Document:

Document

Exhibit 10.1

			
	

INDENTURE
Dated as of October 22, 2020
Among
UNITED NATURAL FOODS, INC.
THE SUBSIDIARY GUARANTORS PARTY HERETO
and
U.S. BANK NATIONAL ASSOCIATION,
as Trustee
6.750% SENIOR NOTES DUE 2028
			
	

TABLE OF CONTENTS 
Page
												
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE			1

		Section 1.1.	Definitions	1

		Section 1.2.	Other Definitions	38

		Section 1.3.	Rules of Construction	39

		Section 1.4.	Certain Financial Tests and Calculations	39

				
	ARTICLE II THE NOTES			40

		Section 2.1.	Form and Dating	40

		Section 2.2.	Execution and Authentication	41

		Section 2.3.	Registrar; Paying Agent	42

		Section 2.4.	Paying Agent to Hold Money in Trust	42

		Section 2.5.	Holder Lists	43

		Section 2.6.	Book-Entry Provisions for Global Notes	43

		Section 2.7.	Replacement Notes	46

		Section 2.8.	Outstanding Notes	46

		Section 2.9.	Treasury Notes	46

		Section 2.10.	Temporary Notes	47

		Section 2.11.	Cancellation	47

		Section 2.12.	Defaulted Interest	47

		Section 2.13.	Computation of Interest	47

		Section 2.14.	CUSIP and ISIN Numbers	47

		Section 2.15.	Transfer and Exchange	48

		Section 2.16.	Issuance of Additional Notes	50

				
	ARTICLE III REDEMPTION AND PREPAYMENT			51

		Section 3.1.	Notices to Trustee	51

		Section 3.2.	Selection of Notes to Be Redeemed	51

		Section 3.3.	Notice of Redemption	51

		Section 3.4.	Effect of Notice of Redemption	52

		Section 3.5.	Deposit of Redemption Price	52

		Section 3.6.	Notes Redeemed in Part	53

		Section 3.7.	Optional Redemption	53

				
	ARTICLE IV COVENANTS			54

		Section 4.1.	Payment of Notes	54

		Section 4.2.	Maintenance of Office or Agency	55

		Section 4.3.	Provision of Financial Information	55

		Section 4.4.	Compliance Certificate	57

		Section 4.5.	Reserved	57

		Section 4.6.	Stay, Extension and Usury Laws	57

		Section 4.7.	Limitation on Restricted Payments	57

		Section 4.8.	Limitation on Dividend and Other Restrictions Affecting Restricted Subsidiaries	63

		Section 4.9.	Limitation on Debt	65

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		Section 4.10.	Limitation on Asset Dispositions	70

		Section 4.11.	Limitation on Transactions with Affiliates	73

		Section 4.12.	Limitation on Liens	75

		Section 4.13.	Offer to Purchase upon Change of Control	75

		Section 4.14.	Corporate Existence	77

		Section 4.15.	Future Guarantees	77

		Section 4.16.	Designation of Restricted and Unrestricted Subsidiaries	77

		Section 4.17.	Covenant Suspension	78

				
	ARTICLE V SUCCESSORS			80

		Section 5.1.	Consolidation, Merger, Conveyance, Transfer or Lease	80

				
	ARTICLE VI DEFAULTS AND REMEDIES			82

		Section 6.1.	Events of Default	82

		Section 6.2.	Acceleration	85

		Section 6.3.	Other Remedies	85

		Section 6.4.	Waiver of Past Defaults	86

		Section 6.5.	Control by Majority	86

		Section 6.6.	Limitation on Suits	86

		Section 6.7.	Rights of Holders of Notes to Receive Payment	86

		Section 6.8.	Collection Suit by Trustee	86

		Section 6.9.	Trustee May File Proofs of Claim	87

		Section 6.10.	Priorities	87

		Section 6.11.	Undertaking for Costs	88

		Section 6.12.	Restoration of Rights and Remedies	88

		Section 6.13.	Rights and Remedies Cumulative	88

		Section 6.14.	Delay or Omission Not Waiver	88

				
	ARTICLE VII TRUSTEE			88

		Section 7.1.	Duties of Trustee	88

		Section 7.2.	Rights of Trustee	89

		Section 7.3.	Individual Rights of the Trustee	91

		Section 7.4.	Trustee’s Disclaimer	91

		Section 7.5.	Notice of Defaults	91

		Section 7.6.	Compensation and Indemnity	91

		Section 7.7.	Replacement of Trustee	92

		Section 7.8.	Successor Trustee by Merger, Etc	93

		Section 7.9.	Eligibility; Disqualification	93

				
	ARTICLE VIII DEFEASANCE; DISCHARGE OF THIS INDENTURE			93

		Section 8.1.	Option to Effect Legal Defeasance or Covenant Defeasance	93

		Section 8.2.	Legal Defeasance	94

		Section 8.3.	Covenant Defeasance	94

		Section 8.4.	Conditions to Legal or Covenant Defeasance	94

		Section 8.5.	Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions	96

		Section 8.6.	Repayment to Company	96

		Section 8.7.	Reinstatement	97

		Section 8.8.	Discharge	97

				

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	ARTICLE IX AMENDMENT, SUPPLEMENT AND WAIVER			98

		Section 9.1.	Without Consent of Holders of the Notes	98

		Section 9.2.	With Consent of Holders of Notes	99

		Section 9.3.	Revocation and Effect of Consents	100

		Section 9.4.	Notation on or Exchange of Notes	100

		Section 9.5.	Trustee to Sign Amendments, Etc	100

				
	ARTICLE X SUBSIDIARY GUARANTEES			101

		Section 10.1.	Subsidiary Guarantees	101

		Section 10.2.	Execution and Delivery of Guarantee	102

		Section 10.3.	Severability	103

		Section 10.4.	Limitation of Subsidiary Guarantors’ Liability	103

		Section 10.5.	Releases	103

		Section 10.6.	Benefits Acknowledged	104

				
	ARTICLE XI MISCELLANEOUS			104

		Section 11.1.	Notices	104

		Section 11.2.	Certificate and Opinion as to Conditions Precedent	105

		Section 11.3.	Statements Required in Certificate or Opinion	106

		Section 11.4.	Rules by Trustee and Agents	106

		Section 11.5.	No Personal Liability of Directors, Officers, Employees and Stockholders	106

		Section 11.6.	Governing Law; Consent to Jurisdiction; Waiver of Jury Trial	106

		Section 11.7.	No Adverse Interpretation of Other Agreements	106

		Section 11.8.	Successors	107

		Section 11.9.	Severability	107

		Section 11.10.	Execution in Counterparts	107

		Section 11.11.	Table of Contents, Headings, Etc	107

		Section 11.12.	Acts of Holders	108

		Section 11.13.	Force Majeure	110

		Section 11.14.	Legal Holidays	110

		Section 11.15.	USA PATRIOT Act	110

									
	Exhibits		
	Exhibit A		Form of Note
	Exhibit B		Form of Supplemental Indenture to be Delivered by Subsequent Subsidiary Guarantors
	Exhibit C		Form of Certificate to be Delivered in Connection with Transfers Pursuant to Regulation S
	Exhibit D		Form of Certificate to be Delivered in Connection with Transfers to IAIs

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This Indenture, dated as of October 22, 2020, is by and among United Natural Foods, Inc., a Delaware corporation (collectively with successors and assigns, the “Company”), the Subsidiary Guarantors party hereto and U.S. Bank National Association, as trustee (the “Trustee”), paying agent and registrar.
The Company, the Subsidiary Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined herein) of (i) the Company’s 6.750% Senior Notes due 2028 to be issued in an initial aggregate principal amount of $500.0 million on the date hereof (the “Initial Notes”) and (ii) any Additional Notes (as defined herein):
ARTICLE I
DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.1.        Definitions.
“ABL Credit Facility” means the Loan Agreement dated as of August 30, 2018 among the Company, its subsidiaries listed therein, Bank of America, N.A., as administrative agent, and the other lending institutions party thereto and any amendment, modification, renewal, extension, refinancing, refunding or replacement thereof in one or more agreements. 
“Acquired EBITDA” means, with respect to any Acquired Entity or Business or any Converted Restricted Subsidiary for any period, the amount for such period of Consolidated EBITDA of such Acquired Entity or Business or Converted Restricted Subsidiary, as applicable, all as determined on a consolidated basis for such Acquired Entity or Business or Converted Restricted Subsidiary, as applicable.
 “Additional Notes” means Notes (other than the Initial Notes) issued pursuant to Article II and otherwise in compliance with the provisions of this Indenture.
“Affiliate” of any Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.
“Agent” means any Registrar, Paying Agent, co-registrar or other agent appointed pursuant to this Indenture.
“amend” means to amend, supplement, restate, amend and restate or otherwise modify, including successively, and “amendment” shall have a correlative meaning.
“Applicable Premium” means, with respect to any Note on any applicable redemption date, the greater of:
(1)    1.0% of the then outstanding principal amount of such Note; and

(2)    the excess, if any, of:
(a)    the present value at such redemption date of the sum of (i) the redemption price of such Note at October 15, 2023 (such redemption price being set forth in the table appearing in Section 3.7(b)) plus (ii) all required interest payments due on such Note through October 15, 2023 (excluding accrued but unpaid interest), such present value to be computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over
(b)    the then outstanding principal amount of such Note. 
“Asset Disposition” means any transfer, conveyance, sale, lease or other disposition (but excluding the creation of any Lien permitted under Section 4.12 or any disposition in connection therewith) by the Company or any of its Restricted Subsidiaries (including a consolidation or merger or other sale of any such Restricted Subsidiary with, into or to another Person in a transaction in which such Restricted Subsidiary ceases to be a Restricted Subsidiary, but excluding a disposition by a Restricted Subsidiary to the Company or another Restricted Subsidiary or by the Company to a Restricted Subsidiary) of:
(1)    shares of Capital Stock (other than directors’ qualifying shares) or other ownership interests of a Restricted Subsidiary of such Person;
(2)    substantially all of the assets of such Person or any of its Restricted Subsidiaries representing a division or line of business; or
(3)    other assets or rights of such Person or any of its Restricted Subsidiaries. 
The term “Asset Disposition” shall not include any transfer, conveyance, sale, lease or other disposition:
(a)that consists of a Restricted Payment or Permitted Investment that is made in compliance with Section 4.7;
(b)that constitutes a “Change of Control”;
(c)that is of cash or Cash Equivalents in the ordinary course of business;
(d)that is of obsolete, worn out or surplus property, whether now owned or hereafter acquired, in the ordinary course of business and of property no longer used or useful in the conduct of the business of the Company and the Restricted Subsidiaries;
(e)that is of inventory and immaterial assets in the ordinary course of business (including allowing any registrations or any applications for registration of any immaterial intellectual property rights to lapse or go abandoned in the ordinary course of business);
(f)that is of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property that is promptly purchased or (ii) 
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the proceeds of such disposition are promptly applied to the purchase price of such replacement property (which replacement property is actually promptly purchased);
(g)that consists of leases, subleases, licenses or sublicenses, in each case in the ordinary course of business and which do not materially interfere with the business of the Company and the Restricted Subsidiaries, taken as a whole;
(h)that is subject to any event that gives rise to the receipt by the Company or any Restricted Subsidiary of any insurance proceeds or condemnation awards in respect of any equipment, fixed assets or real property (including any improvements thereon) to replace or repair such equipment, fixed assets or real property;
(i)that consists of Investments in JV Entities or non-Wholly Owned Restricted Subsidiaries to the extent required by, or made pursuant to, customary buy/sell arrangements between the parties to such JV Entity or shareholders of such non-Wholly Owned Restricted Subsidiary set forth in the shareholders agreements, joint venture agreements, organizational documents or similar binding agreements relating to such JV Entity or non-Wholly Owned Restricted Subsidiary;
(j)that consists of accounts receivable in the ordinary course of business in connection with the collection or compromise thereof or pursuant to factoring arrangements, in each case to the extent not constituting a receivables financing;
(k)the unwinding of any Swap Contract pursuant to its terms;
(l)that constitutes the surrender or waiver of contractual rights and the settlement or waiver of contractual or litigation claims in the ordinary course of business;
(m)that consists of non-core or obsolete assets acquired in connection with an acquisition that is made in compliance with Section 4.7;
(n)consists of any swap of assets in exchange for services or other assets in the ordinary course of business of comparable or greater Fair Market Value of usefulness to the business of the Company and the Restricted Subsidiaries as a whole, as determined in good faith by the Company;
(o)that is of Capital Stock in, or Debt or other securities of, an Unrestricted Subsidiary;
(p)that is consummated (i) as part of a disposition of the Specified Assets or (ii) in connection with a Permitted Tax Restructuring;
(q)in compliance with Section 5.1;
(r)that constitute a Customer Support Transaction by the Company or any Restricted Subsidiary; provided, that (i) no Default or Event of Default shall exist or have occurred and be continuing after giving effect to such disposition, and (ii) to the extent that such disposition includes a Sale Leaseback of real estate, the consideration paid to the 
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Company or such Restricted Subsidiary in connection therewith shall be paid contemporaneously with consummation of the transaction (other than consideration received in connection with customary earn-out arrangements in an amount (calculated as of the date of such disposition as the present value of expected future payments in respect thereof) not to exceed 25% of the aggregate consideration therefor), and shall be in an amount not less than the Fair Market Value of the property disposed of; or
(s)any transaction or series of related transactions for which the aggregate consideration is less than $40.0 million.
“Attributable Debt” in respect of a Sale Leaseback that results in a Capital Lease means, as at the time of determination, the amount of Debt represented thereby, as determined in accordance with the definition of “Capital Lease Obligation.”
“Average Life” means, as of any date of determination, with respect to any Debt, the quotient obtained by dividing (1) the sum of the products of the number of years from such date of determination to the dates of each successive scheduled principal payments of such Debt by the amount of each such principal payment by (2) the sum of all such principal payments.
“Bankruptcy Law” means Title 11, U.S. Code or any similar federal, state or foreign law for the relief of debtors, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, winding-up, restructuring, examinership or similar debtor relief laws.
“Board of Directors” means, as to any Person, the Board of Directors, or similar governing body, of such Person or any duly authorized committee thereof.
“Borrowing Base” means the sum of (1) 90% of the book value of accounts receivable plus (2) 90% of the net orderly liquidation value of inventory (with the value of inventory to be determined on the basis of the lower of cost or market, calculated on a first-in, first‐out basis), in each case of the Company and the Subsidiary Guarantors that are borrowing base obligors under the Borrowing Base Facility, calculated on a consolidated basis in accordance with GAAP.
“Borrowing Base Facility” means one or more revolving debt facilities (including the ABL Credit Facility), in each case with banks or other institutional lenders or other credit providers that provide for committed advances calculated by reference to the value of the assets pledged as collateral to secure borrowings thereunder.
 “Business Day” means a day other than a Saturday, Sunday or other day on which banking institutions in the State of New York are authorized or required by law to close.
“Capital Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a Capital Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP.
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“Capital Lease” means any lease that is required to be, in accordance with GAAP, recorded as a capital leases; provided that for all purposes hereunder the amount of obligations under any Capital Lease shall be the amount thereof accounted for as a liability in accordance with GAAP.
“Capital Stock” of any Person means any and all shares, interests, participations, warrants, options or other rights to acquire or other equivalents of or interests in (however designated) corporate stock or other equity participations, including partnership interests, whether general or limited, of such Person, but in each case excluding any debt security that is convertible or exchangeable for Capital Stock.
“Cash Equivalents” means:
(1)    Dollars and, in the case of Foreign Subsidiaries, the local currency where such Foreign Subsidiary is operating;
(2)    marketable obligations issued or unconditionally guaranteed by, and backed by the full faith and credit of, the government of the United States or Canada or any agency or instrumentality thereof, maturing within 24 months of the date of acquisition;
(3)    certificates of deposit, time deposits and bankers’ acceptances maturing within 24 months of the date of acquisition, and overnight bank deposits, in each case which are issued by any lender under the Senior Secured Credit Facilities or a commercial bank organized under the laws of the United States, any state or district thereof, Canada or any province thereof, rated A-2 (or better) by S&P or P-2 (or better) by Moody’s at the time of acquisition;
(4)    repurchase obligations for underlying investments of the types described in clauses (2) and (3) entered into with any bank described in clause (3);
(5)    commercial paper or variable or fixed rate notes issued by a corporation or other Person (other than an Affiliate of the Company) rated A-2 (or better) by S&P or P-2 (or better) by Moody’s (or equivalent ratings of another internationally recognized ratings agency), and maturing within 24 months of the date of acquisition;
(6)    shares of any money market fund that has substantially all of its assets invested continuously in the types of investments referred to above, in each case with any lender under the Senior Secured Credit Facilities or any other commercial bank having capital and surplus of at least $500.0 million and has the highest rating obtainable from either Moody’s or S&P; and
(7)    Indebtedness issued by Persons with a rating of “A” or higher from S&P or “A-2” or higher from Moody’s (or equivalent ratings of another internationally recognized ratings agency), in each case with maturities not exceeding 24 months from the date of acquisition. 
“Cash Management Bank” means any financial institution providing treasury, depository, credit or debit card, purchasing card and/or cash management services or 
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automated clearing house transactions to the Company or any Restricted Subsidiary or conducting any automated clearing house transfers of funds.
“Cash Management Obligations” means obligations owed by the Company or any Restricted Subsidiary to any Cash Management Bank in respect of any Cash Management Services.
“Cash Management Services” means (1) commercial credit cards, merchant card services, purchase or debit cards, stored value cards, including non-card e-payables services, (2) treasury management services (including controlled disbursement, overdraft, automatic clearinghouse fund transfer services, return items, netting zero balance arrangements, cash sweeps, depository, lockbox, stop payment, electronic funds transfer, information reporting, temporary advances, wire transfer and interstate depository network services) and (3) any other demand deposit or operating account relationships or other cash management services.
“Change of Control” means the occurrence of any of the following events:
(1)    any Person or any Persons acting together that would constitute a “group” for purposes of Section 13(d) of the Exchange Act, or any successor provision thereto, other than the Company, any Subsidiary of the Company or any employee benefit plan of the Company or any such Subsidiary becomes the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision thereto) of more than 50% of the aggregate voting power of all classes of Voting Stock of the Company, except in a transaction in which the Company becomes a Wholly Owned Subsidiary of another Person and in such transaction the Voting Stock of the Company outstanding immediately prior to such transaction is converted into or exchanged for Voting Stock of such Person representing more than 50% of the voting power of all classes of Voting Stock of such Person immediately after giving effect to such transaction;
(2)    the sale, assignment, conveyance, transfer, lease or other disposition, in one or a series of related transactions, of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole to any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) other than a Restricted Subsidiary; or
(3)    the adoption by the stockholders of the Company of a plan or proposal for the liquidation or dissolution of the Company.
Notwithstanding the foregoing, a transaction effected to create a holding company of the Company (a) pursuant to which the Company becomes a Wholly Owned Subsidiary of such holding company, and (b) as a result of which the holders of Capital Stock of such holding company are substantially the same as the holders of Capital Stock of the Company immediately prior to such transaction, shall not be deemed to involve a “Change of Control;” provided further that following such a holding company transaction, references in this definition of “Change of Control” to the Company shall thereafter be treated as references to such holding company.
“Common Stock” of any Person means Capital Stock of such Person that does not rank prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or 
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involuntary liquidation, dissolution or winding-up of such Person, to shares of Capital Stock of any other class of such Person. 
“Consolidated Depreciation and Amortization Expense” means, with respect to any Person for any period, the total amount of depreciation and amortization expense, including the amortization of deferred financing fees or costs, capitalized expenditures, customer acquisition costs and incentive payments, conversion costs and contract acquisition costs, the amortization of original issue discount resulting from the issuance of Debt at less than par and amortization of favorable or unfavorable lease assets or liabilities, of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP.
“Consolidated Coverage Ratio” means, as of any date of determination, the ratio of (1) Consolidated EBITDA of the Company for the Test Period to (2) Consolidated Fixed Charges for such Test Period. The Consolidated Coverage Ratio shall be calculated on a Pro Forma Basis.
“Consolidated EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person (and with respect to the Company and its Restricted Subsidiaries, such Persons on a consolidated basis) for such period:
(1)    increased (without duplication) by the following:
    (a)    provision for taxes based on income, profits or capital, including, without limitation, state, franchise, excise and similar taxes and foreign withholding taxes of such Person paid or accrued during such period, including any penalties and interest relating to any tax examinations, deducted (and not added back) in computing Consolidated Net Income; plus
    (b)    Consolidated Interest Expense of such Person for such period (including (x) net losses or any obligations under any Swap Contracts or other derivative instruments entered into for the purpose of hedging interest rate, currency or commodities risk, (y) bank fees and (z) costs of surety bonds in connection with financing activities, to the extent the same were deducted (and not added back) in calculating such Consolidated Net Income), plus
    (c)    Consolidated Depreciation and Amortization Expense of such Person for such period to the extent the same were deducted (and not added back) in computing Consolidated Net Income; plus
    (d)    any commissions, premiums, discounts and other fees, expenses or charges (other than depreciation or amortization expense) related to any equity offering, Investment, acquisition, disposition or recapitalization permitted under this Indenture or the incurrence of Debt permitted to be incurred under this Indenture (including a refinancing thereof) (whether or not successful), including (A) such fees, expenses or charges related to this Indenture, the Senior Secured Credit Facilities and any other credit facilities and (B) any amendment or other modification of this Indenture, the Senior Secured Credit Facilities and any other credit facilities, in each case, deducted (and not added back) in computing Consolidated Net Income; plus 
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    (e)    the amount of any restructuring charge or reserve, integration cost or other business optimization expense or cost, including in connection with establishing new facilities, that is deducted (and not added back) in such period in computing Consolidated Net Income, including any one-time costs incurred in connection with acquisitions or divestitures after the Issue Date, and costs related to the closure and/or consolidation of facilities and to exiting lines of business; plus
    (f)    any other non-cash charges, write-downs, expenses, losses or items reducing Consolidated Net Income for such period including any impairment charges or the impact of purchase accounting and all reserves during such period on account of contingent cash payments that may be required in a future period (provided that if any such non-cash charges represent an accrual or reserve for potential cash items in any future period, (A) the Company may elect not to add back such non-cash charge in the current period and (B) to the extent the Company elects to add back such non-cash charge, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent) or other items classified by the Company as special items less other non-cash items of income increasing Consolidated Net Income (excluding any such non-cash item of income to the extent it represents a receipt of cash in any future period); plus
    (g)    non-cash losses from JV Entities and non-cash minority interest reductions; plus
    (h)    the amount of “run-rate” cost savings and other operating improvements and synergies projected by the Company in good faith to result from actions taken prior to or during, or expected to be taken following such period (which cost savings, operating improvements or synergies shall be subject only to certification in an Officers’ Certificate and shall be calculated on a Pro Forma Basis as though such cost savings, operating improvements or synergies had been realized on the first day of such period), net of the amount of actual benefits realized prior to or during such period from such actions; provided that (A) an Officers’ Certificate is delivered to the Trustee setting forth that (x) such cost savings, operating improvements or synergies are reasonably identifiable, reasonably attributable to the actions specified and reasonably anticipated to result from such actions and (y) such actions have been taken or are to be taken within 12 months of the event giving rise thereto and (B) the aggregate increase to Consolidated EBITDA for any period pursuant to this clause (h) and clause (b) of the definition of “Pro Forma Adjustment” shall not exceed the greater of (1) $0 and (2) 25.0% of Consolidated EBITDA for such period (calculated before giving effect to any increase pursuant to this clause (h) and clause (b) of the definition of “Pro Forma Adjustment”); plus
    (i)  (A) any costs or expense incurred by the Company or any Restricted Subsidiary pursuant to any management equity incentive plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of the Company or net cash proceeds from an issuance of Capital Stock (other than Disqualified Capital Stock) 
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of the Company and (B) cash payments under long-term management equity incentive plans; plus
    (j)    cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated EBITDA pursuant to paragraph (2) below for any previous period and not added back; plus
    (k)    any net loss included in Consolidated Net Income attributable to non-controlling interests pursuant to the application of Accounting Standards Codification Topic 810-10-45; plus
    (l)    realized foreign exchange losses resulting from the impact of foreign currency changes on the valuation of assets or liabilities on the balance sheet of the Company and the Restricted Subsidiaries; plus
    (m)    net realized losses from Swap Contracts or embedded derivatives that require similar accounting treatment and the application of Accounting Standard Codification Topic 815 and related pronouncements; plus
    (n)    the amount of any charges, expenses, costs or other payments in respect of facilities no longer used or useful in the conduct of the business of the Company and the Restricted Subsidiaries;
(2)    decreased (without duplication) by the following:
    (a)    non-cash gains increasing Consolidated Net Income of such Person for such period (other than any such amounts in connection with the sale of routes to independent operators), excluding any non-cash gains to the extent they represent the reversal of an accrual or cash reserve for a potential cash item that reduced Consolidated EBITDA in any prior period and any non-cash gains with respect to cash actually received in a prior period so long as such cash did not increase Consolidated EBITDA in such prior period; plus
    (b)    realized foreign exchange income or gains resulting from the impact of foreign currency changes on the valuation of assets or liabilities on the balance sheet of the Company and the Restricted Subsidiaries; plus
    (c)    any net realized income or gains from any obligations under any Swap Contracts or embedded derivatives that require similar accounting treatment and the application of Accounting Standard Codification Topic 815 and related pronouncements; plus
    (d)    any amount included in Consolidated Net Income of such Person for such period attributable to non-controlling interests pursuant to the application of Accounting Standards Codification Topic 810-10-45;
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(3)    increased or decreased (without duplication) by, as applicable, any adjustments resulting from the application of Accounting Standards Codification Topic 460 or any comparable regulation; and
(4)    increased or decreased (to the extent not already included in determining Consolidated EBITDA) by any Pro Forma Adjustment.
There shall be included in determining Consolidated EBITDA for any period, without duplication, (A) the Acquired EBITDA of any Person, property, business or asset acquired by the Company or any Restricted Subsidiary during such period (but not the Acquired EBITDA of any related Person, property, business or assets to the extent not so acquired), to the extent not subsequently sold, transferred or otherwise disposed of by the Company or such Restricted Subsidiary during such period (each such Person, property, business or asset acquired and not subsequently so disposed of, an “Acquired Entity or Business”), and the Acquired EBITDA of any Unrestricted Subsidiary that is converted into a Restricted Subsidiary during such period (each, a “Converted Restricted Subsidiary”), based on the actual Acquired EBITDA of such Acquired Entity or Business or Converted Restricted Subsidiary for such period (including the portion thereof occurring prior to such acquisition) and (B) an adjustment in respect of each Acquired Entity or Business equal to the amount of the Pro Forma Adjustment with respect to such Acquired Entity or Business for such period (including the portion thereof occurring prior to such acquisition), as specified in an Officers’ Certificate delivered to the Trustee. For purposes of determining the Consolidated EBITDA for any period, there shall be excluded in determining Consolidated EBITDA for any period the Disposed EBITDA of any Person, property, business or asset (other than an Unrestricted Subsidiary) sold, transferred or otherwise disposed of, closed or classified as discontinued operations by the Company or any Restricted Subsidiary during such period (each such Person, property, business or asset so sold or disposed of, a “Sold Entity or Business”) and the Disposed EBITDA of any Restricted Subsidiary that is converted into an Unrestricted Subsidiary during such period (each, a “Converted Unrestricted Subsidiary”), based on the actual Disposed EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary for such period (including the portion thereof occurring prior to such sale, transfer or disposition). 
 “Consolidated Fixed Charges” means, with respect to any Person for any period (and with respect to the Company and its Restricted Subsidiaries, such Persons on a consolidated basis), without duplication, the sum of: 
(1)    Consolidated Interest Expense for such period; plus 
(2)    Disqualified Capital Stock Dividends paid, accrued or scheduled to be paid or accrued during such period, excluding dividends paid in Capital Stock that is not Disqualified Capital Stock; plus 
(3)    Preferred Stock Dividends paid, accrued or scheduled to be paid or accrued during such period, excluding dividends paid in Capital Stock that is not Disqualified Capital Stock. 
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“Consolidated Interest Expense” means, with respect to any Person for any period (and with respect to the Company and its Restricted Subsidiaries, such Persons on a consolidated basis), without duplication, the sum of:
(1)    consolidated interest expense of such Person for such period, to the extent such expense was deducted (and not added back) in computing Consolidated Net Income (including (a) amortization of original issue discount or premium resulting from the issuance of Debt at less than par, (b) all commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances, (c) non-cash interest payments, (d) the interest component of Capital Lease Obligations and (e) net payments, if any, pursuant to interest rate obligations under any Swap Contracts with respect to Indebtedness); plus
(2)    consolidated capitalized interest of such Person for such period, whether paid or accrued; less
(3)    interest income for such period.
For purposes of this definition, interest on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP.
“Consolidated Net Income” means, with respect to any Person for any period, the net income (loss) of such Person for such period determined on a consolidated basis in accordance with GAAP (and with respect to the Company and its Restricted Subsidiaries, such Persons on a consolidated basis); provided, however, that there will not be included in such Consolidated Net Income (without duplication):
(1)    any net income (loss) of any Person if such Person is not a Restricted Subsidiary, except that the Company’s equity in the net income of any such Person for such period will be included in such Consolidated Net Income up to the aggregate amount of cash or Cash Equivalents actually distributed (or, so long as such Person is not (x) a JV Entity with outstanding third party indebtedness for borrowed money or (y) an Unrestricted Subsidiary, that (as reasonably determined by the Company) could have been distributed by such Person during such period to the Company or a Restricted Subsidiary) as a dividend or other distribution or return on investment, subject, in the case of a dividend or other distribution or return on investment to a Restricted Subsidiary, to the limitations contained in clause (2) below;
(2)    solely for the purpose of determining the Available Amount, any net income (loss) of any Restricted Subsidiary (other than any Subsidiary Guarantor) if such Subsidiary is subject to restrictions, directly or indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to the Company or a Subsidiary Guarantor by operation of the terms of such Restricted Subsidiary’s charter or any agreement, instrument, judgment, decree, order, statute or governmental rule or regulation applicable to such Restricted Subsidiary or its shareholders (other than (a) restrictions that have been waived or otherwise released and (b) restrictions 
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pursuant to this Indenture or the Senior Secured Credit Facilities), except that the Company’s equity in the net income of any such Restricted Subsidiary for such period will be included in such Consolidated Net Income up to the aggregate amount of cash or Cash Equivalents actually distributed or that could have been distributed by such Restricted Subsidiary during such period to the Company or another Restricted Subsidiary as a dividend or other distribution (subject, in the case of a dividend to another Restricted Subsidiary, to the limitations contained in this clause (2));
(3)    any net gain (or loss) from disposed, abandoned or discontinued operations (other than any net gain (or loss) attributable to the business associated with the Shoppers or Cub Food banners) on disposal of disposed, discontinued or abandoned operations;
(4)    any net gain (or loss) realized upon the sale or other disposition of any asset or disposed operations of the Company or any Restricted Subsidiary (including pursuant to any sale/leaseback transaction) which is not sold or otherwise disposed of in the ordinary course of business (as determined in good faith by an Officer or the Board of Directors of the Company), including the gain (or loss) on the sale of routes to independent operators;
(5)    any extraordinary, exceptional, unusual or nonrecurring gain, loss, charge or expense, or any charges, expenses or reserves in respect of any restructuring, relocation, redundancy or severance expense, new product introductions or one-time compensation charges;
(6)    the cumulative effect of a change in accounting principles;
(7)    any (i) non-cash compensation charge or expense arising from any grant of stock, stock options or other equity based awards (including any long-term management equity incentive plans) and any non-cash deemed finance charges in respect of any pension liabilities or other provisions and (ii) income (loss) attributable to deferred compensation plans or trusts;
(8)    all deferred financing costs written off and premiums paid or other expenses incurred directly in connection with any early extinguishment of Indebtedness and any net gain (loss) from any write-off or forgiveness of Debt;
(9)    any unrealized gains or losses in respect of any obligations under any Swap Contracts or any ineffectiveness recognized in earnings related to hedge transactions or the fair value of changes therein recognized in earnings for derivatives that do not qualify as hedge transactions, in each case, in respect of any obligations under any Swap Contracts;
(10)    any unrealized foreign currency translation gains or losses in respect of Debt of any Person denominated in a currency other than the functional currency of such Person and any unrealized foreign exchange gains or losses relating to translation of assets and liabilities denominated in foreign currencies;
(11)    any unrealized foreign currency translation or transaction gains or losses in respect of Debt or other obligations of the Company or any Restricted Subsidiary owing to the Company or any Restricted Subsidiary;

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(12)    any purchase accounting effects including, but not limited to, adjustments to inventory, property and equipment, software and other intangible assets and deferred revenue in component amounts required or permitted by GAAP and related authoritative pronouncements (including the effects of such adjustments pushed down to the Company and the Restricted Subsidiaries), as a result of any consummated acquisition (including the Supervalu Acquisition), or the amortization or write-off of any amounts thereof (including any write-off of in process research and development);
(13)    any impairment charge, write-down or write-off, including impairment charges, write-downs or write-offs relating to goodwill, intangible assets, long-lived assets, investments in debt and equity securities or as a result of a change in law or regulation;
(14)    any after-tax effect of income (loss) from the early extinguishment or cancellation of Debt or any obligations under any Swap Contracts or other derivative instruments;
(15)    any net unrealized gains and losses resulting from Swap Contracts or embedded derivatives that require similar accounting treatment and the application of Accounting Standards Codification Topic 815 and related pronouncements; and
(16)    any deferred tax expense associated with tax deductions or net operating losses arising as a result of the Supervalu Acquisition and the financing transactions consummated in connection therewith, or the release of any valuation allowance related to such item.
In addition, to the extent not already excluded from the Consolidated Net Income of such Person, notwithstanding anything to the contrary in the foregoing, Consolidated Net Income shall exclude (i) any expenses and charges that are reimbursed by indemnification or other reimbursement provisions in connection with any investment (including the Supervalu Acquisition) or any sale, conveyance, transfer or other disposition of assets permitted under this Indenture (it being understood and agreed that if such Person has notified a third party of such amount to be reimbursed or indemnified and such third party has not denied its reimbursement or indemnification obligation, such amounts shall also be excluded) and (ii) to the extent covered by insurance and actually reimbursed, or, so long as the Company has made a reasonable determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (A) not denied by the applicable carrier in writing within 180 days and (B) in fact reimbursed within 365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within such 365 days), expenses with respect to liability or casualty events or business interruption. 
“Consolidated Secured Net Leverage Ratio” means, as of any date of determination, the ratio of (1) Consolidated Total Debt that is Secured Debt of the Company and its Restricted Subsidiaries as of the end of the Test Period to (2) Consolidated EBITDA of the Company for the Test Period. The Consolidated Secured Net Leverage Ratio shall be calculated on a Pro Forma Basis.
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“Consolidated Total Debt” means, as of any date of determination, (a) the aggregate principal amount of Debt of the Company and the Restricted Subsidiaries outstanding on such date, determined on a consolidated basis in accordance with GAAP (but excluding the effects of any discounting of Debt resulting from the application of purchase accounting in connection with any Permitted Acquisition), consisting of Debt for borrowed money (including debt obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments), Capital Lease Obligations, Purchase Money Debt and letters of credit (but only to the extent any letter of credit has been drawn but not reimbursed within 10 Business Days), but excluding any Guarantees of Debt of customers of the Company or any of its Restricted Subsidiaries in an aggregate amount not to exceed $50.0 million to the extent no payment or request for payment has been made on such Guarantees minus (b) the aggregate amount of unrestricted cash and Cash Equivalents (in each case, free and clear of all Liens other than Liens securing Debt for borrowed money) included in the consolidated balance sheet of the Company and the Restricted Subsidiaries as of such date; provided that Consolidated Total Debt shall not include obligations under Swap Contracts entered into in the ordinary course of business and not for speculative purposes.
“Consolidated Total Net Leverage Ratio” means, as of any date of determination, the ratio of (1) Consolidated Total Debt of the Company and its Restricted Subsidiaries as of the end of the Test Period to (2) Consolidated EBITDA of the Company for the Test Period. The Consolidated Total Net Leverage Ratio shall be calculated on a Pro Forma Basis.
“Contribution Debt” means unsecured Debt of the Company or any Restricted Subsidiary in an amount equal to the aggregate amount of cash contributions made after the Issue Date to the Company in exchange for Capital Stock (other than Disqualified Capital Stock) of the Company, except to the extent utilized in connection with any transaction that constitutes a Restricted Payment or Permitted Investment.
“Corporate Trust Office” means the offices of the Trustee at which at any time its corporate trust business shall be principally administered, which office as of the date hereof is located at U.S. Bank National Association, EX-MA-FED, One Federal Street, Boston Massachusetts 02110, Attention: Global Corporate Trust, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the corporate trust office of any successor trustee (or such other address as such successor trustee may designate from time to time by notice to the Holders and the Company).
“Credit Facilities” means one or more credit facilities, debt facilities, indentures or commercial paper facilities (including, without limitation, each of the Senior Secured Credit Facilities), in each case with banks or other financial institutions or lenders or investors, providing for revolving credit loans, term loans, private placements, debt securities, receivables financings (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit or letter of credit guarantees, in each case, as amended, restated, modified, supplemented, extended, renewed, refunded, replaced or refinanced in whole or in part from time to time.
“Customer Support Transaction” means any one of the following transactions entered into in the ordinary course of business of the Company and its Restricted Subsidiaries and that is consistent with current practice of the Company and its Restricted Subsidiaries as of the Issue 
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Date: (a) any sublease by the Company or any Restricted Subsidiary to a customer of the Company or any Restricted Subsidiary of leased real property or leased equipment of the Company or such Restricted Subsidiary that constitutes a Capital Lease Obligation, (b) any lease by the Company or any Restricted Subsidiary to a customer of the Company or any Restricted Subsidiary of owned real property or equipment of the Company or such Restricted Subsidiary that constitutes a Capital Lease Obligation, (c) any assignment of a lease of real property or equipment by the Company or any Restricted Subsidiary that constitutes a Capital Lease Obligation to a customer of the Company or any Restricted Subsidiary in connection with which the assigning party is not released from liability under such lease, (d) any guarantee by the Company or any Restricted Subsidiary for the benefit of a third party of Debt or operating lease obligations of a customer of the Company or any Restricted Subsidiary, (e) any loan of money or property by the Company or any Restricted Subsidiary to a customer, (f) any other transfer of equipment or real property not otherwise permitted pursuant to this Indenture by the Company or any Restricted Subsidiary to a customer and (g) cash payments to new or existing customers to secure, maintain or expand business; provided that the foregoing clauses (a) through (g) shall not be construed to apply to the sale of inventory on credit by the Company or any Restricted Subsidiary to a customer in the ordinary course of business.
“Debt” means (without duplication), with respect to any Person, whether or not included as indebtedness or liabilities in accordance with GAAP: 
(1)    all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 
(2)    every reimbursement obligation of such Person with respect to letters of credit, bankers’ acceptances or similar facilities issued for the account of such Person (excluding obligations with respect to letters of credit securing obligations (other than obligations with respect to borrowed money) entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than 30 days following receipt by such Person of a demand for reimbursement following payment on the letter of credit); 
(3)    all obligations of such Person to pay the deferred purchase price of property or services (other than (i) trade accounts payable in the ordinary course of business and (ii) any earn-out obligation until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and if not paid within 30 days after becoming due and payable); 
(4)    all Capital Lease Obligations of such Person and all Attributable Debt in respect of Sale Leasebacks entered into by such Person; 
(5)    all obligations of such Person in respect of Disqualified Capital Stock; 
(6)    net obligations of such Person under any Swap Contract; and 
(7)    every obligation of the type referred to in clauses (1) through (6) of another Person which (a) such Person has Guaranteed or is responsible or liable, directly or 
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indirectly, as obligor, guarantor or otherwise or (b) is secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien upon or with respect to property (including indebtedness arising under conditional sales or other title retention agreements and mortgage, industrial revenue bond, industrial development bond and similar financings) owned by such Person, whether or not such Person has assumed or become liable for the payment of such Debt. 
For all purposes under this Indenture, the Debt of any Person shall (A) include the Debt of any partnership or joint venture (other than a joint venture that is itself a corporation, company, or limited liability company) in which such Person is a general partner or a joint venturer, except to the extent such Person’s liability for such Debt is otherwise limited and only to the extent such Debt would be included in the calculation of Consolidated Total Debt and (B) in the case of the Company and the Restricted Subsidiaries, exclude all intercompany Debt having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business consistent with past practice. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of Debt of any Person for purposes of clause (7)(b) shall be deemed to be equal to the lesser of (i) the aggregate unpaid amount of such Debt and (ii) the fair market value of the property encumbered thereby as determined by such Person in good faith.
“Default” means (1) any Event of Default or (2) any event, act or condition that, after notice or the passage of time or both, would be an Event of Default.
“Depositary” means with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.3 hereof as the Depositary with respect to the Global Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture.
“Designated Noncash Consideration” means the Fair Market Value of non-cash consideration received by the Company or any of its Restricted Subsidiaries in connection with an Asset Disposition that is so designated pursuant to an Officers’ Certificate delivered to the Trustee, setting forth the basis of the valuation. The aggregate Fair Market Value of the Designated Noncash Consideration, taken together with the Fair Market Value at the time of receipt of all other Designated Noncash Consideration received (with the Fair Market Value being measured in each case at the time received and without giving effect to subsequent changes in value), shall not exceed in the aggregate outstanding at any one time the greater of (i) $150.0 million and (ii) 20.0% of the Company’s Consolidated EBITDA for the Test Period calculated on a Pro Forma Basis, net of any Designated Noncash Consideration converted into cash and Cash Equivalents received in respect of any such Designated Noncash Consideration and calculated on a Pro Forma Basis.
“Disposed EBITDA” means, with respect to any Sold Entity or Business or any Converted Unrestricted Subsidiary for any period, the amount for such period of Consolidated EBITDA of such Sold Entity or Business or such Converted Unrestricted Subsidiary, all as determined on a consolidated basis for such Sold Entity or Business or such Converted Unrestricted Subsidiary.
“Disqualified Capital Stock” means any Capital Stock which, by its terms (or by the terms of any security or other Capital Stock into which it is convertible or for which it is exchangeable), 

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or upon the happening of any event or condition, (a) matures or is mandatorily redeemable or provides for the right to require the issuer to repurchase such Capital Stock (other than solely for Capital Stock that is not Disqualified Capital Stock), pursuant to a sinking fund obligation or otherwise (except as a result of the occurrence of a “change of control” or “asset disposition” if any such requirement becomes operative only after compliance by the Company with Section 4.13 and Section 4.10), (b) is redeemable at the option of the holder thereof (other than solely for Capital Stock that is not Disqualified Capital Stock), in whole or in part or (c) is or becomes convertible into or exchangeable for Debt or any other Capital Stock that would constitute Disqualified Capital Stock, in each case, prior to the date that is 91 days after the final Stated Maturity of the Notes.

“Disqualified Capital Stock Dividends” means all dividends with respect to Disqualified Capital Stock of the Company or any Restricted Subsidiary held by Persons other than the Company or a Wholly Owned Restricted Subsidiary. The amount of any dividend of this kind shall be equal to the quotient of the dividend divided by the difference between one and the maximum statutory consolidated federal, state and local income tax rate (expressed as a decimal number between 1 and 0) then applicable to the issuer of the Disqualified Capital Stock.

“dollar”, “U.S. dollar” or “$” means the lawful money of the United States of America. 

“DTC” means The Depository Trust Company and any successor.

“Equity Offering” means an offering of Common Stock that results in aggregate net cash proceeds to the Company, other than (1) public offerings of Common Stock registered on Form S-4 or S-8, (2) an issuance to any Subsidiary of the Company or (3) any offering that constitutes an Excluded Contribution.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder. 
“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.
“Excluded Contributions” means the net cash proceeds, and the Fair Market Value of property other than cash, received by the Company after the Issue Date from:
(1)    contributions to its common equity capital; and
(2)    the sale of Capital Stock (other than Disqualified Capital Stock) of the Company;
in each case designated as Excluded Contributions pursuant to an Officers’ Certificate of the Company on or promptly after the date such capital contribution is made or the date such Capital Stock is sold, as the case may be. Excluded Contributions will be excluded from the calculation set forth in clause (4)(iii)(2) of paragraph (a) of Section 4.7.
“Fair Market Value” means, with respect to any asset or property, the sale value that would be obtained in an arm’s-length free market transaction between an informed and willing seller 
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under no compulsion to sell and an informed and willing buyer under no compulsion to buy, determined in good faith by senior management or the Board of Directors of the Company, whose determination will be conclusive for all purposes under this Indenture.
“Foreign Subsidiary” means any Restricted Subsidiary (x) that is not organized under the laws of the United States of America or any State thereof or the District of Columbia or (y) for purposes of Section 10.1 and the covenant described under Section 4.15, that is organized under the laws of the United States of America or any State thereof or the District of Columbia and has no material assets other than Capital Stock of one or more foreign entities of the type described in clause (x) above.
“GAAP” means generally accepted accounting principles in the United States, as in effect from time to time; provided that, at any time after adoption of IFRS by the Company for its financial statements and reports for all financial reporting purposes, the Company may elect to apply IFRS for all purposes of this Indenture, and, upon any such election, references in this Indenture to GAAP shall be construed to mean IFRS as in effect on the date of such election; provided further that (1) any such election once made shall be irrevocable (and shall only be made once), (2) all financial statements and reports required to be provided after such election pursuant to this Indenture shall be prepared on the basis of IFRS, (3) from and after such election, all ratios, computations, calculations and other determinations based on GAAP contained in this Indenture shall be computed in conformity with IFRS with retroactive effect being given thereto assuming that such election had been made on the Issue Date, (4) such election shall not have the effect of rendering invalid any payment or Investment made prior to the date of such election pursuant to the covenant described under Section 4.7 or any Incurrence of Debt incurred prior to the date of such election pursuant to the covenant described under Section 4.9 (or any other action conditioned on the Company having been able to Incur $1.00 of additional Debt or satisfy a certain financial ratio) if such payment, Investment, Incurrence or other action was valid under this Indenture on the date made, Incurred or taken, as the case may be, and (5) all accounting terms and references in this Indenture to accounting standards shall be deemed to be references to the most comparable terms or standards under IFRS. The Company shall give written notice of any election to the Trustee and the Holders of Notes within 15 days of such election. For the avoidance of doubt, solely making an election (without any other action) referred to in this definition will not be treated as an Incurrence of Debt.
“Global Note Legend” means the legend identified as such in Exhibit A.
“Global Notes” means the Notes that are in the form of Exhibit A issued in global form and registered in the name of the Depositary or its nominee.
“Guarantee” means, as to any Person, without duplication, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Debt or other monetary obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other monetary obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Debt or other monetary obligation of the payment or performance of such Debt or other monetary obligation, (iii) to maintain working 
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capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Debt or other monetary obligation or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Debt or other monetary obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part) or (b) any Lien on any assets of such Person securing any Debt or other monetary obligation of any other Person, whether or not such Debt or other monetary obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Debt to obtain any such Lien); provided that the term “Guarantee Obligations” shall not include endorsements for collection or deposit, in either case in the ordinary course of business, or customary and reasonable indemnity obligations in effect on the Issue Date or entered into in connection with any acquisition or disposition of assets permitted under this Indenture (other than such obligations with respect to Debt). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith.
“Holder” means a Person in whose name the Note is registered on the Registrar’s books.
“IAI” means an investor constituting an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act.
“Incur” means, with respect to any Debt or other obligation of any Person, to create, issue, incur (by conversion, exchange or otherwise), assume, Guarantee or otherwise become liable in respect of such Debt or other obligation including by acquisition of Subsidiaries or the recording, as required pursuant to GAAP or otherwise, of any such Debt or other obligation on the balance sheet of such Person (and “Incurrence”, “Incurred”, and “Incurring” shall have meanings correlative to the foregoing); provided, however, that a change in GAAP that results in an obligation of such Person that exists at such time becoming Debt shall not be deemed an Incurrence of such Debt.
“Indenture” means this Indenture, as amended or supplemented from time to time.
“Initial Notes” has the meaning set forth in the preamble hereto.
“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Capital Stock or debt or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee with respect to any obligation of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person (excluding, in the case of the Company and the Restricted Subsidiaries, intercompany loans, advances, or Debt having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business consistent with past practice) or (c) the purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for 
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subsequent increases or decreases in the value of such Investment but giving effect to any returns or distributions of capital or repayment of principal, or any proceeds from the sale or disposition of such Investment, actually received in cash by such other Person with respect thereto (but only to the extent that the aggregate amount of all such returns, distributions and repayments with respect to such Investment does not exceed the principal amount of such Investment and less any such amount which increases the Available Amount).
“Issue Date” means October 22, 2020. 
“JV Entity” means any joint venture of the Company or any Restricted Subsidiary that is not a Subsidiary.
“Lien” means, with respect to any property or assets, any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, security interest, lien (statutory or otherwise), charge, easement (other than any easement not materially impairing usefulness or marketability), encumbrance, preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever on or with respect to such property or assets (including, without limitation, any Sale Leaseback, conditional sale or other title retention agreement having substantially the same economic effect as any of the foregoing).
“Limited Condition Transaction” means (x) any Permitted Acquisition or other similar Investment, including by way of merger, by the Company or one or more of the Restricted Subsidiaries permitted pursuant to this Indenture the consummation of which is not conditioned upon the availability of, or on obtaining, third party financing and (y) any redemption, repurchase, defeasance, satisfaction and discharge or repayment of Debt for which an irrevocable notice of redemption (or similar notice) has been issued or delivered.
“Material Adverse Effect” means the effect of any event or circumstance that, taken alone or in conjunction with other events or circumstances, (a) has or could be reasonably expected to have a material adverse effect on the business, operations, properties or condition (financial or otherwise) of the Company and its Restricted Subsidiaries, taken as a whole, or on the enforceability of this Indenture, the Notes or the Subsidiary Guarantees, (b) impairs the ability of the Company and the Subsidiary Guarantors, taken as a whole, to perform their payment obligations under this Indenture, the Notes or the Subsidiary Guarantees or (c) otherwise results in a material adverse effect on the ability of any Holder to enforce or collect any Obligations under this Indenture, the Notes or the Subsidiary Guarantees.
“Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency business.
“Net Available Proceeds” from any Asset Disposition by the Company or any Restricted Subsidiary means an amount equal to the excess, if any, of (i) the sum of cash and Cash Equivalents received in connection with such Asset Disposition (including any cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) over (ii) the sum of (A) the principal amount, premium or penalty, if any, interest and other amounts on any Debt that is secured by the asset subject to such Asset Disposition and that is required to be repaid (and is timely repaid) in connection with such Asset Disposition, (B) the out-of-pocket fees and expenses (including attorneys’ fees, investment banking fees, survey costs, title insurance premiums, and related search 
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and recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses, and brokerage, consultant and other customary fees) actually incurred by the Company or such Restricted Subsidiary in connection with such Asset Disposition, (C) taxes paid or reasonably estimated to be actually payable in connection therewith (including, for the avoidance of doubt, any income, withholding and other taxes payable as a result of the distribution of such proceeds to the Company), and (D) any reserve for adjustment in respect of (x) the sale price of such asset or assets or purchase price adjustment established in accordance with GAAP and (y) any liabilities associated with such asset or assets and retained by the Company or any Restricted Subsidiary after such sale or other disposition thereof, including pension and other post-employment benefit liabilities and liabilities related to environmental matters or with respect to any indemnification obligations associated with such transaction, it being understood that “Net Available Proceeds” shall include (i) any cash or Cash Equivalents received upon the disposition of any non-cash consideration by the Company or any Restricted Subsidiary in any such Asset Disposition and (ii) upon the reversal (without the satisfaction of any applicable liabilities in cash in a corresponding amount) of any reserve described in clause (D) above.
“Note Custodian” means the Person appointed as custodian for the Depositary with respect to the Global Notes, or any successor entity thereto.
“Notes” means the Initial Notes and any Additional Notes. The Initial Notes and the Additional Notes, if any, shall be treated as a single class for all purposes under this Indenture. 
“Offer to Purchase” means a written offer (the “Offer”) sent by the Company by first class mail, postage prepaid, to each Holder at his address appearing in the security register or, with respect to Global Notes, given in accordance with DTC procedures on the date of the Offer offering to purchase up to the principal amount of Notes specified in such Offer at the purchase price specified in such Offer (as determined pursuant to this Indenture). Unless otherwise required by applicable law, the Offer shall specify an expiration date (the “Offer Expiration Date”) of the Offer to Purchase which shall be, subject to any contrary requirements of applicable law, not less than 30 days or more than 60 days after the date of such Offer and a settlement date (the “Purchase Date”) for purchase of Notes within three Business Days after the Offer Expiration Date. The Offer shall contain a description of the events requiring the Company to make the Offer to Purchase and all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Offer to Purchase. The Offer shall also state: 
(1)    the section of this Indenture pursuant to which the Offer to Purchase is being made; 
(2)    the Offer Expiration Date and the Purchase Date and, if such Offer is made in advance of a Change of Control and conditioned upon the occurrence of a Change of Control, that the Offer is conditioned upon the occurrence of a Change of Control;
(3)    the aggregate principal amount of the outstanding Notes offered to be purchased by the Company pursuant to the Offer to Purchase (including, if less than 100%, the manner by which such amount has been determined pursuant to the section of this Indenture requiring the Offer to Purchase) (the “Purchase Amount”); 
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(4)    the purchase price to be paid by the Company for each $1,000 aggregate principal amount of Notes accepted for payment (as specified pursuant to this Indenture) (the “Purchase Price”); 
(5)    that the Holder may tender all or any portion of the Notes registered in the name of such Holder and that any portion of a Note tendered must be tendered in an integral multiple of $1,000 principal amount; 
(6)    the place or places where Notes are to be surrendered for tender pursuant to the Offer to Purchase; 
(7)    that interest on any Note not tendered or tendered but not purchased by the Company pursuant to the Offer to Purchase will continue to accrue; 
(8)    that on the Purchase Date the Purchase Price will become due and payable upon each Note being accepted for payment pursuant to the Offer to Purchase and that interest thereon shall cease to accrue on and after the Purchase Date; 
(9)    that each Holder electing to tender a Note pursuant to the Offer to Purchase will be required to surrender such Note at the place or places specified in the Offer prior to the close of business on the Offer Expiration Date (such Note being, if the Company or the Trustee so requires, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing); 
(10)     that Holders will be entitled to withdraw all or any portion of Notes tendered if the Company (or its Paying Agent) receives, not later than the close of business on the Offer Expiration Date, a telegram, telex, facsimile or other electronic transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder tendered, the certificate number of the Note the Holder tendered and a statement that such Holder is withdrawing all or a portion of his tender; 
(11)    that (a) if Notes in an aggregate principal amount less than or equal to the Purchase Amount are duly tendered and not withdrawn pursuant to the Offer to Purchase, the Company shall purchase all such Notes and (b) if Notes in an aggregate principal amount in excess of the Purchase Amount are tendered and not withdrawn pursuant to the Offer to Purchase, the Company shall purchase Notes having an aggregate principal amount equal to the Purchase Amount on a pro rata basis (with such adjustments as may be deemed appropriate so that only Notes in denominations of $2,000 or integral multiples of $1,000 in excess thereof shall be purchased); and 
(12)    that in the case of any Holder whose Note is purchased only in part, the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Note without service charge, a new Note or Notes, of any authorized denomination as requested by such Holder, in an aggregate principal amount equal to and in exchange for the unpurchased portion of the Note so tendered. 
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If any of the Notes subject to an Offer to Purchase is in global form, then the Offer shall be modified by the Company to the extent necessary to comply with the procedures of the Depositary applicable to repurchases. Any Offer to Purchase shall be governed by and effected in accordance with the Offer for such Offer to Purchase.
“Offering Memorandum” means the Company’s offering memorandum, dated October 15, 2020, relating to the offer and sale of the Initial Notes.
“Officer” means any of the following of the Company or any Subsidiary Guarantor: the Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the President, any Vice President, the Treasurer or the Secretary (or, with respect to a Subsidiary Guarantor, any manager, member or general partner authorized to act on behalf of such Subsidiary Guarantor). 
“Officers’ Certificate” means a certificate signed by two Officers that meets the requirements of Section 11.3 of this Indenture.
“Opinion of Counsel” means a written opinion from legal counsel reasonably acceptable to the Trustee. The counsel may be an employee of, or counsel to, the Company or the Trustee.
“Pari Passu Debt” means Debt of the Company or a Subsidiary Guarantor that is pari passu in right of payment with the Notes, in the case of the Company, or the Subsidiary Guarantees, in the case of any Subsidiary Guarantor. For the purposes of this definition, no Debt will be considered to be senior or junior by virtue of being secured on a first or junior priority basis.
“Participant” means, with respect to the Depositary, a Person who has an account with the Depositary.
“Paying Agent” means any Person authorized by the Company to pay the principal of, premium, if any, or interest on any Notes on behalf of the Company.
“Permitted Acquisition” means the purchase or other acquisition of property and assets or businesses of any Person or of assets constituting a business unit, a line of business or division of such Person, or Capital Stock in a Person that, upon the consummation thereof, will be a Restricted Subsidiary (including as a result of a merger or consolidation) (or such assets will be contributed to the Company or a Restricted Subsidiary); provided that such purchase or acquisition is permitted under this Indenture.
“Permitted Acquisition Debt” means Debt of the Company or any of the Restricted Subsidiaries to the extent that: 
(1)    such Debt consists of Debt of an acquired Person that was outstanding prior to the date on which such Person became a Restricted Subsidiary as a result of having been acquired by the Company or a Restricted Subsidiary and not Incurred in contemplation of such acquisition; or 
(2)    such Debt consists of Debt of a Person that was outstanding prior to the date on which such Person was merged, consolidated or amalgamated with or into the Company 
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or a Restricted Subsidiary and not Incurred in contemplation of such merger, consolidation or amalgamation;
provided that on the date of such acquisition or the date such Person became a Restricted Subsidiary or the date such Person was merged, consolidated and amalgamated with or into the Company or a Restricted Subsidiary, as applicable, after giving Pro Forma Effect thereto, 
(a)    the Company would be permitted to Incur at least $1.00 of additional Debt (other than Permitted Debt) pursuant to Section 4.9(a), or 
(b)    the Consolidated Coverage Ratio of the Company would be not less than the Consolidated Coverage Ratio of the Company immediately prior to giving effect to such transaction.
 “Permitted Investments” means:
(1)    any Investment in the Company or a Restricted Subsidiary or a Person that will become a Restricted Subsidiary or that will be merged into or consolidated with or transfers or conveys all or substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary as a result of such Investment, and any Investment held by a Person at the time it is acquired by or merged into or consolidated with the Company or a Restricted Subsidiary; provided that such Investment of such Person was not made in contemplation of or in connection with such acquisition, merger or consolidation;
(2)    any Investment in cash and Cash Equivalents;
(3)    loans or advances to officers, directors, managers, partners and employees of the Company or the Restricted Subsidiaries (i) for reasonable and customary business-related travel, entertainment, relocation, customary fringe benefits and analogous ordinary business purposes, (ii) in connection with such Person’s purchase of Capital Stock of the Company (provided that the proceeds of any such loans and advances shall be contributed to the Company in cash as common equity) and (iii) for purposes not described in the foregoing clauses (i) and (ii), in an aggregate principal amount outstanding not to exceed the greater of (i) $10.0 million and (ii) 1.5% of the Company’s Consolidated EBITDA for the Test Period calculated on a Pro Forma Basis;
(4)    asset purchases (including purchases of inventory, supplies and materials), prepaid expenses and the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons, in each case in the ordinary course of business;
(5)    Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the ordinary course of business;
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(6)    any non-cash consideration received in connection with an Asset Disposition (or a disposition excluded from the definition of Asset Disposition) that was made in compliance with Section 4.10;
(7)    guarantees of Debt made in compliance with Section 4.9 and Investments consisting of Liens permitted under Section 4.12;
(8)    any Investment existing on the Issue Date and any modification, replacement, renewal, reinvestment or extension of any such Investment; provided that the amount of any such Investment is not increased from the amount of such Investment on the Issue Date except pursuant to the terms of such Investment as in existence on the Issue Date or as otherwise permitted under this Indenture;
(9)    Investments in Swap Contracts permitted to be Incurred under clause (8) of the definition of Permitted Debt;
(10)    Investments in the ordinary course of business consisting of endorsements for collection or deposit and customary trade arrangements with customers consistent with past practices;
(11)    Investments (including debt obligations and Capital Stock) received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers arising in the ordinary course of business or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment;
(12)    advances of payroll payments to employees in the ordinary course of business;
(13)    Guarantees of the Company or any Restricted Subsidiary in respect of leases (other than Capital Leases) or of other obligations that do not constitute Debt, in each case entered into in the ordinary course of business;
(14)    Investments to the extent that payment for such Investments is made solely with Capital Stock (other than Disqualified Capital Stock);
(15)    other Investments in an aggregate amount, as valued at cost at the time each such Investment is made, in an aggregate amount, taken together with all other Investments made pursuant to this clause (15) that are at the time outstanding, not to exceed the greater of (i) $150.0 million and (ii) 20.0% of the Company’s Consolidated EBITDA for the Test Period calculated on a Pro Forma Basis;
(16)    Investments in JV Entities and Unrestricted Subsidiaries in an aggregate amount, as valued at cost at the time each such Investment is made, in an aggregate amount, taken together with all other Investments made pursuant to this clause (16) that are at the time outstanding, not to exceed the greater of (i) $50.0 million and (ii) 7.0% of the Company’s Consolidated EBITDA for the Test Period calculated on a Pro Forma Basis;
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(17)    Investments by an Unrestricted Subsidiary entered into prior to the day such Unrestricted Subsidiary is redesignated as a Restricted Subsidiary pursuant to Section 4.16; provided that such Investments were not incurred in contemplation of or in connection with such redesignation;
(18)    other Investments; provided that, at the time of such Investment, (i) no Default or Event of Default has occurred and is continuing and (ii) the Consolidated Total Net Leverage Ratio of the Company would not exceed 3.0 to 1.00;
(19)    Investments constituting Customer Support Transactions; provided that no Default or Event of Default shall exist or have occurred and be continuing after giving effect to such Investment;
(20)    obligations in respect of customary indemnification obligations in favor of purchasers in connection with dispositions of assets permitted under this Indenture or obligations in respect of purchase price (including earn-outs) or other similar adjustments in connection with any acquisition or any other Investment permitted under this Indenture; and
(21)    transactions entered into in order to consummate a Permitted Tax Restructuring.
 “Permitted Liens” means, with respect to any Person:
(1)    Liens securing Debt under Credit Facilities outstanding or Incurred under clause (1) of the definition of Permitted Debt;
(2)    Liens existing on the Issue Date (other than Liens permitted under clause (1)); 
(3)    Liens for taxes, assessments or governmental charges (i) which are not overdue for a period of more than 30 days, (ii) which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person to the extent required in accordance with GAAP or (iii) the nonpayment of which would not reasonably be expected, individually or in the aggregate, to constitute a Material Adverse Effect; 
(4)    statutory Liens (other than Liens for taxes or imposed under ERISA) or common law Liens of landlords, carriers, warehousemen, mechanics, materialmen, repairmen, construction contractors or other like Liens arising in the ordinary course of business (i) which secure amounts not overdue for a period of more than 30 days or, if more than 30 days overdue, are unfiled (or, if, filed have been discharged or stayed) and no other action has been taken to enforce such Lien or (ii) which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person to the extent required in accordance with GAAP;
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(5)    (i) pledges, deposits or Liens arising as a matter of law in the ordinary course of business in connection with workers’ compensation, payroll taxes, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA, and (ii) pledges and deposits in the ordinary course of business securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Company or any Restricted Subsidiary;
(6)    Liens incurred or pledges or deposits made in the ordinary course of business to secure the performance of bids, trade contracts, governmental contracts and leases (other than Debt for borrowed money), statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations) or arising as a result of progress payments under government contracts;
(7)    (i) easements, rights-of-way, restrictions, covenants, conditions, encroachments, protrusions and other similar encumbrances and minor title defects affecting real property which, in the aggregate, do not in any case materially interfere with the ordinary conduct of the business of the Company or any Restricted Subsidiary and (ii) Liens disclosed as exceptions to coverage in any final title policies and endorsements issued with respect to real property subject to mortgages securing obligations under the Senior Secured Credit Facilities and other Liens permitted under such mortgages;
(8)    Liens securing judgments for the payment of money not constituting an Event of Default; 
(9)    Purchase Money Liens securing Purchase Money Debt Incurred under clause (6) of the definition of Permitted Debt and any Permitted Refinancing Debt with respect thereto;
(10)    leases, licenses, subleases or sublicenses and Liens on the property covered thereby, in each case, granted to others in the ordinary course of business which do not (i) interfere in any material respect with the business of the Company and the Restricted Subsidiaries, taken as a whole, or (ii) secure any Debt;
(11)    Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business;
(12)    Liens (i) of a collection bank (including those arising under Section 4-210 of the Uniform Commercial Code) on the items in the course of collection and (ii) in favor of a banking or other financial institution arising as a matter of law encumbering deposits or other funds maintained with a financial institution (including the right of set off) and which are within the general parameters customary in the banking industry;
(13)    Liens (i) on cash advances in favor of the seller of any property to be acquired in an Investment permitted pursuant to Section 4.7 to be applied against the 
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purchase price for such Investment and (ii) consisting of an agreement to dispose of any property in an Asset Disposition permitted under Section 4.10, in each case, solely to the extent such Investment or Asset Disposition, as the case may be, would have been permitted on the date of the creation of such Lien;
(14)    Liens in favor of the Company or a Restricted Subsidiary securing Debt permitted under clause (3) of the definition of Permitted Debt;
(15)    Liens existing on property at the time of its acquisition or existing on the property of any Person at the time such Person becomes a Restricted Subsidiary, in each case after the Issue Date; provided that (i) such Lien was not created in contemplation of such acquisition or such Person becoming a Restricted Subsidiary, (ii) such Lien does not extend to or cover any other assets or property (other than the proceeds or products thereof and other than after-acquired property subjected to a Lien securing Debt and other obligations incurred prior to such time and which Debt and other obligations are permitted under this Indenture that require, pursuant to their terms at such time, a pledge of after-acquired property, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition), and (iii) the Debt secured thereby is permitted under Section 4.9;
(16)    any interest or title of a lessor or sublessor under leases or subleases entered into by the Company or any Restricted Subsidiary in the ordinary course of business;
(17)    Liens, if any, arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by the Company or any Restricted Subsidiary in the ordinary course of business;
(18)    Liens that are contractual rights of set-off (i) relating to the establishment of depository relations with banks or other financial institutions not given in connection with the incurrence of Debt, (ii) relating to pooled deposit or sweep accounts of the Company or any Restricted Subsidiary to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Company or any Restricted Subsidiary, (iii) relating to purchase orders and other agreements entered into with customers of the Company or any Restricted Subsidiary in the ordinary course of business or (iv) relating to credit balances of the Company or any of the Subsidiaries with credit card issuers or credit card processors or amounts owing by such credit card issuers or credit card processors to the Company or any of the Subsidiaries in the ordinary course of business, but not Liens on or rights of setoff against any other property or assets of the Company or any Restricted Subsidiary pursuant to the credit card agreements to secure the obligations of the Company or any Restricted Subsidiary to such credit card issuers or credit card processors as a result of fees and chargebacks; 
(19)    Liens, if any, arising from precautionary Uniform Commercial Code financing statement filings;
(20)    Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;
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(21)    any zoning or similar law or right reserved to or vested in any governmental authority to control or regulate the use of any real property or title defects or irregularities that are of a minor nature that, in each case, does not materially interfere with the ordinary conduct of the business of the Company or any Restricted Subsidiary;
(22)     Liens on specific items of inventory or other goods and the proceeds thereof securing such Person’s obligations in respect of documentary letters of credit issued for the account of such Person to facilitate the purchase, shipment or storage of such inventory or goods; 
(23)     the modification, replacement, renewal or extension of any Lien permitted by clauses (2), (9), (15), (29) and (32) of this definition and this clause (23); provided that (i) the Lien does not extend to any additional property other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien or financed by Secured Debt that is otherwise permitted to be Incurred under this Indenture, and (B) proceeds and products thereof, and (ii) the renewal, extension or refinancing of the obligations secured or benefited by such Liens is permitted by Section 4.9; 
(24)    ground leases in respect of real property on which facilities owned or leased by the Company or any Restricted Subsidiary are located;
(25)     Liens on property of any Restricted Subsidiary that is not a Subsidiary Guarantor securing Debt or other obligations of such Restricted Subsidiary;
(26)     Liens solely on any cash earnest money deposits made by the Company or any Restricted Subsidiary in connection with any letter of intent or purchase agreement permitted under this Indenture;
(27)     Liens securing Indebtedness permitted pursuant to clause (14) of the definition of Permitted Debt;
(28)     other Liens securing Debt or other obligations in an aggregate principal amount at any time outstanding not to exceed the greater of (i) $100.0 million and (ii) 15.0% of Company’s Consolidated EBITDA for the Test Period calculated on a Pro Forma Basis;
(29)     Liens on assets, property or shares of stock of a Person existing at the time such Person becomes a Restricted Subsidiary or is merged with or into or consolidated or amalgamated with the Company or any Restricted Subsidiary of the Company; provided, however, that such Liens are not created or Incurred in connection with, or in contemplation of, such other Person becoming such a Restricted Subsidiary or merging with or into or consolidating or amalgamating with the Company or any Restricted Subsidiary of the Company; provided, further, however, that such Liens shall not extend to any other property owned by the Company or any Restricted Subsidiary;
(30)     with respect to any Foreign Subsidiary, other Liens and privileges arising mandatorily by law;
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(31)     Liens securing Secured Bank Product Obligations (as defined in the ABL Credit Facility);
(32)     Liens securing Debt (other than Subordinated Debt); provided that at the time of Incurrence and after giving effect to the Incurrence of such Debt and the application of the proceeds therefrom on such date, the Consolidated Secured Net Leverage Ratio of the Company would not exceed 3.75 to 1.00;
(33)     Liens on the Capital Stock of JV Entities securing financing arrangements for the benefit of the applicable JV Entity that are not otherwise prohibited under this Indenture;
(34)     the reservations, limitations, provisos and conditions expressed in any original grants from Her Majesty The Queen in Right of Canada of real or immoveable property, which do not materially impair the use of the affected land for the purpose used or intended to be used by such Person; and
(35)     Liens securing the Notes (including any Additional Notes) and the Subsidiary Guarantees (including in respect of any Additional Notes).
“Permitted Refinancing Debt” means any Debt of the Company or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Debt of the Company or any of its Restricted Subsidiaries; provided that: 
(1)     the principal amount (or accreted value, if applicable) of such Permitted Refinancing Debt does not exceed the principal amount of the Debt so extended, refinanced, renewed, replaced, defeased or refunded (plus Related Costs); 
(2)     the Permitted Refinancing Debt has a final maturity date no earlier than the earlier of the final maturity date of the Debt being extended, refinanced, renewed, replaced, deferred or refunded or 91 days after the final maturity date of the Notes; 
(3)     the Permitted Refinancing Debt has an Average Life at the time such Permitted Refinancing Debt is Incurred that is equal to or greater than the shorter of (A) the Average Life of the Debt being extended, refinanced, renewed, replaced, deferred or refunded and (B) 91 days after the Average Life of the Notes; 
(4)     if the Debt being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of payment to the Notes or a Subsidiary Guarantee, such Permitted Refinancing Debt is subordinated in right of payment to the Notes or such Subsidiary Guarantee on terms at least as favorable, taken as a whole, to the Holders of Notes as those contained in the documentation governing the Debt being extended, refinanced, renewed, replaced, defeased or refunded; and 
(5)     such Debt shall not include Debt of a Restricted Subsidiary that is not a Subsidiary Guarantor that refinances Debt of the Company or a Subsidiary Guarantor. 
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“Permitted Tax Restructuring” means any reorganizations and other activities related to tax planning and tax reorganization (as determined by the Company in good faith) entered into on or after the Issue Date so long as such Permitted Tax Restructuring does not involve any contribution, sale, assignment, transfer or other disposition of assets to any Unrestricted Subsidiary, does not materially impair the Subsidiary Guarantees and is otherwise not materially adverse to the Holders of the Notes.
“Person” means any individual, corporation, partnership, limited liability company, joint venture, incorporated or unincorporated association, joint-stock company, trust, mutual fund trust, unincorporated organization or government or other agency or political subdivision thereof or other legal entity of any kind.
“Post-Acquisition Period” means, with respect to any Permitted Acquisition or the conversion of any Unrestricted Subsidiary into a Restricted Subsidiary, the period beginning on the date such Permitted Acquisition or conversion is consummated and ending on the last day of the fourth full consecutive fiscal quarter immediately following the date on which such Permitted Acquisition or conversion is consummated.
 “Preferred Stock” of any Person means Capital Stock of such Person of any class or classes (however designated) that ranks prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding-up of such Person, to shares of Capital Stock of any other class of such Person.
“Preferred Stock Dividends” means all dividends with respect to Preferred Stock of the Company or any Restricted Subsidiary held by Persons other than the Company or a Wholly Owned Restricted Subsidiary. The amount of any dividend of this kind shall be equal to the quotient of the dividend divided by the difference between one and the maximum statutory consolidated federal, state and local income rate (expressed as a decimal number between 1 and 0) then applicable to the issuer of the Preferred Stock.
“Pro Forma Adjustment” means, for any Test Period that includes all or any part of a fiscal quarter included in any Post-Acquisition Period, with respect to the Acquired EBITDA of the applicable Acquired Entity or Business or Converted Restricted Subsidiary or the Consolidated EBITDA of the Company and the Restricted Subsidiaries, (a) the pro forma increase or decrease in such Acquired EBITDA or such Consolidated EBITDA, as the case may be, that is factually supportable and is expected to have a continuing impact and (b) additional good faith pro forma adjustments arising out of cost savings initiatives, operating improvements and synergies attributable to such transaction and additional costs associated with the combination of the operations of such Acquired Entity or Business or Converted Restricted Subsidiary with the operations of the Company and the Restricted Subsidiaries, in each case being given pro forma effect, that (i) have been realized or (ii) subject to the limitations set forth in clause (1)(h) of the definition of “Consolidated EBITDA,” will be implemented following such transaction and are supportable and quantifiable and expected to be realized within the succeeding 18 months and, in each case, including, but not limited to, (w) reduction of costs related to administrative, selling or production-related activities, (x) incremental earnings from selling or production-related activities, (y) reductions of costs related to leased or owned properties and (z) reductions from the consolidation of operations and streamlining of corporate overhead taking into account, for 
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purposes of determining such compliance, the historical financial statements of the Acquired Entity or Business or Converted Restricted Subsidiary and the consolidated financial statements of the Company and the Restricted Subsidiaries, assuming such Permitted Acquisition or conversion, and all other Permitted Acquisitions or conversions that have been consummated during the period, and any Debt or other liabilities repaid in connection therewith had been consummated and incurred or repaid at the beginning of such period (and assuming that such Debt to be Incurred bears interest during any portion of the applicable measurement period prior to the relevant acquisition at the interest rate which is or would be in effect with respect to such Debt as at the relevant date of determination); provided that, so long as such actions are initiated during such Post-Acquisition Period or such costs are incurred during such Post-Acquisition Period, as applicable, for purposes of projecting such pro forma increase or decrease to such Acquired EBITDA or such Consolidated EBITDA, as the case may be, it may be assumed that such cost savings will be realizable during the entirety of such Test Period, or such additional costs, as applicable, will be incurred during the entirety of such Test Period.
“Pro Forma Basis” and “Pro Forma Effect” mean, with respect to compliance with any test under this Indenture for an applicable period of measurement, that (A) to the extent applicable, the Pro Forma Adjustment shall have been made and (B) all Specified Transactions and the following transactions in connection therewith shall be deemed to have occurred as of the first day of the applicable period of measurement (as of the last date in the case of a balance sheet item) in such test: (a) income statement items (whether positive or negative) attributable to the property or Person subject to such Specified Transaction, (i) in the case of a Disposition of all or substantially all Capital Stock in any Restricted Subsidiary or any division, product line, or facility used for operations of the Company or any of the Restricted Subsidiaries, shall be excluded, and (ii) in the case of a Permitted Acquisition or Investment described in the definition of “Specified Transaction,” shall be included, (b) any retirement of Debt and (c) any Debt incurred or assumed by the Company or any of the Restricted Subsidiaries in connection therewith and if such Debt has a floating or formula rate, shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate which is or would be in effect with respect to such Debt as at the relevant date of determination (after giving effect to any related Swap Contract for such Debt that has a remaining term in excess of 12 months); provided that, without limiting the application of the Pro Forma Adjustment pursuant to clause (A) above, the foregoing pro forma adjustments may be applied to any such test solely to the extent that such adjustments are consistent with the definition of “Consolidated EBITDA” and give effect to events (including operating expense reductions) that are (as determined by the Company in good faith) (i) (x) directly attributable to such transaction, (y) expected to have a continuing impact on the Company and the Restricted Subsidiaries and (z) factually supportable or (ii) otherwise consistent with the definition of Pro Forma Adjustment.
“Purchase Money Debt” means (a) Debt for payment of any of the purchase price of property, plant, equipment or other fixed or capital assets (either directly or through the acquisition of Capital Stock of a Person that owns such assets and becomes a Restricted Subsidiary), (b) Debt Incurred at the time of or within 270 days after acquisition, construction, repair, replacement or improvement of any property, plant, equipment or other fixed or capital assets, for the purpose of financing any of the price thereof, and (c) Debt Incurred for the construction or acquisition or improvement of, or to finance or to refinance the construction, acquisition or improvement of, any 
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real property owned by the Company or any Restricted Subsidiary (excluding any Debt Incurred in connection with Sale Leaseback transaction permitted under this Indenture).
“Purchase Money Lien” means a Lien that secures (a) Capital Lease Obligations or (b) Purchase Money Debt, in each case, encumbering only the property, plant, equipment or other fixed or capital assets acquired with such Indebtedness (and additions and accessions to such assets and the proceeds and the products thereof and customary security deposits) and constituting a purchase money security interest under the UCC or other applicable law.
“Rating Agencies” means Moody’s and S&P.
“Regulation S Legend” means the legend identified as such in Exhibit A.
“Related Costs” means the aggregate amount of any accrued and unpaid interest, premiums (including tender premiums) on the Debt being refinanced plus any fees, underwriting discounts, defeasance costs and other costs, fees, discounts and expenses incurred or payable in connection with such refinancing.
“Replacement Assets” means: 
(1)    properties and assets (other than cash, Cash Equivalents, any Capital Stock or other security or any other current assets) that will be used in the business of the Company and its Restricted Subsidiaries as conducted on the Issue Date or any business ancillary thereto or supportive thereof; and 
(2)    Capital Stock of any Person that is engaged in the type of business as conducted by the Company and its Restricted Subsidiaries on the Issue Date or any business ancillary thereto or supportive thereof and that will be merged or consolidated with or into the Company or a Restricted Subsidiary or that will become a Restricted Subsidiary.
“Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture.
“Restricted Notes Legend” means the legend identified as such in Exhibit A.
“Restricted Subsidiary” means any Subsidiary of the Company, whether existing on or after the Issue Date, unless such Subsidiary is an Unrestricted Subsidiary.
“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and any successor to its rating agency business. 
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“Sale Leaseback” means any transaction or series of related transactions pursuant to which the Company or any of the Restricted Subsidiaries (a) sells, transfers or otherwise disposes of any property, real or personal, whether now owned or hereafter acquired, and (b) as part of such transaction, thereafter rents or leases such property or other property that it intends to use for substantially the same purpose or purposes as the property being sold, transferred or disposed.
 “SEC” means the U.S. Securities and Exchange Commission.
“Securities Act” means the U.S. Securities Act of 1933, as amended.
“Secured Debt” means Debt of the Company or a Restricted Subsidiary that is secured by a Lien. 
“Senior Secured Credit Facilities” means the collective reference to the ABL Credit Facility and the Term Loan Facility.
“Significant Subsidiary” means any Restricted Subsidiary that would be a “Significant Subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC.
“Specified Assets” means assets related to (a) the retail and other non-wholesale business and (b) the tobacco business, in each case, of Supervalu Inc. and its Subsidiaries.
“Specified Transaction” means any Permitted Acquisition, any Investment, Asset Disposition or other disposition of a business unit, line of business or division of the Company or a Restricted Subsidiary or that results in a Restricted Subsidiary ceasing to be a Subsidiary of the Company, Incurrence or repayment of Debt, Restricted Payment, any designation of a Subsidiary as a Restricted Subsidiary or Unrestricted Subsidiary or any other event that by the terms of this Indenture requires any test to be calculated on a “Pro Forma Basis” or after giving “Pro Forma Effect”; provided at the Company’s sole election that any such Specified Transaction (other than a Restricted Payment) having an aggregate value of less than $10.0 million shall not be calculated on a “Pro Forma Basis” or after giving “Pro Forma Effect.”
“Stated Maturity” means, when used with respect to any Debt or any installment of interest on such Debt, the dates specified in such Debt as the fixed date on which the principal of such Debt or such installment of interest, as the case may be, is due and payable.
“Subordinated Debt” means Debt of the Company or a Subsidiary Guarantor that is expressly subordinated or junior in right of payment to the Notes or a Subsidiary Guarantee, as applicable, pursuant to a written agreement to that effect.
 “Subsidiary” of any Person means:
(1)    a corporation more than 50% of the combined voting power of the outstanding Voting Stock of which is owned, directly or indirectly, by such Person or by one or more other Subsidiaries of such Person or by such Person and one or more Subsidiaries thereof, or
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(2)    any other Person (other than a corporation) in which such Person, or one or more other Subsidiaries of such Person or such Person and one or more other Subsidiaries thereof, directly or indirectly, has at least a majority ownership interest and power to direct the policies, management and affairs thereof.
“Subsidiary Guarantee” means the Guarantee by any Subsidiary Guarantor of the Company’s obligations under this Indenture.
“Subsidiary Guarantor” means each Restricted Subsidiary of the Company on the Issue Date that is a party to this Indenture for purposes of providing a Subsidiary Guarantee with respect to the Notes, and each other Restricted Subsidiary that is required to, or at the election of the Company, does become a Subsidiary Guarantor by the terms of this Indenture after the Issue Date and their respective successors and assigns, in each case, until such Person is released from its Subsidiary Guarantee in accordance with the terms of this Indenture.
“Supervalu Acquisition” means the acquisition by the Company of Supervalu Inc. pursuant to the Agreement and Plan of Merger, dated as of July 25, 2018, by and among, inter alios, Supervalu Inc., the Company and Supervalu Enterprises, Inc.
“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement.
“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined in accordance with the terms thereof and in accordance with customary methods for calculating mark-to-market values under similar arrangements.
“Term Loan Facility” means the Term Loan Agreement dated as of October 22, 2018 among the Company, its subsidiaries listed therein, Goldman Sachs Bank USA, as administrative agent, and the other lending institutions party thereto and any amendment, modification, renewal, extension, refinancing, refunding or replacement thereof in one or more agreements.
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“Test Period” means, at any date of determination, the most recently completed four consecutive fiscal quarters of the Company ending on or prior to such date for which internal financial statements prepared on a consolidated basis in accordance with GAAP are available.
“Transfer Restricted Notes” means Notes that bear or are required to bear the Restricted Notes Legend.
“Treasury Rate” means, with respect to any redemption date, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 that has become publicly available at least two Business Days prior to such redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such redemption date to October 15, 2023; provided, however, that if the period from such redemption date to October 15, 2023 is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from such redemption date to October 15, 2023 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used.
“Trustee” has the meaning set forth in the preamble of this Indenture and any successor thereto.
“U.S. Government Obligations” means direct non-callable obligations of, or obligations guaranteed by, the United States for the payment of which obligations or guarantee the full faith and credit of the United States is pledged.
 “Uniform Commercial Code” or “UCC” means the Uniform Commercial Code as the same may from time to time be in effect in the State of New York or the Uniform Commercial Code (or similar code or statute) of another jurisdiction (as applicable).
“United States” or “U.S.” means the United States of America.
“Unrestricted Subsidiary” means:
(1)    each of International Distributors Grand Bahama Limited and Wetterau Insurance Co. Ltd.;
(2)    any Subsidiary of the Company which at the time of determination shall be designated an Unrestricted Subsidiary by the Company pursuant to Section 4.16; and
(3)    any Subsidiary of an Unrestricted Subsidiary.
 “Voting Stock” of any Person means Capital Stock of such Person which ordinarily has voting power for the election of directors (or persons performing similar functions) of such Person, whether at all times or only so long as no senior class of securities has such voting power by reason of any contingency. 
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“Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person all of the outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person or by such Person and one or more Wholly Owned Subsidiaries of such Person.
“Wholly Owned Restricted Subsidiary” means any Wholly Owned Subsidiary that is a Restricted Subsidiary.

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SECTION 1.2.        Other Definitions.
												
	Term
		Defined in Section
	
	“acceleration declaration”			  6.2
	“Act”			11.12(a)
	“Affiliate Transaction”			  4.11(a)
	“Alternate Offer”			  4.13
	“Authentication Order”			  2.2
	“Available Amount”			  4.7(a)(4)(iii)
	“Bondholder Call”			  4.3(c)
	“Change of Control Offer”			  4.13
	“Change of Control Purchase Price”			  4.13
	“Covenant Defeasance”			  8.3
	“Deposit Trustee”			  8.5
	“EDGAR”			  4.3(a)
	“Event of Default”			  6.1
	“Excess Proceeds”			  4.10(c)
	“Expiration Date”			11.12(j)
	“Fixed Amounts”			  1.4
	“Incurrence Based Amounts”			  1.4
	“Institutional Accredited Investor Note”			  2.1(b)
	“LCA Election”			  1.4
	“LCA Test Date”			  1.4
	“Legal Defeasance”			  8.2
	“Note Amount”			  4.10(c)(1)
	“Notice”			  11.10
	“Offer Date”			  4.10(c)
	“Offered Price”			  4.10(c)
	“Pari Passu Debt Amount”			  4.10(c)(2)
	“Pari Passu Offer”			  4.10(c)(2)
	“Permitted Debt”			  4.9(b)
	“QIBs”			  2.1(b)
	“Registrar”			  2.3
	“Regulation S”			  2.1(b)
	“Regulation S Global Note”			  2.1(b)
	“Required Filing Dates”			  4.3(a)
	“Resale Restriction Termination Date”			  2.15(a)
	“Restricted Payment”			  4.7(a)(4)
	“Restricted Period”			  2.15(b)
	“Rule 144A”			  2.1(b)
	“Rule 144A Global Note”			  2.1(b)
	“Successor Company”			  5.1(a)(1)
	“Successor Subsidiary Guarantor”			  5.1(b)(1)(A)
	“Suspended Covenants”			  4.17(a)
	“Suspension Period”			  4.17(a)

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SECTION 1.3.     Rules of Construction. Unless the context otherwise requires:
(1)    a term has the meaning assigned to it herein;
(2)    an accounting term not otherwise defined herein has the meaning assigned to it in accordance with GAAP;
(3)    “or” is not exclusive;
(4)    words in the singular include the plural, and in the plural include the singular;
(5)    unless otherwise specified, any reference to Section, Article or Exhibit refers to such Section, Article or Exhibit, as the case may be, of this Indenture;
(6)    provisions apply to successive events and transactions; 
(7)    the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not any particular Article, Section, clause or other subdivision; and
(8)    references to sections of or rules under the Securities Act or the Exchange Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time.
SECTION 1.4.        Certain Financial Tests and Calculations. Notwithstanding anything in this Indenture but subject to the immediately following paragraph, when calculating any applicable ratio or determining other compliance with this Indenture, including the determination of compliance with any provision of this Indenture in connection with a Specified Transaction undertaken in connection with the consummation of a Limited Condition Transaction, the date of determination of such ratio or other applicable covenant and determination of whether any Default or Event of Default has occurred, is continuing or would result therefrom or other applicable covenant shall, at the option of the Company (the Company’s election to exercise such option in connection with any Limited Condition Transaction, an “LCA Election”), be deemed to be the date that the definitive agreements for such Limited Condition Transaction are entered into (in each case, the “LCA Test Date”) and if, after such ratios and other provisions are measured on a Pro Forma Basis after giving effect to such Limited Condition Transaction and the other Specified Transactions to be entered into in connection therewith and the use of proceeds thereof as if they occurred at the beginning of the four consecutive fiscal quarter period being used to calculate such financial ratio ending prior to the LCA Test Date, the Company could have taken such action on the relevant LCA Test Date in compliance with such ratios and provisions, such provisions shall be deemed to have been complied with. For the avoidance of doubt, (x) if any of such ratios are exceeded as a result of fluctuations in such ratio (including due to fluctuations in Consolidated EBITDA) at or prior to the consummation of the relevant Limited Condition Transaction, such ratios and other provisions will not be deemed to have not been satisfied as a result of such fluctuations solely for purposes of determining whether the Limited Condition Transaction is permitted under this Indenture and (y) such ratios and other provisions shall not be tested at the 
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time of consummation of such Limited Condition Transaction or related Specified Transactions. If the Company has made an LCA Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio or basket availability with respect to any other Specified Transaction on or following the relevant LCA Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated, such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction, any such ratio or basket shall be calculated on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any Incurrence of Debt and the use of proceeds thereof) have been consummated. 
    Notwithstanding anything to the contrary in this Indenture, with respect to any amounts Incurred or transactions entered into (or consummated) in reliance on a provision of this Indenture that does not require compliance with a financial ratio or test (any such amounts, the “Fixed Amounts”) substantially concurrently with any amounts Incurred or transactions entered into (or consummated) in reliance on a provision of this Indenture that requires compliance with any such financial ratio or test (any such amounts, the “Incurrence Based Amounts”), it is understood and agreed that (i) the Fixed Amounts (and any cash proceeds thereof) and (ii) any Debt resulting from borrowings under the ABL Credit Facility which occur concurrently or substantially concurrently with the incurrence of the Incurrence Based Amounts shall, in each case, be disregarded in the calculation of the financial ratio or test applicable to the Incurrence Based Amounts in connection with such substantially concurrent Incurrence, except that Incurrences of Debt and Liens constituting Fixed Amounts shall be taken into account for purposes of the determination of Incurrence Based Amounts under Section 4.7.
ARTICLE II
THE NOTES
SECTION 2.1.        Form and Dating. The Notes shall be substantially in the form of Exhibit A attached hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note shall be dated the date of its authentication. The Notes will be issued in registered form, without coupons, and in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The registered Holder will be treated as the owner of such Note for all purposes.
The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture, and the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling.
(a)The Notes shall be issued initially in the form of one or more Global Notes, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Note Custodian, and registered in the name of the Depositary or a nominee of the Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided. 
Each Global Note shall represent such of the outstanding Notes as shall be specified therein, and each shall provide that it shall represent the aggregate amount of outstanding 
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Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges, redemptions and transfers of interests. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee or the Note Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.6.
(b)The Initial Notes are being issued by the Company only (i) to “qualified institutional buyers” (as defined in Rule 144A under the Securities Act (“Rule 144A”)) (“QIBs”) and (ii) in reliance on Regulation S under the Securities Act (“Regulation S”). After such initial issuance, Initial Notes that are Transfer Restricted Notes may be transferred to QIBs in reliance on Rule 144A, outside the United States pursuant to Regulation S, to IAIs or to the Company, in accordance with certain transfer restrictions. Initial Notes that are offered in reliance on Rule 144A shall be issued in the form of one or more permanent Global Notes substantially in the form set forth in Exhibit A and bear the Restricted Notes Legend (collectively, the “Rule 144A Global Note”), deposited with the Note Custodian, duly executed by the Company and authenticated by the Trustee as hereinafter provided. Initial Notes that are offered in offshore transactions in reliance on Regulation S shall be issued in the form of one or more permanent Global Notes substantially in the form set forth in Exhibit A and bear the Regulation S Legend (collectively, the “Regulation S Global Note”), deposited with the Note Custodian, duly executed by the Company and authenticated by the Trustee as hereinafter provided. Initial Notes resold to IAIs in the United States shall be issued in the form of one or more permanent Global Notes substantially in the form set forth in Exhibit A and bear the Restricted Notes Legend (collectively, the “Institutional Accredited Investor Note”), deposited with the Note Custodian, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of each Global Note may from time to time be increased or decreased by adjustments made on the records of the Note Custodian, at the direction of the Trustee. Transfers of Notes among QIBs, to or by purchasers pursuant to Regulation S and to or by IAIs shall be represented by appropriate increases and decreases to the respective amounts of the appropriate Global Notes, as more fully provided in Section 2.15.
(c)Section 2.1(b) shall apply only to Global Notes deposited with or on behalf of the Depositary. 
The Company shall execute and the Trustee shall, in accordance with this Section 2.1 and Section 2.2, authenticate and deliver the Global Notes that (i) shall be registered in the name of the Depositary or the nominee of the Depositary and (ii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instructions or held by the Note Custodian for the Depositary.
SECTION 2.2.     Execution and Authentication. An Officer shall sign the Notes for the Company by manual, facsimile or PDF transmission signature. 
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If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid.
A Note shall not be valid until authenticated by the manual signature of a Responsible Officer of the Trustee. The signature of a Responsible Officer of the Trustee shall be conclusive evidence that the Note has been authenticated under this Indenture.
The Trustee shall, upon receipt of a written order of the Company signed by an Officer of the Company (an “Authentication Order”) directing the Trustee to authenticate the Notes and, except with respect to the Initial Notes, an Officers’ Certificate and Opinion of Counsel stating that all conditions precedent to the issuance of the Notes contained herein have been complied with, authenticate Notes for original issue in the aggregate principal amount stated in such written order.
The Trustee may appoint an authenticating agent reasonably acceptable to the Company to authenticate Notes. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent or agents. An authenticating agent has the same rights as an Agent to deal with Holders or the Company.
SECTION 2.3.        Registrar; Paying Agent. The Company shall maintain (i) an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and (ii) an office or agency where Notes may be presented for payment to a Paying Agent. The Registrar shall keep a register of the Notes and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional Paying Agents. The term “Registrar” includes any co-registrar, and the term “Paying Agent” includes any additional Paying Agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company and/or any Restricted Subsidiary may act as Paying Agent or Registrar.
The Company shall notify the Trustee in writing, and the Trustee shall notify the Holders, of the name and address of any Agent not a party to this Indenture. The Company shall enter into an appropriate agency agreement with any Agent not a party to this Indenture. If the Company fails to appoint or maintain a Registrar or Paying Agent, or fails to give the foregoing notice, the Trustee shall act as such, and shall be entitled to appropriate compensation in accordance with Section 7.6.
The Company initially appoints the Trustee to act as the Registrar and Paying Agent at the Corporate Trust Office of the Trustee.
The Company initially appoints DTC to act as the Depositary with respect to the Global Notes.
SECTION 2.4.        Paying Agent to Hold Money in Trust. The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium or interest on the Notes, and shall notify the Trustee of any Default by the Company in making any such payment. While any such Default continues, the Trustee may require a Paying Agent to pay to the Trustee all money held by it in trust for the benefit of the Holders or the Trustee. The Company at any time may require a Paying Agent to pay all money held by it in trust for the benefit of the Holders or the Trustee to the Trustee. Upon payment over to 
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the Trustee, the Paying Agent (if other than the Company or any of its Subsidiaries) shall have no further liability for such money. If the Company or any of its Subsidiaries acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon the occurrence of any of the events specified in Section 6.1, the Trustee shall serve as Paying Agent for the Notes.
SECTION 2.5.        Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders. If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least seven (7) Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders, including the aggregate principal amount of the Notes held by each Holder thereof.
SECTION 2.6.     Book-Entry Provisions for Global Notes.
(a)Each Global Note shall (i) be registered in the name of the Depositary for such Global Notes or the nominee of such Depositary, (ii) be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instructions or held by the Note Custodian for the Depositary and (iii) bear the Global Note legends as required by Section 2.6(e).
Members of, or Participants in, the Depositary shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary, or the Note Custodian, or under such Global Note, and the Depositary may be treated by the Company, and the Trustee or any Agent and any of their respective agents, as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any Agent or their respective agents from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Participants, the operation of customary practices governing the exercise of the rights of an owner of a beneficial interest in any Global Note.
Neither the Trustee nor any Agent shall have any responsibility or obligation to any Holder that is a member of (or a Participant in) the Depositary or any other Person with respect to the accuracy of the records of the Depositary (or its nominee) or of any member or Participant thereof, with respect to any ownership interest in the Notes or with respect to the delivery of any notice (including any notice of redemption) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to the Notes. The Trustee and any Agent may rely (and shall be fully protected in relying) upon information furnished by the Depositary with respect to its members, Participants and any beneficial owners in the Notes.
Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary.
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(b)Transfers of a Global Note shall be limited to transfers of such Global Note in whole, but not in part, to the Depositary, its successors or their respective nominees. Interests of beneficial owners in a Global Note may be transferred in accordance with Section 2.15 and the rules and procedures of the Depositary. In addition, certificated Notes shall be transferred to beneficial owners in exchange for their beneficial interests only if (i) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for the Global Notes and a successor depositary is not appointed by the Company within 90 days of such notice, (ii) the Depositary ceases to be a “clearing agency” registered under the Exchange Act and a successor depositary is not appointed by the Company within 90 days of such notice, (iii) an Event of Default of which a Responsible Officer of the Trustee has written notice has occurred and is continuing and the Registrar has received a request from any Holder of a Global Note to issue such certificated Notes or (iv) the Company, in its sole discretion, notifies the Trustee in writing that it elects to cause the issuance of certificated Notes.
(c)In connection with the transfer of an entire Global Note to beneficial owners pursuant to Section 2.6(b), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and deliver to each beneficial owner identified by the Depositary in exchange for its beneficial interest in such Global Note an equal aggregate principal amount of certificated Notes of authorized denominations.
(d)The registered Holder of a Global Note may grant proxies and otherwise authorize any Person, including Participants and Persons that may hold interests through Participants, to take any action which a Holder is entitled to take under this Indenture or the Notes.
(e)Each Global Note shall bear the Global Note Legend on the face thereof.
(f)At such time as all beneficial interests in Global Notes have been exchanged for certificated Notes, redeemed, repurchased or cancelled, all Global Notes shall be returned to or retained and cancelled by the Trustee in accordance with Section 2.11. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for certificated Notes, redeemed, repurchased or cancelled, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note, by the Trustee or the Note Custodian, at the direction of the Trustee, to reflect such reduction.
(g)General Provisions Relating to Transfers and Exchanges.
(1)To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Global Notes and certificated Notes upon receipt of an Authentication Order in accordance with Section 2.2 or at the Registrar’s request.
(2)No service charge shall be made to a Holder for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to 
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cover any stamp or transfer tax or similar governmental charge payable in connection therewith (other than any such stamp or transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Section 2.7, Section 2.10, Section 3.6, Section 4.10, Section 4.13 or Section 9.4).
(3)All Global Notes and certificated Notes issued upon any registration of transfer or exchange of Global Notes or certificated Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes (or interests therein) or certificated Notes surrendered upon such registration of transfer or exchange. 
(4)The Registrar is not required (A) to issue, to register the transfer of or to exchange Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes under Section 3.2 hereof and ending at the close of business on the day of such selection, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, or (C) to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date.
(5)Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary.
(6)The Trustee shall authenticate Global Notes and certificated Notes in accordance with the provisions of Section 2.2. Except as provided in Section 2.6(b), neither the Trustee nor the Registrar shall authenticate or deliver any certificated Note in exchange for a Global Note.
(7)Each Holder agrees to indemnify the Company and the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder’s Note in violation of any provision of this Indenture and/or applicable United States federal or state securities law.
(8)Neither the Trustee nor any Agent shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Participants or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.
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(9)The transferor of any Note held in certificated form shall provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Section 6045 of the Internal Revenue Code of 1986, as amended. The Trustee may rely on information provided to it and shall have no responsibility to verify or ensure the accuracy of such information.
SECTION 2.7.     Replacement Notes. If any mutilated Note is surrendered to the Trustee, or the Registrar or the Company and the Trustee receives evidence to its satisfaction of the ownership and destruction, loss or theft of any Note, the Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company, the Trustee and the Agents may charge for their expenses in replacing a Note.
Every replacement Note is an additional obligation of the Company and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder.
SECTION 2.8.     Outstanding Notes. The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those cancelled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.8 as not outstanding. Except as set forth in Section 2.9, a Note does not cease to be outstanding because the Company, the Subsidiary Guarantors or any of their respective Affiliates holds the Note. 
If a Note is replaced pursuant to Section 2.7, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser.
If the principal amount of any Note is considered paid under Section 4.1 hereof, it ceases to be outstanding and interest on it ceases to accrue.
If the Paying Agent (other than the Company, a Subsidiary of the Company, or an Affiliate of any thereof) holds, on the maturity date or date of redemption, money sufficient to pay all amounts under the Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest.
SECTION 2.9.     Treasury Notes. In determining whether the Holders of the required aggregate principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company, the Subsidiary Guarantors or by any of their respective Affiliates shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes of which a Responsible Officer of the Trustee has written notice as being so owned shall be so disregarded. Notwithstanding the foregoing, Notes that are to be acquired by the Company or an Affiliate of the 
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Company pursuant to an exchange offer, tender offer or other agreement shall not be deemed to be owned by such entity until legal title to such Notes passes to such entity.
SECTION 2.10.    Temporary Notes. Until certificated Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for temporary Notes. Without unreasonable delay, the Company shall prepare and the Trustee shall upon receipt of a written order of the Company signed by one Officer, authenticate certificated Notes in certificate form in exchange for temporary Notes.
Holders of temporary Notes shall be entitled to all of the benefits of this Indenture.
SECTION 2.11.    Cancellation. The Company at any time may deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder or which the Company may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Trustee. All Notes surrendered for registration of transfer, exchange or payment, if surrendered to any Person other than the Trustee, shall be delivered to the Trustee. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation. Subject to Sections 2.7 and 2.16, the Company may not issue new Notes to replace Notes that it has redeemed or paid or that have been delivered to the Trustee for cancellation. All cancelled Notes held by the Trustee shall be disposed of in accordance with its customary practice.
SECTION 2.12.    Defaulted Interest. If the Company defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, which date shall be the earliest practicable date but in all events at least five (5) Business Days prior to the payment date, in each case at the rate provided in the Notes and in Section 4.1. The Company shall fix or cause to be fixed each such special record date and payment date and shall promptly thereafter notify the Trustee of any such date. At least 15 days before the special record date, the Company (or the Trustee, in the name and at the expense of the Company) shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. The Trustee will have no duty whatsoever to determine whether any defaulted interest is payable or the amount thereof.
SECTION 2.13.    Computation of Interest. Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months.
SECTION 2.14.    CUSIP and ISIN Numbers. The Company in issuing the Notes may use “CUSIP” and “ISIN” numbers, and, if it does so, the Trustee shall use the CUSIP and/or ISIN number in notices of redemption or exchange as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness or accuracy of such numbers printed in the notice or on the Notes and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption or exchange shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any change in the CUSIP number and ISIN number.
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SECTION 2.15.    Transfer and Exchange.
(a)The following provisions shall apply with respect to any proposed transfer of a Rule 144A Note or an Institutional Accredited Investor Note prior to the date which is six months after (assuming at the time of transfer the Company is in compliance with the public information requirements of Rule 144(c) under the Securities Act and, if not, one year after) the later of the date of its original issue, the original issue date of any Additional Notes and the last date on which the Company or any Affiliate of the Company was the owner of such securities (or any predecessor thereto) (the “Resale Restriction Termination Date”):
(1)a transfer of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest therein to a QIB shall be made upon the representation of the transferee, in the form of assignment as set forth on the reverse of the Note, that it is purchasing the Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A;
(2)a transfer of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest therein to an IAI shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth under Exhibit D from the proposed transferee and, if requested by the Company or the Trustee, the delivery of an Opinion of Counsel, certification and/or other information satisfactory to each of them; and
(3)a transfer of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest therein to a non-U.S. person shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth under Exhibit C from the proposed transferor and, if requested by the Company or the Trustee, the delivery of an Opinion of Counsel, certification and/or other information satisfactory to each of them.
After the Resale Restriction Termination Date, interests in a Rule 144A Note or an Institutional Accredited Investor Note may be transferred in accordance with applicable law without requiring the certifications set forth under Exhibit C or Exhibit D or any additional certification.
(b)The following provisions shall apply with respect to any proposed transfer of a Regulation S Note prior to the date which is forty days after the later of the Issue Date, the closing date of the issuance of any Additional Notes and when the Notes or any predecessor of the Notes are first offered to Persons other than distributors (as defined in Rule 902 of Regulation S) in reliance on Regulation S (the “Restricted Period”):
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(1)a transfer of a Regulation S Note or a beneficial interest therein to a QIB shall be made upon the representation of the transferee, in the form of assignment as set forth on the reverse of the Note, that it is purchasing the Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a QIB, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A;
(2)a transfer of a Regulation S Note or a beneficial interest therein to an IAI shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth under Exhibit D from the proposed transferee and, if requested by the Company or the Trustee, the delivery of an Opinion of Counsel, certification and/or other information satisfactory to each of them; and
(3)a transfer of a Regulation S Note or a beneficial interest therein to a non-U.S. person shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth under Exhibit C hereof from the proposed transferor and, if requested by the Company or the Trustee, delivery of an Opinion of Counsel, certification and/or other information satisfactory to each of them.
After the expiration of the Restricted Period, interests in the Regulation S Note may be transferred in accordance with applicable law without requiring the certifications set forth under Exhibit C or Exhibit D or any additional certification.
(c)In the event that a Global Note is exchanged for Notes in certificated, registered form pursuant to Section 2.6, such Notes may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of clauses (a) and (b) of this Section 2.15 above (including the certification requirements intended to ensure that such transfers comply with Rule 144A or Regulation S, as the case may be) and such other procedures as may from time to time be adopted by the Company and notified to the Trustee in writing.
(d)Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes not bearing the Restricted Notes Legend, the Registrar shall deliver Notes that do not bear the Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes bearing the Restricted Notes Legend, the Registrar shall deliver only Notes that bear the Restricted Notes Legend unless there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Company to the effect that neither such legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act. 
(e)Regulation S Legend. Upon the transfer, exchange or replacement of Notes not bearing the Regulation S Legend, the Registrar shall deliver Notes that do not bear the 
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Regulation S Legend. Upon the transfer, exchange or replacement of Notes bearing the Regulation S Legend, the Registrar shall deliver only Notes that bear the Regulation S Legend unless there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Company to the effect that neither such legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act.
(f)General. By its acceptance of any Note bearing the Restricted Notes Legend or the Regulation S Legend, as applicable, each Holder of such a Note acknowledges the restrictions on transfer of such Note set forth in this Indenture and in the Restricted Notes Legend or the Regulation S Legend, as applicable, and agrees that it shall transfer such Note only as provided in this Indenture. A transfer of a beneficial interest in a Global Note that does not involve an exchange of such interest for a certificated Note or a beneficial interest in another Global Note shall be subject to compliance with applicable law and the applicable procedures of the Depositary but is not subject to any procedure required by this Indenture. 
In connection with any proposed transfer pursuant to Regulation S or pursuant to any other available exemption from the registration requirements of the Securities Act (other than pursuant to Rule 144A), the Company may require the delivery of an Opinion of Counsel, other certifications or other information satisfactory to the Company.
The Registrar shall retain copies of all letters, notices and other written communications received pursuant to this Section 2.15.
SECTION 2.16.     Issuance of Additional Notes. The Company shall be entitled to issue Additional Notes in an unlimited aggregate principal amount under this Indenture that shall have identical terms as the Initial Notes, other than with respect to the date of issuance, issue price, first interest payment date applicable thereto, first date from which interest will accrue, transfer restrictions, any registration rights agreement and additional interest with respect thereto; provided that such issuance is not prohibited by the terms of this Indenture, including Section 4.9 and provided, further, that if any Additional Notes are not fungible with the existing Notes for U.S. federal income tax purposes, as determined by the Company, such Additional Notes will have a separate CUSIP number and ISIN. The Initial Notes and any Additional Notes shall be treated as a single class for all purposes under this Indenture.
With respect to any Additional Notes, the Company shall set forth in an Officers’ Certificate, a copy of which shall be delivered to the Trustee, the following information:
(1)the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; 
(2)the issue price, the issue date, the CUSIP and/or ISIN number of such Additional Notes, the first interest payment date and the amount of interest payable on such first interest payment date applicable thereto and the date from which interest shall accrue;
(3)whether such Additional Notes shall be Transfer Restricted Notes; and 
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(4)that such issuance is not prohibited by this Indenture.
The Trustee shall, upon receipt of the Officers’ Certificate, authenticate the Additional Notes in accordance with the provisions of Section 2.2 of this Indenture.
ARTICLE III
REDEMPTION AND PREPAYMENT
SECTION 3.1.     Notices to Trustee. If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.7, it shall furnish to the Trustee, at least three Business Days (or such shorter period as is acceptable to the Trustee) before sending a notice of such redemption, an Officers’ Certificate setting forth the (i) the paragraph of the Notes and/or section of this Indenture pursuant to which the redemption shall occur, (ii) redemption date (which, in the case of a redemption subject to conditions, may be subject to extension until such conditions are satisfied), (iii) principal amount of Notes to be redeemed and (iv) the redemption price or the method for determining the redemption price. 
SECTION 3.2.     Selection of Notes to Be Redeemed. In the event that less than all of the Notes are to be redeemed at any time, the Trustee shall select the Notes (or portions of Notes) to be redeemed among the Holders in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not then listed on any national securities exchange, on a pro rata basis or by lot (except that any Notes represented by a Global Note will be selected in accordance with the applicable procedures and requirements of DTC); provided, however, that no Notes of $2,000 in original principal amount or less shall be redeemed in part.
SECTION 3.3.        Notice of Redemption. The Company shall mail or cause to be mailed (in each case sent by first class mail) in accordance with Section 11.1 and, in the case of Global Notes given in accordance with DTC procedures, a notice of redemption pursuant to Section 3.7 to each Holder whose Notes are to be redeemed at its registered address (with a copy to the Trustee), at least 15 days but not more than 60 days before the expected redemption date (except that notices may be delivered more than 60 days before a redemption date if the notice is issued in accordance with Article VIII). 
The notice shall identify the Notes to be redeemed (including the name of the Notes, the series, “CUSIP” numbers and corresponding “ISINs”, if applicable, interest rate, maturity date and, if known, certificate numbers) and shall state:
(1)    the redemption date (which, in the case of a redemption subject to conditions, may be subject to extension until such conditions are satisfied);
(2)    the redemption price (or the method by which it is to be determined);
(3)    if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption date, upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued upon cancellation of the original Note (or appropriate adjustments to the amount and beneficial interests in a Global Note will be made, as appropriate);
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(4)    the name and address of the Paying Agent;
(5)    that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;
(6)    that, unless the Company defaults in making such redemption payment, interest, if any, on Notes called for redemption ceases to accrue on and after the redemption date;
(7)    the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; 
(8)    that no representation is made as to the correctness or accuracy of the CUSIP number and ISIN number, if any, listed in such notice or printed on the Notes; and
(9)    any conditions precedent to such redemption.
At the Company’s written request, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense; provided, however, that the Company shall have delivered to the Trustee, at least five Business Days prior to the date of the giving of the notice of redemption (or such shorter period as is acceptable to the Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in the notice as provided in the preceding paragraph. The notice sent in the manner herein provided shall be deemed to have been duly given whether or not the Holder receives such notice. In any case, failure to give such notice or any defect in the notice to the Holder of any Note shall not affect the validity of the proceeding for the redemption of any other Note.
SECTION 3.4.        Effect of Notice of Redemption. Subject to the next paragraph, once notice of redemption is delivered in accordance with Section 3.3, Notes called for redemption become due and payable on the redemption date at the applicable redemption price.
Any redemption notice may, at the Company’s discretion, be subject to the satisfaction or waiver of one or more conditions precedent, including completion of an Equity Offering or other corporate transaction. In addition, if such redemption is subject to satisfaction or waiver of one or more conditions precedent, such notice shall state that, in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied or waived, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied or waived by the redemption date, or by the redemption date so delayed. The Company shall provide written notice of the satisfaction or waiver of such conditions, the delay of such redemption date or the rescission of such notice of redemption to the Trustee no later than the redemption date, and upon receipt the Trustee shall provide such notice to each Holder of the Notes in the same manner in which the notice of redemption was given.
SECTION 3.5.        Deposit of Redemption Price. On or before 11:00 a.m. (New York City time) on the redemption date, the Company shall deposit with the Trustee or with the Paying Agent (if other than the Company or an Affiliate of the Company) money sufficient to pay the redemption price, together with accrued and unpaid interest, if any, to the applicable redemption 
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date on all Notes to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price and accrued and unpaid interest, if any, to the applicable redemption date on all Notes to be redeemed.
If the Company has deposited with the Trustee or Paying Agent money sufficient to pay the redemption price of, and unpaid and accrued interest, if any, on, all Notes to be redeemed, on and after the redemption date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption (regardless of whether certificates for such securities are actually surrendered). If a Note is redeemed on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal from the redemption date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case, at the rate provided in the Notes and in Section 4.1.
SECTION 3.6.        Notes Redeemed in Part.
 Upon surrender and cancellation of a Note that is redeemed in part, the Company shall issue and, upon the written request of an Officer of the Company, the Trustee shall authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed portion of the Note surrendered and canceled; provided that each such new Note will be in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof.
SECTION 3.7.        Optional Redemption.
(a)The Notes may be redeemed, in whole or in part, at any time or from time to time prior to October 15, 2023 at the option of the Company, at a redemption price equal to 100.0% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest thereon, if any, to, but excluding, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date). The Company will calculate the Treasury Rate and Applicable Premium and, prior to the redemption date, file an Officers’ Certificate with the Trustee setting forth the Treasury Rate and Applicable Premium and showing the calculation of each in reasonable detail.
(b)At any time or from time to time on or after October 15, 2023, the Company, at its option, may redeem the Notes in whole or in part, at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below, together with accrued and unpaid interest thereon, if any, to, but excluding, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the 12-month period beginning October 15 of the years indicated below:
												
		Year		Redemption Price
		2023......................................................................		103.375%
		2024 .....................................................................		101.688%
		2025 and thereafter ....................................................		100.000%

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(c)In the event that before October 15, 2023, the Company receives net cash proceeds from the sale of its Common Stock in one or more Equity Offerings, the Company may use an amount not greater than the amount of such net cash proceeds to redeem up to 40% of the original aggregate principal amount of all Notes issued (calculated after giving effect to any issuance of Additional Notes) at a redemption price of 106.750% of the principal amount thereof, plus accrued and unpaid interest, if any, to but excluding, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date); provided that:
(1)at least 60% of the original aggregate principal amount of all Notes issued (calculated after giving effect to any issuance of Additional Notes) remains outstanding after each such redemption; and
(2)the redemption date is within 90 days of the consummation of any such Equity Offering.
(d)Notwithstanding the foregoing, in connection with any tender offer for the Notes, if Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the Company, or any third party making such a tender offer in lieu of the Company, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Company or such third party will have the right upon not less than 15 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to such tender offer, to redeem all Notes that remain outstanding following such purchase at a price equal to the price offered to each other Holder in such tender offer (provided such price shall not be less than 100% of the principal amount of Notes to be repurchased) plus, to the extent not included in the tender offer payment, accrued and unpaid interest, if any, to, but excluding, the redemption date.
(e)Nothing herein shall limit the ability of the Company or its Affiliates to purchase or acquire Notes in open market purchases, tender or exchange offers or other negotiated transactions. 
ARTICLE IV
COVENANTS
SECTION 4.1.        Payment of Notes.
(a)The Company shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid for all purposes hereunder on the date the Trustee or the Paying Agent (if other than the Company or a Subsidiary thereof) holds, as of 11:00 a.m. (New York City time) on the relevant payment date, U.S. dollars deposited by the Company in immediately available funds and designated for and sufficient to pay all such principal, premium, if any, and interest then due.
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(b)The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period), at the same rate to the extent lawful.
SECTION 4.2.        Maintenance of Office or Agency. The Company shall maintain an office or agency in the United States where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company and the Subsidiary Guarantors in respect of the Notes and this Indenture may be served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee.
The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; 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 United States for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.
The Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.3.
SECTION 4.3.        Provision of Financial Information. 
(a)Whether or not the Company is subject to Section 13(a) or 15(d) of the Exchange Act, or any successor provision thereto, the Company shall provide to the Trustee and Holders the annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K which the Company would have been required to file with the SEC pursuant to such Section 13(a) or 15(d), or any successor provision thereto, if the Company were so required, such documents to be provided to the Trustee and Holders on or prior to the respective dates (the “Required Filing Dates”) by which the Company would have been required to file such documents with the SEC if the Company were so required; provided that any such reports and documents filed with the SEC pursuant to its Electronic Data Gathering, Analysis and Retrieval system (“EDGAR”) (or any successor system) or made publicly available on the Company’s website shall be deemed to have been delivered to the Trustee and the Holders of Notes for purposes of the foregoing requirements.
(b)So long as any of the Notes remain outstanding, if at any time the Company is not subject to Section 13(a) or 15(d) under the Exchange Act, the Company will make available to any market making financial institution, securities analyst, prospective purchaser of Notes or beneficial owner of Notes, upon their request, the information required by Rule 144A(d)(4) under the Securities Act, until such time as the Holders of the 
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Notes are able to sell all such Notes immediately without restriction pursuant to the provisions of Rule 144 under the Securities Act, or any successor provision thereto.
(c)In addition, no later than five Business Days after the date the annual or quarterly report for the prior fiscal period has been filed or furnished pursuant to this Section 4.3, the Company shall also hold live quarterly conference calls with the opportunity to ask questions of management (a “Bondholder Call”); provided that, so long as the Company holds public quarterly conference calls for holders of its Common Stock, it shall not be required to hold separate or additional Bondholder Calls. If the Company holds any Bondholder Call, no fewer than ten Business Days prior to the date such Bondholder Call is to be held, the Company shall issue a press release to the appropriate U.S. wire services announcing such Bondholder Call for the benefit of the Trustee, the Holders, beneficial owners of the Notes, prospective purchasers of the Notes (which prospective purchasers shall be limited to “qualified institutional buyers” within the meaning of Rule 144A of the Securities Act or non-U.S. persons (as defined in Regulation S under the Securities Act) that certify their status as such to the reasonable satisfaction of the Company), securities analysts and market making financial institutions, which press release shall contain the time and the date of such Bondholder Call and direct the recipients thereof to contact an individual at the Company (for whom contact information shall be provided in such notice) to obtain information on how to access such quarterly conference call.
(d)In the event that any direct or indirect parent company of the Company becomes a guarantor of the Notes, the Company may satisfy its obligations under this Section 4.3 with respect to financial information relating to the Company by furnishing financial information relating to such parent company; provided that the same is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to such parent, on the one hand, and the information relating to the Company and its Subsidiaries on a standalone basis, on the other hand.
(e)If the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries and such Unrestricted Subsidiaries, either individually or collectively, would otherwise have been a Significant Subsidiary, then the annual and quarterly financial information required by this Section 4.3 shall include a reasonably detailed presentation, as determined in good faith by senior management of the Company, either on the face of the financial statements or in the footnotes to the financial statements and in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section, of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries.
(f)Delivery of reports 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 or any Subsidiary Guarantor’s, as the case may be, compliance with any of its covenants under this Indenture (as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate of the Company). The Trustee shall have no 
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obligation or responsibility to determine whether the Company is required to file any report or other information with the SEC, whether the Company’s information is available on EDGAR (or any successor system) or the Company’s website or whether the Company has otherwise delivered any notice or report in accordance with the requirements specified in this Section 4.3.
SECTION 4.4.     Compliance Certificate. The Company shall deliver to the Trustee, within 90 days after the end of each fiscal year beginning with the fiscal year ending July 31, 2021, an Officers’ Certificate stating that a review of the activities of the Company and its Subsidiary Guarantors during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether each has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that, to his or her knowledge, each entity has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto). 
The Company shall, so long as any of the Notes are outstanding, deliver to the Trustee, within 30 days after any Officer becomes aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto.
SECTION 4.5.     Reserved.
SECTION 4.6.     Stay, Extension and Usury Laws. The Company and each of the Subsidiary Guarantors 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 wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture, and the Company and each of the Subsidiary Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted.
SECTION 4.7.     Limitation on Restricted Payments.
(a)The Company shall not, and shall not permit any Restricted Subsidiary to:
(1)directly or indirectly declare or pay any dividend on, or make any distribution (including any payment in connection with any merger or consolidation derived from assets of the Company or any Restricted Subsidiary) in respect of its Capital Stock or to the holders thereof in their capacity as holders of Capital Stock, other than:
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(i)any dividends or distributions by the Company payable solely in shares of its Capital Stock (other than Disqualified Capital Stock) or in options, warrants or other rights to acquire its Capital Stock (other than Disqualified Capital Stock), and
(ii)in the case of a Restricted Subsidiary, dividends or distributions payable to the Company or a Restricted Subsidiary or, in the case of dividends or distributions made by a Restricted Subsidiary that is not wholly owned, dividends or distributions are made on a pro rata basis (or on a basis more favorable to the Company);
(2)purchase, redeem or otherwise acquire or retire for value any Capital Stock of the Company or any parent thereof, other than in exchange for Capital Stock (other than Disqualified Capital Stock) of the Company;
(3)make, any Investment in any Person, other than a Permitted Investment; and
(4)redeem, repurchase, defease, prepay or otherwise acquire or retire for value, prior to any scheduled maturity, repayment or sinking fund payment, any Subordinated Debt (other than Debt owed by the Company or any Restricted Subsidiary of the Company to another Restricted Subsidiary of the Company or the Company, or any such payment on Debt due within one year of the date of redemption, repurchase, defeasance, prepayment, decrease or other acquisition or retirement) 
(each of clauses (1) through (4) above being a “Restricted Payment”) unless:
(i)no Event of Default, or an event that with the passing of time or the giving of notice, or both, would constitute an Event of Default, has occurred and is continuing or would result from such Restricted Payment;
(ii)after giving pro forma effect to such Restricted Payment as if such Restricted Payment had been made at the beginning of the applicable four fiscal quarter period, the Company could Incur at least $1.00 of additional Debt pursuant to Section 4.9(a); and
(iii)upon giving effect to such Restricted Payment, the aggregate of all Restricted Payments declared or made subsequent to the Issue Date (other than pursuant to clauses (2), (3), (5), (7), (8), (9) and (10) of Section 4.7(b)) does not exceed the sum of (the amount of such sum, the “Available Amount”):
(1)50% of cumulative Consolidated Net Income (or, in the case Consolidated Net Income shall be negative, less 100% of such deficit) of the Company since the beginning of the fiscal quarter in which the Issue Date occurs through the last day of the last full fiscal quarter ending immediately preceding the date of such Restricted Payment for which internal financial 
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statements prepared on a consolidated basis in accordance with GAAP are available (taken as a single accounting period), plus
(2)(i) 100% of the aggregate net cash proceeds, and the Fair Market Value of property other than cash, in each case received by the Company or a Restricted Subsidiary after the Issue Date from contributions of capital or the issuance and sale (other than to a Subsidiary of the Company) of Capital Stock (other than Disqualified Capital Stock) of the Company or any options, warrants or other rights to acquire Capital Stock (other than Disqualified Capital Stock) of the Company, or any net payment received by the Company in connection with the termination or settlement of options relating to its Capital Stock, provided that (A) any such net proceeds received by the Company from an employee stock ownership plan financed by loans from the Company or a Subsidiary of the Company shall be included only to the extent such loans have been repaid with cash on or prior to the date of determination (B) any such net proceeds utilized in connection with the Incurrence of Contribution Debt shall be excluded and (C) any such net cash proceeds used to redeem Notes in compliance with the provisions set forth in Section 3.7(c) shall be excluded, (ii) 100% of the aggregate net cash proceeds received by the Company after the Issue Date from the issuance and sale of convertible or exchangeable Debt of the Company that has been converted into or exchanged for Capital Stock (other than Disqualified Capital Stock and other than by or from a Subsidiary of the Company) of the Company, provided that any such net proceeds received by the Company from an employee stock ownership plan financed by loans from the Company or a Subsidiary of the Company shall be included only to the extent such loans have been repaid with cash on or prior to the date of determination, and (iii) without duplication, any reduction of Debt on the balance sheet of the Company to the extent such Debt is converted into or exchanged for Capital Stock of the Company (other than Disqualified Capital Stock) after the Issue Date, plus
(3)to the extent not included in Consolidated Net Income, 100% of the aggregate net cash proceeds, and the Fair Market Value of property other than cash, in each case received by the Company or a Restricted Subsidiary after the Issue Date by means of any sale, disposition, transfer, liquidation or repayment (including by way of dividends, payment of interest or repayment of principal) of Investments by the Company and its Restricted Subsidiaries in any Person pursuant to clause (3) above in an amount up to the amount of the original Investment made in such Person, less the cost of the disposition of such Investment and net of taxes; plus
(4)in the case of a designation of an Unrestricted Subsidiary as a Restricted Subsidiary or if an Unrestricted Subsidiary has been merged, consolidated or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company, in each case after the Issue Date, the Fair Market Value of the Company’s Investment in such Subsidiary (or of the assets transferred or 
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conveyed, as applicable) at the time of such redesignation, merger, consolidation, amalgamation, transfer or conveyance, other than to the extent the Investment constituted a Permitted Investment, plus
(5)$90.0 million. 
(b)Notwithstanding the foregoing, Section 4.7(a) will not prohibit:
(1)payment of any dividend on Capital Stock of any class within 60 days after the declaration thereof, or redemption of any Subordinated Debt within 30 days after giving notice of redemption thereof, if, on the date when the dividend was declared or such notice of redemption given, the Company or such Restricted Subsidiary could have paid such dividend or redeemed such Subordinated Debt in accordance with this Section 4.7;
(2)repayment or refinancing of (i) any Subordinated Debt with Permitted Refinancing Debt, (ii) any Capital Stock or Subordinated Debt in exchange for, by conversion into or out of the net proceeds of the substantially concurrent sale (other than from or to a Subsidiary of the Company or from or to an employee stock ownership plan financed by loans from the Company or a Subsidiary of the Company) of Capital Stock (other than Disqualified Capital Stock) of the Company or (iii) any Disqualified Capital Stock of the Company or any Restricted Subsidiary issued in exchange for, by conversion into or out of the net proceeds of the substantially concurrent sale (other than from or to a Subsidiary of the Company or from or to an employee stock ownership plan financed by loans from the Company or a Subsidiary of the Company) of Disqualified Capital Stock of the Company or such Restricted Subsidiary; 
(3)repurchases of Capital Stock of the Company or any Restricted Subsidiary in the ordinary course of business deemed to occur upon the exercise of stock options, warrants and any other securities that are exercisable or convertible into the Capital Stock of the Company if such Capital Stock represents a portion of the exercise price or such conversion price of such options, warrants or other securities; 
(4)the Company or any Restricted Subsidiary may pay for the repurchase, retirement or other acquisition or retirement for value of Capital Stock of it or any direct or indirect parent thereof held by any future, present or former employee, director, manager, officer or consultant (or any Affiliates, spouses, former spouses, other immediate family members, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing) of the Company or any of its Subsidiaries pursuant to any employee, management, director or manager equity plan, employee, management, director or manager stock option plan or any other employee, management, director or manager benefit plan or any agreement (including any stock subscription or shareholder agreement) with any employee, director, manager, officer or consultant of Company or any Subsidiary; provided that such payments in any fiscal year do not exceed the greater of (i) $25.0 million and (ii) 3.0% of the Company’s Consolidated EBITDA for the 
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Test Period calculated on a Pro Forma Basis, provided further that any unused portion of such amount for any calendar year may be carried forward to succeeding calendar years so long as the aggregate amount of all Restricted Payments made pursuant to this clause (4) in any calendar year (after giving effect to such carry-forward) shall not exceed the greater of (i) $50.0 million and (ii) 7.0% of the Company’s Consolidated EBITDA for the Test Period calculated on a Pro Forma Basis;
(5)the Company or any Restricted Subsidiary may (a) pay cash in lieu of issuing fractional shares of Capital Stock in connection with any dividend, split or combination thereof or upon the exercise of options, warrants, rights or other securities that are exercisable or convertible into Capital Stock of the Company or in connection with any merger, consolidation, amalgamation or other business combination permitted under this Indenture and (b) honor any conversion request by a holder of convertible Debt and make cash payments in lieu of fractional shares in connection with any such conversion and may make payments on convertible Debt (other than Subordinated Debt) in accordance with its terms;
(6)upon the occurrence of a Change of Control or an Asset Disposition and within 60 days after the completion of the Offer to Purchase under Section 4.10 or 4.13 (including the purchase of all Notes tendered and required to be purchased), any purchase, repurchase, redemption, defeasance, acquisition or other retirement for value of Subordinated Debt required under the terms thereof as a result of such Change of Control or Asset Disposition at a purchase or redemption price not to exceed 101% (in the case of a Change of Control) or 100% (in the case of an Asset Disposition) of the outstanding principal amount thereof, plus accrued and unpaid interest thereon, if any; provided that, in the case of an Asset Disposition, such purchase, repurchase, redemption, defeasance, acquisition or other retirement for value of Subordinated Debt does not exceed the Net Available Proceeds from such Asset Disposition; 
(7)(i) repurchases of Capital Stock from, or loans or payments made to, any future, present or former director, officer, employee, manager or consultant of the Company or any Subsidiary of the Company (or their respective Affiliates, estates or immediate family members), in each case, to fund payments made in respect of withholding taxes or similar taxes payable or expected to be payable by any future, present or former director, officer, employee, manager or consultant of the Company or any Subsidiary of the Company (or their respective Affiliates, estates or immediate family members) in connection with the exercise of stock options or the grant, vesting or delivery of Capital Stock, and the corresponding payments of such taxes and (ii) loans or advances to officers, directors, employees, managers or consultants of the Company or any Subsidiary of the Company in connection with such Person’s purchase of Capital Stock of the Company; provided that no cash is actually advanced pursuant to this clause (ii) other than to pay taxes due in connection with such purchase;
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(8)the declaration and payment of dividends or distributions to holders of any class or series of Disqualified Stock of the Company or any of its Restricted Subsidiaries and any class or series of Preferred Stock of any Restricted Subsidiaries issued or Incurred after the Issue Date in accordance with Section 4.9, in each case to the extent that such dividends or distributions are included in the definition of “Consolidated Fixed Charges”; 
(9)payments or distributions to satisfy dissenters’ rights, pursuant to or in connection with a consolidation, merger, amalgamation or transfer of assets that complies with the provisions of this Indenture;
(10)Restricted Payments made with Excluded Contributions;
(11)(i) Restricted Payments constituting in an aggregate amount per fiscal year not to exceed $75.0 million so long as, after giving effect thereto, the Consolidated Total Net Leverage Ratio of the Company would not exceed 3.50 to 1.00 and (ii) other Restricted Payments so long as, after giving effect thereto, the Consolidated Total Net Leverage Ratio of the Company would not exceed 2.75 to 1.00; and
(12)other Restricted Payments in an aggregate amount not to exceed the greater of (i) $75.0 million and (ii) 10.0% of the Company’s Consolidated EBITDA for the Test Period calculated on a Pro Forma Basis;
provided, however, that at the time of, and after giving effect to, any Restricted Payment permitted under clauses (8), (11) and (12), no Default shall have occurred and be continuing or would otherwise occur as a consequence thereof.
Excluded Contributions and the amount of net proceeds from any exchange for, conversion into or sale of Capital Stock of the Company pursuant to clause (2) of this Section 4.7(b) shall be excluded from the calculation of the amount available for Restricted Payments pursuant to clause (a)(4)(iii)(2) of this Section 4.7. 
(c)For purposes of this Section 4.7, if a particular Restricted Payment involves a non-cash payment, including a distribution of assets, then such Restricted Payment shall be deemed to be an amount equal to the cash portion of such Restricted Payment, if any, plus an amount equal to the Fair Market Value of the non-cash portion of such Restricted Payment. 
(d)For purposes of this Section 4.7, if any Investment or Restricted Payment (or a portion thereof) would be permitted pursuant to one or more provisions described above and/or one or more of the clauses of the definition of “Permitted Investments,” the Company may divide and classify (but not later divide or reclassify) such Investment or Restricted Payment (or a portion thereof) in any manner that complies with this Section 4.7. Notwithstanding the foregoing, if the Company or any Restricted Subsidiary has made an Investment in another Person that is not a Restricted Subsidiary, and such Person later becomes a Restricted Subsidiary of the Company, then the Investment in such Person made 
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prior to the time such Person became a Restricted Subsidiary shall be deemed to have been made pursuant to clause (1) of the definition of Permitted Investment.
(e)Notwithstanding any basket or exception in this Section 4.7 or the definition of Permitted Investments that would otherwise permit any contribution, sale, assignment, transfer or other disposition or investment of any intellectual property to or in any Unrestricted Subsidiary, this Section 4.7 shall prohibit such contributions, sales, assignments, transfers, dispositions or investments of intellectual property, except for in the case of intellectual property that in the reasonable business judgment of the Company is immaterial to, or no longer used in or necessary for, the conduct of the business of the Company or any Restricted Subsidiary.
SECTION 4.8.     Limitation on Dividend and Other Restrictions Affecting Restricted Subsidiaries. 
(a)The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any encumbrance or restriction on the ability of any Restricted Subsidiary:
(1)to pay dividends (in cash or otherwise) or make any other distributions in respect of its Capital Stock owned by the Company or any other Restricted Subsidiary or pay any Debt or other obligation owed to the Company or any other Restricted Subsidiary (it being understood that the priority of any Preferred Stock in receiving dividends, distributions or liquidating distributions prior to dividends, distributions or liquidating distributions being paid on Capital Stock shall not be deemed a restriction on the ability to make distributions on Capital Stock);
(2)to make loans or advances to the Company or any other Restricted Subsidiary; or
(3)otherwise to transfer any of its property or assets to the Company or any other Restricted Subsidiary.
(b)Notwithstanding the restrictions in Section 4.8(a), the Company may, and may permit any Restricted Subsidiary to, suffer to exist any such encumbrance or restriction:
(1)pursuant to any agreement in effect on the Issue Date (including the Senior Secured Credit Facilities); 
(2)pursuant to this Indenture, the Notes and the Subsidiary Guarantees;
(3)pursuant to an agreement relating to any Debt Incurred by or Capital Stock of a Person prior to the date on which such Person became a Restricted Subsidiary and outstanding on such date and not Incurred in connection with, or anticipation of, becoming a Restricted Subsidiary, which encumbrance or restriction 
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is not applicable to any Person, or the properties or assets of any Person, other than the Person so acquired;
(4)in the case of a restriction described in clause (3) of Section 4.8(a), contained in any security agreement securing Debt of a Restricted Subsidiary otherwise permitted under this Indenture, but only to the extent such restrictions restrict the transfer of the assets or property subject to such security agreement; 
(5)in the case of a restriction described in clause (3) of Section 4.8(a), consisting of customary restrictions in leases, subleases, licenses or asset sale agreements and other similar contracts otherwise permitted under this Indenture so long as such restrictions relate only to the assets subject thereto; 
(6)any restrictions on cash or other deposits imposed by agreements entered into in the ordinary course of business; 
(7)customary provisions in shareholders agreements, joint venture agreements, organizational documents or similar binding agreements relating to any JV Entity or non-Wholly Owned Restricted Subsidiary and other similar agreements applicable to JV Entities and non-Wholly Owned Restricted Subsidiaries permitted under Section 4.7 and applicable solely to such JV Entity or non-Wholly Owned Restricted Subsidiary and the Capital Stock issued thereby;
(8)in bona fide contracts for the sale of any property or assets, including customary restrictions with respect to a Subsidiary imposed pursuant to an agreement which has been entered into for the sale or disposition of all or substantially all of the Capital Stock or assets of such Subsidiary, provided that such restriction terminates if such transaction is closed or abandoned;
(9)customary net worth provisions contained in real property leases or contracts with customers or suppliers entered into by Restricted Subsidiaries of the Company; provided that the Company has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Company and its Restricted Subsidiaries to meet their ongoing obligations;
(10)restrictions or conditions upon the transfers of assets encumbered by a Lien permitted under Section 4.12, to the extent such restriction applies only to the property subject to such Lien;
(11)any encumbrance or restriction contained in the terms of any Debt or Capital Stock otherwise permitted to be Incurred under this Indenture if the Company determines that any such encumbrance or restriction either (i) will not materially affect the Company’s ability to make principal or interest payments on the Notes and such restrictions are not materially less favorable to Holders of Notes than is customary in comparable financings or (ii) are not materially more restrictive, taken as a whole, with respect to any Restricted Subsidiary than those in effect on the Issue Date with respect to that Restricted Subsidiary pursuant to agreements in effect on the Issue Date or those contained in this Indenture or the 
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Senior Secured Credit Facilities, in each case as determined in good faith by the Board of Directors or an Officer of the Company;
(12)any encumbrance or restriction arising or agreed to in the ordinary course of business, not relating to any Debt or Capital Stock, and that, individually or in the aggregate, (x) do not detract from the value of the property or assets of the Company or any Restricted Subsidiary in any manner material to the Company or any Restricted Subsidiary or (y) do not materially impair the Company’s ability to make future principal, premium or interest payments on the Notes, in each case under this clause (12), as determined by the Company in good faith;
(13)any encumbrances or restrictions of the type referred to in clauses (1), (2) and (3) of Section 4.8(a) imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (12) above; provided that such encumbrances and restrictions contained in any such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing are, in the good faith judgment of the Company, not materially more restrictive, taken as a whole, than the encumbrances and restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing; or
(14)if such encumbrance or restriction is the result of applicable laws or regulations. 
SECTION 4.9.        Limitation on Debt.
(a)The Company shall not, and shall not permit any Restricted Subsidiary to, Incur any Debt except that the Company and any Restricted Subsidiary may Incur Debt if, after giving Pro Forma Effect to the Incurrence of such Debt and the receipt and application of the proceeds thereof, the Consolidated Coverage Ratio of the Company would be not less than 2.00 to 1.00; provided that the aggregate principal amount of Debt permitted to be Incurred pursuant to this paragraph by Restricted Subsidiaries that are not Subsidiary Guarantors shall not exceed, at any one time outstanding, the greater of (i) $35.0 million and (ii) 5.0% of the Company’s Consolidated EBITDA for the Test Period calculated on a Pro Forma Basis.
(b)Notwithstanding Section 4.9(a), the following Debt may be Incurred (collectively, the “Permitted Debt”):
(1)Debt of the Company or any Restricted Subsidiary under one or more Credit Facilities in an aggregate principal amount Incurred under this clause (1) at any one time outstanding not to exceed (i) the greater of (A) $2,700.0 million and (B) with respect to Debt under any Borrowing Base Facility, the Borrowing Base as of the date of the Incurrence, calculated on a Pro Forma Basis plus (ii) (A) $2,430.0 million and (B) an additional amount of Debt provided that, in the case of the Incurrence of Secured Debt under this clause (1)(ii)(B), at the time of Incurrence 
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and after giving effect to the Incurrence of such Debt and the application of the proceeds therefrom on such date, the Consolidated Secured Net Leverage Ratio of the Company would not exceed 3.75 to 1.00 and, in the case of the Incurrence of unsecured Debt under this clause (1)(ii)(B), at the time of Incurrence and after giving effect to the Incurrence of such Debt and the application of the proceeds therefrom on such date, the Consolidated Total Net Leverage Ratio of the Company would not exceed 4.50 to 1.00;
(2)Debt of the Company or any Restricted Subsidiary outstanding on the Issue Date and not otherwise referred to in clauses (1) and (4) of this Section 4.9(b);
(3)Debt owed by the Company to any Restricted Subsidiary or Debt owed by a Restricted Subsidiary to the Company or a Restricted Subsidiary; provided, however, that upon either the transfer or other disposition by such Restricted Subsidiary or the Company of any Debt so permitted to a Person other than the Company or another Restricted Subsidiary or the issuance (other than directors’ qualifying shares), sale, lease, transfer or other disposition of shares of Capital Stock (including by consolidation or merger) of such Restricted Subsidiary to a Person other than the Company or another Restricted Subsidiary such that it ceases to be a Restricted Subsidiary, the provisions of this clause (3) shall no longer be applicable to such Debt and such Debt shall be deemed to have been Incurred at the time of such transfer or other disposition;
(4)Debt consisting of the Notes (other than any Additional Notes) and the Subsidiary Guarantees (other than in respect of any Additional Notes);
(5)Guarantees by the Company or any Restricted Subsidiary of any Debt of the Company or a Restricted Subsidiary permitted to be Incurred under this Indenture;
(6)Purchase Money Debt (other than such Debt constituting Attributable Debt arising out of Sale Leasebacks) in an aggregate principal amount, including all Debt Incurred to refund or refinance any Debt Incurred pursuant to this clause (6), not to exceed, at any one time outstanding, the greater of (i) $300.0 million and (ii) 40.0% of the Company’s Consolidated EBITDA for the Test Period calculated on a Pro Forma Basis;
(7)Attributable Debt arising out of Sale Leasebacks in an aggregate principal amount, including all Debt Incurred to refund or refinance any Debt Incurred pursuant to this clause (7), not to exceed, at any one time outstanding, the greater of (i) $175.0 million and (ii) 25.0% of the Company’s Consolidated EBITDA for the Test Period calculated on a Pro Forma Basis; 
(8)Debt in respect of Swap Contracts Incurred not for speculative purposes;
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(9)Debt of the Company or any Subsidiary Guarantor pursuant to Customer Support Transactions; provided, that no Default or Event of Default shall exist or have occurred and be continuing after giving effect to the Incurrence of such Debt;
(10)Debt representing deferred compensation to employees of the Company and the Restricted Subsidiaries Incurred in the ordinary course of business; 
(11)Debt to current or former officers, directors, partners, managers, consultants and employees, their respective estates, spouses or former spouses to finance the purchase or redemption of Capital Stock of the Company permitted by Section 4.7 in an aggregate amount not to exceed $15.0 million at any one time outstanding; 
(12)Debt Incurred by the Company or any of the Restricted Subsidiaries in a Permitted Acquisition or any other Investment permitted under this Indenture or in any disposition, in each case to the extent constituting indemnification obligations or obligations in respect of purchase price (including earn-outs) or other similar adjustments;
(13)Debt consisting of obligations of the Company or any of the Restricted Subsidiaries under deferred compensation or other similar arrangements incurred by such Person in connection with Permitted Acquisitions or any other Investment permitted under this Indenture;
(14)Cash Management Obligations and other Debt in respect of netting services, automatic clearinghouse arrangements, overdraft protections and similar arrangements in each case incurred in the ordinary course; 
(15)Debt consisting of (a) the financing of insurance premiums or (b) take or pay obligations contained in supply arrangements, in each case, in the ordinary course of business;
(16)Debt Incurred by the Company or any of the Restricted Subsidiaries in respect of letters of credit, bank guarantees, bankers’ acceptances, warehouse receipts or similar instruments issued or created in the ordinary course of business, including in respect of workers compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims;
(17)obligations in respect of performance, bid, appeal and surety bonds and performance and completion guarantees and similar obligations provided by the Company or any of the Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case in the ordinary course of business or consistent with past practice; 
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(18)Debt of Restricted Subsidiaries that are not Subsidiary Guarantors, and Guarantees thereof by Restricted Subsidiaries that are not Subsidiary Guarantors, in an aggregate principal amount Incurred pursuant to this clause (18) at any one time outstanding not to exceed the greater of (i) $35.0 million and (ii) 5.0% of the Company’s Consolidated EBITDA for the Test Period calculated on a Pro Forma Basis;
(19)Permitted Acquisition Debt;
(20)Contribution Debt;
(21)Permitted Refinancing Debt which is exchanged for or the proceeds of which are used to refinance or refund, or any extension or renewal of Debt Incurred pursuant to Section 4.9(a) or pursuant to clauses (2), (4), (19) and (20) of this definition of Permitted Debt and this clause (21);
(22)in addition to the items referred to in clauses (1) through (21) above, Debt of the Company or any Restricted Subsidiary which, together with any other outstanding Debt Incurred pursuant to this clause (22), and including any renewals, extensions, substitutions, refinancings or replacements of such Debt, has an aggregate principal amount at any one time outstanding not to exceed the greater of (i) $100.0 million and (ii) 15.0% of the Company’s Consolidated EBITDA for the Test Period calculated on a Pro Forma Basis; and
(23)all premiums (if any), interest (including post-petition interest), fees, expenses, charges and additional or contingent interest on obligations described in clauses (1) through (22) above.
(c)For purposes of determining compliance with, and the outstanding principal amount of any particular Debt Incurred pursuant to, and in compliance with, this Section 4.9:
(1)in the event that Debt meets the criteria of more than one of the types of Debt described in Section 4.9(a) and Section 4.9(b) of this covenant, the Company, in its sole discretion, may classify such item of Debt on the date of Incurrence (or later classify or reclassify such Debt, in its sole discretion) in any manner permitted by this covenant and shall only be required to include the amount and type of such Debt in one of such clauses; provided that Debt outstanding under the Senior Secured Credit Facilities on the Issue Date shall at all times be treated as Incurred under clause (1) of the definition of Permitted Debt and may not be reclassified;
(2)if obligations in respect of letters of credit are Incurred pursuant to a Credit Facility and relate to other Debt, then such letters of credit shall be treated as Incurred pursuant to clause (1) of the definition of Permitted Debt and such other Indebtedness shall not be included;
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(3)except as provided in clause (2) of this Section 4.9(c), Guarantees of, or obligations in respect of letters of credit relating to, Debt which is otherwise included in the determination of a particular amount of Debt shall not be included in the determination of such amount of Debt, provided that the Incurrence of the Debt represented by such Guarantee or letter of credit, as the case may be, was in compliance with this covenant;
(4)the principal amount of any Disqualified Capital Stock of the Company or a Restricted Subsidiary will be equal to the greater of the maximum redemption or repurchase price (not including, in either case, any redemption or repurchase premium) or the liquidation preference thereof;
(5)Debt permitted by this covenant need not be permitted solely by reference to one provision permitting such Debt but may be permitted in part by one such provision and in part by one or more other provisions of this covenant permitting such Debt;
(6)the amount of Debt issued at a price that is less than the principal amount thereof will be equal to the amount of the liability in respect thereof determined in accordance with GAAP; and
(7)(i) if any Debt is Incurred to refinance Debt initially Incurred (or, Debt Incurred to refinance Debt initially Incurred) in reliance on any provision of this covenant measured by reference to a percentage of Consolidated EBITDA for the Test Period, and such refinancing would cause the percentage of Consolidated EBITDA for the Test Period restriction to be exceeded if calculated based on the Consolidated EBITDA for the Test Period on the date of such refinancing, such percentage of Consolidated EBITDA for the Test Period restriction shall not be deemed to be exceeded (and such newly Incurred Debt shall be deemed permitted) to the extent the principal amount of such newly Incurred Debt does not exceed the principal amount of such Debt refinanced, plus the Related Costs Incurred or payable in connection with such refinancing and (ii) if any Debt is Incurred to refinance Debt initially Incurred (or, Debt Incurred to refinance Debt initially Incurred) in reliance on any provision of this covenant measured by reference to a specified dollar amount restriction, and such refinancing would cause the specified dollar amount restriction to be exceeded, such specified dollar amount restriction shall not be deemed to be exceeded (and such newly Incurred Debt shall be deemed permitted) to the extent the principal amount of such newly Incurred Debt does not exceed the principal amount of such Debt refinanced, plus the Related Costs Incurred or payable in connection with such refinancing.
(d)The accrual of interest, the accretion of accreted value and the payment of interest in the form of additional Debt and the payment of dividends in the form of additional shares of Disqualified Capital Stock will not be deemed to be an Incurrence of Debt for purposes of this Section 4.9.
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(e)For purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Debt, the U.S. dollar-equivalent principal amount of Debt denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Debt was Incurred, in the case of term Debt, or first committed, in the case of revolving credit Debt; provided that if such Debt is Incurred to refinance other Debt denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-dominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-dominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Debt does not exceed the principal amount of such Debt being refinanced, plus Related Costs incurred or payable in connection with such refinancing. Notwithstanding any other provision of this Section 4.9, the maximum amount of Debt that the Company may Incur pursuant to this Section 4.9 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies.
SECTION 4.10.     Limitation on Asset Dispositions.
(a)The Company shall not, and shall not permit any Restricted Subsidiary to, make any Asset Disposition unless:
(1)the Company or the Restricted Subsidiary, as the case may be, receives consideration for such Asset Disposition at least equal to the Fair Market Value (measured as of the date of the definitive agreement with respect to such Asset Disposition) for the assets or Capital Stock sold or disposed of; and
(2)at least 75% of the consideration for such Asset Disposition consists of:
(i)cash or Cash Equivalents;
(ii)the assumption of Debt of the Company or such Restricted Subsidiary (other than Subordinated Debt) and release, by all applicable creditors in writing, from all liability on the Debt assumed;
(iii)the assumption by the purchaser of Debt (other than Subordinated Debt) of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Disposition, to the extent that the Company and each Restricted Subsidiary are released by the purchaser in writing from any Guarantee of payment of such Debt in connection with such Asset Disposition;
(iv)Replacement Assets;
(v)Designated Noncash Consideration; or
(vi)any combination of the foregoing;
provided that the amount of any securities or assets received by the Company or such Restricted Subsidiary that is converted into cash within 180 days of the closing 
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of such Asset Disposition shall be deemed to be cash for purposes of this Section 4.10(a) (to the extent of the cash received). 
(b)Within 365 days after the receipt of any Net Available Proceeds from an Asset Disposition the Company (or the applicable Restricted Subsidiary, as the case may be) may apply such Net Available Proceeds at its option, in any combination of the following:
(1)to repay, repurchase or otherwise retire (i) any Secured Debt of the Company or any Subsidiary Guarantor or (ii) any Debt of any Restricted Subsidiary of the Company that is not a Subsidiary Guarantor; in each case, other than Debt owed to the Company or an Affiliate of the Company; 
(2)to repay, repurchase or otherwise retire any Debt of the Company or any Subsidiary Guarantor that is not Subordinated Debt, other than Debt owed to the Company or an Affiliate of the Company; provided that the Company shall (i) equally and ratably reduce obligations under the Notes, as provided in Section 3.7 or through open market purchases, private transactions or otherwise, in each case, at or above 100% of the principal amount thereof or (ii) make an offer (in accordance with the procedures set forth below for an Offer to Purchase) to all Holders to purchase their Notes on a ratable basis with such Debt at 100% of the principal amount thereof, in each case, plus the amount of accrued but unpaid interest on the Notes that are purchased or redeemed;
(3)to acquire Replacement Assets or make capital expenditures; provided that, the Company or such Restricted Subsidiary will be deemed to have complied with its obligations under this Section 4.10(b) if it enters into a binding commitment to acquire Replacement Assets prior to 365 days after the receipt of the applicable Net Available Proceeds and such acquisition of Replacement Assets is consummated prior to 545 days after the date of receipt of the applicable Net Available Proceeds; provided, further, that upon any abandonment or termination of such commitment, the Net Available Proceeds not so applied shall constitute Excess Proceeds and be applied as set forth in Section 4.10(c); or 
(4)any combination of the foregoing. 
(c)Any Net Available Proceeds that are not applied or invested as provided in Section 4.10(b) will constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $25.0 million, or earlier, at the Company’s election, the Company will apply the Excess Proceeds to the repayment of the Notes and any other Pari Passu Debt outstanding with similar provisions requiring the Company to make an Offer to Purchase such Debt with the proceeds from any Asset Disposition as follows:
(1)the Company will make an Offer to Purchase from all Holders of the Notes in accordance with the procedures set forth in this Indenture in the maximum principal amount (expressed in amounts of $2,000 or integral multiples of $1,000 in excess thereof) of Notes that may be purchased out of an amount (the “Note 
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Amount”) equal to the product of such Excess Proceeds multiplied by a fraction, the numerator of which is the outstanding principal amount of the Notes, and the denominator of which is the sum of the outstanding principal amount of the Notes and such Pari Passu Debt (subject to proration in the event such amount is less than the aggregate Offered Price (as defined below) for all Notes tendered); and
(2)to the extent required by such Pari Passu Debt, the Company will make an offer to purchase or otherwise repurchase or redeem Pari Passu Debt (a “Pari Passu Offer”) in an amount (the “Pari Passu Debt Amount”) equal to the excess of the Excess Proceeds over the Note Amount. However, in no event will the Company be required to make a Pari Passu Offer in a Pari Passu Debt Amount exceeding the principal amount of such Pari Passu Debt plus the amount of any premium required to be paid to repurchase such Pari Passu Debt. 
The offer price for the Notes will be payable in cash in an amount equal to 100% of the principal amount of the Notes plus accrued and unpaid interest, if any, to, but not including, the date (the “Offer Date”) such Offer to Purchase is consummated (the “Offered Price”), in accordance with the procedures set forth in this Indenture. To the extent that the aggregate Offered Price of the Notes tendered pursuant to the Offer to Purchase is less than the Note Amount relating to the tendered Notes or the aggregate amount of Pari Passu Debt that is purchased in a Pari Passu Offer is less than the Pari Passu Debt Amount, the Company may use any remaining Excess Proceeds for general corporate purposes. If the aggregate principal amount of Notes and Pari Passu Debt surrendered by holders thereof exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and Pari Passu Debt to be purchased on a pro rata basis; provided, that, in the case of Global Notes, beneficial interests in such Notes shall be repurchased on a pro rata basis based on amounts tendered only if such proration is consistent with the procedures of the Depositary; otherwise, such beneficial interests shall be selected for repurchase in accordance with such procedures. Upon the completion of the purchase of all the Notes tendered pursuant to an Offer to Purchase and the completion of a Pari Passu Offer, the amount of Excess Proceeds, if any, shall be reset at zero.
(d)If the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest, if any, will be paid on the relevant interest payment date to the Person in whose name a Note is registered at the close of business on such record date and will not be paid as part of the Offered Price. If the Company becomes obligated to make an Offer to Purchase pursuant to this Section 4.10, the Notes (in amounts of $2,000 and integral multiples of $1,000 in excess thereof), and the Pari Passu Debt shall be purchased by the Company, at the option of the Holders thereof, in whole or in part, on a date that is not earlier than 30 days and not later than 60 days from the date the notice of the Offer to Purchase is given to Holders, or such later date as may be necessary for the Company to comply with the requirements under the Exchange Act.
(e)The Company shall comply with all applicable securities laws and regulations in the United States, including, without limitation, the requirements of Rule 14e-1 under the Exchange Act and any other applicable laws and regulations in connection with the purchase of Notes pursuant to an Offer to Purchase. To the extent that the 
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provisions of any applicable securities laws or regulations conflict with this Section 4.10, the Company shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.10 by virtue of such compliance. 
SECTION 4.11     Limitation on Transactions with Affiliates.
(a)The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or conduct any transaction (including the purchase, sale, lease or exchange of any property or asset or the rendering of any service) with any Affiliate of the Company involving aggregate payments or consideration in excess of $10.0 million (an “Affiliate Transaction”), unless:
(1)the terms of such Affiliate Transaction are no less favorable to the Company or such Restricted Subsidiary, as the case may be, than those that could have been obtained by the Company or such Restricted Subsidiary in a comparable transaction at the time of such transaction in arms’ length dealings with a Person that is not an Affiliate or, if in the good faith judgment of the Board of Directors of the Company no comparable transaction is available with which to compare such Affiliate Transaction, such transaction is otherwise fair to the Company or such Restricted Subsidiary from a financial perspective; and
(2)in the event such Affiliate Transaction involves an aggregate consideration in excess of $25.0 million, the terms of such transaction have been approved by a majority of the members of the Board of Directors of the Company and by a majority of the disinterested members of such Board of Directors (and such majority or majorities, as the case may be, determines that such Affiliate Transaction satisfies the criteria in clause (1) above).
(b)The preceding requirements shall not apply to:
(1)any transaction pursuant to agreements in effect on the Issue Date, as these agreements may be amended, modified, supplemented, extended or renewed from time to time, so long as any such amendment, modification, supplement, extension or renewal is not more disadvantageous to the Holders in any material respect in the good faith judgment of the Company, when taken as a whole, than the terms of the agreements in effect on the Issue Date;
(2)any employment and severance arrangements between the Company or any of its Subsidiaries and their respective officers and employees in the ordinary course of business and transactions pursuant to equity incentive plans, stock option plans and employee benefit plans and arrangements;
(3)transactions between or among the Company and/or its Restricted Subsidiaries and any Guarantees issued by the Company or a Restricted Subsidiary for the benefit of the Company or a Restricted Subsidiary, as the case may be, in accordance with Section 4.9; 
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(4)any agreement between any Person and an Affiliate of such Person existing at the time such Person is acquired by or merged into the Company or any of its Restricted Subsidiaries (provided that such agreement was not entered into in contemplation of such acquisition or merger) or any amendment thereto (so long as any such amendment is not disadvantageous to the Holders in any material respect in the good faith judgment of the Company when taken as a whole as compared to such agreement as in effect on the date of such acquisition or merger); 
(5)the payment of customary fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, directors, managers, officers, employees and consultants of the Company and the Restricted Subsidiaries or any direct or indirect parent of the Company in the ordinary course of business to the extent attributable to the ownership or operation of the Company and the Restricted Subsidiaries; 
(6)any Restricted Payment or Permitted Investment that is permitted to be made pursuant to Section 4.7; and
(7)transactions with customers, clients, suppliers or purchasers or sellers of goods or services, in each case in the ordinary course of the business of the Company and its Restricted Subsidiaries and otherwise in compliance with the terms of this Indenture; provided that in the reasonable determination of the Company, such transactions are on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than those that could have been obtained at the time of such transactions in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person;
(8)the grant, issuance or sale of Capital Stock (other than Disqualified Capital Stock) to Affiliates of the Company and the granting of registration rights and other customary rights in connection therewith; 
(9)transactions entered into by an Unrestricted Subsidiary with an Affiliate prior to the redesignation of any such Unrestricted Subsidiary as a Restricted Subsidiary pursuant to Section 4.16; provided that such transactions were not entered into in contemplation of such redesignation
(10)any transaction to the extent the consideration paid by the Company or any Restricted Subsidiary consists of (i) Capital Stock (excluding Disqualified Stock) of the Company or (ii) proceeds from the issuance and sale of Capital Stock (excluding Disqualified Stock) of the Company within 180 days of such issuance and sale;
(11)any transaction with a Person (other than an Unrestricted Subsidiary) that would constitute an Affiliate Transaction solely because the Company or a Restricted Subsidiary owns Capital Stock in or otherwise controls such Person; provided that, no Affiliate of the Company or any of its Subsidiaries other than the 
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Company or a Restricted Subsidiary shall have a beneficial interest or otherwise participate in such Person;
(12)transactions between the Company or any of its Restricted Subsidiaries and any Person that would constitute an Affiliate Transaction solely because such Person is a director or such Person has a director which is also a director of the Company; provided, however, that such director abstains from voting as a director of the Company on any matter involving such other Person;
(13)any transaction as to which the Company delivers to the Trustee a written opinion of an investment banking firm of national standing or other recognized independent expert with experience in appraising the terms and conditions of the type of transaction or series of related transactions for which an opinion is required stating that the terms of such transaction are no less favorable to the Company or such Restricted Subsidiary than those that could be obtained in a comparable arm’s-length transaction with an entity that is not an Affiliate; and
(14)transactions in connection with Permitted Tax Restructurings.
SECTION 4.12.     Limitation on Liens. 
(a)The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or suffer to exist any Lien (other than a Permitted Lien) on any property or asset (including any intercompany notes) of the Company or a Restricted Subsidiary now owned or hereafter acquired, or assign or convey a right to receive any income or profits from such Liens, to secure (a) any Debt of the Company unless prior to, or contemporaneously therewith, the Notes are equally and ratably secured for so long as such other Debt is so secured, or (b) any Debt of any Subsidiary Guarantor, unless prior to, or contemporaneously therewith, the Subsidiary Guarantee of such Subsidiary Guarantor is equally and ratably secured for so long as such other Debt is so secured; provided, however, that if such Debt is expressly subordinated to the Notes or a Subsidiary Guarantee, the Lien securing such Debt will be subordinated and junior to the Lien securing the Notes or such Subsidiary Guarantee, as the case may be, with the same relative priority as such Debt has with respect to the Notes or such Subsidiary Guarantee. 
(b)Notwithstanding the foregoing, any Lien securing the Notes or any Subsidiary Guarantee granted pursuant to this Section 4.12 will be automatically and unconditionally released and discharged upon the release by the holders of the Debt described above in clause (a) of their Lien on the property or assets of the Company or any Restricted Subsidiary (including any deemed release upon payment in full of all obligations under such Debt), at such time as the holders of all such Debt also release their Lien on the property or assets of the Company or such Restricted Subsidiary.
SECTION 4.13.    Offer to Purchase upon Change of Control. No later than 30 days after the occurrence of a Change of Control, the Company will be required to make an Offer to Purchase (a “Change of Control Offer”) all outstanding Notes at a purchase price equal to 101% of 
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their principal amount plus accrued and unpaid interest, if any, to, but not including, the date of purchase (the “Change of Control Purchase Price”) (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the date of purchase).
On or before the Purchase Date, the Company will, to the extent lawful, deposit with the Paying Agent an amount equal to the Change of Control Purchase Price in respect of the Notes or portions of Notes properly tendered.
On the Purchase Date, the Company will, to the extent lawful:
(1)    accept for payment all Notes or portions of Notes (of $2,000 or integral multiples of $1,000 in excess thereof) properly tendered pursuant to the Change of Control Offer; and
(2)    deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 
The Paying Agent will promptly deliver to each Holder who has so tendered Notes the Change of Control Purchase Price for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes so tendered, if any; provided that each such new Note will be in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof.
If the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest, if any, will be paid on the relevant interest payment date to the Person in whose name a Note is registered at the close of business on such record date and will not be paid as part of the Change of Control Purchase Price.
The Company will not be required to make a Change of Control Offer upon a Change of Control if (i) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered and not validly withdrawn under such Change of Control Offer, (ii) a notice of redemption for all outstanding Notes has been given pursuant to Article III, unless and until there is a default in payment of the applicable redemption price or (iii) in connection with or in contemplation of any publicly announced Change of Control, the Company has made an offer to purchase (an “Alternate Offer”) any and all Notes validly tendered at a cash price equal to or higher than the Change of Control Purchase Price and has purchased all Notes validly tendered and not validly withdrawn in accordance with the terms of the Alternate Offer.
If Holders of not less than 90.0% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in a Change of Control Offer or Alternate Offer and the Company, or any other Person making a Change of Control Offer in lieu of the Company as described above, purchases all of the Notes validly tendered and not validly withdrawn by such Holders, the Company will have the right, upon not less than 15 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control 
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Offer or Alternate Offer, as applicable, to redeem all Notes that remain outstanding following such purchase at a redemption price in cash equal to the applicable Change of Control Purchase Price or Alternate Offer price, as applicable, plus accrued and unpaid interest, if any, to the date of redemption (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the date of redemption).
The Company shall comply with all applicable securities laws and regulations in the United States, including, without limitation, the requirements of Rule 14e-1 under the Exchange Act and any other applicable laws and regulations in connection with the purchase of Notes pursuant to a Change of Control Offer. To the extent that the provisions of any applicable securities laws or regulations conflict with this Section 4.13, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.13 by virtue of such compliance. 
The provisions under this Indenture relating to the Company’s obligation to make a Change of Control Offer may be waived, modified or terminated with the written consent of the Holders of a majority in principal amount of the Notes then outstanding.
Notwithstanding anything to the contrary contained herein, a Change of Control Offer or Alternate Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making the Change of Control Offer or Alternate Offer.
SECTION 4.14.     Corporate Existence. Subject to Article V, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and the corporate, partnership, limited liability company or other existence of each of the Subsidiary Guarantors in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary Guarantor and the rights (charter and statutory), licenses and franchises of the Company and the Subsidiary Guarantors; provided that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of the Subsidiary Guarantors, if the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders.
SECTION 4.15.     Future Guarantees. If any Restricted Subsidiary that is not already a Subsidiary Guarantor guarantees any Debt of the Company or a Subsidiary Guarantor under, or borrows Debt under, any of the Senior Secured Credit Facilities on or after the Issue Date, then such Restricted Subsidiary shall execute, within 30 days of the date on which it became a guarantor or borrower with respect to such other Debt, a supplemental indenture in substantially the form attached hereto as Exhibit B, pursuant to which such Restricted Subsidiary shall become a Subsidiary Guarantor with respect to the Notes, upon the terms and subject to the release provisions and other limitations set forth in Article X.
SECTION 4.16.     Designation of Restricted and Unrestricted Subsidiaries. 
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(a)The Company may designate any Restricted Subsidiary to be an “Unrestricted Subsidiary”, in which event such Subsidiary and each other Person that is then or thereafter becomes a Subsidiary of such Subsidiary will be deemed to be an Unrestricted Subsidiary, if (1) neither the Company nor any of its other Subsidiaries (other than another Unrestricted Subsidiary) provides credit support for, or a Guarantee of, any Debt of such Subsidiary or any Subsidiary of such Subsidiary (including any undertaking, agreement or instrument evidencing such Debt) or is directly or indirectly liable for any Debt of such Subsidiary or any Subsidiary of such Subsidiary, and no default with respect to any Debt of such Subsidiary or any Subsidiary of such Subsidiary (including any right which the holders thereof may have to take enforcement action against such Subsidiary) would permit (upon notice, lapse of time or both) any holder of any other Debt of the Company and its Subsidiaries (other than another Unrestricted Subsidiary) to declare a default on such other Debt or cause the payment thereof to be accelerated or payable prior to its final scheduled maturity, (2) such Subsidiary does not own any Capital Stock of, or does not own or hold any Lien on any property of, any other Restricted Subsidiary which is not a Subsidiary of the Subsidiary to be so designated or otherwise an Unrestricted Subsidiary, (3) at the time of designation, the Company could make a Restricted Payment or Permitted Investment in an amount equal to the greater of the Fair Market Value and book value of its interest in such Subsidiary pursuant to Section 4.7, and (4) no Default or Event of Default shall have occurred and be continuing at the time of, or immediately after giving effect to, such designation. Any such designation will become effective upon the delivery to the Trustee of an Officers’ Certificate identifying the Restricted Subsidiary that has been designated as an Unrestricted Subsidiary and certifying that the foregoing conditions have been satisfied.
(b)The Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Company if (1) (a) the Company would be able to Incur at least $1.00 of additional Debt pursuant to Section 4.9(a), or (b) the Consolidated Coverage Ratio of the Company would not be less than the Consolidated Coverage Ratio of the Company immediately prior to such designation, in each case on a Pro Forma Basis taking into account such designation; (2) all Liens of such Unrestricted Subsidiary outstanding immediately following such designation would, if Incurred at such time, have been permitted to be Incurred for all purposes of this Indenture; and (3) no Default or Event of Default would occur and be continuing following such designation. Any such designation will become effective upon the delivery to the Trustee of an Officers’ Certificate identifying the Unrestricted Subsidiary that has been designated as a Restricted Subsidiary and certifying that the foregoing conditions have been satisfied. 
SECTION 4.17.     Covenant Suspension.
(a)If on any date following the Issue Date, the Notes are rated either Baa3 or better by Moody’s and BBB- or better by S&P (or, if either such entity ceases to rate the Notes for reasons outside of the control of the Company, the equivalent investment grade credit rating from any other “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company as a replacement agency) and no Default or Event of Default has occurred and is then continuing, then, upon delivery by the Company to the Trustee of an Officers’ Certificate to 
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the foregoing effect, the Company and the Restricted Subsidiaries will no longer be subject to the following covenants:
(1)Section 4.7;
(2)Section 4.8;
(3)Section 4.9;
(4)Section 4.10;
(5)Section 4.11; 
(6)Section 4.15; and
(7)Section 5.1(a)(3).
During any period that the foregoing covenants (the “Suspended Covenants”) have been suspended (the “Suspension Period”), the Board of Directors of the Company shall not designate any of the Company’s Subsidiaries as Unrestricted Subsidiaries pursuant to Section 4.16, unless such designation would have complied with Section 4.7 and Section 4.16, as if such Sections were in effect during the Suspension Period.
(b)Notwithstanding the foregoing, if the rating assigned to the Notes by one or both of the Rating Agencies subsequently declines to below Baa3 or BBB-, respectively, or an Event of Default occurs and is continuing, the foregoing covenants will be reinstated as of and from the date of such rating decline. Any Debt Incurred during the period when the covenants are suspended will be classified as having been Incurred pursuant to Section 4.9(a) or one of the clauses of Section 4.9(b). To the extent such Debt would not be so permitted to be Incurred, such Debt will be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under clause (2) of Section 4.9(b). Calculations under the reinstated Section 4.7 will be made as if Section 4.7 had been in effect since the Issue Date. In addition, for purposes of Section 4.11, all agreements and arrangements entered into by the Company and any Restricted Subsidiary with an Affiliate of the Company during the Suspension Period will be deemed to have been entered into on or prior to the Issue Date and for purposes of Section 4.8, all contracts entered into during the Suspension Period that contain any of the restrictions contemplated by such covenant will be deemed to have been existing on the Issue Date. During the Suspension Period, any reference in the definitions of “Permitted Liens” and “Unrestricted Subsidiary” to Section 4.9 or any provision thereof shall be construed as if such covenant were in effect during the Suspension Period. Upon the occurrence of a Suspension Period, the amount of Excess Proceeds from Net Available Proceeds shall be reset at zero. 
(c)Notwithstanding that the Suspended Covenants may be reinstated, no Default or Event of Default will be deemed to have occurred with respect to the suspended covenants as a result of any actions taken by the Company or its Restricted Subsidiaries or other events that occurred during the Suspension Period (or upon termination of the Suspension Period or after that time arising out of events that occurred or actions taken during the Suspension Period) and the Company and any Restricted Subsidiary will be 
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permitted, without causing a Default or Event of Default or breach of any kind under this Indenture, to honor, comply with or otherwise perform any contractual commitments or obligations entered into during a Suspension Period following a reinstatement of the Suspended Covenants (provided that any such contractual commitments or obligations were not Incurred in contemplation of any such reinstatement).
(d)Promptly following the occurrence of any suspension or reinstatement of the covenants as described above, the Company shall provide an Officers’ Certificate to the Trustee regarding such occurrence. The Trustee shall have no obligation to independently determine or verify if a suspension or reinstatement has occurred or notify the Holders of any suspension or reinstatement. The Trustee may provide a copy of such Officers’ Certificate to any Holder of the Notes upon request. 
ARTICLE V
SUCCESSORS
SECTION 5.1.     Consolidation, Merger, Conveyance, Transfer or Lease.
(a)The Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all its assets in a single transaction or series of related transactions to, another Person, unless:
(1)the resulting, surviving or transferee Person (the “Successor Company”) shall be a corporation, partnership, trust or limited liability company organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and the Successor Company (if not the Company) shall expressly assume, by supplemental indenture, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all the obligations of the Company under this Indenture and the Notes and, if the Successor Company is not a corporation, a co-obligor of the Notes is a corporation organized or existing under such laws;
(2)immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;
(3)except in the case of any such consolidation or merger of the Company with or into a Restricted Subsidiary, immediately after giving Pro Forma Effect to such transaction and treating any Debt which becomes an obligation of the Company or a Restricted Subsidiary as a result of such transaction as having been Incurred by the Company or such Restricted Subsidiary at the time of the transaction, either (i) the Company (including any Successor Company) could Incur at least $1.00 of additional Debt (other than Permitted Debt) pursuant to Section 4.9(a), or (ii) the Consolidated Coverage Ratio of the Company or such Successor Company is not less immediately after such transaction than it was immediately before such transaction;
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(4)if the Company is not the Successor Company, at the time of such transaction, each Subsidiary Guarantor will have by supplemental indenture confirmed that its Subsidiary Guarantee shall apply to the Successor Company’s obligations under this Indenture and the Notes; and
(5)the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, stating that such consolidation, merger, conveyance, transfer or lease and such supplemental indenture, if any, comply with this Indenture.
Notwithstanding clause (3) above, (i) any Restricted Subsidiary may consolidate with or merge with or into, or convey, transfer or lease all or substantially all its assets in a single transaction or series of related transactions to the Company so long as no Capital Stock of the Restricted Subsidiary is distributed to any Person other than the Company; provided that, in the case of a Restricted Subsidiary that merges into the Company, the Company will not be required to comply with clause (5) above; and (ii) the Company may merge with an Affiliate of the Company solely for the purpose of reincorporating or forming the Company in another State of the United States or the District of Columbia, so long as the amount of Debt of the Company and its Restricted Subsidiaries is not increased thereby.
For purposes of this Section 5.1(a), the sale, lease, conveyance, assignment, transfer, or other disposition of all or substantially all of the properties and assets of one or more Subsidiaries of the Company, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of the Company on a consolidated basis, shall be deemed to be the sale, lease, conveyance, assignment, transfer or other disposition of all or substantially all of the properties and assets of the Company. Except as set forth below under Section 5.1(b), this Section 5.1 shall not restrict the sale, lease, conveyance, assignment, transfer, or other disposition of all or substantially all of the properties and assets of one or more Restricted Subsidiaries of the Company to one or more Restricted Subsidiaries of the Company or any consolidation, merger or amalgamation with, between or among Restricted Subsidiaries of the Company.
The Successor Company will succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture, and, except in the case of a lease of all or substantially all its assets, the Company will be released from the obligation to pay the principal of, and interest on, the Notes and all other obligations under this Indenture.
(b)Except in circumstances under which this Indenture provides for the release of Subsidiary Guarantees as described under Section 10.5, each Subsidiary Guarantor will not, and the Company will not permit a Subsidiary Guarantor to, consolidate with or merge with or into, or convey or transfer or lease all or substantially all its assets to, another Person (other than the Company or another Subsidiary Guarantor), unless at the time and after giving effect thereto:
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(1)
(A)the resulting, surviving or transferee Person (the “Successor Subsidiary Guarantor”) shall be a corporation, partnership, trust or limited liability company organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and the Successor Subsidiary Guarantor (if not the Subsidiary Guarantor) shall expressly assume, by supplemental indenture, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all the obligations of the Subsidiary Guarantor under this Indenture and its Subsidiary Guarantee;
(B)immediately after giving effect to such transaction no Default or Event of Default shall have occurred and be continuing; and 
(C)the Subsidiary Guarantor shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, stating that such consolidation, merger, conveyance, transfer or lease and such supplemental indenture, if any, comply with this Indenture; or
(2)such transaction does not violate Section 4.10.
Notwithstanding the foregoing, any Subsidiary Guarantor may merge with or into or transfer all or part of its properties and assets to a Subsidiary Guarantor or merge with a Restricted Subsidiary of the Company, so long as the resulting entity remains or becomes a Subsidiary Guarantor.
For purposes of this Section 5.1(b), the sale, lease, conveyance, assignment, transfer, or other disposition of all or substantially all of the properties and assets of one or more Subsidiaries of a Subsidiary Guarantor, which properties and assets, if held by such Subsidiary Guarantor instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of such Subsidiary Guarantor on a consolidated basis, shall be deemed to be the sale, lease, conveyance, assignment, transfer or other disposition of all or substantially all of the properties and assets of such Subsidiary Guarantor.
The Successor Subsidiary Guarantor will succeed to, and be substituted for, and may exercise every right and power of, the Subsidiary Guarantor under this Indenture, and, except in the case of a lease of all or substantially all its assets, the Subsidiary Guarantor will be released from its obligations under its Subsidiary Guarantee.
ARTICLE VI
DEFAULTS AND REMEDIES
SECTION 6.1.        Events of Default. Each of the following is an “Event of Default”:
(1)    failure to pay principal of (or premium, if any, on) any Note when due and payable, at maturity, upon redemption or otherwise;
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(2)    failure to pay any interest on any Note when due and payable and such default continues for 30 days;
(3)    default in the payment of principal, premium and interest on Notes required to be purchased pursuant to an Offer to Purchase as described under Section 4.10 and Section 4.13 when due and payable;
(4)    failure to perform or comply with the provisions described under Section 5.1;
(5)    failure to perform any other covenant or agreement of the Company under this Indenture or the Notes and such default continues for 60 days (or 120 days with respect to Section 4.3) after written notice to the Company by the Trustee or Holders of at least 25% in aggregate principal amount of outstanding Notes;
(6)    default under the terms of any instrument evidencing or securing any Debt of the Company or any Restricted Subsidiary having an outstanding principal amount of $100.0 million, individually or in the aggregate, which default (i) results in the acceleration of the payment of all or any portion of such Debt or (ii) constitutes the failure to pay all or any portion of the principal amount of such Debt when due; provided that this clause (6)(i) shall not apply to Secured Debt that becomes due (or requires an offer to purchase) as a result of the voluntary sale or transfer of the property or assets securing such Secured Debt, if such sale or transfer is permitted under this Indenture and under the documents governing such Debt;
(7)    the rendering of one or more final judgments, orders or decrees (not subject to appeal) of any court or regulatory or administrative agency against the Company or any Restricted Subsidiary or any of their respective properties in an amount in excess of $100.0 million, either individually or in the aggregate, (exclusive of any portion of any such payment covered by third-party insurance) which remains undischarged or unstayed for a period of 60 days after the date on which the right to appeal has expired;
(8)     the Company or any Significant Subsidiary of the Company or group of Restricted Subsidiaries of the Company that, taken together (as of the latest audited consolidated financial statements for the Company and its Subsidiaries), would constitute a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law:
(A)    commences a voluntary case,
(B)    consents to the entry of an order for relief against it in an involuntary case, 
(C)    consents to the appointment of a custodian of it or for all or substantially all of its property, or
(D)    makes a general assignment for the benefit of its creditors. 
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 (9)    a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
(i)    is for relief against the Company or any Significant Subsidiary of the Company or group of Restricted Subsidiaries of the Company that, taken together (as of the latest audited consolidated financial statements for the Company and its Subsidiaries), would constitute a Significant Subsidiary, in an involuntary case;
(ii)    appoints a custodian of the Company or any Significant Subsidiary of the Company or group of Restricted Subsidiaries of the Company that, taken together (as of the latest audited consolidated financial statements for the Company and its Subsidiaries), would constitute a Significant Subsidiary or for all or substantially all of the property of the Company or any Significant Subsidiary of the Company or a group of Restricted Subsidiaries of the Company that, taken together (as of the latest audited consolidated financial statements for the Company and its Subsidiaries), would constitute a Significant Subsidiary; or 
(iii)    orders the liquidation of the Company or any Significant Subsidiary of the Company or group of Restricted Subsidiaries of the Company that, taken together (as of the latest audited consolidated financial statements for the Company and its Subsidiaries), would constitute a Significant Subsidiary 
and, in each case, the order or decree remains unstayed and in effect for 60 consecutive days; or
(10) the Subsidiary Guarantee of any Subsidiary Guarantor is held by a final non-appealable order or judgment of a court of competent jurisdiction to be unenforceable or invalid or ceases for any reason to be in full force and effect (other than in accordance with the terms of this Indenture) or any Subsidiary Guarantor or any Person acting on behalf of any Subsidiary Guarantor denies or disaffirms such Subsidiary Guarantor’s obligations under its Subsidiary Guarantee (other than by reason of a release of such Subsidiary Guarantor from its Subsidiary Guarantee in accordance with the terms of this Indenture).
In the event of any Event of Default specified in clause (6) of Section 6.1, such Event of Default and all consequences thereof (excluding any resulting payment default, other than as a result of acceleration of the Notes) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if within 30 days after such Event of Default arose:
(1)    the Debt or guarantee that is the basis for such Event of Default has been discharged or the holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default;
(2)    the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction; and
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(3)    if the default that is the basis for such Event of Default has been cured.
SECTION 6.2.     Acceleration. If an Event of Default (other than an Event of Default specified in clause (8) or (9) of Section 6.1) shall have occurred and be continuing under this Indenture, the Trustee, by written notice to the Company, or the Holders of at least 25.0% in aggregate principal amount of the Notes then outstanding by written notice to the Company and the Trustee, may declare (an “acceleration declaration”) all amounts owing under the Notes to be due and payable. Upon such acceleration declaration, the outstanding Notes shall become due and payable immediately.
At any time after such acceleration pursuant to this Section 6.2, but before a judgment or decree based on acceleration, the Holders of a majority in aggregate principal amount of the Notes then outstanding may rescind and annul such acceleration if:
(1)    the rescission would not conflict with any judgment or decree;
(2)    all existing Events of Default have been cured or waived other than nonpayment of accelerated principal and interest;
(3)    to the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid;
(4)    the Company has paid the Trustee its reasonable compensation and reimbursed the Trustee for its reasonable expenses, disbursements and advances; and
(5)    in the event of the cure or waiver of an Event of Default of the type described in clauses (8) or (9) of Section 6.1 hereof, the Trustee shall have received an Officers’ Certificate and an Opinion of Counsel that such Event of Default has been cured or waived. 
No such rescission shall affect any subsequent Default or impair any right consequent thereto.
If an Event of Default specified in clause (8) or (9) of Section 6.1 occurs, then all outstanding Notes shall ipso facto become and be immediately due and payable without any declaration or other action or notice on the part of the Trustee or any Holder of the Notes to the extent permitted by applicable law.
SECTION 6.3.     Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest, if any, on the Notes or to enforce the performance of any provision of the Notes or this Indenture.
The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or 
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remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law.
SECTION 6.4.     Waiver of Past Defaults. Subject to Section 9.2, the Holders of a majority in aggregate principal amount of the Notes then outstanding by written notice to the Trustee may, on behalf of the Holders of all of the Notes, waive any existing Default or Event of Default and its consequences under this Indenture except a continuing Default or Event of Default in the payment of interest or premium on, or the principal of, the Notes (other than any such payment that has become due because of an acceleration that has been rescinded).
SECTION 6.5.     Control by Majority. The Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, (i) the Trustee may require indemnity satisfactory to it be furnished prior to taking such actions, (ii) the Trustee may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders not joining in the giving of such direction or that would involve any personal liability for the Trustee and (iii) the Trustee may take any other action it deems proper that is not inconsistent with any such direction received from the Holders.
SECTION 6.6.     Limitation on Suits. Subject to Section 6.7, no Holder of a Note will have any right to institute any proceeding with respect to this Indenture, or for the appointment of a receiver or a trustee, or for any other remedy hereunder unless (a) such Holder has previously given to the Trustee written notice of a continuing Event of Default with respect to the Notes, (b) the Holders of at least 25% in aggregate principal amount of the outstanding Notes have made written request, and such Holder or Holders have offered to the Trustee indemnity satisfactory to the Trustee to institute such proceeding as trustee, (c) the Trustee has failed to institute such proceeding, and (d) the Trustee has not received from the Holders of a majority in aggregate principal amount of the outstanding Notes a direction inconsistent with such request, within 60 days after such notice, request and offer. 
A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any such use by a Holder prejudices the rights of any other Holders or obtains priority or preference over such other Holders).
SECTION 6.7.     Rights of Holders of Notes to Receive Payment. Notwithstanding any other provision of this Indenture, the contractual right of any Holder to receive payment of principal of, premium or interest on, such Note or to bring suit for the enforcement of any such payment, on or after the due date expressed in the Notes, shall not be modified or amended in a manner adverse to such Holder without the consent of the Holder.
SECTION 6.8.     Collection Suit by Trustee. If an Event of Default specified in clauses (1) or (2) of Section 6.1 occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of, premium, if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, such further amount as shall be sufficient to cover the 
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costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.
SECTION 6.9.     Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes including the Subsidiary Guarantors), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other securities or property payable or deliverable upon the conversion or exchange of the Notes or on any such claims, and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.6. To the extent that the payment of any such compensation, expenses, disbursements and advances to the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.6 out of the estate in any such proceeding, 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, money, securities and other properties that the Holders may be entitled to receive in such proceeding, whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing in this Section 6.9 shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.
SECTION 6.10.     Priorities. If the Trustee collects any money or property pursuant to this Article VI, it shall pay out the money and property in the following order:
First: to the Trustee, its agents and attorneys for amounts due under Section 7.6, including payment of all reasonable compensation, expenses and liabilities incurred, and all advances made, by it and the costs and expenses of collection; 
Second: to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively;
Third: without duplication, to the Holders for any other obligations owing to the Holders under this Indenture and the Notes; and
Fourth: to the Company or to such party as a court of competent jurisdiction shall direct.
The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10.
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SECTION 6.11.    Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as the Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.7, or a suit by Holders of more than 10.0% in principal amount of the then outstanding Notes.
SECTION 6.12.    Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceedings, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding has been instituted.
SECTION 6.13.    Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.7 hereof, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.
SECTION 6.14.    Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.
ARTICLE VII
TRUSTEE
SECTION 7.1.        Duties of Trustee.
(a)If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs.
(b)Except during the continuance of an Event of Default:
(1)the duties of the Trustee shall be determined solely by the express provisions of this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and
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(2)the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein); however, the Trustee shall examine the certificates and opinions furnished to it to determine whether or not they conform to the requirements of this Indenture.
(c)The Trustee may not be relieved from liabilities for its own grossly negligent action, its own negligent failure to act, or its own willful misconduct, except that:
(1)this paragraph does not limit the effect of paragraph (b) of this Section 7.1;
(2)the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Trustee, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; 
(3)the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.5; and
(4)no provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability.
(d)The Trustee shall not be liable for interest on or the investment of any money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.
(e)Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to this Section 7.1.
SECTION 7.2.     Rights of Trustee.
(a)The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting on any resolution, certificate, statement, instrument, opinion, notice, report, request, direction, consent, order, bond, debenture or other document (whether in original or facsimile form or PDF transmission) believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated therein.
(b)Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. Prior to taking, suffering or omitting any action, the Trustee may consult with counsel of the Trustee’s own choosing, and the Trustee shall be fully protected from 
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liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in conclusive reliance on the advice or opinion of such counsel.
(c)The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any attorney or agent appointed with due care.
(d)The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the discretion or rights or powers conferred upon it by this Indenture.
(e)Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company or a Subsidiary Guarantor shall be sufficient if signed by an Officer of the Company or such Subsidiary Guarantor.
(f)The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction.
(g)The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or documents, 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 during normal business hours the books, records and premises of the Company, personally or by agent or attorney at the sole cost of the Company, and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.
(h)The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, to the Agents and to each other agent, custodian and Person employed to act hereunder. 
(i)The Trustee may request that the Company and each of the Subsidiary Guarantors shall deliver to the Trustee an Officers’ Certificate setting forth the names of individuals and/or titles of Officers of the Company and each Subsidiary Guarantor, as applicable, authorized at such time to take specified actions pursuant to this Indenture, the Notes and the Subsidiary Guarantees, which Officers’ Certificate may be signed by any Person authorized to sign an Officers’ Certificate, including any Person specified as so authorized in any such certificate previously delivered and not superseded.
(j)The Trustee shall not be deemed to have notice or be charged with knowledge of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or the Trustee shall have received from the Company or Subsidiary Guarantor or from any Holder written notice thereof at its address set forth in 
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Section 11.1 and such notice references the Notes and this Indenture. In the absence of such notice, the Trustee may conclusively assume that no such Default or Event of Default exists.
(k)In no event shall the Trustee be responsible or liable for special, indirect, punitive, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.
(l)The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.
(m)No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties thereunder, or in the exercise of any of its rights or powers.
SECTION 7.3.     Individual Rights of the Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights and duties. The Trustee is also subject to Section 7.9.
SECTION 7.4.     Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Notes or any Subsidiary Guarantee; it shall not be accountable for the use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture; it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee; and it shall not be responsible for any statement or recital herein or any statement in the Notes, any Officers’ Certificate delivered to the Trustee hereunder, or any other document in connection with the sale of the Notes or pursuant to this Indenture other than the Trustee’s certificate of authentication hereunder.
SECTION 7.5.     Notice of Defaults. If a Default or Event of Default occurs and is continuing and the Trustee has notice or knowledge thereof as provided in Section 7.2(j), the Trustee shall deliver to Holders a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as the board of directors, the executive committee or a trust committee of directors or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interest of the Holders.
SECTION 7.6.     Compensation and Indemnity. The Company shall pay to the Trustee from time to time compensation for its acceptance of this Indenture and for all services rendered by it hereunder as agreed upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee, as applicable, promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel.
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Each of the Company and the Subsidiary Guarantors, jointly and severally, shall indemnify, defend, protect and hold the Trustee (which for purposes of this Section 7.6 shall include its officers, directors, employees and agents) harmless against any and all claims, damages, losses, liabilities, costs or expenses suffered or incurred by it (including, without limitation, the fees and expenses of its agents and counsel) arising out of or in connection with the acceptance or administration of its duties under this Indenture, the performance of its obligations and/or exercise of its rights hereunder, including the costs and expenses of enforcing this Indenture against the Company or any Subsidiary Guarantor (including this Section 7.6) and defending itself against any claim (whether asserted by the Company or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, claim, damage, liability or expense shall have been found by a court of competent jurisdiction in a non-appealable final decision to have been caused by its own gross negligence or willful misconduct. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Trustee may have one separate counsel, and the Company shall pay the reasonable fees and expenses of such counsel for the Trustee. The Company and the Subsidiary Guarantors need not pay for any settlement made without the consent of the Company, which consent shall not be unreasonably withheld.
The obligations of the Company and the Subsidiary Guarantors under this Section 7.6 shall survive the satisfaction and discharge of this Indenture, the payment of the Notes or the resignation or removal of the Trustee.
To secure the Company’s payment obligations in this Section 7.6, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal or interest, if any, on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture, the payment of the Notes and the resignation or removal of the Trustee. 
When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(8) or (9) occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law.
SECTION 7.7         Replacement of Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor trustee’s acceptance of appointment as provided in this Section 7.7. 
The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee upon thirty days’ written notice to the Trustee and the Company. The Company may remove the Trustee if no Event of Default exists and:
(a)the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;
(b)a custodian or public officer takes charge of the Trustee or its property; or 
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(c)the Trustee becomes incapable of acting.
If the Trustee acquires any conflicting interest, it must eliminate such conflict within 90 days or resign. 
If the Trustee resigns or is removed or if a vacancy exists in the office of the Trustee for any reason, the Company shall promptly appoint a successor trustee. Within one year after the successor trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor trustee to replace the successor trustee appointed by the Company.
If a successor trustee does not take office within 30 days after the retiring Trustee resigns or is removed, such retiring Trustee (at the expense of the Company), the Company or the Holders of at least 10.0% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor trustee.
If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.9, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee.
A successor trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor trustee shall have all the rights, powers and the duties of the Trustee under this Indenture. The successor trustee shall mail a notice of its succession to the Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided that all sums owing to such Trustee hereunder have been paid and subject to the Lien provided for in Section 7.6. Notwithstanding replacement of the Trustee pursuant to this Section 7.7, the Company’s and the Subsidiary Guarantors’ obligations under Section 7.6 shall continue for the benefit of the retiring Trustee.
SECTION 7.8.     Successor Trustee by Merger, Etc. If the Trustee or any Agent consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business (including the trust hereby created) to, another corporation, the successor corporation without any further act shall be the successor Trustee or Agent, as applicable.
SECTION 7.8.     Eligibility; Disqualification. There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States or of any state thereof that is authorized under such laws to exercise corporate trustee power and that is subject to supervision or examination by federal or state authorities. Such Trustee together with its affiliates shall at all times have a combined capital surplus of at least $50.0 million as set forth in its most recent annual report of condition.
ARTICLE VIII
DEFEASANCE; DISCHARGE OF THIS INDENTURE
SECTION 8.1.     Option to Effect Legal Defeasance or Covenant Defeasance. The Company may, by delivery of an Officers’ Certificate, at any time, elect to have either Section 8.2 or Section 8.3 applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII.
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SECTION 8.2.     Legal Defeasance. Upon the Company’s exercise under Section 8.1 of the option applicable to this Section 8.2, the Company and the Subsidiary Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.4, be deemed to have been discharged from their obligations with respect to all outstanding Notes and Subsidiary Guarantees and this Indenture on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Subsidiary Guarantors shall be deemed to have paid and discharged all of the obligations with respect to this Indenture, the Notes and the Subsidiary Guarantees, which shall thereafter be deemed to be outstanding only for the purposes of Section 8.5 and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all of their other obligations under such Notes, Subsidiary Guarantees and this Indenture (and the Trustee, on written demand of and at the expense of the Company, shall execute instruments acknowledging the same), and this Indenture shall cease to be of further effect as to all such Notes and Subsidiary Guarantees, except for the following provisions which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, and interest and premium on, such Notes when such payments are due from the trust funds referred to in Section 8.4(1); (b) the Company’s obligations with respect to such Notes under Section 2.2, Section 2.3, Section 2.4, Section 2.6, Section 2.7, Section 2.10, and Section 4.2; (c) the rights, powers, trusts, duties and immunities of the Trustee, including without limitation thereunder, under Section 7.6, Section 8.5 and Section 8.7 and the obligations of the Company and the Subsidiary Guarantors in connection therewith; and (d) the provisions of this Article VIII. Subject to compliance with this Article VIII, the Company may exercise its option under this Section 8.2 notwithstanding the prior exercise of its option under Section 8.3.
SECTION 8.3.     Covenant Defeasance. Upon the Company’s exercise under Section 8.1 above of the option applicable to this Section 8.3, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.4 below, be released from its obligations under Sections 4.3, 4.7 through Section 4.16 and Section 5.1(a)(3) on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not outstanding for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed outstanding for all other purposes hereunder (it being understood that such Notes and the Subsidiary Guarantees shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company or any of its Subsidiaries may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.1, and the Events of Default in clauses (3) through (7) or (8) (with respect to any Subsidiary) and (9) (with respect to any Subsidiary) of Section 6.1 shall no longer apply but, except as specified above, the remainder of this Indenture and such Notes and any Subsidiary Guarantees shall be unaffected thereby. 
SECTION 8.4. Conditions to Legal or Covenant Defeasance. The following shall be the conditions to the application of either Section 8.2 or Section 8.3 to the outstanding Notes:
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(1)    the Company must irrevocably deposit with the Trustee, as trust funds, in trust solely for the benefit of the Holders, U.S. dollars, non-callable U.S. Government Obligations or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest (if U.S. Government Obligations are deposited, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants selected by the Company and delivered to the Trustee), to pay the principal of, premium, if any, and interest, if any, on the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and any other amounts owing under this Indenture (in the case of an optional redemption date prior to electing to exercise either Legal Defeasance or Covenant Defeasance, the Company has delivered to the Trustee an irrevocable notice to redeem all of the outstanding Notes on such redemption date);
(2)    in the case of Legal Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions:
(A)    the Company has received from, or there has been published by, the United States Internal Revenue Service a ruling; or
(B)    since the Issue Date, there has been a change in the applicable U.S. federal income tax law;
in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, subject to customary assumptions and exclusions, the beneficial owners of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;
(3)    in the case of Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, the beneficial owners of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;
(4)    no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other Debt) (and the Incurrence of Liens associated with any such borrowings));
(5)    the Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under any material agreement or instrument (other than this Indenture and the agreements governing any other Debt being defeased, discharged or 
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replaced) to which the Company or any of its Restricted Subsidiaries is a party or by which the Company or any of its Restricted Subsidiaries is bound;
(6)    the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or others; and
(7)    the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel (which opinion may be subject to customary assumptions and exclusions) each stating that the applicable conditions precedent provided for in clauses (1) through (6) of this Section 8.4 have been complied with. 
SECTION 8.5.     Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions. Subject to Section 8.6, all U.S. dollar and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.5, the “Deposit Trustee”) pursuant to Section 8.4 or Section 8.8 in respect of the outstanding Notes shall be held in trust, shall not be invested, and shall be applied by the Deposit Trustee in accordance with the provisions of such Notes and this Indenture to the payment, either directly or through any Paying Agent (including the Company or any Subsidiary acting as Paying Agent) as the Deposit Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, if any, but such money need not be segregated from other funds except to the extent required by law.
The Company shall pay and indemnify the Deposit Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable U.S. Government Obligations deposited pursuant to Section 8.4 or Section 8.8 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.
Anything in this Article VIII to the contrary notwithstanding, the Deposit Trustee shall deliver or pay to the Company from time to time upon the written request of the Company and be relieved of all liability with respect to any U.S. dollars or non-callable U.S. Government Obligations held by it as provided in Section 8.4 or Section 8.8 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Deposit Trustee (which may be the opinion delivered under Section 8.4(1)), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance or satisfaction and discharge, as the case may be.
SECTION 8.6.     Repayment to Company. Subject to applicable escheat laws, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal and premium, if any, or interest has become due and payable shall be paid to the Company on its written request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof; and all liability of the Trustee or such 
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Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, shall at the expense and written request of the Company cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Company. 
SECTION 8.7.     Reinstatement. If the Trustee or Paying Agent is unable to apply any U.S. dollars or U.S. Government Obligations in accordance with Section 8.2, Section 8.3 or Section 8.8, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations of the Company and the Subsidiary Guarantors under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.2, Section 8.3 or Section 8.8 until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.2, Section 8.3 or Section 8.8, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest on any Note following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent.
SECTION 8.8.     Discharge. This Indenture will be discharged and will cease to be of further effect (except as to rights of registration of transfer or exchange of Notes which shall survive until all Notes have been canceled and the rights, protections and immunities of the Trustee) as to all outstanding Notes and Subsidiary Guarantees when either:
(1)all the Notes that have been authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid and Notes for whose payment money has been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from this trust), have been delivered to the Trustee for cancellation; or
(2)(a) all Notes not delivered to the Trustee for cancellation otherwise (i) have become due and payable, (ii) will become due and payable, or may be called for redemption, within one year or (iii) have been called for redemption pursuant to Article III and, in any case, the Company or any Subsidiary Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars in such amounts as will be sufficient without consideration of any reinvestment of interest (if U.S. Government Obligations are deposited, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants selected by the Company and delivered to the Trustee) to pay and discharge the entire Debt (including all principal and accrued interest, if any) on the Notes not theretofore delivered to the Trustee for cancellation;
(b)the Company or any Subsidiary Guarantor has paid or caused to be paid all other sums payable by the Company under this Indenture; and 
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(c)the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the Notes at maturity or on the date of redemption, as the case may be.
In addition, the Company must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been complied with.
After the Notes are no longer outstanding, the Company’s and the Subsidiary Guarantors’ obligations in Section 7.6, Section 8.5 and Section 8.7 shall survive any discharge pursuant to this Section 8.8.
After such delivery or irrevocable deposit and receipt of the Officers’ Certificate and Opinion of Counsel, the Trustee, upon written request, shall acknowledge in writing the discharge of the Company’s obligations under the Notes and this Indenture except for those surviving obligations specified above.
ARTICLE IX
AMENDMENT, SUPPLEMENT AND WAIVER
SECTION 9.1.     Without Consent of Holders of the Notes. Notwithstanding Section 9.2, without the consent of any Holders, the Company, the Subsidiary Guarantors and the Trustee, at any time and from time to time, may amend or supplement this Indenture, the Subsidiary Guarantees or the Notes issued hereunder for any of the following purposes:
(1)    to evidence the succession of another Person to the Company or a Subsidiary Guarantor under this Indenture, Notes or the applicable Subsidiary Guarantee, and the assumption by any such successor of the covenants of the Company or such Subsidiary Guarantor under this Indenture, Notes and in such Subsidiary Guarantee in accordance with Section 5.1;
(2)    to add to the covenants of the Company or any Subsidiary Guarantor for the benefit of the Holders of the Notes or to surrender any right or power conferred upon the Company or any Subsidiary Guarantor, as applicable, in this Indenture, in the Notes or in any Subsidiary Guarantee;
(3)    to cure any ambiguity, or to correct or supplement any provision in this Indenture or in any supplemental indenture, the Notes or any Subsidiary Guarantee which may be defective or inconsistent with any other provision in this Indenture, the Notes or any Subsidiary Guarantee;
(4)    to make any change that would provide any additional rights or benefits to the Holders of the Notes;
(5)    to make any other provisions with respect to matters or questions arising under this Indenture, the Notes or any Subsidiary Guarantee; provided that, in each case, such provisions shall not adversely affect the rights of the Holders of the Notes in any material respect;
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(6)    to comply with the requirements of the SEC in order to effect or maintain the qualification of this Indenture under the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb), as amended; 
(7)    to add a Subsidiary Guarantor under this Indenture or otherwise provide a Guarantee of the Notes;
(8)    to evidence and provide the acceptance of the appointment of a successor Trustee under this Indenture;
(9)    to mortgage, pledge, hypothecate or grant a security interest in favor of the Trustee for the benefit of the Holders of the Notes as security for the payment and performance of the Company’s and any Subsidiary Guarantor’s obligations under this Indenture, in any property, or assets;
(10)    to provide for the issuance of Additional Notes under this Indenture in accordance with the terms and subject to the limitations set forth in this Indenture;
(11)    to comply with the rules of any applicable Depositary; or
(12)    to conform the text of this Indenture, the Notes or the Subsidiary Guarantees to any provision of the “Description of notes” section of the Offering Memorandum, as certified in an Officers’ Certificate delivered to the Trustee.
After an amendment under this Indenture becomes effective, the Company shall deliver to Holders of the Notes a notice briefly describing such amendment. However, the failure to give such notice to all Holders, or any defect therein, will not impair or affect the validity of the amendment.
SECTION 9.2.     With Consent of Holders of Notes. With the consent of the Holders of not less than a majority in aggregate principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes), the Company, the Subsidiary Guarantors and the Trustee may amend or supplement this Indenture, the Notes or any Subsidiary Guarantees or waive any existing Default or Event of Default or compliance with any provision of this Indenture, the Notes or the Subsidiary Guarantees; provided, however, that no such amendment, supplement or waiver shall, without the consent of the Holder of each outstanding Note affected thereby (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes):
(1)    change the Stated Maturity of the principal of, or any installment of interest on, any Note;
(2)    reduce the principal amount of, (or the premium) or interest on, any Note; 
(3)    change the place or currency of payment of principal of (or premium), or interest on, any Note;
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(4)    impair the right to institute suit for the enforcement of any payment of principal of (or, premium) or interest on or with respect to any Note when due, or waive any payment in respect thereof except a default in payment arising solely from an acceleration of the Notes that has been rescinded;
(5)    modify any provisions of this Indenture relating to the modification and amendment of this Indenture or the waiver of past defaults or covenants which require each Holder’s consent;
(6)    amend any provisions relating to the redemption of the Notes (other than notice provisions), it being understood that for the avoidance of doubt, the provisions described under Section 4.10 and Section 4.13 shall not be covered by this clause;
(7)    modify the Subsidiary Guarantees in any manner adverse to the Holders, except in accordance with this Indenture; or
(8)    modify any of the provisions of this Indenture or the related definitions affecting the ranking of the Notes.
It shall not be necessary for the consent of the Holders under this Section 9.2 to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof.
SECTION 9.3.     Revocation and Effect of Consents. Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on the Note. However, any such Holder or subsequent Holder may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. When an amendment, supplement or waiver becomes effective in accordance with its terms, it thereafter binds every Holder.
The Company may, but shall not be obligated to, fix a record date for determining which Holders consent to such amendment, supplement or waiver. 
SECTION 9.4.     Notation on or Exchange of Notes. The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee shall authenticate new Notes that reflect the amendment, supplement or waiver.
Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.
SECTION 9.5.     Trustee to Sign Amendments, Etc. The Trustee shall sign any amended or supplemental indenture authorized pursuant to this Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. In signing or refusing to sign any amendment or supplemental indenture, the Trustee shall be provided with and (subject to Section 7.1) shall be fully protected in relying upon an Officers’ 
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Certificate and an Opinion of Counsel stating that the execution of such amendment or supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent thereto have been met or waived. 
ARTICLE X
SUBSIDIARY GUARANTEES
SECTION 10.1.     Subsidiary Guarantees.
(a)Each Subsidiary Guarantor hereby jointly and severally, fully and unconditionally guarantees the Notes and obligations of the Company hereunder and thereunder, and guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee, that: (i) the principal of and premium, if any, and interest on the Notes shall be paid in full when due, whether at Stated Maturity, by acceleration, call for redemption or otherwise, together with interest on the overdue principal, if any, and interest on any overdue interest, to the extent lawful, and all other obligations of the Company to the Holders or the Trustee under this Indenture or the Notes shall be paid in full or performed, all in accordance with the terms hereof and thereof; and (ii) in case of any extension of time of payment or renewal of any Notes or of any such other obligations, the same shall be paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. Each of the Subsidiary Guarantees shall be a guarantee of payment and not of collection. 
(b)Each Subsidiary Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Subsidiary Guarantor.
(c)Each Subsidiary Guarantor hereby waives the benefits of diligence, presentment, demand for payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company or any other Person, protest, notice and all demands whatsoever and covenants that the Subsidiary Guarantee of such Subsidiary Guarantor shall not be discharged as to any Note or this Indenture except by complete performance of the obligations contained in such Note and this Indenture and such Subsidiary Guarantee. Each of the Subsidiary Guarantors hereby agrees that, in the event of a Default in payment of principal or premium, if any, or interest on any Note, whether at its Stated Maturity, by acceleration, call for redemption, purchase or otherwise, legal proceedings may be instituted by the Trustee on behalf of, or by, the Holder of such Note, subject to the terms and conditions set forth in this Indenture, directly against each of the Subsidiary Guarantors to enforce each such Subsidiary Guarantor’s Subsidiary Guarantee without first proceeding against the Company or any other Subsidiary Guarantor. Each Subsidiary Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default, the Trustee or any of the Holders are prevented by applicable law from exercising their respective rights to accelerate the maturity of the Notes, to collect interest on the Notes, or to enforce or exercise any other 
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right or remedy with respect to the Notes, such Subsidiary Guarantor shall pay to the Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise have been due and payable had such rights and remedies been permitted to be exercised by the Trustee or any of the Holders and any other amounts due and owing to the Trustee under this Indenture.
(d)If any Holder or the Trustee is required by any court or otherwise to return to the Company or any Subsidiary Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to the Company or any Subsidiary Guarantor, any amount paid by any of them to the Trustee or such Holder, the Subsidiary Guarantee of each of the Subsidiary Guarantors, to the extent theretofore discharged, shall be reinstated in full force and effect. This paragraph (d) shall remain effective notwithstanding any contrary action which may be taken by the Trustee or any Holder in reliance upon such amount required to be returned. This paragraph (d) shall survive the termination of this Indenture.
(e)Each Subsidiary Guarantor further agrees that, as between each Subsidiary Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI for the purposes of the Subsidiary Guarantee of such Subsidiary Guarantor, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any acceleration of such obligations as provided in Article VI, such obligations (whether or not due and payable) shall forthwith become due and payable by each Subsidiary Guarantor for the purpose of the Subsidiary Guarantee of such Subsidiary Guarantor.
(f)Each Subsidiary Guarantor that makes a payment for distribution under its Subsidiary Guarantee is entitled upon payment in full of all guaranteed obligations under this Indenture to seek contribution from each other Subsidiary Guarantor in a pro rata amount of such payment based on the respective net assets of all the Subsidiary Guarantors at the time of such payment in accordance with GAAP.
SECTION 10.2.     Execution and Delivery of Guarantee. To evidence its Subsidiary Guarantee set forth in Section 10.1, each Subsidiary Guarantor agrees that this Indenture or a supplemental indenture in substantially the form attached hereto as Exhibit B shall be executed on behalf of such Subsidiary Guarantor by an Officer of such Subsidiary Guarantor (or, if an officer is not available, by a board member or director or other duly authorized signatory) on behalf of such Subsidiary Guarantor. Each Subsidiary Guarantor hereby agrees that its Subsidiary Guarantee set forth in Section 10.1 hereof shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Subsidiary Guarantee on the Notes. In case the Officer, board member or director of such Subsidiary Guarantor whose signature is on this Indenture or supplemental indenture, as applicable, no longer holds office at the time the Trustee authenticates any Note, the Subsidiary Guarantee shall be valid nevertheless.
The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Subsidiary Guarantee set forth in this Indenture on behalf of the Subsidiary Guarantors.
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SECTION 10.3.     Severability. In case any provision of any Subsidiary Guarantee shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
SECTION 10.4.     Limitation of Subsidiary Guarantors’ Liability. Each Subsidiary Guarantor and by its acceptance hereof each Holder confirms that it is the intention of all such parties that the Subsidiary Guarantee of such Subsidiary Guarantor not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law or the provisions of its local law relating to fraudulent transfer or conveyance. To effectuate the foregoing intention, the Trustee, the Holders and Subsidiary Guarantors hereby irrevocably agree that the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee shall be limited to the maximum amount that will not, after giving effect to all other contingent and fixed liabilities of such Subsidiary Guarantor (including, without limitation, any guarantees under the Senior Secured Credit Facilities) and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under its Subsidiary Guarantee, result in the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee constituting a fraudulent conveyance, fraudulent preference or fraudulent transfer or otherwise reviewable under applicable law.
SECTION 10.5. Releases. A Subsidiary Guarantee of a Subsidiary Guarantor shall be automatically and unconditionally released and discharged upon:
(a)any sale, transfer or other disposition of all or substantially all of the assets of such Subsidiary Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, if the sale or other disposition does not violate Section 4.10 of this Indenture;
(b)any sale, transfer or other disposition of Capital Stock of such Subsidiary Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, if after such sale, transfer or disposition, the Subsidiary Guarantor would cease to be a Restricted Subsidiary and the sale or other disposition does not violate Section 4.10 of this Indenture;
(c)the exercise by the Company of its Legal Defeasance option or its Covenant Defeasance option or the satisfaction and discharge of this Indenture, in each case as provided under Article VIII;
(d)the proper designation of such Subsidiary Guarantor by the Company as an Unrestricted Subsidiary in accordance with the terms of this Indenture; or
(e)the Subsidiary Guarantor ceasing to guarantee any Debt or be a borrower under each of the Senior Secured Credit Facilities and no Event of Default has occurred and is continuing, except a release or discharge by or as a result of payment under such Subsidiary Guarantee.
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Upon delivery to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that all conditions precedent to the release of a Subsidiary Guarantor’s Subsidiary Guarantee set forth in this Indenture have been satisfied, the Trustee shall execute any documents reasonably requested by the Company in writing in order to evidence the release of any Subsidiary Guarantor from its obligations under its Subsidiary Guarantee.
Any Subsidiary Guarantor not released from its obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of any Subsidiary Guarantor under this Indenture as provided in this Article X. 
SECTION 10.6.     Benefits Acknowledged. Each Subsidiary Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that its guarantee and waivers pursuant to its Subsidiary Guarantee are knowingly made in contemplation of such benefits.
ARTICLE XI
MISCELLANEOUS
SECTION 11.1.     Notices. Any notice, request, direction, instruction or communication by the Company, any Subsidiary Guarantor or the Trustee to the others is duly given if in writing and delivered in person or mailed by first class mail (registered or certified, return receipt requested), telecopier or overnight air courier guaranteeing next day delivery, to the addresses set forth below:
If to the Company or any Subsidiary Guarantor:
United Natural Foods, Inc.
313 Iron Horse Way
Providence, Rhode Island 02908
Facsimile: (401) 278-1896
Attention: Vice President and Treasurer 
With a copy (which shall not constitute notice) to:
Mayer Brown LLP
1221 Avenue of the Americas
New York, New York 10020
Facsimile: (212) 262-1910
Attention: David A. Schuette
John P. Berkery
If to the Trustee:
U.S. Bank National Association
One Federal Street, 
Boston, Massachusetts 02110
Facsimile: (617) 603-6683
Attention: David W. Doucette
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The parties hereto, by written notice to the others, may designate additional or different addresses for subsequent notices or communications.
Any notice or communication to a Holder shall be mailed by first class mail or by overnight air courier promising next Business Day delivery to its address shown on the register kept by the Registrar. Notwithstanding the foregoing, as long as the Notes are Global Notes, notices to be given to the Holders shall be given to the Depositary in accordance with its applicable policies as in effect from time to time. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.
In respect of this Indenture, the Trustee shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such electronic transmission; and the Trustee shall not have any liability for any losses, liability, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information. Each other party, agrees to assume all risks arising out of the use of electronic methods to submit instructions, directions, reports, notices or other communications or information to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, directions, notices, reports or other communications or information, and the risks of interception and misuse by third parties.
If a notice or communication is delivered in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it, except in the case of notices or communications given to the Trustee, which shall be effective only upon actual receipt.
If the Company delivers a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 
SECTION 11.2.     Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee upon request:
(a)an Officers’ Certificate (which shall include the statements set forth in Section 11.3) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and
(b)an Opinion of Counsel (which shall include the statements set forth in Section 11.3) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 
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SECTION 11.3.     Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to Section 4.4) shall include substantially:
(a)a statement that the Person making such certificate or opinion has read and understands such covenant or condition; 
(b)a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;
(c)a statement that, in the opinion of such Person, he or she 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 satisfied; and 
(d)a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.
SECTION 11.4.     Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders. Each of the Agents may make reasonable rules and set reasonable requirements for its functions.
SECTION 11.5.    No Personal Liability of Directors, Officers, Employees and Stockholders. No past, present or future director, officer, employee, incorporator or stockholder, partner or member of the Company or any Subsidiary Guarantor, as such, will have any liability for any indebtedness, obligations or liabilities of the Company under the Notes or this Indenture or of any Subsidiary Guarantor under the Notes, the Subsidiary Guarantee or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes and the Subsidiary Guarantees. 
SECTION 11.6.    Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE SUBSIDIARY GUARANTEES. Each of the parties to this Indenture each hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan in The City of New York in any action or proceeding arising out of or relating to the Notes, the Subsidiary Guarantees or this Indenture, and all such parties hereby irrevocably agree that all claims in respect of such action or proceeding may be heard and determined in such New York State or federal court and hereby irrevocably waive, to the fullest extent that they may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. EACH OF THE COMPANY, THE SUBSIDIARY GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.
SECTION 11.7.    No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its 
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Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture.
SECTION 11.8.    Successors. All agreements of the Company and the Subsidiary Guarantors in this Indenture and the Notes and the Subsidiary Guarantees, as applicable, shall bind their respective successors and assigns. All agreements of the Trustee in this Indenture shall bind its successors and assigns.
SECTION 11.9.    Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
SECTION 11.10.    Execution in Counterparts. This Indenture may be executed in two or more counterparts, which when so executed shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. Except with respect to authentication of the Notes by the Trustee or an authenticating agent, the words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Indenture or any document to be signed in connection with this Indenture shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.
The Trustee shall have the right to accept and act upon any notice, instruction, or other communication, including any funds transfer instruction, (each, a “Notice”) received pursuant to this Indenture by electronic transmission (including by e-mail, facsimile transmission, web portal or other electronic methods) and shall not have any duty to confirm that the person sending such Notice is, in fact, a person authorized to do so. Electronic signatures believed by the Trustee to comply with the ESIGN Act of 2000 or other applicable law (including electronic images of handwritten signatures and digital signatures provided by DocuSign, Orbit, Adobe Sign or any other digital signature provider identified by any other party hereto and acceptable to the Trustee) shall be deemed original signatures for all purposes. Each other party to this Indenture assumes all risks arising out of the use of electronic signatures and electronic methods to send Notices to the Trustee, including without limitation the risk of the Trustee acting on an unauthorized Notice and the risk of interception or misuse by third parties. Notwithstanding the foregoing, the Trustee may in any instance and in its sole discretion require that a Notice in the form of an original document bearing a manual signature be delivered to the Trustee in lieu of, or in addition to, any such electronic Notice.
SECTION 11.11.    Table of Contents, Headings, Etc. The Table of Contents, Cross-Reference Table 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 of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof.
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SECTION 11.12.    Acts of Holders.
(a)Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing (or, with respect to Global Notes, otherwise in accordance with the rules and procedures of the Depositary); and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section 11.12.
(b)The fact and date of the execution by any Person of any such instrument or writing may be proved (1) by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to such officer the execution thereof or (2) in any other manner reasonably deemed sufficient by the Trustee. Where such execution is by a signer acting in a capacity other than such signer’s individual capacity, such certificate or affidavit shall also constitute sufficient proof of such signer’s authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 
(c)The ownership of Notes shall be proved by the register maintained by the Registrar hereunder. 
(d)Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Note. 
(e)If the Company shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, by or pursuant to an Officers’ Certificate, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction, 
108

notice, consent, waiver or other Act, and for that purpose the outstanding Notes shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date.
(f)The Trustee may, but shall not be obligated to, set any day as a record date for the purpose of determining the Holders entitled to join in the giving or making of (1) any notice of default under Section 6.1, (2) any declaration of acceleration referred to in Section 6.2, (3) any direction referred to in Section 6.5 or (4) any request to pursue a remedy as permitted in Section 6.6. If any record date is set pursuant to this paragraph, the Holders on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Notes or each affected Holder, as applicable, on such record date. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company and to each Holder in the manner set forth in Section 11.1. 
(g)Without limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. Any notice given or action taken by a Holder or its agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if given or taken by separate Holders of each such different part.
(h)Without limiting the generality of the foregoing, a Holder, including a Depositary that is the Holder of a Global Note, may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and a Depositary that is the Holder of a Global Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such Depositary’s standing instructions and customary practices.
(i)The Company may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any Global Note held by a Depositary entitled under the procedures of such Depositary, if any, to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders; provided that if such a record date is fixed, only the beneficial owners of interests in such Global Note on such record date or their duly appointed proxy or proxies shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such beneficial owners remain beneficial owners of interests in such Global Note after such record date. No such request, demand, 
109

authorization, direction, notice, consent, waiver or other action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date.
(j)With respect to any record date set pursuant to this Section 11.12, the party hereto that sets such record date may designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each Holder of Notes in the manner set forth in Section 11.1, on or prior to both the existing and the new Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section 11.12, the party hereto which set such record date shall be deemed to have initially designated the 90th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this clause (j).
SECTION 11.13.     Force Majeure. In no event shall the Trustee or any Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, fire, riots, strikes, or work stoppages for any reason, embargoes, governmental actions, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Trustee and each Agent shall use reasonable efforts which are consistent with accepted practices in the U.S. banking industry to resume performance as soon as practicable under the circumstances.
SECTION 11.14.     Legal Holidays. If any payment date with respect to the Notes falls on a day that is not a Business Day, the payment to be made on such payment date will be made on the next succeeding Business Day with the same force and effect as if made on such payment date, and no additional interest will accrue solely as a result of such delayed payment.
SECTION 11.15.     USA PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account. The Company agrees that it will provide the Trustee with information about the Company as the Trustee may reasonably request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act.

[Signature pages follow]

110

															
	Dated as of October 22, 2020		UNITED NATURAL FOODS, INC.		
					
			By:	/s/ John W. Howard	
			Name:	John W. Howard	
			Title: 	Chief Financial Officer	

[Signature Page to Indenture - Company]

						
		GUARANTORS:
		
		Advantage Logistics - Southeast, Inc., an Alabama corporation

		Albert’s Organics, Inc., a California corporation

		Arden Hills 2003 LLC, a Delaware limited liability company

		Associated Grocers of Florida, Inc., a Florida corporation

		Billings Distribution Company, LLC, a Delaware limited liability company

		Bismarck Distribution Company, LLC, a Delaware limited liability company

		Blue Marble Brands, LLC, a Delaware limited liability company

		Cambridge 2006 L.L.C., a Delaware limited liability company

		Centralia Holdings, LLC, a Delaware limited liability company

		Champaign Distribution Company, LLC, a Delaware limited liability company

		Champlin 2005 L.L.C., a Delaware limited liability company

		Cub Stores, LLC, a Delaware limited liability company

		Cub Stores Holdings, LLC, a Delaware limited liability company

		DS & DJ Realty, LLC, a Florida limited liability company

		Eastern Region Management, LLC, a Virginia limited liability company

		Fargo Distribution Company, LLC, a Delaware limited liability company 

		FF Acquisition, L.L.C., a Virginia limited liability company

		Foodarama LLC, a Delaware limited liability company

		Grocers Capital Company, a California corporation

		Hazelwood Distribution Company, Inc., a Delaware corporation

		Hazelwood Distribution Holdings, Inc., a Delaware corporation

		Hopkins Distribution Company, LLC, a Delaware limited liability company

		Hornbacher’s, Inc., a Delaware corporation

		Inver Grove Heights 2001 L.L.C., a Delaware limited liability company

		Maplewood East 1996 L.L.C., a Delaware limited liability company

		Natural Retail Group, Inc., a Delaware corporation

		Nor-Cal Produce, Inc., a California corporation

[Signature Page to Indenture - Guarantors]

						
		Oglesby Distribution Company, LLC, a Delaware limited liability company

		SFW Holding Corp., a Delaware corporation

		Shop ‘N Save East, LLC, a Delaware limited liability company

		Shop ‘N Save St. Louis, Inc., a Missouri corporation

		Shop ‘N Save Warehouse Foods, Inc., a Missouri corporation

		Shoppers Food Warehouse Corp., an Ohio corporation

		Stevens Point Distribution Company, LLC, a Delaware limited liability company

		Super Rite Foods, Inc., a Delaware corporation

		SUPERVALU Holdings, Inc., a Missouri corporation

		SUPERVALU Holdings – PA LLC, a Pennsylvania limited liability company

		SUPERVALU Inc., a Delaware corporation

		SUPERVALU Licensing, LLC, a Delaware limited liability company

		SUPERVALU Penn, LLC, a Pennsylvania limited liability company

		SUPERVALU Pharmacies, Inc., a Minnesota corporation

		SUPERVALU Transportation, Inc., a Minnesota corporation

		SUPERVALU TTSJ, LLC, a Delaware limited liability company

		SUPERVALU Wholesale, Inc., a Delaware corporation

		SUPERVALU Wholesale Holdings, Inc., a Delaware corporation

		SUPERVALU Wholesale Operations, Inc., a Delaware corporation

		Tony’s Fine Foods, a California corporation

		UNFI Canada, Inc., a Canadian corporation

		Unified Grocers, Inc., a California corporation

		United Natural Foods West, Inc., a California corporation

		United Natural Trading, LLC, a Delaware limited liability company

		W. Newell & Co., LLC, a Delaware limited liability company

                    
												
		By:	/s/ John W. Howard	
		Name:	John W. Howard	
		Title: 	Chief Financial Officer	

            
[Signature Page to Indenture - Guarantors]

															
	Dated as of October 22, 2020		U.S. BANK NATIONAL ASSOCIATION
		
			as Trustee		
					
			By:	/s/ David W. Doucette    
	
			Name:	David W. Doucette
	
			Title: 	Vice President
	

[Signature Page to Indenture - Trustee]

EXHIBIT A
FORM OF NOTE
(Face of 6.750% Senior Note)
6.750% Senior Notes due 2028
[Global Note Legend]
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITORY TRUST COMPANY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.
[Restricted Notes Legend]
THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN 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, SUCH REGISTRATION. THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED NOTES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS SIX MONTHS AFTER (ASSUMING AT THE TIME OF TRANSFER THE COMPANY IS IN COMPLIANCE WITH THE PUBLIC INFORMATION REQUIREMENTS OF RULE 144(C) UNDER THE SECURITIES ACT AND, IF NOT, ONE YEAR AFTER) THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE), ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A 
A-1

REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF NOTES OF $250,000 OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 
BY ITS ACQUISITION and holding OF THIS NOTE, THE HOLDER HEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS NOTE or any interest therein CONSTITUTES ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN, ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS NOTE OR ANY INTEREST THEREIN WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY APPLICABLE SIMILAR LAWS.
[Regulation S Legend]
THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH 
A-2

REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED NOTES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE ON WHICH THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S, ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF NOTES OF $250,000 OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.
BY ITS ACQUISITION and holding OF THIS NOTE, THE HOLDER HEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS NOTE or any interest therein CONSTITUTES ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN, ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER 
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ANY OTHER FEDERAL, STATE, LOCAL OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS NOTE or any interest therein WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY APPLICABLE SIMILAR LAWS.

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No.                 
CUSIP NO. 1
ISIN
United Natural Foods, Inc. (including any successor thereto) promises to pay to [Cede & Co.]2 or registered assigns, the principal sum of ________ [(as may be increased or decreased as set forth on the Schedule of Increases and Decreases attached hereto)]3 on October 15, 2028.
Interest Payment Dates: April 15 and October 15, beginning April 15, 2021
Record Dates: April 1 and October 1 (whether or not a Business Day)
Reference is made to further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as set forth at this place.
Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefits under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose.

1    Rule 144A Note CUSIP: 911163 AA1
Rule 144A Note ISIN: US911163AA17
Regulation S Note CUSIP: U9104L AA4
Regulation S Note ISIN: USU9104LAA45
IAI Note CUSIP: 911163 AB9
IAI Note ISIN: US911163AB99
2    For Global Notes only.
3    For Global Notes only.
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			UNITED NATURAL FOODS, INC.		
					
			By:		
				Name:	
				Title:	

This is one of the Notes referred to in the
within-mentioned Indenture:
Dated: 
U.S. BANK NATIONAL ASSOCIATION, as Trustee
By:                         
    Authorized Signatory

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(Back of 6.750% Senior Note)
6.750% Senior Notes due 2028
Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.
(1)    Interest. United Natural Foods, Inc., a Delaware corporation, and any successor thereto (the “Company”) promises to pay interest on the unpaid principal amount of this 6.750% Senior Note due 2028 (a “Note”) at a fixed rate of 6.750% per annum. The Company will pay interest in U.S. dollars semiannually in arrears on April 15 and October 15, commencing on April 15, 2021 (each an “Interest Payment Date”) or if any such day is not a Business Day, on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date, and no additional interest shall accrue solely as a result of such delayed payment. Interest on the Notes shall accrue from the most recent date to which interest has been paid, or, if no interest has been paid, from and including the date of issuance. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period), at the same rate to the extent lawful. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months.
(2)    Method of Payment. The Company will pay interest on the Notes (except defaulted interest) on the applicable Interest Payment Date to the Persons who are registered Holders at the close of business on the April 1 and October 1 preceding the Interest Payment Date (whether or not a Business Day), even if such Notes are cancelled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. If a Holder having an aggregate principal amount of more than $5,000,000 has given written wire transfer instructions to that Holder’s U.S. dollar account within the United States to the Trustee at least 10 Business Days prior to the applicable Interest Payment Date, the Company will make all payments of principal, premium and interest, on such Holder’s Notes by wire transfer of immediately available funds to the account specified in those instructions. Otherwise, payments on the Notes will be made at the office or agency of the Trustee or Paying Agent unless the Company elects to make interest payments by check mailed to the Holders at their addresses set forth in the register of Holders. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.
Any payments of principal of this Note prior to Stated Maturity shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. The final principal amount due and payable at the maturity of this Note shall be payable only upon presentation and surrender of this Note at an office of the Trustee or the Trustee’s agent appointed for such purposes. Payments in respect of Global Notes will be made by wire transfer of immediately available funds to the Depositary.
(3)    Paying Agent and Registrar. Initially, U.S. Bank National Association shall act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without 
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notice to any Holder, and the Company and/or any Restricted Subsidiaries may act as Paying Agent or Registrar.
(4)    Indenture. The Company issued the Notes under an Indenture, dated as of October 22, 2020 (the “Indenture”), among the Company, the Subsidiary Guarantors thereto and the Trustee. The terms of the Notes include those stated in the Indenture. To the extent the provisions of this Note are inconsistent with the provisions of the Indenture, the Indenture shall govern. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. The Initial Notes issued on the Issue Date were initially issued in an aggregate principal amount of $500,000,000. The Indenture permits the issuance of Additional Notes subject to compliance with certain conditions.
The payment of principal, premium and interest on the Notes and all other amounts under the Indenture is unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Subsidiary Guarantors.
(5)    Optional Redemption.
(a)    The Notes may be redeemed, in whole or in part, at any time or from time to time prior to October 15, 2023 at the option of the Company, at a redemption price equal to 100.0% of the principal amount of the Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any to, but excluding, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date).
(b)    At any time or from time to time on or after October 15, 2023, the Company, at its option, may redeem the Notes in whole or in part at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below, together with accrued and unpaid interest, if any, to, but excluding, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date), if redeemed during the 12-month period beginning October 15 of the years indicated below: 
												
		Year		Redemption Price
		2023 .....................................................................		103.375%
		2024 .....................................................................		101.688%
		2025 and thereafter ...................................................		100.000%

(c)    In the event that before October 15, 2023, the Company receives net cash proceeds from the sale of its Common Stock in one or more Equity Offerings, the Company may use an amount not greater than the amount of such net cash proceeds to redeem up to 40% of the original aggregate principal amount of all Notes issued (calculated after giving effect to any issuance of Additional Notes) at a redemption price of 106.750% of the principal amount thereof, plus accrued and unpaid interest, if any, to but excluding, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date); provided that:
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(1)    at least 60.0% of the original aggregate principal amount of Notes issued on the Issue Date (calculated after giving effect to any issuance of Additional Notes) remains outstanding immediately after giving effect to each such redemption; and
(2)    the redemption occurs not more than 90 days after the date of the closing of any such Equity Offering. 
(d)    The Notes may also be redeemed in certain circumstances set forth in Section 4.13 of the Indenture. 
 (6)    Offer to Purchase upon Change of Control.
(a)    Upon the occurrence of a Change of Control, the Company may be required to offer to repurchase all or any part of each Holder’s Notes pursuant to a Change of Control Offer on terms set forth in the Indenture.
(b)    Upon the occurrence of certain Asset Dispositions, the Company may be required to offer to purchase Notes as provided in the Indenture. 
(c)    Holders of the Notes that are the subject of an offer to purchase will receive notice of an Offer to Purchase pursuant to Section 4.10 or the Change of Control Offer, as applicable, from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form titled “Option of Holder to Elect Purchase” attached hereto.
(7)    Notice of Redemption. Notice of redemption shall be delivered at least 15 days but not more than 60 days before the redemption date (except that notices may be delivered more than 60 days before an expected redemption date if the notice is issued in accordance with Article VIII of the Indenture) to each Holder whose Notes are to be redeemed in accordance with Section 11.1 of the Indenture. Notices of redemption may be subject to conditions precedent as set forth in the Indenture. Notes in denominations larger than $2,000 may be redeemed in part so long as no partial redemption results in a Note having a principal amount of less than $2,000.
(8)    Denominations, Transfer, Exchange. The Notes are in registered form without coupons in initial denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of the Notes may be registered and the Notes may be exchanged as provided in the Indenture. The Registrar, the Trustee and the Company may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and the Company may require a Holder to pay any stamp or transfer tax or similar government charge required by law or permitted by the Indenture in accordance with Section 2.6(g)(2) of the Indenture. The Registrar is not required (A) to issue, to register the transfer of or to exchange Notes during a period beginning at the opening of 15 days before the day of any selection of Notes for redemption and ending at the close of business on the day of such selection, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, or (C) to register the transfer of or to exchange a Note between a record date and the next succeeding Interest Payment Date.
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(9)    Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes.
(10)    Amendment, Supplement and Waiver. The Indenture, the Notes and the Subsidiary Guarantees may be amended or supplemented as provided in the Indenture. 
(11)    Defaults and Remedies. If an Event of Default (other than an Event of Default relating to certain bankruptcy events) shall have occurred and be continuing under the Indenture, the Trustee, by written notice to the Company, or the Holders of at least 25.0% in aggregate principal amount of the Notes then outstanding by written notice to the Company and the Trustee, may declare all amounts owing under the Notes to be due and payable. Upon such acceleration declaration, the outstanding Notes shall become due and payable immediately. If an Event of Default relating to specified bankruptcy events occurs, then all of the outstanding Notes shall ipso facto become and be immediately due and payable without any declaration or other action or notice on the part of the Trustee or any Holder of the Notes. Accelerations may be rescinded, and Events of Default may be waived as provided in the Indenture. 
(12)    No Recourse Against Others. No director, officer, employee, incorporator or stockholder, partner or member of the Company or any Subsidiary Guarantor, as such, will have any liability for any indebtedness, obligations or liabilities of the Company under the Notes or the Indenture or of any Subsidiary Guarantor under its Subsidiary Guarantee or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes and the Subsidiary Guarantees.
(13)    Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.
(14)    Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= custodian) and U/G/M/A (= Uniform Gifts to Minors Act). 
(15)    CUSIP and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP and ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to the Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon.
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The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to:
United Natural Foods, Inc.
313 Iron Horse Way
Providence, Rhode Island 02908
Facsimile: (401) 278-1896
Attention: Vice President and Treasurer 

A-11

ASSIGNMENT FORM

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to

			
	
	(Insert assignee’s soc. sec. or tax I.D. no.)

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

	
	and irrevocably appoint

	
	
	to transfer this Note on the books of the Company. The agent may substitute another to act for him.

Date:             
												
			Your Signature:	
				(Sign exactly as your name
				appears on the face of this Note)

Signature guarantee:

A-12

OPTION OF HOLDER TO ELECT PURCHASE
If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or Section 4.13 of the Indenture, check the box below:

[  ] Section 4.10    [  ] Section 4.13
If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10 or Section 4.13 of the Indenture, state the amount you elect to have purchased: $______________
Date:
												
			Your Signature:	
				(Sign exactly as your name
				appears on the face of this Note)

Tax Identification No.:

Signature guarantee:

A-13

[INCLUDE IN TRANSFER RESTRICTED NOTES]
CERTIFICATE TO BE DELIVERED UPON
EXCHANGE OF TRANSFER RESTRICTED NOTES

United Natural Foods, Inc.
313 Iron Horse Way
Providence, Rhode Island 02908
Facsimile: (401) 278-1896
Attention: Vice President and Treasurer

U.S. Bank National Association
Global Corporate Trust, Boston
One Federal Street,
Boston, Massachusetts 02110
Phone: (617) 603-6534
Facsimile: (617) 603-6683

Re: 6.750% Senior Notes due 2028 CUSIP NO. ________
Reference is hereby made to that certain Indenture dated as of October 22, 2020 (the “Indenture”) among United Natural Foods, Inc. (the “Company”), the guarantors named therein, and U.S. Bank National Association, as trustee (the “Trustee”). Capitalized terms used but not defined herein shall have the meanings set forth in the Indenture.
This certificate relates to $______ principal amount of Notes held in (check applicable space) ___________ book-entry or ____________ definitive form by the undersigned.
In connection with any transfer of any of the Notes evidenced by this certificate occurring prior to the expiration of the Resale Restriction Termination Date, the undersigned confirms that such Notes are being transferred as follows: 
CHECK ONE BOX BELOW:
(1)     to the Company or any of its subsidiaries; or
(2)     inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933, as amended) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A under the Securities Act of 1933, as amended, in each case pursuant to and in compliance with Rule 144A thereunder; or
(3)     transferred pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”); or
(4)     outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act, in compliance with Rule 904 thereunder; or
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(5)     transferred to an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act), that has furnished to the Trustee a signed letter containing certain representations and agreements (the form of which letter appears as Exhibit D of the Indenture); or 
(6)     transferred pursuant to another available exemption from the registration requirements under the Securities Act.
Unless one of the boxes is checked, the Registrar will refuse to register any of the Notes evidenced by this certificate in the name of any person other than the registered Holder thereof; provided, however, that if box (4), (5) or (6) is checked, the Trustee or the Company may require, prior to registering any such transfer of the Securities, the delivery of an opinion of counsel, certification and/or other information satisfactory to each of them to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, such as the exemption provided by Rule 144 under such Act.
									
			
			Signature
			
	Signature Guarantee: 		
		(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)
	
			

TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED.
The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and that each of it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended (“Rule 144A”), and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
									
			[Name of Transferee]
			
			NOTICE: To be executed by an executive officer, if an entity
			
	Dated:		

A-15

SCHEDULE OF INCREASES AND DECREASES OF 6.750% SENIOR NOTES DUE 20284
The following transfers, exchanges and redemption of this Global Note have been made:

															
	Date of Transfer, Exchange or Redemption	Amount of Decrease in Principal Amount of this Global Note	Amount of Increase in Principal Amount of this Global Note	Principal Amount of this Global Note Following Such Decrease (or Increase)	Signature of Trustee or Note Custodian
					
					
					
					
					
					
					

4  For Global Notes only.
A-16

EXHIBIT B
[FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED
BY SUBSEQUENT SUBSIDIARY GUARANTORS]

This Supplemental Indenture and Subsidiary Guarantee, dated as of _____________, 20__ (this “Supplemental Indenture” or “Subsidiary Guarantee”), among ____________ (the “New Guarantor”), United Natural Foods, Inc. (together with its successors and assigns, the “Company”), each other then-existing Subsidiary Guarantor under the Indenture referred to below (the “Subsidiary Guarantors”), and U.S. Bank National Association, as Trustee, paying agent and registrar under such Indenture.
W I T N E S S E T H:
WHEREAS, the Company, the Subsidiary Guarantors and the Trustee have heretofore executed and delivered an Indenture, dated as of October 22, 2020 (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of an unlimited aggregate principal amount of 6.750% Senior Notes due 2028 of the Company (the “Notes”);
WHEREAS, Section 4.15 of the Indenture provides that in certain circumstances the Company may be required to cause certain Restricted Subsidiaries of the Company to execute and deliver a Guarantee with respect to the Notes on the same terms and conditions as those set forth in the Indenture.
WHEREAS, pursuant to Section 9.1 of the Indenture, the Trustee, the Company and the Subsidiary Guarantors are authorized to execute and deliver this Supplemental Indenture to amend the Indenture, without the consent of any Holder to add an additional Subsidiary Guarantor.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor, the Company, the existing Subsidiary Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows:
ARTICLE I
Definitions
SECTION 1.1    Defined Terms. As used in this Supplemental Indenture, capitalized terms defined in the Indenture or in the preamble or recitals thereto are used herein as therein defined. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.
ARTICLE II
Agreement to be Bound; Guarantee
SECTION 2.1    Agreement to be Bound. The New Guarantor hereby becomes a party to the Indenture as a Subsidiary Guarantor and as such shall have all of the rights and be subject to all of the obligations and agreements of a Subsidiary Guarantor under the Indenture. The New 
B-1

Guarantor agrees to be bound by all of the provisions of the Indenture applicable to a Subsidiary Guarantor and to perform all of the obligations and agreements of a Subsidiary Guarantor under the Indenture, subject to the release provisions and other limitations set forth in the Indenture. 
ARTICLE III
Miscellaneous
SECTION 3.1    Governing Law. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York.
SECTION 3.2    Severability Clause. In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability.
SECTION 3.3    Ratification of Indenture; Supplemental Indentures Part of Indenture; No Liability of Trustee. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of a Note heretofore or hereafter authenticated and delivered shall be bound hereby. The Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental Indenture or the New Guarantor’s Subsidiary Guarantee. Additionally, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Company, the New Guarantor and the Subsidiary Guarantors, and the Trustee makes no representation with respect to any such matters.
SECTION 3.4    Counterparts. This Supplemental Indenture may be executed in two or more counterparts, which when so executed shall constitute one and the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 
SECTION 3.5    Headings. The headings of the Articles and the sections in this Supplemental Indenture are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.
[Signatures on following page]

B-2

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.
												
			UNITED NATURAL FOODS, INC.	
				
			By:	
				Name:
				Title:
				
			[EXISTING GUARANTORS]	
				
			By:	
				Name:
				Title:
				
			[NEW GUARANTOR],	
			as a Guarantor	
				
			By:	
				Name:
				Title:
				
			U.S. BANK NATIONAL ASSOCIATION,	
			as Trustee	
				
			By:	
				Name:
				Title:

B-3

EXHIBIT C
[FORM OF CERTIFICATE TO BE DELIVERED
IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S]

United Natural Foods, Inc.
313 Iron Horse Way
Providence, Rhode Island 02908
Facsimile: (401) 278-1896
Attention: Vice President and Treasurer 

U.S. Bank National Association
Global Corporate Trust, Boston
One Federal Street,
Boston, Massachusetts 02110
Phone: (617) 603-6534
Facsimile: (617) 603-6683

Re: United Natural Foods, Inc. (the “Company”) 6.750% Senior Notes due 2028 (the “Notes”)
Ladies and Gentlemen:
In connection with our proposed sale of $______________ aggregate principal amount of the Notes (CUSIP No._______________), we confirm that such sale has been effected pursuant to and in accordance with Regulation S (“Regulation S”) under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that:
(1)    the offer of the Notes was not made to a person in the United States;
(2)    either (a) at the time the buy order was originated, the transferee was outside the United States or we and any person acting on our behalf reasonably believed that the transferee was outside the United States or (b) the transaction was executed in, on or through the facilities of a designated off-shore securities market and neither we nor any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States;
(3)    no directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; and
(4)    the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act. 
In addition, if the sale is made during a restricted period and the provisions of Rule 903(b) or Rule 904(b) of Regulation S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 903(b) or Rule 904(b), as the case may be.
The Company and you are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal 
C-1

proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S.
												
			Very truly yours,
	
				
			[Name of Transferor]	
				
			By:	
				Authorized Signature

C-2

EXHIBIT D
[FORM OF CERTIFICATE TO BE DELIVERED
IN CONNECTION WITH TRANSFERS TO IAIs]

United Natural Foods, Inc.
313 Iron Horse Way
Providence, Rhode Island 02908
Facsimile: (401) 278-1896
Attention: Vice President and Treasurer 

U.S. Bank National Association
Global Corporate Trust, Boston
One Federal Street,
Boston, Massachusetts 02110
Phone: (617) 603-6534
Facsimile: (617) 603-6683

Re: United Natural Foods, Inc. (the “Company”) 6.750% Senior Notes due 2028 (the “Notes”)
Ladies and Gentlemen:
This certificate is delivered to request a transfer of $_____________ principal amount of the Notes.
Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows:
Name:    
Address:    
Taxpayer ID Number:     
The undersigned represents and warrants to you that:
1.    We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $250,000 principal amount of the Notes, and we are acquiring the Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risk of our investment in the Notes, and we invest in or purchase securities similar to the Notes in the normal course of our business. We and any accounts for which we are acting are each able to bear the economic risk of our or its investment.
D-1

2.    We understand that the Notes have not been registered under the Securities Act (or the securities laws of any state or other jurisdiction) and, unless so registered, may not be reoffered, sold, assigned, transferred, pledged, encumbered or otherwise disposed of except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to the date that is six months after (assuming at the time of transfer the Company is in compliance with the public information requirements of Rule 144(c) under the Securities Act and, if not, one year after) the later of the date of original issue, the original issue date of any additional Notes and the last date on which the Company or any affiliate of the Company was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) to the Company or any of its subsidiaries, (b) pursuant to a registration statement that has been declared effective under the Securities Act, (c) for so long as the Securities are eligible for resale pursuant to Rule 144A under the Securities Act, in a transaction complying with the requirements of Rule 144A under the Securities Act, to a person we reasonably believe is a “qualified institutional buyer” under Rule 144A under the Securities Act (a “QIB”) that is purchasing for its own account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance on Rule 144A, (d) pursuant to offers and sales that occur outside the United States to non-U.S. persons, in compliance with Regulation S under the Securities Act, (e) to an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is not a QIB and is purchasing for its own account or for the account of another institutional “accredited investor,” in each case in a minimum principal amount of Notes of $250,000, for investment purposes and not with a view to or for offer or sale in connection with any distribution in violation of the Securities Act or (f) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition of our property or the property of such investor account or accounts be at all times within our or their control and in compliance with any applicable state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made pursuant to clause (e) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Company and U.S. Bank National Association, as trustee (the “Trustee”), which shall provide, among other things, that the transferee is an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act) and that it is acquiring such Notes for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company and the Trustee reserve the right prior to any offer, sale or other transfer prior to the Resale Restriction Termination Date of the Notes pursuant to clause (d), (e) or (f) above to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to the Company and the Trustee. 
3. We [are] [are not] an affiliate of the Company.

D-2

The Trustee and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.
												
			Very truly yours,
	
				
			[Name of Transferor]	
				
			By:	
				Authorized Signature

D-3EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
 ZOGENIX, INC. 

and 
 U.S. BANK NATIONAL
ASSOCIATION 
 as Trustee 
  

 
 INDENTURE 

Dated as of September 28, 2020 
  

 
 2.75%
Convertible Senior Notes due 2027 
  
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	Article 1. Definitions; Rules of Construction	  	 	1	 
			
	 Section 1.01.
	 	 Definitions
	  	 	1	 
	 Section 1.02.
	 	 Other Definitions
	  	 	13	 
	 Section 1.03.
	 	 Rules of Construction
	  	 	13	 
		
	Article 2. The Notes	  	 	14	 
			
	 Section 2.01.
	 	 Form, Dating and Denominations
	  	 	14	 
	 Section 2.02.
	 	 Execution, Authentication and Delivery
	  	 	15	 
	 Section 2.03.
	 	 Initial Notes and Additional Notes
	  	 	15	 
	 Section 2.04.
	 	 Method of Payment
	  	 	16	 
	 Section 2.05.
	 	 Accrual of Interest; Defaulted Amounts; When Payment Date is Not a Business Day
	  	 	16	 
	 Section 2.06.
	 	 Registrar, Paying Agent and Conversion Agent
	  	 	17	 
	 Section 2.07.
	 	 Paying Agent and Conversion Agent to Hold Property in Trust
	  	 	18	 
	 Section 2.08.
	 	 Holder Lists
	  	 	18	 
	 Section 2.09.
	 	 Legends
	  	 	19	 
	 Section 2.10.
	 	 Transfers and Exchanges; Certain Transfer Restrictions
	  	 	20	 
	 Section 2.11.
	 	 Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental
Change or Redemption
	  	 	25	 
	 Section 2.12.
	 	 Removal of Transfer Restrictions
	  	 	26	 
	 Section 2.13.
	 	 Replacement Notes
	  	 	26	 
	 Section 2.14.
	 	 Registered Holders; Certain Rights with Respect to Global Notes
	  	 	26	 
	 Section 2.15.
	 	 Cancellation
	  	 	27	 
	 Section 2.16.
	 	 Notes Held by the Company or its Affiliates
	  	 	27	 
	 Section 2.17.
	 	 Temporary Notes
	  	 	27	 
	 Section 2.18.
	 	 Outstanding Notes
	  	 	27	 
	 Section 2.19.
	 	 Repurchases by the Company
	  	 	28	 
	 Section 2.20.
	 	 CUSIP and ISIN Numbers
	  	 	28	 
		
	Article 3. Covenants	  	 	29	 
			
	 Section 3.01.
	 	 Payment on Notes
	  	 	29	 
	 Section 3.02.
	 	 Exchange Act Reports
	  	 	29	 
	 Section 3.03.
	 	 Rule 144A Information
	  	 	29	 
	 Section 3.04.
	 	 Additional Interest
	  	 	30	 
	 Section 3.05.
	 	 Compliance and Default Certificates
	  	 	31	 
	 Section 3.06.
	 	 Stay, Extension and Usury Laws
	  	 	31	 
	 Section 3.07.
	 	 Acquisition of Notes by the Company and its Affiliates
	  	 	31	 
		
	Article 4. Repurchase and Redemption	  	 	31	 
			
	 Section 4.01.
	 	 No Sinking Fund
	  	 	31	 
	 Section 4.02.
	 	 Right of Holders to Require the Company to Repurchase Notes upon a Fundamental Change
	  	 	32	 
	 Section 4.03.
	 	 Right of the Company to Redeem the Notes
	  	 	36	 

  
 - i - 

							
		
	Article 5. Conversion	  	 	39	 
			
	 Section 5.01.
	 	 Right to Convert
	  	 	39	 
	 Section 5.02.
	 	 Conversion Procedures
	  	 	43	 
	 Section 5.03.
	 	 Settlement upon Conversion
	  	 	45	 
	 Section 5.04.
	 	 Reserve and Status of Common Stock Issued upon Conversion
	  	 	48	 
	 Section 5.05.
	 	 Adjustments to the Conversion Rate
	  	 	49	 
	 Section 5.06.
	 	 Voluntary Adjustments
	  	 	59	 
	 Section 5.07.
	 	 Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change
	  	 	60	 
	 Section 5.08.
	 	 Exchange in Lieu of Conversion
	  	 	61	 
	 Section 5.09.
	 	 Effect of Common Stock Change Event
	  	 	62	 
		
	Article 6. Successors	  	 	64	 
			
	 Section 6.01.
	 	 When the Company May Merge, Etc.
	  	 	64	 
	 Section 6.02.
	 	 Successor Entity Substituted
	  	 	64	 
		
	Article 7. Defaults and Remedies	  	 	64	 
			
	 Section 7.01.
	 	 Events of Default
	  	 	64	 
	 Section 7.02.
	 	 Acceleration
	  	 	67	 
	 Section 7.03.
	 	 Sole Remedy for a Failure to Report
	  	 	67	 
	 Section 7.04.
	 	 Other Remedies
	  	 	68	 
	 Section 7.05.
	 	 Waiver of Past Defaults
	  	 	68	 
	 Section 7.06.
	 	 Control by Majority
	  	 	69	 
	 Section 7.07.
	 	 Limitation on Suits
	  	 	69	 
	 Section 7.08.
	 	 Absolute Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment and Conversion
Consideration
	  	 	70	 
	 Section 7.09.
	 	 Collection Suit by Trustee
	  	 	70	 
	 Section 7.10.
	 	 Trustee May File Proofs of Claim
	  	 	70	 
	 Section 7.11.
	 	 Priorities
	  	 	71	 
	 Section 7.12.
	 	 Undertaking for Costs
	  	 	71	 
		
	Article 8. Amendments, Supplements and Waivers	  	 	71	 
			
	 Section 8.01.
	 	 Without the Consent of Holders
	  	 	71	 
	 Section 8.02.
	 	 With the Consent of Holders
	  	 	72	 
	 Section 8.03.
	 	 Notice of Amendments, Supplements and Waivers
	  	 	73	 
	 Section 8.04.
	 	 Revocation, Effect and Solicitation of Consents; Special Record Dates; Etc.
	  	 	74	 
	 Section 8.05.
	 	 Notations and Exchanges
	  	 	74	 
	 Section 8.06.
	 	 Trustee to Execute Supplemental Indentures
	  	 	75	 
		
	Article 9. Satisfaction and Discharge	  	 	75	 
			
	 Section 9.01.
	 	 Termination of Company’s Obligations
	  	 	75	 
	 Section 9.02.
	 	 Repayment to Company
	  	 	76	 
	 Section 9.03.
	 	 Reinstatement
	  	 	76	 

  
 - ii - 

							
	Article 10. Trustee	  	 	76	 
			
	 Section 10.01.
	 	 Duties of the Trustee
	  	 	76	 
	 Section 10.02.
	 	 Rights of the Trustee
	  	 	77	 
	 Section 10.03.
	 	 Individual Rights of the Trustee
	  	 	78	 
	 Section 10.04.
	 	 Trustee’s Disclaimer
	  	 	79	 
	 Section 10.05.
	 	 Notice of Defaults
	  	 	79	 
	 Section 10.06.
	 	 Compensation and Indemnity
	  	 	79	 
	 Section 10.07.
	 	 Replacement of the Trustee
	  	 	80	 
	 Section 10.08.
	 	 Successor Trustee by Merger, Etc.
	  	 	81	 
	 Section 10.09.
	 	 Eligibility; Disqualification
	  	 	81	 
		
	Article 11. Miscellaneous	  	 	81	 
			
	 Section 11.01.
	 	 Notices
	  	 	81	 
	 Section 11.02.
	 	 Delivery of Officer’s Certificate and Opinion of Counsel as to Conditions Precedent
	  	 	83	 
	 Section 11.03.
	 	 Statements Required in Officer’s Certificate and Opinion of Counsel
	  	 	83	 
	 Section 11.04.
	 	 Rules by the Trustee, the Registrar and the Paying Agent
	  	 	84	 
	 Section 11.05.
	 	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	84	 
	 Section 11.06.
	 	 Governing Law; Waiver of Jury Trial
	  	 	84	 
	 Section 11.07.
	 	 Submission to Jurisdiction
	  	 	84	 
	 Section 11.08.
	 	 No Adverse Interpretation of Other Agreements
	  	 	84	 
	 Section 11.09.
	 	 Successors
	  	 	85	 
	 Section 11.10.
	 	 Force Majeure
	  	 	85	 
	 Section 11.11.
	 	 U.S.A. PATRIOT Act
	  	 	85	 
	 Section 11.12.
	 	 Calculations
	  	 	85	 
	 Section 11.13.
	 	 Severability
	  	 	85	 
	 Section 11.14.
	 	 Counterparts
	  	 	86	 
	 Section 11.15.
	 	 Table of Contents, Headings, Etc.
	  	 	86	 
	 Section 11.16.
	 	 Withholding Taxes
	  	 	86	 

 Exhibits 
  

					
	 Exhibit A: Form of Note
	  	 	A-1	 
		
	 Exhibit B-1: Form of Restricted Note Legend
	  	 	B1-1	 
		
	 Exhibit B-2: Form of Global Note Legend
	  	 	B2-1	 

  

  
 - iii - 

 INDENTURE, dated as of September 28, 2020, between Zogenix, Inc., a Delaware
corporation, as issuer (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”). 

Each party to this Indenture (as defined below) agrees as follows for the benefit of the other party and for the equal and ratable benefit of
the Holders (as defined below) of the Company’s 2.75% Convertible Senior Notes due 2027 (the “Notes”). 
 Article 1.
DEFINITIONS; RULES OF CONSTRUCTION 
 Section 1.01. DEFINITIONS. 

“Additional Interest” means any interest that accrues on any Note pursuant to Section 3.04. 

“Affiliate” has the meaning set forth in Rule 144 as in effect on the Issue Date. 

“Authorized Denomination” means, with respect to a Note, a minimum principal amount thereof equal to $1,000 and principal
amount denominations of any integral multiple of $1,000 in excess thereof. 
 “Bankruptcy Law” means Title 11, United
States Code, or any similar U.S. federal or state or non-U.S. law for the relief of debtors. 

“Bid Solicitation Agent” means the Person who is required to obtain bids for the Trading Price in accordance with
Section 5.01(C)(i)(2) and the definition of “Trading Price.” The initial Bid Solicitation Agent on the Issue Date will be the Company; provided, however, that the Company may appoint any other Person
(including any of the Company’s Subsidiaries) to be the Bid Solicitation Agent at any time after the Issue Date without prior notice. 

“Board of Directors” means the board of directors of the Company or a committee of such board duly authorized to act on
behalf of such board. 
 “Business Day” means any day other than a Saturday, a Sunday or any day on which the Federal
Reserve Bank of New York is authorized or required by law or executive order to close or be closed. 
 “Capital Stock” of
any Person means any and all shares of, interests in, rights to purchase, warrants or options for, participations in, or other equivalents of, in each case however designated, the equity of such Person, but excluding any debt securities convertible
into such equity. 
 “Close of Business” means 5:00 p.m., New York City time. 

“Common Stock” means the common stock, $0.001 par value per share, of the Company, subject to
Section 5.09. 

  
 - 1 - 

 “Company” means the Person named as such in the first paragraph of this
Indenture and, subject to Article 6, its successors and assigns. 
 “Company Order” means a written request or order
signed on behalf of the Company by one (1) of its Officers and delivered to the Trustee. 
 “Conversion Date” means,
with respect to a Note, the first Business Day on which the requirements set forth in Section 5.02(A) to convert such Note are satisfied, subject to Section 5.03(C). 

“Conversion Price” means, as of any time, an amount equal to (A) one thousand dollars ($1,000) divided by
(B) the Conversion Rate in effect at such time. 
 “Conversion Rate” initially means 41.1794 shares of Common Stock
per $1,000 principal amount of Notes; provided, however, that the Conversion Rate is subject to adjustment pursuant to Article 5; provided, further, that whenever this Indenture refers to the Conversion Rate as of
a particular date without setting forth a particular time on such date, such reference will be deemed to be to the Conversion Rate immediately after the Close of Business on such date. 

“Corporate Trust Office” means (i) with respect to the Trustee or a Note Agent, as applicable, the principal office of
the Trustee or a Note Agent, as applicable, at which, at any particular time, its corporate trust business shall be administered, which office as of the date hereof (x) solely for purposes of surrender for registration of transfer or exchange
or for presentation for payment or repurchase or for conversion is located at 111 Fillmore Avenue, St. Paul, MN 55107, Attention: Zogenix, Inc., and (y) for all other purposes is located at One Federal Street, 10th Floor, Boston, MA 02110,
Attention: Zogenix, Inc., or such other office as the Trustee or a Note Agent, as applicable, may from time to time designate in writing to the Company and the Holders or (ii) the designated corporate trust office of any successor trustee or
Note Agent, as applicable (or such other address as such successor trustee or Note Agent, as applicable, may designate from time to time by notice to the Holders and the Company). 

“Conversion Share” means any share of Common Stock issued or issuable upon conversion of any Note. 

“Daily Cash Amount” means, with respect to any VWAP Trading Day, the lesser of (A) the applicable Daily Maximum Cash
Amount; and (B) the Daily Conversion Value for such VWAP Trading Day. 
 “Daily Conversion Value” means, with respect
to any VWAP Trading Day, one-fortieth (1/40th) of the product of (A) the Conversion Rate on such VWAP Trading Day; and (B) the Daily VWAP per share of Common Stock on such VWAP Trading Day. 

“Daily Maximum Cash Amount” means, with respect to the conversion of any Note, the quotient obtained by dividing (A) the
Specified Dollar Amount applicable to such conversion by (B) forty (40). 

  
 - 2 - 

 “Daily Share Amount” means, with respect to any VWAP Trading Day, the
quotient obtained by dividing (A) the excess, if any, of the Daily Conversion Value for such VWAP Trading Day over the applicable Daily Maximum Cash Amount by (B) the Daily VWAP for such VWAP Trading Day. For the avoidance of doubt, the
Daily Share Amount will be zero for such VWAP Trading Day if such Daily Conversion Value does not exceed such Daily Maximum Cash Amount. 

“Daily VWAP” means, for any VWAP Trading Day, the per share volume-weighted average price of the Common Stock as displayed
under the heading “Bloomberg VWAP” on Bloomberg page “ZGNX <EQUITY> AQR” (or, if such page is not available, its equivalent successor page) in respect of the period from the scheduled open of trading until the scheduled
close of trading of the primary trading session on such VWAP Trading Day (or, if such volume-weighted average price is unavailable, the market value of one share of Common Stock on such VWAP Trading Day, determined, using a volume-weighted average
price method, by a nationally recognized independent investment banking firm selected by the Company, which may include any of the Initial Purchasers). The Daily VWAP will be determined without regard to after-hours trading or any other trading
outside of the regular trading session. 
 “De-Legending Deadline Date” means, with respect to any Note, the fifteenth
(15th) day after the Free Trade Date of such Note; provided, however, that if such fifteenth (15th) day is after a Regular Record Date and on or before the next Interest Payment Date, then the De-Legending Deadline Date for such Note
will instead be the Business Day immediately after such Interest Payment Date. 
 “Default” means any event that is (or,
after notice, passage of time or both, would be) an Event of Default. 
 “Default Settlement Method” means Combination
Settlement with a Specified Dollar Amount of $1,000 per $1,000 principal amount of Notes; provided, however, that (x) subject to Section 5.03(A)(iii), the Company may, from time to time, change the
Default Settlement Method by sending notice of the new Default Settlement Method to the Holders, the Trustee and the Conversion Agent (it being understood that no such change will affect any Settlement Method theretofore elected (or deemed to be
elected) with respect to any Note pursuant to this Indenture); and (y) the Default Settlement Method will be subject to Section 5.03(A)(ii). 

“Depositary” means The Depository Trust Company or its successor. 

“Depositary Participant” means any member of, or participant in, the Depositary. 

“Depositary Procedures” means, with respect to any conversion, transfer, exchange or transaction involving a Global Note or
any beneficial interest therein, the rules and procedures of the Depositary applicable to such conversion, transfer, exchange or transaction. 

  
 - 3 - 

 “Ex-Dividend Date” means, with
respect to an issuance, dividend or distribution on the Common Stock, the first date on which shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such issuance, dividend or
distribution (including pursuant to due bills or similar arrangements required by the relevant stock exchange). For the avoidance of doubt, any alternative trading convention on the applicable exchange or market in respect of the Common Stock under
a separate ticker symbol or CUSIP number will not be considered “regular way” for this purpose. 
 “Exchange Act”
means the U.S. Securities Exchange Act of 1934, as amended. 
 “Exempted Fundamental Change” means any Fundamental Change
with respect to which, in accordance with Section 4.02(I), the Company does not offer to repurchase any Notes. 

“Free Trade Date” means, with respect to any Note, the date that is one (1) year after the Last Original Issue Date of
such Note. 
 “Freely Tradable” means, with respect to any Note, that such Note would be eligible to be offered, sold or
otherwise transferred pursuant to Rule 144 or otherwise if held by a Person that is not an Affiliate of the Company, and that has not been an Affiliate of the Company during the immediately preceding three (3) months, without any requirements
as to volume, manner of sale, availability of current public information or notice under the Securities Act (except that, during the six (6) month period beginning on, and including, the date that is six (6) months after the Last Original
Issue Date of such Note, any such requirement as to the availability of current public information will be disregarded if the same is satisfied at that time); provided, however, that from and after the Free Trade Date of such Note,
such Note will not be “Freely Tradable” unless such Note (x) is not identified by a “restricted” CUSIP or ISIN number; and (y) is not represented by any certificate that bears the Restricted Note Legend. For the
avoidance of doubt, whether a Note is deemed to be identified by a “restricted” CUSIP or ISIN number or to bear the Restricted Note Legend is subject to Section 2.12. 

“Fundamental Change” means any of the following events: 

(A) a “person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act), other than the Company or its
Wholly Owned Subsidiaries, or their respective employee benefit plans, files any report with the SEC indicating that such person or group has become the direct or indirect “beneficial owner” (as defined below) of shares of the Common Stock
representing more than fifty percent (50%) of the voting power of all of the Company’s Common Stock; 
 (B) the consummation of
(i) any sale, lease or other transfer, in one transaction or a series of transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person, other than solely to one or more of the
Company’s Wholly Owned Subsidiaries; or (ii) any transaction or series of related transactions in connection with which (whether by means of merger, consolidation, share exchange, combination, reclassification, recapitalization,
acquisition, liquidation or otherwise) all of the Common Stock is exchanged for, converted into, acquired for, or constitutes solely the right to receive, other securities, cash or other property; provided, however, that any merger,
consolidation, share exchange or combination of the Company pursuant to which the Persons that directly or indirectly “beneficially owned” (as defined below) all classes of the Company’s common equity

  
 - 4 - 

 
immediately before such transaction directly or indirectly “beneficially own,” immediately after such transaction, more than fifty percent (50%) of all classes of common equity of the
surviving, continuing or acquiring company or other transferee, as applicable, or the parent thereof, in substantially the same proportions vis-à-vis each other
as immediately before such transaction will be deemed not to be a Fundamental Change pursuant to this clause (B); 
 (C) the
Company’s stockholders approve any plan or proposal for the liquidation or dissolution of the Company; or 
 (D) the Common Stock ceases
to be listed on any of The New York Stock Exchange, The NASDAQ Global Market or The NASDAQ Global Select Market (or any of their respective successors); 

provided, however, that a transaction or event described in clause (A) or (B) above will not constitute a Fundamental Change
if at least ninety percent (90%) of the consideration received or to be received by the holders of Common Stock (excluding cash payments for fractional shares or pursuant to dissenters rights), in connection with such transaction or event, consists
of shares of common stock or other corporate common equity interests listed (or depositary receipts representing shares of common stock or other corporate common equity interests, which depositary receipts are listed) on any of The New York Stock
Exchange, The NASDAQ Global Market or The NASDAQ Global Select Market (or any of their respective successors), or that will be so listed when issued or exchanged in connection with such transaction or event, and such transaction or event constitutes
a Common Stock Change Event whose Reference Property consists of such consideration. 
 For the avoidance of doubt, references in this
definition to the Company, the Common Stock and the Company’s “common equity” will be subject to (x) Article 6 and (y) Section 5.09(A)(1)(III). 

For the purposes of this definition, (x) any transaction or event described in both clause (A) and in clause (B)(i) or
(ii) above (without regard to the proviso in clause (B)) will be deemed to occur solely pursuant to clause (B) above (subject to such proviso with respect to a Fundamental Change but not with respect to a Make-Whole
Fundamental Change described in clause (A) of the definition thereof); and (y) whether a Person is a “beneficial owner,” whether shares are “beneficially owned,” and percentage beneficial ownership,
will be determined in accordance with Rule 13d-3 under the Exchange Act. 
 “Fundamental
Change Repurchase Date” means the date fixed for the repurchase of any Notes by the Company pursuant to a Repurchase Upon Fundamental Change. 

“Fundamental Change Repurchase Notice” means a notice (including a notice substantially in the form of the “Fundamental
Change Repurchase Notice” set forth in Exhibit A) containing the information, or otherwise complying with the requirements, set forth in Section 4.02(F)(i) and Section 4.02(F)(ii). 

  
 - 5 - 

 “Fundamental Change Repurchase Price” means the cash price payable by the
Company to repurchase any Note upon its Repurchase Upon Fundamental Change, calculated pursuant to Section 4.02(D). 

“Global Note” means a Note that is represented by a certificate substantially in the form set forth in Exhibit
A, registered in the name of the Depositary or its nominee, duly executed by the Company and authenticated by the Trustee, and deposited with the Trustee, as custodian for the Depositary. 

“Global Note Legend” means a legend substantially in the form set forth in Exhibit
B-2. 
 “Holder” means a person in whose name a Note is registered on the
Registrar’s books. 
 “Indenture” means this Indenture, as amended or supplemented from time to time. 

“Initial Purchasers” means BofA Securities, Inc., SVB Leerink LLC, Stifel, Nicholas & Company, Incorporated and
Cantor Fitzgerald & Co. 
 “Interest Payment Date” means, with respect to a Note, each April 1 and
October 1 of each year, commencing on April 1, 2021 (or commencing on such other date specified in the certificate representing such Note). For the avoidance of doubt, the Maturity Date is an Interest Payment Date. 

“Issue Date” means September 28, 2020. 

“Last Original Issue Date” means (A) with respect to any Notes issued pursuant to the Purchase Agreement (including any
Notes issued pursuant to the exercise of the Shoe Option by the Initial Purchasers), and any Notes issued in exchange therefor or in substitution thereof, the later of (i) the Issue Date and (ii) the last date any Notes are originally
issued pursuant to the exercise of the Shoe Option; and (B) with respect to any Notes issued pursuant to Section 2.03(B), and any Notes issued in exchange therefor or in substitution thereof, either (i) the later
of (x) the date such Notes are originally issued and (y) the last date any Notes are originally issued as part of the same offering pursuant to the exercise of an option granted to the initial purchaser(s) of such Notes to purchase
additional Notes; or (ii) such other date as is specified in an Officer’s Certificate delivered to the Trustee before the original issuance of such Notes. 

“Last Reported Sale Price” of the Common Stock for any Trading Day means the closing sale price per share (or, if no closing
sale price is reported, the average of the last bid price and the last ask price per share or, if more than one in either case, the average of the average last bid prices and the average last ask prices per share) of Common Stock on such Trading Day
as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is then listed. If the Common Stock is not listed on a U.S. national or regional securities exchange on such Trading Day,
then the Last Reported Sale Price will be the last quoted bid price per share of Common Stock on such Trading Day in the over-the-counter market as reported by OTC
Markets Group Inc. or a similar organization. If the Common Stock is not so quoted on such Trading Day, then the Last Reported Sale Price will be the average of the mid-point of the last bid price and the last
ask price per share of Common Stock on such Trading Day from a nationally recognized independent investment banking firm selected by the Company, which may include any of the Initial Purchasers. 

  
 - 6 - 

 “Make-Whole Fundamental Change” means (A) a Fundamental Change
(determined after giving effect to the proviso immediately after clause (D) of the definition thereof, but without regard to the proviso to clause (B)(ii) of such definition); or (B) the sending of a Redemption Notice
pursuant to Section 4.03(F); provided, however, that, subject to Section 4.03(I), the sending of a Redemption Notice will constitute a Make-Whole Fundamental Change only with respect
to the Notes called for Redemption pursuant to such Redemption Notice and not with respect to any other Notes. 
 “Make-Whole
Fundamental Change Conversion Period” has the following meaning: 
 (A) in the case of a Make-Whole Fundamental Change pursuant to
clause (A) of the definition thereof, the period from, and including, the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change to, and including, the thirty fifth (35th) Trading Day after such Make-Whole
Fundamental Change Effective Date (or, if such Make-Whole Fundamental Change also constitutes a Fundamental Change (other than an Exempted Fundamental Change), to, but excluding, the related Fundamental Change Repurchase Date); and 

(B) in the case of a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof, the period from, and
including, the Redemption Notice Date for the related Redemption to, and including, the second (2nd) Business Day immediately before the related Redemption Date; 

provided, however, that if the Conversion Date for the conversion of a Note that has been called (or deemed, pursuant to
Section 4.03(I), to be called) for Redemption occurs during the Make-Whole Fundamental Change Conversion Period for both a Make-Whole Fundamental Change occurring pursuant to clause (A) of the definition of
“Make-Whole Fundamental Change” and a Make-Whole Fundamental Change resulting from such Redemption pursuant to clause (B) of such definition, then, solely for purposes of such conversion, (x) such Conversion Date will be
deemed to occur solely during the Make-Whole Fundamental Change Conversion Period for the Make-Whole Fundamental Change with the earlier Make-Whole Fundamental Change Effective Date; and (y) the Make-Whole Fundamental Change with the later
Make-Whole Fundamental Change Effective Date will be deemed not to have occurred. 
 “Make-Whole Fundamental Change Effective
Date” means (A) with respect to a Make-Whole Fundamental Change pursuant to clause (A) of the definition thereof, the date on which such Make-Whole Fundamental Change occurs or becomes effective; and (B) with respect
to a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof, the applicable Redemption Notice Date. 

“Market Disruption Event” means, with respect to any date, the occurrence or existence, during the one-half hour period ending at the scheduled close of trading on such date on the principal U.S. national or regional securities exchange or other market on which the Common Stock is listed for trading or trades, of
any material suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common
Stock. 

  
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 “Maturity Date” means October 1, 2027. 

“Note Agent” means any Registrar, Paying Agent or Conversion Agent. 

“Notes” means the 2.75% Convertible Senior Notes due 2027 issued by the Company pursuant to this Indenture. 

“Observation Period” means, with respect to any Note to be converted, (A) subject to clause (B) below, if
the Conversion Date for such Note occurs before July 1, 2027, the forty (40) consecutive VWAP Trading Days beginning on, and including, the third (3rd) VWAP Trading Day immediately after such Conversion Date; and (B) if such
Conversion Date occurs on or after the date the Company has sent a Redemption Notice calling all or any Notes for Redemption pursuant to Section 4.03(F) and on or before the second (2nd) Business Day before the related
Redemption Date, the forty (40) consecutive VWAP Trading Days beginning on, and including, the forty first (41st) Scheduled Trading Day immediately before such Redemption Date; and (C) subject to clause (B) above, if such
Conversion Date occurs on or after July 1, 2027, the forty (40) consecutive VWAP Trading Days beginning on, and including, the forty first (41st) Scheduled Trading Day immediately before the Maturity Date. 

“Officer” means the Chairman of the Board of Directors, the Chief Executive Officer, the President, the Chief Operating
Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of the Company. 

“Officer’s Certificate” means a certificate that is signed on behalf of the Company by one (1) of its Officers and
that meets the requirements of Section 11.03. 
 “Open of Business” means 9:00 a.m., New York
City time. 
 “Opinion of Counsel” means an opinion, from legal counsel (including an employee of, or counsel to, the
Company or any of its Subsidiaries) reasonably acceptable to the Trustee, that meets the requirements of Section 11.03, subject to customary qualifications and exclusions. 

“Person” or “person” means any individual, corporation, partnership, limited liability company, joint
venture, association, joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof. Any division or series of a limited liability company, limited partnership or trust will constitute a
separate “person” under this Indenture. 
 “Physical Note” means a Note (other than a Global Note) that is
represented by a certificate substantially in the form set forth in Exhibit A, registered in the name of the Holder of such Note and duly executed by the Company and authenticated by the Trustee. 

  
 - 8 - 

 “Purchase Agreement” means that certain Purchase Agreement, dated
September 23, 2020, between the Company and the Initial Purchasers. 
 “Redemption” means the repurchase of any Note
by the Company pursuant to Section 4.03. 
 “Redemption Date” means the date fixed, pursuant to
Section 4.03(D), for the settlement of the repurchase of any Notes by the Company pursuant to a Redemption. 

“Redemption Notice Date” means, with respect to a Redemption, the date on which the Company sends the Redemption Notice for
such Redemption pursuant to Section 4.03(F). 
 “Redemption Price” means the cash price payable
by the Company to redeem any Note upon its Redemption, calculated pursuant to Section 4.03(E). 
 “Regular
Record Date” has the following meaning with respect to an Interest Payment Date: (A) if such Interest Payment Date occurs on April 1, the immediately preceding March 15; and (B) if such Interest Payment Date occurs on
October 1, the immediately preceding September 15. 
 “Repurchase Upon Fundamental Change” means the repurchase of any
Note by the Company pursuant to Section 4.02. 
 “Responsible Officer” means (A) any officer
within the corporate trust services group of the Trustee assigned by the Trustee to administer its corporate trust matters and who has direct responsibility for the administration of this Indenture (or any successor group of the Trustee); and
(B) with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge of, and familiarity with, the particular subject. 

“Restricted Note Legend” means a legend substantially in the form set forth in Exhibit
B-1. 
 “Restricted Stock Legend” means, with respect to any Conversion Share,
a legend substantially to the effect that the offer and sale of such Conversion Share have not been registered under the Securities Act and that such Conversion Share cannot be sold or otherwise transferred except pursuant to a transaction that is
registered under the Securities Act or that is exempt from, or not subject to, the registration requirements of the Securities Act. 

“Rule 144” means Rule 144 under the Securities Act (or any successor rule thereto), as the same may be amended from time to
time. 
 “Rule 144A” means Rule 144A under the Securities Act (or any successor rule thereto), as the same may be amended
from time to time. 

  
 - 9 - 

 “Scheduled Trading Day” means any day that is scheduled to be a Trading Day
on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common
Stock is then traded. If the Common Stock is not so listed or traded, then “Scheduled Trading Day” means a Business Day. 

“SEC” means the U.S. Securities and Exchange Commission. 

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

“Security” means any Note or Conversion Share. 

“Settlement Method” means Cash Settlement, Physical Settlement or Combination Settlement. 

“Shoe Option” means the Initial Purchasers’ option to purchase up to thirty million dollars ($30,000,000) aggregate
principal amount of additional Notes as provided for in the Purchase Agreement. 
 “Significant Subsidiary” means, with
respect to any Person, any Subsidiary of such Person that constitutes a “significant subsidiary” (as defined in Rule 1-02(w) of Regulation S-X under the
Exchange Act) of such Person; provided, however, that, if a Subsidiary meets the criteria of clause (3), but not clause (1) or (2), of the definition of “significant subsidiary” in Rule
1-02(w), then such Subsidiary will be deemed not to be a Significant Subsidiary unless such Subsidiary’s income from continuing operations before income taxes, exclusive of amounts attributable to any non-controlling interests, for the last completed fiscal year before the date of determination exceeds twenty million dollars ($20,000,000). 

“Special Interest” means any interest that accrues on any Note pursuant to Section 7.03. 

“Specified Dollar Amount” means, with respect to the conversion of a Note to which Combination Settlement applies, the
maximum cash amount per $1,000 principal amount of such Note deliverable upon such conversion (excluding cash in lieu of any fractional share of Common Stock). 

“Stock Price” has the following meaning for any Make-Whole Fundamental Change: (A) if the holders of Common Stock
receive only cash in consideration for their shares of Common Stock in such Make-Whole Fundamental Change and such Make-Whole Fundamental Change is pursuant to clause (B) of the definition of “Fundamental Change,” then the
Stock Price is the amount of cash paid per share of Common Stock in such Make-Whole Fundamental Change; and (B) in all other cases, the Stock Price is the average of the Last Reported Sale Prices per share of Common Stock for the five
(5) consecutive Trading Days ending on, and including, the Trading Day immediately before the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change. 

  
 - 10 - 

 “Subsidiary” means, with respect to any Person, (A) any corporation,
association or other business entity (other than a partnership or limited liability company) of which more than fifty percent (50%) of the total voting power of the Capital Stock entitled (without regard to the occurrence of any contingency, but
after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees, as applicable, of such corporation, association or other business entity
is owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person; and (B) any partnership or limited liability company where (i) more than fifty percent (50%) of the capital accounts,
distribution rights, equity and voting interests, or of the general and limited partnership interests, as applicable, of such partnership or limited liability company are owned or controlled, directly or indirectly, by such Person or one or more of
the other Subsidiaries of such Person, whether in the form of membership, general, special or limited partnership or limited liability company interests or otherwise; and (ii) such Person or any one or more of the other Subsidiaries of such
Person is a controlling general partner of, or otherwise controls, such partnership or limited liability company. 
 “Trading
Day” means any day on which (A) trading in the Common Stock generally occurs on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S.
national or regional securities exchange, on the principal other market on which the Common Stock is then traded; and (B) there is no Market Disruption Event. If the Common Stock is not so listed or traded, then “Trading Day” means a
Business Day. 
 “Trading Price” of the Notes on any Trading Day means the average of the secondary market bid quotations,
expressed as a cash amount per $1,000 principal amount of Notes, obtained by the Bid Solicitation Agent for two million dollars ($2,000,000) (or such lesser amount as may then be outstanding) in principal amount of Notes at approximately 3:30 p.m.,
New York City time, on such Trading Day from three (3) nationally recognized independent securities dealers selected by the Company, which may include any of the Initial Purchasers; provided, however, that, if three (3) such
bids cannot reasonably be obtained by the Bid Solicitation Agent but two (2) such bids are obtained, then the average of the two (2) bids will be used, and if only one (1) such bid can reasonably be obtained by the Bid Solicitation
Agent, then that one (1) bid will be used. If, on any Trading Day, (A) the Bid Solicitation Agent cannot reasonably obtain at least one (1) bid for two million dollars ($2,000,000) (or such lesser amount as may then be outstanding) in
principal amount of Notes from a nationally recognized independent securities dealer; (B) the Company is not acting as the Bid Solicitation Agent and the Company fails to instruct the Bid Solicitation Agent to obtain bids when required; or
(C) the Bid Solicitation Agent fails to solicit bids when required, then, in each case, the Trading Price per $1,000 principal amount of Notes on such Trading Day will be deemed to be less than ninety eight percent (98%) of the product of the
Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day. 

“Transfer-Restricted Security” means any Security that constitutes a “restricted security” (as defined in Rule
144); provided, however, that such Security will cease to be a Transfer-Restricted Security upon the earliest to occur of the following events: 

(A) such Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to a
registration statement that was effective under the Securities Act at the time of such sale or transfer; 

  
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 (B) such Security is sold or otherwise transferred to a Person (other than the Company or an
Affiliate of the Company) pursuant to an available exemption (including Rule 144) from the registration and prospectus-delivery requirements of, or in a transaction not subject to, the Securities Act and, immediately after such sale or transfer,
such Security ceases to constitute a “restricted security” (as defined in Rule 144); and 
 (C) such Security is eligible for
resale, by a Person that is not an Affiliate of the Company and that has not been an Affiliate of the Company during the immediately preceding three (3) months, pursuant to Rule 144 without any limitations thereunder as to volume, manner of
sale, availability of current public information or notice. 
 The Trustee is under no obligation to determine whether any Security is a
Transfer-Restricted Security and may conclusively rely on an Officer’s Certificate with respect thereto. 
 “Trust Indenture
Act” means the U.S. Trust Indenture Act of 1939, as amended. 
 “Trustee” means the Person named as such in the
first paragraph of this Indenture until a successor replaces it in accordance with the provisions of this Indenture and, thereafter, means such successor. 

“VWAP Market Disruption Event” means, with respect to any date, (A) the failure by the principal U.S. national or
regional securities exchange on which the Common Stock is then listed, or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, the principal other market on which the Common Stock is then traded, to open for
trading during its regular trading session on such date; or (B) the occurrence or existence, for more than one half hour period in the aggregate, of any suspension or limitation imposed on trading (by reason of movements in price exceeding
limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common Stock, and such suspension or limitation occurs or exists at any time before 1:00 p.m., New York City
time, on such date. 
 “VWAP Trading Day” means a day on which (A) there is no VWAP Market Disruption Event; and
(B) trading in the Common Stock generally occurs on the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities
exchange, on the principal other market on which the Common Stock is then traded. If the Common Stock is not so listed or traded, then “VWAP Trading Day” means a Business Day. 

“Wholly Owned Subsidiary” of a Person means any Subsidiary of such Person, determined by reference to the definition of
“Subsidiary” above but with each reference therein to “more than fifty percent (50%)” deemed to be replaced with “one hundred percent (100%)” for purposes of this definition; provided, however, that
directors’ qualifying shares will be disregarded for purposes of determining whether any Person is a Wholly Owned Subsidiary of another Person. 

  
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 Section 1.02. OTHER DEFINITIONS. 

 

			
	 Term
	  	 Defined in
Section

	 “Additional Shares”
	  	5.07(A)
	 “Business Combination Event”
	  	6.01(A)
	 “Cash Settlement”
	  	5.03(A)
	 “Combination Settlement”
	  	5.03(A)
	 “Common Stock Change Event”
	  	5.09(A)
	 “Conversion Agent”
	  	2.06(A)
	 “Conversion Consideration”
	  	5.03(B)
	 “Default Interest”
	  	2.05(B)
	 “Defaulted Amount”
	  	2.05(B)
	 “Event of Default”
	  	7.01(A)
	 “Expiration Date”
	  	5.05(A)(v)
	 “Expiration Time”
	  	5.05(A)(v)
	 “Fundamental Change Notice”
	  	4.02(E)
	 “Fundamental Change Repurchase Right”
	  	4.02(A)
	 “Initial Notes”
	  	2.03(A)
	 “Measurement Period”
	  	5.01(C)(i)(2)
	 “Paying Agent”
	  	2.06(A)
	 “Physical Settlement”
	  	5.03(A)
	 “Redemption Notice”
	  	4.03(F)
	 “Reference Property”
	  	5.09(A)
	 “Reference Property Unit”
	  	5.09(A)
	 “Register”
	  	2.06(B)
	 “Registrar”
	  	2.06(A)
	 “Reporting Event of Default”
	  	7.03(A)
	 “Specified Courts”
	  	11.07
	 “Spin-Off”
	  	5.05(A)(iii)(2)
	 “Spin-Off Valuation Period”
	  	5.05(A)(iii)(2)
	 “Stated Interest”
	  	2.05(A)
	 “Successor Entity”
	  	6.01(A)
	 “Successor Person”
	  	5.09(A)
	 “Tender/Exchange Offer Valuation Period”
	  	5.05(A)(v)
	 “Trading Price Condition”
	  	5.01(C)(i)(2)

 Section 1.03. RULES OF CONSTRUCTION. 

For purposes of this Indenture: 

(A) “or” is not exclusive; 

(B) “including” means “including without limitation”; 

(C) “will” expresses a command; 

  
 - 13 - 

 (D) the “average” of a set of numerical values refers to the arithmetic average of
such numerical values; 
 (E) a merger involving, or a transfer of assets by, a limited liability company, limited partnership or trust will
be deemed to include any division of or by, or an allocation of assets to a series of, such limited liability company, limited partnership or trust, or any unwinding of any such division or allocation; 

(F) words in the singular include the plural and in the plural include the singular, unless the context requires otherwise; 

(G) “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to any particular
Article, Section or other subdivision of this Indenture, unless the context requires otherwise; 
 (H) references to currency mean the lawful
currency of the United States of America, unless the context requires otherwise; 
 (I) the exhibits, schedules and other attachments to this
Indenture are deemed to form part of this Indenture; and 
 (J) the term “interest,” when used with respect to a Note,
includes any Additional Interest and Special Interest, unless the context requires otherwise. 
 Article 2. THE NOTES 

Section 2.01. FORM, DATING AND DENOMINATIONS. 

The Notes and the Trustee’s certificate of authentication will be substantially in the form set forth in Exhibit A. The Notes will
bear the legends required by Section 2.09 and may bear notations, legends or endorsements required by law, stock exchange rule or usage or the Depositary. Each Note will be dated as of the date of its authentication. 

Except to the extent otherwise provided in a Company Order delivered to the Trustee in connection with the issuance and authentication
thereof, the Notes will be issued initially in the form of one or more Global Notes. Global Notes may be exchanged for Physical Notes, and Physical Notes may be exchanged for Global Notes, only as provided in Section 2.10.

 The Notes will be issuable only in registered form without interest coupons and only in Authorized Denominations. 

Each certificate representing a Note will bear a unique registration number that is not affixed to any other certificate representing another
outstanding Note. 
 The terms contained in the Notes constitute part of this Indenture, and, to the extent applicable, the Company and the
Trustee, by their execution and delivery of this Indenture, agree to such terms and to be bound thereby; provided, however, that, to the extent that any provision of any Note conflicts with the provisions of this Indenture, the
provisions of this Indenture will control for purposes of this Indenture and such Note. 

  
 - 14 - 

 Section 2.02. EXECUTION, AUTHENTICATION AND
DELIVERY. 
 (A) Due Execution by the Company. At least one (1) duly authorized Officer will sign the Notes on
behalf of the Company by manual or facsimile signature. A Note’s validity will not be affected by the failure of any Officer whose signature is on any Note to hold, at the time such Note is authenticated, the same or any other office at the
Company. 
 (B) Authentication by the Trustee and Delivery. 

(i) No Note will be valid until it is authenticated by the Trustee. A Note will be deemed to be duly authenticated only when an
authorized signatory of the Trustee (or a duly appointed authenticating agent) manually signs the certificate of authentication of such Note. 

(ii) The Trustee will cause an authorized signatory of the Trustee (or a duly appointed authenticating agent) to manually sign
the certificate of authentication of a Note only if (1) the Company delivers such Note to the Trustee; (2) such Note is executed by the Company in accordance with Section 2.02(A); and (3) the Company delivers
a Company Order to the Trustee that (a) requests the Trustee to authenticate such Note; and (b) sets forth the name of the Holder of such Note and the date as of which such Note is to be authenticated. If such Company Order also requests
the Trustee to deliver such Note to any Holder or to the Depositary, then the Trustee will promptly deliver such Note in accordance with such Company Order. 

(iii) The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. A duly appointed
authenticating agent may authenticate Notes whenever the Trustee may do so under this Indenture, and a Note authenticated as provided in this Indenture by such an agent will be deemed, for purposes of this Indenture, to be authenticated by the
Trustee. Each duly appointed authenticating agent will have the same rights to deal with the Company as the Trustee would have if it were performing the duties that the authentication agent was validly appointed to undertake. 

Section 2.03. INITIAL NOTES AND ADDITIONAL NOTES. 

(A) Initial Notes. On the Issue Date, there will be originally issued two hundred million dollars ($200,000,000) aggregate principal
amount of Notes, subject to the provisions of this Indenture (including Section 2.02). If the Initial Purchasers exercise the Shoe Option, then there will be originally issued up to an additional thirty million dollars
($30,000,000) principal amount of Notes pursuant to such exercise, subject to the provisions of this Indenture (including Section 2.02). Notes issued pursuant to this Section 2.03(A), and any Notes
issued in exchange therefor or in substitution thereof, are referred to in this Indenture as the “Initial Notes.” 

  
 - 15 - 

 (B) Additional Notes. The Company may, subject to the provisions of this Indenture
(including Section 2.02), originally issue additional Notes with the same terms as the Initial Notes (except, to the extent applicable, with respect to the date as of which interest begins to accrue on such additional Notes
and the first Interest Payment Date and the Last Original Issue Date of such additional Notes), which additional Notes will, subject to the foregoing, be considered to be part of the same series of, and rank equally and ratably with all other, Notes
issued under this Indenture; provided, however, that if any such additional Notes (and any Notes that are resold after such Notes have been purchased or otherwise acquired by the Company or its Subsidiaries) are not fungible with other
Notes issued under this Indenture for federal income tax or federal securities laws purposes, then such additional Notes (or resold Notes) will be identified by a separate CUSIP number or by no CUSIP number. 

Section 2.04. METHOD OF PAYMENT. 

(A) Global Notes. The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon maturity on the Maturity Date,
Redemption on a Redemption Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, interest on, and any cash Conversion Consideration for, any Global Note to the Depositary by wire transfer of immediately available funds no
later than the time the same is due as provided in this Indenture. 
 (B) Physical Notes. The Company will pay, or cause the Paying
Agent to pay, the principal (whether due upon maturity on the Maturity Date, Redemption on a Redemption Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, interest on, and any cash Conversion Consideration for, any Physical
Note no later than the time the same is due as provided in this Indenture as follows: (i) if the principal amount of such Physical Note is at least five million dollars ($5,000,000) (or such lower amount as the Company may choose in its sole
and absolute discretion) and the Holder of such Physical Note entitled to such payment has delivered to the Corporate Trust Office of the Paying Agent, no later than the time set forth in the immediately following sentence, a written request that
the Company make such payment by wire transfer to an account of such Holder within the United States, by wire transfer of immediately available funds to such account; and (ii) in all other cases, by check mailed to the address of the Holder of
such Physical Note entitled to such payment as set forth in the Register. To be timely, such written request must be so delivered no later than the Close of Business on the following date: (x) with respect to the payment of any interest due on
an Interest Payment Date, the immediately preceding Regular Record Date; (y) with respect to any cash Conversion Consideration, the relevant Conversion Date; and (z) with respect to any other payment, the date that is fifteen
(15) calendar days immediately before the date such payment is due. 
 Section 2.05. ACCRUAL OF
INTEREST; DEFAULTED AMOUNTS; WHEN PAYMENT DATE IS NOT A BUSINESS DAY. 

(A) Accrual of Interest. Each Note will accrue interest at a rate per annum equal to 2.75% (the “Stated Interest”),
plus any Additional Interest and Special Interest that may accrue pursuant to Sections 3.04 and 7.03, respectively. Stated Interest on each Note will (i) accrue from, and including, the most recent date to which Stated
Interest has been paid or duly provided for (or, if no Stated Interest has theretofore been paid or duly provided for, the date set forth in the certificate representing such Note as the date from, and including, which Stated Interest will begin to
accrue in such circumstance) to, but excluding, the date of payment of such Stated Interest; and (ii) be, subject to Sections 4.02(D), 4.03(E) and 5.02(D) (but without duplication of any payment of interest), payable
semi-annually in arrears on each Interest Payment Date, beginning on the first Interest Payment Date set forth in the certificate representing such Note, to the Holder of such Note as of the Close of Business on the immediately preceding Regular
Record Date. Stated Interest, and, if applicable, Additional Interest and Special Interest, on the Notes will be computed on the basis of a 360-day year comprised of twelve
30-day months. 

  
 - 16 - 

 (B) Defaulted Amounts. If the Company fails to pay any amount (a “Defaulted
Amount”) payable on a Note on or before the due date therefor as provided in this Indenture, then, regardless of whether such failure constitutes an Event of Default, (i) such Defaulted Amount will forthwith cease to be payable to the
Holder of such Note otherwise entitled to such payment; (ii) to the extent lawful, interest (“Default Interest”) will accrue on such Defaulted Amount at a rate per annum equal to the rate per annum at which Stated Interest
accrues, from, and including, such due date to, but excluding, the date of payment of such Defaulted Amount and Default Interest; (iii) such Defaulted Amount and Default Interest will be paid on a payment date selected by the Company to the
Holder of such Note as of the Close of Business on a special record date selected by the Company, provided that such special record date must be no more than fifteen (15), nor less than ten (10), calendar days before such payment date; and
(iv) at least fifteen (15) calendar days before such special record date, the Company will send notice to the Trustee and the Holders that states such special record date, such payment date and the amount of such Defaulted Amount and
Default Interest to be paid on such payment date. 
 (C) Delay of Payment when Payment Date is Not a Business Day. If the due date for
a payment on a Note as provided in this Indenture is not a Business Day, then, notwithstanding anything to the contrary in this Indenture or the Notes, such payment may be made on the immediately following Business Day and no interest will accrue on
such payment as a result of the related delay. Solely for purposes of the immediately preceding sentence, a day on which the applicable place of payment is authorized or required by law or executive order to close or be closed will be deemed not to
be a “Business Day.” 
 Section 2.06. REGISTRAR, PAYING AGENT AND
CONVERSION AGENT. 
 (A) Generally. The Company will maintain (i) an office or agency in the
continental United States where Notes may be presented for registration of transfer or for exchange (the “Registrar”); (ii) an office or agency in the continental United States where Notes may be presented for payment (the
“Paying Agent”); and (iii) an office or agency in the continental United States where Notes may be presented for conversion (the “Conversion Agent”). The Company hereby designates the Corporate Trust Offices of
the Trustee in St. Paul, Minnesota as such office. If the Company fails to maintain a Registrar, Paying Agent or Conversion Agent, then the Trustee will act as such. For the avoidance of doubt, the Company or any of its Subsidiaries may act as
Registrar, Paying Agent or Conversion Agent. 
 (B) Duties of the Registrar. The Registrar will keep a record (the
“Register”) of the names and addresses of the Holders, the Notes held by each Holder and the transfer, exchange, repurchase, Redemption and conversion of Notes. Absent manifest error, the entries in the Register will be conclusive
and the Company and the Trustee may treat each Person whose name is recorded as a Holder in the Register as a Holder for all purposes. The Register will be in written form or in any form capable of being converted into written form reasonably
promptly. 

  
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 (C) Co-Agents; Company’s Right to Appoint
Successor Registrars, Paying Agents and Conversion Agents. The Company may appoint one or more co-Registrars, co-Paying Agents and
co-Conversion Agents, each of whom will be deemed to be a Registrar, Paying Agent or Conversion Agent, as applicable, under this Indenture. Subject to Section 2.06(A), the Company may
change any Registrar, Paying Agent or Conversion Agent (including appointing itself or any of its Subsidiaries to act in such capacity) without notice to any Holder. The Company will notify the Trustee (and, upon request, any Holder) of the name and
address of each Note Agent, if any, not a party to this Indenture and will enter into an appropriate agency agreement with each such Note Agent, which agreement will implement the provisions of this Indenture that relate to such Note Agent. 

(D) Initial Appointments. The Company appoints the Trustee as the initial Paying Agent, the initial Registrar and the initial Conversion
Agent. In acting in such capacities under this Indenture and in connection with the Notes, the Trustee in such capacities will act solely as an agent of the Company, and will not thereby assume any obligations towards, or relationship of agency or
trust for or with any Holder. 
 Section 2.07. PAYING AGENT AND CONVERSION
AGENT TO HOLD PROPERTY IN TRUST. 
 The Company
will require each Paying Agent or Conversion Agent that is not the Trustee to agree in writing that such Note Agent will (A) hold in trust for the benefit of Holders or the Trustee all money and other property held by such Note Agent for
payment or delivery due on the Notes; and (B) notify the Trustee of any default by the Company in making any such payment or delivery. The Company, at any time, may, and the Trustee, while any Default continues, may, require a Paying Agent or
Conversion Agent to pay or deliver, as applicable, all money and other property held by it to the Trustee, after which payment or delivery, as applicable, such Note Agent (if not the Company or any of its Subsidiaries) will have no further liability
for such money or property. If the Company or any of its Subsidiaries acts as Paying Agent or Conversion Agent, then (A) it will segregate and hold in a separate trust fund for the benefit of the Holders or the Trustee all money and other
property held by it as Paying Agent or Conversion Agent; and (B) references in this Indenture or the Notes to the Paying Agent or Conversion Agent holding cash or other property, or to the delivery of cash or other property to the Paying Agent
or Conversion Agent, in each case for payment or delivery to any Holders or the Trustee or with respect to the Notes, will be deemed to refer to cash or other property so segregated and held separately, or to the segregation and separate holding of
such cash or other property, respectively. Upon the occurrence of any event pursuant to clause (ix) or (x) of Section 7.01(A) with respect to the Company (or with respect to any Subsidiary of the
Company acting as Paying Agent or Conversion Agent), the Trustee will serve as the Paying Agent or Conversion Agent, as applicable, for the Notes. 

Section 2.08. HOLDER LISTS. 

If the Trustee is not the Registrar, the Company will furnish to the Trustee, no later than seven (7) Business Days before each Interest
Payment Date, and at such other times as the Trustee may request, a list, in such form and as of such date or time as the Trustee may reasonably require, of the names and addresses of the Holders. 

  
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 Section 2.09. LEGENDS. 

(A) Global Note Legend. Each Global Note will bear the Global Note Legend (or any similar legend, not inconsistent with this Indenture,
required by the Depositary for such Global Note). 
 (B) Restricted Note Legend. Subject to Section 2.12,

 (i) each Note that is a Transfer-Restricted Security will bear the Restricted Note Legend; and 

(ii) if a Note is issued in exchange for, in substitution of, or to effect a partial conversion of, another Note (such other
Note being referred to as the “old Note” for purposes of this Section 2.09(B)(ii)), including pursuant to Section 2.10(B), 2.10(C), 2.11 or 2.13, then such Note will bear the
Restricted Note Legend if such old Note bore the Restricted Note Legend at the time of such exchange or substitution, or on the related Conversion Date with respect to such conversion, as applicable; provided, however, that such Note
need not bear the Restricted Note Legend if such Note does not constitute a Transfer-Restricted Security immediately after such exchange or substitution, or as of such Conversion Date, as applicable. 

(C) Other Legends. A Note may bear any other legend or text, not inconsistent with this Indenture, as may be required by applicable law
or by any securities exchange or automated quotation system on which such Note is traded or quoted. 
 (D) Acknowledgment and Agreement by
the Holders. A Holder’s acceptance of any Note bearing any legend required by this Section 2.09 will constitute such Holder’s acknowledgment of, and agreement to comply with, the restrictions set forth in such
legend. 
 (E) Restricted Stock Legend. 

(i) Each Conversion Share will bear the Restricted Stock Legend if the Note upon the conversion of which such Conversion Share
was issued was (or would have been had it not been converted) a Transfer-Restricted Security at the time such Conversion Share was issued; provided, however, that such Conversion Share need not bear the Restricted Stock Legend if the
Company determines, in its reasonable discretion, that such Conversion Share need not bear the Restricted Stock Legend. 

(ii) Notwithstanding anything to the contrary in this Section 2.09(E), a Conversion Share need not
bear a Restricted Stock Legend if such Conversion Share is issued in an uncertificated form that does not permit affixing legends thereto, provided the Company takes measures (including the assignment thereto of a “restricted” CUSIP
number) that it reasonably deems appropriate to enforce the transfer restrictions referred to in the Restricted Stock Legend. 

  
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 Section 2.10. TRANSFERS AND EXCHANGES;
CERTAIN TRANSFER RESTRICTIONS. 
 (A) Provisions Applicable to All Transfers and
Exchanges. 
 (i) Subject to this Section 2.10, Physical Notes and beneficial interests in
Global Notes may be transferred or exchanged from time to time. The Registrar will record each such transfer or exchange in the Register. 

(ii) Each Note issued upon transfer or exchange of any other Note (such other Note being referred to as the “old
Note” for purposes of this Section 2.10(A)(ii)) or portion thereof in accordance with this Indenture will be the valid obligation of the Company, evidencing the same indebtedness, and entitled to the same benefits
under this Indenture, as such old Note or portion thereof, as applicable. 
 (iii) The Company, the Trustee and the Note
Agents will not impose any service charge on any Holder for any transfer, exchange or conversion of Notes, but the Company, the Trustee, the Registrar and the Conversion Agent may require payment of a sum sufficient to cover any transfer tax or
similar governmental charge that may be imposed in connection with any transfer, exchange or conversion of Notes, other than exchanges pursuant to Section 2.11, 2.17 or 8.05 not involving any transfer. 

(iv) Notwithstanding anything to the contrary in this Indenture or the Notes, a Note may not be transferred or exchanged in
part unless the portion to be so transferred or exchanged is in an Authorized Denomination. 
 (v) The Trustee will have no
obligation or duty to monitor, determine or inquire as to compliance with any transfer restrictions imposed under this Indenture or applicable law with respect to any Security, other than to require the delivery of such certificates or other
documentation or evidence as expressly required by this Indenture and to examine the same to determine substantial compliance as to form with the requirements of this Indenture. Neither the Trustee nor any of its agents will have any responsibility
for any actions taken or not taken by the Depositary. 
 (vi) The Trustee will have no responsibility or obligation to any
beneficial owner of a Global Note, a member of, or a participant in, the Depositary or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership
interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of Redemption or repurchase) or the payment of any amount or delivery
of any Notes (or other security or property) under or with respect to such Notes. All payments to be made to Holders in respect of the Notes will be given or made only to or upon the order of the registered Holders (which is the Depositary or its
nominee in the case of a Global Note). The rights of beneficial owners in any Global Note will be exercised only through the Depositary subject to the applicable Depositary Procedures. The Trustee may rely and will be fully protected in relying upon
information furnished by the Depositary with respect to its members, participants and any beneficial owners. 
 (vii) Each
Note issued upon transfer of, or in exchange for, another Note will bear each legend, if any, required by Section 2.09. 

  
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 (viii) Upon satisfaction of the requirements of this Indenture to effect a
transfer or exchange of any Note, the Company will cause such transfer or exchange to be effected as soon as reasonably practicable but in no event later than the second (2nd) Business Day after the date of such satisfaction. 

(ix) For the avoidance of doubt, and subject to the terms of this Indenture, as used in this
Section 2.10, an “exchange” of a Global Note or a Physical Note includes (x) an exchange effected for the sole purpose of removing any Restricted Note Legend affixed to such Global Note or Physical Note; and
(y) if such Global Note or Physical Note is identified by a “restricted” CUSIP number, an exchange effected for the sole purpose of causing such Global Note or Physical Note to be identified by an “unrestricted” CUSIP
number. 
 (B) Transfers and Exchanges of Global Notes. 

(i) Subject to the immediately following sentence, no Global Note may be transferred or exchanged in whole except (x) by
the Depositary to a nominee of the Depositary; (y) by a nominee of the Depositary to the Depositary or to another nominee of the Depositary; or (z) by the Depositary or any such nominee to a successor Depositary or a nominee of such
successor Depositary. No Global Note (or any portion thereof) may be transferred to, or exchanged for, a Physical Note; provided, however, that a Global Note will be exchanged, pursuant to customary procedures, for one or more Physical
Notes if: 
 (1) (x) the Depositary notifies the Company or the Trustee that the Depositary is unwilling or unable to
continue as depositary for such Global Note or (y) the Depositary ceases to be a “clearing agency” registered under Section 17A of the Exchange Act and, in each case, the Company fails to appoint a successor Depositary within
ninety (90) days of such notice or cessation; 
 (2) an Event of Default has occurred and is continuing and the Company,
the Trustee or the Registrar has received a written request from the Depositary, or from a holder of a beneficial interest in such Global Note, to exchange such Global Note or beneficial interest, as applicable, for one or more Physical Notes; or

 (3) the Company, in its sole discretion, permits the exchange of any beneficial interest in such Global Note for one or
more Physical Notes at the request of the owner of such beneficial interest. 
 (ii) Upon satisfaction of the requirements of
this Indenture to effect a transfer or exchange of any Global Note (or any portion thereof): 
 (1) the Trustee will reflect
any resulting decrease of the principal amount of such Global Note by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such Global Note (and, if such notation results in such Global Note having a
principal amount of zero, the Company may (but is not required to) instruct the Trustee to cancel such Global Note pursuant to Section 2.15); 

  
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 (2) if required to effect such transfer or exchange, then the Trustee will
reflect any resulting increase of the principal amount of any other Global Note by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such other Global Note; 

(3) if required to effect such transfer or exchange, then the Company will issue, execute and deliver, and the Trustee will
authenticate, in each case in accordance with Section 2.02, a new Global Note bearing each legend, if any, required by Section 2.09; and 

(4) if such Global Note (or such portion thereof), or any beneficial interest therein, is to be exchanged for one or more
Physical Notes, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and
have an aggregate principal amount equal to the principal amount of such Global Note to be so exchanged; (y) are registered in such name(s) as the Depositary specifies (or as otherwise determined pursuant to customary procedures); and
(z) bear each legend, if any, required by Section 2.09. 
 (iii) Each transfer or exchange of
a beneficial interest in any Global Note will be made in accordance with the Depositary Procedures. 
 (C) Transfers and Exchanges of
Physical Notes. 
 (i) Subject to this Section 2.10, a Holder of a Physical Note may
(x) transfer such Physical Note (or any portion thereof in an Authorized Denomination) to one or more other Person(s); (y) exchange such Physical Note (or any portion thereof in an Authorized Denomination) for one or more other Physical Notes
in Authorized Denominations having an aggregate principal amount equal to the aggregate principal amount of the Physical Note (or portion thereof) to be so exchanged; and (z) if then permitted by the Depositary Procedures, transfer such
Physical Note (or any portion thereof in an Authorized Denomination) in exchange for a beneficial interest in one or more Global Notes; provided, however, that, to effect any such transfer or exchange, such Holder must: 

(1) surrender such Physical Note to be transferred or exchanged to the Corporate Trust Office of the Registrar, together with
any endorsements or transfer instruments reasonably required by the Company, the Trustee or the Registrar; and 
 (2) deliver
such certificates, documentation or evidence as may be required pursuant to Section 2.10(D). 

  
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 (ii) Upon the satisfaction of the requirements of this Indenture to effect a
transfer or exchange of any Physical Note (such Physical Note being referred to as the “old Physical Note” for purposes of this Section 2.10(C)(ii)) of a Holder (or any portion of such old Physical Note in an
Authorized Denomination): 
 (1) such old Physical Note will be promptly cancelled pursuant to
Section 2.15; 
 (2) if such old Physical Note is to be so transferred or exchanged only in part,
then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an
aggregate principal amount equal to the principal amount of such old Physical Note not to be so transferred or exchanged; (y) are registered in the name of such Holder; and (z) bear each legend, if any, required by
Section 2.09; 
 (3) in the case of a transfer: 

(a) to the Depositary or a nominee thereof that will hold its interest in such old Physical Note (or such portion thereof) to
be so transferred in the form of one or more Global Notes, the Trustee will reflect an increase of the principal amount of one or more existing Global Notes by notation on the “Schedule of Exchanges of Interests in the Global Note” forming
part of such Global Note(s), which increase(s) are in Authorized Denominations and aggregate to the principal amount to be so transferred, and which Global Note(s) bear each legend, if any, required by Section 2.09;
provided, however, that if such transfer cannot be so effected by notation on one or more existing Global Notes (whether because no Global Notes bearing each legend, if any, required by Section 2.09 then
exist, because any such increase will result in any Global Note having an aggregate principal amount exceeding the maximum aggregate principal amount permitted by the Depositary or otherwise), then the Company will issue, execute and deliver, and
the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Global Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount to be
so transferred; and (y) bear each legend, if any, required by Section 2.09; and 
 (b) to a
transferee that will hold its interest in such old Physical Note (or such portion thereof) to be so transferred in the form of one or more Physical Notes, the Company will issue, execute and deliver, and the Trustee will authenticate, in each case
in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount to be so transferred; (y) are registered in
the name of such transferee; and (z) bear each legend, if any, required by Section 2.09; and 

  
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 (4) in the case of an exchange, the Company will issue, execute and deliver,
and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount
to be so exchanged; (y) are registered in the name of the Person to whom such old Physical Note was registered; and (z) bear each legend, if any, required by Section 2.09. 

(D) Requirement to Deliver Documentation and Other Evidence. If a Holder of any Note that is identified by a “restricted”
CUSIP number or that bears a Restricted Note Legend or is a Transfer-Restricted Security requests to: 
 (i) cause such Note
to be identified by an “unrestricted” CUSIP number; 
 (ii) remove such Restricted Note Legend; or 

(iii) register the transfer of such Note to the name of another Person, 

then the Company, the Trustee and the Registrar may refuse to effect such identification, removal or transfer, as applicable, unless there is delivered to the
Company, the Trustee and the Registrar such certificates or other documentation or evidence as the Company, the Trustee and the Registrar may reasonably require to determine that such identification, removal or transfer, as applicable, complies with
the Securities Act and other applicable securities laws; provided, however, that no such certificates, documentation or evidence need be so delivered on and after the Free Trade Date with respect to such Note unless the Company
determines, in its reasonable discretion, that such Note is not eligible to be offered, sold or otherwise transferred pursuant to Rule 144 or otherwise without any requirements as to volume, manner of sale, availability of current public information
or notice under the Securities Act. The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of
any interest in any note (including any transfers between or among DTC participants, members or beneficial owners in any Global Note). 
 (E)
Transfers of Notes Subject to Redemption, Repurchase or Conversion. Notwithstanding anything to the contrary in this Indenture or the Notes, the Company, the Trustee and the Registrar will not be required to register the transfer of or
exchange any Note that (i) has been surrendered for conversion, except to the extent that any portion of such Note is not subject to conversion; (ii) is subject to a Fundamental Change Repurchase Notice validly delivered, and not
withdrawn, pursuant to Section 4.02(F), except to the extent that any portion of such Note is not subject to such notice or the Company fails to pay the applicable Fundamental Change Repurchase Price when due; or
(iii) has been selected for Redemption pursuant to a Redemption Notice, except to the extent that any portion of such Note is not subject to Redemption or the Company fails to pay the applicable Redemption Price when due. 

  
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 Section 2.11. EXCHANGE AND CANCELLATION
OF NOTES TO BE CONVERTED OR TO BE REPURCHASED PURSUANT TO A
REPURCHASE UPON FUNDAMENTAL CHANGE OR REDEMPTION. 

(A) Partial Conversions of Physical Notes and Partial Repurchases of Physical Notes Pursuant to a Repurchase Upon Fundamental Change
or Redemption. If only a portion of a Physical Note of a Holder is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change or Redemption, then, as soon as reasonably practicable after such
Physical Note is surrendered for such conversion or repurchase, as applicable, the Company will cause such Physical Note to be exchanged, pursuant and subject to Section 2.10(C), for (i) one or more Physical Notes that
are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such Physical Note that is not to be so converted or repurchased, as applicable, and deliver such Physical Note(s) to such Holder; and
(ii) a Physical Note having a principal amount equal to the principal amount to be so converted or repurchased, as applicable, which Physical Note will be converted or repurchased, as applicable, pursuant to the terms of this Indenture;
provided, however, that the Physical Note referred to in this clause (ii) need not be issued at any time after which such principal amount subject to such conversion or repurchase, as applicable, is deemed to cease to be
outstanding pursuant to Section 2.18. 
 (B) Cancellation of Notes that Are Converted and Notes that Are
Repurchased Pursuant to a Repurchase Upon Fundamental Change or Redemption. 
 (i) Physical Notes. If a Physical
Note (or any portion thereof that has not theretofore been exchanged pursuant to Section 2.11(A)) of a Holder is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change
or Redemption, then, promptly after the later of the time such Physical Note (or such portion) is deemed to cease to be outstanding pursuant to Section 2.18 and the time such Physical Note is surrendered for such conversion
or repurchase, as applicable, (1) such Physical Note will be cancelled pursuant to Section 2.15; and (2) in the case of a partial conversion or repurchase, as applicable, the Company will issue, execute and
deliver to such Holder, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal
to the principal amount of such Physical Note that is not to be so converted or repurchased, as applicable; (y) are registered in the name of such Holder; and (z) bear each legend, if any, required by
Section 2.09. 
 (ii) Global Notes. If a Global Note (or any portion thereof) is to be
converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change or Redemption, then, promptly after the time such Note (or such portion) is deemed to cease to be outstanding pursuant to
Section 2.18, the Trustee will reflect a decrease of the principal amount of such Global Note in an amount equal to the principal amount of such Global Note to be so converted or repurchased, as applicable, by notation on
the “Schedule of Exchanges of Interests in the Global Note” forming part of such Global Note (and, if the principal amount of such Global Note is zero following such notation, cancel such Global Note pursuant to
Section 2.15). 
  

  
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 Section 2.12. REMOVAL OF TRANSFER
RESTRICTIONS. 
 Without limiting the generality of any other provision of this Indenture (including
Section 3.04), the Restricted Note Legend affixed to any Note will be deemed, pursuant to this Section 2.12 and the footnote to such Restricted Note Legend, to be removed therefrom upon the
Company’s delivery to the Trustee of notice, signed on behalf of the Company by one (1) of its Officers, to such effect (and, for the avoidance of doubt, such notice need not be accompanied by an Officer’s Certificate or an Opinion of
Counsel in order to be effective to cause such Restricted Note Legend to be deemed to be removed from such Note). If such Note bears a “restricted” CUSIP or ISIN number at the time of such delivery, then, upon such delivery, such Note will
be deemed, pursuant to this Section 2.12 and the footnotes to the CUSIP and ISIN numbers set forth on the face of the certificate representing such Note, to thereafter bear the “unrestricted” CUSIP and ISIN
numbers identified in such footnotes; provided, however, that if such Note is a Global Note and the Depositary thereof requires a mandatory exchange or other procedure to cause such Global Note to be identified by
“unrestricted” CUSIP and ISIN numbers in the facilities of such Depositary, then (i) the Company will effect such exchange or procedure as soon as reasonably practicable; and (ii) for purposes of
Section 3.04 and the definition of Freely Tradable, such Global Note will not be deemed to be identified by “unrestricted” CUSIP and ISIN numbers until such time as such exchange or procedure is effected. 

Section 2.13. REPLACEMENT NOTES. 

If a Holder of any Note claims that such Note has been mutilated, lost, destroyed or wrongfully taken, then the Company will issue, execute and
deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a replacement Note upon surrender to the Trustee of such mutilated Note, or upon delivery to the Trustee of evidence of such loss,
destruction or wrongful taking reasonably satisfactory to the Trustee and the Company. In the case of a lost, destroyed or wrongfully taken Note, the Company and the Trustee may require the Holder thereof to provide such security and/or indemnity
that is satisfactory to the Company and the Trustee to protect the Company and the Trustee from any loss that any of them may suffer if such Note is replaced. The Company may charge such Holder for its and the Trustee’s expenses in replacing a
Note, including, without limitation, any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including any fees and expenses of the Paying Agent and the Registrar and their respective counsels) in
connection therewith. 
 Every replacement Note issued pursuant to this Section 2.13 will be an additional
obligation of the Company and will be entitled to all of the benefits of this Indenture equally and ratably with all other Notes issued under this Indenture. 

Section 2.14. REGISTERED HOLDERS; CERTAIN RIGHTS WITH
RESPECT TO GLOBAL NOTES. 
 Only the Holder of a Note will have rights under
this Indenture as the owner of such Note. Without limiting the generality of the foregoing, Depositary Participants will have no rights as such under this Indenture with respect to any Global Note held on their behalf by the Depositary or its
nominee, or by the Trustee as its custodian, and the Company, the Trustee and the Note Agents, and their respective agents, may treat the Depositary as the absolute owner of such Global Note for all purposes whatsoever; provided,
however, that (A) the Holder of any Global Note may grant proxies and otherwise authorize any Person, including Depositary Participants and Persons that hold interests in Notes through Depositary Participants, to take any action that
such Holder is entitled to take with respect to such Global Note under this Indenture or the Notes; and (B) the Company and the Trustee, and their respective agents, may give effect to any written certification, proxy or other authorization
furnished by the Depositary. 

  
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 Section 2.15. CANCELLATION. 

The Company may at any time deliver Notes to the Trustee for cancellation. The Registrar, the Paying Agent and the Conversion Agent will
forward to the Trustee each Note duly surrendered to them for transfer, exchange, payment or conversion. The Trustee will promptly cancel all Notes so surrendered to it in accordance with its customary procedures. Without limiting the generality of
Section 2.03(B), the Company may not originally issue new Notes to replace Notes that it has paid or that have been cancelled upon transfer, exchange, payment or conversion. 

Section 2.16. NOTES HELD BY THE COMPANY OR
ITS AFFILIATES. 
 Without limiting the generality of Section 2.18, in determining
whether the Holders of the required aggregate principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company or any of its Affiliates will be disregarded and deemed not to be outstanding; provided,
however, that, for purposes of determining whether the Trustee is protected in relying on any such direction, waiver, consent or other action under this Indenture, only Notes that a Responsible Officer of the Trustee actually knows are so
owned will be so disregarded. 
 Section 2.17. TEMPORARY NOTES. 

Until definitive Notes are ready for delivery, the Company may issue, execute and deliver, and the Trustee will authenticate, in each case in
accordance with Section 2.02, temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have variations that the Company considers appropriate for temporary Notes. The Company will
promptly prepare, issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, definitive Notes in exchange for temporary Notes. Until so exchanged, each temporary Note will
in all respects be entitled to the same benefits under this Indenture as definitive Notes. 
 Section 2.18. OUTSTANDING
NOTES. 
 (A) Generally. The Notes that are outstanding at any time will be deemed to be those Notes that, at such
time, have been duly executed and authenticated, excluding those Notes (or portions thereof) that have theretofore been (i) cancelled by the Trustee or delivered to the Trustee for cancellation in accordance with
Section 2.15; (ii) assigned a principal amount of zero by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of any a Global Note representing such Note; (iii) paid in full
(including upon conversion) in accordance with this Indenture; or (iv) deemed to cease to be outstanding to the extent provided in, and subject to, clause (B), (C) or (D) of this Section 2.18.

 (B) Replaced Notes. If a Note is replaced pursuant to Section 2.13, then such Note will cease to be
outstanding at the time of its replacement, unless the Trustee and the Company receive proof reasonably satisfactory to them that such Note is held by a “bona fide purchaser” under applicable law. 

  
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 (C) Maturing Notes and Notes Called for Redemption or Subject to Repurchase. If, on a
Redemption Date, a Fundamental Change Repurchase Date or the Maturity Date, the Paying Agent holds money sufficient to pay the aggregate Redemption Price, Fundamental Change Repurchase Price or principal amount, respectively, together, in each case,
with the aggregate interest, in each case due on such date, then (unless there occurs a Default in the payment of any such amount) (i) the Notes (or portions thereof) to be redeemed or repurchased, or that mature, on such date will be deemed,
as of such date, to cease to be outstanding, except to the extent provided in Section 4.02(D), 4.03(E) or 5.02(D); and (ii) the rights of the Holders of such Notes (or such portions thereof), as such,
will terminate with respect to such Notes (or such portions thereof), other than the right to receive the Redemption Price, Fundamental Change Repurchase Price or principal amount, as applicable, of, and accrued and unpaid interest on, such Notes
(or such portions thereof), in each case as provided in this Indenture. 
 (D) Notes to Be Converted. At the Close of Business on the
Conversion Date for any Note (or any portion thereof) to be converted, such Note (or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant to
Section 5.03(B) or Section 5.02(D), upon such conversion) be deemed to cease to be outstanding, except to the extent provided in Section 5.02(D) or
Section 5.08. 
 (E) Cessation of Accrual of Interest. Except as provided in
Section 4.02(D), 4.03(E) or 5.02(D), interest will cease to accrue on each Note from, and including, the date that such Note is deemed, pursuant to this Section 2.18, to cease to be
outstanding, unless there occurs a default in the payment or delivery of any cash or other property due on such Note. 
 Section 2.19.
REPURCHASES BY THE COMPANY. 
 Without limiting the generality of
Section 2.15, the Company may, from time to time, repurchase Notes in open market purchases or in negotiated transactions without delivering prior notice to Holders. 

Any Note or share of Common Stock issued upon conversion or exchange of a Note that is repurchased or owned by any Affiliate of the Company
may not be resold by 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 Note or share of Common Stock, as the
case may be, no longer being a “restricted security” (as defined in Rule 144). 
 Section 2.20. CUSIP AND ISIN
NUMBERS. 
 Subject to Section 2.12, the Company may use one or more CUSIP or ISIN numbers to
identify any of the Notes, and, if so, the Company and the Trustee will use such CUSIP or ISIN number(s) in notices to Holders; provided, however, that (i) the Trustee makes no representation as to the correctness or accuracy of
any such CUSIP or ISIN number; and (ii) the effectiveness of any such notice will not be affected by any defect in, or omission of, any such CUSIP or ISIN number. The Company will promptly notify the Trustee of any change in the CUSIP or ISIN
number(s) identifying any Notes. 

  
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 Article 3. COVENANTS 

Section 3.01. PAYMENT ON NOTES. 

(A) Generally. The Company will pay or cause to be paid all the principal of, the Fundamental Change Repurchase Price and Redemption
Price for, interest on, and other amounts due with respect to, the Notes on the dates and in the manner set forth in this Indenture. 
 (B)
Deposit of Funds. Before 11:00 A.M., New York City time, on each Redemption Date, Fundamental Change Repurchase Date or Interest Payment Date, and on the Maturity Date or any other date on which any cash amount is due on the Notes, the
Company will deposit, or will cause there to be deposited, with the Paying Agent cash, in funds immediately available on such date, sufficient to pay the cash amount due on the applicable Notes on such date; provided, however, that to
the extent any such deposit is received by the Paying Agent after 11:00 A.M., New York City time on any Redemption Date, Fundamental Change Repurchase Date or Interest Payment Date or on the Maturity Date, such deposit will be deemed deposited on
the next Business Day. The Paying Agent will return to the Company, as soon as practicable, any money not required for such purpose. 

Section 3.02. EXCHANGE ACT REPORTS. 

(A) Generally. The Company will send to the Trustee copies of all reports that the Company is required to file with the SEC pursuant to
Section 13(a) or 15(d) of the Exchange Act within fifteen (15) calendar days after the date that the Company is required to file the same (after giving effect to all applicable grace periods under the Exchange Act); provided,
however, that the Company need not send to the Trustee any material for which the Company has received, or is seeking in good faith and has not been denied, confidential treatment by the SEC. Any report that the Company files with the SEC
through the EDGAR system (or any successor thereto) will be deemed to be sent to the Trustee at the time such report is so filed via the EDGAR system (or such successor). Upon the request of any Holder, the Trustee will provide to such Holder a copy
of any report that the Company has sent the Trustee pursuant to this Section 3.02(A), other than a report that is deemed to be sent to the Trustee pursuant to the preceding sentence. 

(B) Trustee’s Disclaimer. The Trustee need not determine whether the Company has filed any material via the EDGAR system (or such
successor). The sending or filing of reports pursuant to Section 3.02(A) will not be deemed to constitute constructive notice to the Trustee of any information contained, or determinable from information contained, therein,
including the Company’s compliance with any of its covenants under this Indenture. 
 Section 3.03. RULE 144A
INFORMATION. 
 If the Company is not subject to Section 13 or 15(d) of the Exchange Act at any time when any Notes
or shares of Common Stock issuable upon conversion of the Notes are outstanding and constitute “restricted securities” (as defined in Rule 144), then the Company (or its successor) will promptly provide, to the Trustee and, upon written
request, to any Holder, beneficial owner or prospective purchaser of such Notes or shares, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes or shares pursuant to
Rule 144A. The Company (or its successor) will take such further action as any Holder or beneficial owner of such Notes or shares may reasonably request to enable such Holder or beneficial owner to sell such Notes or shares pursuant to Rule 144A.

  
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 Section 3.04. ADDITIONAL INTEREST. 

(A) Accrual of Additional Interest. 

(i) If, at any time during the six (6) month period beginning on, and including, the date that is six (6) months
after the Last Original Issue Date of any Note, 
 (1) the Company fails to timely file any report (other than Form 8-K reports) that the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act (after giving effect to all applicable grace periods thereunder); or 

(2) such Note is not otherwise Freely Tradable, 

then Additional Interest will accrue on such Note for each day during such period on which such failure is continuing or such Note is not
Freely Tradable. 
 (ii) In addition, Additional Interest will accrue on a Note on each day on which such Note is not Freely
Tradable on or after the De-Legending Deadline Date for such Note. 
 (B) Amount and Payment of Additional Interest. Any Additional
Interest that accrues on a Note pursuant to Section 3.04(A) will be payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal to one quarter of one
percent (0.25%) of the principal amount thereof for the first ninety (90) days on which Additional Interest accrues and, thereafter, at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof; provided,
however, that in no event will Additional Interest that may accrue as a result of the Company’s failure to timely file any report (other than Form 8-K reports) that the Company is required to file
with the SEC pursuant to Section 13 or 15(d) of the Exchange Act (after giving effect to all applicable grace periods thereunder), pursuant to this Section 3.04, together with any Special Interest that is payable at
the Company’s election pursuant to Section 7.03 as the sole remedy for any Reporting Event of Default, accrue on any day on a Note at a combined rate per annum that exceeds one half of one percent (0.50%). For the
avoidance of doubt, any Additional Interest that accrues on a Note will be in addition to the Stated Interest that accrues on such Note and, subject to the proviso of the immediately preceding sentence, in addition to any Special Interest that
accrues on such Note. 
 (C) Notice of Accrual of Additional Interest; Trustee’s Disclaimer. The Company will send notice to the
Holder of each Note, and to the Trustee, of the commencement and termination of any period in which Additional Interest accrues on such Note. In addition, if Additional Interest accrues on any Note, then, no later than five (5) Business Days
before each date on which such Additional Interest is to be paid, the Company will deliver an Officer’s Certificate to the Trustee and the Paying Agent stating (i) that the Company is obligated to pay Additional Interest on such Note on
such date of payment; and (ii) the amount of such Additional Interest that is payable on such date of payment. The Trustee will have no duty to determine whether any Additional Interest is payable or the amount thereof. 

  
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 (D) Exclusive Remedy. The accrual of Additional Interest will be the exclusive remedy
available to Holders for the failure of their Notes to become Freely Tradable. 
 Section 3.05. COMPLIANCE AND
DEFAULT CERTIFICATES. 
 (A) Annual Compliance Certificate. Within one hundred and twenty
(120) days after December 31, 2020 and each fiscal year of the Company ending thereafter, the Company will deliver an Officer’s Certificate to the Trustee stating (i) that the signatory thereto has supervised a review of the
activities of the Company and its Subsidiaries during such fiscal year with a view towards determining whether any Default or Event of Default has occurred; and (ii) whether, to such signatory’s knowledge, a Default or Event of Default has
occurred or is continuing (and, if so, describing all such Defaults or Events of Default and what action the Company is taking or proposes to take with respect thereto). 

(B) Default Certificate. If a Default or Event of Default occurs, then the Company will, within thirty (30) days after its first
occurrence, deliver an Officer’s Certificate to the Trustee describing the same and what action the Company is taking or proposes to take with respect thereto. 

Section 3.06. STAY, EXTENSION AND USURY LAWS. 

To the extent that it may lawfully do so, the Company (A) agrees that it will not at any time insist upon, plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay, extension or usury law (wherever or whenever enacted or in force) that may affect the covenants or the performance of this Indenture; and (B) expressly waives all benefits or
advantages of any such law and agrees that it will not, by resort to any such law, hinder, delay or impede the execution of any power granted to the Trustee by this Indenture, but will suffer and permit the execution of every such power as though no
such law has been enacted. 
 Section 3.07. ACQUISITION OF NOTES BY THE
COMPANY AND ITS AFFILIATES. 
 Without limiting the generality of
Section 2.18, Notes that the Company or any of its Subsidiaries have purchased or otherwise acquired will be deemed to remain outstanding (except to the extent provided in Section 2.16) until such
time as such Notes are delivered to the Corporate Trust Office of the Trustee for cancellation. 
 Article 4. REPURCHASE AND REDEMPTION

 Section 4.01. NO SINKING FUND. 

No sinking fund is required to be provided for the Notes. 

  
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 Section 4.02. RIGHT OF HOLDERS TO
REQUIRE THE COMPANY TO REPURCHASE NOTES UPON A FUNDAMENTAL CHANGE. 

(A) Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change. Subject to the other terms of this
Section 4.02, if a Fundamental Change occurs, then each Holder will have the right (the “Fundamental Change Repurchase Right”) to require the Company to repurchase such Holder’s Notes (or any portion
thereof in an Authorized Denomination) on the Fundamental Change Repurchase Date for such Fundamental Change for a cash purchase price equal to the Fundamental Change Repurchase Price. 

(B) Repurchase Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such acceleration has
not been rescinded on or before the Fundamental Change Repurchase Date for a Repurchase Upon Fundamental Change (including as a result of the payment of the related Fundamental Change Repurchase Price, and any related interest pursuant to the
proviso to Section 4.02(D), on such Fundamental Change Repurchase Date), then (i) the Company may not repurchase any Notes pursuant to this Section 4.02; and (ii) the Company will cause
any Notes theretofore surrendered for such Repurchase Upon Fundamental Change to be returned to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to the Company, the Trustee or the
Paying Agent of the applicable beneficial interest in such Notes in accordance with the Depositary Procedures). 
 (C) Fundamental Change
Repurchase Date. The Fundamental Change Repurchase Date for any Fundamental Change will be a Business Day of the Company’s choosing that is no more than thirty five (35), nor less than twenty (20), Business Days after the date the Company
sends the related Fundamental Change Notice pursuant to Section 4.02(E). 
 (D) Fundamental Change Repurchase
Price. The Fundamental Change Repurchase Price for any Note to be repurchased upon a Repurchase Upon Fundamental Change following a Fundamental Change is an amount in cash equal to the principal amount of such Note plus accrued and unpaid
interest on such Note to, but excluding, the Fundamental Change Repurchase Date for such Fundamental Change; provided, however, that if such Fundamental Change Repurchase Date is after a Regular Record Date and on or before the next
Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such Repurchase Upon Fundamental Change, to receive, on or, at the Company’s election, before
such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date, if such
Fundamental Change Repurchase Date is before such Interest Payment Date); and (ii) the Fundamental Change Repurchase Price will not include accrued and unpaid interest on such Note to, but excluding, such Fundamental Change Repurchase Date. For
the avoidance of doubt, if an Interest Payment Date is not a Business Day within the meaning of Section 2.05(C) and such Fundamental Change Repurchase Date occurs on the Business Day immediately after such Interest Payment
Date, then (x) accrued and unpaid interest on Notes to, but excluding, such Interest Payment Date will be paid, in accordance with Section 2.05(C), on the next Business Day to Holders as of the Close of Business on the
immediately preceding Regular Record Date; and (y) the Fundamental Change Repurchase Price will include interest on Notes to be repurchased from, and including, such Interest Payment Date. 

  
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 (E) Fundamental Change Notice. On or before the twentieth (20th) calendar day after
the effective date of a Fundamental Change, the Company will send to each Holder, the Trustee and the Paying Agent a notice of such Fundamental Change (a “Fundamental Change Notice”). 

Such Fundamental Change Notice must state: 

(i) briefly, the events causing such Fundamental Change; 

(ii) the effective date of such Fundamental Change; 

(iii) the procedures that a Holder must follow to require the Company to repurchase its Notes pursuant to this
Section 4.02, including the deadline for exercising the Fundamental Change Repurchase Right and the procedures for submitting and withdrawing a Fundamental Change Repurchase Notice; 

(iv) the Fundamental Change Repurchase Date for such Fundamental Change; 

(v) the Fundamental Change Repurchase Price per $1,000 principal amount of Notes for such Fundamental Change (and, if such
Fundamental Change Repurchase Date is after a Regular Record Date and on or before the next Interest Payment Date, the amount, manner and timing of the interest payment payable pursuant to the proviso to Section 4.02(D));

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

(vii) the Conversion Rate in effect on the date of such Fundamental Change Notice and a description and quantification of any
adjustments to the Conversion Rate that may result from such Fundamental Change (including pursuant to Section 5.07); 

(viii) that Notes for which a Fundamental Change Repurchase Notice has been duly tendered and not duly withdrawn must be
delivered to the Paying Agent for the Holder thereof to be entitled to receive the Fundamental Change Repurchase Price; 

(ix) that Notes (or any portion thereof) that are subject to a Fundamental Change Repurchase Notice that has been duly tendered
may be converted only if such Fundamental Change Repurchase Notice is withdrawn in accordance with this Indenture; and 
 (x)
the CUSIP and ISIN numbers, if any, of the Notes. 
 Neither the failure to deliver a Fundamental Change Notice nor any defect in a
Fundamental Change Notice will limit the Fundamental Change Repurchase Right of any Holder or otherwise affect the validity of any proceedings relating to any Repurchase Upon Fundamental Change. 

  
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 (F) Procedures to Exercise the Fundamental Change Repurchase Right. 

(i) Delivery of Fundamental Change Repurchase Notice and Notes to Be Repurchased. To exercise its Fundamental Change
Repurchase Right for a Note following a Fundamental Change, the Holder thereof must deliver to the Corporate Trust Office of the Paying Agent: 

(1) before the Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date (or such
later time as may be required by law), a duly completed, written Fundamental Change Repurchase Notice with respect to such Note; and 

(2) such Note, duly endorsed for transfer (if such Note is a Physical Note) or by book-entry transfer (if such Note is a Global
Note). 
 The Paying Agent will promptly deliver to the Company a copy of each Fundamental Change Repurchase Notice that it receives. 

(ii) Contents of Fundamental Change Repurchase Notices. Each Fundamental Change Repurchase Notice with respect to a Note
must state: 
 (1) if such Note is a Physical Note, the certificate number of such Note; 

(2) the principal amount of such Note to be repurchased, which must be an Authorized Denomination; and 

(3) that such Holder is exercising its Fundamental Change Repurchase Right with respect to such principal amount of such Note;

 provided, however, that if such Note is a Global Note, then such Fundamental Change Repurchase Notice must comply with the
Depositary Procedures (and any such Fundamental Change Repurchase Notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.02(F)). 

(iii) Withdrawal of Fundamental Change Repurchase Notice. A Holder that has delivered a Fundamental Change Repurchase
Notice with respect to a Note may withdraw such Fundamental Change Repurchase Notice by delivering a written notice of withdrawal to the Corporate Trust Office of the Paying Agent at any time before the Close of Business on the Business Day
immediately before the related Fundamental Change Repurchase Date. Such withdrawal notice must state: 
 (1) if such Note is
a Physical Note, the certificate number of such Note; 
 (2) the principal amount of such Note to be withdrawn, which must be
an Authorized Denomination; and 
 (3) the principal amount of such Note, if any, that remains subject to such Fundamental
Change Repurchase Notice, which must be an Authorized Denomination; 

  
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 provided, however, that if such Note is a Global Note, then such withdrawal
notice must comply with the Depositary Procedures (and any such withdrawal notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.02(F)). 

Upon receipt of any such withdrawal notice with respect to a Note (or any portion thereof), the Paying Agent will (x) promptly deliver a
copy of such withdrawal notice to the Company; and (y) if such Note is surrendered to the Paying Agent, cause such Note (or such portion thereof in accordance with Section 2.11, treating such Note as having been then
surrendered for partial repurchase in the amount set forth in such withdrawal notice as remaining subject to repurchase) to be returned to the Holder thereof (or, if applicable with respect to any Global Note, cancel any instructions for book-entry
transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interest in such Note in accordance with the Depositary Procedures). 

(G) Payment of the Fundamental Change Repurchase Price. Without limiting the Company’s obligation to deposit the Fundamental Change
Repurchase Price within the time proscribed by Section 3.01(B), the Company will cause the Fundamental Change Repurchase Price for a Note (or portion thereof) to be repurchased pursuant to a Repurchase Upon Fundamental
Change to be paid to the Holder thereof on or before the later of (i) the applicable Fundamental Change Repurchase Date; and (ii) the date (x) such Note is delivered to the Paying Agent (in the case of a Physical Note) or (y) the
Depositary Procedures relating to the repurchase, and the delivery to the Paying Agent, of such Holder’s beneficial interest in such Note to be repurchased are complied with (in the case of a Global Note). For the avoidance of doubt, interest
payable pursuant to the proviso to Section 4.02(D) on any Note to be repurchased pursuant to a Repurchase Upon Fundamental Change must be paid pursuant to such proviso regardless of whether such Note is delivered or such
Depositary Procedures are complied with pursuant to the first sentence of this Section 4.02(G). 
 (H)
Notwithstanding anything to the contrary in this Section 4.02, the Company will be deemed to satisfy its obligations under this Section 4.02 if (i) one or more third parties conduct any
Repurchase Upon Fundamental Change and related offer to repurchase Notes otherwise required by this Section 4.02 in a manner that would have satisfied the requirements of this Section 4.02 if
conducted directly by the Company; and (ii) an owner of a beneficial interest in any Note repurchased by such third party or parties will not receive a lesser amount (as a result of taxes, additional expenses or for any other reason) than such
owner would have received had the Company repurchased such Note. 
 (I) No Requirement to Conduct an Offer to Repurchase Notes if the
Fundamental Change Results in the Notes Becoming Convertible into an Amount of Cash Exceeding the Fundamental Change Repurchase Price. Notwithstanding anything to the contrary in this Section 4.02, the Company will not
be required to send a Fundamental Change Notice pursuant to Section 4.02(E), or offer to repurchase or repurchase any Notes pursuant to this Section 4.02, in connection with a Fundamental Change
occurring pursuant to clause (B)(ii) (or pursuant to clause (A) that also constitutes a Fundamental Change occurring pursuant to clause (B)(ii)) of 

  
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the definition thereof, if (i) such Fundamental Change constitutes a Common Stock Change Event whose Reference Property consists entirely of cash in U.S. dollars; (ii) immediately after
such Fundamental Change, the Notes become convertible, pursuant to Section 5.09(A) and, if applicable, Section 5.07, into consideration that consists solely of U.S. dollars in an amount per $1,000
aggregate principal amount of Notes that equals or exceeds the Fundamental Change Repurchase Price per $1,000 aggregate principal amount of Notes (calculated assuming that the same includes accrued and unpaid interest to, but excluding, the latest
possible Fundamental Change Repurchase Date for such Fundamental Change); and (iii) the Company timely sends the notice relating to such Fundamental Change required pursuant to Section 5.01(C)(i)(3)(b) and includes, in
such notice, a statement that the Company is relying on this Section 4.02(I). 
 (J) Compliance with Applicable
Securities Laws. To the extent applicable, the Company will comply, in all material respects, with all federal and state securities laws in connection with a Repurchase Upon Fundamental Change (including complying with Rules 13e-4 and 14e-1 under the Exchange Act and filing any required Schedule TO, to the extent applicable) so as to permit effecting such Repurchase Upon Fundamental Change in the
manner set forth in this Indenture; provided, however, that, to the extent that the Company’s obligations pursuant to this Section 4.02 conflict with any law or regulation that is applicable to the
Company and enacted after the Issue Date, the Company’s compliance with such law or regulation will not be considered to be a Default of such obligations. 

(K) Repurchase in Part. Subject to the terms of this Section 4.02, Notes may be repurchased pursuant to a
Repurchase Upon Fundamental Change in part, but only in Authorized Denominations. Provisions of this Section 4.02 applying to the repurchase of a Note in whole will equally apply to the repurchase of a permitted portion of
a Note. 
 Section 4.03. RIGHT OF THE COMPANY TO REDEEM
THE NOTES. 
 (A) No Right to Redeem Before October 7, 2024. The Company may not
redeem the Notes at its option at any time before October 7, 2024. 
 (B) Right to Redeem the Notes on or After
October 7, 2024. Subject to the terms of this Section 4.03, the Company has the right, at its election, to redeem all, or any portion (subject to Section 4.03(I)) in an
Authorized Denomination, of the Notes, at any time, and from time to time, on a Redemption Date on or after October 7, 2024 and on or before the fortieth (40th) Scheduled Trading Day immediately before the Maturity Date, for a cash purchase
price equal to the Redemption Price, but only if the Last Reported Sale Price per share of Common Stock exceeds one hundred and thirty percent (130%) of the Conversion Price on (i) each of at least twenty (20) Trading Days (whether or not
consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the Trading Day immediately before the Redemption Notice Date for such Redemption; and (ii) the Trading Day immediately before such Redemption Notice
Date. In addition, the calling of any Note for Redemption will constitute a Make-Whole Fundamental Change with respect to such Note pursuant to clause (B) of the definition thereof. If the Company elects to redeem less than all of the
outstanding Notes, then such Redemption will not constitute a Make-Whole Fundamental Change with respect to the Notes not called for Redemption, and Holders of the Notes not called for Redemption will not be entitled to an increased Conversion Rate
for such Notes as described in this Section 4.03 on account of the Redemption, except to the limited extent described in Section 4.03(I). 

  
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 (C) Redemption Prohibited in Certain Circumstances. If the principal amount of the
Notes has been accelerated and such acceleration has not been rescinded on or before the Redemption Date (including as a result of the payment of the related Redemption Price, and any related interest pursuant to the proviso to
Section 4.03(E), on such Redemption Date), then (i) the Company may not call for Redemption or otherwise redeem any Notes pursuant to this Section 4.03; and (ii) the Company will cause
any Notes theretofore surrendered for such Redemption to be returned to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the
applicable beneficial interests in such Notes in accordance with the Depositary Procedures). 
 (D) Redemption Date. The Redemption
Date for any Redemption will be a Business Day of the Company’s choosing that is no more than sixty five (65), nor less than forty five (45), Scheduled Trading Days after the Redemption Notice Date for such Redemption; provided,
however, that if, in accordance with Section 5.03(A)(i)(3), the Company has elected to settle all conversions of Notes with a Conversion Date that occurs on or after such Redemption Notice Date and on
or before the second (2nd) Business Day immediately before the Redemption Date by Physical Settlement, then the Company may instead elect to choose a Redemption Date that is a Business Day no more than sixty (60), nor less than thirty (30), calendar
days after such Redemption Notice Date. 
 (E) Redemption Price. The Redemption Price for any Note called for Redemption shall be an
amount in cash equal to the principal amount of such Note plus accrued and unpaid interest on such Note to, but excluding, the Redemption Date for such Redemption; provided, however, that if such Redemption Date is after a Regular
Record Date and on or before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such Redemption, to receive, on or, at the Company’s
election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest
Payment Date, if such Redemption Date is before such Interest Payment Date); and (ii) the Redemption Price will not include accrued and unpaid interest on such Note to, but excluding, such Redemption Date. For the avoidance of doubt, if an
Interest Payment Date is not a Business Day within the meaning of Section 2.05(C) and such Redemption Date occurs on the Business Day immediately after such Interest Payment Date, then (x) accrued and unpaid interest
on Notes to, but excluding, such Interest Payment Date will be paid, in accordance with Section 2.05(C), on the next Business Day to Holders as of the Close of Business on the immediately preceding Regular Record Date; and
(y) the Redemption Price will include interest on Notes to be redeemed from, and including, such Interest Payment Date. 
 (F)
Redemption Notice. To call any Notes for Redemption, the Company must send to each Holder of such Notes, the Trustee and the Paying Agent a written notice of such Redemption (a “Redemption Notice”). 

  
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 Such Redemption Notice must state: 

(i) that such Notes have been called for Redemption, briefly describing the Company’s Redemption right under this
Indenture; 
 (ii) the Redemption Date for such Redemption; 

(iii) the Redemption Price per $1,000 principal amount of Notes for such Redemption (and, if the Redemption Date is after a
Regular Record Date and on or before the next Interest Payment Date, the amount, manner and timing of the interest payment payable pursuant to the proviso to Section 4.03(E)); 

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

(v) that Notes called for Redemption may be converted at any time before the Close of Business on the second (2nd) Business Day
immediately before the Redemption Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, at any time until such time as the Company pays such Redemption Price in full); 

(vi) the Conversion Rate in effect on the Redemption Notice Date for such Redemption and a description and quantification of
any adjustments to the Conversion Rate that may result from such Redemption (including pursuant to Section 5.07); 

(vii) the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after such
Redemption Notice Date and on or before the second (2nd) Business Day before such Redemption Date; and 
 (viii) the CUSIP
and ISIN numbers, if any, of the Notes. 
 On or before the Redemption Notice Date, the Company will send a copy of such Redemption Notice to
the Trustee and the Paying Agent. 
 (G) Selection and Conversion of Notes to Be Redeemed in Part. If less than all Notes then
outstanding are called for Redemption, then: 
 (i) the Notes to be redeemed will be selected by the Company as follows:
(1) in the case of Global Notes, in accordance with the Depositary Procedures; and (2) in the case of Physical Notes, pro rata, by lot or by such other method the Company considers fair and appropriate; and 

(ii) if only a portion of a Note is subject to Redemption and such Note is converted in part, then the converted portion of
such Note will be deemed to be from the portion of such Note that was subject to Redemption. 
 (H) Payment of the Redemption Price.
Without limiting the Company’s obligation to deposit the Redemption Price by the time proscribed by Section 3.01(B), the Company will cause the Redemption Price for a Note (or portion thereof) subject to Redemption to
be paid to the Holder thereof on or before the applicable Redemption Date. For the avoidance of doubt, interest payable pursuant to the proviso to Section 4.03(E) on any Note (or portion thereof) subject to Redemption must
be paid pursuant to such proviso. 

  
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 (I) Special Provisions for Partial Calls. If the Company elects to redeem less than
all of the outstanding Notes, at least fifty million ($50,000,000) aggregate principal amount of Notes must be outstanding and not subject to Redemption as of the relevant Redemption Notice Date. In addition, if the Company elects to redeem less
than all of the outstanding Notes pursuant to this Section 4.03, and the Holder of any Note, or any owner of a beneficial interest in any Global Note, is reasonably not able to determine, before the Close of Business on the
forty second (42nd) Scheduled Trading Day (or, if, in accordance with Section 5.03(A)(i)(3), the Company has elected to settle all conversions of Notes with a Conversion Date that occurs on or after the Redemption Notice
Date for such Redemption and on or before the second (2nd) Business Day immediately before the Redemption Date by Physical Settlement, the tenth (10th) calendar day) immediately before the Redemption Date for such Redemption, whether such Note or
beneficial interest, as applicable, is to be redeemed pursuant to such Redemption, then such Holder or owner, as applicable, will be entitled to convert such Note or beneficial interest, as applicable, at any time before the Close of Business on the
second (2nd) Business Day immediately before such Redemption Date, and each such conversion will be deemed to be of a Note called for Redemption for purposes of this Section 4.03 and Sections 5.01(C)(i)(4) and
5.07. 
 Article 5. CONVERSION 

Section 5.01. RIGHT TO CONVERT. 

(A) Generally. Subject to the provisions of this Article 5, each Holder may, at its option, convert such Holder’s Notes into
Conversion Consideration. 
 (B) Conversions in Part. Subject to the terms of this Indenture, Notes may be converted in part, but only
in Authorized Denominations. Provisions of this Article 5 applying to the conversion of a Note in whole will equally apply to conversions of a permitted portion of a Note. 

(C) When Notes May Be Converted. 

(i) Generally. Subject to Section 5.01(C)(ii), a Note may be converted only in the following
circumstances: 
 (1) Conversion upon Satisfaction of Common Stock Sale Price Condition. A Holder may convert its
Notes during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on December 31, 2020, if the Last Reported Sale Price per share of Common Stock exceeds one hundred and thirty percent (130%)
of the Conversion Price for each of at least twenty (20) Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar
quarter. 

  
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 (2) Conversion upon Satisfaction of Note Trading Price Condition. A
Holder may convert its Notes during the five (5) consecutive Business Days immediately after any ten (10) consecutive Trading Day period (such ten (10) consecutive Trading Day period, the “Measurement Period”) if the
Trading Price per $1,000 principal amount of Notes, as determined following a request by a Holder in accordance with the procedures set forth below, for each Trading Day of the Measurement Period was less than ninety eight percent (98%) of the
product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day. The condition set forth in the preceding sentence is referred to in this Indenture as the “Trading Price
Condition.” 
 The Trading Price will be determined by the Bid Solicitation Agent pursuant to this
Section 5.01(C)(i)(2) and the definition of “Trading Price.” The Bid Solicitation Agent (if not the Company) will have no obligation to determine the Trading Price of the Notes unless the Company has requested
such determination in writing, and the Company will have no obligation to make such request (or seek bids itself) unless a Holder provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes would be less
than ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock and the Conversion Rate. If a Holder provides such evidence, then the Company will (if acting as Bid Solicitation Agent), or will instruct the
Bid Solicitation Agent to, determine the Trading Price of the Notes beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Notes is greater than or equal to ninety eight percent
(98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day. If the Trading Price Condition has been met as set forth above, then the Company will notify the Holders,
the Trustee and the Conversion Agent of the same. If, on any Trading Day after the Trading Price Condition has been met as set forth above, the Trading Price per $1,000 principal amount of Notes is greater than or equal to ninety eight percent (98%)
of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day, then the Company will notify the Holders, the Trustee and the Conversion Agent of the same. 

(3) Conversion upon Specified Corporate Events. 

(a) Certain Distributions. If, before July 1, 2027, the Company elects to: 

(I) distribute, to all or substantially all holders of Common Stock, any rights, options or warrants (other than rights issued
pursuant to a stockholder rights plan, so long as such rights have not separated from the Common Stock and are not exercisable until the occurrence of a triggering event, except that such rights will be deemed to be distributed under this clause
(I) upon their separation from the Common Stock or upon the occurrence of such triggering event) entitling them, for a period of 

  
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not more than sixty (60) calendar days after the record date of such distribution, to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of
the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced (determined in the manner set forth in the
third paragraph of Section 5.05(A)(ii)); or 
 (II) distribute, to all or substantially all
holders of Common Stock, assets or securities of the Company or rights to purchase the Company’s securities, which distribution per share of Common Stock has a value, as reasonably determined by the Board of Directors, exceeding ten percent
(10%) of the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before the date such distribution is announced, 

then, in either case, (x) the Company will send notice of such distribution, and of the related right to convert Notes, to Holders, the
Trustee and the Conversion Agent at least forty five (45) Scheduled Trading Days before the Ex-Dividend Date for such distribution (or, if later in the case of any such separation of rights issued
pursuant to a stockholder rights plan or the occurrence of any such triggering event under a stockholder rights plan, as soon as reasonably practicable after the Company becomes aware that such separation or triggering event has occurred or will
occur); and (y) once the Company has sent such notice, Holders may convert their Notes at any time until the earlier of the Close of Business on the Business Day immediately before such Ex-Dividend Date
and the Company’s announcement that such distribution will not take place; provided, however, that the Notes will not become convertible pursuant to clause (y) above (but the Company will be required to send notice of such
distribution pursuant to clause (x) above) on account of such distribution if each Holder participates, at the same time and on the same terms as holders of Common Stock, and solely by virtue of being a Holder, in such distribution without
having to convert such Holder’s Notes and as if such Holder held a number of shares of Common Stock equal to the product of (i) the Conversion Rate in effect on the record date for such distribution; and (ii) the aggregate principal
amount (expressed in thousands) of Notes held by such Holder on such record date; provided, further, that if the Company is then otherwise permitted to settle conversions of Notes by Physical Settlement (and, for the avoidance of
doubt, the Company has not elected (or been deemed to have elected) another Settlement Method to apply, including pursuant to Section 5.03(A)(i)(1)), then the Company may instead elect to provide such notice at least ten
(10) Scheduled Trading Days before such Ex-Dividend Date, in which case (x) the Company must settle all conversions of Notes with a Conversion Date occurring on or after the date the Company provides
such notice and on or before the Business Day immediately before the Ex-Dividend Date for such distribution (or any earlier announcement by the Company that such distribution will not take place) by Physical
Settlement; and (y) such notice must state that all such conversions will be settled by Physical Settlement. 

  
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 (b) Certain Corporate Events. If a Fundamental Change, Make-Whole
Fundamental Change (other than a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof) or Common Stock Change Event occurs (other than a merger or other business combination transaction that is effected solely
to change the Company’s jurisdiction of incorporation and that does not constitute a Fundamental Change or a Make-Whole Fundamental Change), then, in each case, Holders may convert their Notes at any time from, and including, the effective date
of such transaction or event to, and including, the thirty fifth (35th) Trading Day after such effective date (or, if such transaction or event also constitutes a Fundamental Change (other than an Exempted Fundamental Change), to, but excluding, the
related Fundamental Change Repurchase Date); provided, however, that if the Company does not provide the notice referred to in the immediately following sentence by such effective date, then the last day on which the Notes are
convertible pursuant to this sentence will be extended by the number of Business Days from, and including, such effective date to, but excluding, the date the Company provides such notice. No later than the Business Day after such effective date,
the Company will send notice to the Holders, the Trustee and the Conversion Agent of such transaction or event, such effective date and the related right to convert Notes. 

(4) Conversion upon Redemption. If the Company calls any or all Notes for Redemption, then the Holder of any Note may
convert such Note at any time before the Close of Business on the second (2nd) Business Day immediately before the related Redemption Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, at any time until
such time as the Company pays such Redemption Price in full). 
 (5) Conversions During Free Convertibility Period. A
Holder may convert its Notes at any time from, and including, July 1, 2027 until the Close of Business on the second (2nd) Scheduled Trading Day immediately before the Maturity Date. 

For the avoidance of doubt, the Notes may become convertible pursuant to any one or more of the preceding
sub-paragraphs of this Section 5.01(C)(i) and the Notes ceasing to be convertible pursuant to a particular sub-paragraph of this
Section 5.01(C)(i) will not preclude the Notes from being convertible pursuant to any other sub-paragraph of this Section 5.01(C)(i). 

  
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 (ii) Limitations and Closed Periods. Notwithstanding anything to the
contrary in this Indenture or the Notes: 
 (1) Notes may be surrendered for conversion only after the Open of Business and
before the Close of Business on a day that is a Business Day; 
 (2) in no event may any Note be converted after the Close of
Business on the second (2nd) Scheduled Trading Day immediately before the Maturity Date; 
 (3) if the Company calls any Note
for Redemption pursuant to Section 4.03, then the Holder of such Note may not convert such Note after the Close of Business on the second (2nd) Business Day immediately before the applicable Redemption Date, except to the
extent the Company fails to pay the Redemption Price for such Note in accordance with this Indenture; and 
 (4) if a
Fundamental Change Repurchase Notice is validly delivered pursuant to Section 4.02(F) with respect to any Note, then such Note may not be converted, except to the extent (a) such Note is not subject to such notice;
(b) such notice is withdrawn in accordance with Section 4.02(F); or (c) the Company fails to pay the Fundamental Change Repurchase Price for such Note in accordance with this Indenture. 

Section 5.02. CONVERSION PROCEDURES. 

(A) Generally. 

(i) Global Notes. To convert a beneficial interest in a Global Note that is convertible pursuant to
Section 5.01(C), the owner of such beneficial interest must (1) comply with the Depositary Procedures for converting such beneficial interest (at which time such conversion will become irrevocable); and (2) pay
any amounts due pursuant to Section 5.02(D) or Section 5.02(E). 
 (ii)
Physical Notes. To convert all or a portion of a Physical Note that is convertible pursuant to Section 5.01(C), the Holder of such Note must (1) complete, manually sign and deliver to the Conversion Agent the
conversion notice attached to such Physical Note or a facsimile of such conversion notice; (2) deliver such Physical Note to the Conversion Agent (at which time such conversion will become irrevocable); (3) furnish any endorsements and transfer
documents that the Company or the Conversion Agent may require; and (4) pay any amounts due pursuant to Section 5.02(D) or Section 5.02(E). 

(B) Effect of Converting a Note. At the Close of Business on the Conversion Date for a Note (or any portion thereof) to be converted,
such Note (or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant to Section 5.03(B) or 5.02(D), upon such conversion) be deemed to cease to be
outstanding (and, for the avoidance of doubt, no Person will be deemed to be a Holder of such Note (or such portion thereof) as of the Close of Business on such Conversion Date), except to the extent provided in
Section 5.02(D). 

  
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 (C) Holder of Record of Conversion Shares. The Person in whose name any share of
Common Stock is issuable upon conversion of any Note will be deemed to become the holder of record of such share as of the Close of Business on (i) the Conversion Date for such conversion, in the case of Physical Settlement; or (ii) the
last VWAP Trading Day of the Observation Period for such conversion, in the case of Combination Settlement. 
 (D) Interest Payable upon
Conversion in Certain Circumstances. If the Conversion Date of a Note is after a Regular Record Date and before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be
entitled, notwithstanding such conversion (and, for the avoidance of doubt, notwithstanding anything set forth in the proviso to this sentence), to receive, on or, at the Company’s election, before such Interest Payment Date, the unpaid
interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date); and (ii) the Holder surrendering such
Note for conversion must deliver to the Conversion Agent, at the time of such surrender, an amount of cash equal to the amount of such interest referred to in clause (i) above; provided, however, that the Holder surrendering such
Note for conversion need not deliver such cash (v) if the Company has specified a Redemption Date that is after such Regular Record Date and on or before the second (2nd) Business Day immediately after such Interest Payment Date; (w) if
such Conversion Date occurs after the Regular Record Date immediately before the Maturity Date; (x) if the Company has specified a Fundamental Change Repurchase Date that is after such Regular Record Date and on or before the Business Day
immediately after such Interest Payment Date; or (y) to the extent of any overdue interest or interest that has accrued on any overdue interest. For the avoidance of doubt, as a result of, and without limiting the generality of, the foregoing,
if a Note is converted with a Conversion Date that is after the Regular Record Date immediately before the Maturity Date, then the Company will pay, as provided above, the interest that would have accrued on such Note to, but excluding, the Maturity
Date. For the avoidance of doubt, if the Conversion Date of a Note to be converted is on an Interest Payment Date, then the Holder of such Note at the Close of Business on the Regular Record Date immediately before such Interest Payment Date will be
entitled to receive, on such Interest Payment Date, the unpaid interest that has accrued on such Note to, but excluding, such Interest Payment Date, and such Note, when surrendered for conversion, need not be accompanied by any cash amount pursuant
to the first sentence of this Section 5.02(D). 
 (E) Taxes and Duties. If a Holder converts a Note, the
Company will pay any documentary, stamp or similar issue or transfer tax or duty due on the issue or delivery of any shares of Common Stock upon such conversion; provided, however, that if any tax or duty is due because such Holder
requested such shares to be registered in a name other than such Holder’s name, then such Holder will pay such tax or duty and, until having received a sum sufficient to pay such tax or duty, the Conversion Agent may refuse to deliver any such
shares to be issued in a name other than that of such Holder. 
 (F) Conversion Agent to Notify Company of Conversions. If any Note is
submitted for conversion to the Conversion Agent or the Conversion Agent receives any written notice of conversion with respect to a Note, then the Conversion Agent will promptly (and, in any event, no later than the Business Day following the date
the Conversion Agent receives such Note or notice) notify the Company and the Trustee of such occurrence, together with any other information reasonably requested by the Company, and will cooperate with the Company to determine the Conversion Date
for such Note. 

  
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 Section 5.03. SETTLEMENT UPON CONVERSION. 

(A) Settlement Method. Upon the conversion of any Note, the Company will settle such conversion by paying or delivering, as applicable
and as provided in this Article 5, either (x) shares of Common Stock, together, if applicable, with cash in lieu of fractional shares as provided in Section 5.03(B)(i)(1) (a “Physical
Settlement”); (y) solely cash as provided in Section 5.03(B)(i)(2) (a “Cash Settlement”); or (z) a combination of cash and shares of Common Stock, together, if applicable, with
cash in lieu of fractional shares as provided in Section 5.03(B)(i)(3) (a “Combination Settlement”). 

(i) The Company’s Right to Elect Settlement Method. The Company will have the right to elect the
Settlement Method applicable to any conversion of a Note; provided, however, that: 
 (1) subject to clause
(3) below, all conversions of Notes with a Conversion Date that occurs on or after July 1, 2027 will be settled using the same Settlement Method, and the Company will send notice of such Settlement Method to Holders, the Trustee and
the Conversion Agent no later than the Open of Business on July 1, 2027; 
 (2) subject to clause (3) below,
if the Company elects a Settlement Method with respect to the conversion of any Note whose Conversion Date occurs before July 1, 2027, then the Company will send notice of such Settlement Method to the Holder of such Note, the Trustee and the
Conversion Agent no later than the Close of Business on the Business Day immediately after such Conversion Date; 
 (3) if
any Notes are called for Redemption, then (1) the Company will specify, in the related Redemption Notice (and, in the case of a Redemption of less than all outstanding Notes, in a notice simultaneously sent to all Holders of Notes not called
for Redemption) sent pursuant to Section 4.03(F), the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after the related Redemption Notice Date and on or before the
second (2nd) Business Day before the related Redemption Date; and (2) if such Redemption Date occurs on or after July 1, 2027, then such Settlement Method must be the same Settlement Method that, pursuant to clause (1) above,
applies to all conversions of Notes with a Conversion Date that occurs on or after July 1, 2027; 
 (4) the Company will
use the same Settlement Method for all conversions of Notes with the same Conversion Date (and, for the avoidance of doubt, the Company will not be obligated to use the same Settlement Method with respect to conversions of Notes with different
Conversion Dates, except as provided in clause (1) or (3) above); 

  
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 (5) if the Company does not timely elect a Settlement Method with respect to
the conversion of a Note, then the Company will be deemed to have elected the Default Settlement Method (and, for the avoidance of doubt, the failure to timely make such election will not constitute a Default or Event of Default); 

(6) if the Company timely elects Combination Settlement with respect to the conversion of a Note but does not timely notify the
Holder of such Note of the applicable Specified Dollar Amount, then the Specified Dollar Amount for such conversion will be deemed to be $1,000 per $1,000 principal amount of Notes (and, for the avoidance of doubt, the failure to timely send such
notification will not constitute a Default or Event of Default); and 
 (7) the Settlement Method will be subject to
Sections 4.03(D), 5.09(A)(2) and 5.01(C)(i)(3)(a). 
 (ii) The
Company’s Right to Irrevocably Fix the Settlement Method. The Company will have the right, exercisable at its election by sending notice of such exercise to the Holders (with a copy to the Trustee and the Conversion Agent), to
irrevocably fix the Settlement Method to any Settlement Method the Company is then permitted to elect, including Combination Settlement with a Specified Dollar Amount per $1,000 principal amount of Notes of $1,000 or with an ability to continue to
set the Specified Dollar Amount per $1,000 principal amount of Notes at or above a specific amount set forth in such election notice. In addition, if the Company changes the Default Settlement Method or irrevocably elects to fix the Settlement
Method, in either case, to Combination Settlement with an ability to continue to set the Specified Dollar Amount per $1,000 principal amount of Notes at or above a specific amount, the Company will, after the date of such election, inform Holders
converting their Notes through the Trustee of such Specified Dollar Amount in accordance with Section 5.03(A)(i), or, if the Company does not timely notify Holders, such Specified Dollar Amount will be the
specific amount set forth in any prior notice sent to Holders pursuant to this Section 5.03(A)(ii) or, if no specific amount was set forth in the such notice, such Specified Dollar Amount will be $1,000 per $1,000 principal
amount of Notes; provided, that (x) no such irrevocable election or Default Settlement Method change pursuant to this Section 5.03(A)(ii) will affect any Settlement Method theretofore elected (or deemed to be
elected) with respect to any Note pursuant to this Indenture (including pursuant to Section 8.01(G) or this Section 5.03(A)); (y) upon any such irrevocable election pursuant to this
Section 5.03(A)(ii), the Default Settlement Method will automatically be deemed to be set to the Settlement Method so fixed; and (z) upon any such irrevocable election to fix the Settlement Method to Combination
Settlement with an ability to continue to set the Specified Dollar Amount per $1,000 principal amount of Notes at or above a specific amount, the Company will, if needed, simultaneously change the Default Settlement Method to Combination Settlement
with a Specified Dollar Amount that is consistent with such irrevocable election. Such notice, if sent, must set forth the applicable Settlement Method and expressly state that the election is irrevocable and applicable to all conversions of Notes
with a Conversion Date that occurs on or after the date such notice is sent to Holders. For the avoidance of doubt, such an irrevocable election, if made, will be effective without the need to amend this Indenture or the Notes, including pursuant to
Section 8.01(G) (it being understood, however, that the Company may nonetheless choose to execute such an amendment at its option). 

  
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 (iii) Requirement to Publicly Disclose the Fixed or Default Settlement
Method. If the Company changes the Default Settlement Method pursuant to clause (x) of the proviso to the definition of such term or irrevocably fixes the Settlement Method(s) pursuant Section 5.03(A)(ii),
then the Company will either post the Default Settlement Method or fixed Settlement Method(s), as applicable, on its website or disclose the same in a Current Report on Form 8-K (or any successor form) that is
filed with the SEC. 
 (B) Conversion Consideration. 

(i) Generally. Subject to Section 5.03(B)(ii) and
Section 5.03(B)(iii), the type and amount of consideration (the “Conversion Consideration”) due in respect of each $1,000 principal amount of a Note to be converted will be as follows: 

(1) if Physical Settlement applies to such conversion, a number of shares of Common Stock equal to the Conversion Rate in
effect on the Conversion Date for such conversion; 
 (2) if Cash Settlement applies to such conversion, cash in an amount
equal to the sum of the Daily Conversion Values for each VWAP Trading Day in the Observation Period for such conversion; or 

(3) if Combination Settlement applies to such conversion, consideration consisting of (a) a number of shares of Common
Stock equal to the sum of the Daily Share Amounts for each VWAP Trading Day in the Observation Period for such conversion; and (b) an amount of cash equal to the sum of the Daily Cash Amounts for each VWAP Trading Day in such Observation
Period. 
 (ii) Cash in Lieu of Fractional Shares. If Physical Settlement or Combination Settlement applies to the
conversion of any Note and the number of shares of Common Stock deliverable pursuant to Section 5.03(B)(i) upon such conversion is not a whole number, then such number will be rounded down to the nearest whole
number and the Company will deliver, in addition to the other consideration due upon such conversion, cash in lieu of the related fractional share in an amount equal to the product of (1) such fraction and (2) (x) the Daily VWAP on the
Conversion Date for such conversion (or, if such Conversion Date is not a VWAP Trading Day, the immediately preceding VWAP Trading Day), in the case of Physical Settlement; or (y) the Daily VWAP on the last VWAP Trading Day of the Observation
Period for such conversion, in the case of Combination Settlement. 
 (iii) Conversion of Multiple Notes by a Single
Holder. If a Holder converts more than one (1) Note on a single Conversion Date, then the Conversion Consideration due in respect of such conversion will (in the case of any Global Note, to the extent permitted by, and practicable under,
the Depositary Procedures) be computed based on the total principal amount of Notes converted on such Conversion Date by such Holder. 

  
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 (iv) Notice of Calculation of Conversion Consideration. If Cash
Settlement or Combination Settlement applies to the conversion of any Note, then the Company will determine the Conversion Consideration due thereupon promptly following the last VWAP Trading Day of the applicable Observation Period and will
promptly thereafter send notice to the Trustee and the Conversion Agent of the same and the calculation thereof in reasonable detail. Neither the Trustee nor the Conversion Agent will have any duty to make any such determination. 

(C) Delivery of the Conversion Consideration. Except as set forth in Sections 5.05(D) and 5.09, the Company will
pay or deliver, as applicable, the Conversion Consideration due upon the conversion of any Note to the Holder as follows: (i) if Cash Settlement or Combination Settlement applies to such conversion, on the second (2nd) Business Day immediately
after the last VWAP Trading Day of the Observation Period for such conversion; and (ii) if Physical Settlement applies to such conversion, on the second (2nd) Business Day immediately after the Conversion Date for such conversion;
provided, however, that if Physical Settlement applies to the conversion of any Note with a Conversion Date that is after the Regular Record Date immediately before the Maturity Date, then, solely for purposes of such conversion,
(x) the Company will pay or deliver, as applicable, the Conversion Consideration due upon such conversion on the Maturity Date (or, if the Maturity Date is not a Business Day, the next Business Day); and (y) the Conversion Date will
instead be deemed to be the second (2nd) Scheduled Trading Day immediately before the Maturity Date. 
 (D) Deemed Payment of Principal
and Interest; Settlement of Accrued Interest Notwithstanding Conversion. If a Holder converts a Note, then the Company will not adjust the Conversion Rate to account for any accrued and unpaid interest on such Note, and, except as provided in
Section 5.02(D), the Company’s delivery of the Conversion Consideration due in respect of such conversion will be deemed to fully satisfy and discharge the Company’s obligation to pay the principal of, and accrued
and unpaid interest, if any, on, such Note to, but excluding the Conversion Date. As a result, except as provided in Section 5.02(D), any accrued and unpaid interest on a converted Note will be deemed to be paid in full
rather than cancelled, extinguished or forfeited. In addition, subject to Section 5.02(D), if the Conversion Consideration for a Note consists of both cash and shares of Common Stock, then accrued and unpaid interest that
is deemed to be paid therewith will be deemed to be paid first out of such cash. 
 Section 5.04. RESERVE AND
STATUS OF COMMON STOCK ISSUED UPON CONVERSION. 

(A) Stock Reserve. At all times when any Notes are outstanding, the Company will reserve (out of its authorized and not outstanding but
unissued shares of Common Stock that are not reserved for other purposes) a number of shares of Common Stock sufficient to permit the conversion of all then-outstanding Notes, assuming (x) Physical Settlement will apply to such conversion; and
(y) the Conversion Rate is increased by the maximum amount pursuant to which the Conversion Rate may be increased pursuant to Section 5.07. To the extent the Company delivers shares of Common Stock held in its treasury
in settlement of the conversion of any Notes, each reference in this Indenture or the Notes to the issuance of shares of Common Stock in connection therewith will be deemed to include such delivery, mutatis mutandis. 

  
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 (B) Status of Conversion Shares; Listing. Each Conversion Share, if any, delivered
upon conversion of any Note will be a newly issued or treasury share (except that any Conversion Share delivered by a designated financial institution pursuant to Section 5.08 need not be a newly issued or treasury share)
and will be duly and validly issued, fully paid, non-assessable, free from preemptive rights and free of any lien or adverse claim (except to the extent of any lien or adverse claim created by the action or
inaction of the Holder of such Note or the Person to whom such Conversion Share will be delivered). If the Common Stock is then listed on any securities exchange, or quoted on any inter-dealer quotation system, then the Company will use best efforts
to cause each Conversion Share, when delivered upon conversion of any Note, to be admitted for listing on such exchange or quotation on such system. 

Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE. 

(A) Events Requiring an Adjustment to the Conversion Rate. The Conversion Rate will be adjusted from time to time as follows: 

(i) Stock Dividends, Splits and Combinations. If the Company issues solely shares of Common Stock as a dividend or
distribution on all or substantially all shares of the Common Stock, or if the Company effects a stock split or a stock combination of the Common Stock (in each case excluding an issuance solely pursuant to a Common Stock Change Event, as to which
Section 5.09 will apply), then the Conversion Rate will be adjusted based on the following formula: 
  

 
 where: 
  

							
		 	CR0	  	=	  	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately before the Open of Business on the effective
date of such stock split or stock combination, as applicable;
				
	        	 	CR1	  	=	  	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date or effective date, as applicable;
				
		 	OS0	  	=	  	the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date or effective date, as applicable, without giving effect to such dividend,
distribution, stock split or stock combination; and
				
		 	OS1	  	=	  	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, stock split or stock combination.

  
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 If any dividend, distribution, stock split or stock combination of the type described in
this Section 5.05(A)(i) is declared or announced, but not so paid or made, then the Conversion Rate will be readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution or
to effect such stock split or stock combination, to the Conversion Rate that would then be in effect had such dividend, distribution, stock split or stock combination not been declared or announced. 

(ii) Rights, Options and Warrants. If the Company distributes, to all or substantially all holders of Common Stock,
rights, options or warrants (other than rights issued or otherwise distributed pursuant to a stockholder rights plan, as to which Sections 5.05(A)(iii)(1) and 5.05(F) will apply) entitling such holders, for a period of not more than
sixty (60) calendar days after the record date of such distribution, to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices per share of Common Stock for the ten
(10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced, then the Conversion Rate will be increased based on the following formula: 

 
 

 
 where: 
  

							
	        	  	CR0	  	=	  	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;
				
		  	CR1	  	=	  	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;
				
		  	OS	  	=	  	the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date;
				
		  	X	  	=	  	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
				
		  	Y	  	=	  	a number of shares of Common Stock obtained by dividing (x) the aggregate price payable to exercise such rights, options or warrants by (y) the average of the Last Reported Sale Prices per share of Common Stock for the ten
(10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced.

 To the extent such rights, options or warrants are not so distributed, the Conversion Rate will be readjusted
to the Conversion Rate that would then be in effect had the increase to the Conversion Rate for such distribution been made on the basis of only the rights, options or warrants, if any, actually distributed. In addition, to the extent that shares of
Common Stock are not delivered after the expiration of such rights, options or warrants (including as a result of such rights, options or warrants not being exercised), the Conversion Rate will be readjusted to the Conversion Rate that would then be
in effect had the increase to the Conversion Rate for such distribution been made on the basis of delivery of only the number of shares of Common Stock actually delivered upon exercise of such rights, option or warrants. 

  
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 For purposes of this Section 5.05(A)(ii) and
Section 5.01(C)(i)(3)(a)(I), in determining whether any rights, options or warrants entitle holders of Common Stock to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of
the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date the distribution of such rights, options or warrants is announced, and in
determining the aggregate price payable to exercise such rights, options or warrants, there will be taken into account any consideration the Company receives for such rights, options or warrants and any amount payable on exercise thereof, with the
value of such consideration, if not cash, to be determined by the Company in good faith and in a commercially reasonable manner. 

(iii) Spin-Offs and Other Distributed Property. 

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

(u) dividends, distributions, rights, options or warrants for which an adjustment to the Conversion Rate is required (or would
be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(i) or 5.05(A)(ii); 

(v) dividends or distributions paid exclusively in cash for which an adjustment to the Conversion Rate is required (or would
be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(iv); 

(w) rights issued or otherwise distributed pursuant to a stockholder rights plan, except to the extent provided in
Section 5.05(F); 
 (x) Spin-Offs for which an adjustment to the Conversion Rate is required (or
would be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(iii)(2); 

(y) a distribution solely pursuant to a tender offer or exchange offer for shares of Common Stock, as to which
Section 5.05(A)(v) will apply; and 
 (z) a distribution solely pursuant to a Common Stock Change
Event, as to which Section 5.09 will apply, 

  
 - 51 - 

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

 
 

 
 where: 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	SP	  	=	  	the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before such
Ex-Dividend Date; and
			
	FMV	  	=	  	the fair market value (as determined by the Company in good faith and in a commercially reasonable manner), as of such Ex-Dividend Date, of the shares of Capital Stock, evidences of
indebtedness, assets, property, rights, options or warrants distributed per share of Common Stock pursuant to such distribution;

 provided, however, that if FMV is equal to or greater than SP, then, in lieu
of the foregoing adjustment to the Conversion Rate, each Holder will receive, for each $1,000 principal amount of Notes held by such Holder on the record date for such distribution, at the same time and on the same terms as holders of Common Stock,
and without having to convert its Notes, the amount and kind of shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants that such Holder would have received if such Holder had owned, on such record date, a
number of shares of Common Stock equal to the Conversion Rate in effect on such record date. 
 To the extent such distribution is not so
paid or made, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the distribution, if any, actually made or paid. 

(2) Spin-Offs. If the Company distributes or dividends shares of Capital Stock of any class or series, or similar equity
interests, of or relating to an Affiliate, a Subsidiary or other business unit of the Company to all or substantially all holders of the Common Stock (other than solely pursuant to (x) a Common Stock Change Event, as to which
Section 5.09 will apply; or (y) a tender offer or exchange offer for shares of Common Stock, as to which Section 5.05(A)(v) will apply), and such Capital Stock or equity interests are listed
or quoted (or will be listed or quoted upon the consummation of the transaction) on a U.S. national securities exchange (a “Spin-Off”), then the Conversion Rate will be increased based on the
following formula: 

  
 - 52 - 

 

 
 where: 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Spin-Off Valuation Period for such
Spin-Off;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Spin-Off Valuation Period;
			
	FMV	  	=	  	the product of (x) the average of the Last Reported Sale Prices per share or unit of the Capital Stock or equity interests distributed in such Spin-Off over the ten (10) consecutive
Trading Day period (the “Spin-Off Valuation Period”) beginning on, and including, the Ex-Dividend Date for such
Spin-Off (such average to be determined as if references to Common Stock in the definitions of Last Reported Sale Price, Trading Day and Market Disruption Event were instead references to such Capital Stock or
equity interests); and (y) the number of shares or units of such Capital Stock or equity interests distributed per share of Common Stock in such Spin-Off; and
			
	SP	  	=	  	the average of the Last Reported Sale Prices per share of Common Stock for each Trading Day in the Spin-Off Valuation Period.

 Notwithstanding anything to the contrary in this Section 5.05(A)(iii)(2), (i)
if any VWAP Trading Day of the Observation Period for a Note whose conversion will be settled pursuant to Cash Settlement or Combination Settlement occurs during the Spin-Off Valuation Period for such Spin-Off, then, solely for purposes of determining the Conversion Rate for such VWAP Trading Day for such conversion, such Spin-Off Valuation Period will be deemed to consist
of the Trading Days occurring in the period from, and including, the Ex-Dividend Date for such Spin-Off to, and including, such VWAP Trading Day; and (ii) if the
Conversion Date for a Note whose conversion will be settled pursuant to Physical Settlement occurs during the Spin-Off Valuation Period for such Spin-Off, then, solely
for purposes of determining the Conversion Consideration for such conversion, such Spin-Off Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Ex-Dividend Date for such Spin-Off to, and including, such Conversion Date. 

  
 - 53 - 

 To the extent any dividend or distribution of the type set forth in this
Section 5.05(A)(iii)(2) is declared but not made or paid, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the dividend or
distribution, if any, actually made or paid. 
 (iv) Cash Dividends or Distributions. If any cash dividend or
distribution is made to all or substantially all holders of Common Stock, then the Conversion Rate will be increased based on the following formula: 
  

 
 where: 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	SP	  	=	  	the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before such Ex-Dividend Date; and
			
	D	  	=	  	the cash amount distributed per share of Common Stock in such dividend or distribution;

 provided, however, that if D is equal to or greater than SP, then, in lieu of
the foregoing adjustment to the Conversion Rate, each Holder will receive, for each $1,000 principal amount of Notes held by such Holder on the record date for such dividend or distribution, at the same time and on the same terms as holders of
Common Stock, and without having to convert its Notes, the amount of cash that such Holder would have received if such Holder had owned, on such record date, a number of shares of Common Stock equal to the Conversion Rate in effect on such record
date. 
 To the extent such dividend or distribution is declared but not made or paid, the Conversion Rate will be readjusted to the
Conversion Rate that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if any, actually made or paid. 

(v) Tender Offers or Exchange Offers. If the Company or any of its Subsidiaries makes a payment in respect of a tender
offer or exchange offer for shares of Common Stock (other than solely pursuant to an odd-lot tender offer pursuant to Rule 13e-4(h)(5) under the Exchange Act), and the
value (determined as of the Expiration Time by the Company in good faith and in a commercially reasonable manner) of the cash and other consideration paid per share of Common Stock in such tender or exchange offer exceeds the Last Reported Sale
Price per share of Common Stock on the Trading Day immediately after the last date (the “Expiration Date”) on which tenders or exchanges may be made pursuant to such tender or exchange offer (as it may be amended), then the
Conversion Rate will be increased based on the following formula: 

  
 - 54 - 

 

 
 where: 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period for such tender or exchange offer;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period;
			
	AC	  	=	  	the aggregate value (determined as of the time (the “Expiration Time”) such tender or exchange offer expires by the Company in good faith and in a commercially reasonable manner) of all cash and other consideration
paid for shares of Common Stock purchased or exchanged in such tender or exchange offer;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately before the Expiration Time (including all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer);
			
	OS1	  	=	  	the number of shares of Common Stock outstanding immediately after the Expiration Time (excluding all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and
			
	SP	  	=	  	the average of the Last Reported Sale Prices per share of Common Stock over the ten (10) consecutive Trading Day period (the “Tender/Exchange Offer Valuation Period”) beginning on, and including, the Trading
Day immediately after the Expiration Date;

 provided, however, that the Conversion Rate will in no event be adjusted down pursuant to
this Section 5.05(A)(v), except to the extent provided in the immediately following paragraph. Notwithstanding anything to the contrary in this Section 5.05(A)(v), (i) if any VWAP Trading Day of
the Observation Period for a Note whose conversion will be settled pursuant to Cash Settlement or Combination Settlement occurs during the Tender/Exchange Offer Valuation Period for such tender or exchange offer, then, solely for purposes of
determining the Conversion Rate for such VWAP Trading Day for such conversion, such Tender/Exchange Offer Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Trading Day immediately after
the Expiration Date for such tender or exchange offer to, and including, 

  
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 such VWAP Trading Day; and (ii) if the Conversion Date for a Note whose conversion will
be settled pursuant to Physical Settlement occurs during the Tender/Exchange Offer Valuation Period for such tender or exchange offer, then, solely for purposes of determining the Conversion Consideration for such conversion, such Tender/Exchange
Offer Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Trading Day immediately after the Expiration Date to, and including, such Conversion Date. 

To the extent such tender or exchange offer is announced but not consummated (including as a result of the Company being precluded from
consummating such tender or exchange offer under applicable law), or any purchases or exchanges of shares of Common Stock in such tender or exchange offer are rescinded, the Conversion Rate will be readjusted to the Conversion Rate that would then
be in effect had the adjustment been made on the basis of only the purchases or exchanges of shares of Common Stock, if any, actually made, and not rescinded, in such tender or exchange offer. 

(B) No Adjustments in Certain Cases. 

(i) Where Holders Participate in the Transaction or Event Without Conversion. Notwithstanding anything to the contrary
in Section 5.05(A), the Company will not be obligated to adjust the Conversion Rate on account of a transaction or other event otherwise requiring an adjustment pursuant to Section 5.05(A) (other
than a stock split or combination of the type set forth in Section 5.05(A)(i) or a tender or exchange offer of the type set forth in Section 5.05(A)(v)) if each Holder participates,
at the same time and on the same terms as holders of Common Stock, and solely by virtue of being a Holder of Notes, in such transaction or event without having to convert such Holder’s Notes and as if such Holder held a number of shares of
Common Stock equal to the product of (i) the Conversion Rate in effect on the related record date; and (ii) the aggregate principal amount (expressed in thousands) of Notes held by such Holder on such date. 

(ii) Certain Events. The Company will not be required to adjust the Conversion Rate except as provided in
Section 5.05 or Section 5.07. Without limiting the foregoing, the Company will not be obligated to adjust the Conversion Rate on account of: 

(1) except as otherwise provided in Section 5.05, the sale of shares of Common Stock for a purchase
price that is less than the market price per share of Common Stock or less than the Conversion Price; 
 (2) the issuance of
any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of Common Stock under any
such plan; 
 (3) the issuance of any shares of Common Stock or options or rights to purchase shares of Common Stock pursuant
to any present or future employee, director or consultant benefit plan or program of, or assumed by, the Company or any of its Subsidiaries; 

  
 - 56 - 

 (4) the issuance of any shares of Common Stock pursuant to any option,
warrant, right or convertible or exchangeable security of the Company outstanding as of the Issue Date; 
 (5) solely a
change in the par value of the Common Stock; or 
 (6) accrued and unpaid interest on the Notes. 

(C) Adjustment Deferral. If an adjustment to the Conversion Rate otherwise required by this Article 5 would result in a change
of less than one percent (1%) to the Conversion Rate, then, notwithstanding anything to the contrary in this Article 5, the Company may, at its election, defer such adjustment, except that all such deferred adjustments must be given effect
immediately upon the earliest of the following: (i) when all such deferred adjustments would result in a change of at least one percent (1%) to the Conversion Rate; (ii) the Conversion Date of, or any VWAP Trading Day of an Observation
Period for, any Note; (iii) the date a Fundamental Change or Make-Whole Fundamental Change occurs; (iv) the date the Company calls any Notes for Redemption; and (v) July 1, 2027. 

(D) Adjustments Not Yet Effective. Notwithstanding anything to the contrary in this Indenture or the Notes, if: 

(i) a Note is to be converted and Physical Settlement or Combination Settlement applies to such conversion; 

(ii) the record date, effective date or Expiration Time for any event that requires an adjustment to the Conversion Rate
pursuant to Section 5.05(A) has occurred on or before the Conversion Date for such conversion (in the case of Physical Settlement) or on or before any VWAP Trading Day in the Observation Period for such conversion (in the
case of Combination Settlement), but an adjustment to the Conversion Rate for such event has not yet become effective as of such Conversion Date or VWAP Trading Day, as applicable; 

(iii) the Conversion Consideration due upon such conversion includes any whole shares of Common Stock (in the case of Physical
Settlement) or due in respect of such VWAP Trading Day includes any whole or fractional shares of Common Stock (in the case of Combination Settlement); and 

(iv) such shares are not entitled to participate in such event (because they were not held on the related record date or
otherwise), 
 then, solely for purposes of such conversion, the Company will, without duplication, give effect to such adjustment on such Conversion Date
(in the case of Physical Settlement) or such VWAP Trading Day (in the case of Combination Settlement). In such case, if the date on which the Company is otherwise required to deliver the consideration due upon such conversion is before the first
date on which the amount of such adjustment can be determined, then the Company will delay the settlement of such conversion until the second (2nd) Business Day after such first date. 

  
 - 57 - 

 (E) Conversion Rate Adjustments where Converting Holders Participate in the Relevant
Transaction or Event. Notwithstanding anything to the contrary in this Indenture or the Notes, if: 
 (i) a Conversion
Rate adjustment for any dividend or distribution becomes effective on any Ex-Dividend Date pursuant to Section 5.05(A); 

(ii) a Note is to be converted pursuant to Physical Settlement or Combination Settlement; 

(iii) the Conversion Date for such conversion (in the case of Physical Settlement) or any VWAP Trading Day in the Observation
Period for such conversion (in the case of Combination Settlement) occurs on or after such Ex-Dividend Date and on or before the related record date; 

(iv) the Conversion Consideration due upon such conversion includes any whole shares of Common Stock (in the case of Physical
Settlement) or due in respect of such VWAP Trading Day includes any whole or fractional shares of Common Stock (in the case of Combination Settlement), in each case based on a Conversion Rate that is adjusted for such dividend or distribution; and

 (v) such shares would be entitled to participate in such dividend or distribution (including pursuant to
Section 5.02(C)), 
 then (x) in the case of Physical Settlement, such Conversion Rate adjustment will not be given effect
for such conversion and the shares of Common Stock issuable upon such conversion based on such unadjusted Conversion Rate will not be entitled to participate in such dividend or distribution, but there will be added, to the Conversion Consideration
otherwise due upon such conversion, the same kind and amount of consideration that would have been delivered in such dividend or distribution with respect to such shares of Common Stock had such shares been entitled to participate in such dividend
or distribution; and (y) in the case of Combination Settlement, the Conversion Rate adjustment relating to such Ex-Dividend Date will be made for such conversion in respect of such VWAP Trading Day, but
the shares of Common Stock issuable with respect to such VWAP Trading Day based on such adjusted Conversion Rate will not be entitled to participate in such dividend or distribution. 

(F) Stockholder Rights Plans. If the Company has a stockholder rights plan in effect upon conversion of any Notes into Common Stock,
the Holder converting such Notes will receive, in addition to any shares of Common Stock such Holder receives in connection with such conversion, the rights under such stockholder rights plan. However, if, prior to any conversion of Notes, the
rights have separated from the shares of Common Stock in accordance with the provisions of the applicable stockholder rights plan, then the Conversion Rate will be adjusted at the time of such separation as if the Company distributed, to all or
substantially all holders of Common Stock, shares of its capital stock, evidences of indebtedness, assets, property, rights, options or warrants as described above in Section 5.05(A)(iii)(1), subject to readjustment in
accordance with the final paragraph of Section 5.05(A)(iii)(1). 

  
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 (G) Limitation on Effecting Transactions Resulting in Certain Adjustments. The
Company will not engage in or be a party to any transaction or event that would require the Conversion Rate to be adjusted pursuant to Section 5.05(A) or Section 5.07 to an amount that would result
in the Conversion Price per share of Common Stock being less than the par value per share of Common Stock. 
 (H) Equitable Adjustments to
Prices. Whenever any provision of this Indenture requires the Company to calculate the average of the Last Reported Sale Prices, or any function thereof, over a period of multiple days (including to calculate the Stock Price or an adjustment to
the Conversion Rate), or to calculate Daily VWAPs, Daily Conversion Values, Daily Cash Amounts or Daily Share Amounts over an Observation Period, the Company will make proportionate adjustments to such calculations to account for any adjustment to
the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, effective date or Expiration Date, as applicable, of such event occurs, at
any time during such period or Observation Period, as applicable. 
 (I) Calculation of Number of Outstanding Shares of Common Stock.
For purposes of Section 5.05(A), the number of shares of Common Stock outstanding at any time will (i) include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock; and
(ii) exclude shares of Common Stock held in the Company’s treasury (unless the Company pays any dividend or makes any distribution on shares of Common Stock held in its treasury). 

(J) Calculations. All calculations with respect to the Conversion Rate and adjustments thereto will be made to the nearest 1/10,000th of
a share of Common Stock (with 5/100,000ths rounded upward). 
 (K) Notice of Conversion Rate Adjustments. Upon the effectiveness of
any adjustment to the Conversion Rate pursuant to Section 5.05(A), the Company will promptly send notice to the Holders, the Trustee and the Conversion Agent containing (i) a brief description of the transaction or
other event on account of which such adjustment was made; (ii) the Conversion Rate in effect immediately after such adjustment; and (iii) the effective time of such adjustment. 

Section 5.06. VOLUNTARY ADJUSTMENTS. 

(A) Generally. To the extent permitted by law and applicable stock exchange rules, the Company, from time to time, may (but is not
required to) increase the Conversion Rate by any amount if (i) the Board of Directors determines that such increase is either (x) in the best interest of the Company; or (y) advisable to avoid or diminish any income tax imposed on
holders of Common Stock or rights to purchase Common Stock as a result of any dividend or distribution of shares (or rights to acquire shares) of Common Stock or any similar event; (ii) such increase is in effect for a period of at least twenty
(20) Business Days; and (iii) such increase is irrevocable during such period. 
 (B) Notice of Voluntary Increases. If the
Board of Directors determines to increase the Conversion Rate pursuant to Section 5.06(A), then on or before the effective date of such increase, the Company will send notice to each Holder, the Trustee and the Conversion
Agent of such increase, the amount thereof and the period during which such increase will be in effect. 

  
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 Section 5.07. ADJUSTMENTS TO THE
CONVERSION RATE IN CONNECTION WITH A MAKE-WHOLE FUNDAMENTAL CHANGE. 

(A) Generally. If a Make-Whole Fundamental Change occurs and the Conversion Date for the conversion of a Note occurs during the related
Make-Whole Fundamental Change Conversion Period, then, subject to this Section 5.07, the Conversion Rate applicable to such conversion will be increased by a number of shares (the “Additional Shares”) set
forth in the table below corresponding (after interpolation as provided in, and subject to, the provisions below) to the Make-Whole Fundamental Change Effective Date and the Stock Price of such Make-Whole Fundamental Change: 

 

																																																					
	 	  	 Stock Price
	 
	 Make-Whole
Fundamental
Change
Effective Date
	  	$18.68	 	  	$20.00	 	  	$22.00	 	  	$24.28	 	  	$28.00	 	  	$31.57	 	  	$35.00	 	  	$40.00	 	  	$50.00	 	  	$75.00	 	  	$100.00	 	  	$125.00	 	  	$150.00	 
	 September 28, 2020
	  	 	12.3537	 	  	 	11.3880	 	  	 	9.5600	 	  	 	7.9576	 	  	 	6.0789	 	  	 	4.8293	 	  	 	3.9520	 	  	 	3.0355	 	  	 	1.9222	 	  	 	0.7528	 	  	 	0.3168	 	  	 	0.1201	 	  	 	0.0307	 
	 October 1, 2021
	  	 	12.3537	 	  	 	11.1925	 	  	 	9.3027	 	  	 	7.6614	 	  	 	5.7643	 	  	 	4.5236	 	  	 	3.6663	 	  	 	2.7848	 	  	 	1.7386	 	  	 	0.6709	 	  	 	0.2787	 	  	 	0.1030	 	  	 	0.0251	 
	 October 1, 2022
	  	 	12.3537	 	  	 	10.9335	 	  	 	8.9686	 	  	 	7.2825	 	  	 	5.3671	 	  	 	4.1429	 	  	 	3.3140	 	  	 	2.4808	 	  	 	1.5222	 	  	 	0.5788	 	  	 	0.2370	 	  	 	0.0840	 	  	 	0.0174	 
	 October 1, 2023
	  	 	12.3537	 	  	 	10.6040	 	  	 	8.5409	 	  	 	6.7978	 	  	 	4.8646	 	  	 	3.6665	 	  	 	2.8791	 	  	 	2.1130	 	  	 	1.2696	 	  	 	0.4780	 	  	 	0.1931	 	  	 	0.0646	 	  	 	0.0095	 
	 October 1, 2024
	  	 	12.3537	 	  	 	10.1975	 	  	 	7.9945	 	  	 	6.1722	 	  	 	4.2193	 	  	 	3.0653	 	  	 	2.3414	 	  	 	1.6715	 	  	 	0.9816	 	  	 	0.3712	 	  	 	0.1493	 	  	 	0.0467	 	  	 	0.0031	 
	 October 1, 2025
	  	 	12.3537	 	  	 	9.6850	 	  	 	7.2582	 	  	 	5.3143	 	  	 	3.3475	 	  	 	2.2810	 	  	 	1.6663	 	  	 	1.1453	 	  	 	0.6620	 	  	 	0.2581	 	  	 	0.1042	 	  	 	0.0307	 	  	 	0.0000	 
	 October 1, 2026
	  	 	12.3537	 	  	 	9.0350	 	  	 	6.1518	 	  	 	3.9761	 	  	 	2.0614	 	  	 	1.2274	 	  	 	0.8337	 	  	 	0.5538	 	  	 	0.3290	 	  	 	0.1371	 	  	 	0.0555	 	  	 	0.0153	 	  	 	0.0000	 
	 October 1, 2027
	  	 	12.3537	 	  	 	8.8206	 	  	 	4.2751	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 

 If such Make-Whole Fundamental Change Effective Date or Stock Price is not set forth in the table above, then:

 (i) if such Stock Price is between two Stock Prices in the table above or the Make-Whole Fundamental Change Effective Date
is between two dates in the table above, then the number of Additional Shares will be determined by straight-line interpolation between the numbers of Additional Shares set forth for the higher and lower Stock Prices in the table above or the
earlier and later dates in the table above, based on a 365- or 366-day year, as applicable; and 

(ii) if the Stock Price is greater than $150.00 (subject to adjustment in the same manner as the Stock Prices set forth in the
column headings of the table above are adjusted pursuant to Section 5.07(B)), or less than $18.68 (subject to adjustment in the same manner), per share, then no Additional Shares will be added to the Conversion Rate. 

Notwithstanding anything to the contrary in this Indenture or the Notes, in no event will the Conversion Rate be increased to an amount that
exceeds 53.5331 shares of Common Stock per $1,000 principal amount of Notes, which amount is subject to adjustment in the same manner as, and at the same time and for the same events for which, the Conversion Rate is required to be adjusted pursuant
to Section 5.05(A). 

  
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 For the avoidance of doubt, but subject to Section 4.03(I), (x)
the sending of a Redemption Notice will constitute a Make-Whole Fundamental Change only with respect to the Notes called (or deemed called) for Redemption pursuant to such Redemption Notice, and not with respect to any other Notes; and (y) the
Conversion Rate applicable to the Notes not so called for Redemption will not be subject to increase pursuant to this Section 5.07 on account of such Redemption Notice. 

(B) Adjustment of Stock Prices and Number of Additional Shares. The Stock Prices in the first row (i.e., the column headers) of
the table set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for the same events for which, the Conversion Price is adjusted as a result of the operation of
Section 5.05(A). The numbers of Additional Shares in the table set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for the same events for which, the
Conversion Rate is adjusted pursuant to Section 5.05(A). 
 (C) Notice of the Occurrence of a Make-Whole
Fundamental Change. The Company will notify the Holders, the Trustee and the Conversion Agent of each Make-Whole Fundamental Change (i) occurring pursuant to clause (A) of the definition thereof in accordance with
Section 5.01(C)(i)(3)(b); and (ii) occurring pursuant to clause (B) of the definition thereof in accordance with Section 4.03(F). 

Section 5.08. EXCHANGE IN LIEU OF CONVERSION. 

Notwithstanding anything to the contrary in this Article 5, and subject to the terms of this Section 5.08, if
a Note is submitted for conversion, the Company may elect to arrange to have such Note exchanged in lieu of conversion by a financial institution designated by the Company. To make such election, the Company must send notice of such election to the
Holder of such Note, the Trustee and the Conversion Agent before the Close of Business on the Business Day immediately following the Conversion Date for such Note. If the Company has made such election, then: 

(A) no later than the Business Day immediately following such Conversion Date, the Company must deliver (or cause the Conversion Agent to
deliver) such Note, together with delivery instructions for the Conversion Consideration due upon such conversion (including wire instructions, if applicable), to a financial institution designated by the Company that has agreed to deliver such
Conversion Consideration in the manner and at the time the Company would have had to deliver the same pursuant to this Article 5; 

(B) if such Note is a Global Note, then (i) such designated institution will send written confirmation to the Conversion Agent promptly
after wiring the cash Conversion Consideration, if any, and delivering any other Conversion Consideration, due upon such conversion to the Holder of such Note; and (ii) the Conversion Agent will as soon as reasonably practicable thereafter
contact such Holder’s custodian with the Depositary to confirm receipt of the same; and 

  
 - 61 - 

 (C) such Note will not cease to be outstanding by reason of such exchange in lieu of
conversion; 
 provided, however, that if such financial institution does not accept such Note or fails to timely deliver such Conversion
Consideration, then the Company will be responsible for delivering such Conversion Consideration in the manner and at the time provided in this Article 5 as if the Company had not elected to make an exchange in lieu of conversion. 

Section 5.09. EFFECT OF COMMON STOCK CHANGE EVENT. 

(A) Generally. If there occurs any: 

(i) recapitalization, reclassification or change of the Common Stock (other than (x) changes solely resulting from a
subdivision or combination of the Common Stock, (y) a change only in par value or from par value to no par value or no par value to par value and (z) stock splits and stock combinations that do not involve the issuance of any other series
or class of securities); 
 (ii) consolidation, merger, combination or binding or statutory share exchange involving the
Company; 
 (iii) sale, lease or other transfer of all or substantially all of the assets of the Company and its
Subsidiaries, taken as a whole, to any Person; or 
 (iv) other similar event, 

and, as a result of which, the Common Stock is converted into, or is exchanged for, or represents solely the right to receive, other securities, cash or other
property, or any combination of the foregoing (such an event, a “Common Stock Change Event,” and such other securities, cash or property, the “Reference Property,” and the amount and kind of Reference Property that
a holder of one (1) share of Common Stock would be entitled to receive on account of such Common Stock Change Event (without giving effect to any arrangement not to issue or deliver a fractional portion of any security or other property), a
“Reference Property Unit”), then, notwithstanding anything to the contrary in this Indenture or the Notes, 

(1) from and after the effective time of such Common Stock Change Event, (I) the Conversion Consideration due upon
conversion of any Note, and the conditions to any such conversion, will be determined in the same manner as if each reference to any number of shares of Common Stock in this Article 5 (or in any related definitions) were instead a reference
to the same number of Reference Property Units; (II) for purposes of Section 4.03, each reference to any number of shares of Common Stock in such Section (or in any related definitions) will instead be deemed to be a
reference to the same number of Reference Property Units; and (III) for purposes of the definitions of “Fundamental Change” and “Make-Whole Fundamental Change,” references to “Common Stock” and the Company’s
“common equity” will be deemed to refer to the common equity (including depositary receipts representing common equity), if any, forming part of such Reference Property; 

  
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 (2) if such Reference Property Unit consists entirely of cash, then the
Company will be deemed to elect Physical Settlement in respect of all conversions whose Conversion Date occurs on or after the effective date of such Common Stock Change Event and will pay the cash due upon such conversions no later than the second
(2nd) Business Day after the relevant Conversion Date; and 
 (3) for these purposes, (I) the Daily VWAP of any
Reference Property Unit or portion thereof that consists of a class of common equity securities will be determined by reference to the definition of “Daily VWAP,” substituting, if applicable, the Bloomberg page for such class of securities
in such definition; and (II) the Daily VWAP of any Reference Property Unit or portion thereof that does not consist of a class of common equity securities, and the Last Reported Sale Price of any Reference Property Unit or portion thereof that
does not consist of a class of securities, will be the fair value of such Reference Property Unit or portion thereof, as applicable, determined in good faith and in a commercially reasonable manner by the Company (or, in the case of cash denominated
in U.S. dollars, the face amount thereof). 
 If the Reference Property consists of more than a single type of consideration to be
determined based in part upon any form of stockholder election, then the composition of the Reference Property Unit will be deemed to be the weighted average of the types and amounts of consideration actually received, per share of Common Stock, by
the holders of Common Stock. The Company will notify Holders of such weighted average as soon as practicable after such determination is made. 

At or before the effective time of such Common Stock Change Event, the Company and the resulting, surviving or transferee Person (if not the
Company) of such Common Stock Change Event (the “Successor Person”) will execute and deliver to the Trustee a supplemental indenture pursuant to Section 8.01(F), which supplemental indenture will
(x) provide for subsequent conversions of Notes in the manner set forth in this Section 5.09; (y) provide for subsequent adjustments to the Conversion Rate pursuant to Section 5.05(A) in a
manner consistent with this Section 5.09; and (z) contain such other provisions, if any, that the Company reasonably determines are appropriate to preserve the economic interests of the Holders and to give effect to
the provisions of this Section 5.09(A). If the Reference Property includes shares of stock or other securities or assets (other than cash) of a Person other than the Successor Person, then such other Person will also
execute such supplemental indenture and such supplemental indenture will contain such additional provisions, if any, that the Company reasonably determines are appropriate to preserve the economic interests of the Holders. 

(B) Notice of Common Stock Change Events. The Company will provide notice of each Common Stock Change Event to Holders, the Trustee and
the Conversion Agent no later than the Business Day after the effective date of such Common Stock Change Event. 
 (C) Compliance
Covenant. The Company will not become a party to any Common Stock Change Event unless its terms are consistent with this Section 5.09. 

  
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 Article 6. SUCCESSORS 

Section 6.01. WHEN THE COMPANY MAY MERGE, ETC. 

(A) Generally. The Company will not consolidate with or merge with or into, or (directly, or indirectly through one or more of its
Subsidiaries) sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to another Person (a “Business Combination
Event”), unless: 
 (i) the resulting, surviving or transferee Person either (x) is the Company or (y) if
not the Company, is a corporation (or, if such Business Combination Event is an Exempted Fundamental Change, is a corporation, limited liability company, limited partnership or other similar entity) (the “Successor Entity”) duly
organized and existing under the laws of the United States of America, any State thereof or the District of Columbia that expressly assumes (by executing and delivering to the Trustee, at or before the effective time of such Business Combination
Event, a supplemental indenture pursuant to Section 8.01(E)) all of the Company’s obligations under this Indenture and the Notes; and 

(ii) immediately after giving effect to such Business Combination Event, no Default or Event of Default will have occurred and
be continuing. 
 (B) Delivery of Officer’s Certificate and Opinion of Counsel to the Trustee. Before the effective time of any
Business Combination Event, the Company will deliver to the Trustee an Officer’s Certificate and Opinion of Counsel, each stating that (i) such Business Combination Event (and, if applicable, the related supplemental indenture) comply with
Section 6.01(A); and (ii) all conditions precedent to such Business Combination Event provided in this Indenture have been satisfied. 

Section 6.02. SUCCESSOR ENTITY SUBSTITUTED. 

At the effective time of any Business Combination Event that complies with Section 6.01, the Successor Entity (if not
the Company) will succeed to, and may exercise every right and power of, the Company under this Indenture and the Notes with the same effect as if such Successor Entity had been named as the Company in this Indenture and the Notes, and, except in
the case of a lease, the predecessor Company will be discharged from its obligations under this Indenture and the Notes. 
 Article 7.
DEFAULTS AND REMEDIES 
 Section 7.01. EVENTS OF DEFAULT. 

(A) Definition of Events of Default. “Event of Default” means the occurrence of any of the following: 

(i) a default in the payment when due (whether at maturity, upon Redemption or Repurchase Upon Fundamental Change or otherwise)
of the principal of, or the Redemption Price or Fundamental Change Repurchase Price for, any Note; 

  
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 (ii) a default for thirty (30) consecutive days in the payment when due
of interest on any Note; 
 (iii) the Company’s failure to deliver, when required by this Indenture, a Fundamental
Change Notice, or a notice pursuant to Section 5.01(C)(i)(3), if (in the case of any notice other than a notice pursuant to Section 5.01(C)(i)(3)) such failure is not
cured within three (3) Business Days after its occurrence; 
 (iv) a default in the Company’s obligation to convert
a Note in accordance with this Indenture upon the exercise of the conversion right with respect hereto, if such default is not cured within two (2) Business Days after its occurrence; 

(v) a default in the Company’s obligations under Article 6; 

(vi) a default in any of the Company’s obligations or agreements under this Indenture or the Notes (other than a default
set forth in clause (i), (ii), (iii), (iv) or (v) of this Section 7.01(A)) where such default is not cured or waived within sixty (60) days after notice to
the Company by the Trustee, or to the Company and the Trustee by Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, which notice must specify such default, demand that it be remedied and state
that such notice is a “Notice of Default”; 
 (vii) a default by the Company or any of the Company’s
Subsidiaries with respect to any one or more mortgages, agreements or other instruments under which there is outstanding, or by which there is secured or evidenced, any indebtedness for money borrowed of at least thirty million dollars ($30,000,000)
(or its foreign currency equivalent) in the aggregate of the Company or any of the Company’s Subsidiaries, whether such indebtedness exists as of the Issue Date or is thereafter created, where such default: 

(1) constitutes a failure to pay the principal of such indebtedness when due and payable at its stated maturity, upon required
repurchase, upon declaration of acceleration or otherwise, in each case after the expiration of any applicable grace period; or 

(2) results in such indebtedness becoming or being declared due and payable before its stated maturity, 

in each case where such default is not cured or waived within thirty (30) days after notice to the Company by the Trustee or to the
Company and the Trustee by Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding; 

(viii) one or more final judgments being rendered against the Company or any of the Company’s Significant Subsidiaries for
the payment of at least thirty million dollars ($30,000,000) (or its foreign currency equivalent) in the aggregate (excluding any amounts covered by insurance), where such judgment is not discharged or stayed within sixty (60) days after
(i) the date on which the right to appeal the same has expired, if no such appeal has commenced; or (ii) the date on which all rights to appeal have been extinguished; 

  
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 (ix) the Company or any of its Significant Subsidiaries, pursuant to or
within the meaning of any Bankruptcy Law, either: 
 (1) commences a voluntary case or proceeding; 

(2) consents to the entry of an order for relief against it in an involuntary case or proceeding; 

(3) consents to the appointment of a custodian of it or for any substantial part of its property; 

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

(5) takes any comparable action under any foreign Bankruptcy Law; or 

(6) generally is not paying its debts as they become due; or 

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

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

(2) appoints a custodian of the Company or any of its Significant Subsidiaries, or for any substantial part of the property of
the Company or any of its Significant Subsidiaries; 
 (3) orders the winding up or liquidation of the Company or any of its
Significant Subsidiaries; or 
 (4) grants any similar relief under any foreign Bankruptcy Law, 

and, in each case under this Section 7.01(A)(x), such order or decree remains unstayed and in effect for at least
sixty (60) days. 
 (B) Cause Irrelevant. Each of the events set forth in Section 7.01(A) will
constitute an Event of Default regardless of the cause thereof or whether voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body. 

  
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 Section 7.02. ACCELERATION. 

(A) Automatic Acceleration in Certain Circumstances. If an Event of Default set forth in
Section 7.01(A)(ix) or 7.01(A)(x) occurs with respect to the Company (and not solely with respect to a Significant Subsidiary of the Company), then the principal amount of, and all accrued and unpaid
interest on, all of the Notes then outstanding will immediately become due and payable without any further action or notice by any Person. 

(B) Optional Acceleration. Subject to Section 7.03, if an Event of Default (other than an Event of Default set
forth in Section 7.01(A)(ix) or 7.01(A)(x) with respect to the Company and not solely with respect to a Significant Subsidiary of the Company) occurs and is continuing, then the Trustee, by notice to the Company, or
Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, by notice to the Company and the Trustee, may declare the principal amount of, and all accrued and unpaid interest on, all of the Notes then
outstanding to become due and payable immediately. 
 (C) Rescission of Acceleration. Notwithstanding anything to the contrary in this
Indenture or the Notes, the Holders of a majority in aggregate principal amount of the Notes then outstanding, by notice to the Company and the Trustee, may, on behalf of all Holders, rescind any acceleration of the Notes and its consequences if
(i) such rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and (ii) all existing Events of Default (except the non-payment of principal of, or interest
on, the Notes that has become due solely because of such acceleration) have been cured or waived. No such rescission will affect any subsequent Default or impair any right consequent thereto. 

Section 7.03. SOLE REMEDY FOR A FAILURE TO
REPORT. 
 (A) Generally. Notwithstanding anything to the contrary in this Indenture or the Notes, the Company may
elect that the sole remedy for any Event of Default (a “Reporting Event of Default”) pursuant to Section 7.01(A)(vi) arising from the Company’s failure to comply with
Section 3.02 will, for each of the first one hundred and eighty (180) calendar days on which a Reporting Event of Default has occurred and is continuing, consist exclusively of the accrual of Special Interest on the
Notes. If the Company has made such an election, then (i) the Notes will be subject to acceleration pursuant to Section 7.02 on account of the relevant Reporting Event of Default from, and including, the one hundred
and eighty first (181st) calendar day on which a Reporting Event of Default has occurred and is continuing or if the Company fails to pay any accrued and unpaid Special Interest when due; and (ii) Special Interest will cease to accrue on any
Notes from, and including, such one hundred and eighty first (181st) calendar day (it being understood that interest on any defaulted Special Interest will nonetheless accrue pursuant to Section 2.05(B)). 

(B) Amount and Payment of Special Interest. Any Special Interest that accrues on a Note pursuant to
Section 7.03(A) will be payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal to one quarter of one percent (0.25%) of the principal amount thereof
for the first ninety (90) days on which Special Interest accrues and, thereafter, at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof; provided, however, that in no event will Special
Interest payable at the Company’s election pursuant to Section 7.03(A) as the sole remedy for any Reporting Event of Default, together with any Additional Interest that may accrue as a result of the Company’s
failure to timely file any report (other than Form 8-K reports) that the Company is required to 

  
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file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act (after giving effect to all applicable grace periods thereunder), pursuant to
Section 3.04(A)(i), accrue on any day on a Note at a combined rate per annum that exceeds one half of one percent (0.50%). For the avoidance of doubt, any Special Interest that accrues on a Note will be in addition to the
Stated Interest that accrues on such Note and, subject to the proviso of the immediately preceding sentence, in addition to any Additional Interest that accrues on such Note. 

(C) Notice of Election. To make the election set forth in Section 7.03(A), the Company must send to the
Holders, the Trustee and the Paying Agent, before the date on which each Reporting Event of Default first occurs, a notice that (i) briefly describes the report(s) that the Company failed to file with the SEC; (ii) states that the Company
is electing that the sole remedy for such Reporting Event of Default consist of the accrual of Special Interest; and (iii) briefly describes the periods during which and rate at which Special Interest will accrue and the circumstances under
which the Notes will be subject to acceleration on account of such Reporting Event of Default. 
 (D) Notice to Trustee and Paying Agent;
Trustee’s Disclaimer. If Special Interest accrues on any Note, then, no later than five (5) Business Days before each date on which such Special Interest is to be paid, the Company will deliver an Officer’s Certificate to the
Trustee and the Paying Agent stating (i) that the Company is obligated to pay Special Interest on such Note on such date of payment; and (ii) the amount of such Special Interest that is payable on such date of payment. The Trustee will
have no duty to determine whether any Special Interest is payable or the amount thereof. 
 (E) No Effect on Other Events of Default.
No election pursuant to this Section 7.03 with respect to a Reporting Event of Default will affect the rights of any Holder with respect to any other Event of Default, including with respect to any other Reporting Event of
Default. 
 Section 7.04. OTHER REMEDIES. 

(A) Trustee May Pursue All Remedies. If an Event of Default occurs and is continuing, then the Trustee may pursue any available remedy
to collect the payment of any amounts due with respect to the Notes or to enforce the performance of any provision of this Indenture or the Notes. 

(B) Procedural Matters. The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of
them in such proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy following an Event of Default will not impair the right or remedy or constitute a waiver of, or acquiescence in, such Event of Default. All
remedies will be cumulative to the extent permitted by law. 
 Section 7.05. WAIVER OF PAST Defaults.

 An Event of Default pursuant to clause (i), (ii), (iv) or (vi) of
Section 7.01(A) (that, in the case of clause (vi) only, results from a Default under any covenant that cannot be amended without the consent of each affected Holder), and a Default that could lead to such an
Event of Default, can be waived only with the consent of each affected Holder. Each other Default or Event of Default may be waived, on behalf of all Holders, by the Holders of a majority in 

  
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aggregate principal amount of the Notes then outstanding. If an Event of Default is so waived, then it will cease to exist. If a Default is so waived, then it will be deemed to be cured and any
Event of Default arising therefrom will be deemed not to occur. However, no such waiver will extend to any subsequent or other Default or Event of Default or impair any right arising therefrom. 

Section 7.06. CONTROL BY MAJORITY. 

Holders of a majority in aggregate principal amount of the Notes then outstanding may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law, this Indenture or the Notes, or that, the Trustee
determines may be unduly prejudicial to the rights of other Holders or may involve the Trustee in liability (it being understood that the Trustee will not have any obligation to ascertain whether any Holder actions are unduly prejudicial to other
Holders); provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any such action, the Trustee will be entitled to security and/or indemnity
satisfactory to the Trustee against any loss, liability or expense to the Trustee (including attorney’s fees and expenses) that may result from the Trustee’s following such direction. In the event that any Trustee or Holder proceeding
under this Indenture is discontinued or abandoned for any reason, or is determined adversely to the Trustee, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders will be restored to
the Company’s, the Trustee’s and the Holder’s, as applicable, former position and rights under this Indenture, and all of the Company’s, the Trustee’s and the Holder’s rights, remedies and powers will continue as though
no such proceedings had been taken. 
 Section 7.07. LIMITATION ON SUITS. 

No Holder may pursue any remedy with respect to this Indenture or the Notes (except to enforce (x) its rights to receive the principal of,
or the Redemption Price or Fundamental Change Repurchase Price for, or interest on, any Notes; or (y) the Company’s obligations to convert any Notes pursuant to Article 5), unless: 

(A) such Holder has previously delivered to the Trustee notice that an Event of Default is continuing; 

(B) Holders of at least twenty five percent (25%) in aggregate principal amount of the Notes then outstanding deliver a request to the Trustee
to pursue such remedy; 
 (C) such Holder or Holders offer and, if requested, provide to the Trustee security and/or indemnity satisfactory
to the Trustee against any loss, liability or expense to the Trustee that may result from the Trustee’s following such request; 
 (D)
the Trustee does not comply with such request within sixty (60) calendar days after its receipt of such request and such offer of security and/or indemnity; and 

  
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 (E) during such sixty (60) calendar day period, Holders of a majority in aggregate
principal amount of the Notes then outstanding do not deliver to the Trustee a direction that is inconsistent with such request. 
 A Holder
of a Note may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder. The Trustee will have no duty to determine whether any Holder’s use of this Indenture complies with the
preceding sentence. 
 Section 7.08. ABSOLUTE RIGHT OF HOLDERS TO
INSTITUTE SUIT FOR THE ENFORCEMENT OF THE RIGHT TO RECEIVE PAYMENT
AND CONVERSION CONSIDERATION. 
 Notwithstanding anything to the contrary in this Indenture
or the Notes (but without limiting Section 8.01), the right of each Holder of a Note to bring suit for the enforcement of any payment or delivery, as applicable, of the principal of, or the Redemption Price or Fundamental
Change Repurchase Price for, or any interest on, or the Conversion Consideration due upon conversion of, such Note on or after the respective due dates therefor provided in this Indenture and the Notes, will not be impaired or affected without the
consent of such Holder. 
 Section 7.09. COLLECTION SUIT BY TRUSTEE. 

The Trustee will have the right, upon the occurrence and continuance of an Event of Default pursuant to clause (i), (ii)
or (iv) of Section 7.01(A), to recover judgment in its own name and as trustee of an express trust against the Company for the total unpaid or undelivered principal of, or Redemption Price or Fundamental Change
Repurchase Price for, or interest on, or Conversion Consideration due pursuant to Article 5 upon conversion of, the Notes, as applicable, and, to the extent lawful, any Default Interest on any Defaulted Amounts, and such further amounts
sufficient to cover the costs and expenses of collection, including compensation provided for in Section 10.06. 

Section 7.10. TRUSTEE MAY FILE PROOFS OF CLAIM. 

The Trustee has the right to (A) file such proofs of claim and other papers or documents as may be necessary or advisable in order to have
the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes) or its creditors or property and (B) collect, receive and distribute any money or other property payable
or deliverable on any such claims. Each Holder authorizes any custodian in such proceeding to make such payments to the Trustee, and, if the Trustee consents to the making of such payments directly to the Holders, to pay to the Trustee any amount
due to the Trustee for the reasonable compensation, expenses, disbursements and advances of the Trustee, and its agents and counsel, and any other amounts payable to the Trustee pursuant to Section 10.06. To the extent that
the payment of any such compensation, expenses, disbursements, advances and other amounts out of the estate in such proceeding, is denied for any reason, payment of the same will be secured by a lien (senior to the rights of Holders) on, and will be
paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding (whether in liquidation or under any plan of reorganization or arrangement or otherwise).
Nothing in this Indenture will be deemed to authorize the Trustee to authorize, consent to, accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder,
or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

  
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 Section 7.11. PRIORITIES. 

The Trustee will pay or deliver in the following order any money or other property that it collects pursuant to this Article 7: 

First: to the Trustee and its agents and attorneys for amounts due under Section 10.06,
including payment of all fees, compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

Second: to Holders for unpaid amounts or other property due on the Notes, including the principal of, or the Redemption
Price or Fundamental Change Repurchase Price for, or any interest on, or any Conversion Consideration due upon conversion of, the Notes, ratably, and without preference or priority of any kind, according to such amounts or other property due and
payable on all of the Notes; and 
 Third: to the Company or such other Person as a court of competent jurisdiction
directs. 
 The Trustee may fix a record date and payment date for any payment or delivery to the Holders pursuant to this
Section 7.11, in which case the Trustee will instruct the Company to, and the Company will, deliver, at least fifteen (15) calendar days before such record date, to each Holder and the Trustee a notice stating such
record date, such payment date and the amount of such payment or nature of such delivery, as applicable. 
 Section 7.12. UNDERTAKING
FOR COSTS. 
 In any suit for the enforcement of any right or remedy under this Indenture or the Notes or
in any suit against the Trustee for any action taken or omitted by it as Trustee, a court, in its discretion, may (A) require the filing by any litigant party in such suit of an undertaking to pay the costs of such suit, and (B) assess
reasonable costs (including reasonable attorneys’ fees) against any litigant party in such suit, having due regard to the merits and good faith of the claims or defenses made by such litigant party; provided, however, that this
Section 7.12 does not apply to any suit by the Trustee, any suit by a Holder pursuant to Section 7.08 or any suit by one or more Holders of more than ten percent (10%) in aggregate principal amount
of the Notes then outstanding. 
 Article 8. AMENDMENTS, SUPPLEMENTS AND WAIVERS 

Section 8.01. WITHOUT THE CONSENT OF HOLDERS. 

Notwithstanding anything to the contrary in Section 8.02, the Company and the Trustee may amend or supplement this
Indenture or the Notes without the consent of any Holder to: 
 (A) cure any ambiguity or correct any omission, defect or inconsistency in
this Indenture or the Notes; 

  
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 (B) add guarantees with respect to the Company’s obligations under this Indenture or
the Notes; 
 (C) secure the Notes; 

(D) add to the Company’s covenants or Events of Default for the benefit of the Holders or surrender any right or power conferred on the
Company; 
 (E) provide for the assumption of the Company’s obligations under this Indenture and the Notes pursuant to, and in
compliance with, Article 6; 
 (F) enter into supplemental indentures pursuant to, and in accordance with,
Section 5.09 in connection with a Common Stock Change Event; 
 (G) irrevocably elect or eliminate any Settlement
Method or Specified Dollar Amount; provided, however, that no such election or elimination will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to
Section 5.03(A); 
 (H) evidence or provide for the acceptance of the appointment, under this Indenture, of a
successor Trustee; 
 (I) conform the provisions of this Indenture and the Notes to the “Description of Notes” section of the
Company’s preliminary offering memorandum, dated September 22, 2020, as supplemented by the related pricing term sheet, dated September 23, 2020; 

(J) provide for or confirm the issuance of additional Notes pursuant to Section 2.03(B); 

(K) comply with any requirement of the SEC in connection with any qualification of this Indenture or any supplemental indenture under the Trust
Indenture Act, as then in effect; or 
 (L) make any other change to this Indenture or the Notes that does not, individually or in the
aggregate with all other such changes, adversely affect the rights of the Holders, as such, in any material respect. 
 At the written
request of any Holder of a Note or owner of a beneficial interest in a Global Note, the Company will provide a copy of the “Description of Notes” section and pricing term sheet referred to in Section 8.01(I). 

Section 8.02. WITH THE CONSENT OF HOLDERS. 

(A) Generally. Subject to Sections 8.01, 7.05 and 7.08 and the immediately following sentence, the Company and the
Trustee may, with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding, amend or supplement this Indenture or the Notes or waive compliance with any provision of this Indenture or the Notes.

  
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Notwithstanding anything to the contrary in the foregoing sentence, but subject to Section 8.01, without the consent of each affected Holder, no amendment or supplement
to this Indenture or the Notes, or waiver of any provision of this Indenture or the Notes, may: 
 (i) reduce the principal,
or extend the stated maturity, of any Note; 
 (ii) reduce the Redemption Price or Fundamental Change Repurchase Price for
any Note or change the times at which, or the circumstances under which, the Notes may or will be redeemed or repurchased by the Company; 

(iii) reduce the rate, or extend the time for the payment, of interest on any Note; 

(iv) make any change that adversely affects the conversion rights of any Note; 

(v) impair the rights of any Holder set forth in Section 7.08 (as such section is in effect on the
Issue Date); 
 (vi) change the ranking of the Notes; 

(vii) make any Note payable in money, or at a place of payment, other than that stated in this Indenture or the Note; 

(viii) reduce the amount of Notes whose Holders must consent to any amendment, supplement, waiver or other modification; or

 (ix) make any direct or indirect change to any amendment, supplement, waiver or modification provision of this Indenture
or the Notes that requires the consent of each affected Holder. 
 For the avoidance of doubt, pursuant to clauses (i),
(ii), (iii) and (iv) of this Section 8.02(A), no amendment or supplement to this Indenture or the Notes, or waiver of any provision of this Indenture or the Notes, may change the amount or type of
consideration due on any Note (whether on an Interest Payment Date, Redemption Date, Fundamental Change Repurchase Date or the Maturity Date or upon conversion, or otherwise), or the date(s) or time(s) such consideration is payable or deliverable,
as applicable, without the consent of each affected Holder. 
 (B) Holders Need Not Approve the Particular Form of any Amendment. A
consent of any Holder pursuant to this Section 8.02 need approve only the substance, and not necessarily the particular form, of the proposed amendment, supplement or waiver. 

Section 8.03. NOTICE OF AMENDMENTS, SUPPLEMENTS AND WAIVERS.

 As soon as reasonably practicable after any amendment, supplement or waiver pursuant to Section 8.01 or 8.02
becomes effective, the Company will send to the Holders and the Trustee notice that (A) describes the substance of such amendment, supplement or waiver in reasonable detail and (B) states the effective date thereof; provided,
however, that the Company will not be required to provide such notice to the Holders if such amendment, supplement or waiver is included in a periodic report filed by the Company with the SEC within four (4) Business Days of its
effectiveness. The failure to send, or the existence of any defect in, such notice will not impair or affect the validity of such amendment, supplement or waiver. 

  
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 Section 8.04. REVOCATION, EFFECT AND
SOLICITATION OF CONSENTS; SPECIAL RECORD DATES; ETC. 

(A) Revocation and Effect of Consents. The consent of a Holder of a Note to an amendment, supplement or waiver will bind (and constitute
the consent of) each subsequent Holder of any Note to the extent the same evidences any portion of the same indebtedness as the consenting Holder’s Note, subject to the right of any Holder of a Note to revoke (if not prohibited pursuant to
Section 8.04(B)) any such consent with respect to such Note by delivering notice of revocation to the Trustee before the time such amendment, supplement or waiver becomes effective. 

(B) Special Record Dates. The Company may, but is not required to, fix a record date for the purpose of determining the Holders entitled
to consent or take any other action in connection with any amendment, supplement or waiver pursuant to this Article 8. If a record date is fixed, then, notwithstanding anything to the contrary in Section 8.04(A),
only Persons who are Holders as of such record date (or their duly designated proxies) will be entitled to give such consent, to revoke any consent previously given or to take any such action, regardless of whether such Persons continue to be
Holders after such record date; provided, however, that no such consent will be valid or effective for more than one hundred and twenty (120) calendar days after such record date. 

(C) Solicitation of Consents. For the avoidance of doubt, each reference in this Indenture or the Notes to the consent of a Holder will
be deemed to include any such consent obtained in connection with a repurchase of, or tender or exchange offer for, any Notes. 
 (D)
Effectiveness and Binding Effect. Each amendment, supplement or waiver pursuant to this Article 8 will become effective in accordance with its terms and, when it becomes effective with respect to any Note (or any portion thereof), will
thereafter bind every Holder of such Note (or such portion). 
 Section 8.05. NOTATIONS AND EXCHANGES.

 If any amendment, supplement or waiver changes the terms of a Note, then the Trustee or the Company may, in its discretion, require
the Holder of such Note to deliver such Note to the Trustee so that the Trustee may place an appropriate notation prepared by the Company on such Note and return such Note to such Holder. Alternatively, at its discretion, the Company may, in
exchange for such Note, issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a new Note that reflects the changed terms. The failure to make any appropriate notation
or issue a new Note pursuant to this Section 8.05 will not impair or affect the validity of such amendment, supplement or waiver. 

  
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 Section 8.06. TRUSTEE TO EXECUTE
SUPPLEMENTAL INDENTURES. 
 The Trustee will execute and deliver any amendment or supplemental indenture
authorized pursuant to this Article 8; provided, however, that the Trustee need not (but may, in its sole and absolute discretion) execute or deliver any such amendment or supplemental indenture that the Trustee concludes
adversely affects the Trustee’s rights, duties, liabilities or immunities. In executing any amendment or supplemental indenture, the Trustee will be entitled to receive, and (subject to Sections 10.01 and 10.02) will be
fully protected in relying on, an Officer’s Certificate and an Opinion of Counsel stating that (A) the execution and delivery of such amendment or supplemental indenture is authorized or permitted by this Indenture; and (B) in the
case of the Opinion of Counsel, such amendment or supplemental indenture is valid, binding and enforceable against the Company in accordance with its terms. 

Article 9. SATISFACTION AND DISCHARGE 

Section 9.01. TERMINATION OF COMPANY’S OBLIGATIONS. 

This Indenture will be discharged, and will cease to be of further effect as to all Notes issued under this Indenture, when: 

(A) all Notes then outstanding (other than Notes replaced pursuant to Section 2.13) have (i) been delivered to
the Trustee for cancellation; or (ii) become due and payable (whether on a Redemption Date, a Fundamental Change Repurchase Date, the Maturity Date, upon conversion or otherwise) for an amount of cash or Conversion Consideration, as applicable,
that has been fixed; 
 (B) the Company has caused there to be irrevocably deposited with the Trustee, or with the Paying Agent (or, with
respect to Conversion Consideration, the Conversion Agent), in each case for the benefit of the Holders, or has otherwise caused there to be delivered to the Holders, cash (or, with respect to Notes to be converted, Conversion Consideration)
sufficient to satisfy all amounts or other property due on all Notes then outstanding (other than Notes replaced pursuant to Section 2.13); 

(C) the Company has paid all other amounts payable by it under this Indenture; and 

(D) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that the conditions
precedent to the discharge of this Indenture have been satisfied; 
 provided, however, that Article 10 and
Section 11.01 will survive such discharge and, until no Notes remain outstanding, Section 2.15 and the obligations of the Trustee, the Paying Agent and the Conversion Agent with respect to money or
other property deposited with them will survive such discharge. 
 At the Company’s written request, the Trustee will acknowledge the
satisfaction and discharge of this Indenture. 

  
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 Section 9.02. REPAYMENT TO COMPANY. 

Subject to applicable unclaimed property law, the Trustee, the Paying Agent and the Conversion Agent will promptly notify the Company if there
exists (and, at the Company’s request, promptly deliver to the Company) any cash, Conversion Consideration or other property held by any of them for payment or delivery on the Notes that remain unclaimed two (2) years after the date on
which such payment or delivery was due. After such delivery to the Company, the Trustee, the Paying Agent and the Conversion Agent will have no further liability to any Holder with respect to such cash, Conversion Consideration or other property,
and Holders entitled to the payment or delivery of such cash, Conversion Consideration or other property must look to the Company for payment as a general creditor of the Company. 

Section 9.03. REINSTATEMENT. 

If the Trustee, the Paying Agent or the Conversion Agent is unable to apply any cash or other property deposited with it pursuant to
Section 9.01 because of any legal proceeding or any order or judgment of any court or other governmental authority that enjoins, restrains or otherwise prohibits such application, then the discharge of this Indenture
pursuant to Section 9.01 will be rescinded; provided, however, that if the Company thereafter pays or delivers any cash or other property due on the Notes to the Holders thereof, then the Company will be
subrogated to the rights of such Holders to receive such cash or other property from the cash or other property, if any, held by the Trustee, the Paying Agent or the Conversion Agent, as applicable. 

Article 10. TRUSTEE 

Section 10.01. DUTIES OF THE TRUSTEE. 

(A) If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(B) Except during the continuance of an Event of Default: 

(i) the duties of the Trustee will be determined solely by the express provisions of this Indenture, and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee; and 

(ii) in the absence of bad faith or willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel that are provided to the Trustee and conform to the requirements of this Indenture. However, the Trustee will examine the
certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 

  
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 (C) The Trustee may not be relieved from liabilities for its negligence or willful
misconduct, except that: 
 (i) this paragraph will not limit the effect of Section 10.01(B); 

(ii) the Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved
that the Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the Trustee will not be liable with respect
to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 7.06. 

(D) Each provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (A), (B) and
(C) of this Section 10.01, regardless of whether such provision so expressly provides. 
 (E) No
provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. 
 (F) The Trustee will not be
liable for interest on any money received by it, except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds, except to the extent required by law. 

Section 10.02. RIGHTS OF THE TRUSTEE. 

(A) The Trustee may conclusively rely on any document that it believes to be genuine and signed or presented by the proper Person, and the
Trustee need not investigate any fact or matter stated in such document. 
 (B) Before the Trustee acts or refrains from acting, it may
require an Officer’s Certificate, an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee may consult
with counsel; and the written advice of such counsel, or any Opinion of Counsel, will constitute full and complete authorization of the Trustee to take or omit to take any action in good faith in reliance thereon without liability. 

(C) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any such agent
appointed with due care. 
 (D) The Trustee will not be liable for any action it takes or omits to take in good faith and that it believes to
be authorized or within the rights or powers vested in it by this Indenture. 
 (E) Unless otherwise specifically provided in this Indenture,
any demand, request, direction or notice from the Company will be sufficient if signed by an Officer of the Company. 
 (F) The Trustee need
not exercise any rights or powers vested in it by this Indenture at the request or direction of any Holder unless such Holder has offered the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense that it
may incur in complying with such request or direction. 

  
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 (G) The Trustee will not be responsible or liable for any punitive, special, indirect or
consequential loss or damage (including lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(H) The Trustee will 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 reasonably
see fit, and, if the Trustee determines to make such further inquiry or investigation, it will be entitled, at a reasonable time on any Business Day after reasonable notice, to examine the books, records and premises of the Company, personally or by
agent or attorney and will incur no liability of any kind by reason of such inquiry or investigation. 
 (I) The Trustee will not be required
to give any bond or surety in respect of the execution of the trusts, powers, and duties under this Indenture. 
 (J) The permissive rights
of the Trustee enumerated herein will not be construed as duties. 
 (K) Delivery of reports and documents to the Trustee under this
Indenture are for informational purposes only, and the Trustee’s receipt of such reports and documents will not constitute constructive notice of any information contained therein or determinable from information contained therein. 

(L) The Trustee will not be deemed to have notice of any Default or Event of Default (except in the case of a Default or Event of Default in
payment of scheduled principal of, or the Redemption Price or Fundamental Change Repurchase Price for, or interest on, any Note) unless written notice of any event that is in fact such a Default or Event of Default (and stating the occurrence of a
Default or Event of Default) is received by the a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes, the Company and this Indenture. 

Section 10.03. INDIVIDUAL RIGHTS OF THE TRUSTEE. 

The Trustee, in its individual or any other capacity, may become the owner or pledgee of any Note and may otherwise deal with the Company or
any of its Affiliates with the same rights that it would have if it were not Trustee; provided, however, that if the Trustee acquires a “conflicting interest” (within the meaning of Section 310(b) of the Trust Indenture
Act), then it must eliminate such conflict within ninety (90) days or resign as Trustee. The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be compensated, reimbursed and indemnified, are
extended to, and will be enforceable by, the Trustee in each of its capacities under this Indenture and each Note Agent, retained to act under this Indenture. 

  
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 Section 10.04. TRUSTEE’S DISCLAIMER. 

The Trustee will not be (A) responsible for, and makes no representation as to, the validity or adequacy of this Indenture or the Notes;
(B) accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture; (C) responsible for the use or application of any money
received by any Paying Agent other than the Trustee; and (D) responsible for any statement or recital in this Indenture, the Notes or any other document relating to the sale of the Notes or this Indenture, other than the Trustee’s
certificate of authentication. 
 Section 10.05. NOTICE OF DEFAULTS. 

If a Default or Event of Default occurs and is continuing and is actually known to a Responsible Officer of the Trustee, then the Trustee will
send Holders a notice of such Default or Event of Default within ninety (90) days after it occurs or, if it is not known to the Trustee at such time, promptly (and in any event within fifteen (15) Business Days) after it becomes actually
known to a Responsible Officer. 
 Section 10.06. COMPENSATION AND INDEMNITY. 

(A) The Company will, from time to time, pay the Trustee reasonable compensation for its acceptance of this Indenture and services under this
Indenture. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. In addition to the compensation for the Trustee’s services, the Company will reimburse the Trustee promptly upon request
for all reasonable disbursements, advances and expenses incurred or made by it under this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

(B) The Company will indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising out of or in connection
with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company (including this Section 10.06) and defending itself against any
claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties under this Indenture, except to the extent any such loss, liability or expense is
attributable to its negligence or willful misconduct, as determined by a court of competent jurisdiction in a final and non-appealable decision. The Trustee will promptly notify the Company of any claim for
which it may seek indemnity, but the Trustee’s failure to so notify the Company will not relieve the Company of its obligations under this Section 10.06(B), except to the extent the Company is materially prejudiced by
such failure. The Company will defend such claim, and the Trustee will cooperate in such defense at the expense of the Company. If the Trustee is advised by counsel that it may have defenses available to it that are in conflict with the defenses
available to the Company, or that there is an actual or potential conflict of interest, then the Trustee may retain separate counsel, and the Company will pay the reasonable fees and expenses of such counsel (including the reasonable fees and
expenses of counsel to the Trustee incurred in evaluating whether such a conflict exists). The Company need not pay for any settlement of any such claim made without its consent, which consent will not be unreasonably withheld, conditioned or
delayed. Any settlement that affects the Trustee may not be entered into without the consent of the Trustee, such consent is not be unreasonably withheld or delayed. The indemnification provided in this Section 10.06 will
extend to the officers, directors, agents and employees of the Trustee and any successor Trustee under this Indenture. 

  
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 (C) The obligations of the Company under this Section 10.06 will
survive the resignation or removal of the Trustee and the discharge of this Indenture. 
 (D) To secure the Company’s payment
obligations in this Section 10.06, the Trustee will have a lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal of, or interest on, particular Notes,
which lien will survive the discharge of this Indenture. 
 (E) If the Trustee incurs expenses or renders services after an Event of Default
pursuant to clause (ix) or (x) of Section 7.01(A) occurs, then such expenses and the compensation for such services (including the fees and expenses of its agents and counsel) are intended to
constitute expenses of administration under any Bankruptcy Law. 
 Section 10.07. REPLACEMENT OF THE
TRUSTEE. 
 (A) Notwithstanding anything to the contrary in this Section 10.07, a resignation or
removal of the Trustee, and the appointment of a successor Trustee, will become effective only upon such successor Trustee’s acceptance of appointment as provided in this Section 10.07. 

(B) The Trustee may resign at any time and be discharged from the trust created by this Indenture by so notifying the Company. The Holders of a
majority in aggregate principal amount of the Notes then outstanding may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 

(i) the Trustee fails to comply with Section 10.09; 

(ii) the Trustee is adjudged to be bankrupt or insolvent or an order for relief is entered with respect to the Trustee under
any Bankruptcy Law; 
 (iii) a custodian or public officer takes charge of the Trustee or its property; or 

(iv) the Trustee becomes incapable of acting. 

(C) If the Trustee resigns or is removed, or if a vacancy exists in the Corporate Trust Office of Trustee for any reason, then (i) the
Company will promptly appoint a successor Trustee; and (ii) at any time within one (1) year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the Notes then outstanding may appoint a
successor Trustee to replace such successor Trustee appointed by the Company. 
 (D) If a successor Trustee does not take office within
ninety (90) days after the retiring Trustee resigns or is removed, then the retiring Trustee, the Company or the Holders of at least ten percent (10%) in aggregate principal amount of the Notes then outstanding may, at the Company’s
expense petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 (E) If the Trustee, after written request
by a Holder of at least six (6) months, fails to comply with Section 10.09, then such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

  
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 (F) A successor Trustee will deliver a written acceptance of its appointment to the retiring
Trustee and to the Company, upon which notice the resignation or removal of the retiring Trustee will become effective and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee
will send notice of its succession to Holders. The retiring Trustee will, upon payment of all amounts due to it under this Indenture, promptly transfer all property held by it as Trustee to the successor Trustee, which property will, for the
avoidance of doubt, be subject to the lien provided for in Section 10.06(D). 
 Section 10.08. SUCCESSOR
TRUSTEE BY MERGER, ETC. 
 If the Trustee consolidates, merges or converts
into, or transfers all or substantially all of its corporate trust business to, another corporation, then such corporation will become the successor Trustee without any further act. 

Section 10.09. ELIGIBILITY; DISQUALIFICATION. 

There will at all times be a Trustee under this Indenture that is a corporation organized and doing business under the laws of the United
States of America or of any state thereof, that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least
$100.0 million as set forth in its most recent published annual report of condition. 
 Article 11. MISCELLANEOUS 

Section 11.01. NOTICES. 

Any notice or communication by the Company or the Trustee to the other will be deemed to have been duly given if in writing and delivered in
person or by first class mail (registered or certified, return receipt requested), facsimile transmission, electronic transmission or other similar means of unsecured electronic communication or overnight air courier guaranteeing next day delivery,
or to the other’s address, which initially is as follows: 
 If to the Company: 

Zogenix, Inc. 
 5959 Horton
Street, Suite 500, Emeryville, California 94608 
 Attention: General Counsel 

with a copy (which will not constitute notice) to: 

Latham & Watkins LLP 

12670 High Bluff Drive 
 San
Diego, California 92130 
 Attention: Cheston Larson, Esq. 

  
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 and 

Latham & Watkins LLP 

885 Third Ave 
 New York, New York
10022 
 Attention: Greg Rodgers, Esq. 

If to the Trustee: 
 U.S. Bank
National Association 
 Global Corporate Trust 

One Federal Street, 10th Floor 

Boston, Massachusetts 02110 

Email: laura.cawley@usbank.com 

Attention: Zogenix, Inc. 
 The
Company or the Trustee, by notice to the other, may designate additional or different addresses (including facsimile numbers and electronic addresses) for subsequent notices or communications. 

Any communication sent to Trustee under this Indenture that requires a signature must be in the form of a document that is signed manually or
by way of a digital signature provided by DocuSign (or such other digital signature provider as specified in writing to Trustee by an authorized representative of the Company). The Company agrees to assume all risks arising out of its use of digital
signatures and electronic methods to submit communications to Trustee, including the risk of the Trustee acting on unauthorized instructions and the risk of interception and misuse by third parties. 

All notices and communications (other than those sent to Holders) will be deemed to have been duly given: (A) at the time delivered by
hand, if personally delivered; (B) five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; (C) when receipt acknowledged, if transmitted by facsimile, electronic transmission or other similar means of
unsecured electronic communication; and (D) the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 

All notices or communications required to be made to a Holder pursuant to this Indenture must be made in writing and will be deemed to be duly
sent or given in writing if mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery, to its address shown on the Register; provided, however, that a
notice or communication to a Holder of a Global Note may, but need not, instead be sent pursuant to the Depositary Procedures (in which case, such notice will be deemed to be duly sent or given in writing). The failure to send a notice or
communication to a Holder, or any defect in such notice or communication, will not affect its sufficiency with respect to any other Holder. 

If the Trustee is then acting as the Depositary’s custodian for the Notes, then, at the reasonable request of the Company to the Trustee,
the Trustee will cause any notice prepared by the Company to be sent to any Holder(s) pursuant to the Depositary Procedures, provided such request is evidenced in a Company Order delivered, together with the text of such notice, to the
Trustee at least two (2) Business Days before the date such notice is to be so sent. For the avoidance of doubt, such Company Order need not be accompanied by an Officer’s Certificate or Opinion of Counsel. The Trustee will not have any
liability relating to the contents of any notice that it sends to any Holder pursuant to any such Company Order. 

  
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 If a notice or communication is mailed or sent in the manner provided above within the time
prescribed, it will be deemed to have been duly given, whether or not the addressee receives it. 
 Notwithstanding anything to the contrary
in this Indenture or the Notes, (A) whenever any provision of this Indenture requires a party to send notice to another party, no such notice need be sent if the sending party and the recipient are the same Person acting in different
capacities; and (B) whenever any provision of this Indenture requires a party to send notice to more than one receiving party, and each receiving party is the same Person acting in different capacities, then only one such notice need be sent to
such Person. 
 Section 11.02. DELIVERY OF OFFICER’S CERTIFICATE
AND OPINION OF COUNSEL AS TO CONDITIONS PRECEDENT. 

Upon any request or application by the Company to the Trustee to take any action under this Indenture (other than the initial authentication of
Notes under this Indenture), the Company will furnish to the Trustee: 
 (A) an Officer’s Certificate in form and substance reasonably
satisfactory to the Trustee that complies with Section 11.03 and states that, in the opinion of the signatory thereto, all conditions precedent and covenants, if any, provided for in this Indenture relating to such action
have been satisfied; and 
 (B) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee that complies with
Section 11.03 and states that, in the opinion of such counsel, all such conditions precedent and covenants, if any, have been satisfied. 

Section 11.03. STATEMENTS REQUIRED IN OFFICER’S
CERTIFICATE AND OPINION OF COUNSEL. 
 Each Officer’s
Certificate (other than an Officer’s Certificate pursuant to Section 3.05) or Opinion of Counsel with respect to compliance with a covenant or condition provided for in this Indenture will include: 

(A) a statement that the signatory thereto has read such covenant or condition; 

(B) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained therein
are based; 
 (C) a statement that, in the opinion of such signatory, he, she or it has made such examination or investigation as is
necessary to enable him, her or it to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(D) a statement as to whether, in the opinion of such signatory, such covenant or condition has been satisfied. 

  
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 Section 11.04. RULES BY THE TRUSTEE,
THE REGISTRAR AND THE PAYING AGENT. 
 The
Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

Section 11.05. NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS,
EMPLOYEES AND STOCKHOLDERS. 
 No past, present or future director, officer, employee,
incorporator or stockholder of the Company, as such, will have any liability for any obligations of the Company under this Indenture or the Notes or for any claim based on, in respect of, or by reason of, such obligations or their creation. By
accepting any Note, each Holder waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 

Section 11.06. GOVERNING LAW; WAIVER OF JURY TRIAL. 

THIS INDENTURE AND THE NOTES, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE OR THE NOTES, WILL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT
OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED BY THIS INDENTURE OR THE NOTES. 
 Section 11.07.
SUBMISSION TO JURISDICTION. 
 Any legal suit, action or proceeding arising out of or based
upon this Indenture or the transactions contemplated by this Indenture may be instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York, in each case located in the City
of New York (collectively, the “Specified Courts”), and each party irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any
process, summons, notice or document by mail (to the extent allowed under any applicable statute or rule of court) to such party’s address set forth in Section 11.01 will be effective service of process for any such
suit, action or proceeding brought in any such court. Each of the Company, the Trustee and each Holder (by its acceptance of any Note) irrevocably and unconditionally waives any objection to the laying of venue of any suit, action or other
proceeding in the Specified Courts and irrevocably and unconditionally waives and agrees not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum. 

Section 11.08. NO ADVERSE INTERPRETATION OF OTHER
AGREEMENTS. 
 Neither this Indenture nor the Notes may be used to interpret any other indenture, note, loan or debt
agreement of the Company or its Subsidiaries or of any other Person, and no such indenture, note, loan or debt agreement may be used to interpret this Indenture or the Notes. 

  
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 Section 11.09. SUCCESSORS. 

All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will
bind its successors. 
 Section 11.10. FORCE MAJEURE. 

The Trustee and each Note Agent will not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility
under this Indenture or the Notes by reason of any occurrence beyond its control (including any act or provision of any present or future law or regulation or governmental authority, act of God or war, civil unrest, local or national disturbance or
disaster, act of terrorism or unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility). 

Section 11.11. U.S.A. PATRIOT Act. 

The Company acknowledges that, in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee, like all financial institutions, in
order to help fight the funding of terrorism and money laundering, is required to obtain, verify and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The Company
agrees to provide the Trustee with such information as it may request to enable the Trustee to comply with the U.S.A. PATRIOT Act. 
 Section 11.12.
CALCULATIONS. 
 Except as otherwise provided in this Indenture, the Company will be responsible for making all
calculations called for under this Indenture or the Notes, including determinations of the Last Reported Sale Price, the Daily Conversion Value, the Daily Cash Amount, the Daily Share Amount, accrued interest on the Notes and the Conversion Rate.

 The Company will make all calculations in good faith, and, absent manifest error, its calculations will be final and binding on all
Holders. The Company will provide a schedule of its calculations to the Trustee and the Conversion Agent, and each of the Trustee and the Conversion Agent may rely conclusively on the accuracy of the Company’s calculations without independent
verification. The Trustee will promptly forward a copy of each such schedule to a Holder upon its written request therefor. For the avoidance of doubt, the Trustee will not be obligated to make or confirm, any calculations called for under this
Indenture or the Notes. 
 Section 11.13. SEVERABILITY. 

If any provision of this Indenture or the Notes is invalid, illegal or unenforceable, then the validity, legality and enforceability of the
remaining provisions of this Indenture or the Notes will not in any way be affected or impaired thereby. 

  
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 Section 11.14. COUNTERPARTS. 

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, and all of them together represent the same
agreement. Delivery of an executed counterpart of this Indenture by facsimile, electronically in portable document format or in any other format will be effective as delivery of a manually executed counterpart. 

Section 11.15. TABLE OF CONTENTS, HEADINGS, ETC. 

The table of contents and the headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are
not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions of this Indenture. 

Section 11.16. WITHHOLDING TAXES. 

Each Holder of a Note agrees, and each beneficial owner of an interest in a Global Note, by its acquisition of such interest, is deemed to
agree, that if the Company or other applicable withholding agent pays withholding taxes or backup withholding on behalf of such Holder or beneficial owner as a result of an adjustment or the non-occurrence of
an adjustment to the Conversion Rate, then the Company or such withholding agent, as applicable, may, at its option, withhold from or set off such payments against payments of cash or the delivery of other Conversion Consideration on such Note, any
payments on the Common Stock or sales proceeds received by, or other funds or assets of, such Holder or the beneficial owner of such Note. 

[The Remainder of This Page Intentionally Left Blank; Signature Page Follows] 

  
 - 86 - 

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

					
	ZOGENIX, INC.
		
	By:	 	 /s/ Michael P. Smith

		 	Name:	 	Michael P. Smith
		 	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer
	
	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE
		
	By:	 	 /s/ Laura Cawley

		 	Name:	 	Laura Cawley
		 	Title:	 	Vice President

 [Signature Page to Indenture] 

 EXHIBIT A 

FORM OF NOTE 
 [Insert
Global Note Legend, if applicable] 
 [Insert Restricted Note Legend, if applicable] 

ZOGENIX, INC. 
 2.75%
Convertible Senior Note due 2027 
  

					
	CUSIP No.:	  	[___][Insert for a “restricted” CUSIP number: *]	  	Certificate No. [___]
	ISIN No.:	  	[___][Insert for a “restricted” ISIN number: *]	  	

 Zogenix, Inc., a Delaware corporation, for value received, promises to pay to [Cede & Co.], or its
registered assigns, the principal sum of [___] dollars ($[___]) [(as revised by the attached Schedule of Exchanges of Interests in the Global Note)]† on October 1, 2027 and to pay interest thereon, as provided in the Indenture referred to below, until the principal and all accrued and unpaid interest are paid or duly
provided for. 
 Interest Payment Dates:         April 1 and October 1 of each year, commencing on
[date]. 
 Regular Record Dates:           March 15 and September 15. 

Additional provisions of this Note are set forth on the other side of this Note. 

[The Remainder of This Page Intentionally Left Blank; Signature Page Follows] 

 
  

	* 	 This Note will be deemed to be identified by CUSIP No. [___] and ISIN No. [___] from and after such time when
the Company delivers, pursuant to Section 2.12 of the within-mentioned Indenture, written notice to the Trustee of the deemed removal of the Restricted Note Legend affixed to this Note. 

	† 	 Insert bracketed language for Global Notes only. 

  
 A-1 

 IN WITNESS WHEREOF, Zogenix, Inc. has caused this instrument to be duly executed as
of the date set forth below. 
  

					
		  	ZOGENIX, INC.
			
	Date:                                     
    	  	By:	 	  

		  		 	Name:
		  		 	Title:

  
 A-2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

U.S. Bank National Association, as Trustee, certifies that this is one of the Notes referred to in the within-mentioned Indenture. 

 

					
	Date:                                     
	  	By:	 	  

		  		 	Authorized Signatory

  
 A-3 

 ZOGENIX, INC. 

2.75% Convertible Senior Note due 2027 

This Note is one of a duly authorized issue of notes of Zogenix, Inc., a Delaware corporation (the “Company”), designated as
its 2.75% Convertible Senior Notes due 2027 (the “Notes”), all issued or to be issued pursuant to an indenture, dated as of September 28, 2020 (as the same may be amended from time to time, the “Indenture”),
between the Company and U.S. Bank National Association, as trustee. Capitalized terms used in this Note without definition have the respective meanings ascribed to them in the Indenture. 

The Indenture sets forth the rights and obligations of the Company, the Trustee and the Holders and the terms of the Notes. Notwithstanding
anything to the contrary in this Note, to the extent that any provision of this Note conflicts with the provisions of the Indenture, the provisions of the Indenture will control. 

1. Interest. This Note will accrue interest at a rate and in the manner set forth in Section 2.05 of the Indenture. Stated Interest
on this Note will begin to accrue from, and including, [date]. 
 2. Maturity. This Note will mature on October 1, 2027,
unless earlier repurchased, redeemed or converted. 
 3. Method of Payment. Cash amounts due on this Note will be paid in the manner
set forth in Section 2.04 of the Indenture. 
 4. Persons Deemed Owners. The Holder of this Note will be treated as the owner of
this Note for all purposes. 
 5. Denominations; Transfers and Exchanges. All Notes will be in registered form, without coupons, in
principal amounts equal to any Authorized Denominations. Subject to the terms of the Indenture, the Holder of this Note may transfer or exchange this Note by presenting it to the Registrar and delivering any required documentation or other
materials. 
 6. Right of Holders to Require the Company to Repurchase Notes upon a Fundamental Change. If a Fundamental Change
occurs, then each Holder will have the right to require the Company to repurchase such Holder’s Notes (or any portion thereof in an Authorized Denomination) for cash in the manner, and subject to the terms, set forth in Section 4.02 of the
Indenture. 
 7. Right of the Company to Redeem the Notes. The Company will have the right to redeem the Notes for cash in the manner,
and subject to the terms, set forth in Section 4.03 of the Indenture. 
 8. Conversion. The Holder of this Note may convert this
Note into Conversion Consideration in the manner, and subject to the terms, set forth in Article 5 of the Indenture. 

  
 A-4 

 9. When the Company May Merge, Etc. Article 6 of the Indenture places limited
restrictions on the Company’s ability to be a party to a Business Combination Event. 
 10. Defaults and Remedies. If an Event of
Default occurs, then the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding may (and, in certain circumstances, will automatically) become due and payable in the manner, and subject to the terms, set forth
in Article 7 of the Indenture. 
 11. Amendments, Supplements and Waivers. The Company and the Trustee may amend or supplement the
Indenture or the Notes or waive compliance with any provision of the Indenture or the Notes in the manner, and subject to the terms, set forth in Section 7.05 and Article 8 of the Indenture. 

12. No Personal Liability of Directors, Officers, Employees and Stockholders. No past, present or future director, officer, employee,
incorporator or stockholder of the Company, as such, will have any liability for any obligations of the Company under the Indenture or the Notes or for any claim based on, in respect of, or by reason of, such obligations or their creation. By
accepting any Note, each Holder waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 

13. Authentication. No Note will be valid until it is authenticated by the Trustee. A Note will be deemed to be duly authenticated only
when an authorized signatory of the Trustee (or a duly appointed authenticating agent) manually signs the certificate of authentication of such Note. 

14. Abbreviations. Customary abbreviations may be used in the name of a Holder or its assignee, such as TEN COM (tenants in common), TEN
ENT (tenants by the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (custodian), and U/G/M/A (Uniform Gift to Minors Act). 

15. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 * * * 

To request a copy of the Indenture, which the Company will provide to any Holder at no charge, please send a written request to the following
address: 
 Zogenix, Inc. 
 5959
Horton Street, Suite 500 
 Emeryville, California 94608 

Attention: Chief Financial Officer 

  
 A-5 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 
 INITIAL PRINCIPAL AMOUNT OF THIS GLOBAL NOTE:
$[         ] 
 The following exchanges, transfers or cancellations of this Global Note have been made: 

 

							
	 Date
	 	 Amount of Increase

(Decrease) in
 Principal
Amount of
 this Global Note
	 	 Principal Amount of

this Global Note
 After Such
Increase
 (Decrease)
	  	 Signature of

Authorized
 Signatory of
Trustee

				
		 		 		  	
				
	  
	 	  
	 	  
	  	  

				
		 		 		  	
				
	  
	 	  
	 	  
	  	  

				
		 		 		  	
				
	  
	 	  
	 	  
	  	  

				
		 		 		  	
				
	  
	 	  
	 	  
	  	  

				
		 		 		  	
				
	  
	 	  
	 	  
	  	  

				
		 		 		  	
				
	  
	 	  
	 	  
	  	  

				
		 		 		  	
				
	  
	 	  
	 	  
	  	  

				
		 		 		  	
				
	  
	 	  
	 	  
	  	  

				
		 		 		  	
				
	  
	 	  
	 	  
	  	  

				
		 		 		  	
				
	  
	 	  
	 	  
	  	  

				
		 		 		  	
				
	  
	 	  
	 	  
	  	  

				
		 		 		  	
				
	  
	 	  
	 	  
	  	  

				
		 		 		  	
				
	  
	 	  
	 	  
	  	  

				
		 		 		  	
				
	  
	 	  
	 	  
	  	  

				
		 		 		  	
				
	  
	 	  
	 	  
	  	  

				
		 		 		  	
				
	  
	 	  
	 	  
	  	  

  
  

	* 	 Insert for Global Notes only. 

  
 A-6 

 CONVERSION NOTICE 

ZOGENIX, INC. 
 2.75% Convertible
Senior Notes due 2027 
 Subject to the terms of the Indenture, by executing and delivering this Conversion Notice, the undersigned Holder of the Note
identified below directs the Company to convert (check one): 
  

	☐	 the entire principal amount of 

 

	☐	 $             * aggregate principal amount of 

 the Note identified by CUSIP
No.                 and Certificate
No.                . 
 The undersigned
acknowledges that if the Conversion Date of a Note to be converted is after a Regular Record Date and before the next Interest Payment Date, then such Note, when surrendered for conversion, must, in certain circumstances, be accompanied with an
amount of cash equal to the interest that would have accrued on such Note to, but excluding, such Interest Payment Date. 
  

					
	Date:                                     
	 	  

		 		 	(Legal Name of Holder)
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:
		
		 	Signature Guaranteed:
		
		 	  

		 		 	Participant in a Recognized Signature
		 		 	Guarantee Medallion Program
			
		 	By:	 	  

		 		 	Authorized Signatory

  
  

	* 	 Must be an Authorized Denomination. 

  
 A-7 

 FUNDAMENTAL CHANGE REPURCHASE NOTICE 

ZOGENIX, INC. 
 2.75% Convertible
Senior Notes due 2027 
 Subject to the terms of the Indenture, by executing and delivering this Fundamental Change Repurchase Notice, the undersigned
Holder of the Note identified below is exercising its Fundamental Change Repurchase Right with respect to (check one): 
  

	☐	 the entire principal amount of 

 

	☐	 $             * aggregate principal amount of 

 the Note identified by CUSIP
No.             and Certificate No.            . 

The undersigned acknowledges that this Note, duly endorsed for transfer, must be delivered to the Paying Agent before the Fundamental Change Repurchase Price
will be paid. 
  

					
	Date:                                     
	 	  

		 		 	(Legal Name of Holder)
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:
		
		 	Signature Guaranteed:
		
		 	  

		 		 	Participant in a Recognized Signature
		 		 	Guarantee Medallion Program
			
		 	By:	 	  

		 		 	Authorized Signatory

  
  

	* 	 Must be an Authorized Denomination. 

  
 A-8 

 ASSIGNMENT FORM 

ZOGENIX, INC. 
 2.75% Convertible
Senior Notes due 2027 
 Subject to the terms of the Indenture, the undersigned Holder of the within Note assigns to: 

 

					
	Name:	 	  
	 	                                      
  
			
	Address:	 	  
	 	
			
	 Social security or
 tax
identification
 number:
	 	  
	 	

 the within Note and all rights thereunder irrevocably appoints: 

as agent to transfer the within Note on the books of the Company. The agent may substitute another to act for him/her. 

 

					
	Date:                                     
	 	  

		 		 	(Legal Name of Holder)
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:
		
		 	Signature Guaranteed:
		
		 	  

		 		 	Participant in a Recognized Signature
		 		 	Guarantee Medallion Program
			
		 	By:	 	  

		 		 	Authorized Signatory

  
 A-9 

 TRANSFEROR ACKNOWLEDGMENT 

If the within Note bears a Restricted Note Legend, the undersigned further certifies that (check one): 

 

					
	1.	  	☐	  	Such Transfer is being made to the Company or a Subsidiary of the Company.
			
	2.	  	☐	  	Such Transfer is being made pursuant to, and in accordance with, a registration statement that is effective under the Securities Act at the time of the Transfer.
			
	3.	  	☐	  	Such Transfer is being made pursuant to, and in accordance with, Rule 144A under the Securities Act, and, accordingly, the undersigned further certifies that the within Note is being transferred to a Person that the undersigned
reasonably believes is purchasing the within Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional
buyer” within the meaning of Rule 144A under the Securities Act in a transaction meeting the requirements of Rule 144A. If this item is checked, then the transferee must complete and execute the acknowledgment contained on the next
page.
			
	4.	  	☐	  	 Such Transfer is being made pursuant to, and in accordance with, any other available exemption from the registration requirements of the
Securities Act (including, if available, the exemption provided by Rule 144 under the Securities Act).
  

 

			
	Dated:                                   
                  
	
	  

	(Legal Name of Holder)
		
	By:	 	  

		 	Name:
		 	Title:
	
	Signature Guaranteed:
	
	  

	(Participant in a Recognized Signature
	Guarantee Medallion Program)
		
	By:	 	  

		 	Authorized Signatory

  
 A-10 

 TRANSFEREE ACKNOWLEDGMENT 

The undersigned represents that it is purchasing the within Note for its own account, or for one or more accounts with respect to which the undersigned
exercises sole investment discretion, and that and the undersigned and each such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act. The undersigned acknowledges that the transferor is
relying, in transferring the within Note on the exemption from the registration and prospectus-delivery requirements of the Securities Act of 1933, as amended, provided by Rule 144A and that the undersigned has received such information regarding
the Company as the undersigned has requested pursuant to Rule 144A. 
  

			
	Dated:                                   
          
	
	  

		 	 (Name of Transferee)

		
	By:	 	  

		 	Name:
		 	Title:

  
 A-11 

 EXHIBIT B-1 

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

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

  

	(2)	 AGREES FOR THE BENEFIT OF ZOGENIX, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR
OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT ONLY: 

  

	 	(A)	 TO THE COMPANY OR ANY SUBSIDIARY THEREOF; 

 

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

 

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

  

	 	(D)	 PURSUANT TO RULE 144 UNDER THE SECURITIES ACT; OR 

 

	 	(E)	 PURSUANT TO ANY OTHER EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. 

 BEFORE THE REGISTRATION OF ANY SALE OR TRANSFER IN ACCORDANCE WITH (2)(C), (D) OR (E) ABOVE, THE COMPANY, THE
TRUSTEE AND THE REGISTRAR RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH CERTIFICATES OR OTHER DOCUMENTATION OR EVIDENCE AS THEY MAY REASONABLY REQUIRE IN ORDER TO DETERMINE THAT THE PROPOSED SALE OR TRANSFER IS BEING MADE IN COMPLIANCE WITH THE
SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.* 
  

 

	* 	 This paragraph and the immediately preceding paragraph will be deemed to be removed from the face of this Note
at such time when the Company delivers written notice to the Trustee of such deemed removal pursuant to Section 2.12 of the within-mentioned Indenture. 

  
 B1-1 

 EXHIBIT B-2 

FORM OF GLOBAL NOTE LEGEND 
 THIS IS A
GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS THE OWNER AND HOLDER OF
THIS NOTE FOR ALL PURPOSES. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“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 HEREON
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 SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE WILL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC, OR
TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE WILL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN ARTICLE 2 OF THE INDENTURE HEREINAFTER REFERRED TO. 

  
 B2-1

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