the payment, either directly or through any Paying Agent (including the Company if
acting as its own Paying Agent), to the holders of the particular Debentures for the payment of which such monies have been deposited with the Trustee, of all sums due and to become due thereon for principal and premium and accrued and unpaid
interest, including Contingent Interest, if any, and accrued and unpaid Liquidated Damages, if any. 
  
 Section 13.03. Paying Agent to Repay Monies Held. Upon the satisfaction and discharge of this Indenture, all monies then held by any Paying
Agent of the Debentures (other than the Trustee) shall, upon written request of the Company, be repaid to it or paid to the Trustee, and thereupon such Paying Agent shall be released from all further liability with respect to such monies.

  
 Section 13.04. Return of Unclaimed Monies.
Subject to the requirements of applicable law, any monies deposited with or paid to the Trustee for payment of the principal of, premium, if any, or accrued and unpaid interest, including Contingent Interest, if any, and accrued and unpaid
Liquidated Damages, if any, on Debentures (including any Principal Return, Redemption Price, Repurchase Price or Designated Event Repurchase Price) and not applied but remaining unclaimed by the Debentureholders for two years after the date upon
which the principal of, premium, if any, or accrued and unpaid interest, including Contingent Interest, if any, or accrued and unpaid Liquidated Damages, if any, on such Debentures, as the case may be, shall have become due and payable, shall be
repaid to the Company by the Trustee on written request and all liability of the Trustee shall thereupon cease with respect to such monies; and the holder of any of the Debentures shall thereafter look only to the Company for any payment which such
holder may be entitled to collect unless an applicable abandoned 

  

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property law designates another person. The Trustee shall, promptly after such payment of the principal of, premium, if any, or accrued and unpaid interest,
including Contingent Interest, if any, or accrued and unpaid Liquidated Damages, if any, on Debentures (including any Principal Return, Redemption Price, Repurchase Price or Designated Event Repurchase Price), as described in this Section 13.04 and
upon written request of the Company, return to the Company any funds in excess of the amount required for such payment. 
  
 Section 13.05. Reinstatement. If (i) the Trustee or the Paying Agent is unable to apply any money in accordance with Section 13.02 by reason
of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application and (ii) the holders of at least a majority in principal amount of the then outstanding Debentures so request by written
notice to the Trustee, the Company’s obligations under this Indenture shall be revived and reinstated as though no deposit had occurred pursuant to Section 13.01 until such time as the Trustee or the Paying Agent is permitted to apply all such
money in accordance with Section 13.02; provided, however, that if the Company makes any payment of interest, including Contingent Interest, or Liquidated Damages on or principal of any Debenture following the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Debentureholders to receive such payment from the money held by the Trustee or Paying Agent. 
  

ARTICLE 14 
 IMMUNITY
OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS 
  
 Section 14.01. Indenture and Debentures Solely Corporate Obligations. No recourse for the payment of the principal of or premium, if any, or
accrued and unpaid interest, including Contingent Interest, if any, and accrued and unpaid Liquidated Damages, if any, on any Debenture, or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation,
covenant or agreement of the Company in this Indenture or in any supplemental indenture or in any Debenture, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, employee, agent,
officer or director or Subsidiary, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law,
or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the
issue of the Debentures. 
  

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 ARTICLE 15 
 CONVERSION OF DEBENTURES 
  
 Section 15.01. Conversion Privilege.  
  
 (a) Subject to the conditions described below, and upon compliance with the provisions of this Article 15, a Debentureholder
shall have the right, at such holder’s option, to convert all or any portion (if the portion to be converted is $1,000 principal amount or an integral multiple thereof) of such Debenture at any time prior to the close of business on the
Business Day immediately preceding February 15, 2035 into cash and fully paid and shares of Class A Common Stock, if any, at a rate (the “Conversion Rate”) of 9.7282 shares of Class A Common Stock (subject to adjustment as provided
in this Indenture) per $1,000 principal amount of Debenture (the “Conversion Obligation”); provided that, prior to the close of business on the Business Day immediately preceding February 15, 2009 holders may convert their
Debentures only as described below: 
  
 (i)
during the five Business Day period immediately after any five consecutive Trading Day period (the “Measurement Period”) in which the Trading Price per $1,000 principal amount of Debentures for each day of such Measurement Period
was less than 103% of the product of the Last Reported Sale Price on such date and the Conversion Rate on such date, all as determined by the Trustee, as provided below. 
  
 (ii) as provided in Section 15.01(b), Section 15.01(c), and Section 15.01(d). 
  
 The Trustee shall not determine the Trading Price of the Debentures unless
requested by the Company to do so in writing, and the Company shall have no obligation to make such request unless a Debentureholder provides the Company with reasonable evidence that the Trading Price of the Debentures would be less than 103% of
the product of (a) the then-applicable Conversion Rate of the Debentures and (b) the Last Reported Sale Price at such time, at which time the Company shall instruct the Trustee to determine the Trading Price of the Debentures beginning on the next
Trading Day and on each successive Trading Day until the Trading Price per Debenture is greater than or equal to 103% of the product of (a) the then-applicable Conversion Rate of the Debentures and (b) the Last Reported Sale Price on such date.

  
 If the condition set forth in Section 15.01(a)(i) above has
been met, the Company shall so notify the Debentureholders. If after the condition in Section 15.01(a)(i) has been met, the Trading Price per $1,000 principal amount of Debentures is greater than 103% of the product of the Last Reported Sale Price
of Class A Common Stock and the Conversion Rate for such date, the Company shall so notify the Debentureholders. The Company shall disseminate a press release through Dow Jones & Company, Inc. or Bloomberg Business News 

  

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stating that the condition in Section 15.01(a)(i) has been met or ceased to be met (or publish the information on its website or through such other public
medium it may use at that time). 
  
 “Trading
Price” means, with respect to each $1,000 principal amount of Debentures (as used in this definition, a “Debenture”) as of any date (each such date a “date of determination”), the average of the secondary market bid
quotations per Debenture obtained by the Trustee for $2,000,000 principal amount of Debentures at approximately 3:30 p.m., New York City time, on such determination date from three independent nationally recognized securities dealers selected by the
Company; provided that if three such bids cannot reasonably be obtained by the trustee, 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 Trustee, that
one bid shall be used. If the Trustee cannot reasonably obtain at least one such bid for $2,000,000 principal amount of Debentures from a nationally recognized securities dealer, then the Trading Price of a Debenture will be deemed to be less than
103% of the product of (a) the then-applicable Conversion Rate of the Debentures and (b) the Last Reported Sale Price on such date of determination. 
  
 (b) In the event that: 
  
 (i) the Company distributes to all holders of Class A Common Stock rights entitling them to purchase, for a period expiring within 45 days
after such distribution, Class A Common Stock at less than the average of the Last Reported Sale Prices of Class A Common Stock for the 10 Trading Days preceding the announcement of such distribution; or 
  
 (ii) the Company distributes to all holders of Common Stock
assets or debt securities of the Company or rights to purchase the Company’s securities, which distribution has a per share value exceeding 10% of the Last Reported Sale Price of the Class A Common Stock on the Trading Day immediately preceding
the date of declaration of such distribution, 
  
 then, in each case, the
Debentures may be surrendered for conversion at any time on and after the date that the Company gives notice to the holders of such right, which shall be not less than 20 days prior to the Ex-Dividend Date for such distribution, until the earlier of
the close of business on the Business Day immediately preceding the Ex-Dividend Date or the date the Company announces that such distribution will not take place. Notwithstanding the foregoing, the Debentures will not be convertible pursuant to
clauses (i) or (ii) above if the Company provides that Debentureholders shall participate in such distribution without conversion. 
  

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 (c) In the event that the Company is party to a consolidation, merger, binding share exchange or sale or
transfer of all or substantially all of the Company’s assets, in each case pursuant to which the Class A Common Stock would be converted into cash, securities or other property, a Debentureholder may surrender Debentures for conversion at any
time from and after the date that is 15 days prior to the anticipated effective date of the transaction until 15 days after the actual date of such transaction, unless such transaction occurs on or prior to February 15, 2010 and also constitutes a
Change of Control (regardless of whether such transaction is excluded from the definition pursuant to the penultimate paragraph thereof) (in which case the Debentures will instead be convertible in accordance with Section 15.01(d) below). The
Company shall notify Debentureholders and the Trustee (whether or not such transaction also constitutes a Change of Control) at the same time the Company publicly announces such transaction (but in no event less than 15 days prior to the effective
date of such transaction). Following the effective date of such transaction, the right to convert the Debentures at the Conversion Rate, and the settlement thereof, shall be modified as set forth under Section 15.05. 
  
 (d)(i) In the event that a Change of Control (regardless of
whether such transaction is excluded from the definition pursuant to the penultimate paragraph thereof and disregarding for this purpose the exception set forth in clause (ii)(B) of the definition of Change of Control) occurs on or prior to February
15, 2010, a Debentureholder may surrender Debentures for conversion at any time from and after the date that is 15 days before the anticipated effective date of such Change of Control until the Designated Event Repurchase Date relating to such
Change of Control. The Company shall give notice to all record Debentureholders and the Trustee at least 20 Trading Days prior to the anticipated effective date of any such Change of Control. Such notice will also specify whether the Company made
the election specified in Section 15.01(e)(i) hereof. 
  
 (ii) If a Debentureholder elects to convert Debentures in connection with a Change of Control (disregarding for this purpose the exception set forth in clause (ii)(B) of the definition of Change of Control) pursuant to this subsection at
any time from and after the date that is 15 days prior to the anticipated effective date of the transaction until 15 days after the actual date of such transaction, the Conversion Rate for such converting Debentureholder shall be increased by an
additional number of shares of Common Stock (the “Additional Shares”) as described below. 
  
 The number of Additional Shares shall be determined by reference to the table attached as Schedule A hereto, based on the effective date of such Change of
Control transaction (the “Effective Date”) and the Stock Price; provided that if the Stock Price is between two Stock Price amounts in the table or such Effective Date is between two Effective Dates in the table, the number
of Additional Shares 

  

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shall be determined by a straight-line interpolation between the number of Additional Shares set forth for the next higher and next lower Stock Price amounts
and the two nearest Effective Dates, as applicable, based on a 365-day year; provided further that if the Stock Price is above $300.00 per share of Common Stock (subject to adjustment), no Additional Shares will be added to the Conversion
Rate; and provided that if the Stock Price is below $77.58 per share (subject to adjustment), no Additional Shares will be added to the Conversion Rate. 
  

The Stock Prices set forth in the first row of the table in Schedule A hereto shall be adjusted as of any date on which the Conversion Rate of the
Debentures is adjusted. The adjusted Stock Prices shall equal the Stock Prices applicable immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the Conversion Rate immediately prior to the adjustment giving rise
to the Stock Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The number of Additional Shares within the table shall be adjusted in the same manner as the Conversion Rate as set forth in Section 15.03 (other than
by operation of an adjustment to the Conversion Rate by adding Additional Shares). 
  
 Notwithstanding the foregoing, in no event shall the total number of shares of Common Stock issuable upon conversion exceed 12.8882 shares per $1,000 principal amount of Debentures, subject to adjustment in the same
manner as the Conversion Rate as set forth in Section 15.03. 
  
 Any conversion of Debentures in connection with a Change of Control as provided in this subsection, and the settlement thereof, shall be as set forth in Section 15.05. 
  
 (e) Notwithstanding the foregoing, and in lieu of adjusting the Conversion Rate as set forth in Section 15.01(a)(ii), in the
case of a Public Acquirer Change of Control, the Company may elect that, from and after the Effective Date of such Public Acquirer Change of Control, the right to convert a Debenture will be changed into a right to convert a Debenture into a number
of shares of Acquirer Common Stock specified below. The Conversion Rate on and following the Effective Date of such Public Acquirer Change of Control shall be a number of shares of Acquirer Common Stock equal to the product of: 
  
 (i) the Conversion Rate in effect immediately prior to the
Effective Date of such Public Acquirer Change of Control, times 
  
 (ii) the average of the quotients obtained, for each Trading Day in the 10 consecutive Trading Day period ending on the Trading Day immediately preceding the Effective Date of such Public Acquirer Change of Control
(the “Valuation Period”), of: 
  
 (A) the Acquisition Value of Class A Common Stock on each such Trading Day in the Valuation Period, divided by 
  

 70 

 (B) the Last Reported Sale Price of the Acquirer Common Stock on each such Trading Day in
the Valuation Period. 
  
 Section 15.02. Conversion
Procedure. 
  
 (a) Upon conversion of any Debenture,
subject to this Section 15.02 and Section 15.01 and Section 15.05, the Company shall satisfy the Conversion Obligation with respect to such Debenture by payment and delivery of cash and, if applicable, shares of Class A Common Stock, the aggregate
value of which (the “Conversion Value”) shall be equal to the product of: 
  
 (i)(A) the aggregate principal amount of Debentures to be converted divided by 1,000 multiplied by (B) the then applicable Conversion Rate
(plus Additional Shares, if any); and 
  
 (ii)
the average of the daily Volume Weighted Average Price of Class A Common Stock for each of the ten consecutive Trading Days (appropriately adjusted to take into account the occurrence during such period of stock splits and similar events) beginning
on the second Trading Day immediately following the day the Debentures are tendered for conversion (the “Ten Day Weighted Average Price”). 
  
 (b) The Company shall deliver the Conversion Value to converting holders as follows: 
  
 (i) an amount in cash (the “Principal Return”) equal to the lesser of (A) the Conversion
Value of the Debentures to be converted and (B) the aggregate principal amount of the Debentures to be converted; 
  
 (ii) if the Conversion Value of the Debentures to be converted is greater than the Principal Return, an amount in whole shares of Class A
Common Stock (the “Net Shares”), determined as set forth below, equal to such aggregate Conversion Value less the Principal Return (the “Net Share Amount”); and 
  
 (iii) an amount in cash, in lieu of any fractional shares of
Class A Common Stock as set forth below. 
  
 The number of Net
Shares to be paid shall be determined by dividing the Net Share Amount by the Ten Day Weighted Average Price. Debentureholders will not receive fractional shares upon conversion of Debentures. In lieu of 

  

 71 

 
fractional shares, holders will receive cash for the value of the fractional shares, which cash payment shall be based on the Ten Day Weighted Average Price.

  
 The Conversion Value, Principal Return, number of Net Shares
and Net Share Amount shall be determined by the Company at the end of the ten consecutive Trading Day period (the “Determination Date”) beginning on the second Trading Day immediately following the day the Debentures are tendered
for conversion; provided that with respect to any Debentures surrendered for conversion pursuant to Section 15.01(d) above, the Determination Date shall be the last Trading Day in the period on which the applicable Stock Price is determined
(pursuant to the definition thereof) in connection with the determination of Additional Shares, if any, to be added to the Conversion Rate. 
  
 (c) Before any holder of a Debenture shall be entitled to convert the same as set forth above, such holder shall (1) in the case of a Global Debenture,
comply with the procedures of the Depositary in effect at that time and furnish appropriate endorsement and transfer documents, and (2) in the case of a Debenture issued in certificated form, surrender such Debentures, duly endorsed to the Company
or in blank (and accompanied by appropriate endorsement and transfer documents), at the office of the Conversion Agent, and give irrevocable written notice to the Conversion Agent in the form on the reverse of such certificated Debenture (or a
facsimile thereof) (a “Notice of Conversion”) at said office or place that such holder elects to convert the same and shall state in writing therein the principal amount of Debentures to be converted and the name or names (with
addresses) in which such holder wishes the certificate or certificates for the Net Shares, if any, included upon settlement the Conversion Obligation, if any, to be registered. No Notice of Conversion with respect to any Debentures may be tendered
by a holder thereof if such holder has also tendered a Repurchase Notice or Designated Event Repurchase Notice and not validly withdrawn such Repurchase Notice or Designated Event Repurchase Notice in accordance with Section 16.03. 
  
 If more than one Debenture shall be surrendered for conversion at one time by
the same holder, the Conversion Obligation with respect to such Debentures, if any, that shall be payable upon conversion shall be computed on the basis of the aggregate principal amount of the Debentures (or specified portions thereof to the extent
permitted thereby) so surrendered. 
  
 (d) A Debenture shall be
deemed to have been converted immediately prior to the close of business on the date (the “Conversion Date”) that is the later of: (i) the date the holder has complied with the requirements set forth in clause (c) above or (ii) the
Determination Date. Payment of the cash and Net Shares, if any, in satisfaction of the Conversion Obligation shall be made by the Company promptly following the Determination Date, but in no event later than three Business Days thereafter (the
“Conversion Settlement Date”) by paying in cash 

  

 72 

 
the Principal Return (together with any cash in lieu of fractional shares) to the holder of a Debenture surrendered for conversion, or such holder’s
nominee or nominees, and 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
Class A Common Stock equal to the Net Shares, if any, to which such holder shall be entitled as part of such Conversion Obligation. 
  
 (e) In case any Debenture shall be surrendered for partial conversion, the Company shall execute and the Trustee shall authenticate and deliver to or upon
the written order of the holder of the Debenture so surrendered, without charge to such holder, a new Debenture or Debentures in authorized denominations in an aggregate principal amount equal to the unconverted portion of the surrendered
Debentures. 
  
 (f) If a holder submits a Debenture for
conversion, the Company shall pay all stamp and 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 Class A Common
Stock, if any, upon the conversion. However, the holder shall pay any such tax which is due because the holder requests any Net Shares to be issued in a name other than the holder’s name. The Trustee may refuse to deliver the certificates
representing the shares of Class A Common Stock being issued in a name other than the holder’s name until the Trustee receives a sum sufficient to pay any tax which will be due because the shares are to be issued in a name other than the
holder’s name. Nothing herein shall preclude any tax withholding required by law or regulations. 
  
 (g) Except as provided in Section 15.03, no adjustment shall be made for dividends on any shares issued upon the conversion of any Debenture as provided
in this Article. 
  
 (h) Upon the conversion of an interest in a
Global Debenture, the Trustee, or the Custodian at the direction of the Trustee, shall make a notation on such Global Debenture as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any
conversion of Debentures effected through any Conversion Agent other than the Trustee. 
  
 (i) (i) Debentureholders at the close of business on a record date will receive payment of interest payable on the corresponding interest payment date notwithstanding the conversion of such Debentures at any time
after the close of business on such record date. Debentures surrendered for conversion during the period from the close of business on any record date to the opening of business on the corresponding interest payment date must be accompanied by
payment of an amount equal to the interest that the holder is to receive on the Debentures; provided, however, that no such payment need be made (1) if the Company has 

  

 73 

 
specified a Redemption Date that is after a record date but on or prior to the next interest payment date, (2) if the Company has specified a Repurchase Date
following a Designated Event that is after a record date but on or prior to the next succeeding interest payment date or (3) to the extent of any overdue interest, overdue Contingent Interest or Liquidated Damages, if any, at the time of conversion
with respect to such Debenture. Except as described above, no payment or adjustment will be made for accrued interest on converted Debentures. 
  
 (ii) The Person in whose name the certificate for such shares of Class A Common Stock is registered shall be treated as a stockholder of
record on and after the Conversion Date; provided, however, that no surrender of Debentures on any date when the stock transfer books of the Company shall be closed shall be effective to constitute the Person or Persons entitled to receive
the shares of Class A Common Stock upon such conversion as the record holder or holders of such shares of Class A Common Stock on such date, but such surrender shall be effective to constitute the Person or Persons entitled to receive such shares of
Class A Common Stock as the record holder or holders thereof for all purposes at the close of business on the next succeeding day on which such stock transfer books are open; such conversion shall be at the Conversion Rate in effect on the date that
such Debentures shall have been surrendered for conversion, as if the stock transfer books of the Company had not been closed. Upon conversion of Debentures, such Person shall no longer be a Debentureholder. 
  
 Section 15.03. Adjustment of Conversion Rate. The Conversion
Rate shall be adjusted from time to time by the Company as follows: 
  
 (a) In case the Company shall hereafter pay a dividend or make a distribution to all holders of the outstanding Class A Common Stock in shares of Class A Common Stock, the Conversion Rate shall be increased so that the same shall equal the
rate determined by multiplying the Conversion Rate in effect at the opening of business on the date following the date fixed for the determination of stockholders entitled to receive such dividend or other distribution by a fraction, 
  
 (i) the numerator of which shall be the sum of the number of
shares of Class A Common Stock outstanding at the close of business on the date fixed for the determination of stockholders entitled to receive such dividend or other distribution plus the total number of shares of Class A Common Stock constituting
such dividend or other distribution; and 
  
 (ii)
the denominator of which shall be the number of shares of Class A Common Stock outstanding at the close of business on the date fixed for such determination, 

  

 74 

 
such increase to become effective immediately after the opening of business on the day following the date fixed for such determination. If any dividend or
distribution of the type described in this Section 15.03(a) is declared but not so paid or made, the Conversion Rate shall again be adjusted to the Conversion Rate that would then be in effect if such dividend or distribution had not been declared.

  
 (b) In case the Company shall issue rights or warrants to all
holders of its outstanding shares of Class A Common Stock entitling them (for a period expiring within forty-five (45) days after the record date fixed for such issuance) to subscribe for or purchase shares of Class A Common Stock at a price per
share less than the average of the Last Reported Sale Prices of the Class A Common Stock for the ten (10) Trading Days immediately preceding the declaration date for such distribution, the Conversion Rate shall be increased so that the same shall
equal the rate determined by multiplying the Conversion Rate in effect immediately prior to the declaration date for such distribution by a fraction, 
  
 (i) the numerator of which shall be the number of shares of Class A Common Stock outstanding at the close of business on the declaration
date for such distribution plus the total number of additional shares of Class A Common Stock offered for subscription or purchase, and 
  
 (ii) the denominator of which shall be the sum of the number of shares of Class A Common Stock outstanding at the close of business on the
declaration date for such distribution plus the number of shares that the aggregate offering price of the total number of shares so offered would purchase at a price equal to the average of the Last Reported Sale Prices of the Class A Common Stock
for the 10 Trading Days immediately preceding the declaration date for such distribution. 
  
 Such adjustment shall be successively made whenever any such rights or warrants are issued, and shall become effective immediately after the opening of business on the day following the declaration date for such
distribution. To the extent that shares of Class A Common Stock are not delivered after the expiration of such rights 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 or warrants been made on the basis of delivery of only the number of shares of Class A Common Stock actually delivered. If such rights 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 declaration date for such distribution had not been fixed. In determining whether any rights or warrants entitle the holders to subscribe for or purchase shares of Class A Common Stock at a
price less than the average of the Last Reported Sale Prices of the Class A Common Stock for the 10 Trading Days immediately preceding the declaration date for such distribution, and in determining the aggregate offering price of such shares of
Class A Common Stock, there shall be taken into account any consideration received by 

  

 75 

 
the Company for such rights 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) In case outstanding
shares of Class A Common Stock shall be subdivided into a greater number of shares of Class A Common Stock, the Conversion Rate in effect at the opening of business on the day following the day upon which such subdivision becomes effective shall be
proportionately increased, and conversely, in case outstanding shares of Class A Common Stock shall be combined into a smaller number of shares of Class A Common Stock, the Conversion Rate in effect at the opening of business on the day following
the day upon which such combination becomes effective shall be proportionately reduced, such increase or reduction, as the case may be, to become effective immediately after the opening of business on the day following the day upon which such
subdivision or combination becomes effective. 
  
 (d) In case the
Company shall, by dividend or otherwise, distribute to all holders of its Class A Common Stock shares of any class of Capital Stock of the Company or evidences of its indebtedness, cash or other assets (including securities, but excluding (1) any
Class A Common Stock, rights or warrants referred to in Section 15.03(a) or Section 15.03(b), (2) dividends and distributions (A) in connection with the liquidation, dissolution or winding up of the Company or (B) paid exclusively in cash and (3)
any Capital Stock, evidences of indebtedness, cash or assets distributed upon a merger or consolidation to which Section 15.05 applies) (any of such shares of Capital Stock, indebtedness, cash (excluding any such cash dividends to the extent that
the amount of such cash together with any cash dividends paid on the Class A Common Stock during the quarter in which the distribution referred to in Section 15.03(e) occurs, do not exceed the Dividend Threshold Amount) or other property hereinafter
in this Section 15.03(d)) called the “Distributed Property”)), then, in each such case (unless the Company distributes such Distributed Property for distribution to the Debentureholders on such dividend or distribution date (as if
each Debentureholder had converted such Debenture entirely into Class A Common Stock immediately prior to the Record Date (as defined in Section 15.03(h)(iii) for such distribution or dividend of Distributed Property)) the Conversion Rate shall be
increased so that the same shall be equal to the rate determined by multiplying the Conversion Rate in effect on the Record Date with respect to such distribution by a fraction, 
  
 (i) the numerator of which shall be the Current Market Price on such Record Date; and 
  
 (ii) the denominator of which shall be the Current Market
Price on such Record Date less the fair market value (as determined by the Board of Directors, whose determination shall be conclusive, and 

  

 76 

 
described in a resolution of the Board of Directors) on the Record Date of the portion of the Distributed Property so distributed applicable to one share of
Class A Common Stock, 
  
 such adjustment to become effective immediately prior to
the opening of business on the day following such Record Date; provided that if the then fair market value (as so determined) of the portion of the Distributed Property so distributed applicable to one share of Class A Common Stock is equal
to or greater than the Current Market Price on the Record Date, in lieu of the foregoing adjustment, adequate provision shall be made so that each Debentureholder shall have the right to receive upon conversion the amount of Distributed Property
such holder would have received had such holder converted each Debenture entirely into Class A Common Stock on the Record Date. 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. If the Board of Directors determines the fair market value of any distribution for purposes of this Section 15.03(d) by reference to the actual or when issued
trading market for any securities, it must in doing so consider the prices in such market over the same period used in computing the Current Market Price on the applicable Record Date. 
  
 Notwithstanding the foregoing, if the Distributed Property distributed by the Company to all holders of its Class A Common
Stock consist of Capital Stock of, or similar equity interests in, a Subsidiary or other business unit of the Company, the Conversion Rate shall be increased so that the same shall be equal to the rate determined by multiplying the Conversion Rate
in effect on the Record Date with respect to such distribution by a fraction, 
  
 (i) the numerator of which shall be the sum of (A) the average of the Last Reported Sale Prices of the Class A Common Stock for the ten (10) Trading Days commencing on and including the fifth Trading Day after the
Ex-Dividend Date plus (B) the fair market value of the securities distributed in respect of each share of Class A Common Stock for which this Section 15.03(d) applies, which shall equal the number of securities distributed in respect of each share
of Class A Common Stock multiplied by the average of the Last Reported Sale Prices of those securities distributed for the ten (10) Trading Days commencing on and including the fifth Trading Day after the Ex-Dividend Date; and 
  
 (ii) the denominator of which shall be the average of the
Last Reported Sale Prices of the Class A Common Stock for the ten (10) Trading Days commencing on and including the fifth Trading Day after the Ex-Dividend Date, 
  

 77 

 such adjustment to become effective immediately prior to the opening of business on the day following such Record Date;
provided that the Company may in lieu of the foregoing adjustment make adequate provision so that each Debentureholder shall have the right to receive upon conversion the amount of Distributed Property such holder would have received had such holder
converted its Debentures entirely into Class A Common Stock on the Record Date with respect to such distribution. 
  
 Rights or warrants distributed by the Company to all holders of Class A Common Stock entitling the holders thereof to subscribe for or purchase shares of
the Company’s Capital Stock (either initially or under certain circumstances), which rights or warrants, until the occurrence of a specified event or events (“Trigger Event”): (i) are deemed to be transferred with such shares
of Class A Common Stock; (ii) are not exercisable; and (iii) are also issued in respect of future issuances of Class A Common Stock, shall be deemed not to have been distributed for purposes of this Section 15.03 (and no adjustment to the Conversion
Rate under this Section 15.03 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 15.03(d). If any such right or warrant, including any such existing rights or warrants distributed prior to the date of this Indenture, are subject to events, upon the occurrence of which such rights or warrants
become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and record date with respect to new rights or
warrants with such rights (and a termination or expiration of the existing rights or warrants without exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights 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 15.03 was made,
(1) in the case of any such rights 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 Class A Common Stock with respect to such rights or warrants (assuming
such holder had retained such rights or warrants), made to all holders of Class A Common Stock as of the date of such redemption or repurchase, and (2) in the case of such rights 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 and warrants had not been issued. 
  

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 For purposes of this Section 15.03(d), Section 15.03(a), and Section 15.03(b), any dividend or
distribution to which this Section 15.03(d) is applicable that also includes shares of Class A Common Stock, or rights or warrants to subscribe for or purchase shares of Class A Common Stock to which Section 15.03(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 Class A Common Stock or rights or warrants to which Section 15.03(b) applies (and any Conversion Rate
adjustment required by this Section 15.03(d) with respect to such dividend or distribution shall then be made) immediately followed by (2) a dividend or distribution of such shares of Class A Common Stock or such rights or warrants (and any further
Conversion Rate adjustment required by Section 15.03(a) and Section 15.03(b) with respect to such dividend or distribution shall then be made), except (A) the Record Date of such dividend or distribution shall be substituted as “the date fixed
for the determination of stockholders entitled to receive such dividend or other distribution”, “the date fixed for the determination of stockholders entitled to receive such rights or warrants” and “the date fixed for such
determination” within the meaning of Section 15.03(a) and Section 15.03(b) and (B) any shares of Class A Common Stock included in such dividend or distribution shall not be deemed “outstanding at the close of business on the date fixed for
such determination” within the meaning of Section 15.03(a). 
  
 (e) In case the Company shall, by dividend or otherwise, distribute cash to all holders of its Class A Common Stock (excluding (I) any dividend or distribution in connection with the liquidation, dissolution or winding up of the Company,
whether voluntary or involuntary, or (II) any cash dividends paid on the Class A Common Stock to the extent that the aggregate cash dividends per share of Class A Common Stock in such quarter, together with the amount of cash, if any, excluded from
the definition of Distributed Property with respect to any distribution referred to in Section 15.03(d) occurring in such quarter, do not exceed $0.30, subject to adjustment as set forth below (the “Dividend Threshold Amount”)) then
the Conversion Rate shall be adjusted by multiplying the Conversion Rate in effect immediately prior to the close of business on the Record Date for such dividend or distribution by a fraction, 
  
 (i) the numerator of which shall be the Current Market Price
on such record date minus the Dividend Threshold Amount; and 
  
 (ii) the denominator of which shall be the Current Market Price on such record date minus the amount of cash so distributed applicable to one share of Class A Common Stock, 
  
 such adjustment to be effective immediately prior to the opening of business on the day
following the record date; provided that if the portion of the cash so distributed applicable to one share of Class A Common Stock is equal to or 

  

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greater than the Current Market Price on the record date, in lieu of the foregoing adjustment, adequate provision shall be made so that each Debentureholder
shall have the right to receive upon conversion of a Debenture (or any portion thereof) the amount of cash such holder would have received had such holder converted such Debenture (or portion thereof) entirely into Class A Common Stock on the Record
Date. 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. 
  
 The Dividend Threshold Amount shall be subject to adjustments from time to
time in a manner inversely proportional to adjustments to the Conversion Rate, provided that following any transaction or event described in Section 15.05 as a result of which the Debentures are convertible, into property that includes shares
of Common Stock other than Class A Common Stock, the Dividend Threshold Amount will be the Dividend Threshold Amount immediately prior to the effective date of such transaction or event multiplied by a fraction, 
  
 (x) the numerator of which shall be (A) if such shares of Common Stock are
traded on a United States national or regional securities exchange or quoted on the Nasdaq National Market, the average of the Last Reported Sale Prices of such shares for the five Trading Day period commencing on the Trading Day immediately
following such effective date and (B) otherwise, the fair market value of such shares as determined in good faith by the Board of Directors, and 
  
 (y) the denominator of which shall be the average of the Last Reported Sale Prices of the Class A Common Stock for the five Trading Day period ending on
the Trading Day immediately preceding such effective date. 
  
 For
the avoidance of doubt, for purposes of this Section 15.03(e), in the event of any reclassification of the Class A Common Stock, as a result of which the Debentures become convertible into more than one class of Common Stock, whether cash dividends
or distributions in any quarter exceed the Dividend Threshold Amount shall be determined based on the aggregate cash dividends or distributions paid in such quarter on all classes of Common Stock into which the Debentures are convertible and if an
adjustment to the Conversion Rate is required pursuant to this Section 15.03(e), references in this Section to one share of Class A Common Stock or to the Current Market Price or Last Reported Sale Price of one share of Class A 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 Debentures are then convertible equal to the numbers of shares of such class issued in respect of one share of Class
A Common Stock in such reclassification. The above provisions of this paragraph shall similarly apply to successive reclassifications. 
  

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 (f) In case a tender or exchange offer made by the Company or any Subsidiary for all or any portion of
the Class A Common Stock shall expire and such tender or exchange offer (as amended upon the expiration thereof) shall require the payment to stockholders of consideration per share of Class A Common Stock having a Fair Market Value (as determined
by the Board of Directors, whose determination shall be conclusive and described in a resolution of the Board of Directors) that as of the last time (the “Expiration Time”) tenders or exchanges may be made pursuant to such tender or
exchange offer (as it may be amended) exceeds the Last Reported Sale Price of a share of Class A Common Stock on the Trading Day next succeeding the Expiration Time, the Conversion Rate shall be increased so that the same shall equal the rate
determined by multiplying the Conversion Rate in effect immediately prior to the Expiration Time by a fraction, 
  
 (i) the numerator of which shall be the sum of (x) the Fair Market Value (determined as aforesaid) of the aggregate consideration payable
to stockholders based on the acceptance (up to any maximum specified in the terms of the tender or exchange offer) of all shares validly tendered or exchanged and not withdrawn as of the Expiration Time (the shares deemed so accepted up to any such
maximum, being referred to as the “Purchased Shares”) and (y) the product of the number of shares of Class A Common Stock outstanding (less any Purchased Shares) at the Expiration Time and the Last Reported Sale Price of a share of
Class A Common Stock on the Trading Day next succeeding the Expiration Time, and 
  
 (ii) the denominator of which shall be the number of shares of Class A Common Stock outstanding (including any Purchased Shares) at the
Expiration Time multiplied by the Last Reported Sale Price of a share of Class A Common Stock on the Trading Day next succeeding the Expiration Time, 
  
 such adjustment to become effective immediately prior to the opening of business on the day following the Expiration Time. 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 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. 
  
 (g) In case of a tender or exchange offer made by a Person other than the Company or any Subsidiary for an amount that increases the offeror’s ownership of Class A Common Stock to more than 25% of the Class A
Common Stock outstanding and shall involve the payment by such Person of consideration per share of Class A Common Stock having a Fair Market Value (as determined 

  

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by the Board of Directors, whose determination shall be conclusive, and described in a resolution of the Board of Directors) that as of the last time (the
“Offer Expiration Time”) tenders or exchanges may be made pursuant to such tender or exchange offer (as it shall have been amended) that exceeds the Closing Price of a share of Class A Common Stock on the Trading Day next succeeding
the Offer Expiration Time, and in which, as of the Offer Expiration Time the Board of Directors is not recommending rejection of the offer, the Conversion Rate shall be increased so that the same shall equal the rate determined by multiplying the
Conversion Rate in effect immediately prior to the Offer Expiration Time by a fraction 
  
 (i) the numerator of which shall be the sum of (x) the Fair Market Value (determined as aforesaid) of the aggregate consideration payable
to stockholders based on the acceptance (up to any maximum specified in the terms of the tender or exchange offer) of all shares validly tendered or exchanged and not withdrawn as of the Offer Expiration Time (the shares deemed so accepted, up to
any such maximum, being referred to as the “Accepted Purchased Shares”) and (y) the product of the number of shares of Class A Common Stock outstanding (less any Accepted Purchased Shares) at the Offer Expiration Time and the Last
Reported Sale Price of a share of Class A Common Stock on the Trading Day next succeeding the Offer Expiration Time, and 
  
 (ii) the denominator of which shall be the number of shares of Class A Common Stock outstanding (including any Accepted Purchased Shares)
at the Offer Expiration Time multiplied by the Last Reported Sale Price of a share of Class A Common Stock on the Trading Day next succeeding the Offer Expiration Time, 
  
 such adjustment to become effective immediately prior to the opening of business on the day following the Offer Expiration Time. If such
Person is obligated to purchase shares pursuant to any such tender or exchange offer, but such Person is permanently prevented by applicable law from effecting any 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. Notwithstanding the foregoing, the adjustment described in this Section 15.03(g) shall not be made if, as of the Offer Expiration
Time, the offering documents with respect to such offer disclose a plan or intention to cause the Company to engage in any transaction described in Article 12. 
  

(h) For purposes of this Section 15.03, the following terms shall have the meaning indicated: 
  
 (i) “Current Market Price” shall have the
meaning set forth in Section 1.01, except that if another issuance, distribution, subdivision or 

  

 82 

 
combination to which Section 15.03 applies occurs during the period applicable for calculating “Current Market Price” pursuant to the definition
thereof, “Current Market Price” shall be calculated for such period in a manner determined by the Board of Directors to reflect the impact of such issuance, distribution, subdivision or combination on the Last Reported Sale Price of the
Class A Common Stock during such period. 
  
 (ii)
“Fair Market Value” shall mean the amount which a willing buyer would pay a willing seller in an arm’s-length transaction. 
  
 (iii) “Record Date” shall mean, with respect to any dividend, distribution or other transaction or event in which the
holders of Class A Common Stock have the right to receive any cash, securities or other property or in which the Class A 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 stockholders entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors or by statute, contract or otherwise). 
  
 (i) The Company may make such increases in the Conversion Rate, in addition
to those required by clauses (a), (b), (c), (d), (e), (f) or (g) of this Section 15.03 as the Board of Directors considers to be advisable to avoid or diminish any income tax to holders of Common Stock or rights to purchase Common Stock resulting
from any dividend or distribution of stock (or rights to acquire stock) or from any event treated as such for income tax purposes. 
  
 (j) To the extent permitted by applicable law, the Company from time to time may increase the Conversion Rate by any amount if the Board of Directors
shall have made a determination that such increase would be in the best interests of the Company, which determination shall be conclusive. Whenever the Conversion Rate is increased pursuant to the preceding sentence, the Company shall mail to the
holder of each Debenture at his last address appearing on the Debenture register provided for in Section 2.06 a notice of the increase at least one full Business Day prior to the date the increased Conversion Rate takes effect, and such notice shall
state the increased Conversion Rate and the period during which it will be in effect. 
  
 (k) All calculations under this Article 15 shall be made by the Company and shall be made to the nearest cent or to the nearest one-ten thousandth (1/10,000) of a share, as the case may be. No adjustment shall be made
for the Company’s issuance of rights to purchase Class A Common Stock pursuant to a Company plan for reinvestment of dividends or interest or for any issuance of Class A Common Stock or convertible or exchangeable securities or rights to

  

 83 

 
purchase Common Stock or convertible or exchangeable securities, other than as provided in this Section 15.03. To the extent the Debentures become
convertible into cash, assets, property or securities, no adjustment need be made thereafter upon the issuance of the cash, assets, property or such securities or upon the issuance of any cash, assets, property or securities that are issued upon
exercise or conversion of any securities issued upon the conversion of the Debentures. Interest will not accrue on any cash into which the Debentures are convertible. 
  
 (l) Whenever the Conversion Rate is adjusted as herein provided, the Company shall promptly file with the Trustee and any
Conversion Agent other than the Trustee an Officers’ Certificate setting forth the Conversion Rate after such adjustment and setting forth a brief statement of the facts requiring such adjustment. Unless and until a Responsible Officer of the
Trustee shall have received such Officers’ Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate and may assume without inquiry that the last Conversion Rate of which it has knowledge is still
in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the adjusted Conversion Rate and the date on which each adjustment becomes effective and shall mail
such notice of such adjustment of the Conversion Rate to the holder of each Debenture at his last address appearing on the Debenture register provided for in Section 2.06 of this Indenture, within twenty (20) days of the effective date of such
adjustment. Failure to deliver such notice shall not affect the legality or validity of any such adjustment. 
  
 (m) In any case in which this Section 15.03 provides that an adjustment shall become effective immediately after (1) a record date or Record Date for an
event, (2) the date fixed for the determination of stockholders entitled to receive a dividend or distribution pursuant to Section 15.03(a), (3) a date fixed for the determination of stockholders entitled to receive rights or warrants pursuant to
Section 15.03(b), or (4) the Expiration Time or Offer Expiration Time, as the case may be, for any tender or exchange offer pursuant to Section 15.03(f) or Section 15.03(g), (each an “Adjustment Determination Date”), the Company may
elect to defer until the occurrence of the applicable Adjustment Event (as hereinafter defined) (x) issuing to the holder of any Debenture converted after such Adjustment Determination Date and before the occurrence of such Adjustment Event, the
additional shares of Common Stock or other securities issuable upon such conversion by reason of the adjustment required by such Adjustment Event over and above the Common Stock issuable upon such conversion before giving effect to such adjustment
and (y) paying to such holder any amount in cash in lieu of any fraction pursuant to Section 15.03. For purposes of this Section 15.03(m), the term “Adjustment Event” shall mean: 
  
 (i) in any case referred to in clause (1) hereof, the
occurrence of such event, 
  

 84 

 (ii) in any case referred to in clause (2) hereof, the date any such dividend or
distribution is paid or made, 
  
 (iii) in any
case referred to in clause (3) hereof, the date of expiration of such rights or warrants, and 
  
 (iv) in any case referred to in clause (4) hereof, the date a sale or exchange of Common Stock pursuant to such tender or exchange offer
is consummated and becomes irrevocable. 
  
 (n) For purposes of
this Section 15.03, the number of shares of Common Stock at any time outstanding shall not include shares held in the treasury of the Company but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of
Common Stock. The Company will not pay any dividend or make any distribution on shares of Class A Common Stock held in the treasury of the Company. 
  
 Section 15.04 Shares to Be Fully Paid. The Company shall provide, free from preemptive rights, out of its authorized but unissued shares or
shares held in treasury, sufficient shares of Class A Common Stock to provide for conversion of the Debentures from time to time as such Debentures are presented for conversion. 
  
 Section 15.05. Effect of Reclassification, Consolidation, Merger or Sale. If any of the following events
occur, namely (i) any reclassification or change of the outstanding shares of Class A Common Stock (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a split, subdivision or
combination), (ii) any consolidation, merger or combination of the Company with another Person as a result of which holders of Class A Common Stock shall be entitled to receive stock, securities or other property or assets (including cash) with
respect to or in exchange for such Class A Common Stock, or (iii) any sale or conveyance of all or substantially all of the properties and assets of the Company to any other Person as a result of which holders of Class A Common Stock shall be
entitled to receive stock, securities or other property or assets (including cash) with respect to or in exchange for such Class A Common Stock, then: 
  
 (a) the Company or the successor or purchasing corporation, as the case may be, shall execute with the Trustee a supplemental indenture (which shall
comply with the Trust Indenture Act as in force at the date of execution of such supplemental indenture if such supplemental indenture is then required to so comply) providing for the conversion and settlement of the Debentures as set forth in this
Indenture. Such supplemental indenture shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article or pursuant to Section 15.01(e), as the case may be. If, in the case of
any such reclassification, change, consolidation, merger, 

  

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combination, sale or conveyance, the Exchange 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 reclassification, change, consolidation, merger, combination, sale or conveyance, then such supplemental indenture shall also be executed by such other corporation and shall contain such additional
provisions to protect the interests of the holders of the Debentures as 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 16 herein. 
  
 In the event the Company shall execute a supplemental indenture pursuant to this Section 15.05, the Company shall promptly file with the Trustee an Officers’ Certificate briefly stating the reasons therefore, the kind or amount of
shares of stock or other securities or property (including cash) that will constitute the Exchange Property after any such reclassification, change, combination, consolidation, merger, sale or conveyance, any adjustment to be made with respect
thereto and that all conditions precedent have been complied with, and shall promptly mail notice thereof to all Debentureholders. 
  
 (b) Notwithstanding the provisions of Section 15.02(a), and subject to the provisions of Section 15.01, including, without limitation, Section 15.01(e),
the Conversion Value with respect to each $1,000 principal amount of Debentures tendered for conversion on or after the second Trading Day immediately preceding the effective date of any such transaction, shall be calculated (as provided in clause
(d) below) based on the kind and amount of shares of stock and other securities or property or assets (including cash) or any combination thereof received upon such reclassification, change, consolidation, merger, combination, sale or conveyance by
a holder of Class A Common Stock holding, immediately prior to the transaction, a number of shares of Class A Common Stock equal to the Conversion Rate (plus Additional Shares, to the extent that the holder is entitled to Additional Shares in
accordance with Section 15.01(d) upon conversion) immediately prior to such transaction (the “Exchange Property”), assuming such holder of Class A Common Stock did not exercise his rights of election, if any, as to the kind or
amount of securities, cash or other property receivable upon such reclassification, change, consolidation, merger, combination, sale or conveyance (provided that, if the kind or amount of securities, cash or other property receivable upon such
reclassification, change, consolidation, merger, combination, sale or conveyance is not the same for each share of Class A Common Stock in respect of which such rights of election shall not have been exercised (“non-electing
share”), then for the purposes of this Section 15.05 the kind and amount of securities, cash or other property receivable upon such reclassification, change, consolidation, merger, combination, sale or conveyance for each non-electing share
shall be deemed to be the kind and amount so receivable per share by a plurality of the non-electing shares). 
  

 86 

 (c) The Conversion Value in respect of any Debentures tendered for conversion on or after the second
Trading Day immediately preceding the effective date of any such transaction shall be equal to the average of the daily values of the Exchange Property pertaining to such Debentures as determined in the next sentence (the “Exchange Property
Value”) for each of the ten consecutive Trading Days (appropriately adjusted to take into account the occurrence during such period of stock splits and similar events) beginning on the later of (A) the second Trading Day immediately
following the day the Debentures are tendered for conversion and (B) the effective date of such transaction (the “Exchange Property Weighted Average Price”). For the purpose of determining the value of any Exchange Property:

  
 (i) Any shares of common stock of the
successor or purchasing corporation or any other corporation that are included in the Exchange Property shall be valued as set forth in Section 15.02 as if such shares were “Common Stock” using the procedures set forth in the definition of
“Last Reported Sale Price” in Section 1.01; and 
  
 (ii) Any other property (other than cash) included in the Exchange Property shall be valued in good faith by the Board of Directors or by a New York Stock Exchange member firm selected by the Board of Directors.

  
 (d) The Company shall deliver such Conversion Value to
holders of Debentures so converted as follows: 
  
 (i) An amount equal to the Principal Return, determined as set forth in Section 15.02(b)(i); and 
  
 (ii) If the Conversion Value of the Debentures so converted is greater than the Principal Return, an amount of Exchange Property,
determined as set forth below, equal to such aggregate Conversion Value less the Principal Return (the “Net Exchange Property Amount”). 
  
 The amount of Exchange Property to be delivered shall be determined by dividing the Net Exchange Property Amount by the Exchange Property Weighted Average
Price. If the Exchange Property includes more than one kind of property, the amount of Exchange Property of each kind to be delivered shall be in the proportion that the Exchange Property Value of such kind of Exchange Property bears to the Exchange
Property Value of all the Exchange Property. If the foregoing calculations would require the Company to deliver a fractional share or unit of Exchange Property to a holder of Debentures being converted, the Company shall deliver cash in lieu of such
fractional share or unit based on its Exchange Property Weighted Average Price. 
  

 87 

 (e) Notwithstanding clauses (b), (c) and (d) above, if the Debentures are tendered for conversion prior
to the effective date of any such transaction pursuant to Section 15.01(d) above, and the Principal Return and Net Shares, if any, have been determined, but have not been delivered prior to the effective date of such transaction, then the Company
shall (i) pay the Principal Return in cash and (ii) subject to Section 15.01(e), instead of delivering Net Shares, if applicable, deliver an amount of Exchange Property that a holder of Common Stock, holding, immediately prior to the transaction, a
number of shares of Common Stock equal to the Net Shares, would receive, assuming such holder of Common Stock did not exercise his rights of election, if any, as to the kind or amount of securities, cash or other property receivable upon such
reclassification, change, consolidation, merger, combination, sale or conveyance (provided that, if the kind or amount of securities, cash or other property receivable upon such reclassification, change, consolidation, merger, combination, sale or
conveyance is not the same for each non-electing share, then for the purposes of this Section 15.05 the kind and amount of securities, cash or other property receivable upon such reclassification, change, consolidation, merger, combination, sale or
conveyance for each non-electing share shall be deemed to be the kind and amount so receivable per share by a plurality of the non-electing shares). If the foregoing calculations would require the Company to deliver a fractional share or unit of
Exchange Property to a holder of Debenture being converted, the Company shall deliver cash in lieu of such fractional share or unit based on the Exchange Property Value (as so determined). 
  
 (f) Notwithstanding clauses (b), (c), (d) and (e) above, if Debentures are
tendered for conversion at a time when neither of the ten day weighted averaging periods contemplated in clause (c) or clause (e) applies in full to the determination of the Conversion Value, then the Conversion Value and the amount of cash and
Exchange Property comprising the Principal Return and the Net Shares will be determined proportionally, with the weighted average amount relating to the portion of the ten day period falling prior to the effective date being valued as contemplated
by clause (e) and with the weighted average amount relating to the portion of that period falling on or after the effective date being valued as contemplated by clause (c). 
  
 (g) The Company shall cause notice of the execution of such supplemental indenture to be mailed to each Debentureholder, at
his address appearing on the Debenture register provided for in this Indenture, within twenty (20) days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture. 
  
 (h) The above provisions of this Section shall similarly apply to successive
reclassifications, changes, consolidations, mergers, combinations, sales and conveyances. 
  

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 Section 15.06. Certain Covenants. 
  
 (a) Before taking any action which would cause an adjustment reducing the Conversion Rate below the then par value, if any,
of the shares of Common Stock issuable upon conversion of the Debentures, the Company will take all corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue shares of such Common
Stock at such adjusted Conversion Rate. 
  
 The Company covenants
that all shares of Common Stock issued upon conversion of Debentures will be fully paid and non-assessable by the Company and free from all taxes, liens and changes with respect to the issue thereof. 
  
 (b) The Company covenants that, if any shares of Common Stock to be provided
for the purpose of conversion of Debentures hereunder require registration with or approval of any governmental authority under any federal or state law before such shares may be validly issued upon conversion, the Company will in good faith and as
expeditiously as possible, to the extent then permitted by the rules and interpretations of the Commission (or any successor thereto), endeavor to secure such registration or approval, as the case may be. 
  
 (c) The Company further covenants that if at any time the Common Stock shall
be listed on any other national securities exchange or automated quotation system the Company will, if permitted and required by the rules of such exchange or automated quotation system, list and keep listed, so long as the Common Stock shall be so
listed on such exchange or automated quotation system, all Common Stock issuable upon conversion of the Debentures. 
  
 Section 15.07. Responsibility of Trustee. The Trustee and any other Conversion Agent shall not at any time be under any duty or responsibility to
any Debentureholder to determine the Conversion Rate or whether any facts exist which may require any 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, or herein or in any supplemental indenture provided to be employed, in making the same. The Trustee and any other Conversion Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares
of Common Stock, or of any securities or property, which may at any time be issued or delivered upon the conversion of any Debenture; and the Trustee and any other Conversion Agent make no representations with respect thereto. Neither the Trustee
nor any Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver any shares of Common Stock or stock certificates or other securities or property or cash upon the surrender of any note for the purpose of
conversion or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article. Without limiting the generality of the foregoing, neither the Trustee nor any 

  

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Conversion Agent shall be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture entered into
pursuant to Section 15.05 relating either to the kind or amount of shares of stock or securities or property (including cash) receivable by Debentureholders upon the conversion of their Debentures after any event referred to in such Section 15.05 or
to any adjustment to be made with respect thereto, but, subject to the provisions of Section 8.01, may accept as conclusive evidence of the correctness of any such provisions, and shall be protected in relying upon, the Officers’ Certificate
(which the Company shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with respect thereto. 
  
 Section 15.08. Notice to Holders Prior to Certain Actions. In case: 
  
 (a) the Company shall declare a dividend (or any other distribution) on its Class A Common Stock that would
require an adjustment in the Conversion Rate pursuant to Section 15.03; or 
  
 (b) the Company shall authorize the granting to all of the holders of its Class A Common Stock of rights or warrants to subscribe for or purchase any share of any class or any other rights or warrants; or 

 
 (c) of any reclassification of the Class A Common Stock
of the Company (other than a subdivision or combination of its outstanding Class A Common Stock, or a change in par value, or from par value to no par value, or from no par value to par value), or of any consolidation or merger to which the Company
is a party and for which approval of any shareholders of the Company is required, or of the sale or transfer of all or substantially all of the assets of the Company; or 
  
 (d) of the voluntary or involuntary dissolution, liquidation or winding-up of the Company; 
  
 the Company shall cause to be filed with the Trustee and to be mailed to each Debentureholder
at his address appearing on the Debenture register, provided for in Section 2.06 of this Indenture, as promptly as possible but in any event at least ten days prior to the applicable date hereinafter specified, a notice stating (x) the date on which
a record is to be taken for the purpose of such dividend, distribution or rights or warrants, or, if a record is not to be taken, the date as of which the holders of Class A Common Stock of record to be entitled to such dividend, distribution or
rights are to be determined, or (y) the date on which such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding-up is expected to become effective or occur, and the date as of which it is expected that holders
of Class A Common Stock of record shall be entitled to exchange their Class A Common Stock for securities or other property deliverable upon such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding-up.
Failure to give such notice, or any defect therein, shall 

  

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not affect the legality or validity of such dividend, distribution, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or
winding-up. 
  
 Section 15.09. Shareholder Rights Plans.
Each share of Common Stock issued upon conversion of Debentures pursuant to this Article 15 shall be entitled to receive the appropriate number of rights, if any, and the certificates representing the Common Stock issued upon such conversion
shall bear such legends, if any, in each case as may be provided by the terms of any shareholder rights plan adopted by the Company, as the same may be amended from time to time. If at the time of conversion, however, the rights have separated from
the shares of Common Stock in accordance with the provisions of the applicable shareholder rights agreement so that the holders of the Debentures would not be entitled to receive any rights in respect of Common Stock issuable upon conversion of the
Debentures, the Conversion Rate will be adjusted as provided in Section 15.03(d). 
  
 ARTICLE 16 
 REPURCHASE OF DEBENTURES AT
OPTION OF HOLDERS 
  
 Section 16.01. Repurchase at Option of Holders.  
  
 (a) Debentures shall be purchased by the Company at the option of the holder for cash on February 15, 2010, 2015, 2020, 2025, 2030, or the next Business Day after each such date if any such date is not a Business Day (each, a
“Repurchase Date”), at a purchase price (the “Repurchase Price”) equal to 100% of the principal amount of the Debentures to be repurchased. The Company shall pay any accrued and unpaid interest, including Contingent
Interest, if any, and Liquidated Damages, if any, thereon to (but excluding) such Repurchase Date to the holders of such Debentures on the record date immediately preceding such Repurchase Date. Unless the Company has issued a notice of redemption
to redeem the Debentures as set forth in Section 3.01, not later than 20 Business Days prior to any Repurchase Date, the Company shall mail a notice (the “Company Notice”) by first class mail to the Trustee and to each holder (and
to beneficial owners as required by applicable law). The notice shall include a form of repurchase notice to be completed by a holder and shall state: 
  
 (i) the Repurchase Price and the Conversion Rate; 
  
 (ii) the name and address of the Paying Agent and the Conversion Agent; 
  
 (iii) that Debentures as to which a Repurchase Notice has
been given may be converted if they are otherwise convertible only in accordance with Article 15 hereof and the terms of the Debentures if the 

  

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applicable Repurchase Notice has been withdrawn in accordance with the terms of this Indenture; 
  
 (iv) that Debentures must be surrendered to the Paying Agent
to collect payment; 
  
 (v) that the Repurchase
Price for any Debenture as to which a Repurchase Notice has been given and not withdrawn will be paid promptly following the later of the Repurchase Date and the time of surrender of such Debenture as described in (iv); 
  
 (vi) the procedures the holder must follow to exercise its
repurchase rights under this Section 16.01 and a brief description of those rights; 
  
 (vii) briefly, the conversion rights, if any, with respect to the Debentures; 
  
 (viii) the procedures for withdrawing a Repurchase Notice;
and 
  
 (ix) the CUSIP number of the Securities.

  
 At the Company’s request, the Trustee shall give such
notice in the Company’s name and at the Company’s expense; provided, however, that, in all cases, the text of such Company Notice shall be prepared by the Company. 
  
 Purchases of Debentures hereunder shall be made, at the option of the holder thereof, upon: 
  
 (A) delivery to the Paying Agent by the holder of a written
notice of repurchase (a “Repurchase Notice”) during the period beginning at any time from the opening of business on the date that is 20 Business Days prior to the relevant Repurchase Date until the close of business on the last
Business Day prior to the Repurchase Date stating: 
  
 (1) the certificate number of the Debentures which the holder will deliver to be purchased or the appropriate Depositary procedures if certificated Debentures have not been issued for such Debenture, 
  
 (2) the portion of the principal amount of the Debenture
which the holder will deliver to be purchased, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000, and 
  

 92 

 (3) that such Debenture shall be purchased by the Company as of the Repurchase Date
pursuant to the terms and conditions specified in the Securities and in this Indenture; and 
  
 (B) delivery of such Debenture to the Paying Agent at any time after delivery of the Repurchase Notice (together with all necessary
endorsements) at the offices of the Paying Agent, such delivery being a condition to receipt by the holder of the Repurchase Price therefor; provided, however, that such Repurchase Price shall be so paid pursuant to this Section 16.01 only if
the Debenture so delivered to the Paying Agent shall conform in all respects to the description thereof in the related Repurchase Notice. 
  
 The Company shall purchase from the holder thereof, pursuant to this Section 16.01, a portion of a Debenture, if the principal amount of such portion is
$1,000 or an integral multiple of $1,000. Provisions of this Indenture that apply to the purchase of all of a Debenture also apply to the purchase of such portion of such Debenture. 
  
 Any purchase by the Company contemplated pursuant to the provisions of this Section 16.01 shall be consummated by the
delivery of the consideration to be received by the holder promptly following the later of the Repurchase Date and the time of delivery of the Debenture. 
  
 Notwithstanding anything herein to the contrary, any holder delivering to the Paying Agent the Repurchase Notice contemplated by this Section 16.01 shall
have the right to withdraw such Repurchase Notice at any time prior to the close of business on the Business Day prior to the Repurchase Date by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 16.03.

  
 The Paying Agent shall promptly notify the Company of the
receipt by it of any Repurchase Notice or written notice of withdrawal thereof. 
  
 (b) Notwithstanding the foregoing, no Debentures may be repurchased by the Company at the option of the holders if the principal amount of the Debentures has been accelerated, and such acceleration has not been
rescinded, on or prior to the Repurchase Date. 
  
 Section 16.02.
Repurchase at Option of Holders Upon a Designated Event. 
  
 (a) If there shall occur a Designated Event at any time prior to maturity of the Debentures, then each Debentureholder shall have the right, at such 

  

 93 

 
holder’s option, to require the Company to repurchase all of such holder’s Debentures for cash, or any portion thereof that is a multiple of $1,000
principal amount, on the date (the “Designated Event Repurchase Date”) specified by the Company that is not less than twenty (20) Business Days and not more than thirty five (35) Business Days after the date of the Designated Event
Notice of such Designated Event at a repurchase price equal to 100% of the principal amount thereof, together with accrued and unpaid interest, including Contingent Interest, if any, and accrued and unpaid Liquidated Damages, if any, thereon to, but
excluding, the Designated Event Repurchase Date (the “ Designated Event Repurchase Price”). If such Designated Event Repurchase Date falls after a record date for the payment of interest, Contingent Interest or Liquidated Damages
and on or prior to the corresponding interest payment date, the Company shall instead pay the principal amount to the Debentureholders, and pay the full amount of accrued and unpaid interest, including Contingent Interest, if any, and accrued and
unpaid Liquidated Damages, if any, payable on such interest payment date to the holder of record on the close of business on the corresponding record date. Repurchases of Debentures under this Section 16.02 shall be made, at the option of the holder
thereof, upon: 
  
 (i) delivery to the Trustee
(or other Paying Agent appointed by the Company) by a holder of a duly completed notice (the “Designated Event Repurchase Notice”) in the form set forth on the reverse of the Debenture prior to the close of business on the
Designated Event Repurchase Date; and 
  
 (ii)
delivery or book-entry transfer of the Debentures to the Trustee (or other Paying Agent appointed by the Company) at any time after delivery of the Designated Event Repurchase Notice (together with all necessary endorsements) at the Corporate Trust
Office of the Trustee (or other Paying Agent appointed by the Company) in the Borough of Manhattan, such delivery being a condition to receipt by the holder of the Designated Event Repurchase Price therefor; provided that such Designated
Event Repurchase Price shall be so paid pursuant to this Section 16.02 only if the Debenture so delivered to the Trustee (or other Paying Agent appointed by the Company) shall conform in all respects to the description thereof in the related
Designated Event Repurchase Notice. 
  
 Any purchase by the
Company contemplated pursuant to the provisions of this Section 16.02 shall be consummated by the delivery of the consideration to be received by the holder promptly following the later of the Designated Event Repurchase Date and the time of the
book-entry transfer or delivery of the Debenture. 
  
 Notwithstanding anything herein to the contrary, any holder delivering to the Trustee (or other Paying Agent appointed by the Company) the Designated 

  

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Event Repurchase Notice contemplated by this Section 16.02 shall have the right to withdraw such Designated Event Repurchase Notice at any time prior to the
close of business on the Designated Event Repurchase Date by delivery of a written notice of withdrawal to the Trustee (or other Paying Agent appointed by the Company) in accordance with Section 16.03 below. 
  
 The Trustee (or other Paying Agent appointed by the Company) shall promptly
notify the Company of the receipt by it of any Designated Event Repurchase Notice or written notice of withdrawal thereof. 
  
 (b) On or before the fifteenth day after the occurrence of a Designated Event, the Company shall mail to all holders of record of the Debentures a notice
(the “Designated Event Notice”) of the occurrence of such Designated Event and of the repurchase right at the option of the holders arising as a result thereof. Such mailing shall be by first class mail. The Company shall also
deliver a copy of the Designated Event Notice to the Trustee and cause a copy of such Designated Event Notice, or a summary of the information contained therein, to be published once in a newspaper of general circulation in The City of New York.
Concurrently with the mailing of any Designated Event Notice, the Company shall issue a press release announcing such Designated Event referred to in the Designated Event Notice, the form and content of which press release shall be determined by the
Company in its sole discretion. The failure to issue any such press release or any defect therein shall not affect the validity of the Designated Event Notice or any proceedings for the repurchase of any Debenture that any Debentureholder may elect
to have the Company repurchase as provided in this Section 16.02. 
  
 Each Designated Event Notice shall specify the circumstances constituting the Designated Event, the Designated Event Repurchase Date, the Designated Event Repurchase Price, that the holder must exercise the repurchase right on or prior to
the close of business on the Designated Event Repurchase Date (the “Designated Event Expiration Time”), that the holder shall have the right to withdraw any Debentures surrendered prior to the Designated Event Expiration Time, a
description of the procedure which a Debentureholder must follow to exercise such repurchase right and to withdraw any surrendered Debentures, the place or places where the holder is to surrender such holder’s Debentures and the CUSIP number or
numbers of the Debentures (if then generally in use) and include a form of Designated Event Repurchase Notice. 
  
 No failure of the Company to give the foregoing notices and no defect therein shall limit the Debentureholders’ repurchase rights or affect the
validity of the proceedings for the repurchase of the Debentures pursuant to this Section 16.02. 
  

 95 

 (c) Notwithstanding the foregoing, no Debentures may be repurchased by the Company at the option of the
holders upon a Designated Event if the principal amount of the Debentures has been accelerated, and such acceleration has not been rescinded, on or prior to the Designated Event Repurchase Date. 
  
 Section 16.03. Withdrawal of Repurchase Notice or Designated Event
Repurchase Notice.  
  
 (a) A Repurchase Notice or Designated
Event Repurchase Notice may be withdrawn by means of a written notice of withdrawal delivered to the Corporate Trust Office of the Trustee (or other Paying Agent appointed by the Company) in accordance with the Repurchase Notice or Designated Event
Repurchase Notice at any time prior to the close of business on the Business Day prior to the Repurchase Date or prior to the close of business on the Designated Event Repurchase Date, specifying: 
  
 (i) the certificate number, if any, of the Debenture in
respect of which such notice of withdrawal is being submitted, or the appropriate Depositary information if the Debenture in respect of which such notice of withdrawal is being submitted is represented by a Global Debenture, 
  
 (ii) the principal amount of the Debenture with respect to
which such notice of withdrawal is being submitted, and 
  
 (iii) the principal amount, if any, of such Debenture that remains subject to the original Repurchase Notice or Designated Event Repurchase Notice. 
  
 Section 16.04. Deposit of Repurchase Price or Designated Event Repurchase Price. 
  
 (a) On or prior to the Repurchase Date or Designated Event Repurchase Date,
the Company will deposit with the Trustee (or other Paying Agent appointed by the Company or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 5.04) an amount of money sufficient to
repurchase on the Repurchase Date or Designated Event Repurchase Date all of the Debentures to be repurchased on such date at the appropriate Repurchase Price or Designated Event Repurchase Price; provided that if such payment is made on the
Repurchase Date or Designated Event Repurchase Date it must be received by the Trustee or Paying Agent, as the case may be, by 10:00 a.m. New York City time, on such date. Subject to receipt of funds and/or Debentures by the Trustee (or other Paying
Agent appointed by the Company), payment for Debentures surrendered for repurchase (and not withdrawn) prior to the Designated Event Expiration Time will be made promptly after the later of (x) the Repurchase Date or Designated Event Repurchase Date
with respect to such Debenture (provided the holder has satisfied the conditions in 

  

 96 

 
Section 16.01 or Section 16.02, as applicable) and (y) the time of delivery of such Debenture to the Trustee (or other Paying Agent appointed by the Company)
by the holder thereof in the manner required by Section 16.01 or Section 16.02, as applicable) by mailing checks for the amount payable to the holders of such Debentures entitled thereto as they shall appear in the Debenture Register,
provided, however, that payments to the Depositary shall be made by wire transfer of immediately available funds to the account of the Depositary or its nominee. The Trustee shall, promptly after such payment and upon written demand by
the Company, return to the Company any funds in excess of the Repurchase Price or Designated Event Repurchase Price. 
  
 (b) If the Trustee (or other Paying Agent appointed by the Company) holds money sufficient to repurchase on the Repurchase Date or Designated Event
Repurchase Date all the Debentures or portions thereof that are to be purchased as of the Repurchase Date or Designated Event Repurchase Date, then on and after the Business Day following the Repurchase Date or Designated Event Repurchase Date (i)
such Debentures will cease to be outstanding, (ii) interest, including Contingent Interest, if any, and Liquidated Damages, if any, will cease to accrue on such Debentures, and (iii) all other rights of the holders of such Debentures will terminate,
whether or not book-entry transfer of the Debentures has been made or the Debentures have been delivered to the Trustee or Paying Agent, other than the right to receive the Repurchase Price or Designated Event Repurchase Price upon delivery of the
Debentures. 
  
 Section 16.05. Covenant to Comply with
Securities Laws. 
  
 When complying with the provisions of
this Article 16 (if any offer or purchase is made and such offer or purchase constitutes an “issuer tender offer” for purposes of Rule 13e-4 (which term, as used herein, includes any successor provision thereto) under the Exchange Act at
the time of such offer or purchase), the Company shall (i) comply with Rule 13e-4 and Rule 14e-1 (or any successor provision) under the Exchange Act, (ii) file a Schedule TO (or any successor schedule, form or report) under the Exchange Act and
(iii) otherwise comply with any applicable federal and state securities laws so as to permit the rights and obligations under Article 16 to be exercised in the time and in the manner specified in this Article 16. 
  
 ARTICLE 17 
 MISCELLANEOUS PROVISIONS 
  
 Section 17.01. Provisions Binding on Company’s Successors. All the covenants, stipulations, promises and agreements of the Company
contained in this Indenture shall bind its successors and assigns whether so expressed or not. 
  

 97 

 Section 17.02. Official Acts by Successor Corporation. Any act or proceeding by any provision of
this Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall and may be done and performed with like force and effect by the like board, committee or officer of any corporation that shall at
the time be the lawful sole successor of the Company. 
  
 Section
17.03. Addresses for Notices, Etc. Any notice or demand which by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Debentureholders on the Company shall be deemed to have been sufficiently
given or made, for all purposes if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee) to BlackRock, Inc., 40 East
52nd Street, New York, NY 10022, Attention: Chief Financial Officer. Any notice, direction, request or demand
hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed to the Corporate
Trust Office. 
  
 The Trustee, by notice to the Company, may
designate additional or different addresses for subsequent notices or communications. 
  
 Any notice or communication mailed to a Debentureholder shall be mailed to him by first class mail, postage prepaid, at his address as it appears on the Debenture register and shall be sufficiently given to him if so
mailed within the time prescribed. 
  
 Failure to mail a notice or
communication to a Debentureholder or any defect in it shall not affect its sufficiency with respect to other Debentureholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee
receives it. 
  
 Section 17.04. Governing Law. THIS
INDENTURE AND EACH DEBENTURE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF NEW YORK. 
  
 Section 17.5. Evidence of Compliance with Conditions Precedent; Certificates to Trustee. Upon any application
or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with, and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
  

 98 

 Each certificate or opinion provided for by or on behalf of the Company in this Indenture and delivered
to the Trustee with respect to compliance with a condition or covenant provided for in this Indenture shall include (1) a statement that the person making such certificate or opinion has read such covenant or condition; (2) a brief statement as to
the nature and scope of the examination or investigation upon which the statement or opinion contained in such certificate or opinion is based; (3) a statement that, in the opinion of such person, he has made such examination or investigation as is
necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and (4) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied
with. 
  
 Section 17.06. Legal Holidays. In any case where
the date of maturity of interest on or principal of the Debentures or the date fixed for repurchase of any Debenture will not be a Business Day, then payment of such interest on or principal of the Debentures need not be made on such date, but may
be made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for repurchase, and no interest shall accrue for the period from and after such date. 
  
 Section 17.07. No Security Interest Created. Nothing in this
Indenture or in the Debentures, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction. 
  
 Section 17.08. Trust Indenture Act. This Indenture is hereby
made subject to, and shall be governed by, the provisions of the Trust Indenture Act required to be part of and to govern indentures qualified under the Trust Indenture Act; provided, however, that, unless otherwise required by law,
notwithstanding the foregoing, this Indenture and the Debentures issued hereunder shall not be subject to the provisions of subsections (a)(1), (a)(2), and (a)(3) of Section 314 of the Trust Indenture Act as now in effect as hereafter amended or
modified; provided further that this Section 17.08 shall not require that this Indenture or the Trustee be qualified under the Trust Indenture Act prior to the time such qualification is in fact required under the terms of the Trust
Indenture Act, nor shall it constitute any admission or acknowledgment by any party hereto that any such qualification is required prior to the time such qualification is in fact required under the terms of the Trust Indenture Act. If any provision
hereof limits, qualifies or conflicts with another provision hereof which is required to be included in an indenture qualified under the Trust Indenture Act, such required provision shall control. 
  
 Section 17.09. Benefits of Indenture. Nothing in this Indenture
or in the Debentures, expressed or implied, shall give to any person, other than the parties hereto, any Paying Agent, any authenticating agent, any Debenture registrar and 

  

 99 

 
their successors hereunder, the Debentureholders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
  
 Section 17.10. Table of Contents, Headings, Etc. The table of contents
and the titles and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

  
 Section 17.11. Authenticating Agent. The Trustee
may appoint an authenticating agent which shall be authorized to act on its behalf and subject to its direction in the authentication and delivery of Debentures in connection with the original issuance thereof and transfers and exchanges of
Debentures hereunder, including under Section 2.05, Section 2.06, Section 2.07, Section 2.08 and Section 3.06, as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and those Sections
to authenticate and deliver Debentures. For all purposes of this Indenture, the authentication and delivery of Debentures by the authenticating agent shall be deemed to be authentication and delivery of such Debentures “by the Trustee” and
a certificate of authentication executed on behalf of the Trustee by an authenticating agent shall be deemed to satisfy any requirement hereunder or in the Debentures for the Trustee’s certificate of authentication. Such authenticating agent
shall at all times be a person eligible to serve as trustee hereunder pursuant to Section 8.09. 
  
 Any corporation into which any authenticating agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation succeeding to the corporate trust business of any authenticating agent, shall be the successor of the authenticating agent hereunder, if such
successor corporation is otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the parties hereto or the authenticating agent or such successor corporation. 
  
 Any authenticating agent may at any time resign by giving written notice of
resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any authenticating agent by giving written notice of termination to such authenticating agent and to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible under this Section, the Trustee shall promptly appoint a successor authenticating agent (which may be the Trustee), shall give written
notice of such appointment to the Company and shall mail notice of such appointment to all Debentureholders as the names and addresses of such holders appear on the Debenture register. 
  

 100 

 The Company agrees to pay to the authenticating agent from time to time reasonable compensation for its
services although the Company may terminate the authenticating agent, if it determines such agent’s fees to be unreasonable. 
  
 The provisions of Section 8.02, Section 8.03, Section 8.04, Section 9.03 and this Section 17.11 shall be applicable to any authenticating agent.

  
 Section 17.12. Execution in Counterparts. This
Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 
  
 Section 17.13. Tax Treatment of the Debentures. The Company agrees, and by acceptance of a beneficial interest
in a Debenture each holder and any beneficial owner of a Debenture shall be deemed to agree, to treat, for United States federal income tax purposes, the Debentures as debt instruments that are subject to Treasury regulation section 1.1275-4 or any
successor provision (the “contingent payment regulations”). For United States federal income tax purposes, the Company further agrees, and by acceptance of a beneficial interest in a Debenture each holder and any beneficial owner of a
Debenture shall be deemed to agree (i) to treat the cash and the fair market value of any Common Stock received upon the conversion of a Debenture as a contingent payment for purposes of the contingent payment regulations, (ii) to accrue interest
with respect to outstanding Debentures as original issue discount for United States federal income tax purposes (i.e. Tax Original Issue Discount) according to the “noncontingent bond method” set forth in the contingent payment
regulations, using the comparable yield of 5.70% compounded semi-annually, and (iii) to be bound by the Company’s determination of the “projected payment schedule,” within the meaning of the contingent payment regulations, with
respect to the Debentures. Holders or beneficial owners may obtain the issue price, amount of Tax Original Issue Discount, issue date, comparable yield and projected payment schedule, by submitting a written request for it to the Company at the
following address: 40 East 52nd Street, New York, NY 10022, Attention: Chief Financial Officer. 
  
 The Company acknowledges and agrees, and by acceptance of a beneficial
interest in a Debenture each holder and any beneficial owner of a Debenture shall be deemed to acknowledge and agree, that (i) the comparable yield means the annual yield the Company would pay, as of the issue date, on a noncontingent,
nonconvertible, fixed-rate debt instrument with terms and conditions otherwise similar to those of the Debentures and (ii) the comparable yield and the projected payment schedule that a holder or beneficial owner may obtain as described above do not
constitute a representation by the Company regarding the actual amounts that will be paid on the Debentures or the value of the Common Stock into which the Debentures may be converted. 
  

 101 

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

			
	 BLACKROCK, INC.

		
	By:	 	/s/    ROBERT P.
CONNOLLY        
	 Name:
	 	Robert P. Connolly
	 Title:
	 	Managing Director, General Counsel and Secretary

  

			
	 JPMORGAN CHASE BANK, N.A.,
as Trustee

		
	By:	 	/s/    LARRY
O’BRIEN        
	 Name:
	 	Larry O’Brien
	 Title:
	 	Vice President

  

 EXHIBIT A 
  

[FORM OF FACE OF DEBENTURE] 
  
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN. 
  
 THIS DEBENTURE AND THE SHARES OF BLACKROCK, INC. (THE
“COMPANY”) COMMON STOCK (“COMMON STOCK”) ISSUABLE UPON CONVERSION OF THIS DEBENTURE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NONE OF
THIS DEBENTURE, THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF THIS DEBENTURE OR ANY INTEREST OR PARTICIPATION HEREIN OR THEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION. 
  
 THE HOLDER OF THIS DEBENTURE, BY ITS ACCEPTANCE HEREOF, AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH DEBENTURE, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS TWO YEARS AFTER THE
LAST DATE OF ORIGINAL ISSUANCE OF THIS DEBENTURE (OR ANY PREDECESSOR OF SUCH DEBENTURE) ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) FOR SO LONG AS THE DEBENTURES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHICH NOTICE IS GIVEN THAT THE TRANSFER IS BEING
MADE IN RELIANCE ON RULE 144A, (C) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (D) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM 

  

 A-1 

 
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHTS OF THE COMPANY AND THE TRUSTEE PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT
TO CLAUSE (D) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND IN EACH OF THE FOREGOING CASES WHERE REGISTRATION OR TRANSFER OF THIS SECURITY IS REQUIRED, A CERTIFICATE OF
TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED AFTER THE RESALE RESTRICTION TERMINATION DATE UPON THE REQUEST OF THE HOLDER AND THE DELIVERY OF
AN OPINION OF COUNSEL, CERTIFICATES AND/OR OTHER INFORMATION SATISFACTORY TO THE COMPANY. 
  
 [FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), THIS DEBENTURE IS BEING ISSUED WITH TAX ORIGINAL ISSUE DISCOUNT. THE ISSUE PRICE OF THIS DEBENTURE
IS $1,000 PER $1,000 OF PRINCIPAL AMOUNT, AND THE ISSUE DATE OF THIS DEBENTURE IS FEBRUARY 23, 2005. IN ADDITION, THIS SECURITY IS SUBJECT TO UNITED STATES FEDERAL INCOME TAX REGULATIONS GOVERNING CONTINGENT PAYMENT DEBT INSTRUMENTS. FOR PURPOSES OF
SECTIONS 1272, 1273 AND 1275 OF THE CODE, THE COMPARABLE YIELD OF THIS DEBENTURE IS 5.70% COMPOUNDED SEMI-ANNUALLY (WHICH WILL BE TREATED AS THE YIELD TO MATURITY FOR UNITED STATES FEDERAL INCOME TAX PURPOSES). 
  
 FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THE COMPANY AGREES, AND BY ACCEPTANCE OF A
BENEFICIAL INTEREST IN THIS DEBENTURE EACH HOLDER AND ANY BENEFICIAL OWNER OF THIS DEBENTURE SHALL BE DEEMED TO HAVE AGREED, (1) TO TREAT THIS DEBENTURE AS A DEBT INSTRUMENT THAT IS SUBJECT TO TREASURY REGULATIONS SECTION 1.1275-4 OR ANY SUCCESSOR
PROVISION (THE “CONTINGENT PAYMENT REGULATIONS”), (2) TO TREAT THE CASH AND THE FAIR MARKET VALUE OF ANY COMMON STOCK RECEIVED UPON CONVERSION OF THIS DEBENTURE AS A CONTINGENT PAYMENT FOR PURPOSES OF THE CONTINGENT PAYMENT
REGULATIONS, (3) TO ACCRUE INTEREST WITH RESPECT TO THIS DEBENTURE AS ORIGINAL ISSUE DISCOUNT FOR UNITED STATES FEDERAL INCOME TAX PURPOSES ACCORDING TO THE “NONCONTINGENT BOND METHOD” SET FORTH IN THE CONTINGENT PAYMENT REGULATIONS AND
(4) TO BE BOUND BY THE COMPANY’S DETERMINATION OF THE “COMPARABLE YIELD” AND “PROJECTED PAYMENT SCHEDULE,” 

  

 A-2 

 
EACH WITHIN THE MEANING OF THE CONTINGENT PAYMENT REGULATIONS, WITH RESPECT TO THIS SECURITY. 
  
 THE COMPANY AGREES TO PROVIDE PROMPTLY TO THE HOLDER OF THIS DEBENTURE, UPON WRITTEN REQUEST, THE ISSUE PRICE, AMOUNT OF TAX ORIGINAL ISSUE
DISCOUNT, ISSUE DATE, COMPARABLE YIELD AND PROJECTED PAYMENT SCHEDULE. ANY SUCH WRITTEN REQUEST SHOULD BE SENT TO BLACKROCK, INC. AT THE FOLLOWING ADDRESS: 40 EAST 52ND STREET, NEW YORK, NY 10022, ATTENTION: CHIEF FINANCIAL OFFICER.] 
  

 A-3 

  
 BLACKROCK, INC. 

2.625% Convertible Debentures due 2035 
  

			
	 No. 1
	 	$250,000,000
		
	 CUSIP No. 09247XAA9
	 	 

  
 BlackRock, Inc., a
corporation duly organized and validly existing under the laws of the State of Delaware (herein called the “Company,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received
hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of Two Hundred Fifty Million Dollars (which amount may from time to time be increased or decreased to such other principal amounts (which, taken together with the
principal amounts of all other outstanding Debentures, shall not exceed $250,000,000 in aggregate at any time)) by adjustments made on the records of the Trustee as set forth in Schedule B hereto, as Custodian of the Depositary, in accordance with
the rules and procedures of the Depositary) on February 15, 2035, and Liquidated Damages in the manner, at the rates and to the persons set forth in the Registration Rights Agreement. 
  
 Payment of the principal of, interest, including any Contingent Interest, and any Liquidated Damages accrued on this
Debenture shall be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, or, at the option of the holder of this Debenture, at the Corporate Trust Office, in such lawful money of
the United States of America as at the time of payment shall be legal tender for the payment of public and private debts; provided, however, interest, including Contingent Interest, if any, and Liquidated Damages, if any, may be paid by check
mailed to such holder’s address as it appears in the Debenture register; provided further, however, that, with respect to any Debentureholder with an aggregate principal amount equal to or in excess of $2,000,000, at the request of such
holder in writing to the Company, interest, including Contingent Interest, if any, and Liquidated Damages, if any, on such holder’s Debentures shall be paid by wire transfer in immediately available funds in accordance with the written wire
transfer instruction supplied by such holder from time to time to the Trustee and Paying Agent (if different from the Trustee) at least two days prior to the applicable record date; provided that any payment to the Depositary or its nominee
shall be paid by wire transfer in immediately available funds in accordance with the wire transfer instruction supplied by the Depositary or its nominee from time to time to the Trustee and Paying Agent (if different from Trustee) at least two days
prior to the applicable record date. 
  
 Reference is made to the
further provisions of this Debenture set forth on the reverse hereof, including, without limitation, provisions giving the holder of this Debenture the right to convert this Debenture into cash and Class A Common Stock of the Company on the terms
and subject to the limitations referred to on 

  

 A-4 

 
the reverse hereof and as more fully specified in the Indenture. Such further provisions shall for all purposes have the same effect as though fully set
forth at this place. 
  
 This Debenture shall be deemed to be a
contract made under the laws of the State of New York, and for all purposes shall be construed in accordance with and governed by the laws of said State (without regard to the conflicts of laws provisions thereof). 
  
 This Debenture shall not be valid or become obligatory for any purpose until
the certificate of authentication hereon shall have been manually signed by the Trustee or a duly authorized authenticating agent under the Indenture. 
  
 [Remainder of page intentionally left blank] 
  

 A-5 

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

			
	BLACKROCK, INC.
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION JPMORGAN CHASE BANK, N.A.,
as Trustee, certifies that this is one of the Debentures described in the within-named
Indenture.
		
	By:	 	 
	 Authorized Officer

  

 A-6 

  
 [FORM OF REVERSE OF
DEBENTURE] 
  
 BLACKROCK, INC. 
 2.625% Convertible Debentures due 2035 
  
 This Debenture is one of a duly authorized issue of Debentures of the Company, designated as its 2.625% Convertible Debentures due 2035 (herein called the
“Debentures”), limited to the aggregate principal amount of $250,000,000 all issued or to be issued under and pursuant to an Indenture dated as of February 23, 2005 (herein called the “Indenture”), between the Company and
JPMorgan Chase Bank, N.A. (herein called the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the holders of the Debentures. Additional Debentures may be issued in an unlimited aggregate principal amount, subject to certain conditions specified in the Indenture. 
  
 In case an Event of Default, as defined in the Indenture, shall have occurred
and be continuing, the principal of, premium, if any, and interest, including Contingent Interest, if any, and Liquidated Damages, if any, on all Debentures may be declared, and upon said declaration shall become, due and payable, in the manner,
with the effect and subject to the conditions provided in the Indenture. 
  
 The Company shall pay additional interest (“Contingent Interest”) to the Debentureholders for the periods, at the rates and subject to the conditions set forth in the Indenture. The Company will pay
Contingent Interest, if any, in the same manner and at the same time as it will pay interest as described above. 
  
 Subject to the terms and conditions of the Indenture, the Company will make all payments and deliveries in respect of the Redemption Price, Repurchase
Price, and the principal amount on the maturity date, as the case may be, to the holder who surrenders a Debenture to a Paying Agent to collect such payments in respect of the Debenture. The Company will pay cash amounts in money of the United
States that at the time of payment is legal tender for payment of public and private debts. 
  
 The Indenture contains provisions permitting the Company and the Trustee in certain circumstances, without the consent of the holders of the Debentures, and in other circumstances, with the consent of the holders of
not less than a majority in aggregate principal amount of the Debentures at the time outstanding, evidenced as in the Indenture provided, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the
provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the holders of the Debentures; provided, however, that no such supplemental indenture shall make any of the changes set forth in 

  

 A-7 

 
Section 11.02 of the Indenture, without the consent of the holders of all Debentures then outstanding. It is also provided in the Indenture that, prior to
any declaration accelerating the maturity of the Debentures, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding may on behalf of the holders of all of the Debentures waive any past default or Event of
Default under the Indenture and its consequences except as provided in the Indenture. Any such consent or waiver by the holder of this Debenture (unless revoked as provided in the Indenture) shall be conclusive and binding upon such holder and upon
all future holders and owners of this Debenture and any Debentures which may be issued in exchange or substitution hereof, irrespective of whether or not any notation thereof is made upon this Debenture or such other Debentures. 
  
 No reference herein to the Indenture and no provision of this Debenture or of
the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and accrued and unpaid interest, including Contingent Interest, if any, and Liquidated Damages, if any,
on this Debenture at the place, at the respective times, at the rate and in the lawful money herein prescribed. 
  
 The Debentures are issuable in registered form without coupons in denominations of $1,000 principal amount and integral multiples thereof. At the office
or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but with payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration or exchange of Debentures, Debentures may be exchanged for a like aggregate principal amount of Debentures of other authorized denominations. 
  
 The Debentures are not subject to redemption through the operation of any
sinking fund. Prior to February 20, 2010, the Debentures will not be redeemable at the Company’s option. Subject to the terms and conditions of the Indenture, beginning on February 20, 2010, the Company, at its option, may redeem the Debentures
for cash at any time as a whole, or from time to time in part, at a price equal to the principal amount of the Debentures redeemed plus accrued and unpaid interest, including Contingent Interest, if any, and Liquidated Damages, if any, on the
Debentures redeemed to (but excluding) the Redemption Date. 
  
 Subject to the terms and conditions of the Indenture, the Company shall become obligated to purchase, at the option of the holder, all or any portion of Debentures held by such holder on February 15, 2010, 2015, 2020, 2025 and 2030, in
integral multiples of $1,000 at a Repurchase Price equal to the principal amount of the Debentures repurchased plus accrued and unpaid interest, including Contingent Interest, if any, and accrued and unpaid Liquidated Damages, if any, on the
Debentures repurchased to (but excluding) the Repurchase Date. 
  

 A-8 

 Upon the occurrence of a “Designated Event,” the holder has the right, at such holder’s
option, to require the Company to repurchase all of such holder’s Debentures or any portion thereof (in principal amounts of $1,000 or integral multiples thereof) on the Designated Event Purchase Date at a price equal to 100% of the principal
amount of the Debentures such holder elects to require the Company to repurchase, together with accrued and unpaid interest, including Contingent Interest, if any, and accrued and unpaid Liquidated Damages, if any, to but excluding the date fixed
for repurchase. The Company or, at the written request of the Company, the Trustee shall mail to all holders of record of the Debentures a notice of the occurrence of a Designated Event and of the repurchase right arising as a result thereof on or
before the fifteenth calendar day after the occurrence of such Designated Event. 
  
 Subject to the provisions of the Indenture, the holder hereof has the right, at its option, upon the occurrence of certain conditions specified in the Indenture and prior to the close of business on the business day
immediately preceding February 15, 2035, to convert any Debentures or portion thereof which is $1,000 or an integral multiple thereof, into cash and, if applicable, shares of Class A Common Stock, at a Conversion Rate specified in the Indenture, as
adjusted from time to time as provided in the Indenture, upon surrender of this Debenture, together with a conversion notice as provided in the Indenture and this Debenture, to the Company at the office or agency of the Company maintained for that
purpose in the Borough of Manhattan, The City of New York, or at the option of such holder, the Corporate Trust Office, and, unless the shares issuable on conversion are to be issued in the same name as this Debenture, duly endorsed by, or
accompanied by instruments of transfer in form satisfactory to the Company duly executed by, the holder or by his duly authorized attorney. The initial Conversion Rate shall be 9.7282 shares for each $1,000 principal amount of Debentures. No
fractional shares of Common Stock will be issued upon any conversion, but an adjustment in cash will be paid to the holder, as provided in the Indenture, in respect of any fraction of a share which would otherwise be issuable upon the surrender of
any Debenture or Debentures for conversion. No adjustment shall be made for dividends or any shares issued upon conversion of such Debenture except as provided in the Indenture. 
  
 Upon due presentment for registration of transfer of this Debenture at the office or agency of the Company in the Borough of
Manhattan, The City of New York, a new Debenture or Debentures of authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange thereof, subject to the limitations provided in the Indenture, without
charge except for any tax, assessments or other governmental charge imposed in connection therewith. 
  
 The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent and any Debenture registrar may deem and treat the registered
holder hereof as the absolute owner of this Debenture (whether or not this Debenture shall be overdue and notwithstanding any notation of ownership or 

  

 A-9 

 
other writing hereon), for the purpose of receiving payment hereof, or on account hereof, for the conversion hereof and for all other purposes, and neither
the Company nor the Trustee nor any other authenticating agent nor any Paying Agent nor any other Conversion Agent nor any Debenture registrar shall be affected by any notice to the contrary. Notwithstanding the foregoing, the Indenture provides
that following an event which, after notice or passage of time or both, would become a Default, owners of beneficial interests in a Global Debenture may directly enforce against the Company such owners’ right to exchange such beneficial
interest for Debentures in certificated form. All payments made to or upon the order of such registered holder shall, to the extent of the sum or sums paid, satisfy and discharge liability for monies payable on this Debenture. 
  
 No recourse for the payment of the principal of or any premium or accrued and
unpaid interest, including Contingent Interest, if any, or Liquidated Damages, if any, on this Debenture, or for any claim based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the
Company in the Indenture or any indenture supplemental thereto or in any Debenture, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, employee, agent, officer, director or
subsidiary, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of
any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 
  
 Terms used in this Debenture and defined in the Indenture are used herein as therein defined. 
  

 A-10 

  
 ABBREVIATIONS 
  
 The following abbreviations, when used in the inscription of the face of this Debenture,
shall be construed as though they were written out in full according to applicable laws or regulations: 
  

					
	TEN COM - as tenants in common	  	 UNIF GIFT MIN ACT
	  	 
	 	  	 ____________________
	  	 Custodian

	 	  	(Cust)  	  	 
			
	TEN ENT - as tenants by the entireties	  	 ____________________
	  	 
	 	  	(Minor)  	  	 

  

			
	 JT TEN - as joint tenants with right of
 survivorship and
not as tenants in common
	  	 Uniform Gifts to Minors Act
                         (State)

  
 Additional
abbreviations may also be used 
 though not in the above list. 
  

 A-11 

 EXHIBIT B 
  

[FORM OF CONVERSION NOTICE] 
  
 To: BlackRock, Inc. 
  
 The undersigned registered owner of this Debenture hereby irrevocably exercises the option to convert this Debenture, or the portion hereof (which is
$1,000 principal amount or an integral multiple thereof) below designated, into cash and shares of Class A Common Stock, if any, in accordance with the terms of the Indenture referred to in this Debenture, and directs that the shares issuable and
deliverable upon such conversion, if any, together with any check in payment of the Principal Return (as defined in the Indenture) and for fractional shares and any Debentures representing any unconverted principal amount hereof, be issued and
delivered to the registered holder hereof unless a different name has been indicated below. If shares or any portion of this Debenture not converted are to be issued in the name of a person other than the undersigned, the undersigned will pay all
transfer taxes payable with respect thereto. Any amount required to be paid to the undersigned on account of interest accompanies this Debenture. 
  
 Dated:                      
  

	
	 
	
	 
	 Signature(s)

  

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

  

 B-1 

	
	Fill in for registration of shares if to be issued, and Debentures if to be delivered, other than to and in the name of the registered holder:
	
	  
	 (Name)

	 
	 (Street Address)

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

  

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

  

 B-2 

 EXHIBIT C 
  

[FORM OF OPTION TO ELECT REPAYMENT 
 UPON A
DESIGNATED EVENT] 
  
 To: BlackRock, Inc. 
  
 The undersigned registered owner of this Debenture hereby acknowledges receipt of a notice
from BlackRock, Inc. (the “Company”) as to the occurrence of a Designated Event with respect to the Company and requests and instructs the Company to repay the entire principal amount of this Debenture, or the portion thereof (which is
$1,000 principal amount or an integral multiple thereof) below designated, in accordance with the terms of the Indenture referred to in this Debenture, together with accrued and unpaid interest, including Contingent Interest, if any, and Liquidated
Damages, if any, to, but excluding, such date, to the registered holder hereof. 
  
 Dated:                      
  

	
	 
	
	 
	 Signature(s)

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

  

 C-1 

 EXHIBIT D 
  

[FORM OF OPTION TO ELECT REPAYMENT 
 ON A
REPURCHASE DATE] 
  
 To: BlackRock, Inc. 
  
 The undersigned registered owner of this Debenture hereby requests and instructs BlackRock,
Inc. to repay the entire principal amount of this Debenture, or the portion thereof (which is $1,000 principal amount or an integral multiple thereof) below designated, in accordance with the terms of the Indenture referred to in this Debenture to
the registered holder hereof. 
  
 Dated:
                     
  

	
	 
	
	 
	 Signature(s)

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

  

 D-1 

 EXHIBIT E 
  

[FORM OF ASSIGNMENT AND TRANSFER] 
  
 For value received
                                 hereby sell(s), assign(s) and transfer(s) unto
                     (Please insert social security or Taxpayer Identification Number of assignee) the within Debenture, and hereby
irrevocably constitutes and appoints                                  
attorney to transfer the said Debenture on the books of the Company, with full power of substitution in the premises. 
  
 In connection with any transfer of the within Debenture occurring prior to the Resale Restriction Termination Date, as defined in the Indenture governing such Debenture,
the undersigned confirms that such Debenture is being transferred: 
  

	 ̈	*To BlackRock, Inc. or a subsidiary thereof; or 

  

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

  

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

  

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

  

	 ̈	*Pursuant to another available exemption from registration under the Securities Act of 1933, as amended. 

  

 E-1 

 Dated:
                     
  

	
	 
	
	  
	 Signature(s)

	
	  
	Signature Guarantee
	Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee
medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15 if shares of Common Stock are to be issued, or Debentures to be delivered, other than to and in the name of the registered holder.
	NOTICE: The signature on the conversion notice, the option to elect repurchase upon a Designated Event or the assignment must correspond with the name as written upon the face of the
Debenture in every particular without alteration or enlargement or any change whatever.

  

 E-2Purchase Agreement

 Exhibit 10.36 
  
 Conformed Copy 
  
 $250,000,000 
  
 BLACKROCK, INC. 
  
 2.625% Convertible Debentures Due 2035 
  
 PURCHASE
AGREEMENT 
  
 February 16, 2005 
  

 Exhibit 10.36 
  
 SCHEDULE A 
  
 The following table sets forth the hypothetical stock price and the number of Additional Shares to be issuable per $1,000 principal amount of Debentures:

  

																															
	 	  	Stock Price

	 Effective Date

	  	$77.58

	  	$85.00

	  	$90.00

	  	$95.00

	  	$100.00

	  	$105.00

	  	$110.00

	  	$115.00

	  	$120.00

	  	$130.00

	  	150.00

	  	$175.00

	  	$200.00

	  	$250.00

	  	$300.00

	 February 23, 2005
	  	3.16	  	2.45	  	2.08	  	1.77	  	1.52	  	1.31	  	1.13	  	0.99	  	0.87	  	0.68	  	0.46	  	0.31	  	0.23	  	0.15	  	0.10
	 February 15, 2006
	  	3.05	  	2.32	  	1.93	  	1.62	  	1.36	  	1.16	  	0.99	  	0.85	  	0.73	  	0.56	  	0.36	  	0.24	  	0.18	  	0.12	  	0.08
	 February 15, 2007
	  	2.99	  	2.21	  	1.81	  	1.48	  	1.22	  	1.01	  	0.84	  	0.70	  	0.59	  	0.44	  	0.27	  	0.18	  	0.14	  	0.09	  	0.06
	 February 15, 2008
	  	2.95	  	2.10	  	1.66	  	1.32	  	1.04	  	0.83	  	0.66	  	0.53	  	0.43	  	0.30	  	0.17	  	0.12	  	0.09	  	0.06	  	0.04
	 February 15, 2009
	  	2.97	  	2.00	  	1.50	  	1.10	  	0.80	  	0.58	  	0.42	  	0.30	  	0.22	  	0.14	  	0.08	  	0.06	  	0.05	  	0.03	  	0.02
	 February 15, 2010
	  	3.16	  	2.04	  	1.38	  	0.80	  	0.27	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  	  	—  

  

 Exhibit 10.36 
  
 SCHEDULE B 
  
 BLACKROCK, INC. 
 2.625% Convertible Debentures
Due 2035 
  
 No.
                     
  

							
	 Date

	  	 Principal Amount

	  	Notation Explaining
Principal Amount
Recorded

	  	Authorized Signature
of Trustee or
Custodian

	 	  	 	  	 	  	 
	 	  	 	  	 	  	 
	 	  	 	  	 	  	 
	 	  	 	  	 	  	 
	 	  	 	  	 	  	 

  

 February 16, 2005 
  
 Morgan Stanley & Co. Incorporated 
 Citigroup Global Markets Inc. 
 Merrill Lynch, Pierce, Fenner & Smith Incorporated 
 UBS Securities LLC 
  

	c/o	Morgan Stanley & Co. Incorporated 

	 	1585 Broadway 

	 	New York, New York 10036 

  
 Dear Sirs and Mesdames: 
  
 BlackRock, Inc., a Delaware corporation (the “Company”), proposes to issue and sell to the several purchasers named in Schedule I hereto (the “Initial Purchasers”) 
  
 $250,000,000 aggregate principal amount of its 2.625% Convertible Debentures
Due 2035 (the “Securities”) to be issued pursuant to the provisions of an Indenture to be dated as of February 23, 2005 (the “Indenture”) between the Company and JPMorgan Chase Bank, N.A., as Trustee (the
“Trustee”). The Securities will be convertible into shares of the Company’s Class A common stock, $0.01 par value (the “Underlying Securities”). 
  
 The Securities and the Underlying Securities will be offered without being registered under the Securities Act of 1933, as
amended (the “Securities Act”), to qualified institutional buyers in compliance with the exemption from registration provided by Rule 144A under the Securities Act. 
  
 The Initial Purchasers and their direct and indirect transferees will be entitled to the benefits of a Registration Rights
Agreement dated the Closing Date (as defined herein) between the Company and the Initial Purchasers (the “Registration Rights Agreement”). 
  
 In connection with the sale of the Securities, the Company has prepared a preliminary offering memorandum (the “Preliminary Memorandum”)
and will prepare a final offering memorandum (the “Final Memorandum” and, with the Preliminary Memorandum, each a “Memorandum”) including or incorporating by reference a description of the terms of the Securities
and the Underlying Securities, the terms of the offering and a description of the Company. As used herein, the term “Memorandum” shall include in each case the documents incorporated by reference therein. The terms
“supplement”, “amendment” and “amend” as used herein with respect to a Memorandum shall include all documents deemed to be incorporated by reference in the Preliminary Memorandum or Final Memorandum
that are filed subsequent to the date of such Memorandum with the Securities and Exchange Commission (the 

  

 
“Commission”) pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 
  
 1. Representations and Warranties. The Company represents and warrants
to, and agrees with, you that: 
  
 (a) (i) Each
document, if any, filed or to be filed pursuant to the Exchange Act and incorporated by reference in either Memorandum complied or will comply when so filed in all material respects with the Exchange Act and the applicable rules and regulations of
the Commission thereunder and (ii) the Preliminary Memorandum does not contain and the Final Memorandum, in the form used by the Initial Purchasers to confirm sales and on the Closing Date (as defined in Section 4), will not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that the representations and warranties set forth in this
paragraph do not apply to statements or omissions in either Memorandum based upon information relating to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser through you expressly for use therein. 
  
 (b) The Company has been duly incorporated, is validly
existing as a corporation in good standing under the laws of the Delaware, has the corporate power and authority to own or lease its property and to conduct its business as described in each Memorandum and is duly qualified to transact business and
is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not have a
material adverse effect on the Company and its subsidiaries, taken as a whole. 
  
 (c) Each subsidiary of the Company listed on Schedule II (the “subsidiaries”) hereto has been duly organized, is validly
existing as a corporation or limited liability company, as the case may be, in good standing under the laws of the jurisdiction of its formation, has the corporate or limited liability company power and authority, as the case may be, to own or lease
its property and to conduct its business as described in each Memorandum and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires
such qualification, except to the extent that the failure to be so qualified or be in good standing would not have a material adverse effect on the Company and its subsidiaries, taken as a whole; all of the issued shares of capital stock or
membership interests, as the case may be, of each subsidiary of the Company have been duly and validly authorized and issued and are owned directly or indirectly by the Company, free and clear of all liens, 

  

 2 

 
encumbrances, equities or claims and the issued shares of capital stock are fully paid and non-assessable. 
  
 (d) This Agreement has been duly authorized, executed and
delivered by the Company. 
  
 (e) The authorized
capital stock of the Company conforms as to legal matters to the description thereof contained in the Final Memorandum. 
  
 (f) The shares of common stock outstanding prior to the issuance of the Securities have been duly authorized and validly issued and are
fully paid and non-assessable. 
  
 (g) The
Securities have been duly authorized by the Company and, when executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Initial Purchasers in accordance with the terms of this Agreement, will
be valid and binding obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally and general principles of equity, and will be
entitled to the benefits of the Indenture pursuant to which such Securities are to be issued and the Registration Rights Agreement. 
  
 (h) The Underlying Securities issuable upon conversion of the Securities have been duly authorized and reserved and, when issued upon
conversion of the Securities in accordance with the terms of the Securities, will be validly issued, fully paid and non–assessable, and the issuance of the Underlying Securities will not be subject to any preemptive or similar rights.

  
 (i) Each of the Indenture and the
Registration Rights Agreement has been duly authorized, executed and delivered by, and is a valid and binding agreement of, the Company, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency or similar laws affecting
creditors’ rights generally and general principles of equity and except as rights to indemnification and contribution under the Registration Rights Agreement may be limited under applicable law. 
  
 (j) The execution and delivery by the Company of, and the
performance by the Company of its obligations under, this Agreement, the Indenture, the Registration Rights Agreement and the Securities will not contravene any provision of applicable law, statute, rule, regulation, or the certificate of
incorporation or by-laws of the Company or any agreement or other instrument binding upon the Company or any of its subsidiaries that is material to the Company and its subsidiaries, taken as a whole, any 

  

 3 

 
judgment, order or decree of any governmental body, agency, court or self–regulatory organization having jurisdiction over the Company or any
subsidiary, and no filing with or consent, approval, authorization, license or order of, or qualification or registration with, any governmental body, agency or self-regulatory organization is required for the performance by the Company of its
obligations under this Agreement, the Indenture, the Registration Rights Agreement or the Securities, except such as may be required by the securities or Blue Sky laws of the various states or other jurisdictions in connection with the offer and
sale of the Securities and by Federal and state securities laws with respect to the Company’s obligations under the Registration Rights Agreement. 
  
 (k) There has not occurred any material adverse change, or any development involving a prospective material adverse change, in the
financial condition, or in the earnings, business or operations of the Company and its subsidiaries, taken as a whole, from that set forth in the Preliminary Memorandum provided to prospective purchasers of the Securities. 
  
 (l) There are no legal or governmental proceedings, actions,
suits, inquiries or investigations pending or threatened to which the Company or any of its subsidiaries is a party or to which any of the properties of the Company or any of its subsidiaries is subject other than (i) proceedings accurately
described in all material respects in each Memorandum and (ii) proceedings that would not have a material adverse effect on the Company and its subsidiaries, taken as a whole, or on the power or ability of the Company to perform its obligations
under this Agreement, the Indenture, the Registration Rights Agreement or the Securities or to consummate the transactions contemplated by the Final Memorandum. 
  
 (m) The Company and its subsidiaries are in compliance with any and all applicable foreign, federal, state
and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants except where such non-compliance would not, singly or in the aggregate, have
a material adverse effect on the Company and its subsidiaries, taken as a whole. 
  
 (n) The Company is not, and solely after giving effect to the offering and sale of the Securities and the application of the proceeds
thereof as described in the Final Memorandum will not be, required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”). 
  

 4 

 (o) Neither the Company nor any affiliate (as defined in Rule 501(b) of Regulation D
under the Securities Act, an “Affiliate”) of the Company has directly, or through any agent, (i) sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act)
which is or will be integrated with the sale of the Securities in a manner that would require the registration under the Securities Act of the Securities or (ii) offered, solicited offers to buy or sold the Securities by any form of general
solicitation or general advertising (as those terms are used in Regulation D under the Securities Act) or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act. 
  
 (p) It is not necessary in connection with the offer, sale
and delivery of the Securities to the Initial Purchasers in the manner contemplated by this Agreement to register the Securities under the Securities Act or to qualify the Indenture under the Trust Indenture Act of 1939, as amended. 
  
 (q) The Securities satisfy the requirements set forth in
Rule 144A(d)(3) under the Securities Act. 
  
 (r)
Each of the Company and its subsidiaries owns or possesses, or can acquire on reasonable terms, all adequate patents, patent rights, licenses, inventions, copyrights, know how (including trade secrets and other unpatented and/or unpatentable
proprietary or confidential information, systems or procedures), trademarks, service marks and trade names necessary to carry on the business now operated by them, and neither the Company nor any of its subsidiaries has received any notice of
infringement of or conflict with asserted rights of others with respect to any of the foregoing which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a material adverse affect on the Company and
its subsidiaries, taken as a whole. 
  
 (s) The
Company and each of its subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged; neither the Company nor
any of its subsidiaries has been refused any insurance coverage sought or applied for; and neither the company nor any of its subsidiaries has any reason to believe that it will not be able to renew its existing insurance coverage as and when such
coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a material adverse affect on the Company and its subsidiaries, taken as a whole, except as described in
the Memorandum. 
  

 5 

 (t) The Company and its subsidiaries possess all certificates, authorizations, licenses,
approvals, consents, permits and other authorizations issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct their respective businesses, and neither the Company nor any of its subsidiaries has received any
notice of proceedings relating to the revocation or modification of any such certificate, authorization, licenses, approval, consent, permit or other authorization which, singly or in the aggregate, if the subject of an unfavorable decision, ruling
or finding, would have a material adverse affect on the Company and its subsidiaries, taken as a whole, except as described in the Memorandum. 
  
 (u) The Company and each of its subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance
that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting
principles and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at
reasonable intervals and appropriate action is taken with respect to any differences. 
  
 (v) The Company has established and maintained disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14)
that are adequate and effective and designed to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to its chief executive officer and chief financial officer by others within those
entities. 
  
 (w) The consolidated financial
statements incorporated by reference in the Memorandum, together with related schedules and notes, present fairly in all material respects the financial position of the Company and its consolidated subsidiaries at the dates indicated and the
statement of operations and stockholders’ equity and cash flows of the Company and its consolidated subsidiaries for the periods specified, said financials have been prepared in accordance with generally accepted accounting principles
(“GAAP”) applied on a consistent basis throughout the periods involved, except as disclosed therein; and the other financial information and data set forth in the Memorandum present fairly, in all material respects, the information
shown therein and have been compiled on a basis consistent with that of the audited financial statements included or incorporated by reference in the Memorandum. 
  
 (x) The Company and its subsidiaries have good and marketable title in fee simple to all real property and
good and marketable 

  

 6 

 
title to all personal property owned by them which is material to the business of the Company and its subsidiaries, in each case free and clear of all liens,
encumbrances and defects except such as are described in the Memorandum or such as do not materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Company and its
subsidiaries; and any real property and buildings held under lease by the Company and its subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with the use made
and proposed to be made of such property and buildings by the Company and its subsidiaries, in each case except as described in the Memorandum. 
  
 (y) Each of BlackRock Advisors, Inc., BlackRock Institutional Management Corporation, BlackRock Financial Management, Inc., BlackRock
(Japan), Inc., BlackRock Capital Management, Inc., BlackRock HPB Management, LLC, State Street Research Management Company, BlackRock Realty Advisors, Inc. and BlackRock International Ltd. (together, the “Investment Adviser
Subsidiaries”) is duly registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) and none of the Investment Adviser Subsidiaries is prohibited by any provision of the
Advisers Act or the 1940 Act, or the respective rules and regulations thereunder, from acting as an investment adviser. The Investment Adviser Subsidiaries are the only direct or indirect subsidiaries of the Company required to be registered as
investment advisers under the Advisers Act. Each of the Investment Adviser Subsidiaries is duly registered, licensed or qualified as an investment adviser in each jurisdiction where the conduct of its business requires such registration and is in
compliance with all federal, state and foreign laws requiring any such registration, licensing or qualification or is subject to no material liability or disability by reason of the failure to be so registered, licensed or qualified in any such
jurisdiction or to be in such compliance. None of the Company or its other direct or indirect subsidiaries is required to be registered, licensed or qualified as an investment adviser under the laws requiring any such registration, licensing or
qualification in any jurisdiction in which it or such other subsidiaries conduct business or is subject to material liability or disability by reason of the failure to be so registered, licensed or qualified. 
  
 (z) Each of BlackRock Investments, Inc. and State Street
Research Investment Services (the “Broker Dealer Subsidiaries”) is duly registered, licensed or qualified as a broker-dealer under the Exchange Act, and under the securities laws of each jurisdiction where the conduct of its
business requires such registration and is in compliance with all federal, state and foreign laws requiring such registration, licensing or 

  

 7 

 
qualification or is subject to no material liability or disability by reason of the failure to be so registered, licensed or qualified in any such
jurisdiction or to be in such compliance. Each of the Broker Dealer Subsidiaries is a member in good standing of NASD and each other self-regulatory organization where the conduct of its business requires such membership. Neither the Company nor any
of the Company’s other direct or indirect subsidiaries is required to be registered, licensed or qualified as a broker-dealer under the laws requiring any such registration, licensing or qualification in any jurisdiction in which it or such
other subsidiaries conduct business or is subject to any material liability or disability by reason of the failure to be so registered, licensed or qualified except where the failure to be so registered, licensed or qualified would not have a
material adverse affect on the Company and its subsidiaries, taken as a whole. 
  
 (aa) Each of the Investment Adviser Subsidiaries and the Broker Dealer Subsidiaries is, has been and will upon consummation of the
transactions contemplated herein be, in compliance with, and each such entity has received no notice of any kind of any violation of, (A) all laws, regulations, ordinances and rules (including those of any non-governmental self-regulatory agencies)
applicable to it or its operations relating to investment advisory or broker-dealer activities, as the case may be, and (B) all other laws, regulations, ordinances and rules applicable to it and its operations, except, in either case, where any
failure to comply with any such law, regulation, ordinance or rule would not have, individually or in the aggregate, a material adverse effect on the Company and its subsidiaries taken as a whole. 
  
 (bb) Each entity for which the Investment Adviser
Subsidiaries acts as investment adviser and, to the best knowledge of the Investment Adviser Subsidiaries, each entity for which the Investment Adviser Subsidiaries acts as sub-adviser and, in each case, which is required to be registered with the
Commission as an investment company under the 1940 Act (a “Fund”) is, and upon consummation of the transactions contemplated herein will be, duly registered with the Commission as an investment company under the 1940 Act and to the
best knowledge of the Company, each Fund has been operated in compliance in all material respects with the applicable provisions of the 1940 Act and the rules and regulations thereunder and to the best knowledge of the Company, there are no facts
with respect to any such Fund that are likely to have a material adverse effect on the Company and its subsidiaries taken as a whole. To the knowledge of the Company, each Fund’s registration statement complies (or, in the case of closed-end
funds, complied at the date thereof) in all material respects with the provisions of the Securities Act, the 1940 Act and the rules and regulations thereunder and does not (or, in the case 

  

 8 

 
of closed-end funds, did not at the date thereof) contain any untrue statement of material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading. 
  
 (cc) Each entity for which an Investment Adviser Subsidiary acts as investment adviser and, to the best knowledge of the Investment Adviser Subsidiaries, each entity for which the Investment Adviser Subsidiary acts as
sub-adviser which entity is not required to be registered with the Commission as an investment company under the 1940 Act (an “Exempt Fund”) is not, and upon consummation of the transactions contemplated herein will not be, required
to register with the Commission as an investment company under the 1940 Act and to the best knowledge of the Company there are no facts with respect to any such Exempt Fund that are likely to have a material adverse effect on the Company and its
subsidiaries taken as a whole. To the best knowledge of the Company, each Exempt Fund’s offering documents comply in all material respects with the provisions of the laws applicable to such offering and do not contain any untrue statement of
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 
  
 (dd) Each agreement between the Company, any Investment Adviser Subsidiary, or any other subsidiary of the Company on the one hand and any
Fund, Exempt Fund or private client on the other is a legal and valid obligation of the parties thereto, and none of the Company, any Investment Adviser Subsidiary or any other subsidiary of the Company is in breach or violation of or in default
under any such agreement which would individually or in the aggregate have a material adverse effect on the Company and its subsidiaries taken as a whole. 
  
 (ee) The offering contemplated by this Agreement will not constitute an “assignment” as defined in the 1940 Act and the Advisers
Act of any of the investment advisory contracts to which the Company or any of its Subsidiaries is a party. 
  
 2. Agreements to Sell and Purchase. The Company hereby agrees to sell to the several Initial Purchasers, and each Initial Purchaser, upon the basis
of the representations and warranties herein contained, but subject to the conditions hereinafter stated, agrees, severally and not jointly, to purchase from the Company the Securities set forth in Schedule I hereto opposite its name at a purchase
price of 98% of the principal amount thereof (the “Purchase Price”) plus accrued interest, if any, to the Closing Date. 
  
 The Company hereby agrees that, without the prior written consent of Morgan Stanley & Co. Incorporated on behalf of the Initial Purchasers, it will
not, during the period beginning on the date hereof and continuing to an including the 

  

 9 

 
date that is 60 days after the date of the Final Memorandum, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any
option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of common stock or any securities convertible into or exercisable or exchangeable for class A
or class B common stock or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the class A or class B common stock, whether any such transaction described in
clause (i) or (ii) above is to be settled by delivery of class A or class B common stock or such other securities, in cash or otherwise. The foregoing sentence shall not apply to (A) the sale of the Securities under this Agreement, (B) the issuance
by the Company of any shares of class A or class B common stock upon the exercise of an option or warrant or the conversion of a security outstanding on the date hereof of which the Initial Purchasers have been advised, (C) the issuance of the
Underlying Securities upon conversion of the Securities in accordance with the terms of the Indenture or (D) the grant of options or stock under the Company’s stock incentive, dividend reinvestment or other employee ownership or benefit plans
is in effect on the date hereof. 
  
 3. Terms of Offering.
You have advised the Company that the Initial Purchasers will make an offering of the Securities purchased by the Initial Purchasers hereunder on the terms to be set forth in the Final Memorandum, as soon as practicable after this Agreement is
entered into as in your judgment is advisable. 
  
 4. Payment
and Delivery. Payment for the Securities shall be made to the Company in Federal or other funds immediately available in New York City against delivery of such Securities for the respective accounts of the several Initial Purchasers at 10:00
a.m., New York City time, on February 23, 2005, or at such other time on the same or such other date, not later than March 2, 2005, as shall be designated in writing by you. The time and date of such payment are hereinafter referred to as the
“Closing Date.” 
  
 The Securities shall be in
definitive form or global form, as specified by you, and registered in such names and in such denominations as you shall request in writing not later than one full business day prior to the Closing Date. The certificate evidencing the Securities
shall be delivered to you on the Closing Date for the respective accounts of the several Initial Purchasers, with any transfer taxes payable in connection with the transfer of the Securities to the Initial Purchasers duly paid, against payment of
the Purchase Price therefor plus accrued interest, if any, to the date of payment and delivery. 
  

 10 

 5. Conditions to the Initial Purchasers’ Obligations. The several obligations of the Initial
Purchasers to purchase and pay for the Securities on the Closing Date are subject to the following conditions: 
  
 (a) Subsequent to the execution and delivery of this Agreement and prior to the Closing Date there shall not have occurred: 
  
 (i) any downgrading, nor shall any notice have been given of
any intended or potential downgrading or of any review for a possible change that does not indicate the direction of the possible change, in the rating accorded any of the Company’s securities by any “nationally recognized statistical
rating organization,” as such term is defined for purposes of Rule 436(g)(2) under the Securities Act; and 
  
 (ii) any change, or any development involving a prospective change, in the condition, financial or otherwise, or in the earnings, business
or operations of the Company and its subsidiaries, taken as a whole, from that set forth in the Preliminary Memorandum provided to prospective purchasers of the Securities that, in your judgment, is material and adverse and that makes it, in your
judgment, impracticable to market the Securities on the terms and in the manner contemplated in the Final Memorandum. 
  
 (b) The Initial Purchasers shall have received on the Closing Date a certificate, dated the Closing Date and signed by an executive
officer of the Company, to the effect set forth in Section 5(a)(i) and to the effect that the representations and warranties of the Company contained in this Agreement are true and correct as of the Closing Date and that the Company has complied
with all of the agreements and satisfied all of the conditions on its part to be performed or satisfied hereunder on or before the Closing Date. 
  
 The officer signing and delivering such certificate may rely upon the best of his or her knowledge as to proceedings threatened.

  
 (c) The Initial Purchasers shall have
received on the Closing Date an opinion of Skadden, Arps, Slate, Meagher & Flom LLP, special counsel for the Company, dated the Closing Date, to the effect set forth in Exhibit A. Such opinion shall be rendered to the Initial Purchasers at the
request of the Company and shall so state therein. 
  
 (d) The Initial Purchaser shall have received on the Closing Date an opinion of Robert P. Connolly, Managing Director, General Counsel and Secretary of the Company, dated the Closing Date, to the effect set forth in Exhibit B. Such opinion
shall be rendered to the Initial Purchasers at the request of the Company and shall so state therein. 
  

 11 

 (e) The Initial Purchasers shall have received on the Closing Date an opinion of Davis
Polk & Wardwell, counsel for the Initial Purchasers, dated the Closing Date, to the effect set forth in Exhibit B. 
  
 (f) The Initial Purchasers shall have received on each of the date hereof and the Closing Date a letter, dated the date hereof or the
Closing Date, as the case may be, in form and substance reasonably satisfactory to the Initial Purchasers, from Deloitte & Touche LLP, independent public accountants, containing statements and information of the type ordinarily included in
accountants’ “comfort letters” to underwriters with respect to the financial statements and certain financial information contained in or incorporated by reference into the Final Memorandum; provided that the letter delivered
on the Closing Date shall use a “cut-off date” not earlier than the date hereof. 
  
 (g) The “lock-up” agreements, each substantially in the form of Exhibit C hereto, between you and certain shareholders, officers
and directors of the Company listed on Schedule III hereto relating to sales and certain other dispositions of shares of common stock or certain other securities, delivered to you on or before the date hereof, shall be in full force and effect on
the Closing Date. 
  
 6. Covenants of the Company. In
further consideration of the agreements of the Initial Purchasers contained in this Agreement, the Company covenants with each Initial Purchaser as follows: 
  
 (a) To furnish to you in New York City, without charge, prior to 10:00 a.m. New York City time on the business day next succeeding the
date of this Agreement and during the period mentioned in Section 6(c), as many copies of the Final Memorandum, any documents incorporated by reference therein and any supplements and amendments thereto as you may reasonably request. 
  
 (b) Before amending or supplementing either Memorandum, to
furnish to you a copy of each such proposed amendment or supplement and not to use any such proposed amendment or supplement to which you reasonably object. 
  
 (c) If, during such period after the date hereof and prior to the date on which all of the Securities shall have been sold by the Initial
Purchasers, any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Final Memorandum in order to make the statements therein, in the light of the circumstances when the Final Memorandum is delivered
to a purchaser, not misleading, or if, in the opinion of counsel for the Initial Purchasers, it is necessary to amend or supplement the Final Memorandum to comply with applicable law, 

  

 12 

 
forthwith to prepare and furnish, at its own expense, to the Initial Purchasers, either amendments or supplements to the Final Memorandum so that the
statements in the Final Memorandum as so amended or supplemented will not, in the light of the circumstances when the Final Memorandum is delivered to a purchaser, be misleading or so that the Final Memorandum, as amended or supplemented, will
comply with applicable law. 
  
 (d) To endeavor
to qualify the Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions as you shall reasonably request. 
  
 (e) Whether or not the transactions contemplated in this Agreement are consummated or this Agreement is terminated (except pursuant to
Sections 9(i), (iii), (iv), or (v)), to pay or cause to be paid all expenses incident to the performance of its obligations under this Agreement, including: (i) the reasonable fees, disbursements and expenses of the Company’s counsel and the
Company’s accountants in connection with the issuance and sale of the Securities and all other fees or expenses in connection with the preparation of each Memorandum and all amendments and supplements thereto, including all printing costs
associated therewith, and the delivering of copies thereof to the Initial Purchasers, in the quantities herein above specified, (ii) all costs and expenses related to the transfer and delivery of the Securities to the Initial Purchasers, including
any transfer or other taxes payable thereon, (iii) all expenses in connection with the qualification of the Securities for offer and sale under state securities laws as provided in Section 6(d) hereof, including filing fees and the reasonable fees
and disbursements of counsel for the Initial Purchasers in connection with such qualification and in connection with the Blue Sky or legal investment memorandum, (iv) any fees charged by rating agencies for the rating of the Securities, (v) the fees
and expenses, if any, incurred in connection with the admission of the Securities for trading in PORTAL or any appropriate market system, (vi) the costs and charges of the Trustee and any transfer agent, registrar or depositary, (vii) the cost of
the preparation, issuance and delivery of the Securities, (viii) the document production charges and expenses associated with printing this Agreement and (ix) all other cost and expenses incident to the performance of the obligations of the Company
hereunder for which provision is not otherwise made in this Section. It is understood, however, that except as provided in this Section, Section 8, and the last paragraph of Section 10, the Initial Purchasers will pay all of their costs and
expenses, including fees and disbursements of their counsel, transfer taxes payable on resale of any of the Securities by them and any advertising expenses connected with any offers they may make. 
  

 13 

 (f) Neither the Company nor any Affiliate will sell, offer for sale or solicit offers to
buy or otherwise negotiate in respect of any security (as defined in the Securities Act) which could be integrated with the sale of the Securities in a manner which would require the registration under the Securities Act of the Securities.

  
 (g) Not to solicit any offer to buy or offer
or sell the Securities or the Underlying Securities by means of any form of general solicitation or general advertising (as those terms are used in Regulation D under the Securities Act) or in any manner involving a public offering within the
meaning of Section 4(2) of the Securities Act. 
  
 (h) While any of the Securities or the Underlying Securities remain “restricted securities” within the meaning of the Securities Act, to make available, upon request, to any seller of such Securities the information specified in
Rule 144A(d)(4) under the Securities Act, unless the Company is then subject to Section 13 or 15(d) of the Exchange Act. 
  
 (i) If requested by you, to use its best efforts to permit the Securities to be designated PORTAL securities in accordance with the rules
and regulations adopted by the National Association of Securities Dealers, Inc. relating to trading in the PORTAL Market. 
  
 (j) During the period of two years after the Closing Date the Company will not, and will not permit any of its affiliates (as defined in
Rule 144 under the Securities Act) to resell any of the Securities or the Underlying Securities which constitute “restricted securities” under Rule 144 that have been reacquired by any of them. 
  
 (k) Not to take any action prohibited by Regulation M under
the Exchange Act in connection with the distribution of the Securities contemplated hereby. 
  
 7. Offering of Securities; Restrictions on Transfer. Each Initial Purchaser, severally and not jointly, represents and warrants that such Initial Purchaser is a qualified institutional buyer as defined in Rule
144A under the Securities Act (a “QIB”). Each Initial Purchaser, severally and not jointly, agrees with the Company that (i) it will not solicit offers for, or offer or sell, such Securities by any form of general solicitation or
general advertising (as those terms are used in Regulation D under the Securities Act) or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act and (ii) it will solicit offers for such Securities only
from, and will offer such Securities only to, persons that it reasonably believes to be (A) in the case of offers inside the United States, QIBs that, in each case, in purchasing such Securities are deemed to have represented and agreed as provided
in the Final Memorandum under the caption “Transfer Restrictions”. 
  

 14 

 8. Indemnity and Contribution. (a) The Company agrees to indemnify and hold harmless each Initial
Purchaser, each person, if any, who controls any Initial Purchaser within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, and each affiliate of any Initial Purchaser within the meaning of Rule 405 under the
Securities Act from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) caused by any
untrue statement or alleged untrue statement of a material fact contained in either Memorandum or any amendments or supplements thereto, or caused by any omission or alleged omission to state therein a material fact necessary to make the statements
therein in the light of the circumstances under which they were made not misleading, except insofar as such losses, claims, damages or liabilities are caused by any such untrue statement or omission or alleged untrue statement or omission based upon
information relating to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser through you expressly for use therein; provided, however, that the foregoing indemnity agreement with respect to any
Preliminary Memorandum shall not inure to the benefit of any Initial Purchaser from whom the person asserting any such losses, claims, damages or liabilities purchased Securities, or any person controlling such Initial Purchaser, if a copy of the
Final Memorandum (as then amended or supplemented if the Company shall have furnished any amendments or supplements thereto) was not sent or given by or on behalf of such Initial Purchaser to such person, if required by law so to have been
delivered, at or prior to the written confirmation of the sale of the Securities to such person, and if the Final Memorandum (as so amended or supplemented) would have cured the defect giving rise to such losses, claims, damages or liabilities,
unless such failure is the result of noncompliance by the Company with Section 6(a) hereof. 
  
 (b) Each Initial Purchaser agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, its officers and each person, if any, who controls the Company within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Company to such Initial Purchaser, but only with reference to information relating to such Initial Purchaser furnished to the
Company in writing by such Initial Purchaser through you expressly for use in either Memorandum or any amendments or supplements thereto. 
  
 (c) In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought
pursuant to Section 8(a) or 8(b), such person (the “indemnified party”) shall promptly notify the person against whom such indemnity may be sought (the “indemnifying party”) in writing and the indemnifying party,
upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying party may designate in such proceeding and shall 

  

 15 

 
pay the reasonable fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to
retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel or (ii) the
named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing
interests between them. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable
fees and expenses of more than one separate firm (in addition to any local counsel) for all such indemnified parties and that all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing by Morgan
Stanley & Co. Incorporated, in the case of parties indemnified pursuant to Section 8(a), and by the Company, in the case of parties indemnified pursuant to Section 8(b). The indemnifying party shall not be liable for any settlement of any
proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of
such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second and
third sentences of this paragraph, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 60 days after receipt by such
indemnifying party of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. No indemnifying party shall, without the prior written
consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless
such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding. 
  
 (d) To the extent the indemnification provided for in Section 8(a) or 8(b) is unavailable to an indemnified party or insufficient in respect of any
losses, claims, damages or liabilities referred to therein, then each indemnifying party under such paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified party as a
result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Initial Purchasers on the other hand from the offering of the Securities
or (ii) if the allocation provided by clause 8(d)(i) above 

  

 16 

 
is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause 8(d)(i) above but
also the relative fault of the Company on the one hand and of the Initial Purchasers on the other hand in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant
equitable considerations. The relative benefits received by the Company on the one hand and the Initial Purchasers on the other hand in connection with the offering of the Securities shall be deemed to be in the same respective proportions as the
net proceeds from the offering of the Securities (before deducting expenses) received by the Company and the total discounts and commissions received by the Initial Purchasers, in each case as set forth in the Final Memorandum, bear to the aggregate
offering price of the Securities. The relative fault of the Company on the one hand and of the Initial Purchasers on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or by the Initial Purchasers and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. 
  
 (e) The Company and the
Initial Purchasers agree that it would not be just or equitable if contribution pursuant to this Section 8(d) were determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by any other
method of allocation that does not take account of the equitable considerations referred to in Section 8(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in Section 8(d)
shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions
of this Section 8, no Initial Purchaser shall be required to contribute any amount in excess of the amount by which the total price at which the Securities resold by it in the initial placement of such Securities were offered to investors exceeds
the amount of any damages that such Initial Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section 8 are not exclusive and shall not limit any rights or remedies
which may otherwise be available to any indemnified party at law or in equity. 
  
 (f) The indemnity and contribution provisions contained in this Section 8 and the representations, warranties and other statements of the Company contained in this Agreement shall remain operative and in full force
and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Initial Purchaser, any person controlling any Initial 

  

 17 

 
Purchaser or any affiliate of any Initial Purchaser or by or on behalf of the Company, its officers or directors or any person controlling the Company and
(iii) acceptance of and payment for any of the Securities. 
  
 9.
Termination. The Initial Purchasers may terminate this Agreement by notice given by you to the Company, if after the execution and delivery of this Agreement and prior to the Closing Date (i) trading generally shall have been suspended or
materially limited on, or by, as the case may be, the New York Stock Exchange or the Nasdaq National Market, (ii) trading of any securities of the Company shall have been suspended on any exchange or in any over–the–counter market, (iii) a
material disruption in securities settlement, payment or clearance services in the United States shall have occurred, (iv) any moratorium on commercial banking activities shall have been declared by Federal or New York State authorities or (v) there
shall have occurred any outbreak or escalation of hostilities, or any change in financial markets or any calamity or crisis that, in your judgment, is material and adverse and which, singly or together with any other event specified in this clause
(v), makes it, in your judgment, impracticable or inadvisable to proceed with the offer, sale or delivery of the Securities on the terms and in the manner contemplated in the Final Memorandum. 
  
 10. Effectiveness; Defaulting Purchasers. This Agreement shall become
effective upon the execution and delivery hereof by the parties hereto. 
  
 If, on the Closing Date any one or more of the Initial Purchasers shall fail or refuse to purchase Securities that it or they have agreed to purchase hereunder on such date, and the aggregate principal amount of Securities which such
defaulting Initial Purchaser or Initial Purchasers agreed but failed or refused to purchase is not more than one-tenth of the aggregate principal amount of Securities to be purchased on such date, the other Initial Purchasers shall be obligated
severally in the proportions that the principal amount of Securities set forth opposite their respective names in Schedule I bears to the aggregate principal amount of Securities set forth opposite the names of all such non-defaulting Initial
Purchasers, or in such other proportions as you may specify, to purchase the Securities which such defaulting Initial Purchaser or Initial Purchasers agreed but failed or refused to purchase on such date; provided that in no event shall the
principal amount of Securities that any Initial Purchaser has agreed to purchase pursuant to this Agreement be increased pursuant to this Section 10 by an amount in excess of one-ninth of such principal amount of Securities without the written
consent of such Initial Purchaser. If, on the Closing Date any Initial Purchaser or Initial Purchasers shall fail or refuse to purchase Securities which it or they have agreed to purchase hereunder on such date and the aggregate principal amount of
Securities with respect to which such default occurs is more than one-tenth of the aggregate principal amount of Securities to be purchased on such date, and arrangements satisfactory to you and the Company for the purchase of such Securities are
not made within 36 hours after 

  

 18 

 
such default, this Agreement shall terminate without liability on the part of any non–defaulting Initial Purchaser or of the Company. In any such case
either you or the Company shall have the right to postpone the Closing Date, but in no event for longer than seven days, in order that the required changes, if any, in the Final Memorandum or in any other documents or arrangements may be effected.

  
 If this Agreement shall be terminated by the Initial
Purchasers, or any of them, because of any failure or refusal on the part of the Company to comply with the terms or to fulfill any of the conditions of this Agreement, or if for any reason the Company shall be unable to perform its obligations
under this Agreement, the Company will reimburse the Initial Purchasers or such Initial Purchasers as have so terminated this Agreement with respect to themselves, severally, for all out-of-pocket expenses (including the fees and disbursements of
their counsel) reasonably incurred by such Initial Purchasers in connection with this agreement or the offering contemplated hereunder. 
  
 11. Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. 
  
 12. Notices. All communications hereunder will be in writing and shall be deemed to have been duly given if mailed or transmitted by any standard form of telecommunication. Notice to the Initial Purchasers shall be directed c/o
Morgan Stanley & Co. Incorporated, 1585 Broadway, New York, New York 10036, Attention: Equity Capital Markets. Notices to the Company shall be directed to BlackRock, Inc., 40 East 52nd Street, New York, New York 10022, Attention: Robert Connolly. 
  
 13. Applicable Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York. 
  
 14. Headings. The headings of the sections of this Agreement have been
inserted for convenience of reference only and shall not be deemed a part of this Agreement. 
  

 19 

					
	 Very truly yours,

	
	 BLACKROCK, INC.

		
	By:	 	/s/    ROBERT P.
CONNOLLY        
	 	 	 Name:
	 	Robert P. Connolly
	 	 	 Title:
	 	Managing Director, General
	 	 	 	 	Counsel and Secretary

  

					
	 Accepted as of the date hereof

	
	 MORGAN STANLEY & CO. INCORPORATED

	
	 Acting severally on behalf of themselves and the several Initial Purchasers named in Schedule I hereto.

		
	By:	 	Morgan Stanley & Co. Incorporated
		
	By:	 	/s/    JOHN D.
TYREE        
	 	 	 Name:
	 	John D. Tyree
	 	 	 Title:
	 	Executive Director

  

  
 Schedule I 

 

				
	 Initial Purchasers

	  	$250,000,000 of
Securities to be
Purchased

	 Morgan Stanley & Co. Incorporated
	  	$	151,000,000
	 Citigroup Global Markets Inc.
	  	 	33,000,000
	 Merrill Lynch, Pierce, Fenner & Smith Incorporated
	  	 	33,000,000
	 UBS Securities LLC
	  	 	33,000,000
	 	  	
	

	 Total:
	  	$	250,000,000

  

  
 Schedule II 

 
 Subsidiaries 
  
 BlackRock Advisors, Inc. 
 BlackRock Financial Management, Inc. 
 BlackRock Institutional Management Corporation 
 BlackRock Funding, Inc. 
 BlackRock Funding International, Ltd. 
 BlackRock Investments, Inc. 
 Advanced Investment Management, Inc. 

BlackRock Overseas Investment Corp. 
 Risk Monitors, Inc. 
 Investment Technology, LLC 
 BlackRock (Japan), Inc. 
 BlackRock Capital Management, Inc. 
 BlackRock Asia Limited 
 BlackRock International, Ltd. 
 BlackRock Japan Holdings, Inc. 
 Nomura BlackRock Asset Management Co., Ltd. 
 BlackRock Japan Co., Ltd.

 BlackRock Advisors Singapore Pte. Ltd 
 BlackRock Portfolio
Holdings, Inc. 
 BlackRock HPB Management LLC 
 BlackRock
Portfolio Investments, LLC 
 BlackRock Absolute Return Partners (Offshore), Ltd. 
 BlackRock Funds Inflation Bond Portfolio 
 BlackRock Bond Allocation Target Shares Series C Portfolio 
 BlackRock Bond Allocation Target Shares Series S Portfolio 
 BlackRock Bond
Allocation Target Shares Series M Portfolio 
 SSRM Holdings, Inc. 
  

  
 Schedule III

  
 Lockups 
  
 William O. Albertini 
 Laurence D. Fink 
 Frank T. Nickell 
 Thomas H. O’Brien 
 David H. Komansky 
 James E.
Rohr 
 Ralph L. Schlosstein 
 Lawrence M. Wagner 
 William S. Demchak 
 Murry S. Gerber 
 James Grosfeld 
 William C. Mutterperl 
 Robert S. Kapito 
 Paul L. Audet 
 Robert S. Connolly 
 Linda Robinson 
 Sue Wagner (spouse of Lawrence M. Wagner) 
 The PNC Financial Services Group,
Inc. 
  

  
 EXHIBIT A 

 
 [OPINION OF SKADDEN, ARPS, SLATE, MEXGHER & FLOM LLP]

  

 A-1 

  
 EXHIBIT B 

 
 [OPINION OF IN-HOUSE COUNSEL] 
  

 B-1 

  
 EXHIBIT C 

 
 [OPINION OF DAVIS POLK & WARDWELL] 
  

 C-1

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