Document:

Document

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Exhibit 10.41

TECHNOLOGY TRANSFER AND EXCLUSIVE LICENSE AGREEMENT
between
Arbutus Biopharma Corporation
and
Qilu Pharmaceutical Co., Ltd.
December 13, 2021

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY “[***]”, HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL

TABLE OF CONTENTS
Page
ARTICLE 1 DEFINITIONS    1
ARTICLE 2 LICENSE    17
2.1    License Grant to Qilu    17
2.2    Right of First Negotiation Granted to Qilu    18
2.3    Right to Sublicense.    18
2.4    Right to Subcontract    19
2.5    Technology Transfer    19
2.6    No Implied Licenses    19
ARTICLE 3 GOVERNANCE    20
3.1    Alliance Managers    20
3.2    Joint Steering Committee    20
3.3    Membership    21
3.4    Meetings; Reports    21
3.5    Decision-Making; Escalation to Executive Officers    21
ARTICLE 4 DEVELOPMENT AND REGULATORY MATTERS    22
4.1    Development Obligations    22
4.2    Development Reports    25
4.3    Regulatory Activities    25
4.4    Right of Reference and Use    27
4.5    Data Exchange and Use    27
4.6    Adverse Events Reporting    27
4.7    No Harmful Actions    28
4.8    Notice of Regulatory Action    28
4.9    Arbutus Support    28
ARTICLE 5 MANUFACTURE AND SUPPLY    29
5.1    Supply Obligations    29
5.2    Clinical Supply Agreement    30
5.3    Commercial Supply Agreement    30
5.4    Supply to Arbutus    30
5.5    Manufacturing Technology Transfer.    30
5.6    Transfer of the Arbutus Materials    32
ARTICLE 6 COMMERCIALIZATION    32
6.1    Commercialization Obligations    32
6.2    Commercialization Reports    33
6.3    Licensed Product Trademarks    33
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6.4    No Other Trademark Rights    34
6.5    Diversion    34
ARTICLE 7 PAYMENTS    35
7.1    Upfront Payment    35
7.2    Development and Regulatory Milestones    35
7.3    Manufacturing Technology Transfer Completion Payment    36
7.4    Sales Milestones    36
7.5    Royalty Payments to Arbutus    37
7.6    Taxes    39
7.7    Financial Audits    40
7.8    Form of Payment    40
ARTICLE 8 CONFIDENTIALITY; PUBLICATION    41
8.1    Confidential Information    41
8.2    Non-Disclosure and Non-Use Obligation    42
8.3    Return of Confidential Information    42
8.4    Exemption    42
8.5    Permitted Disclosures    42
8.6    Disclosure of Agreement    43
8.7    Publicity; Use of Name and Logo    44
8.8    Publications    44
8.9    Engaging Individuals    44
8.10    Survival    44
ARTICLE 9 REPRESENTATIONS, WARRANTIES, AND COVENANTS    45
9.1    Representations and Warranties of Each Party    45
9.2    Representations and Warranties of Arbutus    45
9.3    Debarment; Exclusion; Disqualification    47
9.4    Covenants of Arbutus    47
9.5    Covenants of Qilu    48
9.6    Compliance with Anti-Corruption Laws    49
9.7    Compliance with Law    50
9.8    Data Protection    50
9.9    NO OTHER WARRANTIES    51
ARTICLE 10 INDEMNIFICATION    51
10.1    By Qilu    51
10.2    By Arbutus    51
10.3    Indemnification Procedure    52
10.4    Mitigation of Loss    53
10.5    Limitation of Liability    53
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10.6    Insurance    53
ARTICLE 11 INTELLECTUAL PROPERTY    53
11.1    Ownership    53
11.2    Patent Prosecution    55
11.3    Patent Enforcement    56
11.4    Infringement of Third Party Rights    57
11.5    Qilu Territory Trademarks    59
11.6    Common Interest Agreement    60
11.7    Registration Obligations    60
ARTICLE 12 TERMS AND TERMINATION    60
12.1    Term    60
12.2    Termination    61
12.3    Effect of Termination    62
12.4    Rights in Insolvency    64
12.5    Accrued Rights    64
12.6    Survival    64
12.7    Certain Additional Remedies of Qilu in Lieu of Termination    64
ARTICLE 13 MISCELLANEOUS    64
13.1    Force Majeure    64
13.2    Assignment    65
13.3    Severability    65
13.4    Notices    65
13.5    Governing Law    66
13.6    Internal Resolution    66
13.7    Binding Arbitration    66
13.8    Headings    67
13.9    Independent Contractors    67
13.10    Waiver    68
13.11    Waiver of Rule of Construction    68
13.12    Cumulative Remedies; Recovery of Damages    68
13.13    Business Day Requirements    68
13.14    Further Actions    68
13.15    Construction    68
13.16    Entire Agreement; Amendments    69
13.17    Counterparts    69

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TECHNOLOGY TRANSFER AND EXCLUSIVE LICENSE AGREEMENT
This Technology Transfer and Exclusive License Agreement (this “Agreement”) is made as of December 13, 2021 (the “Execution Date”), by and between Arbutus Biopharma Corporation, a British Columbia corporation (“Arbutus”), having a place of business at 701 Veterans Circle, Warminster, PA 18974, USA, and Qilu Pharmaceutical Co., Ltd., a company established pursuant to applicable laws and regulations of the People’s Republic of China (“Qilu”), having a place of business at No. 8888 Lvyou Road, Jinan, Shandong 250104 China.  Arbutus and Qilu are referred to in this Agreement individually as a “Party” and collectively as the “Parties.”
Recitals
Whereas, Arbutus, a publicly-traded clinical-stage biopharmaceutical company primarily focused on discovering, developing and commercializing a cure for people with chronic hepatitis B virus (“HBV”) infection, Controls (as defined below) the intellectual property and other rights related to AB-729, a subcutaneously-delivered RNAi therapeutic targeted to hepatocytes using Arbutus’ novel covalently conjugated GalNAc delivery technology that is currently being developed for the treatment of HBV; and
Whereas, Qilu is interested in obtaining an exclusive license under such intellectual property and other rights to Exploit Licensed Products in the Field in the Territory as defined below, and Arbutus is willing to grant such an exclusive license to Qilu, subject to the terms and conditions set forth herein.
Now, Therefore, in consideration of the foregoing premises and the covenants contained herein, the Parties hereby agree as follows:
ARTICLE 1
DEFINITIONS
Unless specifically set forth to the contrary herein, the following terms, whether used in the singular or plural, shall have the respective meanings set forth below:
1.1“Accounting Standards” means, (a) with respect to Arbutus, its Affiliates and Third Party Licensees, generally accepted accounting principles as practiced in the United States (“US GAAP”); (b) with respect to Qilu and its Affiliates, Accounting Standards for Business Enterprises as promulgated by Chinese Accounting Standards Committee of Ministry of Finance of PRC or its successor organization (“China GAAP”); or (c) with respect to Sublicensees, US GAAP, China GAAP, International Financial Reporting Standards, or other generally accepted accounting principles as adopted by such Sublicensees under the Applicable Laws of the respective jurisdictions of their incorporation, as applicable, in each case of (a)-(c), which principles or standards are currently used at the relevant time and consistently applied by the applicable Person. 

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1.2“Acquiring Entity” means a Third Party (the “Acquiror”) that acquires a Party (and is therefore deemed to be an Affiliate of such Party) through a Change of Control, together with any Affiliates of such Acquiror existing immediately prior to the consummation of the Change of Control.  For purposes of clarity, an “Acquiring Entity” of a Party shall exclude (a) the Party and all of its Affiliates existing immediately prior to the consummation of the Change of Control and (b) any Person that becomes an Affiliate of the Acquiror following the consummation of the Change of Control, and not as a result of the Change of Control.
1.3“Acquiror” has the meaning set forth in Section 1.2.
1.4“Additional Cure Period” has the meaning set forth in Section 12.2(b)(ii).
1.5“Additional Compound” means any RNAi compound (other than the Licensed Compound) (i) which contains AB-729 [***], and (ii) the Development, Manufacture, use or sale of which would infringe any Valid Claim within the Arbutus Patents but for ownership thereof or a license granted thereto. 
1.6“Additional Product” means any drug substance materials and pharmaceutical product containing an Additional Compound, in all forms, presentations, formulations and dosage forms. 
1.7“Affiliate” means, with respect to any Person, any entity controlling, controlled by or under common control with such first Person, at the time that the determination of affiliation is made and for as long as such control exists.  For the purpose of this definition only, “control” (including, with correlative meaning, the terms “controlled by” and “under the common control”) means (a) direct or indirect ownership of fifty percent (50%) or more of the stock or shares having the right to vote for the election of directors of such Person (or if the jurisdiction where such Person is domiciled prohibits foreign ownership of such entity, the maximum foreign ownership interest permitted under such Applicable Laws; provided, however, that such ownership interest provides actual control over such Person), (b) status as a general partner in any partnership, or (c) the possession, directly or indirectly, of the power to direct, or cause the direction of, the management or policies of such Person, whether through the ownership of voting securities, by contract or otherwise.  
1.8“Agreement” has the meaning set forth in the Preamble.
1.9“Alliance Manager” has the meaning set forth in Section 3.1.
1.10“Annual Net Sales” means total Net Sales by Qilu, its Affiliates and Sublicensees in the Territory of all Licensed Products in a particular Calendar Year, calculated in accordance with Accounting Standards consistently applied.  
1.11“Anti-Corruption Laws” has the meaning set forth in Section 9.6(a)(i).

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1.12“Applicable Laws” means individually and collectively, any federal, state, local, national and supra-national laws, treaties, statutes, ordinances, rules and regulations, including any rules, regulations, guidance, guidelines or requirements having the binding effect of law of national securities exchanges, automated quotation systems or securities listing organizations, Regulatory Authorities, courts, tribunals, Governmental Authorities other than Regulatory Authorities, legislative bodies and commissions that are in effect from time to time during the Term and applicable to a particular activity hereunder.  Applicable Laws shall include cGCP, cGLP, cGMP and cGVP, as defined below.
1.13“Applicable Territory” means (a) with respect to Qilu, the Territory, and (b) with respect to Arbutus, the ROW Territory.
1.14“Approval” means any consent, authorization, order, confirmation, qualification, permission, certification, approval, record-filing, registration, license, permit, designation and/or declaration or other act by a Governmental Authority approving or consenting to a request or application. 
1.15“Arbutus” has the meaning set forth in the Preamble.
1.16“Arbutus Indemnitees” has the meaning set forth in Section 10.1.
1.17“Arbutus IP” means the Arbutus Know-How and the Arbutus Patents.
1.18“Arbutus Know-How” means all Know-How Controlled by Arbutus or its Affiliates as of the License Effective Date or that comes into the Control of Arbutus or its Affiliates at any time during the Term, including Arbutus Materials and any Know-How included within the Arbutus New IP and the Joint New IP, that is necessary or reasonably useful to Exploit the Licensed Compound or the Licensed Products in the Field in the Territory.
1.19“Arbutus Materials” means any materials included within the Arbutus Know-How to be provided by Arbutus to Qilu that are set forth on Exhibit 1.19. 
1.20“Arbutus New IP” has the meaning set forth in Section 11.1(b)(ii).
1.21“Arbutus Patents” means all Patent Rights that are Controlled by Arbutus or its Affiliates as of the License Effective Date or that come into the Control of Arbutus or its Affiliates at any time during the Term, including any Patent Rights included within the Arbutus New IP and the Joint New IP, that Cover the Licensed Compound or Licensed Products (including composition of matter and methods of using or making the Licensed Compound or Licensed Products), or are otherwise necessary or reasonably useful to Exploit the Licensed Compound or Licensed Products in the Field in the Territory.  The Arbutus Patents as of the Execution Date are set forth in Exhibit 1.21, which shall be updated by Arbutus on a quarterly basis.
1.22“Arbutus Support” has the meaning set forth in Section 4.9.

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1.23“Arbutus Support Cap” has the meaning set forth in Section 4.9.
1.24“Arbutus Territory Regulatory Documents” has the meaning set forth in Section 4.3(a).
1.25“Arbutus Unlicensed Compounds” means any proprietary compounds or therapeutic agents owned or controlled by Arbutus or its Affiliates other than AB-729.
1.26“Auditor” has the meaning set forth in Section 7.7.
1.27“Bankruptcy Code” means Title 11, U.S. Code or foreign equivalent laws, including the PRC Enterprise Bankruptcy Law.
1.28“Batch Records” means the final executed batch production records for a single batch of Licensed Compound Manufactured for use by Arbutus in Clinical Trials.  
1.29“Biosimilar Product” means, with respect to a Licensed Product in a Relevant Region, any product (including a “generic product,” “biogeneric,” “follow-on biologic,” “follow-on biological product,” “follow-on protein product,” “similar biological medicinal product,” or “biosimilar product”) (a) approved by the relevant Regulatory Authority in such Relevant Region based on a determination by such Regulatory Authority or by Applicable Law that such product is “similar,” “comparable,” “interchangeable,” “bioequivalent,” or “biosimilar” to such Licensed Product in such Relevant Region, and (b) that is (i) sold in the same Relevant Region (or is commercially available in the same Relevant Region via import from another country or region) as such Licensed Product by any Third Party that is not a Sublicensee, and (ii) not Manufactured by or on behalf of Qilu or any of its Affiliates or Sublicensees.
1.30“Business Day” means a day other than a Saturday, Sunday or a day on which banking institutions in Philadelphia, Pennsylvania or in the Territory are required by Applicable Laws to remain closed.
1.31“Calendar Quarter” means the respective periods of three (3) consecutive calendar months ending on March 31, June 30, September 30 and December 31.
1.32“Calendar Year” means each twelve (12) month period commencing on January 1.
1.33“CDE” means the Chinese Center for Drug Evaluation of the NMPA, or any successor entity thereto.
1.34“cGCP” means current Good Clinical Practices as defined in Parts 50, 56 and 312 of Title 22 of the U.S. Code of Federal Regulations, as may be amended from time to time, or any successor thereto or foreign equivalents thereof, including Good Clinical Practice for Drugs (i.e. 药物临床试验质量管理规范) promulgated by NMPA and the National Health Commission effective as of July 1, 2020, together with any guidelines and/or implementation rules issued by NMPA in connection therewith, in each case as amended from time to time.
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1.35“cGLP” means current Good Laboratory Practices as defined in Part 58 of Title 21 of the U.S. Code of Federal Regulations, as may be amended from time to time, or any successor thereto and foreign equivalents thereof.
1.36“cGMP” means current Good Manufacturing Practices as defined in Parts 210 and 211 of Title 21 of the U.S. Code of Federal Regulations, as may be amended from time to time, or any successor thereto and foreign equivalents thereof, including Good Manufacturing Practice for Drugs (i.e.药品生产质量管理规范) promulgated by the Ministry of Health of China effective as of March 1, 2011, as may be amended from time to time.
1.37“cGVP” means current Good Pharmacovigilance Practices applicable to the conduct of specific pharmacovigilance activities by a Person in the European Union based upon Article 108a of Directive 2001/83/EC (until repealed in its entirety), 536/2014/EU, by the European Medicines Agency, all other applicable rules, regulations, orders, guidances, guidelines (including those issued by the International Council on Harmonization or other industry or nongovernmental standards), in the United States pursuant to the Federal Food, Drug, and Cosmetics Act, as may be amended and supplemented from time to time, and implementing regulations, including such extraterritorial jurisdiction as may be applicable to adverse events or experience or medical device reports required to be reported to the USFDA (including access to original data as may be requested from time to time by USFDA), the reporting and data management and storage requirements of the World Health Organisation and the World Health Organisation Collaborating Centre for International Drug Monitoring Centre located in Uppsala Sweden (Uppsala Monitoring Centre) and equivalent or comparable non-United States and non-European Union regulations, rules, orders, guidances and standards, as applicable, including Good Pharmacovigilance Practices (药物警戒质量管理规范) promulgated by NMPA and effective as of December 1, 2021, in each case as may be amended from time to time.  
1.38“Change of Control” means, with respect to a Party, any of the following:  (a) the sale or disposition of all or substantially all of the assets of such Party or its direct or indirect controlling Affiliate to a Third Party, other than to a Person of which more than fifty percent (50%) of the voting capital stock are owned after such sale or disposition by the Persons that were shareholders of such Party or its direct or indirect controlling Affiliate (in either case, whether directly or indirectly through any other Person) immediately prior to such transaction; or (b) (i) the acquisition by a Third Party, alone or together with any of its Affiliates, of more than fifty percent (50%) of the outstanding shares of voting capital stock of such Party or its direct or indirect controlling Affiliate, or (ii) the acquisition, merger or consolidation of such Party or its direct or indirect controlling Affiliate with or into another Person, other than, in the case of this clause (b), an acquisition or a merger or consolidation of such Party or its controlling Affiliate in which the holders of shares of voting capital stock of such Party or its controlling Affiliate, as the case may be, immediately prior to such acquisition, merger or consolidation will beneficially own, directly or indirectly, at least fifty percent (50%) of the shares of voting capital stock of the acquiring Third Party or the surviving corporation in such acquisition, merger or consolidation, as the case may be, immediately after such acquisition, merger or consolidation.  Notwithstanding the foregoing, any transaction or series of transactions effected for the sole purpose of changing the form or jurisdiction of organization of such Party will not be deemed a “Change of Control” for purposes of this Agreement.
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1.39“China” or “PRC” means, for the purpose of this Agreement, the People’s Republic of China, excluding Hong Kong, Macau and Taiwan. 
1.40“China GAAP” has the meaning set forth in Section 1.1.
1.41“Clinical Supply Agreement” has the meaning set forth in Section 5.2.
1.42“Clinical Trial” means any clinical trial in humans of a pharmaceutical or biological compound or product.
1.43“CMO” means a Third Party contract manufacturing organization.
1.44“Combination Product” means a Licensed Product that, in addition to containing the Licensed Compound as an active pharmaceutical ingredient, is co-formulated with at least one other active pharmaceutical ingredient or therapeutic agent that is not the Licensed Compound (the “Other Component”).
1.45“Commercial Supply Agreement” has the meaning set forth in Section 5.3.
1.46“Commercialize” or “Commercialization” means to market, promote, advertise, exhibit, distribute (including storage for distribution or inventory), detail, sell (including to offer for sale or contract to sell) or otherwise commercially exploit (including to conduct pricing and reimbursement activities) a pharmaceutical or biological compound or product, or to conduct any activities directed to any of the foregoing (including importing and exporting activities in connection therewith).
1.47“Commercially Reasonable Efforts” means, with respect to a Party, efforts that are consistent with the efforts and resources commonly used in the pharmaceutical industry by a company of comparable size in connection with the research, development and commercialization of a pharmaceutical product owned by it or to which it has exclusive rights, with similar product characteristics, which is of similar market potential at a similar stage in its development or product life.
1.48“Confidential Information” has the meaning set forth in Section 8.1.
1.49“Control” or “Controlled” means, with respect to any Patent Rights, Know-How, other intellectual property right, compounds, molecules or Confidential Information, the ability of a Party (whether through ownership, license or sublicense (other than a license, sublicense or other right granted pursuant to this Agreement)) to grant to the other Party the licenses, sublicenses or rights as provided herein, or to otherwise disclose or provide such intellectual property, compounds, molecules or Confidential Information to the other Party, without violating the terms of any then-existing agreement with any Third Party at the time such Party would be required hereunder to grant the other Party such license, sublicenses or rights as provided herein or to otherwise disclose or provide such intellectual property, compounds, molecules or Confidential Information to the other Party.  Notwithstanding the foregoing, a Party will be deemed not to Control any intellectual property (including Patent Rights or Know-How), compounds, physical, biological or chemical materials or Confidential Information that are owned or in-licensed by an 
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Acquiring Entity except (1) with respect to any such intellectual property (including Patent Rights or Know-How) arising as a result of activities of employees or consultants of the Acquiring Entity who participate in activities or have access to Confidential Information of either Party under this Agreement after a Change of Control; (2) to the extent that any such intellectual property (including Patent Rights or Know-How) is included in or used in furtherance of a Party’s activities under this Agreement by the Acquiring Entity or its Affiliates after a Change of Control; or (3) to the extent that any such intellectual property (including Patent Rights or Know-How) is used by the acquired Party or the Acquiring Entity or their respective Affiliates to Exploit the Licensed Compound or Licensed Products.  
1.50“Cover” means, with respect to a product, technology, process, method or mode of administration that, in the absence of ownership of or a license granted under a particular Patent Right, the Manufacture, use, offer for sale, sale or importation of such product or composition of matter or the practice of such technology, process, method or mode of administration would infringe a claim of such Patent Right or, in the case of a claim of a Patent Right that has not yet issued, would infringe such claim if it were to issue without change.
1.51“CRO” means a contract research organization.
1.52“CSO” means a contract sales organization. 
1.53“Debarred” has the meaning set forth in Section 9.3.
1.54“Defaulting Party” has the meaning set forth in Section 12.2(b)(ii).
1.55“Develop” or “Development” means to conduct any non-clinical, CMC or clinical drug research or development activities, whether before or after Regulatory Approval, including drug metabolism and pharmacokinetics, translational research, toxicology, pharmacology, test method development and stability testing, process and packaging development and improvement, process validation, process scale-up, formulation development, delivery system development, quality assurance and quality control development, statistical analysis, conduct of Clinical Trials, regulatory affairs, the preparation and submission of regulatory filings, Clinical Trial regulatory activities, or any other activities directed towards obtaining or maintaining Regulatory Approval of any pharmaceutical or biological compound or product.  Development includes use and importation of the relevant compound or product to conduct such Development activities.  Development does not include Commercialization activities.
1.56“Development Milestone Event” has the meaning set forth in Section 7.2.

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1.57“Development Milestone Payment” has the meaning set forth in Section 7.2.
1.58“Development Participation Right” has the meaning set forth in Section 4.1(f).
1.59“Development Plan” has the meaning set forth in Section 4.1(b).
1.60 “Disclosing Party” has the meaning set forth in Section 8.1.
1.61“Disqualified” has the meaning set forth in Section 9.3.
1.62“Dollar” or “$” means the U.S. dollar, and “$” shall be interpreted accordingly.
1.63“Excluded” has the meaning set forth in Section 9.3.
1.64“Execution Date” has the meaning set forth in the Preamble.
1.65“Executive Officers” means the Chief Executive Officer of Arbutus and the Chief Executive Officer of Qilu, or their respective designees.
1.66“Existing Confidentiality Agreement” means that certain Mutual Non-Disclosure Agreement, dated May 24, 2021, between Arbutus and Qilu.
1.67“Exploit” or “Exploitation” means, with respect to any pharmaceutical or biological compound or product, to Develop, Manufacture, have Manufactured, use, Commercialize, import, export, obtain and maintain Regulatory Approvals and applicable pricing or reimbursement approvals.
1.68“Field” means the treatment or prevention of HBV infection.
1.69“First Commercial Sale” means, with respect to a given Licensed Product in a Relevant Region, the first sale of such Licensed Product by Qilu, its Affiliates or Sublicensees in an arm’s length transaction to a Third Party (other than a Sublicensee) in such Relevant Region in exchange for cash (or some equivalent to which value can be assigned) after Regulatory Approval for such Licensed Product has been granted in such Relevant Region.  
1.70“Generic Competition” with respect to a particular Licensed Product in a particular Relevant Region shall exist if, during any [***], there is one or more Biosimilar Products with respect to such Licensed Product being sold in such Relevant Region and the sales of such Biosimilar Product(s) in such Relevant Region account for [***] or more of the market share in such Relevant Region.  Market share shall be based on the aggregate market in such Relevant Region of such Licensed Product and such Biosimilar Product(s) (based on the number of units of such Licensed Product and such Biosimilar Product(s) in the aggregate sold in such Relevant Region, as reported by a well-known reporting service agreed between the Parties acting reasonably (e.g., IQVIA)).
1.71“Global Trial” has the meaning set forth in Section 4.1(f). 
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1.72“Global Trial Notice” has the meaning set forth in Section 4.1(f). 
1.73“Governmental Authority” means any federal, state, national, provincial or local government, or political subdivision thereof, or any multinational organization or any authority, agency or commission entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power, or any court or tribunal (or any department, bureau or division thereof, or any governmental arbitrator or arbitral body).
1.74“HBV” has the meaning set forth in the Recitals.
1.75“Hong Kong” has the meaning set forth in Section 1.145. 
1.76“ICC” has the meaning set forth in Section 13.7.
1.77“Imported Drug License” means an imported drug license (进口药品注册证) issued by the NMPA.
1.78“IND” means any investigational new drug application filed with the USFDA pursuant to Part 312 of Title 21 of the U.S. Code of Federal Regulations prior to beginning clinical trials in humans in the United States, or any equivalent filing in a country or regulatory jurisdiction other than the United States with the applicable Regulatory Authority.
1.79“Indemnification Claim Notice” has the meaning set forth in Section 10.3.
1.80“Indemnified Party” has the meaning set forth in Section 10.3.
1.81“Indemnifying Party” has the meaning set forth in Section 10.3.
1.82“Initial Documentation” has the meaning set forth in Section 4.3(a).
1.83“Insolvency Event” has the meaning set forth in Section 12.2(d).
1.84“Invention” means any invention, discovery, technology, know-how, information or idea, trade secrets, knowledge, methods, processes, practices, formulae, instructions, skills, techniques, procedures, experiences, ideas, technical assistance, designs, drawings, assembly procedures, computer programs, specifications data and results not generally known to the public (including biological, chemical, pharmacological, toxicological, pharmaceutical, physical and analytical, preclinical, clinical, safety, manufacturing, and quality control data and know-how, including study designs and protocols) in all cases, whether or not patentable, in written, electronic or any other form, that is conceived, discovered, developed or first actually reduced to practice by or on behalf of a Party, or by the Parties together, arising from or in the scope of activities to be conducted under this Agreement, but excluding any Product Data.  For clarity, Inventions do not include any invention, discovery, technology, know-how, information or idea conceived, discovered, developed or first actually reduced to practice prior to the License Effective Date, or after the License Effective Date through activities conducted by a Party outside of the purpose of this Agreement.

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1.85“Joint New IP” has the meaning set forth in Section 11.1(b)(iii).
1.86“JSC” has the meaning set forth in Section 3.2(a).
1.87“Know-How” means any and all information or materials, including discoveries, improvements, modifications, processes, methods, assays, designs, protocols (including Clinical Trial protocols), formulas, data, inventions, algorithms, forecasts, profiles, strategies, plans, results, know-how and trade secrets (in each case, regardless of whether patentable, copyrightable or otherwise), but excluding any Patent Rights.  For the avoidance of doubt, “Know-How” shall include Product Data and Regulatory Documents.
1.88“License” means the license granted by Arbutus to Qilu and its Affiliates pursuant to Section 2.1.
1.89“Licensed Compound” means Arbutus’ proprietary HBV RNAi agent known as AB-729, having the sequence and structure set forth on Exhibit 1.89.
1.90“License Effective Date” has the meaning set forth in Section 12.1.
1.91“Licensed Product” means any pharmaceutical product that contains the Licensed Compound, either alone or in combination with one or more other active pharmaceutical ingredients or therapeutic agents, delivery systems or devices.  For the avoidance of doubt, a Licensed Product does not include a pharmaceutical product that contains an Arbutus Unlicensed Compound.
1.92“Licensed Product Trademarks” means the Trademark(s) used or anticipated to be used by a Party or its Affiliates or its Third Parties Licensees (in the case of Arbutus) or Sublicensees (in the case of Qilu) for the Exploitation of Licensed Products in such Party’s Applicable Territory, and any registrations thereof or any pending applications relating thereto with any Governmental Authority.
1.93“Licensed Product-Specific Trademarks” has the meaning set forth in Section 6.3(b).
1.94“Losses” has the meaning set forth in Section 10.1.
1.95“MAA” means a marketing authorization application, new drug application, biologics license application or similar application, as applicable, and all amendments and supplements thereto, submitted to the USFDA, NMPA, or any equivalent filing in a country or regulatory jurisdiction other than the U.S. or China with the applicable Regulatory Authority, to obtain marketing approval for a pharmaceutical or biologic product, in a country or in a group of countries, including in China, an application for an Imported Drug License and a domestic Drug Registration Certificate.

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1.96“Macau” has the meaning set forth in Section 1.145.
1.97“Manufacture” or “Manufacturing” means to conduct or have conducted any activities directed to producing, making, scaling up, processing, formulating, filling, finishing, packaging, labeling, quality assurance testing and release, shipping, and storage at manufacturing facilities of any pharmaceutical or biological compound or product, or any component thereof (including production of drug substance and drug product, in bulk form, whether for Development or Commercialization).
1.98“Manufacturing Cost” means, [***]. 
1.99“Manufacturing Technology” has the meaning set forth in Section 5.5(a).
1.100“Manufacturing Technology Transfer” has the meaning set forth in Section 5.5(a).
1.101“Manufacturing Technology Transfer Completion” means (a) delivery by Arbutus (or Arbutus’ CMO(s) on behalf of Arbutus) to Qilu (or its permitted CMO or permitted Sublicensee) of the Manufacturing Technology in accordance with the Manufacturing Technology Transfer Plan, and (b) using the Manufacturing Technology transferred from Arbutus, completion of manufacturing of at least [***] by Qilu (or its permitted CMO or permitted Sublicensee) at scale of at least [***] of the Licensed Compound that is Manufactured timely and without regard to supply needs, with the quality of the manufactured Licensed Compound meeting the specifications approved by NMPA.
1.102“Manufacturing Technology Transfer Plan” has the meaning set forth in Section 5.5(a).
1.103“Negotiation Period” has the meaning set forth in Section 2.2.
1.104“Net Sales” means, with respect to a Licensed Product for any period, the total gross amount billed or invoiced on sales of such Licensed Product during such period by Qilu, its Affiliates, or Sublicensees in the Territory to Third Parties, in bona fide arm’s length transactions, less the following deductions, in each case related specifically to the Licensed Product and actually incurred, paid or accrued by Qilu, its Affiliates or Sublicensees and not otherwise recovered by or reimbursed to Qilu, its Affiliates, or Sublicensees: [***].
Subject to the above, Net Sales will be calculated in accordance with the applicable Accounting Standards, consistently applied. 
1.105“NMPA” means the National Medical Products Administration in China, including its internal institutions such as the CDE, or any successor agency with a similar scope of responsibility regarding the regulation of human pharmaceutical and biological products in China. 

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1.106“Non-Defaulting Party” has the meaning set forth in Section 12.2(b)(ii).
1.107“Other Component” has the meaning set forth in Section 1.44.
1.108“Participation Notice” has the meaning set forth in Section 4.1(f).
1.109“Parties” or “Party” have the meaning set forth in the Preamble.
1.110“Party Vote” has the meaning set forth in Section 3.5.
1.111“Patent Prosecution” means activities directed to (a) preparing, filing and prosecuting applications (of all types) for any Patent Right, (b) managing any interference, opposition, re-issue, reexamination, supplemental examination, invalidation proceedings (including inter partes or post-grant review proceedings), revocation, nullification, or cancellation proceeding relating to the foregoing Patent Rights, (c) maintaining issued Patent Right(s), (d) listing in regulatory publications such as the Orange Book and its equivalents (as applicable), (e) obtaining patent term extensions, supplementary protection certificates and the like for issued Patent Right(s), and maintenance thereof, and (f) managing, including settling, any interference, opposition, reexamination, invalidation, revocation, nullification or cancellation proceeding relating to issued Patent Right(s).
1.112“Patent Right” means (a) all patents and patent applications in any country or supranational jurisdiction, (b) any substitutions, divisionals, continuations, continuations-in-part, provisional applications, reissues, renewals, registrations, confirmations, re-examinations, extensions, supplementary protection certificates and the like of any such patents or patent applications, (c) foreign counterparts of any of the foregoing, (d) all applications claiming priority to any of the foregoing and (e) any patents issuing on any patent application identified in clauses (a) through (d).
1.113“Person” means any individual, partnership, limited partnership, limited liability partnership, corporation, limited liability company, business trust, joint stock company, trust, incorporated association, joint venture, unincorporated organization or association, or Governmental Authority.
1.114“Pharmacovigilance Agreement” has the meaning set forth in Section 4.6. 
1.115“Phase I Clinical Trial” means a clinical study for the first introduction into humans of a pharmaceutical or biological product to get information on product safety, tolerability, immunogenicity, pharmacological activity or pharmacokinetics, as described in federal regulation 21 C.F.R. § 312.21(a) or its foreign equivalents. 
1.116“Phase II Clinical Trial” means a clinical study in humans of the safety, dose ranging and efficacy of a pharmaceutical or biological product, as described in federal regulation 21 C.F.R. § 312.21(b) or its foreign equivalents. 

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1.117“Phase III Clinical Trial” means a controlled clinical study, or a portion of a controlled study, in humans of the efficacy and safety of a pharmaceutical or biological product, which study (in its entirety or portion, as applicable), is prospectively designed to demonstrate statistically whether such pharmaceutical or biological product is effective and safe for use in a particular indication in a manner sufficient to file an application to obtain Regulatory Approval, as further defined in federal regulation 21 C.F.R. § 312.21(c) or its foreign equivalents.  For clarity, with respect to what is commonly called a phase 2/3 study, the Phase III Clinical Trial definition is met upon the first patient, first visit in the portion of such study that is prospectively designed to demonstrate statistically whether such pharmaceutical or biological product is effective and safe for use in a particular indication in a manner sufficient to file an application to obtain Regulatory Approval, as further defined in federal regulation 21 C.F.R. § 312.21(c) or its foreign equivalents.
1.118“Product Data” means any and all data relating to or arising out of the Development or Manufacture of the Licensed Compound or Licensed Products, or that is otherwise necessary or useful for the Exploitation of the Licensed Compound or Licensed Products in the Field in the Applicable Territory, including data collected or resulting from pre-clinical studies or Clinical Trials, CMC data, Manufacturing records and information, and supporting documentation (e.g., protocols, format of case report forms, analysis plans) relating to pre-clinical studies, Clinical Trials or other Development or Manufacturing activities with respect to the Licensed Compound or Licensed Products.
1.119“Product Infringement” has the meaning set forth in Section 11.3(b)(i).
1.120“Qilu” has the meaning set forth in the Preamble.
1.121“Qilu Indemnitees” has the meaning set forth in Section 10.2.
1.122“Qilu New IP” has the meaning set forth in Section 11.1(b)(i).
1.123“Qilu Territory Trademarks” has the meaning set forth in Section 6.3(c). 
1.124“Receiving Party” has the meaning set forth in Section 8.1.
1.125“Regulatory Approval” means all Approvals, including if required by Applicable Laws, pricing Approvals, necessary for the marketing and sale of a pharmaceutical or biological product in a particular country or regulatory jurisdiction, which may include satisfaction of all applicable regulatory and notification requirements.
1.126“Regulatory Authority” means any federal, national, supranational, state, provincial, directly administered municipality or local regulatory agency, department, bureau or other Governmental Authority, including the USFDA, the CDE and the NMPA, that has authority over the manufacture, development, commercialization or other use or exploitation (including the granting of Regulatory Approval) of any Licensed Product in any applicable regulatory jurisdiction.

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1.127“Regulatory Documents” means any filing, application or submission with any Regulatory Authority, including authorizations, approvals or clearances arising from the foregoing, including INDs, MAAs and Regulatory Approvals or their equivalents in any jurisdiction, and all written correspondence or written communication with or from the relevant Regulatory Authority, as well as minutes of any material meetings, telephone conferences or discussions with the relevant Regulatory Authority, in each case, with respect to the Licensed Compound or a Licensed Product.
1.128“Regulatory-Based Exclusivity” means, on a Licensed Product-by-Licensed Product and Relevant Region-by-Relevant Region basis, that (a) Qilu or any of its Affiliates or Sublicensees has been granted the exclusive legal right by a Regulatory Authority (or is otherwise entitled to the exclusive legal right by operation of Applicable Law) in such Relevant Region to market and sell the Licensed Product or the active ingredient in such Licensed Product in such country, or (b) the data and information submitted by Qilu or any of its Affiliates or Sublicensees to the relevant Regulatory Authority in such Relevant Region for purposes of obtaining Regulatory Approval for such Licensed Product may not be disclosed, referenced or relied upon in any way by any Person to support the Regulatory Approval or marketing of any product by a Third Party in such country other than Qilu or its Affiliate or Sublicensee. 
1.129“Related Agreements” has the meaning set forth in Section 10.1.
1.130“Relevant Persons” has the meaning set forth in Section 9.5(d).
1.131“Relevant Region” has the meaning set forth in Section 1.145.
1.132“Review Period” has the meaning set forth in Section 4.1(f).
1.133“ROW Territory” means all countries of the world outside of the Territory.
1.134“Royalty Term” means, with respect to a given Licensed Product in a Relevant Region, the period commencing on the First Commercial Sale of such Licensed Product in such Relevant Region and ending upon the later to occur of (a) the expiration of the last-to-expire Valid Claim of the Arbutus Patents that Cover such Licensed Product in such Relevant Region, (b) the expiration of Regulatory-Based Exclusivity for such Licensed Product in such Relevant Region, or (c) the tenth (10th) anniversary of the First Commercial Sale of such Licensed Product in such Relevant Region.
1.135“Sales Milestone Event” has the meaning set forth in Section 7.4.
1.136“Sales Milestone Payment” has the meaning set forth in Section 7.4.
1.137“Section 9.6 Representatives” has the meaning set forth in Section 9.6(a).
1.138“Subcontractor” means CROs, CMOs, CSOs, distributors, wholesalers or similar vendors engaged by a Party to perform on such Party’s behalf its activities under this Agreement.
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1.139“Sublicensee” means any Third Party to whom Qilu or any of its Affiliates grants a sublicense of the License, or any further sublicensee of such rights (regardless of the number of tiers, layers or levels of sublicenses of such rights). 
1.140“Supply End Date” has the meaning set forth in Section 5.1.
1.141“Tax” or “Taxes” means all forms of preliminary or finally imposed taxation, domestic and foreign taxes, fees, levies, duties and other assessments or charges of whatever kind (including sales, use, excise, stamp, transfer, property, value added, goods and services, withholding and franchise taxes but, for clarity, excluding income taxes and, except as may be agreed by the Parties otherwise, any other taxes levied on Arbutus or its Affiliates by any tax authority in the United States) together with any interest, penalties or additions payable in connection with such taxes, fees, levies duties and other assessments or charges.
1.142“Technical Assistance” has the meaning set forth in Section 5.5(a). 
1.143“Technical Assistance Cap” has the meaning set forth in Section 5.5(a). 
1.144“Term” has the meaning set forth in Section 12.1.
1.145“Territory” means the Greater Area of China, including (a) China, (b) the Hong Kong Special Administrative Region (“Hong Kong”), (c) the Macau Special Administrative Region (“Macau”), and (d) Taiwan (each of the foregoing a “Relevant Region”).
1.146“Third Party” means any Person other than a Party or an Affiliate of a Party.
1.147“Third Party Claims” has the meaning set forth in Section 10.1.
1.148“Third Party Components” has the meaning set forth in Section 1.104.
1.149“Third Party Offer” has the meaning set forth in Section 2.2.
1.150“Third Party License” has the meaning set forth in Section 7.5(c).
1.151“Third Party Licensee” means any Third Party holding a license (whether exclusive or non-exclusive) under the Know-How and Patent Rights Controlled by Arbutus or its Affiliates during the Term that is necessary or useful in the Exploitation of the Licensed Compound and the Licensed Products in the Field in the ROW Territory.
1.152“Trademark” means any word, name, symbol, color, designation or device or any combination thereof that functions as a source identifier, including any trademark, trade dress, brand mark, service mark, trade name, brand name, logo, business symbol or domain names, whether or not registered. 
1.153“US GAAP” has the meaning set forth in Section 1.1.

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1.154[***].
1.155“United States” or “U.S.” means the United States of America, including its territories and possessions.
1.156“Upfront Payment” has the meaning set forth in Section 7.1.
1.157“USFDA” means the United States Food and Drug Administration or any successor agency(ies) or authority thereto having substantially the same function.
1.158“Valid Claim” means either (a) a claim of an issued and unexpired patent or a supplementary protection certificate, which has not been held permanently revoked, unenforceable or invalid by a decision of a court, patent office or other forum of competent jurisdiction, unappealable or unappealed within the time allowed for appeal and that is not admitted to be invalid or unenforceable through reissue, disclaimer or otherwise (i.e., only to the extent the subject matter is disclaimed or is sought to be deleted or amended through reissue), dedicated to the public or abandoned, or (b) a claim of a pending patent application being prosecuted in good faith where the earliest priority date of which claim is less than [***], that has not been abandoned, finally rejected or expired without the possibility of appeal or refiling.
ARTICLE 2
LICENSE
2.1License Grant to Qilu.  Arbutus agrees to grant and hereby grants to Qilu and its Affiliates during the Term an exclusive (even as to Arbutus and its Affiliates, except as necessary for Arbutus to perform its obligations under this Agreement, or to exercise the retained rights expressly set forth in this Section 2.1), royalty-bearing, non-transferable (except in accordance with Section 13.2) license, with the right to grant sublicenses through multiple tiers (in accordance with Section 2.3), under the Arbutus IP to Exploit the Licensed Compound and Licensed Products in the Field in the Territory to the extent, and only to the extent, said license is necessary or reasonably useful to Exploit the Licensed Compound included in Licensed Products.  For clarity, said grant includes the right to use the Arbutus Materials but does not include any license or other grant of rights to Exploit Arbutus Unlicensed Compounds.  Subject to Section 2.2, Arbutus retains a right under the Arbutus IP, with the right to grant licenses through multiple tiers, to (a) Develop, Manufacture, have Manufactured, use, import, and export Licensed Products anywhere in the world for the purpose of Exploiting the Licensed Compound and Licensed Products in the ROW Territory, including, notwithstanding the foregoing exclusive license grant, the non-exclusive right to Develop, Manufacture and have Manufactured Licensed Compound and Licensed Products in the Field in the Territory (including importing and exporting activities in connection therewith) for Exploiting Licensed Products in the ROW Territory in all fields of use, but excluding, for the avoidance of doubt, any right to Commercialize Licensed Products in the Field in the Territory, (b) Exploit the Licensed Compound and Licensed Products in the Territory outside the Field, and (c) Exploit Arbutus Unlicensed Compounds worldwide in all fields of use. 

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2.2Right of First Negotiation Granted to Qilu.  During the Term of this Agreement, if (a) Arbutus or any of its Affiliates intends to Exploit the Licensed Product outside the Field in any Relevant Region in the Territory, (b) Arbutus or any of its Affiliates invents or develops any Additional Compound, as contained in any Additional Product, and Arbutus or any of its Affiliates intends to license the rights to a Third Party in any Relevant Region in the Territory to Exploit such Additional Compound and Additional Product, or (c) Arbutus or any of its Affiliates intends to contract with a Third Party to Manufacture the Licensed Compound and/or Licensed Product in any Relevant Region in the Territory for the purpose of Exploiting the Licensed Compound and Licensed Products in the ROW Territory, Arbutus shall notify Qilu of such intent in writing.  If Arbutus provides written notice under clause (c), such notice shall include the price received by Arbutus from a well-known CMO in the Territory agreed between the Parties (e.g., [***]) to Manufacture the Licensed Compound and/or Licensed Product in the Territory (the “Third Party Offer”).  Arbutus agrees to grant and hereby grants Qilu the exclusive right of first negotiation to, in the case of the foregoing clause (a) and clause (b), obtain an exclusive license on commercially reasonable terms to Exploit the Licensed Compound and/or Licensed Product outside the Field in such Relevant Region in the Territory, or the Additional Compound and Additional Product in such Relevant Region in the Territory, or in the case of the foregoing clause (c), to Manufacture the Licensed Compound and/or Licensed Product in such Relevant Region in the Territory for Arbutus on commercially reasonable terms, including a price of the Licensed Compound and/or Licensed Product that is lower than the price provided in the Third Party Offer.  For clarity, Qilu’s exclusive right of first negotiation under clause (c) above shall only apply if Qilu or its Affiliate will Manufacture the Licensed Compound and/or Licensed Product in such Relevant Region in the Territory, and not if a Third Party subcontracted by Qilu or its Affiliate will Manufacture the Licensed Compound and/or Licensed Product on their behalf.  Qilu shall have [***]. [***](the “Negotiation Period”).  If Qilu does not exercise its right of first negotiation during such [***] period, or if the Parties fail to enter into a definitive agreement within the Negotiation Period, then Arbutus shall be entitled to negotiate and enter into agreement with any Third Party for the relevant transaction without any further obligation to Qilu under this Section 2.2. 
2.3Right to Sublicense. 
(a)Qilu shall have the right to grant sublicenses of the License to its Affiliates to fulfill any of its obligations or exercise any of its rights under this Agreement.  Each sublicense granted pursuant to this Section 2.3(a) shall be consistent with the terms and conditions of this Agreement.  Notwithstanding any such sublicense, Qilu shall remain directly responsible for all of its obligations under this Agreement.
(b)Qilu and its Affiliates shall have the right to grant sublicenses of the License to Third Parties; provided, that any sublicense of the License to a Sublicensee that includes the right to Commercialize or Manufacture the Licensed Compound or the Licensed Product shall require the prior written consent of Arbutus, which consent shall not be unreasonably withheld, conditioned or delayed.  Each sublicense granted pursuant to this Section 2.3(b) shall be subject to a written agreement that is consistent with the terms and conditions of this Agreement.  Qilu shall provide Arbutus with a copy of any sublicense it enters into with a Sublicensee within thirty (30) days after the execution thereof.  Notwithstanding any such sublicense, Qilu will remain directly responsible for all of its obligations under this Agreement.
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2.4Right to Subcontract.  Qilu shall have the right to engage Subcontractors to perform on Qilu’s behalf its activities under this Agreement; provided, that (i) if a Subcontractor requires a sublicense of the License to perform the subcontracted activities, such sublicense complies with the requirements of Section 2.3(b), (ii) if such Subcontractor is a CMO, Qilu may only engage such CMO with the prior written consent of Arbutus, which consent shall not be unreasonably withheld, conditioned or delayed, (iii) Qilu shall cause its Subcontractors to be bound by (x) written obligations of confidentiality and non-use at least as restrictive as those set forth in this Agreement, and (y) other obligations consistent with this Agreement to the extent applicable to the activities being performed by such Subcontractor, and (iv) Qilu shall remain directly responsible for any obligations that have been subcontracted to a Subcontractor as if the Subcontractor were a party hereto.
2.5Technology Transfer.  Subject to Qilu’s payment of the Upfront Payment, within [***] after receipt by Arbutus of the Upfront Payment, Arbutus shall provide Qilu with complete and accurate copies of all of the Arbutus Know-How set forth in Exhibit 2.5, including any Batch Records, which shall be delivered in its existing format, and in a secure and commercially reasonable manner.  If, following such initial delivery, any additional necessary or reasonably necessary Arbutus Know-How comes into Arbutus’ or any of its Affiliates’ Control during the Term (including any Product Data included within the Arbutus Know-How resulting from the Development of the Licensed Compound or Licensed Products in the ROW Territory), Arbutus shall deliver an electronic copy (which may be through access to a secured electronic database) of any tangible embodiments thereof to Qilu without charging Qilu any additional fees.  In addition, if at any time during the Term, Qilu identifies particular documents, data or information that are within the Arbutus Know-How, but were not previously delivered to Qilu, including materials requested in connection with an audit or other inquiry by a Regulatory Authority relating to the Development, Manufacture or Commercialization of the Licensed Products, then upon the request of Qilu Arbutus shall use reasonable efforts to promptly deliver an electronic copy of such material (which may be through access to a secured electronic database) to Qilu free of charge to the extent that such material is within Arbutus’ Control.  The Parties shall cooperate in good faith to enable Qilu to receive access to any Arbutus Know-How that is necessary or reasonably useful to Exploit the Licensed Compound and Licensed Products in the Field in the Territory.
2.6No Implied Licenses.  Except as expressly set forth herein, neither Party shall acquire any license or other intellectual property interest, by implication or otherwise, under any Patent Rights, Know-How, Trademarks, or other intellectual property rights of the other Party.
ARTICLE 3
GOVERNANCE
3.1Alliance Managers.  Each Party shall appoint an English-speaking individual to act as its alliance manager under this Agreement as soon as practicable after the License Effective Date (each Party’s appointed individual, its “Alliance Manager”).  The Alliance Managers shall (a) serve as the primary points of contact between the Parties for the purpose of providing the other Party with information on the progress of a Party’s activities under this Agreement, (b) be responsible for facilitating the flow of information and otherwise promoting communication, coordination and collaboration between the 
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Parties, and (c) facilitate the prompt resolution of any disputes.  Each Party may replace its Alliance Manager at any time upon written notice to the other Party.
3.2Joint Steering Committee.
(a)Formation; Purposes and Principles.  Promptly following the License Effective Date, but in no event later than thirty (30) days thereafter, the Parties will form a joint steering committee (the “JSC”) to provide oversight and to facilitate information sharing between the Parties with respect to the activities of the Parties under this Agreement.  
(b)Specific Responsibilities.  In addition to the responsibilities set forth in Section 3.2(a), the JSC will:
(i)coordinate and share information with respect to the Development, Manufacturing and Commercialization of Licensed Products undertaken by Qilu and its Affiliates and Sublicensees under this Agreement, including Development activities undertaken in accordance with the Development Plan; 
(ii)review and approve (x) the initial Development Plan and subsequent amendments to the Development Plan proposed by Qilu, and (y) the protocol for each Clinical Trial of the Licensed Product in the Field in the Territory proposed to be conducted by Qilu, its Affiliates or Sublicensees; 
(iii)discuss at a high-level and exchange relevant information relating to the Development, Manufacture and Commercialization activities for the Licensed Products undertaken by Arbutus and its Affiliates and Third Party Licensees in the ROW Territory (x) to the extent relevant to the Development, Manufacture and Commercialization of the Licensed Products in the Field in the Territory, and (y) to the extent that Arbutus Controls such information and has the right to disclose such information to Qilu; 
(iv)attempt to resolve in the first instance all matters between the Parties that are in dispute; and
(v)perform such other functions as are assigned to it in this Agreement or as appropriate to further the purposes of this Agreement to the extent agreed to by the Parties.
3.3Membership.  The JSC will be composed of three (3) representatives appointed by each of Arbutus or Qilu, or such other number as the Parties may agree in writing.  Each individual appointed by a Party as a representative to the JSC will be an English-speaking employee of such Party, or an employee of such Party’s Affiliate, and shall possess qualifications and experience and decision-making authority appropriate for the matters before the JSC.  Each Party may replace any of its JSC representatives at any time upon written notice to the other Party, which notice may be given by e-mail, sent to the other Party’s co-chairperson.  The JSC will be co-chaired by one designated representative of each Party.  The co-chairperson of the JSC will cast its Party Vote (as defined below) on the JSC.  The co-chairpersons will be responsible for (a) calling 
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meetings, (b) preparing and circulating an agenda in advance of each meeting; provided, however, that the co-chairpersons will include any agenda items proposed by either Party on such agenda, and (c) preparing and issuing minutes of each meeting promptly thereafter.  Each JSC representative will be subject to confidentiality obligations no less stringent than those set forth in ARTICLE 8.
3.4Meetings; Reports.  The JSC will hold meetings on a Calendar Quarter basis during the Term or more or less frequently as may be agreed by the Parties.  The JSC may meet in person or by audio or video conference as its representatives may mutually agree.  Other representatives of the Parties, their Affiliates and Third Parties involved in the Development, Manufacture or Commercialization of Licensed Products may be invited by the members of the JSC to attend meetings as non-voting observers; provided, however, that such representatives are subject to confidentiality obligations no less stringent than those set forth in ARTICLE 8.  No action taken at a meeting will be effective unless at least one representative of each Party is present or participating.  Neither Party will unreasonably withhold attendance of at least one representative of such Party at any meeting of the JSC for which reasonable advance notice was provided.
3.5Decision-Making; Escalation to Executive Officers.  The Parties will endeavor in good faith to reach unanimous agreement with respect to all matters within the JSC’s authority.  Each Party’s representatives on the JSC shall collectively have one vote (the “Party Vote”) and no action or decision shall be taken by the JSC on such matters without unanimous Party Vote (i.e., the affirmative Party Vote of each Party), except as expressly provided in this Section 3.5, which will be documented in the minutes of the applicable JSC meeting or by a written consent signed by each Party’s co-chairperson.  Should the JSC not be able to reach agreement with respect to a matter at a duly called meeting of the JSC, either Party may refer such matter to the Executive Officers for resolution, and the Executive Officers will attempt to resolve the matter in good faith.  If the Executive Officers fail to resolve such matter within [***] after the date on which the matter is referred to the Executive Officers (unless a longer period is agreed to by the Parties), then: (a) Arbutus shall have final decision-making authority with respect to [***]; and (b) Qilu shall have final decision-making authority with respect to [***].  Each Party shall at all times exercise its final decision-making authority using reasonable scientific and business judgment, in compliance with Applicable Laws, and with respect to Qilu in accordance with its diligence and other obligations under this Agreement.  The JSC shall not have responsibility for, oversight over or decision-making authority with respect to, the Development, Manufacture or Commercialization of the Licensed Products by Arbutus, its Affiliates or Third Party Licensees, either in the Territory or in the ROW Territory.  Neither the JSC nor either Party, in exercising its decision-making authority, shall have the authority or power to (1) amend or modify the terms of this Agreement, (2) avoid or seek to avoid any obligation of such Party under this Agreement, (3) waive compliance with the terms of this Agreement, (4) permit a Party to take an action that requires the prior written consent or other approval of the other Party under this Agreement, or (5) impose additional financial or other obligations on a Party that are not otherwise specified in this Agreement or agreed to by such Party.
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ARTICLE 4
DEVELOPMENT AND REGULATORY MATTERS
4.1Development Obligations.  
(a)Qilu shall at its sole expense use Commercially Reasonable Efforts to, by itself or through its Affiliates or Sublicensees, Develop and seek Regulatory Approval for at least one (1) Licensed Product in the Field in the Territory.  
(b)Without limiting Qilu’s obligations under Section 4.1(a), Qilu shall use Commercially Reasonable Efforts to Develop the Licensed Products in the Field in the Territory pursuant to a development plan that will include a description of the Development activities to be performed in support of obtaining Regulatory Approval for the Licensed Products in the Field in the Territory, including Clinical Trial designs (as such development plan may be amended, the “Development Plan”).  The Development Plan shall include projected timelines for the completion of material Development activities, including the following: [***].  An outline of the initial Development Plan is attached hereto as Exhibit 4.1.  Within [***] after the License Effective Date, Qilu shall submit to the JSC an initial draft of the Development Plan for the JSC’s review and approval.  Once approved by the JSC, all amendments to the initial Development Plan shall not be effective unless and until approved by the JSC, [***].  Not later than [***] days prior to the commencement of each Calendar Year during the Term when Development of the Licensed Products in the Field in the Territory is ongoing, Qilu shall submit to the JSC an updated Development Plan for the subsequent Calendar Year for its review and approval.  Such update shall take into account completion, commencement, changes in or cessation of Development activities not contemplated by the then-current Development Plan in sufficient detail to reflect the continued diligence of Qilu and its Affiliates and Sublicensees.  If, from time to time during the Term, there are any material changes to the proposed Development activities to be conducted by Qilu and its Affiliates and Sublicensees that are not reflected in the then-current Development Plan, including the addition of any Clinical Trials or any material changes to any Clinical Trial already included therein, Qilu shall promptly submit to the JSC an amendment to the Development Plan for the JSC’s review and approval.
(c)Without limiting Qilu’s obligations under Section 4.1(a) and Section 4.1(b), Qilu, by itself or through its Affiliates or Sublicensees, shall achieve each of the following diligence milestones by the corresponding diligence deadline, provided that (i) with respect to diligence milestone 2 listed below, Arbutus has timely supplied the Licensed Product (with sufficient quantities and quality) in accordance with the terms of the Clinical Supply Agreement, and (ii) with respect to diligence milestones 1 and 2 listed below, Arbutus has timely provided the material Arbutus Know-How then in the Control of Arbutus or its Affiliates in accordance with Sections 2.5 and 9.4(c) in order to enable Qilu to achieve the diligence milestones by the applicable diligence deadlines, the receipt of which shall be confirmed by Qilu in writing:
									
		Diligence Milestone	Diligence Deadline
	1	[***]	[***]
	2	[***]	[***]

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If Qilu anticipates that it will not be able to achieve one or both of the diligence milestones set forth above by the corresponding diligence deadline, Qilu shall provide Arbutus with written notice thereof.  The Parties, through the JSC, shall discuss Qilu’s expectations regarding timing relating to achievement of the applicable milestone(s) and the factors relating thereto.  Arbutus shall consider in good faith, and shall not unreasonably withhold its consent to, any reasonable extension to the diligence deadlines set forth above proposed by Qilu.  For clarity, any amendment to the diligence deadlines set forth above shall require the written agreement of the Parties.  Notwithstanding the foregoing, if Qilu is not able to achieve one or both of the diligence milestones set forth above by the corresponding diligence deadline because (x) additional pre-clinical studies not previously conducted by or on behalf of Arbutus, or (y) additional data not included within the Arbutus Know-How, are required by NMPA in order to support submission of an IND, then the Parties shall extend the relevant diligence deadline(s) by a reasonable period of time necessary for Qilu to conduct such additional pre-clinical studies or generate such additional data.   
(d)Qilu will perform its Development obligations under this Agreement in good scientific manner and in compliance with all Applicable Laws, including with respect to each such activity that will or would reasonably be expected to be submitted to a Regulatory Authority in support of a regulatory filing or application for Regulatory Approval, cGLP and cGCP.
(e)Qilu shall maintain complete and accurate records of all work conducted by or on behalf of Qilu or its Affiliates, and shall require its Sublicensees to maintain complete and accurate records of all work conducted by or on behalf of such Sublicensees, as applicable, in each case in furtherance of the Development of the Licensed Products in the Territory and together with all material results, data and developments made in conducting such activities.  Such records shall be maintained in sufficient detail and in good scientific manner appropriate for patent and regulatory purposes and in accordance with Applicable Law.
(f)In the event that Arbutus decides to conduct a global Phase III Clinical Trial for a Licensed Product in the Field (a “Global Trial”), Qilu shall have the right to participate in such Global Trial by including Clinical Trial sites in the Territory on the terms set forth in this Section 4.1(f) (“Development Participation Right”).  In advance of any Global Trial, Arbutus shall provide written notice thereof to Qilu (a “Global Trial Notice”).  Qilu shall have [***] days from receipt of the Global Trial Notice (the “Review Period”) to exercise its Development Participation Right by providing written notice thereof to Arbutus (the “Participation Notice”).  If Qilu exercises its Development Participation Right within the Review Period, the Parties shall negotiate in good faith for up to [***] days an agreement setting forth the terms of Qilu’s participation in the Global Trial, which shall include (A) Qilu’s obligation to support Arbutus in connection with the Global Trial by (i) recommending Clinical Trial sites in the Territory; provided, that Arbutus shall have the right to reject any Clinical Trial sites that do not meet the regulatory, quality or other standards of Arbutus, in Arbutus’s sole discretion, (ii) bearing all costs and expenses incurred by or on behalf of Qilu for its participation in such Global Trial conducted in the Territory, and (iii) reimbursing Arbutus for a pro rata portion of its internal and external expenses, including the expenses of any CRO or other Third Party service providers, to oversee and manage the Global Trial to the extent attributable to the Territory; and (B) Qilu’s rights and entitlements in connection with the Global Trial.  For clarity, Arbutus shall have the right to control, in its sole discretion, the study design and 
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study protocol for the Global Trial.  If Qilu does not deliver a Participation Notice to Arbutus during the Review Period, or if the Parties are unable to execute an agreement providing for Qilu’s participation in the Global Trial within [***] days of the Participation Notice, then Qilu will be deemed to have waived its Development Participation Right for the Global Trial and Arbutus shall have no further obligation to Qilu under this Section 4.1(f) with respect to participation in the Global Trial.  Notwithstanding the foregoing, Qilu may elect to develop, at its own cost and expense, the Licensed Products in any indication in the Field in the Territory as approved under the Development Plan, even if Qilu does not exercise its Development Participation Right with respect to the same indication in the Field in the Territory.  For the avoidance of doubt, Arbutus shall share any and all Arbutus Know-How arising from all Global Trials with Qilu pursuant to Section 4.5, regardless of whether Qilu agrees to participate in and be responsible for the costs of any such global Clinical Trials.  This Section 4.1(f) shall also not be deemed to limit or impose obligations on either Party with respect to the development of the Licensed Product in their Applicable Territory. 
4.2Development Reports.  Within [***] days following the end of each Calendar Quarter during the Term in which activities described in the Development Plan are ongoing, Qilu shall submit to Arbutus a report summarizing in reasonable detail Qilu’s and its Affiliates’ and Sublicensees’ activities related to (a) the Development of the Licensed Products during the preceding Calendar Quarter, including any material pre-clinical and clinical activities undertaken with respect thereto, and (b) the Manufacture of the Licensed Compound and Licensed Products during the preceding Calendar Quarter, including (i) an update on Qilu’s plans for the Manufacture and supply of the Licensed Compound and Licensed Products, including supply for raw materials and components and any Third Party suppliers and CMOs to be included as part of such plans, and (ii) a summary of any material Manufacturing-related milestones that were in process or were achieved during the preceding Calendar Quarter, including the status of any technology transfer, process validation, etc.  Arbutus shall have the opportunity to discuss each such report and its contents with Qilu, either through the JSC or in any other manner reasonably acceptable to both Parties, and Qilu shall provide to Arbutus any additional documentation or information reasonably requested by Arbutus relating to such reports.

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4.3Regulatory Activities.
(a)Qilu shall apply for and maintain, at Qilu’s sole cost and expense, all Regulatory Documents relating to the Licensed Products in the Field in the Territory.  All Regulatory Documents relating to the Licensed Products in the Field in the Territory shall be owned by Qilu and held in Qilu’s name, except for any Regulatory Documents, including any IND or Imported Drug License, that are required under Applicable Laws to be filed in Arbutus’ name, which Regulatory Documents will be owned by Arbutus, but shall be prepared, filed and maintained by Qilu on Arbutus’ behalf (such Regulatory Documents owned by Arbutus, the “Arbutus Territory Regulatory Documents”).  Arbutus shall, at the direction of and with the assistance of Qilu, execute any documentation prepared by Qilu necessary to appoint Qilu as Arbutus’ local regulatory agent to perform regulatory actions on its behalf in connection with the Arbutus Territory Regulatory Documents.  Qilu shall be responsible, at Qilu’s sole cost and expense, for all communications and interactions with Regulatory Authorities with respect to the Licensed Products in the Field in the Territory, both prior to and subsequent to receipt of any Regulatory Approvals.  At least thirty (30) days in advance of filing any material Regulatory Document relating to a Licensed Product with any Regulatory Authority in the Territory, including any IND or MAA (or, if a Regulatory Authority requires that a filing be made in a period that does not allow for such thirty (30) day advance review period, then at a mutually agreed upon time in advance of such filing), Qilu shall provide to Arbutus for Arbutus’ review and comment (i) the then-current draft of such Regulatory Document in full in Chinese, (ii) an English translation of the following portions of any such material Regulatory Document: (w) any protocol synopsis included therein; (x) any clinical overview or any clinical summary for the Licensed Compound, including any summaries of clinical safety, biopharmaceutics or efficacy data; (y) any data from any independent nonclinical pharmacology or toxicology studies with the Licensed Compound conducted by Qilu or its Affiliates or Sublicensees; and (z) any data relating to the Manufacture of the Licensed Compound or Licensed Product by or on behalf of Qilu or its Affiliates or Sublicensees, whether in the form of drug substance or drug product (excluding any data relating to any Licensed Compound or Licensed Product Manufactured and supplied by Arbutus under the Clinical Supply Agreement), and (iii) a summary of the other material parts thereof in English (the “Initial Documentation”).  Arbutus shall provide its comments to the Initial Documentation in good faith within [***] of receipt thereof, which comments shall include (A) Arbutus’ written consent to the filing of any Arbutus Territory Regulatory Documents within the Initial Documentation or (B) if no such consent is so included, comments on specific revisions to the Arbutus Territory Regulatory Documents so that consent may be granted.  Additionally, if Qilu makes any material changes to any protocol synopsis included in the Initial Documentation or the material parts of such Regulatory Document as previously summarized by Qilu in the Initial Documentation, then Qilu shall provide Arbutus with an updated version of such Initial Documentation at least three (3) Business Days prior to filing the applicable Regulatory Document.  Qilu will consider in good faith Arbutus’ comments to any material Regulatory Documents relating to a Licensed Product prior to filing such Regulatory Documents with the applicable Regulatory Authorities; provided, that no Arbutus Territory Regulatory Document relating to a Licensed Product may be filed in the Territory without the prior written consent of Arbutus, such consent not to be unreasonably withheld, conditioned or delayed.  Within thirty (30) days after the filing of any material Regulatory Document relating to a Licensed Product with any Regulatory Authority in the Territory, Qilu shall provide to Arbutus a complete electronic copy of the Regulatory Document original as filed in Chinese.  In 
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addition, after receiving Arbutus’ written request, Qilu shall provide to Arbutus, within a reasonable time, an English translation of such Regulatory Document to the extent the original as filed is not written in English and an English translation thereof has not been provided to Arbutus previously, together with an invoice for the cost of translation, and Arbutus shall pay Qilu the amount as invoiced within thirty (30) days after receiving the invoice.  Qilu shall notify Arbutus in writing at least ten (10) Business Days in advance of any material meeting with Regulatory Authorities in the Territory relating to the Licensed Products, and Arbutus shall have the right, but not the obligation, to have a representative of Arbutus accompany Qilu to each such meeting in an observational capacity if such attendance is permitted by the applicable Regulatory Authorities in the Territory; provided, that, with respect to any meeting with Regulatory Authorities in the Territory pertaining to an Arbutus Territory Regulatory Document, Arbutus’ representative shall have the right to attend such meeting as a representative of the applicant/owner of such Arbutus Territory Regulatory Document, unless Arbutus agrees in writing prior to such meeting that such representative shall be in attendance in an observational capacity only.
(b)Within thirty (30) days of receipt or filing, Qilu shall provide Arbutus with an electronic copy (in Chinese) and an English translation of all correspondence with Regulatory Authorities or Governmental Authorities (other than, for clarity, any material Regulatory Document, copies of which are required to be provided in accordance with Section 4.3(a) above).  For clarity, the English translation shall not include the translation of any attachments, appendices or other enclosures to or with the correspondence.  After receiving Arbutus’ written request, Qilu shall provide to Arbutus, within a reasonable time, an English translation of such attachments, appendices or other enclosures to the extent the original is not written in English and an English translation thereof has not been provided to Arbutus previously, together with an invoice for the cost of translation, and Arbutus shall pay Qilu the amount as invoiced within thirty (30) days after receiving the invoice.  Additionally, upon the reasonable request of Arbutus, Qilu shall promptly provide Arbutus with an electronic copy (in Chinese) and an English written summary of all other interactions with Regulatory Authorities and Governmental Authorities, in each case by or on behalf of Qilu or its Affiliates or, to Qilu’s knowledge, Sublicensees with respect to the Development of the Licensed Products in the Field in the Territory.
4.4Right of Reference and Use.  Arbutus agrees to grant and hereby grants to Qilu (and any Affiliate of Qilu or Sublicensee) a right of reference to all Regulatory Documents pertaining to Licensed Products in the Field submitted to a Regulatory Authority by or on behalf of Arbutus or its Affiliates or Third Party Licensees that are Controlled by Arbutus or its Affiliates for the purpose of seeking, obtaining and maintaining Regulatory Approval of Licensed Products in the Field in the Territory.  If requested by Qilu, Arbutus will, and will cause its Affiliates and Third Party Licensees to, provide a signed statement to this effect in accordance with Applicable Laws.  Qilu agrees to grant and hereby grants to Arbutus (and any Affiliate of Arbutus or Third Party Licensee) a right of reference to all Regulatory Documents pertaining to Licensed Products submitted to Regulatory Authorities by or on behalf of Qilu, its Affiliates or Sublicensees that are Controlled by Qilu or its Affiliates for the purpose of seeking, obtaining and maintaining Regulatory Approval of Licensed Products in the ROW Territory (or to seek any approvals from a Regulatory Authority required for the Development or Manufacturing of the Licensed Product in the Territory in accordance with Arbutus’ retained rights).  If requested by Arbutus, Qilu will, and will cause its Affiliates and its Sublicensees, to provide a signed statement to this effect in accordance with Applicable Laws.
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4.5Data Exchange and Use.
(a)For the ROW Territory.  During the Term, Qilu shall provide prompt high-level updates to Arbutus through the JSC regarding any newly generated Product Data that has been generated and finalized by or on behalf of Qilu or its Affiliates or Sublicensees with respect to the Licensed Compound and the Licensed Products in the Field in the Territory.  Upon Arbutus’ reasonable request, Qilu shall promptly provide Arbutus with electronic copies of, or reasonable access to, such Product Data to the extent that such Product Data has not been previously provided or made accessible to Arbutus.  Arbutus shall have the right to use such Product Data to Exploit the Licensed Compound and the Licensed Products in the ROW Territory (or to seek any approvals from a Regulatory Authority required for the Development or Manufacturing of the Licensed Product in the Territory in accordance with Arbutus’ retained rights).  To the extent legally possible and permitted, Qilu shall be responsible for obtaining any Approvals required by the Applicable Law in order to allow Arbutus to legally access and use the Product Data.  
(b)For the Territory.  During the Term, Arbutus shall provide prompt high-level updates to Qilu through the JSC regarding any newly generated Product Data that has not been previously provided or made accessible to Qilu.  Upon Qilu’s reasonable request, an electronic copy of any such Product Data included within the Arbutus Know-How not previously delivered to Qilu shall be delivered to Qilu in accordance with Section 2.5.
4.6Adverse Events Reporting.  Within ninety (90) days following the License Effective Date, or as otherwise agreed by the Parties, Qilu and Arbutus shall develop and agree in a separate written agreement to worldwide safety and pharmacovigilance procedures for the Parties with respect to Licensed Products, such as safety data sharing and exchange, adverse events reporting and prescription events monitoring (the “Pharmacovigilance Agreement”).  Such Pharmacovigilance Agreement shall describe the obligations of both Parties with respect to the coordination of collection, investigation, reporting and exchange of information between the Parties concerning adverse events or any other safety issue of any significance and product quality and product complaints involving adverse events, in each case with respect to Licensed Products and sufficient to permit each Party and its Affiliates, Third Party Licensees and Sublicensees to comply with its legal obligations with respect thereto.  The Pharmacovigilance Agreement shall be promptly updated if required by changes in Applicable Law. Each Party hereby agrees to comply with its respective obligations under the Pharmacovigilance Agreement and to cause its Affiliates, Third Party Licensees and Sublicensees to comply with such obligations.  Without limiting the foregoing, Arbutus will be responsible for and shall have the sole right to maintain a global adverse event database for the Licensed Compound and the Licensed Products.

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4.7No Harmful Actions.  Each Party shall not, and shall use Commercially Reasonable Efforts to cause its Affiliates, Sublicensees (with respect to Qilu), Third Party Licensees (with respect to Arbutus) and Subcontractors not to, take any action with respect to the Licensed Compound or a Licensed Product that could reasonably be expected to have an adverse impact upon the other Party’s Regulatory Approval status of the Licensed Compound or any Licensed Product in the other Party’s Applicable Territory.  If a Party believes that the other Party is or any of its Affiliates, Sublicensees (with respect to Qilu), Third Party Licensees (with respect to Arbutus) or Subcontractors are taking or intends to take any action with respect to the Licensed Compound or a Licensed Product that could have an adverse impact upon other Party’s Regulatory Approval status of the Licensed Compound or any Licensed Product in such Party’s Applicable Territory, then the Parties shall discuss in good faith a resolution of such concern.
4.8Notice of Regulatory Action.  Each Party shall promptly, but in any event within two (2) Business Days of receipt of relevant information, notify the other Party of any information that it receives regarding any threatened or pending action, inspection or communication by or from a Third Party, including a Regulatory Authority, that would reasonably be expected to materially adversely affect the Exploitation of the Licensed Compound or Licensed Products in the Territory or the ROW Territory.
4.9Arbutus Support.  In addition to Arbutus’ express obligations to provide certain information under this Agreement, including under Section 2.5, the Parties understand and agree that it may be necessary for Qilu from time to time to seek support from Arbutus with respect to the following matters: (a) becoming familiar with and being able to understand and use the Product Data included in the Arbutus Know-How; and (b) answering questions necessary to enable Qilu to (i) prepare Regulatory Documents relating to the Licensed Compound or Licensed Products in the Field in the Territory, and (ii) prepare responses to any requests made by Regulatory Authorities in the Territory relating to the Licensed Compound or Licensed Products in the Field (the “Arbutus Support”).  Upon the request of Qilu, Arbutus shall provide the Arbutus Support to Qilu, subject to the following terms and conditions: (1) all Arbutus Support shall be provided through employees of Arbutus, and Arbutus shall have no obligation to (x) provide any Arbutus Support that requires Arbutus to utilize any CRO, CMO or other Third Party service provider or incur any out-of-pocket costs, including any fees charged by any CRO, CMO or other Third Party service provider, unless Arbutus agrees to provide such Arbutus Support in writing, such Arbutus Support not to be unreasonably rejected or withheld, and Qilu timely pays (or reimburses Arbutus for) all such out-of-pocket costs, or (y) require any Arbutus employees to travel in-person to the Territory (except as may be agreed by the Parties otherwise, in which case, the Parties shall also agree on the specific travel arrangements and Qilu’s responsibility for the costs therefor); (2) [***]; and (3) [***](the “Arbutus Support Cap”).  If Qilu requires Arbutus Support in excess of the Arbutus Support Cap, Arbutus agrees not to unreasonably withhold its agreement to provide such additional Arbutus Support.  Within thirty (30) days after the end of each Calendar Quarter when Arbutus Support is provided, Arbutus shall deliver to Qilu an invoice setting forth the number of hours of Arbutus Support provided during the prior Calendar Quarter and the amounts owed to Arbutus with respect thereto, including any out-of-pocket costs to be paid by Qilu. Each such invoice shall be paid by Qilu within thirty (30) days of the date of such invoice and otherwise in accordance with Sections 7.5(g), 7.5(h) and 7.6.  
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ARTICLE 5
MANUFACTURE AND SUPPLY
5.1Supply Obligations.  Subject to the terms of this Agreement, Arbutus, by itself or through an Affiliate or one or more Third Parties, shall be responsible for Manufacturing and supplying to Qilu all quantities of the Licensed Compound and Licensed Products necessary for Qilu to Develop and Commercialize the Licensed Compound and Licensed Products in the Field in the Territory until Qilu has received all Approvals required for Qilu or its designated CMO to Manufacture the Licensed Compound and Licensed Products in the Territory (the “Supply End Date”).  Qilu shall use Commercially Reasonable Efforts to obtain all Approvals required for Qilu or its designated CMO to Manufacture the Licensed Products in the Territory as soon as reasonably practicable following the License Effective Date.  After the Supply End Date, Qilu shall be responsible at its sole cost for Manufacturing all quantities of the Licensed Products necessary for Qilu and its Affiliates and Sublicensees to Develop and Commercialize Licensed Products in the Field in the Territory, and Arbutus’ obligation to Manufacture and supply quantities of the Licensed Products for Qilu shall terminate.  Qilu acknowledges and agrees that Arbutus has engaged certain CMOs to Manufacture the Licensed Products on behalf of Arbutus and that Arbutus’ ability to conduct the Manufacturing Technology Transfer and to supply quantities of the Licensed Products to Qilu are subject to, and limited by, the terms of Arbutus’ agreements with such CMOs.  Arbutus shall use Commercially Reasonable Efforts to, or to cause its CMOs to, complete the Manufacturing Technology Transfer and supply the Licensed Products in a timely manner.  Notwithstanding the foregoing, Arbutus will remain directly responsible for its obligations under this Agreement that have been subcontracted to its CMO.  Arbutus hereby represents and warrants to Qilu that, as of the Execution Date, the terms of Arbutus’ agreements with its CMOs (i) do not conflict in any material respect with its supply obligations for the Licensed Compound and Licensed Products as contemplated hereunder; and (ii) do not limit its ability or otherwise conflict with its obligations to conduct the Manufacturing Technology Transfer as contemplated hereunder.
5.2Clinical Supply Agreement.  Within ninety (90) days following the License Effective Date, which time period may be extended upon mutual agreement of the Parties, the Parties shall negotiate in good faith and enter into a clinical supply agreement and related quality agreement pursuant to which Arbutus will supply to Qilu Licensed Compound and Licensed Products, at Arbutus’ Manufacturing Cost, for use in Development of the Licensed Product in the Field in the Territory (the “Clinical Supply Agreement”).  The Clinical Supply Agreement shall contain supply terms and conditions consistent with the principles set forth on Exhibit 5.2 hereto and such other terms as are customary for such agreements.
5.3Commercial Supply Agreement.  At a time specified by Qilu, but in any event as soon as practicable after submission of an MAA for a Licensed Product to a Regulatory Authority in the Territory provided that the Supply End Date has not occurred, the Parties shall negotiate in good faith a commercial supply agreement and related quality agreement for the commercial supply of Licensed Compound and Licensed Products by Arbutus to Qilu, at a price to be agreed between the Parties, for use in Commercialization of the Licensed Products in the Field in the Territory (the “Commercial Supply Agreement”).  The Commercial Supply Agreement shall provide for purchase of Licensed 
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Compound and Licensed Products and shall contain such other terms as are customary and commercially reasonable for such agreements.  
5.4Supply to Arbutus.  Subject to the Manufacturing Technology Transfer Completion, upon the request of Arbutus, the Parties shall negotiate in good faith:
(a)a clinical supply agreement and related quality agreement for the clinical supply of Licensed Compound by Qilu to Arbutus for use in Development of the Licensed Product in the Field in the ROW Territory on commercially reasonable terms, including a price to Arbutus which shall be identical to Arbutus’ Manufacturing Cost for the Licensed Compound under Section 5.2; and/or
(b)a commercial supply agreement and related quality agreement for the commercial supply of Licensed Compound by Qilu to Arbutus for use in Commercialization of the Licensed Products in the ROW Territory, on commercially reasonable terms, including a price to be agreed between the Parties that is less than the price available to Arbutus from a well-known CMO in the Territory agreed between the Parties (e.g., [***]). 
5.5Manufacturing Technology Transfer. 
(a)Upon request by Qilu made after receipt by Arbutus of the Upfront Payment, Arbutus shall, and shall use Commercially Reasonable Efforts to cause its CMO(s) to, commence the Manufacturing technology transfer (the “Manufacturing Technology Transfer”) to Qilu or its permitted CMO or permitted Sublicensees in accordance with a manufacturing technology transfer plan (“Manufacturing Technology Transfer Plan”) to be negotiated in good faith and entered into by the Parties, which shall set forth the process by which Arbutus shall transfer to Qilu (or its permitted CMO or permitted Sublicensees) all of the Arbutus IP that is necessary or reasonably useful for the Manufacturing of the Licensed Compound and Licensed Products (“Manufacturing Technology”).  In addition to the Manufacturing Technology Transfer, Arbutus shall provide reasonable technical assistance and support for Qilu to Manufacture or have Manufactured the Licensed Compound and Licensed Products until Manufacturing Technology Transfer Completion in accordance with the terms of this Section 5.5(a) (“Technical Assistance”).  Arbutus and Qilu shall each use Commercially Reasonable Efforts to perform their respective obligations necessary to achieve Manufacturing Technology Transfer Completion as soon as reasonably possible.  Qilu shall be responsible for reimbursing Arbutus for any out-of-pocket costs, including any fees charged by any CMO or other Third Party service provider, required to perform the Manufacturing Technology Transfer or the Technical Assistance, to the extent not otherwise reimbursed under this Agreement.  Upon the request of Qilu, Arbutus shall provide the Technical Assistance to Qilu, subject to the following terms and conditions: (1) the Technical Assistance shall not require any Arbutus employee to travel in-person to the Territory (except as may be agreed by the Parties otherwise, in which case, the Parties shall also agree on the specific travel arrangements and Qilu’s responsibility for the costs therefor); (2) the Technical Assistance shall include the time spent by Arbutus employees to oversee any activities in connection with the Manufacturing Technology Transfer and the Technical Assistance provided by any CMO or other Third Party service provider; (3) [***]; and (4) [***](the “Technical Assistance Cap”).  If Qilu requires Technical Assistance in excess of the Technical Assistance Cap, Arbutus agrees not to unreasonably withhold its agreement 
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to provide such additional Technical Assistance.  Within thirty (30) days after the end of each Calendar Quarter when the Manufacturing Technology Transfer is ongoing or the Technical Assistance is provided, Arbutus shall deliver to Qilu an invoice setting forth the number of hours of Technical Assistance provided during the prior Calendar Quarter and the amounts owed to Arbutus with respect thereto, including any out-of-pocket costs to be paid by Qilu, together with any out-of-pocket costs incurred by Arbutus in connection with the Manufacturing Technology Transfer to be paid by Qilu, in each case to the extent not otherwise reimbursed or paid for by Qilu under this Agreement.  Each such invoice shall be paid by Qilu within thirty (30) days of the date of such invoice and otherwise in accordance with Sections 7.5(g), 7.5(h) and 7.6.
(b)After the Supply End Date, Qilu will have the right and responsibility to Manufacture or have Manufactured Licensed Product in the Territory for clinical or commercial use, as the case may be, using the Manufacturing Technology transferred under the Manufacturing Technology Transfer Plan.
(c)If there is any additional Arbutus Know-How pertaining to Manufacturing Technology that comes into Arbutus’ or any of its Affiliates’ Control during the Term after Manufacturing Technology Transfer Completion (including any data resulting from the Manufacture of the Licensed Products in the ROW Territory after the Manufacturing Technology Transfer Completion), Arbutus shall promptly notify Qilu and provide copies thereof to Qilu in accordance with Section 2.5 at no additional cost.
5.6Transfer of the Arbutus Materials.  Following Arbutus’ receipt of the Upfront Payment, Arbutus shall use Commercially Reasonable Efforts to arrange and conduct the shipment of the Arbutus Materials in accordance with the schedule set forth on Exhibit 1.19. The Parties shall sign material transfer agreements in a form reasonably acceptable to both Parties before each shipment of the Arbutus Materials, which material transfer agreement shall include a price for the applicable Arbutus Materials that reflects the fair market value thereof as mutually agreed by the Parties.  Risk of loss, damage and delay shall pass to Qilu [***] at Arbutus’s shipping dock and Qilu shall be responsible for arranging for shipment and importation of the Arbutus Materials into the Territory.  For the avoidance of doubt, Arbutus shall not be required to deliver any materials or information pursuant to this Section 5.6 that have been transferred electronically with other Arbutus Know-How or provided pursuant to the Clinical Supply Agreement.  

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ARTICLE 6
COMMERCIALIZATION
6.1Commercialization Obligations. 
(a)Upon receipt of Regulatory Approval for a Licensed Product in the Field in the Territory, Qilu (directly, or through its Affiliates and Sublicensees) shall use Commercially Reasonable Efforts to Commercialize such Licensed Product in the Field in the Territory.  Subject to the terms and conditions of this Agreement, including this ARTICLE 6 and ARTICLE 3, Qilu will be solely responsible for Commercializing Licensed Products in the Field in the Territory at its sole expense, and will have sole discretion with respect to Commercializing Licensed Products in the Field in the Territory.
(b)Qilu will perform its Commercialization obligations under this Agreement in good scientific manner and in compliance with all Applicable Laws.
(c)Qilu will not under any circumstances use the Licensed Compound or Licensed Products as a “loss leader” to generate sales for its other products.
(d)Qilu shall not sell a Licensed Product as part of a bundle including one or more active pharmaceutical ingredients or therapeutic agents other than those contained in the Licensed Product that is invoiced as a single product for a single price without the prior written consent of Arbutus as to the calculation of Net Sales relating thereto.  For clarity, subject to the foregoing provisions of this Section 6.1(d), Qilu may Exploit the Licensed Compound and Licensed Products in any product or treatment regimen that comprises, or is a combination of, (i) a Licensed Product, and (ii) another product, where (i) and (ii) are labeled for use together either simultaneously or in a separate or sequential administration, whether or not sold for a single price.  For clarity, the other product may be a small molecule drug or a biological drug.
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6.2Commercialization Reports.  
(a)(i) Within [***] days following the end of each Calendar Quarter for the first [***] Calendar Years occurring after Regulatory Approval for the first Licensed Product in the Territory is obtained, and (ii) within [***] days following the end of the [***] Calendar Quarter during each Calendar Year thereafter until the end of the Term, Qilu shall submit to Arbutus a report summarizing in reasonable detail Qilu’s and its Affiliates’ and permitted Sublicensees’ activities related to (x) the Commercialization of the Licensed Products during the preceding Calendar Quarter(s), and (y) the Manufacture of the Licensed Compound and Licensed Products during the preceding Calendar Quarter, including (A) an update on Qilu’s plans for the Manufacture and supply of the Licensed Compound and Licensed Products, including supply for raw materials and components and any Third Party suppliers and CMOs to be included as part of such plans, and (B) a summary of any material Manufacturing-related milestones that were in process or were achieved during the preceding Calendar Quarter, including the status of any technology transfer, process validation, etc.  Arbutus shall have the opportunity to discuss each such report and its contents with Qilu, either through the JSC or in any other manner reasonably acceptable to both Parties, and Qilu shall provide to Arbutus any additional documentation or information reasonably requested by Arbutus relating to such reports.
(b)At least [***] prior to the anticipated First Commercial Sale of a Licensed Product in the Field in the Territory, Qilu shall submit to Arbutus its proposed commercial launch plan for such Licensed Product for Arbutus’ review.  Following the delivery of the initial commercial launch plan, Qilu shall submit to Arbutus an annual update to such plan within [***] days after the end of each Calendar Year. The initial commercial launch plan and each subsequent annual update shall include promotional plans, projected timelines, pricing and contracting strategy, product position statement, communications strategy, and promotional efforts commitments.  Upon the request of Arbutus from time to time after receipt of Regulatory Approval for the first Licensed Product in the Field in the Territory, Qilu shall provide to Arbutus (i) a copy of Qilu’s then-current marketing plan for the Licensed Products in the Field in the Territory, and (ii) copies of any marketing materials then being used by Qilu to market and promote the Licensed Products in the Field in the Territory, in each case of (i) and (ii), as then currently available and to the extent not previously provided.  
6.3Licensed Product Trademarks.
(a)Each Party shall be solely responsible for developing, selecting, searching, registering and maintaining, and shall be the exclusive owner of, all Licensed Product Trademarks in such Party’s Applicable Territory, except as expressly set forth in this Section 6.3.
(b)Arbutus hereby grants to Qilu and its Affiliates an exclusive, royalty-free, non-transferable (except in accordance with Section 13.2) license, with the right to grant sublicenses solely in connection with a permitted sublicense pursuant to Section 2.3 with respect to a Licensed Product in the Field in the Territory, under any Licensed Product Trademarks Controlled by Arbutus or its Affiliates other than any Trademarks that include any corporate name or logo of Arbutus or its Affiliates (such Licensed Product Trademarks, the “Licensed Product-Specific Trademarks”) for all uses in the Field in the Territory.  A complete and accurate list of the Licensed Product-Specific Trademarks existing as of the 
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Execution Date is set forth in Exhibit 6.3(b).  During the Term, Arbutus and its Affiliates shall not use any Licensed Product-Specific Trademark or any other Trademark that is confusingly similar to any Licensed Product-Specific Trademark in the Territory (except the use of the Licensed Product-Specific Trademarks in the Territory solely in connection with the performance of Arbutus’ obligations or exercise of its retained rights in the Territory pursuant to Section 2.1), or register or attempt to register any such Licensed Product-Specific Trademark or any other Trademark that is confusingly similar to any Licensed Product-Specific Trademark with any Governmental Authority in the Territory.
(c)Qilu shall have the right to brand the Licensed Products in the Territory using any Trademarks (including Chinese character trademarks and trade names, including Chinese translation or transliteration of the Licensed Product-Specific Trademarks) Qilu determines appropriate other than any Trademarks that include any corporate name or logo of Arbutus or its Affiliates.  As between the Parties, Qilu shall own all rights in the Trademarks specific to the Licensed Product in the Field in the Territory other than the Licensed-Product Specific Trademarks (the “Qilu Territory Trademarks”), and all goodwill therein shall accrue to Qilu.  Qilu shall register, maintain and enforce, at its own cost and expense, the Qilu Territory Trademarks as Qilu determines reasonably necessary.
6.4No Other Trademark Rights.  For the avoidance of doubt, except as expressly permitted by this Agreement or as otherwise agreed in writing by the Parties, neither Party will have any right to use the other Party’s or the other Party’s Affiliates’ corporate names or logos in connection with Exploitation of Licensed Products, without first obtaining the other Party’s written consent.  Notwithstanding anything to the contrary herein, to the extent and only to the extent required by Applicable Laws, Qilu may include Arbutus’ name and corporate logo on the Licensed Product label, packaging and promotional/marketing materials to indicate that the Licensed Product is in-licensed from Arbutus.
6.5Diversion.  Subject to Applicable Law, each Party covenants and agrees that it shall not, and shall ensure that its Affiliates, Third Party Licensees (with respect to Arbutus) and Sublicensees (with respect to Qilu) do not, either directly or indirectly, promote, market, distribute, import, sell or have sold any Licensed Products, including via the Internet or mail order, to any Third Party or to any address or Internet Protocol address or the like in the other Party’s Applicable Territory; provided, that each Party shall have the right to attend conferences and meetings of congresses in the other Party’s Applicable Territory and to promote and market, for their Applicable Territory, Licensed Products to Third Party attendees at such conferences and meetings, subject to this Section 6.5.  Neither Party shall engage, or shall permit its Affiliates, Third Party Licensees (with respect to Arbutus) or Sublicensees (with respect to Qilu) to engage, in any advertising or promotional activities relating to any Licensed Products for use directed primarily to customers or users of Licensed Products located in any country, jurisdiction or region in the other Party’s Applicable Territory, or solicit orders from any prospective purchaser that such Party has reason to believe intends to distribute such Licensed Product in any country, jurisdiction or region in the other Party’s Applicable Territory.  If a Party or any of its Affiliates, Third Party Licensees (with respect to Arbutus) or Sublicensees (with respect to Qilu) receives any order for Licensed Products for use from a prospective purchaser that intends to distribute such Licensed Product in a country, jurisdiction or region in the other Party’s Applicable Territory, then such Party shall promptly, but in any event within [***], 
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refer that order to such other Party and shall not accept any such orders.  Except as otherwise provided herein, neither Party shall, or shall permit its Affiliates, Third Party Licensees (with respect to Arbutus) or Sublicensees (with respect to Qilu) to, deliver or tender (or cause or knowingly permit to be delivered or tendered) any Licensed Products for use in the other Party’s Applicable Territory.  Notwithstanding the foregoing, this Section 6.5 is not intended to limit, and shall not limit, Arbutus’ retained rights as set forth in Section 2.1, including Arbutus’ right to Exploit Licensed Products in the Territory outside the Field. 
ARTICLE 7
PAYMENTS
7.1Upfront Payment.  Within thirty (30) days of the Execution Date, and subject to receipt of Arbutus’ invoice for the Upfront Payment issued on the Execution Date, Qilu shall pay to Arbutus a one-time, non-refundable, non-creditable upfront payment of Forty Million Dollars ($40,000,000.00) (the “Upfront Payment”).
7.2Development and Regulatory Milestones.  Subject to the terms and conditions of this Agreement, Qilu shall make each of the one-time, non-refundable, non-creditable milestone payments to Arbutus that are set forth below (each such payment, a “Development Milestone Payment”) upon the first achievement of the corresponding milestone event by or on behalf of Qilu or its Affiliate or Sublicensee with respect to a Licensed Product (each such milestone event, a “Development Milestone Event”) in accordance with this Section 7.2.  For clarity, each Development Milestone Payment under this Section 7.2 shall be paid only once with respect to the first time the corresponding Development Milestone Event is achieved.  In the event that a Development Milestone Event is achieved and an earlier Development Milestone Event has not been achieved (e.g., Development Milestone Event 4 is achieved but Development Milestone Event 3 has not been achieved), then such earlier Development Milestone Event shall be deemed to have been achieved at the same time as the later Development Milestone Event, and Qilu shall pay to Arbutus the Development Milestone Payment for the earlier Development Milestone Event at the same time that the Development Milestone Payment for the later Development Milestone Event is achieved.  Qilu shall notify Arbutus in writing promptly, but in no event later than two (2) Business Days, after the achievement of each Development Milestone Event set forth in this Section 7.2.  After receiving such notice, Arbutus shall invoice Qilu for the applicable Development Milestone Payment in accordance with the notice.  Qilu shall pay the applicable Development Milestone Payment due to Arbutus in Dollars within twenty (20) Business Days following Qilu’s receipt of such invoice.
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		Development Milestone Event	Development Milestone
Payment (Dollars)

	1	[***]	$[***]
	2	[***]	$[***]
	3	[***]	$[***]
	4	[***]	$[***]
	5	[***]	$[***]

[***]

7.3Manufacturing Technology Transfer Completion Payment.  Within two (2) Business Days of Manufacturing Technology Transfer Completion, Qilu shall provide notice to Arbutus of the Manufacturing Technology Transfer Completion.  After receiving such notice, Arbutus shall invoice Qilu for a one-time, non-refundable, non-creditable payment of [***] Dollars ($[***]).  Within twenty (20) Business Days following Qilu’s receipt of such invoice, Qilu shall pay such [***] Dollars ($[***]) to Arbutus.
7.4Sales Milestones.  Subject to the terms and conditions of this Agreement, Qilu shall make each of the one-time, non-refundable, non-creditable milestone payments to Arbutus set forth below (each such milestone payment, a “Sales Milestone Payment”) following the end of the first Calendar Year in which Annual Net Sales of the Licensed Products by Qilu, its Affiliates and Sublicensees in the Territory achieve the sales threshold (set forth in the table below) corresponding to such Sales Milestone Payment (each such sales threshold, a “Sales Milestone Event”) in accordance with this Section 7.4.  In the event that more than one Sales Milestone Event is first achieved in the same Calendar Year, then Qilu shall pay to Arbutus each of the corresponding Sales Milestone Payments for each of the Sales Milestone Events that has first been achieved in such Calendar Year. Qilu shall notify Arbutus in writing of the first achievement of each Sales Milestone Event set forth in this Section 7.4 as part of the royalty reports delivered in accordance with Section 7.5(f).  After receiving such notice, Arbutus shall invoice Qilu for the applicable Sales Milestone Payment in accordance with the notice.  Qilu shall make payment to Arbutus of the corresponding Sales Milestone Payment within twenty (20) Business Days after Qilu’s receipt of such invoice.
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	Sales Milestone
Event (in Dollars)	Sales Milestone
Payment (Dollars)

	Annual Net Sales in a given Calendar Year are equal to or greater than $[***]	$[***]
	Annual Net Sales in a given Calendar Year are equal to or greater than $[***]	$[***]
	Annual Net Sales in a given Calendar Year are equal to or greater than $[***]	$[***]
	Annual Net Sales in a given Calendar Year are equal to or greater than $[***]	$[***]
	Annual Net Sales in a given Calendar Year are equal to or greater than $[***]	$[***]

7.5Royalty Payments to Arbutus.
(a)Royalty Rates.  Subject to the terms of this Section 7.5, Qilu shall pay to Arbutus tiered royalties on Annual Net Sales in a given Calendar Year as provided below.  Royalties shall be payable on a Licensed Product-by-Licensed Product and Relevant Region-by-Relevant Region basis during the applicable Royalty Term.  For clarity, the royalties (and royalty tiers) set forth below shall be calculated on an aggregate basis based on Net Sales of all Licensed Products in the Territory in a Calendar Year.
						
	Annual Net Sales in a Given Calendar Year (in Dollars)	Royalty Rate
	Portion of Annual Net Sales in a given Calendar Year above $0 and up to and including $[***]	[***]%
	Portion of Annual Net Sales in a given Calendar Year greater than $[***] up to and including $[***]	[***]%
	Portion of Annual Net Sales in a given Calendar Year greater than $[***] up to and including $[***]	[***]%
	Portion of Annual Net Sales in a given Calendar Year greater than $[***]up to and including $[***]	[***]%
	Portion of Annual Net Sales in a given Calendar Year greater than $[***]	[***]%

The applicable royalty rate set forth in the table above will apply only to that portion of the Annual Net Sales during a given Calendar Year that falls within the indicated range.    
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(b)Royalty Termination Date.  Following expiration of the Royalty Term for a given Licensed Product in a Relevant Region: (i) no further royalties shall be payable in respect of sales of such Licensed Product in such Relevant Region; and (ii) the License granted to Qilu hereunder with respect to such Licensed Product in such Relevant Region shall automatically become fully paid-up, perpetual, irrevocable and royalty-free.
(c)Royalty Stacking.  If it is necessary to obtain a license from any Third Party to any Patent Rights owned or controlled by such Third Party to Develop, Manufacture or Commercialize a Licensed Product in the Field in the Territory (a “Third Party License”), then Qilu shall have the right to obtain such Third Party License and may deduct from Qilu’s royalty obligations under Section 7.5(a), on a Calendar Quarter-by-Calendar Quarter basis, [***] of any royalties paid under such Third Party License for such Patent Rights during the applicable Calendar Quarter; [***].
(d)Royalty Reduction.  The royalty rate payable with respect to Annual Net Sales of a Licensed Product shall be reduced on a Relevant Region-by-Relevant Region basis, to [***] of the rate otherwise payable pursuant to Section 7.5(a) during the portion of the applicable Royalty Term with respect to such Licensed Product in such Relevant Region which remains in effect after the earlier of (i) the expiration of the last Valid Claim of an Arbutus Patent that Covers such Licensed Product in such Relevant Region or (ii) the first full Calendar Quarter following the existence of Generic Competition for such Licensed Product in such Relevant Region.  
(e)Minimum Royalty.  In no event, after taking into account the deductions set forth in Section 7.5(c) and the reductions set forth in Section 7.5(d), will any royalties payable by Qilu to Arbutus under this Section 7.5 for any Licensed Product in any Relevant Region in any Calendar Quarter be less than [***] of the amount of royalties that would otherwise be payable with respect thereto under Section 7.5(a) without taking into account such deductions and reductions.
(f)Royalty Reports and Payments.  Within forty-five (45) days after the end of each Calendar Quarter, commencing with the Calendar Quarter of the First Commercial Sale of the first Licensed Product in the Territory, Qilu shall provide Arbutus with a report that contains the following information for the applicable Calendar Quarter, on a Licensed Product-by-Licensed Product and Relevant Region-by-Relevant Region basis: (i) gross sales and Net Sales (including reasonable detail for deductions from gross sales to Net Sales and any calculations relating to conversion of foreign currency into Dollar equivalents); and (ii) the royalties payable under this Section 7.5 (including reasonable detail for any deductions to such royalties or reductions to royalty rates taken pursuant to Section 7.5(c) or Section 7.5(d)) for such Calendar Quarter and (iii) if applicable with respect to any report relating to the last Calendar Quarter of a Calendar Year, a notification of any Sales Milestone Events first achieved during such Calendar Year and the amount of the corresponding Sales Milestone Payments payable under Section 7.4.  After receiving the report, Arbutus shall invoice Qilu for the royalties payable under this Section 7.5 for such Calendar Quarter in accordance with the report.  Within twenty (20) Business Days after receipt of such invoice, Qilu shall pay to Arbutus the royalties payable under this Section 7.5 for such Calendar Quarter.

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(g)Payment Method, Currency, and Exchange Rate.  All payments to be made by Qilu to Arbutus under this Agreement shall be made in U.S. Dollars by electronic funds transfer in immediately available funds to a bank account designated in writing by Arbutus.  For the purposes of calculating any sums due under this Agreement, Qilu shall convert any amount expressed in a foreign currency into U.S. Dollar equivalents, calculated using the applicable currency conversion rate as published by State Administration of Foreign Exchange of People’s Republic of China on the last Business Day of the month immediately preceding the month in which the applicable payment is due.
(h)Interest.  Any undisputed payments not made when due under this Agreement as provided herein will bear interest at [***].  If the is no longer published, the Parties will agree upon another internationally recognized rate which has historically been substantially equivalent to the and utilize such rate retroactively to such time as [***] was no longer available.
7.6Taxes.  If Qilu, its Affiliates, or Sublicensees, as applicable, are required by Applicable Law to deduct any Taxes from or in respect of any sum payable under this Agreement to Arbutus: (a) the sum payable will be increased as necessary so that after making all required deductions or withholdings for Taxes Arbutus receives a net amount equal to the sum it would have received had no such deductions or withholdings been made (i.e., Arbutus has received the actual stated amount as set forth under ARTICLE 7 or other applicable provision of this Agreement); (b) Qilu, its Affiliates, or Sublicensees, as applicable, shall make such deductions or withholdings; and (c) Qilu, its Affiliates, or Sublicensees, as applicable, shall pay the amount deducted or withheld to the relevant Tax authority or other Governmental Authority in accordance with Applicable Law, and pay the remainder to Arbutus.  Qilu shall be responsible for (i) applying for any tax exemption or reduction under Applicable Law with regard to its payments to Arbutus under this Agreement, and (ii) preparation and filing of all applicable Tax returns relating thereto.  Arbutus shall cooperate, to the extent reasonably required, with the filing of any such Tax returns.  Qilu shall indemnify Arbutus for any Taxes imposed on Arbutus with respect to such payments if Arbutus directly pays any Taxes on such payments, and Qilu shall promptly reimburse Arbutus for such Taxes, including all reasonable related costs.  If Arbutus determines that it is required to report any such Taxes, Qilu shall promptly provide Arbutus with applicable receipts and other documentation necessary or appropriate for such report.  Arbutus will issue the corresponding invoices reflecting the full amount due under other provisions of this Agreement and any such withholding or similar Taxes collected at the source as separate line items in the notes section of the said invoices, following the format provided by Qilu for such invoices.  Except as set forth in this Section 7.6, each Party shall be solely responsible for the payment of all taxes imposed on its share of income arising directly or indirectly from the efforts of the Parties under this Agreement. 
7.7Financial Audits.  Qilu shall keep (and shall cause its Affiliates and Sublicensees to keep) complete and accurate records pertaining to the sale or other disposition of Licensed Products in reasonable detail to permit Arbutus to confirm the accuracy of all royalty payments reported under Section 7.5 and Sales Milestone Events and corresponding Sales Milestones Payments reported under Section 7.4, for at least [***] following the end of the Calendar Year to which such records pertain.  Arbutus shall have the right to cause an independent, certified public accountant of internationally recognized standing which shall be mutually agreed by the Parties (the “Auditor”) to audit such 
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records solely to confirm Net Sales, royalty payments and commercial sales milestones for a period covering not more than the preceding [***].  Such audits shall be performed during normal business hours upon [***] days’ prior written notice to Qilu, and in a manner that does not interfere with Qilu’s or its applicable Affiliate’s or Sublicensee’s business activities for a period of [***].  The Auditor will execute a written confidentiality agreement that is acceptable to Qilu with Qilu and will disclose to Arbutus only such information as is reasonably necessary to provide Arbutus with information regarding any actual or potential discrepancies between amounts reported and amounts actually paid or payable under this Agreement.  The report of the Auditor will include the methodology and calculations used to determine the results, will be delivered to Arbutus and Qilu at the same time, and will be final after delivery to both Parties.  Qilu shall pay the amount of any underpayment disclosed in any Auditor’s report, together with any interest owed thereon (calculated in accordance with Section 7.5(h)) within thirty (30) days after delivery to the Parties of the final Auditor’s report.  If such final Auditor’s report discloses an overpayment by Qilu of the royalties or other amounts payable hereunder, Qilu shall have the right to offset such overpayment against future payments owed to Arbutus under this Agreement following the audit in question or, in the event no future payments are payable to Arbutus under this Agreement, Arbutus shall refund the amount of such overpayment to Qilu within thirty (30) days after written request by Qilu. Any disclosures or reports disclosed to Arbutus under this Section 7.7 shall be Qilu’s Confidential Information. 
7.8Form of Payment.  All payments to be made by Qilu to Arbutus under this Agreement shall be made in United States  Dollars and may be paid by bank wire transfer in immediately available funds to the bank account of Arbutus as Arbutus may from time to time designate by written notice to Qilu. Arbutus shall provide wire instructions for such designated bank account in writing to Qilu at least thirty (30) days prior to the payment due date, and shall notify Qilu by written notice of any changes to Arbutus’s designated bank account and wire instructions.  As of the Execution Date, the designated bank account of Arbutus for receiving all payments payable to Arbutus hereunder is as follows:            
FOR FUNDS COMING IN US CURRENCY ONLY:  [***]

ARTICLE 8 
CONFIDENTIALITY; PUBLICATION
8.1Confidential Information.  “Confidential Information” means all non-public Know-How or other confidential or proprietary information, including proprietary materials or information, ideas, inventions, discoveries, concepts, compounds, compositions, formulations, formulas, practices, procedures, processes, methods, knowledge, know-how, trade secrets, technology, inventories, machines, techniques, development, designs, drawings, computer programs, skill, experience, documents, apparatus, results, clinical and regulatory strategies, regulatory documentation, information and submissions pertaining to or made in association with Regulatory Documents, data (including pharmacological, toxicological, and clinical data, raw data, analytical and quality control data, manufacturing data and descriptions, patent and legal data, market data, financial data or descriptions), devices, assays, chemical formulations, specifications, material, product samples and other samples, physical, chemical and biological materials and compounds, and the like, transferred, disclosed or otherwise made available by or on behalf of a Party (the “Disclosing Party”) to the other Party or its representatives (the “Receiving Party”) prior to, on or after the Execution Date, whether or not patentable and 
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whether or not disclosed in written, oral graphical, machine-readable, electronic or other form or otherwise observed by the Receiving Party, and whether or not such information is marked as confidential or proprietary; provided that, in the event such information is not marked as confidential or proprietary, the circumstances of its disclosure or observation are such that a reasonable person should know that it is confidential or proprietary.  It is understood and agreed by the Parties that the terms and conditions of this Agreement will be considered Confidential Information of both Parties and kept confidential by each of the Parties as set forth in this ARTICLE 8.  For clarity, the Arbutus Know-How and Arbutus Patents (prior to their publication) will be Confidential Information of Arbutus.
8.2Non-Disclosure and Non-Use Obligation.  Except as otherwise expressly set forth herein, the Receiving Party shall keep the Confidential Information of the Disclosing Party confidential using at least the same degree of care with which the Receiving Party holds its own confidential information, but in no event less than a commercially reasonable degree of care, and shall not (a) disclose such Confidential Information to any person or entity without the prior written approval of the Disclosing Party, except, solely to the extent necessary to exercise its rights or perform its obligations under this Agreement, to its employees, Affiliates, Sublicensees or potential Sublicensees (with respect to Qilu), Third Party Licensees (with respect to Arbutus) and contractors, consultants or agents who have a need to know such Confidential Information, all of whom will be similarly bound by the provisions of this ARTICLE 8 and for whose compliance herewith the Disclosing Party will be responsible, or (b) use such Confidential Information for any purpose other than for the purposes contemplated by this Agreement.  The Receiving Party will use diligent efforts to cause the foregoing Persons to comply with the restrictions on use and disclosure of the Disclosing Party’s Confidential Information set forth in this Section 8.2, and shall be responsible for ensuring that such Persons maintain the Disclosing Party’s Confidential Information in accordance with this ARTICLE 8.
8.3Return of Confidential Information.  Upon the expiration or termination of this Agreement, the Receiving Party shall return to the Disclosing Party unused tangible materials, or, as directed by the Disclosing Party, destroy all Confidential Information of the Disclosing Party that is in the Receiving Party’s possession or control; provided, however, that one (1) copy of any Confidential Information of the Disclosing Party may be retained and stored solely for the purpose of determining its obligations under this Agreement, provided that the non-disclosure and non-use obligation under this ARTICLE 8 shall continue to apply to any such copy.  In addition, the Receiving Party shall not be required to return or destroy Confidential Information contained in any computer system back-up records made in the ordinary course of business, provided that such Confidential Information may not be accessed without the Disclosing Party’s prior written consent or except as required by Applicable Law, and that such Confidential Information remains subject to the non-disclosure and non-use obligations under this ARTICLE 8.

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8.4Exemption.  The foregoing confidentiality and non-use obligations shall not apply to: (a) information already in the possession of the Receiving Party prior to its disclosure by the Disclosing Party as evidenced by contemporaneous written records; (b) information that is already in the public domain as of the date of disclosure to the Receiving Party or that comes into the public domain thereafter by publication or otherwise through no breach of the obligations of confidentiality and non-use hereunder by the Receiving Party, including with respect to Section 8.8; (c) information that has been disclosed to the Receiving Party from another source free from any obligation of confidentiality to the Disclosing Party; or (d) information that is developed independently by employees, contractors, consultants or agents of the Receiving Party or any of its Affiliates without use of or reliance upon the Disclosing Party’s Confidential Information, as evidenced by contemporaneous written records.
8.5Permitted Disclosures.  In addition to the exceptions contained in Section 8.2 and Section 8.4, the Receiving Party may disclose Confidential Information of the Disclosing Party to the extent (and solely to the extent) that such disclosure is reasonably necessary in the following instances:
(a)to comply with Applicable Law (including any securities law or regulation or the rules of a securities exchange pursuant to Section 8.6 below) or the order of a court of competent jurisdiction, provided that, where legally permissible, the Receiving Party promptly notifies the Disclosing Party of such obligation sufficiently prior to making such disclosure, so as to allow the Disclosing Party adequate time to take whatever action it may deem appropriate to protect the confidentiality of the information to be disclosed, and fully cooperates with the Disclosing Party, if so requested, in maintaining the confidentiality of such information by applying for a protective order or any similar legal instrument.  In any event, the Receiving Party shall only disclose such Confidential Information to the extent required under Applicable Law and shall continue to treat such information as Confidential Information for all other purposes under this Agreement;
(b)to prosecute or defend litigation or to otherwise exercise its rights or perform its obligations in Section 11.4, to obtain or maintain Regulatory Approvals and other regulatory filings and communications, to file or prosecute patent applications as contemplated by this Agreement and to enforce Patent Rights in connection with the Receiving Party’s rights and obligations pursuant to this Agreement; and
(c)to allow the Receiving Party to exercise its rights and perform its obligations under this Agreement, provided that such disclosure is covered by terms of confidentiality and non-use at least as restrictive as those set forth herein.
8.6Disclosure of Agreement.  Either Party may disclose the terms of this Agreement:

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(a)to the extent required or advisable to comply with the rules and regulations promulgated by the United States Securities and Exchange Commission or any equivalent governmental agency in the Territory, provided that such disclosing Party shall (i) except where impracticable, give reasonable advance notice to the other Party of such required disclosure and a copy of the proposed disclosure, including any request for confidential treatment or redactions proposed by the disclosing Party, and (ii) consider in good faith any requests by the other Party to seek confidential treatment for or redactions of any portions of such proposed disclosure, it being understood and agreed that the disclosing Party shall have the right, if so advised by such Party’s counsel, to disclose the terms of this Agreement if required or advisable to comply with the rules and regulations promulgated by the United States Securities and Exchange Commission or any equivalent governmental agency in the Territory; 
(b)to actual acquirers, permitted assignees, merger partners, existing investment bankers, investors and lenders or financing sources, provided, that such Third Party has executed with such Party, and such Party has provided to the other Party, a copy of a confidentiality agreement (redacted for name of party, economic terms or other competitive information) with terms at least as protective with respect to Confidential Information as those contained herein, in a form reasonably acceptable to the other Party (which acceptance shall not be unreasonably withheld, conditioned or delayed); 
(c)for customary discussions and other disclosures with and to bona fide prospective acquirers, permitted assignees or merger candidates or to bona fide potential investment bankers, investors and lenders, or financing sources, provided, that such Third Party has executed with such Party, and such Party has provided to the other Party, a copy of a confidentiality agreement (redacted for name of party, economic terms or other competitive information) with terms at least as protective with respect to Confidential Information as those contained herein, in a form reasonably acceptable to the other Party (which acceptance shall not be unreasonably withheld, conditioned or delayed); and
(d)to the extent necessary to perform such Party’s obligations or exercise its rights under this Agreement, to any actual or potential licensee or sublicensee of such Party with respect to the Licensed Compound or Licensed Products in a redacted form of this Agreement or its terms which shall be redacted in respect of financial terms, including payment amounts, provided, that (1) any such actual or potential, licensee or sublicensee agrees in writing to be bound by obligations of confidentiality and non-use no less protective of the Disclosing Party than those set forth in this ARTICLE 8.
8.7Publicity; Use of Name and Logo.  The Parties have agreed on a press release announcing this Agreement, which shall be issued by the Parties on such date and time as may be agreed by the Parties.  Except to the extent expressly permitted under this Agreement or, if executed, the Clinical Supply Agreement, the Commercial Supply Agreement or the Pharmacovigilance Agreement, or as required by Applicable Laws, each Party will not use the other Party’s or its Affiliates’ name or logo in any label, press release or product advertising, or for any other promotional purpose, without first obtaining the other Party’s written consent.

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8.8Publications.  If Qilu wishes to publish or present in a public forum the scientific or technical results of any Development activities with respect to the Licensed Compound or Licensed Products in the Territory, Qilu shall provide Arbutus the opportunity to review any proposed abstracts, manuscripts or scientific presentations (including verbal presentations) with respect thereto by delivering a copy thereof (if applicable) to Arbutus at least thirty (30) days prior to Qilu’s intended submission for publication.  Arbutus shall have thirty (30) days from its receipt of any such copy of the proposed disclosure in which to notify Qilu in writing of (a)  any request to modify or delay the timing of any publication or presentation for up to ninety (90) days for bona fide patenting reasons, or (b) any request to delete Arbutus’ Confidential Information prior to such publication.  Qilu shall promptly comply with any such request made by Arbutus prior to proceeding with such publication.
8.9Engaging Individuals.  Each Party hereby agrees that all Persons engaged to perform any activities under this Agreement shall be contractually bound by confidentiality obligations at least as restrictive as the obligations of confidentiality and non-use set forth in this ARTICLE 8 prior to performing such activities.
8.10Survival.  This ARTICLE 8 shall survive the expiration or termination of this Agreement and shall remain in full force and effect for seven (7) years after such expiration or termination; provided, that each Party’s obligations with respect to any trade secret included in the Confidential Information of the other Party shall continue for so long as such trade secret is protected under Applicable Law.
ARTICLE 9
REPRESENTATIONS, WARRANTIES, AND COVENANTS
9.1Representations and Warranties of Each Party.  Each Party represents and warrants to the other Party as of the Execution Date that:
(a)it is validly existing and in good standing under the Applicable Laws of the jurisdiction of its incorporation;
(b)it has the full right, power and authority to (i) enter into this Agreement, (ii) conduct the activities allocated to it under this Agreement, (iii) grant the licenses under this Agreement, (iv) grant and assign the rights under this Agreement, and (v) disclose the information and Know-How that is to be disclosed under this Agreement, in each case to the extent applicable to such Party;
(c)this Agreement has been duly executed by it and is legally binding upon it, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, arrangement, winding-up, moratorium and similar laws of general application affecting the enforcement of creditors’ rights generally, and does not conflict with any agreement, instrument or understanding, oral or written, to which it is a party or by which it or its assets may be bound, nor violate any Applicable Law of any court, governmental body or administrative or other agency having jurisdiction over it;

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(d)neither it, nor any of its Affiliates are party to any agreements, instruments or understanding, oral or written, that conflict with its obligations under this Agreement; and
(e)except as otherwise provided herein, no government authorization, consent, approval, license, exemption of or filing or registration with any Governmental Authority, domestic or foreign, under any Applicable Laws currently in effect, on the part of such Party, is necessary for the transactions contemplated by this Agreement or any other agreement or instrument executed in connection herewith.
9.2Representations and Warranties of Arbutus.  Arbutus represents and warrants to Qilu as of the Execution Date that:
(a)all Arbutus Patents existing as of the Execution Date are completely and accurately set forth on Exhibit 1.21 hereto.  The inventors named in each Arbutus Patent have each assigned to Arbutus or its applicable Affiliate their respective entire right, title and interest in and to such Arbutus Patent.  The Arbutus Patents set forth on Exhibit 1.21 are not subject to any liens or encumbrances.  Arbutus and its Affiliates have complied with all Appliable Laws in the prosecution and maintenance of the Arbutus Patents;
(b)Arbutus and its Affiliates exclusively own the Arbutus IP existing as of the Execution Date and there is no agreement, instrument or understanding between Arbutus or its Affiliates and any Third Party pursuant to which Arbutus or its Affiliates have obtained any right or license to the Licensed Compound or the Licensed Products or any intellectual property rights related to the Licensed Compound or the Licensed Products.  Arbutus has Control over all Know-How and Patent Rights owned by it or its Affiliates as of the Execution Date that are necessary or reasonably useful for the research, Development, Manufacturing, Commercialization or other Exploitation of the Licensed Compound and Licensed Products as contemplated under this Agreement as of the Execution Date;
(c)Arbutus has the right to grant all rights and licenses it purports to grant to Qilu with respect to the Arbutus IP under this Agreement;
(d)there has been no settled, pending or threatened claim made in writing or lawsuit or legal proceeding of a Third Party against Arbutus or its Affiliates alleging that the Arbutus IP or the practice or use thereof misappropriates or infringes, in part or in whole, the intellectual property or intellectual property rights of any Third Party in the Territory;
(e)to the actual knowledge of Arbutus and its Affiliates, without any independent investigation, the Exploitation of the Licensed Compound and Licensed Products under the Arbutus IP in the Field in the Territory does not infringe the intellectual property or intellectual property rights of any Third Party as of the Execution Date; 
(f)Arbutus and its Affiliates have not granted or agreed, promised or offered to grant, or have been or are under any obligation to grant, any right or license to any Third Party relating to any of the Arbutus IP that would cause a conflict or interfere with any of the rights or licenses granted to Qilu and its Affiliates hereunder; 
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(g)Arbutus and its Affiliates have not received any written notice or information concerning the institution of any interference, opposition, reexamination, reissue, revocation, nullification, cancellation, patent protest, or any official proceeding involving any Arbutus Patent anywhere in the Territory.  There has been and there is no settled, pending or threatened claim or lawsuit or legal or administrative proceeding of a Third Party alleging that the Arbutus Patents are invalid or unenforceable.  To the knowledge of Arbutus and its Affiliates, the Arbutus Patents are, or, upon issuance, will be, valid and enforceable;
(h)Arbutus has disclosed to Qilu and made available to Qilu for review (i) all safety-related data for the Licensed Compound and Licensed Products and (ii) all material non-clinical and clinical data within the Arbutus IP, in each case of (i) and (ii), in the possession of Arbutus or its Affiliates as of the Execution Date.  To the knowledge of Arbutus and its Affiliates, all such data is true and accurate in all material respects as of the time it was disclosed or otherwise made available; 
(i)Arbutus, its Affiliates and its and their respective Relevant Persons have complied with all Applicable Laws in all material respects in connection with the Exploitation of the Licensed Compound and Licensed Products, including cGLP, cGMP, cGCP and cGVP;
(j)Arbutus and its Affiliates have not used in the research, Development and Manufacture of the Licensed Compound and Licensed Products any employee, consultant or contractor who has been Debarred by any Regulatory Authority, or to the knowledge of Arbutus and its Affiliates, is the subject of a debarment proceeding by any Regulatory Authority; 
(k)neither Arbutus nor any of its Affiliates is a U.S. business that (i) produces, designs, tests, manufactures, fabricates, or develops one or more “critical technologies”; (ii) performs the functions as set forth in column 2 of Appendix A to 31 C.F.R. Part 800 with respect to “covered investment critical infrastructure”; or (iii) maintains or collects, directly or indirectly, “sensitive personal data” of U.S. citizens, in each case as such terms in quotation marks are defined in the Defense Production Act of 1950, as amended, including all implementing regulations thereof; and
(l)no funding, facilities, or personnel of any Governmental Authority or any public or private educational or research institutions were used to develop or create any Arbutus IP, and neither Arbutus nor any of its Affiliates has entered into a government funding relationship that would result in rights to the Licensed Compound or any Licensed Products residing in any Governmental Authority, including, without limitation, the U.S. Government, the National Institutes of Health, or other government agency, and the licenses granted hereunder are not subject to overriding obligations to any Governmental Authority, including, without limitation, the U.S. Government as set forth in 35 U.S.C. §§ 200 et seq., or any similar obligations under Applicable Laws of any other country or jurisdiction. 

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9.3Debarment; Exclusion; Disqualification.  Each Party hereby certifies to the other as of the License Effective Date and at all times during the Term that neither it, nor any of its Affiliates or, in the case of Qilu, Sublicensees, or, in the case of Arbutus, Third Party Licensees, have been debarred under Section 306(a) or 306(b) of the United States Federal Food, Drug and Cosmetic Act, as may be amended and supplemented from time to time, or any foreign equivalent thereof (“Debarred”), excluded by the Office of Inspector General pursuant to 42 U.S.C. § 1320a-7, et seq. or any state agency from participation in any Federal or state health care program or any foreign equivalent thereof (collectively “Excluded”), or otherwise disqualified or restricted by the USFDA pursuant to 21 C.F.R. 312.70 or any other Regulatory Authority or foreign equivalent thereof (“Disqualified”), and during the Term, neither it, nor any of its Affiliates or, in the case of Qilu, Sublicensees, or, in the case of Arbutus, Third Party Licensees, shall use, in any capacity in connection with the obligations to be performed under this Agreement, any Person who has been Debarred, Excluded or Disqualified.  Each Party acknowledges and agrees that this certification imposes a continuing obligation on such Party to notify the other Party promptly if this certification is no longer accurate, and that if, during the Term of this Agreement, it becomes aware that it or any of its or its Affiliates’ employees or agents performing under this Agreement is the subject of any investigation or proceeding that could lead to that Party becoming a Debarred, Excluded or Disqualified entity or individual, an Excluded entity or individual or a convicted entity or individual, such Party will promptly notify the other Party.
9.4Covenants of Arbutus.  Arbutus covenants to Qilu that:
(a)during the Term, Arbutus and its Affiliates will not make any commitment to any Third Party in conflict with the rights granted by it hereunder; 
(b)neither Arbutus, nor any of its Affiliates, shall assign, transfer, convey or otherwise encumber during the Term, its right, title or interest in or to the Arbutus IP in a manner that would prevent Qilu or its Affiliates, Subcontractors and Sublicensees from researching, Developing, Manufacturing or Commercializing the Licensed Compound or the Licensed Products or from otherwise exploiting its or their rights and licenses granted or assigned by Arbutus hereunder, or that would interfere with or be inconsistent with any of the foregoing activities; 
(c)during the Term, Arbutus will promptly disclose and make available to Qilu for review (i) all safety-related data for the Licensed Compound and Licensed Products, and (ii) all material non-clinical and clinical data within the Arbutus IP, in each case of (i) and (ii), which comes into the possession of Arbutus or its Affiliates and has not been disclosed or otherwise made available to Qilu for review previously.  Arbutus shall use Commercially Reasonable Efforts to confirm that all such data is true and accurate in all material respects as of the time it is disclosed or otherwise made available to Qilu, which efforts shall in no event be less than the efforts Arbutus would use if such data were to be used by Arbutus in its own Exploitation of the Licensed Compound and Licensed Products in the Field in the ROW Territory;

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(d)the Licensed Product supplied by Arbutus to Qilu under Section 5.1 shall, at the time of delivery, comply with all applicable specifications and have been Manufactured and delivered in accordance with all Applicable Laws, including cGMP; and
(e)during the Term of this Agreement, Arbutus shall prosecute and maintain all Arbutus Patents in accordance with Section 11.2.   
9.5Covenants of Qilu.  Qilu hereby covenants to Arbutus that when performing its activities pursuant to this Agreement:
(a)it will prepare, maintain and retain all Regulatory Documents in the Territory pursuant to and in accordance in all material respects with all Applicable Laws and will not make any materially false or misleading statement to a Regulatory Authority in connection with such Regulatory Documents; 
(b)it will, and will cause each of its Affiliates and Sublicensees and any of their respective directors, officers, managers, employees, independent contractors, representatives or agents to, at all times, duly obtain and maintain all Approvals from and complete all filings and registrations with the Governmental Authorities as required by Applicable Laws in a timely manner for conducting its business and engaging in the activities as contemplated hereunder in compliance with all Applicable Laws in all material respects; 
(c)during the Term, Qilu will promptly disclose and make available to Arbutus for review (i) all safety-related data for the Licensed Compound and Licensed Products and (ii) all material non-clinical and clinical data for the Licensed Compound and Licensed Products, in each case of (i) and (ii), which comes into the possession of Qilu or its Affiliates or Sublicensees and has not been disclosed or otherwise made available to Arbutus for review previously.  Qilu shall use Commercially Reasonable Efforts to confirm that all such data is true and accurate in all material respects as of the time it is disclosed or otherwise made available to Arbutus, which efforts shall in no event be less than the efforts Qilu would use if such data were to be used by Qilu in its own Exploitation of the Licensed Compound and Licensed Products in the Field in the Territory; and
(d)it will not, and will cause each of its Affiliates and Sublicensees and any of their respective directors, officers, managers, employees, independent contractors, representatives or agents (collectively, “Relevant Persons”) not to, engage directly or indirectly in transactions connected with any of North Korea, Iraq, Libya, Cuba, Iran, Myanmar or Sudan, or otherwise engage directly or indirectly in transactions connected with any government, country or other entity or Person that is the target of U.S. economic sanctions administered by the Office of Foreign Assets Control of the United States Treasury Department, including those designated on its list of Specially Designated Nationals and Blocked Persons.  No Relevant Person will receive unlicensed donations or engaged in any financial transaction while knowing or having reasonable cause to believe that such transaction poses a risk of furthering terrorist attacks anywhere in the world.

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9.6Compliance with Anti-Corruption Laws.  
(a)Each Party agrees on behalf of itself, its Affiliates, and its and their shareholders, partners officers, directors, employees, agents and any other persons or entities acting on its behalf in connection with this Agreement (collectively, the “Section 9.6 Representatives”) that it and its Section 9.6 Representatives, from and after the Execution Date, when performing its activities pursuant to and in connection with this Agreement:
(i)shall not in the performance of this Agreement violate any applicable anti-bribery and anti-corruption laws or regulations, including the US Foreign Corrupt Practices Act, the UK Bribery Act 2010, the PRC Criminal Law, the PRC Anti-Unfair Competition Law or other local law (collectively, the “Anti-Corruption Laws”);
(ii)shall adhere to its own internal anticorruption policies and shall not, in the performance of this Agreement, directly or indirectly, make any payment, or offer or transfer anything of value, or agree or promise to make any payment or offer or transfer anything of value, to a government official or government employee, to any political party or any candidate for political office or to any other Third Party with the purpose of influencing decisions related to either Party or its business in a manner that would violate Anti-Corruption Laws; and
(iii)shall not, directly or indirectly, solicit, receive or agree to accept any payment of money or anything of value in violation of the Anti-Corruption Laws.
(b)Each Party shall (i) promptly provide written notice to the other Party of any violations of Anti-Corruption Laws by such Party, its Affiliates or its and their respective Section 9.6 Representatives that are performing under this Agreement of which it becomes aware; and (ii) upon the request of the other Party (which such request may be made no more frequently than once a year), verify in writing that to the best of its knowledge, there have been no violations of Anti-Corruption Laws by such Party or its Section 9.6 Representatives that are performing under this Agreement, or shall provide details of any exception to the foregoing.
(c)Each Party shall maintain records (financial and otherwise) and supporting documentation related to the subject matter of this Agreement as required under applicable Anti-Corruption Laws, including, as applicable, the accounting provisions of the US Foreign Corrupt Practices Act. Should a violation of any applicable Anti-Corruption Laws be suspected by either Party that is related to the Parties’ mutual business interests under this Agreement, then upon the suspecting party sharing evidence of such suspected violation with the suspected Party, the suspected Party shall provide the suspecting Party or its representative with access to such records for the limited purpose of verifying compliance with the provisions of this Section 9.6 as related to such specific suspected violation of the Anti-Corruption Laws. Such records shall constitute such suspected Party’s Confidential Information. 
(d)Each Party has established and maintains reasonable internal policies and controls intended to ensure compliance with Anti-Corruption Laws to the extent 
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applicable to it under the laws of the jurisdiction of its incorporation, and to its actual knowledge, neither it nor any of its Section 9.6 Representatives has knowingly violated any Anti-Corruption Laws, including the US Foreign Corrupt Practices Act, that would result in the other Party benefiting from such violation in connection with this Agreement. 
9.7Compliance with Law.  Each Party hereby covenants to the other Party that, in the course of performing its obligations and exercising its rights under this Agreement, such Party shall, to the extent applicable, perform its activities pursuant to this Agreement in compliance with all Applicable Laws, including cGLP, cGMP, cGCP and cGVP, and with respect to Qilu any Applicable Laws concerning the protection, collection, use, storage, processing or transfer of personal data, important commercial data and human genetic resources materials and information (as such terms are defined under the PRC Human Genetic Resources Administrative Regulations (i.e.中华人民共和国人类遗传资源管理条例) promulgated by the State Council of the PRC effective as of July 1, 2019, as may be amended from time to time), the published standards of any applicable Regulatory Authorities, and the scientific standards applicable to the conduct of such activities, if any.  Arbutus represents and warrants that all items, including hardware, materials, software, and technology, to be provided to Qilu under this Agreement will be classified as EAR99 under the U.S. Export Administration Regulations, unless otherwise agreed to in advance in writing by the Parties.  Arbutus will provide Qilu with accurate and complete information regarding the Arbutus IP that is reasonably necessary for Qilu to comply with U.S. export laws, including all applicable Export Control Classification Numbers (ECCNs), information regarding eligibility of the Arbutus IP for license exceptions, and any other information reasonably requested by Qilu from time to time for the purposes of export.  Arbutus further agrees to promptly inform Qilu of any changes to such information, including as a result of changes to the applicable U.S. export laws or regulations.
9.8Data Protection.  Each Party will comply with Applicable Law relating to data privacy, data protection, and data security, including as they relate to the protection of the personal information of Clinical Trial participants, including the Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information Technology for Economic and Clinical Health (HITECH) Act, and any regulations and official guidance promulgated thereunder or foreign equivalent thereof.  The Parties will enter into any additional agreements that are required under Applicable Law with respect to data privacy in order to conduct the activities contemplated by this Agreement.
9.9NO OTHER WARRANTIES.  EXCEPT AS EXPRESSLY STATED IN THIS ARTICLE 9, (A) NO REPRESENTATION, CONDITION OR WARRANTY WHATSOEVER IS MADE OR GIVEN BY OR ON BEHALF OF ARBUTUS OR QILU; AND (B) ALL OTHER CONDITIONS AND WARRANTIES WHETHER ARISING BY OPERATION OF LAW OR OTHERWISE ARE EXPRESSLY DISCLAIMED, INCLUDING ANY CONDITIONS AND WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT OR MISAPPROPRIATION OF THIRD PARTY INTELLECTUAL PROPERTY WITH RESPECT TO THE LICENSED COMPOUND OR LICENSED PRODUCT.
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ARTICLE 10
INDEMNIFICATION
10.1By Qilu.  Qilu shall indemnify, defend and hold harmless Arbutus, its Affiliates, and their directors, officers, employees and agents, and their respective successors, heirs and assigns (individually and collectively, the “Arbutus Indemnitee(s)”) from and against all losses, liabilities, damages, judgments, awards, costs and expenses (including reasonable attorneys’ fees) (individually and collectively, “Losses”) incurred in connection with any claims, demands, actions, suits or other proceedings by any Third Party (individually and collectively, “Third Party Claims”) to the extent arising from: (a) the Exploitation of the Licensed Products by or on behalf of Qilu or any of its Affiliates, Sublicensees or Subcontractors; (b) the gross negligence or willful misconduct of Qilu or its Affiliates, Sublicensees or Subcontractors, or any Qilu Indemnitees; (c) Qilu’s breach of any of its representations, warranties, covenants or obligations made in or pursuant to this Agreement, the Clinical Supply Agreement, the Commercial Supply Agreement, the Quality Agreement or the Pharmacovigilance Agreement (the “Related Agreements”); (d) the use of the Licensed Compound, Licensed Product or the Arbutus IP outside the scope of this Agreement; or (e) failure of Qilu or its Affiliates, Sublicensees or Subcontractors to abide by any Applicable Laws, in each case of clauses (a) through (e) above, except to the extent such Losses arise out of any matter for which Arbutus has obligations of indemnification pursuant to Section 10.2, with respect to which each Party will indemnify the other in proportion to their respective liability for such Losses.
10.2By Arbutus.  Arbutus shall indemnify, defend and hold harmless Qilu, its Affiliates, and their directors, officers, employees and agents, and their respective successors, heirs and assigns (individually and collectively, the “Qilu Indemnitee(s)”) from and against all Losses incurred in connection with any Third Party Claims to the extent arising from: (a) the Exploitation of the Licensed Compound or the Licensed Products by or on behalf of Arbutus or any of its Affiliates, Third Party Licensees or Subcontractors; (b) the gross negligence or willful misconduct of Arbutus or its Affiliates, Third Party Licensees or Subcontractors, or any Arbutus Indemnitees; (c) Arbutus’ breach of any of its representations, warranties, covenants or obligations made in or pursuant to this Agreement or any of the Related Agreements; or (d) failure of Arbutus or its Affiliates, Third Party Licensees or Subcontractors to abide by any Applicable Laws, in each case of clauses (a) through (d) above, except to the extent such Losses arise out of any matter for which Qilu has obligations of indemnification pursuant to Section 10.1, with respect to which each Party will indemnify the other in proportion to their respective liability for such Losses.
10.3Indemnification Procedure.  In the event that a Party seeks indemnification hereunder with respect to a Third Party Claim, the Party seeking indemnification (the “Indemnified Party”) shall promptly notify the other Party (the “Indemnifying Party”) in writing (an “Indemnification Claim Notice”) of any Third Party Claim in respect of which it intends to claim indemnification under this ARTICLE 10 upon actual knowledge of any such claim or proceeding resulting in Losses, provided, however, that any delay to notify shall not excuse any obligation of the Indemnifying Party except to the extent such delay materially prejudices the defense of such Third Party Claim.  The Indemnification Claim Notice must contain a description of the claim and the nature and amount of such Losses (to the extent that the nature and amount of such Losses is known at such time).  The Indemnifying Party may, at its option, assume exclusive control of the defense and settlement of the Third Party Claim, subject to the limitations on settlement set 
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forth below.  If the Indemnifying Party assumes such defense, then such assumption by the Indemnifying Party will not be construed as an acknowledgement that the Indemnifying Party is liable to indemnify the Indemnified Party of any defenses it may assert against the Indemnified Party’s claim for indemnification and the Indemnifying Party may appoint as lead counsel in the defense of the Third Party Claim any legal counsel selected by the Indemnifying Party (the Indemnifying Party will consult with the Indemnified Party with respect to a possible conflict of interest of such counsel retained by the Indemnifying Party).  The Indemnified Party will have the right to participate in the defense thereof and to employ counsel, at its own expense, separate from the counsel employed by the Indemnifying Party.  If the Indemnifying Party does not commence actions to assume control of the defense of a Third Party Claim within [***] after the receipt by the Indemnifying Party of the Indemnification Claim Notice required pursuant to this Section 10.3, the Indemnified Party will have the right to defend such claim in such manner as it may deem appropriate at the reasonable cost and expense of the Indemnifying Party.  The Indemnified Party shall cooperate as may be reasonably requested by the Indemnifying Party (and at the Indemnifying Party’s expense) in order to ensure the proper and adequate defense of any action, claim or liability covered by this indemnification.  The Indemnifying Party may not settle or otherwise dispose of any Third Party Claim without the prior written consent of the Indemnified Party unless such settlement includes only the payment of monetary damages (which are fully paid by the Indemnifying Party), does not impose any injunctive or equitable relief upon the Indemnified Party, does not require any admission or acknowledgment of liability or fault of the Indemnified Party and contains an unconditional release of the Indemnified Party in respect of such Third Party Claim.  Regardless of whether the Indemnifying Party chooses to defend or prosecute any Third Party Claim, no Indemnified Party will admit any liability with respect to or settle or otherwise dispose of any Third Party Claim for which the Indemnifying Party may be liable for Losses under this Agreement without the prior written consent of the Indemnifying Party, such consent not to be unreasonably withheld.
10.4Mitigation of Loss.  Each Indemnified Party shall take and shall procure that its Affiliates take all such reasonable steps and actions as are reasonably necessary or as the Indemnifying Party may reasonably require in order to mitigate any claims (or potential losses or damages) under this ARTICLE 10. Nothing in this Agreement shall or shall be deemed to relieve any Party of any common law or other duty to mitigate any losses incurred by it.
10.5Limitation of Liability.  NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL, PUNITIVE, OR INDIRECT DAMAGES ARISING OUT OF THIS AGREEMENT OR THE EXERCISE OF ITS RIGHTS OR THE PERFORMANCE OF ITS OBLIGATIONS HEREUNDER, INCLUDING ANY LOST PROFITS ARISING OUT OF THIS AGREEMENT, IN EACH CASE, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY WHETHER IN CONTRACT, TORT, NEGLIGENCE, BREACH OF STATUTORY DUTY OR OTHERWISE, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES.  NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS SECTION 10.5 IS INTENDED TO OR SHALL LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF EITHER PARTY UNDER SECTION 10.1 OR SECTION 10.2, OR DAMAGES AVAILABLE FOR A PARTY’S BREACH OF ITS OBLIGATIONS UNDER ARTICLE 8.
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10.6Insurance.  Each Party shall procure and maintain insurance, including Clinical Trial insurance and product liability insurance, with respect to its activities hereunder that is consistent with normal business practices of prudent companies similarly situated at all times during which any Licensed Product is being clinically tested in human subjects or commercially distributed or sold.  Each Party shall provide the other Party with evidence of such insurance upon request.  Notwithstanding the foregoing, either Party may self-insure in whole or in part the insurance requirements described above, provided such Party continues to be investment grade determined by reputable and accepted financial rating agencies.  Such insurance shall not be construed to create a limit of each Party’s liability with respect to its indemnification obligations under this ARTICLE 10.
ARTICLE 11
INTELLECTUAL PROPERTY
11.1Ownership.  
(a)Subject to the licenses granted by Arbutus herein, Arbutus is and shall at all times remain the sole and exclusive owner of the Arbutus IP, the Arbutus Materials and all Confidential Information of Arbutus disclosed by or on behalf of Arbutus to Qilu pursuant to this Agreement.
(b)As between the Parties, Inventions conceived or created by or on behalf of one or both of the Parties in the course of performing activities under this Agreement that (1) constitute an improvement or enhancement of any Arbutus IP, or (2) are derived from or use the Arbutus IP, the Arbutus Materials or Arbutus’ Confidential Information, including any such Inventions relating to the Licensed Compound, together with any intellectual property rights relating to such Inventions, shall be owned as follows:
(i)Any such Inventions conceived solely by or on behalf of Qilu and all intellectual property rights therein shall be owned solely by Qilu (the “Qilu New IP”); 
(ii)Any such Inventions conceived solely by or on behalf of Arbutus and all intellectual property rights therein shall be owned solely by Arbutus (the “Arbutus New IP”); and
(iii)Any such Inventions conceived jointly by or on behalf of Qilu and Arbutus and all intellectual property rights therein shall be owned jointly by Qilu and Arbutus (the “Joint New IP”).

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Each Party shall assign and hereby assigns to the other Party one-half (1/2) undivided interest it may have in any Joint New IP, and shall cause its Affiliates and Sublicensees or Third Party Licensees, as applicable, to execute and deliver such additional documents, instruments, conveyances and assurances and take any such further actions as may be reasonably required to ensure that one-half (1/2) undivided interest in the Joint New IP is effectively assigned to and held by the other Party.  Each Party shall cause its Affiliates and Sublicensees or Third Party Licensees, as applicable, and all of its and its Affiliates’ employees, consultants and agents, who in each case conceived of or created any Joint New IP, to assign without additional consideration all ownership rights in such Joint New IP to such Party.
For clarity, to the extent any Arbutus New IP or Joint New IP constitutes any Arbutus IP, such Arbutus New IP or Joint New IP shall be automatically included in the License without additional consideration; provided, that the Parties agree that notwithstanding any terms in this Agreement to the contrary, any Patent Right included within the Joint New IP shall not be royalty-bearing under Section 7.5.  
(c)Qilu shall grant and hereby grants to Arbutus and its Affiliates an exclusive, royalty-free, fully paid-up, perpetual, irrevocable, and sublicensable (through multiple tiers) license under Qilu’s rights in the Qilu New IP and the Joint New IP to Exploit the Licensed Compound and Licensed Products in the Field in the ROW Territory.
(d)Any Product Data relating to the Territory generated by Qilu and its Affiliates and Sublicensees shall be owned solely by Qilu; provided, that Arbutus shall have the right to use the Product Data to Exploit the Licensed Compound and the Licensed Products in the ROW Territory (or to seek any approvals from a Regulatory Authority required for the Development or Manufacturing of the Licensed Product in the Territory in accordance with Arbutus’ retained rights) in accordance with Section 4.5. 
(e)Notwithstanding the foregoing, each Party shall own and retain ownership of all Know-How and Patent Rights owned by such Party as of the License Effective Date or that come into the Control of such Party during the Term outside the scope of this Agreement.
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11.2Patent Prosecution.
(a)Arbutus Patents.
(i)As between the Parties, Arbutus shall have the first right, but not the obligation, to control, at Arbutus’ cost and in consultation with Qilu, the Patent Prosecution of all Arbutus Patents in the Territory.  Without limiting the foregoing, Arbutus shall file Arbutus Patents in the Territory claiming any Arbutus Know-How identified by Qilu as suitable for patenting purposes, as reasonably requested by Qilu, provided, however, that if prosecuting such Know-How would materially harm Arbutus, Arbutus’ Patent Rights strategy or Patents Rights with respect to other products, Arbutus will notify Qilu of such circumstance and shall not be required to prosecute Patent Rights claiming such Know-How (nor shall Qilu have the right under this Section 11.2(a)(i) to file a patent application in the Territory claiming such Arbutus Know-How).  If Arbutus intends to abandon the Patent Prosecution of any Arbutus Patent in the Territory, Arbutus shall give Qilu prompt notice thereof (not less than thirty (30) days before any action is required to avoid abandonment or lapse), and Qilu shall have the right to continue such Patent Prosecution of such Arbutus Patent in the Territory at Qilu’s cost.  To effect Qilu’s right to assume Arbutus’ prosecution rights and obligations with respect to any Arbutus Patent in the Territory pursuant to this Section 11.2(a)(i), Arbutus shall reasonably cooperate with and assist Qilu in connection with its activities under this Section 11.2(a)(i), upon Qilu’s reasonable request, including by making scientists and scientific records reasonably available and the execution of all such documents and instruments and the performance of such acts as may be reasonably necessary in order to permit Qilu to continue any Patent Prosecution of such Arbutus Patent.
(ii)Arbutus shall have the sole right to control, in its sole discretion, the Patent Prosecution of all Arbutus Patents outside the Territory.
(iii)The Party conducting Patent Prosecution of any Patent Right under Section 11.2(a) shall consult with the other Party and keep such other Party reasonably informed of the Patent Prosecution of the Patent Rights in the Territory.  The prosecuting Party shall provide the other Party with copies of all material correspondence received from any patent authority in the Territory in connection therewith.  In addition, the prosecuting Party shall provide the other Party with drafts of all proposed material filings and correspondence to any patent authority in the Territory in connection with the Patent Prosecution of the Patents Right at least thirty (30) days prior (or such shorter period prior if it is not reasonably practicable to provide such copies thirty (30) days prior) to filing to allow for review and comment by such other Party, and shall consider in good faith timely comments from such other Party thereon.  The prosecuting Party shall also furnish the other Party with copies of all final filings and responses made to any patent authority in the Territory with respect to the Patent Rights being prosecuted by such Party in a timely manner following submission thereof.

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(b)Qilu New IP.  As between the Parties, Qilu shall have the first right, but not the obligation, to control, at Qilu’s cost, the Patent Prosecution of all Patent Rights included within the Qilu New IP.  If Qilu intends to abandon the Patent Prosecution of any such Patent Right in the ROW Territory, Qilu shall give Arbutus prompt notice thereof (not less than thirty (30) days before any action is required to avoid abandonment or lapse), and Arbutus shall have the right to continue such Patent Prosecution of such Qilu New IP in the ROW Territory at Arbutus’ cost.  To effect Arbutus’ right to assume Qilu’s prosecution rights and obligations with respect to any such Patent Right in the ROW Territory pursuant to this Section 11.2(b), Qilu shall reasonably cooperate with and assist Arbutus in connection with its activities under this Section 11.2(b), upon Arbutus’ reasonable request, including by making scientists and scientific records reasonably available and the execution of all such documents and instruments and the performance of such acts as may be reasonably necessary in order to permit Arbutus to continue any Patent Prosecution of such Patent Right.
(c)Other Patents.  Except as expressly set forth in this Section 11.2, each Party shall have the sole right, in its sole discretion, to conduct Patent Prosecution with respect to any and all Patent Rights owned or Controlled by such Party, and the Parties shall negotiate in good faith their respective rights in and responsibilities for Patent Prosecution with respect to any and all Patent Rights within the Joint New IP.
(d)Cooperation.  Each Party shall provide the other Party all reasonable assistance and cooperation in the Patent Prosecution efforts under this Section 11.2, including providing any necessary powers of attorney and executing any other required documents or instruments for such prosecution.
11.3Patent Enforcement.
(a)Notice.  Each Party shall promptly notify the other Party of becoming aware of any alleged or threatened infringement by a Third Party of any of the Arbutus Patents or any related declaratory judgment or equivalent action alleging the invalidity, unenforceability or non-infringement of any Arbutus Patents anywhere in the world.
(b)Enforcement Rights.
(i)Qilu shall have the first right, but not the obligation, in its sole discretion, to bring and control any legal action to enforce the Arbutus Patents against any Third Party engaged in any potential or actual infringement of the Arbutus Patents related to a compound or product that competes with (or that would compete with if commercialized) a Licensed Compound or a Licensed Product in the Field in the Territory (a “Product Infringement”); provided, that Qilu shall not take any position with respect to such proceeding in any way that is reasonably likely to directly and adversely affect the scope, validity or enforceability of the Arbutus Patents, or compromise or settle any such proceeding, without the prior written consent of Arbutus, which consent shall not be unreasonably withheld, conditioned or delayed.  For clarity, Product Infringement excludes any adversarial Patent Prosecution proceedings.  Qilu shall give Arbutus advance notice of Qilu’s intent to file any such suit or take any such action and the reasons therefor, and shall provide Arbutus with an opportunity to make suggestions or comments regarding 
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such suit or action.  Thereafter, Qilu shall keep Arbutus promptly informed, and shall from time to time consult with Arbutus regarding the status of any such suit or action.  In the event Qilu does not bring any such legal action within sixty (60) days of receiving notice of such Product Infringement (or settle or otherwise secure the abatement of such Product Infringement action), or ceases to diligently pursue such Product Infringement action, Arbutus may bring and control any legal action to enforce the Arbutus Patents against such Product Infringement at its sole cost.
(ii)Arbutus shall have the sole right, but not the obligation, in its sole discretion, to bring and control any legal action to enforce Arbutus Patents against any infringement in the ROW Territory; provided that Arbutus notifies Qilu of any such legal action reasonably in advance, and considers in good faith Qilu’s comments with respect thereto.
(c)Other Patents.  Except as expressly set forth in this Section 11.3, each Party shall have the sole right, in its sole discretion, to enforce against any infringement of any and all Patent Rights owned or Controlled by such Party, and the Parties shall negotiate in good faith their respective rights in and responsibilities for enforcement of any and all Patent Rights within the Joint New IP.
(d)Cooperation.  At the request of the Party bringing an action under this Section 11.3(d), the other Party shall provide reasonable assistance in connection therewith, including by executing reasonably appropriate documents, cooperating in discovery, facilitating registration of licenses and joining as a party to the action if required by Applicable Law to pursue such action.
(e)Recoveries.  Any recoveries resulting from any action under Section 11.3(b)(i) in the Territory shall be first applied against payment of each Party’s costs and expenses in connection therewith (with priority given to the Party bringing such action), and then any remaining recoveries shall be allocated as follows: (i) if Qilu is the Party bringing such action, then such remaining recoveries shall be retained by Qilu and treated as Net Sales subject to the payment of royalties in accordance with Section 7.5; and (ii) if Arbutus is the Party bringing such action, then such remaining recoveries shall be retained in full by Arbutus.
11.4Infringement of Third Party Rights.
(a)Notice.  If (i) any Licensed Compound or Licensed Product used or sold by Qilu, its Affiliates or Sublicensees in the Territory becomes the subject of a Third Party’s claim or assertion of infringement of a Patent Right or other rights in the Territory that are owned or controlled by such Third Party, or (ii) any Licensed Compound or Licensed Product used or sold by Arbutus, its Affiliates or Third Party Licensees in the Territory or the ROW Territory becomes the subject of a Third Party’s claim or assertion of infringement of a Patent Right or other rights in the ROW Territory, then the Party becoming aware of such claim or assertion shall promptly notify the other Party within fifteen (15) days after receipt of such claim or assertion and such notice shall include a copy of any summons or complaint (or the equivalent thereof) received regarding the foregoing.  The Parties shall assert and not waive the joint defense privilege with respect to any communications between the Parties in connection with the defense of such claim or assertion.
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(b)Defense by Qilu.  As between the Parties, Qilu shall be solely responsible for the defense of any such infringement claims in the Field in the Territory with respect to the activities of Qilu, its Affiliates or Sublicensees; provided, that Qilu shall not agree to any settlement, consent to judgment or other voluntary final disposition in connection with such defense action without Arbutus’ consent (such consent not to be unreasonably withheld, conditioned or delayed) if such settlement, consent to judgment or other voluntary final disposition would (i) result in the admission of any liability or fault on behalf of Arbutus, (ii) result in or impose any payment obligations upon Arbutus, or (iii) subject Arbutus to an injunction or otherwise limit Arbutus’ ability to take any actions or refrain from taking any actions under this Agreement or with respect to any Licensed Compound or Licensed Product.  Qilu shall use Commercially Reasonable Efforts to defend any such infringement claims in the Field in the Territory with respect to the activities of Qilu, its Affiliates or Sublicensees.  In the event, despite such Commercially Reasonable Efforts, Qilu does not prevail in such defense action, Qilu shall use Commercially Reasonable Efforts to obtain a license from the applicable Third Party under the asserted Patent Rights or other rights in the Territory so that Qilu or its Affiliates or Sublicensees, as the case may be, may continue the Exploitation of the Licensed Compound and Licensed Products in the Field in the Territory as contemplated hereunder.  Qilu shall keep Arbutus informed on the status of such defense action and license negotiation, and Arbutus shall, at its own expense, (A) provide reasonable support to Qilu upon Qilu’s reasonable request; and (B) have the right, but not the obligation, to participate or be separately represented in such defense action or license negotiation at its sole option and expense.  In the event, despite Qilu’s Commercially Reasonable Efforts, Qilu fails to obtain a license from the applicable Third Party under the asserted Patent Rights or other rights in the Territory on commercially reasonable terms so that Qilu or its Affiliates or Sublicensees, as the case may be, are permanently enjoined, prohibited or otherwise prevented from continuing the Exploitation of the Licensed Compound or Licensed Products in the Field in the Territory as contemplated hereunder, Qilu may terminate this Agreement pursuant to Section 12.2(a).  For clarity, from and after the date of the notice of termination pursuant to Section 12.2(a) and before the effective date of termination, Qilu shall have no further obligations under Sections 4.1(a), 4.1(b), 4.1(c) or 6.1(a) of this Agreement, and upon written agreement between the Parties, this Agreement may terminate earlier than the effective date of termination set forth in such notice.   
(c)Defense by Arbutus.  As between the Parties, Arbutus shall be solely responsible for the defense of any such infringement claims with respect to the activities of Arbutus, its Affiliates or Third Party Licensees, including any such infringement claim in the Territory or in the ROW Territory; provided, that Arbutus shall not agree to any settlement, consent to judgment or other voluntary final disposition in connection with such defense action without Qilu’s consent (such consent not to be unreasonably withheld, conditioned or delayed) if such settlement, consent to judgment or other voluntary final disposition would (i) result in the admission of any liability or fault on behalf of Qilu, (ii) result in or impose any payment obligations upon Qilu, or (iii) subject Qilu to an injunction or otherwise limit Qilu’s ability to take any actions or refrain from taking any actions under this Agreement or with respect to any Licensed Compound or Licensed Product.  Arbutus shall keep Qilu informed on the status of such defense action, and Qilu shall, at its own expense, (A) provide reasonable support to Arbutus upon Arbutus’ reasonable request; and (B) have the right, but not the obligation, to participate or be separately represented in such defense action at its sole option and expense.
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11.5Qilu Territory Trademarks.
(a)Ownership and Prosecution of Qilu Territory Trademarks.  Qilu shall own all right, title, and interest in and to the Qilu Territory Trademarks (including relevant registrations and applications), and shall have the first right, but not the obligation, for the registration, prosecution, maintenance and renewal thereof.  All costs and expenses of registration, prosecuting, maintaining and renewing the Qilu Territory Trademarks shall be borne solely by Qilu.  If Qilu intends to abandon the prosecution of (including any decision to not renew) any Qilu Territory Trademark in the Territory, Qilu shall give Arbutus prompt notice thereof (not less than fifteen (15) days before any action is required to avoid abandonment or lapse), and Arbutus shall have the right to continue such prosecution of such Qilu Territory Trademark in the Territory at its sole cost.
(b)Enforcement of Qilu Territory Trademarks and Licensed Product-Specific Trademarks.  Qilu shall have the first right, but not the obligation, for taking such action as Qilu deems necessary against a Third Party based on any alleged, threatened, or actual infringement, dilution, or other violation of, or unfair trade practices or any other like offense relating to, the Qilu Territory Trademarks or the Licensed Product-Specific Trademarks by a Third Party in the Territory.  Qilu shall bear the costs and expenses relating to any enforcement action commenced pursuant to this Section 11.5(b) and any settlements and judgments with respect thereto, and shall retain any damages or other amounts collected in connection therewith.  Subject to the foregoing, Arbutus may elect at its expense to participate in the enforcement of the Qilu Territory Trademarks or the Licensed Product-Specific Trademarks in the Territory.  In the event that Qilu declines to or fails to assume responsibility for such enforcement, and to the extent permitted by Applicable Laws, Arbutus shall have the sole right and responsibility for such action, in which case Arbutus shall bear all costs and expenses and shall retain any damages or other amounts collected in connection therewith.
(c)Third Party Claims.  Qilu shall have the sole right and responsibility for defending against any alleged, threatened, or actual claim by a Third Party that the use or registration of the Qilu Territory Trademarks or the Licensed Product-Specific Trademarks by Qilu, its Affiliates or Sublicensees in the Territory infringes, dilutes or otherwise violates any Trademark or other right of that Third Party or constitutes unfair trade practices or any other like offense, or any other claims as may be brought by a Third Party against a Party in connection with the use or registration of the Qilu Territory Trademarks or the Licensed Product-Specific Trademarks by Qilu, its Affiliates or Sublicensees in the Territory.  Qilu shall bear the costs and expenses relating to any defense commenced pursuant to this Section 11.5(c) and any settlements and judgments with respect thereto, and shall retain any damages or other amounts collected in connection therewith.

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(d)Notice and Cooperation.  Each Party shall provide to the other Party prompt written notice of any actual or threatened infringement of the Qilu Territory Trademarks or the Licensed Product-Specific Trademarks in the Territory and of any actual or threatened claim that the use of the Qilu Territory Trademarks or the Licensed Product-Specific Trademarks in the Territory violates the rights of any Third Party.  Each Party agrees to cooperate fully with the other Party with respect to any enforcement action or defense commenced pursuant to this Section 11.5(d), including cooperation required to permit required registration of trademark licenses within the Territory.
11.6Common Interest Agreement.  All information exchanged between the Parties regarding the prosecution and maintenance, and enforcement and defense, of Arbutus Patents under this ARTICLE 11 will be deemed Confidential Information of the Disclosing Party.  In addition, the Parties acknowledge and agree that, with regard to such prosecution and maintenance, and enforcement and defense, the interests of the Parties as collaborators and licensor and licensee are to obtain the strongest patent protection possible, and as such, are aligned and are legal in nature.  The Parties agree and acknowledge that they have not waived, and nothing in this Agreement constitutes a waiver of, any legal privilege concerning the Patent Rights under this ARTICLE 11, including privilege under the common interest doctrine and similar or related doctrines.  Notwithstanding anything to the contrary contained herein, to the extent a Party has a good faith belief that any information required to be disclosed by such Party to the other Party under this ARTICLE 11 is protected by attorney-client privilege or any other applicable legal privilege or immunity, such Party will not be required to disclose such information, and the Parties will in good faith cooperate to agree upon a procedure (including entering into a specific common interest agreement, disclosing such information on a “for counsel eyes only” basis or similar procedure) under which such information may be disclosed without waiving or breaching such privilege or immunity.
11.7Registration Obligations.  
(a)If required by Applicable Law, Qilu shall have the right to register this Agreement with all applicable Regulatory Authorities in the Territory.  Arbutus shall reasonably cooperate with Qilu at Qilu’s expense in obtaining any such registrations, including providing relevant documents required by the applicable Regulatory Authorities in the Territory.
(b)Upon the request of Arbutus, Qilu shall promptly provide to Arbutus certified true and complete copies of any registration certificates as well as any other relevant documentation received by Qilu in connection with any registration undertaken by Qilu in accordance with this Section 11.7, including English translations of the same, if appropriate.

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ARTICLE 12
TERMS AND TERMINATION
12.1Term.  This Agreement shall become effective as of the Execution Date (the “License Effective Date”), and shall continue, unless terminated earlier in accordance with this ARTICLE 12, until expiration of the last Royalty Term for the last Licensed Product in the Field in the Territory (the “Term”).  On a Licensed Product-by-Licensed Product and Relevant Region-by-Relevant Region basis, upon the expiration of this Agreement, the License shall become exclusive, transferable, sublicensable (through multiple tiers of Sublicensees), fully paid-up, royalty-free, irrevocable and perpetual.  If Qilu has not paid the Upfront Payment in accordance with Section 7.1, this Agreement shall be deemed to be terminated and null and void in its entirety immediately upon written notice by Arbutus to Qilu.
12.2Termination.
(a)Termination by Qilu for Convenience.  At any time following the License Effective Date, Qilu may terminate this Agreement in its entirety for convenience by providing written notice of termination to Arbutus, which notice includes an effective date of termination at [***] after the date of the notice.
(b)Termination for Material Breach.
(i)If either Party believes in good faith that the other Party is in material breach of this Agreement, then the non-breaching Party may deliver written notice of such breach to the other Party.  For any such alleged material breach, the allegedly breaching Party shall have [***] from the receipt of the initial notice to cure such breach (or in the case of any payment breach other than with respect to the Upfront Payment, [***]).  If the Party receiving notice of material breach fails to cure the breach within such [***] (or other applicable cure period for a payment breach), then the non-breaching Party may terminate this Agreement in its entirety effective on written notice of termination to the other Party.  Notwithstanding the foregoing, if such material breach (other than a payment breach), by its nature, is curable, but is not reasonably curable within the [***] cure period, then such period shall be extended if the breaching Party provides a written plan for curing such breach to the non-breaching Party and uses commercially reasonable efforts to cure such breach in accordance with such written plan; provided, that no such extension shall exceed an additional [***] days without the consent of the non-breaching Party.
(ii)In case the Party alleged under Section 12.2(b)(i) to have committed a material breach of this Agreement (the “Defaulting Party”) by the other Party (the “Non-Defaulting Party”) disputes the existence or materiality of such material breach, then the issue of whether the Non-Defaulting Party may properly terminate this Agreement on expiration of the applicable cure period shall be resolved in accordance with Section 13.6 and Section 13.7.  If, as a result of such dispute resolution proceeding, it is determined that the Defaulting Party committed a material breach and the Defaulting Party does not cure such material breach within [***] after the date of such determination (the “Additional Cure Period”), then such termination shall be effective as of the expiration of the Additional Cure 
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Period.  If the Parties dispute whether such material breach was so cured, such dispute shall also be determined in accordance with Section 13.6 and Section 13.7.  This Agreement shall remain in full force and effect while any such dispute resolution proceeding is pending, such proceeding shall not suspend any obligations of either Party hereunder, and each Party shall use reasonable efforts to mitigate any damage.  If, as a result of such dispute resolution proceeding, it is determined that (A) the Defaulting Party did not commit such breach, (B) such breach was not material or (C) such breach was cured in accordance with this Section 12.2(b), then no termination shall be effective, and this Agreement shall continue in full force and effect.
(c)Termination by Arbutus for Patent Challenges.  Arbutus has the right, in its sole discretion, to terminate this Agreement in its entirety upon written notice to Qilu, in the event that Qilu or any of its Affiliates or Sublicensees directly or indirectly commences any interference or opposition proceeding, challenges the validity or enforceability of, or opposes any extension of or the grant of a supplementary protection certificate with respect to, any Arbutus Patents (“Patent Challenge”), provided that, Arbutus will not have the right to terminate this Agreement under this Section 12.2(c) if (i) Qilu causes such Patent Challenge to be terminated or dismissed (or in the case of ex-parte proceedings, multi-party proceedings, or other Patent Challenges in which the challenging party does not have the power to unilaterally cause the Patent Challenge to be withdrawn, withdraws or causes its Affiliate or Sublicensee to withdraw as a party from such Patent Challenge and to cease actively assisting any other party to such Patent Challenge), or (ii) Qilu, with respect to a Sublicensee, terminates such Sublicensee’s sublicense to the Patent Rights being challenged by the Sublicensee, in each case (i) and (ii), within [***] days of Arbutus’ notice to Qilu under this Section 12.2(c).
(d)Termination for Insolvency.  Each Party shall have the right to terminate this Agreement upon delivery of written notice to the other Party in the event that (i) such other Party files in any court or agency pursuant to any statute or regulation of any jurisdiction a petition in bankruptcy or insolvency or for reorganization or similar arrangement for the benefit of creditors or for the appointment of a receiver or trustee of such other Party or its assets, (ii) such other Party is served with an involuntary petition against it in any insolvency proceeding and such involuntary petition has not been stayed or dismissed within [***] days of its filing, or (iii) such other Party makes an assignment of substantially all of its assets for the benefit of its creditors (each of (i) through (iii), an “Insolvency Event”).
12.3Effect of Termination.  
(a)In the event of any termination of this Agreement for any reason:
(i)Except as expressly set forth in this Agreement, all rights and obligations of the Parties shall immediately terminate, including the License; provided, that the license granted by Qilu to Arbutus and its Affiliates under Section 11.1(c) shall survive;

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(ii)The Parties shall have no further obligation to perform any activities under this Agreement other than as provided for or referenced in this ARTICLE 12, and Qilu and its Affiliates and Sublicensees shall cease any and all Development, Manufacture and Commercialization activities relating to the Licensed Products; 
(iii)with respect to any ongoing Clinical Trials of the Licensed Products conducted by Qilu or its Affiliates or Sublicensees, (x) Qilu shall wind down at its sole cost the conduct of such Clinical Trials as soon as reasonably practicable, subject to requirements of Applicable Laws; provided, that Qilu shall not take any action in connection with the winding down of any such Clinical Trials that could reasonably cause material harm to any participants in such Clinical Trials, or, upon the request of Arbutus, transfer to Arbutus or its designee the conduct of such Clinical Trials as soon as reasonably practicable pursuant to the requirements of Applicable Laws, and (y) until such time as the conduct of such Clinical Trials has been successfully terminated or transferred to Arbutus or its designee, Qilu shall continue such Clinical Trials at its sole cost; provided, that the foregoing costs in this subsection (iii) shall be the responsibility of Arbutus if Qilu terminates this Agreement in accordance with Section 12.2(b); and
(iv)each Party shall comply with its obligations pursuant to Section 12.5 and Section 12.6.
(b)Without limiting the generality of Section 12.3(a), in the event of any termination of this Agreement except a termination of this Agreement by Qilu pursuant to Section 12.2(b):
(i)upon the request of Arbutus, (x) Qilu shall assign and transfer to Arbutus or its designee any and all Regulatory Documents, including regulatory filings made with and all Regulatory Approvals obtained from the Regulatory Authorities in the Territory (to the extent permissible), relating to the Licensed Products in the Field in the Territory pursuant to the requirements of Applicable Laws, and (y) Qilu shall cooperate with Arbutus to facilitate the orderly transition and uninterrupted Development, Manufacturing and Commercialization of the Licensed Products in the Field in the Territory, including by assigning or otherwise transferring (to the extent permissible) to Arbutus or its designee all right, title and interest in all Third Party contracts (or portions thereof) related to such Development, Manufacturing and Commercialization, as reasonably requested by Arbutus; and
(ii)upon the request of Arbutus, Qilu shall grant and hereby grants (effective from and after the time when the conditions precedent for such present grant under this Section 12.3(b)(ii) have been satisfied) to Arbutus an exclusive, royalty-free, fully paid-up, sublicensable (through multiple tiers) license under Qilu’s right in the Qilu New IP and the Joint New IP Controlled by Qilu or its Affiliates as of the date of notice of termination, for the sole purpose of Exploiting the Licensed Compound and Licensed Products in the Field in the Territory.

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(c)Without limiting the generality of Section 12.3(a), in the event of any termination of this Agreement by Qilu pursuant to Section 12.2(b), upon the request of Arbutus, Qilu shall promptly negotiate in good faith to discuss and agree to grant to Arbutus an exclusive, sublicensable (through multiple tiers) license under Qilu’s right in the Qilu New IP and the Joint New IP Controlled by Qilu or its Affiliates as of the date of notice of termination, for the purpose of Exploiting the Licensed Compound and Licensed Products in the Field in the Territory, on commercially reasonable terms.
12.4Rights in Insolvency.  All rights and licenses now or hereafter granted by Arbutus to Qilu under or pursuant to this Agreement are, for all purposes of Section 365(n) of the Bankruptcy Code, licenses of rights to “intellectual property” as defined in the Bankruptcy Code. Upon an Insolvency Event, Arbutus agrees that Qilu, as licensee of such rights under this Agreement, will retain and may fully exercise all of its rights and elections under the Bankruptcy Code. Arbutus will, during the Term, create and maintain current copies or, if not amenable to copying, detailed descriptions or other appropriate embodiments, to the extent feasible, of all intellectual property licensed under this Agreement.  Each Party acknowledges and agrees that “embodiments” of intellectual property within the meaning of Section 365(n) include laboratory notebooks, cell lines, product samples and inventory, research studies and data, all Regulatory Approvals (and all applications for Regulatory Approval) and rights of reference therein, the Arbutus IP and all information related to the Arbutus IP.
12.5Accrued Rights.  Expiration or termination of this Agreement for any reason shall be without prejudice to any right which shall have accrued to the benefit of either Party prior to such termination, including damages arising from any breach under this Agreement.
12.6Survival.  The provisions of Section 4.1(e), the last two sentences of Section 4.5(a), Section 11.1, Section 11.6, Section 12.3, Section 12.4, Section 12.5, Section 12.6, ARTICLE 1 (to the extent relevant to any surviving provisions), ARTICLE 7 (to the extent relating to payments that have accrued or been paid prior to the effective date of expiration or termination), ARTICLE 8, ARTICLE 10 and ARTICLE 13, together with any other provisions of this Agreement that by their terms are expressly stated to survive, shall survive the expiration or termination of this Agreement.
12.7Certain Additional Remedies of Qilu in Lieu of Termination. [***].
ARTICLE 13
MISCELLANEOUS
13.1Force Majeure.  Neither Party shall be held liable to the other Party nor be deemed to have defaulted under or breached this Agreement for failure or delay in performing any obligation under this Agreement (except for any payment obligation) to the extent such failure or delay is caused by or results from causes beyond the reasonable control of the affected Party, including embargoes, war, acts of war (whether war be declared or not), acts of terrorism, insurrections, riots, civil commotions, strikes, lockouts or other labor disturbances (except for a strike, lockout or labor disturbance with respect to the non-performing Party’s respective employees or agents), fire, floods, pandemic, earthquakes or other acts of God, or any applicable action or inaction by any Governmental Authority, or omissions or delays in acting by the other Party.  The affected Party shall 
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notify the other Party in writing of such force majeure circumstances as soon as reasonably practicable (in any event, within thirty (30) days), and shall promptly undertake and continue diligently all reasonable efforts necessary to cure such force majeure circumstances or to perform its obligations despite the ongoing circumstances.
13.2Assignment.  This Agreement may not be assigned or otherwise transferred by a Party, nor may any right or obligation hereunder be assigned or transferred by a Party (except as expressly permitted under this Agreement), without the prior written consent of the other Party, such consent not to be unreasonably withheld, conditioned or delayed.  Notwithstanding the foregoing, either Party may, without the consent of the other Party, assign this Agreement (a) in whole or in part to any of its Affiliates or (b) in whole, but not in part, to a purchaser of all or substantially all of its assets (whether by merger, stock purchase, consolidation, asset purchase, or otherwise) or to any successor resulting from a Change of Control of such Party, provided that, in the event Arbutus is the assigning Party, such purchaser or successor shall have purchased or otherwise obtained Control of all Arbutus IP in existence as of the date of such assignment.  The assigning Party shall provide written notice to the other Party of any assignment permitted under this Section 13.2 within thirty (30) days after effecting such assignment.  Any attempted assignment not in accordance with this Section 13.2 shall be null and void and of no legal effect.  The terms and conditions of this Agreement shall be binding upon, and shall inure to the benefit of, the Parties and their respected successors and permitted assigns.
13.3Severability.  If one (1) or more of the provisions contained in this Agreement is held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby, unless the absence of the invalidated provision(s) adversely affects the substantive rights of the Parties.  The Parties shall in such an instance use their commercially reasonable efforts to replace the invalid, illegal or unenforceable provision(s) with valid, legal and enforceable provision(s) that, insofar as practicable, implement the purposes of this Agreement.
13.4Notices.  All notices that are required or permitted hereunder shall be in writing and sufficient if delivered personally, sent by internationally-recognized overnight courier or sent by registered or certified mail, postage prepaid, return receipt requested, addressed as follows:
If to Arbutus:
Arbutus Biopharma Corporation
701 Veterans Circle
Warminster, PA 18974 USA
Attention: Arbutus General Counsel
If to Qilu:
Qilu Pharmaceutical Co., Ltd.
No. 8888, Lvyou Road
Jinan, Shandong, 250014, China
Attention: Qilu Legal Director
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or to such other address as the Party to whom notice is to be given may have furnished to the other Party in writing in accordance herewith.  Any such notice shall be deemed to have been given: (a) when delivered if personally delivered on a Business Day (or if delivered on a non-Business Day, then on the next Business Day); (b) on the second (2nd) Business Day after dispatch if sent by internationally-recognized overnight courier; or (c) on the fifth Business Day following the date of mailing if sent by mail.
13.5Governing Law.  This Agreement, and all claims or causes of action (whether in contract, tort or statute) that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement or the breach thereof (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), shall be governed by, and enforced in accordance with, the internal laws of the State of Delaware, without reference to its conflicts of law principles.
13.6Internal Resolution.  Other than disputes subject to final decision-making authority by a Party pursuant to Section 3.5, in the event of any dispute between the Parties relating to or arising out of this Agreement, the formation, construction, breach or termination hereof, or the rights, duties or liabilities of either Party hereunder, the Parties shall first attempt in good faith to resolve such dispute by negotiation and consultation between themselves, utilizing the Alliance Managers.  In the event that such dispute is not resolved on an informal basis within [***] days, either Party may, by written notice to the other Party, refer the dispute to the Executive Officers for attempted resolution by good faith negotiation within [***] after such notice is received.
13.7Binding Arbitration.  If the Executive Officers are not able to resolve a disputed matter referred to them within [***] and any Party wishes to pursue the matter, each such dispute, controversy or claim that is not an Excluded Claim shall be finally resolved by binding arbitration administered by the International Chamber of Commerce (“ICC”) pursuant to its then prevailing arbitration rules, and judgment on the arbitration award may be entered in any court having jurisdiction thereof.  The Parties agree that:
(a)The arbitration shall be conducted by a single arbitrator appointed by the ICC, who shall (i) be a lawyer of not less than fifteen (15) years’ standing who is experienced in the pharmaceutical business in the relevant country, (ii) not be or have been an employee, consultant, officer, director or stockholder of either Party or any Affiliate of either Party, and (iii) not have a conflict of interest under any applicable rules of ethics.  The place of arbitration shall be New York, New York, and all proceedings and communications shall be in English, unless otherwise agreed by both Parties involved in such dispute.
(b)Any Party may apply to the arbitrator for interim injunctive relief until the arbitration award is rendered or the controversy is otherwise resolved.  Any Party also may, without waiving any remedy under this Agreement, seek from any court having jurisdiction any injunctive or provisional relief necessary to protect the rights or property of that Party pending the arbitration award.

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(c)The arbitrator shall have no authority to award punitive or any other type of damages not measured by a Party’s compensatory damage.  Each Party shall bear its own costs and expenses and attorneys’ fees and an equal share of the arbitrator’s fees and any administrative fees of arbitration regardless of the outcome of such arbitration.
(d)Except to the extent necessary to confirm an award or as may be required by law, neither a Party nor the arbitrator may disclose the existence, content, or results of an arbitration without the prior written consent of both Parties.  In no event shall an arbitration be initiated after the date when commencement of a legal or equitable proceeding, based on the dispute, controversy or claim, would have been barred by the applicable statute of limitations.
(e)Each Party hereby irrevocably waives any claim to sovereign immunity in regard to any proceedings to recognise or enforce an arbitral award rendered by an arbitral tribunal constituted pursuant to this Agreement, including, without limitation, immunity from service of process, immunity from jurisdiction of any court, and immunity of any of its property from execution, regardless of the commercial or non-commercial nature of the property in question.
(f)As used in this Section 13.7, the term “Excluded Claim” shall mean a dispute, controversy or claim that concerns the scope, validity, enforceability, inventorship or infringement of a patent, patent application, trademark or copyright.  Any Excluded Claim shall be submitted to a court of competent jurisdiction.
13.8Headings.  The captions to the several Articles, Sections, subsections and Exhibits hereof are not a part of this Agreement, but are merely for convenience to assist in locating and reading the several Articles, Sections and Exhibits of this Agreement.
13.9Independent Contractors.  It is expressly agreed that Arbutus and Qilu shall be independent contractors and that the relationship between the two (2) Parties shall not constitute a partnership, joint venture or agency.  Neither Arbutus nor Qilu shall have the authority to make any statements, representations or commitments of any kind, or to take any action that is binding on the other Party without the prior written consent of the other Party.
13.10Waiver.  Any waiver of any provision of this Agreement shall be effective only if in writing and signed by Arbutus and Qilu.  No express or implied waiver by a Party of any default under this Agreement will be a waiver of a future or subsequent default.  The failure or delay of any Party in exercising any rights under this Agreement will not constitute a waiver of any such right, and any single or partial exercise of any particular right by any Party will not exhaust the same or constitute a waiver of any other right provided in this Agreement.
13.11Waiver of Rule of Construction.  Each Party has had the opportunity to consult with counsel in connection with the review, drafting and negotiation of this Agreement.  Accordingly, the rule of construction that any ambiguity in this Agreement shall be construed against the drafting Party shall not apply.

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13.12Cumulative Remedies; Recovery of Damages.  Except as expressly set forth in this Agreement, no remedy referred to in this Agreement is intended to be exclusive, but each shall be cumulative and in addition to any other remedy referred to in this Agreement or otherwise available under Applicable Laws.  If Qilu seeks direct damages from Arbutus arising from any breach of this Agreement, then Qilu shall be entitled to seek damages including, without limitation, any and all amounts paid by Qilu to Arbutus under this Agreement, including without limitation any payment described as nonrefundable or non-creditable; provided that, nothing in this Section 13.12 shall be construed to change any legal obligation under Applicable Law for Qilu to prove its damages for such breach.
13.13Business Day Requirements.  In the event that any notice or other action or omission is required to be taken by a Party under this Agreement on a day that is not a Business Day then such notice or other action or omission shall be deemed to be required to be taken on the next occurring Business Day.
13.14Further Actions.  Each Party agrees to execute, acknowledge and deliver such further instruments, and to do all such other acts, as necessary or appropriate in order to carry out the purposes and intent of this Agreement.  Without limiting the generality of the foregoing, Arbutus shall reasonably cooperate with Qilu in the preparation, execution and filing of “short-form” agreements in a form reasonably acceptable to Arbutus with relevant Governmental Authorities (including, without limitation, the Ministry of Commerce of the People’s Republic of China, the Ministry of Science and Technology of the People’s Republic of China, and China National Intellectual Property Administration, and any local office, commission or branch of any of the foregoing) in accordance with Applicable Law, including terms and conditions of this Agreement as required by Applicable Law for purposes of registration or recordation of this Agreement or the licenses granted hereunder with the Governmental Authorities.
13.15Construction.  Except where the context expressly requires otherwise, (a) the use of any gender herein shall be deemed to encompass references to either or both genders, and the use of the singular shall be deemed to include the plural (and vice versa), (b) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (c) the word “will” shall be construed to have the same meaning and effect as the word “shall”, (d) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (e) any reference herein to any person shall be construed to include the person’s successors and assigns, (f) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (g) all references herein to Sections, Schedules, or Exhibits shall be construed to refer to Sections, Schedules or Exhibits of this Agreement unless otherwise specified, and references to this Agreement include all Schedules and Exhibits hereto, (h) the word “notice” means notice in writing (whether or not specifically stated) and shall include notices, consents, approvals and other written communications contemplated under this Agreement, (i) provisions that require that a Party, the Parties or any committee hereunder “agree”, “consent” or “approve” or the like shall require that such agreement, consent or approval be specific and in writing, whether by written agreement, letter, approved minutes or otherwise (but excluding e-mail and instant messaging), 
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(j) references to any specific law, rule or regulation, or Section, section or other division thereof, shall be deemed to include the then-current amendments thereto or any replacement or successor law, rule or regulation thereof, and (k) the term “or” shall be interpreted in the inclusive sense commonly associated with the term “and/or.”  This Agreement is made in English.  In the event that this Agreement includes terms in any other language, those terms shall be for reference purposes only and the English language version of this Agreement shall control for any interpretations of the provisions of this Agreement.
13.16Entire Agreement; Amendments.  This Agreement, together with the Exhibits hereto, contains the entire understanding of the Parties with respect to the subject matter hereof.  Any other express or implied agreements and understandings, negotiations, writings and commitments, either oral or written, in respect to such subject matter are superseded by the terms of this Agreement.  The Exhibits to this Agreement are incorporated herein by reference and shall be deemed a part of this Agreement.  This Agreement may be amended, or any term hereof modified, only by a written instrument duly executed by authorized representative(s) of both Parties.  The Parties agree that, effective as of the Execution Date, that the Existing Confidentiality Agreement shall be superseded by this Agreement, and that disclosures made prior to the Execution Date pursuant to the Existing Confidentiality Agreement shall be subject to the confidentiality and non-use provisions of this Agreement.  The foregoing shall not be interpreted as a waiver of any remedies available to either Party or its Affiliates as a result of any breach, prior to the Execution Date, by the other Party or its Affiliates of such other Party’s or its Affiliate’s obligations pursuant to the Existing Confidentiality Agreement.
13.17Counterparts.  This Agreement may be executed in two (2) counterparts, each of which shall be deemed an original, but both of which together shall constitute one and the same instrument.  Each Party shall be entitled to rely on the delivery of executed digital (e.g., PDF) copies of counterpart execution pages of this Agreement and such digital copies shall be legally effective to create a valid and binding agreement between the Parties.
{Signature Page Follows}
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In Witness Whereof, the Parties intending to be bound have caused this Technology Transfer and Exclusive License Agreement to be executed by their duly authorized representatives as of the Execution Date.
									
	ARBUTUS BIOPHARMA CORPORATION	
			
			
	By:	/s/ William H. Collier	
	Name:	William H. Collier	
	Title:	President & Chief Executive Officer	

									
	QILU PHARMACEUTICAL CO., LTD.	
			
			
	By:	/s/ Haizhong Bao	
	Name:	Haizhong Bao
	
	Title:	President and Legal Representative	

[Signature Page to Technology Transfer and Exclusive License Agreement]

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY “[***]”, HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL

List of Exhibits
Exhibit 1.19: Arbutus Materials
Exhibit 1.20: Arbutus Patents
Exhibit 1.89: Licensed Compound
Exhibit 2.5: Initial Technology Transfer Documents List
Exhibit 4.1: Outline of Development Plan
Exhibit 5.2: Clinical Supply Terms
Exhibit 6.3(b): Licensed Product-Specific Trademarks

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY “[***]”, HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL277869161v.1 73343/10030EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

 
  

 
 LUMIRADX LIMITED 

and 
 U.S. BANK TRUST COMPANY,
NATIONAL ASSOCIATION 
 as Trustee 
  

 
 INDENTURE 

Dated as of March 3, 2022 
  

 
 6.00%
Convertible Senior Subordinated Notes due 2027 
  
  

 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 Article 1. Definitions; Rules of Construction
	  	 	1	 
			
	 Section 1.01.
	 	Definitions	  	 	1	 
	 Section 1.02.
	 	Other Definitions	  	 	17	 
	 Section 1.03.
	 	Rules of Construction	  	 	18	 
		
	 Article 2. The Notes
	  	 	18	 
			
	 Section 2.01.
	 	Form, Dating and Denominations	  	 	18	 
	 Section 2.02.
	 	Execution, Authentication and Delivery	  	 	19	 
	 Section 2.03.
	 	Initial Notes and Additional Notes	  	 	20	 
	 Section 2.04.
	 	Method of Payment	  	 	20	 
	 Section 2.05.
	 	Accrual of Interest; Defaulted Amounts; When Payment Date is Not a Business Day	  	 	21	 
	 Section 2.06.
	 	Registrar, Paying Agent and Conversion Agent	  	 	22	 
	 Section 2.07.
	 	Paying Agent and Conversion Agent to Hold Property in Trust	  	 	23	 
	 Section 2.08.
	 	Holder Lists	  	 	23	 
	 Section 2.09.
	 	Legends	  	 	23	 
	 Section 2.10.
	 	Transfers and Exchanges; Certain Transfer Restrictions	  	 	24	 
	 Section 2.11.
	 	Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change or Redemption	  	 	30	 
	 Section 2.12.
	 	Removal of Transfer Restrictions	  	 	31	 
	 Section 2.13.
	 	Replacement Notes	  	 	31	 
	 Section 2.14.
	 	Registered Holders; Certain Rights with Respect to Global Notes	  	 	31	 
	 Section 2.15.
	 	Cancellation	  	 	32	 
	 Section 2.16.
	 	Notes Held by the Company or its Affiliates	  	 	32	 
	 Section 2.17.
	 	Temporary Notes	  	 	32	 
	 Section 2.18.
	 	Outstanding Notes	  	 	32	 
	 Section 2.19.
	 	Repurchases by the Company	  	 	33	 
	 Section 2.20.
	 	CUSIP and ISIN Numbers	  	 	33	 
		
	 Article 3. Covenants
	  	 	33	 
			
	 Section 3.01.
	 	Payment on Notes	  	 	33	 
	 Section 3.02.
	 	Exchange Act Reports	  	 	34	 
	 Section 3.03.
	 	Rule 144A Information	  	 	34	 
	 Section 3.04.
	 	Registration Rights; Additional Interest	  	 	35	 
	 Section 3.05.
	 	Additional Amounts	  	 	35	 
	 Section 3.06.
	 	Compliance and Default Certificates	  	 	38	 
	 Section 3.07.
	 	Stay, Extension and Usury Laws	  	 	38	 
	 Section 3.08.
	 	Acquisition of Notes by the Company and its Affiliates	  	 	39	 
	 Section 3.09.
	 	Debt Incurrence	  	 	39	 
	 Section 3.10.
	 	Transactions with Affiliates	  	 	39	 

  
 - i - 

							
		
	 Article 4. Repurchase and Redemption
	  	 	41	 
			
	 Section 4.01.
	 	No Sinking Fund	  	 	41	 
	 Section 4.02.
	 	Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change	  	 	41	 
	 Section 4.03.
	 	Right of the Company to Redeem the Notes	  	 	46	 
		
	 Article 5. Conversion
	  	 	51	 
			
	 Section 5.01.
	 	Right to Convert	  	 	51	 
	 Section 5.02.
	 	Conversion Procedures	  	 	51	 
	 Section 5.03.
	 	Settlement Upon Conversion	  	 	53	 
	 Section 5.04.
	 	Reserve and Status of Common Shares Issued Upon Conversion	  	 	58	 
	 Section 5.05.
	 	Adjustments to the Conversion Rate	  	 	58	 
	 Section 5.06.
	 	Voluntary Adjustments	  	 	69	 
	 Section 5.07.
	 	Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change	  	 	70	 
	 Section 5.08.
	 	Exchange in Lieu of Conversion	  	 	71	 
	 Section 5.09.
	 	Effect of Common Shares Change Event	  	 	72	 
	 Section 5.10.
	 	Beneficial Ownership Limitations	  	 	74	 
		
	 Article 6. Successors
	  	 	76	 
			
	 Section 6.01.
	 	When the Company May Merge, Etc.	  	 	76	 
	 Section 6.02.
	 	Successor Entity Substituted	  	 	77	 
	 Section 6.03.
	 	Exclusion for Asset Transfers with Wholly Owned Subsidiaries	  	 	77	 
		
	 Article 7. Defaults and Remedies
	  	 	77	 
			
	 Section 7.01.
	 	Events of Default	  	 	77	 
	 Section 7.02.
	 	Acceleration	  	 	79	 
	 Section 7.03.
	 	Sole Remedy for a Failure to Report	  	 	80	 
	 Section 7.04.
	 	Other Remedies	  	 	81	 
	 Section 7.05.
	 	Waiver of Past Defaults	  	 	81	 
	 Section 7.06.
	 	Control by Majority	  	 	81	 
	 Section 7.07.
	 	Limitation on Suits	  	 	81	 
	 Section 7.08.
	 	Absolute Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment and Conversion Consideration	  	 	82	 
	 Section 7.09.
	 	Collection Suit by Trustee	  	 	82	 
	 Section 7.10.
	 	Trustee May File Proofs of Claim	  	 	83	 
	 Section 7.11.
	 	Priorities	  	 	83	 
	 Section 7.12.
	 	Undertaking for Costs	  	 	84	 
		
	 Article 8. Amendments, Supplements and Waivers
	  	 	84	 
			
	 Section 8.01.
	 	Without the Consent of Holders	  	 	84	 
	 Section 8.02.
	 	With the Consent of Holders	  	 	85	 
	 Section 8.03.
	 	Notice of Amendments, Supplements and Waivers	  	 	86	 
	 Section 8.04.
	 	Revocation, Effect and Solicitation of Consents; Special Record Dates; Etc.	  	 	86	 
	 Section 8.05.
	 	Notations and Exchanges	  	 	87	 
	 Section 8.06.
	 	Trustee to Execute Supplemental Indentures	  	 	87	 

  
 - ii - 

							
		
	 Article 9. Satisfaction and Discharge
	  	 	87	 
			
	 Section 9.01.
	 	Termination of Company’s Obligations	  	 	87	 
	 Section 9.02.
	 	Repayment to Company	  	 	88	 
	 Section 9.03.
	 	Reinstatement	  	 	88	 
		
	 Article 10. Trustee
	  	 	88	 
			
	 Section 10.01.
	 	Duties of the Trustee	  	 	88	 
	 Section 10.02.
	 	Rights of the Trustee	  	 	90	 
	 Section 10.03.
	 	Individual Rights of the Trustee	  	 	91	 
	 Section 10.04.
	 	Trustee’s Disclaimer	  	 	91	 
	 Section 10.05.
	 	Notice of Defaults	  	 	92	 
	 Section 10.06.
	 	Compensation and Indemnity	  	 	92	 
	 Section 10.07.
	 	Replacement of the Trustee	  	 	93	 
	 Section 10.08.
	 	Successor Trustee by Merger, Etc.	  	 	94	 
	 Section 10.09.
	 	Eligibility; Disqualification	  	 	94	 
		
	 Article 11. Subordination of the Notes
	  	 	94	 
			
	 Section 11.01.
	 	Agreement of Subordination	  	 	94	 
	 Section 11.02.
	 	Payments to Holders	  	 	95	 
	 Section 11.03.
	 	Subrogation of Notes	  	 	96	 
	 Section 11.04.
	 	Authorization to Effect Subordination	  	 	97	 
	 Section 11.05.
	 	Notice to Trustee	  	 	97	 
	 Section 11.06.
	 	Trustee’s Relation to Designated Senior Debt	  	 	98	 
	 Section 11.07.
	 	No Impairment of Subordination	  	 	98	 
	 Section 11.08.
	 	Certain Conversions Not Deemed Payment	  	 	98	 
	 Section 11.09.
	 	Article Applicable to Paying Agents	  	 	98	 
		
	 Article 12. Miscellaneous
	  	 	99	 
			
	 Section 12.01.
	 	Notices	  	 	99	 
	 Section 12.02.
	 	Delivery of Officer’s Certificate and Opinion of Counsel as to Conditions Precedent	  	 	101	 
	 Section 12.03.
	 	Statements Required in Officer’s Certificate and Opinion of Counsel	  	 	101	 
	 Section 12.04.
	 	Rules by the Trustee, the Registrar, the Paying Agent and the Conversion Agent	  	 	101	 
	 Section 12.05.
	 	No Personal Liability of Directors, Officers, Employees and Shareholders	  	 	102	 
	 Section 12.06.
	 	Governing Law; Waiver of Jury Trial	  	 	102	 
	 Section 12.07.
	 	Submission to Jurisdiction; Service of Process	  	 	102	 
	 Section 12.08.
	 	No Adverse Interpretation of Other Agreements	  	 	102	 
	 Section 12.09.
	 	Successors	  	 	103	 
	 Section 12.10.
	 	Force Majeure	  	 	103	 
	 Section 12.11.
	 	U.S.A. PATRIOT Act	  	 	103	 
	 Section 12.12.
	 	Calculations	  	 	103	 
	 Section 12.13.
	 	Severability	  	 	103	 
	 Section 12.14.
	 	Counterparts	  	 	104	 
	 Section 12.15.
	 	Table of Contents, Headings, Etc.	  	 	104	 
	 Section 12.16.
	 	Withholding Taxes	  	 	104	 

  
 - iii - 

 Exhibits 
  

					
	 Exhibit A: Form of Note
	  	 	A-1	 
		
	 Exhibit B-1A: Form of Restricted Note Legend (Non-Affiliate Note)
	  	 	B1A-1	 
		
	 Exhibit B-1B: Form of Restricted Note Legend (Non-Affiliate Note)
	  	 	B1B-1	 
		
	 Exhibit B-2: Form of Global Note Legend
	  	 	B2-1	 
		
	 Exhibit B-3: Form of
Non-Affiliate Legend
	  	 	B3-1	 

  
 - iv - 

 INDENTURE, dated as of March 3, 2022, between LumiraDx Limited, an exempted
company with limited liability incorporated under the laws of the Cayman Islands, as issuer (the “Company”), and U.S. Bank Trust Company, 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 6.00% Convertible Senior Subordinated 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. 

“Affiliated Holders” means, (a) with respect to any specified natural person, any company, partnership, trust,
foundation or other entity or investment vehicle (i) all of the beneficial owners of which are such specified natural person (or such specified person’s estate, spouse, parents, siblings or lineal descendants (by blood, marriage or
adoption)) and (ii) for which such specified natural person (or such specified person’s estate, spouse, parents, siblings or lineal descendants (by blood, marriage or adoption)) retains dispositive and voting power with respect to the
Common Shares and/or the Ordinary Shares (or such other Common Equity into which the Ordinary Shares have been converted, or for which the Ordinary Shares have been exchanged, in an event analogous to a Common Shares Change Event), as the case may
be, held by such company, partnership, trust, foundation or other entity or investment vehicle, and the trustees, legal representatives, beneficiaries and/or beneficial owners, but solely in such capacity, of such company, partnership, trust,
foundation or other entity or investment vehicle and (b) the estates of such specified natural person or the estates of such specified natural person’s spouse, parents, siblings or lineal descendants (by blood, marriage or adoption) (it
being understood, for the avoidance of doubt, that this clause (b) will not cover any person to whom securities are transferred from any such estate). 

“Affiliate Note” means each Physical Note, if any, originally issued under this Indenture to, and initially registered in the
name of, an Affiliate of the Company, and any Notes issued in exchange therefor or in substitution thereof; provided, however, that a Note that is an Affiliate Note will cease to be an Affiliate Note at such time, if any, when such Note ceases to be
a Transfer-Restricted Security. The Trustee is under no obligation to determine whether any Note is an Affiliate Note and may conclusively rely on an Officer’s Certificate with respect thereto. 

“Applicable Accounting Standards” means with respect to the Company and its Subsidiaries, means IFRS and applicable
accounting requirements set by the International Accounting Standards Board or any successor thereto as in effect from time to time; provided that, and notwithstanding anything to the contrary in the definition of “Capital Lease
Obligations”, all obligations of any Person that are or would have been treated as operating leases for purposes of Applicable Accounting Standards prior to the effectiveness of ASC 842 shall continue to be accounted for as operating leases for
all purposes hereunder or in the Notes (whether or not such operating lease obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance with ASC 842 (on a prospective or retroactive basis or
otherwise) to be treated as Capital Leases. 

  
 - 1 - 

 “Authorized Denomination” means, with respect to a Note, a principal amount
thereof equal to a minimum of $1,000 or 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. 

“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 Lease”
means, as applied to any Person, any lease of, or other arrangement conveying the right to use, any property by that Person as lessee that has been or should be accounted for as a capital lease on a balance sheet of such Person prepared in
accordance with Applicable Accounting Standards. 
 “Capital Lease Obligations” means, at any time, with respect to any
Capital Lease, any lease entered into as part of any sale leaseback transaction of any Person or any synthetic lease, the amount of all obligations of such Person that is (or that would be, if such synthetic lease or other lease were accounted for
as a Capital Lease) capitalized on a balance sheet of such Person prepared in accordance with Applicable Accounting Standards. 

“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. 

“Change in Tax Law” means any change in or amendment to the laws, rules, regulations or treaties of a Relevant Taxing
Jurisdiction, or any change in an official interpretation, administration or application of such laws, rules, regulations or treaties by any legislative body, court, governmental taxing authority or regulatory or administrative authority of such
Relevant Taxing Jurisdiction (including the enactment of any legislation and the publication of any judicial decision or regulatory or administrative interpretation or determination) affecting taxation, which change or amendment becomes effective on
or after the Issue Date (or, if the Relevant Taxing Jurisdiction was not a Relevant Taxing Jurisdiction on such date, the date on which such Relevant Taxing Jurisdiction became a Relevant Taxing Jurisdiction). 

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

  
 - 2 - 

 “Common Equity” of any Person means Capital Stock of such Person that is
generally entitled (a) to vote in the election of directors of such Person or (b) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others that will control
the management or policies of such Person (and, for the avoidance of doubt, includes, with respect to the Company as of the Issue Date, the Common Shares and the Ordinary Shares in issue from time to time). 

“Common Shares” means the common shares, $0.0000028 par value per share, of the Company, subject to
Section 5.09. 
 “Common Shares Liquidity Date” means the first date on which the number of
issued and outstanding Common Shares equals or exceeds 150,000,000 (without giving effect to any Common Share split or Common Share combination after the date of this Indenture). 

“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. 

“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 108.4346 Common Shares 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. 

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

“Corporate Trust Office” means the designated office of the Trustee at which at any time this Indenture shall be
administered, which office at the date hereof is located at West Side Flats, 60 Livingston Avenue, EP-MN-WS3C, St. Paul, Minnesota 55107, Attention: Global Corporate
Trust Services (LumiraDx), or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the designated 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). 
 “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. 

  
 - 3 - 

 “Daily Conversion Value” means, with respect to any VWAP Trading Day, one-twenty-fifth (1/25th) of the product of (A) the Conversion Rate on such VWAP Trading Day; and (B) the Daily VWAP per Common Share 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) twenty-five (25). 
 “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 Shares as displayed
under the heading “Bloomberg VWAP” on Bloomberg page “LMDX <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 up to and including 
 the final closing print (which is indicated by
“Condition Code 6” in Bloomberg) (or, if such volume-weighted average price is unavailable, the market value of one Common Share 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). The Daily VWAP will be determined without regard to after-hours trading or any other trading outside of the regular trading session. 

“Default” means any event that is (or, after notice, passage of time or both, would be) an Event of Default. 

“Default Settlement Method” means Physical Settlement; 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; and (y) the
Default Settlement Method will be subject to Section 5.03(A)(ii). 
 “Designated Senior Debt”
means the indebtedness, obligations and other liabilities (contingent or otherwise) under or in respect of (i) the Loan Agreement, dated as of March 23, 2021, by and among LumiraDx Investment Limited, as borrower, the Company, as a credit
party and issuer of the warrants in connection therewith, LumiraDx Group Limited, as a credit party and parent, BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP, as lenders and BioPharma Credit PLC, as collateral agent,
(ii) any accounts receivable credit line of the Company or any guarantee by the Company of any accounts receivable credit line of any of the Company’s Subsidiaries, in each case, entered into or to be entered into from time to time and
(iii) any and all deferrals, renewals, extensions, refinancings, replacements and refundings (including, in each case, any and all upsizes and any and all increases in connection with any such deferrals, renewals, extensions, refinancings,
replacements and refundings) of, or amendments, modifications or supplements to any indebtedness, obligation or liability of the kind described in clause (i) or (ii) above. 

  
 - 4 - 

 “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 other 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. 

“Ex-Dividend Date” means, with respect to an issuance, dividend or distribution on
the Common Shares, the first date on which Common Shares 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 Shares 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. 
 “FATCA” means Sections
1471 through 1474 of the Internal Revenue Code, as of the date of the indenture (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official
interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or
convention among governmental authorities and implementing such Sections of the Internal Revenue Code. 
 “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. 
 “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, the Company’s direct or indirect Wholly Owned Subsidiaries and their respective employee benefit plans (or any person acting in its capacity as trustee, agent or other fiduciary
or administrator of any such plan, but only to the extent such person is acting in such capacity), files a Schedule TO or any schedule, form or report under the Exchange Act disclosing that such person or group has become the direct or indirect
“beneficial owner” (as defined below) of (i) until the occurrence of the Common Shares Liquidity Date, the Company’s Common Equity representing more than 50% of the voting power of the Company’s Common Equity or
(ii) upon the occurrence of and at all times after the Common Shares Liquidity Date, the Common Shares representing more than 50% of the voting power of the Common Shares; provided that no “person”

  
 - 5 - 

 
or “group” shall be deemed to be the “beneficial owner” of any securities tendered pursuant to a tender or exchange offer made by or on behalf of such person or group until
such tendered securities are accepted for purchase or exchange under such offer; provided further that in determining whether a Permitted Holder’s direct or indirect beneficial ownership of the Company’s Common Equity or Common
Shares, as applicable, has triggered the foregoing thresholds the voting power of the Company’s Common Equity or Common Shares, as applicable, directly or indirectly “beneficially owned” (as defined below) by a Permitted Holder will
exclude (i) with respect to the Company’s Common Equity, any of the Company’s Common Equity, and with respect to the Common Shares, any Common Shares, in each case, directly or indirectly “beneficially owned” by any
Permitted Holder on the date of this Indenture for so long as such Common Equity or Common Shares, as applicable, is or are directly or indirectly “beneficially owned” by any Permitted Holder and (ii) with respect to the
Company’s Common Equity, any of the Company’s Common Equity, and with respect to the Common Shares, any Common Shares, in each case, directly or indirectly “beneficially” owned by any Permitted Holder and acquired after the date
of this Indenture by any Permitted Holder pursuant to equity grants or warrants (or the exercise or conversion thereof by such Permitted Holder) outstanding on the date of this Indenture or subsequently granted under one or more of the
Company’s equity incentive plans; 
 (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 direct or indirect 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 Shares are
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” all classes of the Company’s Common Equity 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 shareholders approve any plan or proposal for the liquidation or dissolution of the Company; or 

(D) the Common Shares cease to be listed on any of The New York Stock Exchange, The NASDAQ Capital Market, 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 Shares (excluding cash payments for fractional shares or pursuant to
dissenters rights), in connection with such transaction or event, consists of common shares, shares of common stock or other corporate Common Equity listed (or depositary receipts 

  
 - 6 - 

 
representing common shares, shares of common stock or other corporate Common Equity, which depositary receipts are listed) on any of The New York Stock Exchange, The NASDAQ Capital Market, 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
Shares Change Event whose Reference Property consists of such consideration. 
 For the purposes of this definition, 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); and for purposes of this definition and the definition of “Permitted Holders,” 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). 
 “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. 
 “Indebtedness” means, with respect to any Person, without duplication (a) all indebtedness
for advanced or borrowed money of, or credit extended to, such Person; (b) all obligations issued, undertaken or assumed by such Person as the deferred purchase price of assets, properties, services or rights (other than (i) accrued
expenses and trade payables entered into in the ordinary course of business which are not more than one hundred and eighty (180) days past due or subject to a bona fide dispute, (ii) obligations to pay for services provided by employees
and individual independent contractors in the ordinary course of business which are not more than one hundred and twenty (120) days past due or subject to a bona fide dispute, (iii) liabilities associated with customer prepayments and
deposits, and (iv) prepaid or deferred revenue arising in the ordinary course of business), including any obligation or liability to pay deferred purchase price or other similar deferred consideration for such assets, properties, services or
rights where 

  
 - 7 - 

 
such deferred purchase price or consideration becomes due and payable solely upon the passage of time; (c) the face amount of all letters of credit issued for the account of such Person and,
without duplication, all drafts drawn thereunder and all reimbursement or payment obligations with respect to letters of credit, surety bonds, performance bonds and other similar instruments issued by such Person; (d) all obligations of such
Person evidenced by notes, bonds, debentures or other debt securities or similar instruments (including debt securities convertible into Capital Stock), including obligations so evidenced incurred in connection with the acquisition of properties,
assets or businesses; (e) all indebtedness of such Person created or arising under any conditional sale or other title retention agreement or incurred as financing, in either case with respect to property acquired by such Person (even though
the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession or sale of such property); (f) all Capital Lease Obligations of such Person; (g) the principal balance outstanding under any
synthetic lease, off-balance sheet loan or similar off balance sheet financing product by such Person; and (h) all indebtedness referred to in clauses (a) through (g) above of other Persons secured
by (or for which the holder of such indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in assets or properties (including accounts and contracts rights) owned by such Person, even though such Person has
not assumed or become liable for the payment of such indebtedness of such other Persons. 
 “Indenture” means this
Indenture, as amended or supplemented from time to time. 
 “Interest Payment Date” means, with respect to a Note, each
March 1 and September 1 of each year, commencing on September 1, 2022 (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.

 “Internal Revenue Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Issue Date” means March 3, 2022. 

“Last Original Issue Date” means (A) with respect to any Notes issued pursuant to one or more subscription agreements
between the Company and certain investors, dated on or about March 1, 2022, and any Notes issued in exchange therefor or in substitution thereof, the Issue Date; 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, if any, 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 Shares for
any Trading Day means the closing sale price per Common Share (or, if no closing sale price is reported, the average of the last bid price and the last ask price per Common Share or, if more than one in either case, the average of the average last
bid prices and the average last ask prices per Common Share) on such Trading Day as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common Shares are then listed. If the Common Shares
are not listed on a 

  
 - 8 - 

 
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 Common Share on such Trading Day in the over-the-counter market as reported by OTC Markets Group Inc. or a similar organization. If the Common Shares are 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 Common Share on such Trading Day from each of at least three (3) nationally recognized independent
investment banking firms selected by the Company. Neither the Trustee nor the Conversion Agent will have any duty to determine the Last Reported Sale Price. 

“Lien” means a claim, mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind or
assignment for security purposes, whether voluntarily incurred or arising by operation of law or otherwise against any property or assets. 

“Make-Whole Fundamental Change” means 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). 

“Make-Whole Fundamental Change Conversion Period” means 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). 
 “Make-Whole
Fundamental Change Effective Date” means the date on which such Make-Whole Fundamental Change occurs or becomes effective. 

“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 Shares are 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 Shares or in any options contracts or futures contracts relating to the
Common Shares. 
 “Maturity Date” means March 1, 2027. 

“Memorandum and Articles” means the Company’s Memorandum and Articles of Association adopted by special resolution on
September 28, 2021, as the same may be amended or restated. 
 “Non-Affiliate
Legend” means a legend substantially in the form set forth in Exhibit B-3. 

“Nonpayment Default” shall have the meaning specified in Section 11.02(A)(ii). 

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

  
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 “Notes” means the 6.00% Convertible Senior Subordinated Notes due 2027
issued by the Company pursuant to this Indenture. 
 “Notice and Questionnaire” shall have the meaning set forth in the
Registration Rights Agreement 
 “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 on or before December 1, 2026, the twenty-five (25) consecutive VWAP Trading Days beginning on, and including, the second (2nd) VWAP Trading Day immediately after
such Conversion Date; (B) if such Conversion Date occurs on or after the date the Company has sent a Redemption Notice calling such Note for Redemption pursuant to Section 4.03(G) and before the Close of Business on
the second (2nd) Business Day immediately prior to the related Redemption Date, the twenty-five (25) consecutive VWAP Trading Days beginning on, and including, the twenty-sixth (26th) Scheduled Trading Day immediately before such Redemption
Date; and (C) subject to clause (B) above, if such Conversion Date occurs after December 1, 2026, the twenty-five (25) consecutive VWAP Trading Days beginning on, and including, the twenty-sixth (26th) 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 General Counsel, 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 12.03. 
 “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 12.03, subject to customary assumptions, qualifications and exclusions. 

“Ordinary Shares” means the Company’s A Ordinary Shares of par value $0.0000028. 

“Payment Blockage Notice” shall have the meaning specified in Section 13.02(A)(ii). 

“Permitted Holders” means (A) the direct or indirect beneficial owners of the Company’s Ordinary Shares on the date
of this Indenture, (B) any Person who beneficially owns the Company’s Ordinary Shares to the extent it beneficially owns such Ordinary Shares as the result of a Transfer (as defined in the Memorandum and Articles) from any of the Persons
specified in clause (A) of this definition, (C) any Person who beneficially owns the Company’s Common Shares to the extent it converted the Ordinary Shares described in clause (A) or (B) of this definition into Common Shares,
(D) any Affiliated Holders of the natural persons specified in clauses (A), (B) or (C) of this definition and (E) with respect to any Person specified in clauses (A), (B), (C) or (D) of this definition that is not a natural
person, any of its Affiliates. 

  
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 “Permitted Indebtedness” means: 

(A) Indebtedness not to exceed $5,000,000 in the aggregate in any fiscal year, consisting of (i) Indebtedness incurred to finance the
purchase, construction, repair, or improvement of fixed assets or to enable the purchase of diagnostic instruments to be placed at customer locations in the ordinary course of business and (ii) Capital Lease Obligations; provided,
however, that such Indebtedness does not exceed $10,000,000 in the aggregate at any time outstanding; 
 (B) Secured Indebtedness of the
Company or any of its Subsidiaries in an aggregate principal amount outstanding at any one time not to exceed $400,000,000; 
 (C)
Indebtedness of the Company which ranks pari passu with the Notes in an aggregate principal amount outstanding at any one time not to exceed $100,000,000, including the aggregate principal amount of the Notes which are outstanding at such time; 

(D) Indebtedness between or among the Company and any of its Subsidiaries; provided, that (x) any subsequent issuance or transfer
of Capital Stock that results in any such Indebtedness being held by a Person other than the Company or a Subsidiary and (y) any sale or other transfer of any such Indebtedness to a Person that is not the Company or a Subsidiary, will be
deemed, in each case, to constitute an incurrence of such Indebtedness by the Company or such Subsidiary, as the case may be, that was not permitted by this clause (D); 

(E) unsecured Indebtedness in connection with trade credit, corporate credit cards, purchasing cards or bank card products; 

(F) guarantees of Permitted Indebtedness; 

(G) Indebtedness assumed in connection with any permitted acquisition or permitted investment, so long as such Indebtedness was not incurred in
connection with, or in anticipation of, such acquisition or investment, not to exceed $5,000,000 in the aggregate at any time outstanding; 

(H) Indebtedness of the Company with respect to letters of credit outstanding and secured solely by cash or Cash Equivalents, in each case
entered into in the ordinary course of business; 
 (I) Indebtedness of any Person that becomes a Subsidiary (or of any Person not previously
a Subsidiary that is merged or consolidated with or into a Subsidiary) of the Company after the date hereof, or Indebtedness of any Person that is assumed after the date hereof by any Subsidiary in connection with an acquisition of assets by such
Subsidiary; provided, however, that such Indebtedness does not exceed, individually or in the aggregate, $5,000,000 at any time outstanding; 

  
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 (J) (i) Indebtedness with respect to workers’ compensation claims, payment obligations
in connection with health, disability or other types of social security benefits, unemployment or other insurance obligations, reclamation and statutory obligations or (ii) Indebtedness related to employee benefit plans, including annual
employee bonuses, accrued wage increases and 401(k) plan matching obligations; in each case, incurred in the ordinary course of business; 

(K) Indebtedness in respect of performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees and similar obligations
arising in the ordinary course of business; 
 (L) Indebtedness in respect of netting services, overdraft protection and other cash
management services, in each case in the ordinary course of business; 
 (M) Indebtedness consisting of the financing of insurance premiums
in the ordinary course of business; 
 (N) Indebtedness consisting of guarantees resulting from endorsement of negotiable instruments for
collection by the Company or any of its Subsidiaries in the ordinary course of business; 
 (O) Indebtedness in respect of any firm purchase
commitment for manufacturing equipment and raw materials entered into in the ordinary course of business and not evidenced by any promissory note or similar instrument; and 

(P) subject to the proviso immediately below, extensions, refinancings, renewals, modifications, amendments, restatements and, in the case of
any items of Permitted Indebtedness constituting notes governed by an indenture, exchanges, of any items of Permitted Indebtedness in clauses (A) through (O) above, provided, that in the case of Clause (B) above, the
principal amount thereof is not increased. 
 “Person” or “person” means any individual, corporation,
partnership, limited liability company, exempted 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. 
 “Place of Payment” means the office or agency of the Paying Agent established pursuant to
Section 2.06(A) where Notes may be presented for payment, which office or agency, for the avoidance of doubt, must be in the continental United States. 

“Redemption” means the repurchase of any Note by the Company pursuant to Section 4.03, including a
Tax Redemption. 

  
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 “Redemption Date” means the date fixed for 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 related Redemption Notice for such Redemption pursuant to Section 4.03(G). 

“Redemption Price” means the cash price payable by the Company to redeem any Note upon its Redemption, calculated pursuant to
Section 4.03(F). 
 “Registration Default” shall have the meaning specified in the Registration
Rights Agreement. 
 “Registrable Securities” shall have the meaning set forth in the Registration Rights Agreement. 

“Registration Rights Agreement” means the Registration Rights Agreement, dated as of March 3, 2022, among the Company
and certain of the initial investors in the Notes, as amended from time to time in accordance with its terms. The Trustee shall be deemed to have no knowledge of the terms of the Registration Rights Agreement and shall have no obligation to monitor
the terms thereof. 
 “Registration Statement” shall have the meaning set forth in the Registration Rights Agreement. 

“Regular Record Date” has the following meaning with respect to an Interest Payment Date: (A) if such Interest Payment
Date occurs on March 1, the immediately preceding February 15; and (B) if such Interest Payment Date occurs on September 1, the immediately preceding August 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
group of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of such officers; and (B) with respect to a particular corporate trust matter
relating to this Indenture, any other officer to whom such matter is referred because of his or her knowledge of, and familiarity with, the particular subject and, in each case, who will have direct responsibility for the administration of this
Indenture. 
 “Restricted Note Legend” means a legend substantially in the form set forth in Exhibit B-1A (in the case of a Note that is not an Affiliate Note) or Exhibit B-1B (in the case of an Affiliate Note). 

  
 - 13 - 

 “Restricted Shares 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. 
 “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 Shares are then listed or, if the Common Shares are not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Shares are then
traded. If the Common Shares are not so listed or traded, then “Scheduled Trading Day” means a Business Day. 

“SEC” means the U.S. Securities and Exchange Commission, or any successor agency. 

“Secured Indebtedness” means any Indebtedness of the Company or any of its Subsidiaries secured by a Lien on any assets or
property of the Company or any of its Subsidiaries. 
 “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. 

“Share Price” has the following meaning for any Make-Whole Fundamental Change: (A) if the holders of Common Shares
receive only cash in consideration for their Common Shares 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 Share Price
is the amount of cash paid per Common Share in such Make-Whole Fundamental Change; and (B) in all other cases, the Share Price is the average of the Last Reported Sale Prices per Common Share 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. 

“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. 

“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 Common Share). 

  
 - 14 - 

 “Subsidiary” means, with respect to any Person and from time to time,
(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 shareholders’ 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. 

“Tax Redemption” means the redemption of any Note by the Company pursuant to Section 4.03(C). 

“Taxes” means, with respect to the Additional Amounts, any tax, duty, levy, impost, assessment or other similar governmental
charge imposed or levied (including penalties and interest and other similar liabilities related thereto). 
 “Trading Day”
means any day on which (A) trading in the Common Shares generally occurs on the principal U.S. national or regional securities exchange on which the Common Shares are then listed or, if the Common Shares are not then listed on a U.S. national
or regional securities exchange, on the principal other market on which the Common Shares are then traded; and (B) there is no Market Disruption Event. If the Common Shares are not so listed or traded, then “Trading Day” means
a Business 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, an Affiliate of the Company or a Person that was an
Affiliate of the Company in the three months immediately preceding) pursuant to a registration statement that was effective under the Securities Act at the time of such sale or transfer; 

(B) such Security is sold or otherwise transferred to a Person (other than the Company, an Affiliate of the Company or a Person that was an
Affiliate of the Company in the three months immediately preceding) 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 

  
 - 15 - 

 (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 (and, if such Security is an Affiliate Note or a Conversion Share issued upon conversion of an Affiliate Note, the Company has received such certificates or other documentation or evidence, if any, as the Company, may reasonably require to
determine that the Holder or beneficial owner of such Affiliate Note or Conversion Share, as applicable, is not, and has not been during the immediately preceding three (3) months, an Affiliate of the Company). 

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. 
 “U.S. Treasury Regulations”
means the United States Treasury Regulations promulgated under the Internal Revenue Code. 
 “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 Shares are then listed, or, if the Common Shares are not then listed on a U.S. national or regional securities
exchange, the principal other market on which the Common Shares are 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 during
the regular trading session, 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 Shares or in any options contracts or futures contracts
relating to the Common Shares, 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
Shares generally occurs on the principal U.S. national or regional securities exchange on which the Common Shares are then listed or, if the Common Shares are not then listed on a U.S. national or regional securities exchange, on the principal other
market on which the Common Shares are then traded. If the Common Shares are 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 from time to time all of the outstanding Capital
Stock or other ownership interests of which (other than directors’ qualifying shares) are owned by such Person or one or more Wholly Owned Subsidiaries of such Person. 

  
 - 16 - 

 Section 1.02. OTHER DEFINITIONS. 

 

					
	 Term
	  	Defined in Section	 
	“Additional Amounts”	  	 	3.05(A)	 
	“Additional Shares”	  	 	5.07(A)	 
	“Affiliate Transaction”	  	 	3.10(A)	 
	“Beneficial Ownership Limitations”	  	 	5.10(D)	 
	“Business Combination Event”	  	 	6.01(A)	 
	“Cash Settlement”	  	 	5.03(A)	 
	“Ceiling Conversion Rate”	  	 	5.05(A)(vi)(1)	 
	“Combination Settlement”	  	 	5.03(A)	 
	“Common Shares 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)	 
	“Earliest Redemption Date”	  	 	4.03	 
	“Event of Default”	  	 	7.01(A)	 
	“Expiration Date”	  	 	5.05(A)(v)	 
	“Expiration Time”	  	 	5.05(A)(v)	 
	“First Reset Date”	  	 	5.05(A)(vi)(1)	 
	“Former SPAC Issuer”	  	 	2.10(D)	 
	“Fundamental Change Notice”	  	 	4.02(E)	 
	“Fundamental Change Repurchase Right”	  	 	4.02(A)	 
	“General Beneficial Ownership Limitation”	  	 	5.10(D)	 
	“Holder Beneficial Ownership Limitation”	  	 	5.10(D)	 
	“Initial Notes”	  	 	2.03(A)	 
	“Interest Make-Whole Payment”	  	 	5.03(B)	 
	“Paying Agent”	  	 	2.06(A)	 
	“Physical Settlement”	  	 	5.03(A)	 
	“Redemption Notice”	  	 	4.03(G)	 
	“Reference Property”	  	 	5.09(A)	 
	“Reference Property Unit”	  	 	5.09(A)	 
	“Register”	  	 	2.06(B)	 
	“Registrar”	  	 	2.06(A)	 
	“Relevant Taxing Jurisdiction”	  	 	3.05(A)	 
	“Reporting Event of Default”	  	 	7.03(A)	 
	“Second Reset Date”	  	 	5.05(A)(vi)(2)	 
	“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)	 

  
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	“Tax Redemption Opt-Out Election”	  	 	4.03(C)(ii)	 
	“Tax Redemption Opt-Out Election Notice”	  	 	4.03(C)(ii)(1)	 
	“Tender/Exchange Offer Valuation Period”	  	 	5.05(A)(v)	 
	“Transfer Taxes”	  	 	3.05(B)	 

 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; 

(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) unless the context requires otherwise, the term “interest,”
when used with respect to a Note, includes any Default Interest, Additional Interest and Special Interest, and any express mention of Default Interest, Additional Interest or Special Interest in any provision hereof shall not be construed as
excluding Default Interest, Additional Interest or Special Interest, as applicable, in those provisions hereof where such express mention is not made. 

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. 

  
 - 18 - 

 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; provided, however, that each Affiliate Note will be issued initially in the form of one or more Physical
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. 
 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, electronic 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) signs the certificate of authentication of such Note by manual signature. 

(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. 

  
 - 19 - 

 (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
fifty-six million, five hundred thousand dollars ($56,500,000) aggregate principal amount of Notes, 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.” 

(B) Additional Notes. Without the consent of any Holder, the Company may, subject to the provisions of this Indenture (including
Sections 2.02 and 3.09) and at any time on or prior to the earlier of (i) the Company’s public announcement of its results of operations for the year ended December 31, 2021 and (ii) March 20, 2022, originally
issue additional Notes (including Affiliate 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 (other than Affiliate 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 (other than Affiliate Notes) issued under this Indenture for purposes of U.S. federal income tax laws or U.S. federal securities laws or, if applicable, the Depositary Procedures, then such additional or resold Notes will be identified by a
separate CUSIP number or by no CUSIP number. If the Company resells any Notes that it or any of its Subsidiaries has purchased or otherwise acquired, such Notes may be identified by a separate CUSIP number or by no CUSIP number if such resold Notes
are not fungible with other Notes issued under this Indenture for purposes of U.S. federal income tax laws. 
 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 

  
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discretion) and the Holder of such Physical Note entitled to such payment has delivered to the Paying Agent or the Trustee, 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 6.00% (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(F) 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. Notwithstanding the other provisions of this Indenture or the provisions of the Notes, if the Company has not received notification from The International Stock Exchange (TISE) or another
“recognised stock exchange” within the meaning of section 1005 Income Tax Act 2007 (of the United Kingdom) that the Notes have been listed (within the meaning of that term as used at s.987 Income Tax Act 2007) thereon prior to the first
Interest Payment Date, interest due and payable on that Interest Payment Date shall be deferred until the next following Interest Payment Date to Holders of record as of the Regular Record Date immediately preceding such Interest Payment Date on
which the interest and deferred interest is payable; provided, that interest shall accrue on such deferred interest from the first Interest Payment Date to, but excluding, the next following Interest Payment Date at the rate equal to the then
applicable interest rate on the Notes to the extent lawful. 
 (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

  
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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 (i) the applicable Place of Payment or (ii) banking
institutions in the Cayman Islands are 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”). If the Company fails to maintain a Registrar, Paying Agent or Conversion Agent, then the Trustee will act as
such and will be entitled to receive compensation therefor in accordance with this Indenture and any other agreement between the Trustee and the Company. For the avoidance of doubt, the Company or any of its Subsidiaries may act as Registrar, Paying
Agent or Conversion Agent. Notwithstanding anything to the contrary in this Section 2.06(A), each of the Registrar, Paying Agent and Conversion Agent with respect to any Global Note must at all times be a Person that is
eligible to act in that capacity under the Depositary Procedures. 
 (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 shall 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. 
 (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. 

  
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 (D) Initial Appointments. The Company appoints the Trustee as the initial Paying
Agent, the initial Registrar and the initial Conversion Agent. 
 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, then 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. 

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) Non-Affiliate Legend. Each Note that
is not an Affiliate Note will bear the Non-Affiliate Legend unless otherwise agreed to by the Company with notice to the Trustee. 

(C) Restricted Note Legend. Subject to other provisions of this Indenture, including Section 2.12, 

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

  
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 (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(C)(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. 
 (D) 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. 
 (E)
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. 
 (F) Restricted Shares Legend. 

(i) Each Conversion Share will bear the Restricted Shares 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 Shares Legend if the
Company determines, in its reasonable discretion, that such Conversion Share need not bear the Restricted Shares Legend. 

(ii) Notwithstanding anything to the contrary in this Section 2.09(F), a Conversion Share need not
bear a Restricted Shares 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 Shares Legend. 

Section 2.10. TRANSFERS AND EXCHANGES; CERTAIN TRANSFER
RESTRICTIONS. 
 (A) Provisions Applicable to All Transfers and Exchanges. 

(i) Generally. Subject to this Section 2.10, Physical Notes and beneficial interests in Global
Notes may be transferred or exchanged from time to time and the Registrar will record each such transfer or exchange in the Register. 

(ii) Transferred and Exchanged Notes Remain Valid Obligations of the Company. 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. 

  
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 (iii) No Services Charge; Transfer Taxes. 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) Transfers and Exchanges Must Be in Authorized Denominations. 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) Trustee’s Disclaimer. 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. 
 (vi)
Legends. Each Note issued upon transfer of, or in exchange for, another Note will bear each legend, if any, required by Section 2.09. 

(vii) Settlement of Transfers and Exchanges. 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. 

(viii) Interpretation. 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) Certain Restrictions. 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: 

  
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 (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) Effecting Transfers and Exchanges. 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, then the Company
may (but is not required to) instruct the Trustee to cancel such Global Note pursuant to Section 2.15); 

(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) Compliance with Depositary
Procedures. Each transfer or exchange of a beneficial interest in any Global Note will be made in accordance with the Depositary Procedures. 

  
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 (C) Transfers and Exchanges of Physical Notes. 

(i) Requirements for Transfers and Exchanges. 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
and provided such Physical Note is not an Affiliate Note, 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 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). 
 (ii) Effecting Transfers and Exchanges. 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 

  
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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 that is to be so
transferred but that is not effected by notation as provided above; 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 
 (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 in order for the Company 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 need be so delivered (x) in connection with any transfer of a beneficial interest in
a Global Note pursuant to Rule 144A; (y) in connection with any transfer of such Note to the Company or one of its Subsidiaries; or (z) in connection with any transfer of such Note pursuant to an effective registration statement under the

  
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Securities Act; provided further, however, that, if the Company determines that it is not a Former SPAC Issuer (which, for the avoidance of doubt, the Company does not believe itself to be as at
the date of this Indenture) at the time of such request, 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;
provided further, however, that, without limiting the immediately succeeding sentence, if the Company has determined that it is an issuer described in Rule 144(i)(1)(i) (a “Former SPAC Issuer”) (which, for the avoidance of
doubt, the Company does not believe itself to be as at the date of this Indenture) at the time of such request, no such certificates, documentation or evidence (other than, in the case of the following clause (w), a written request in the form
contemplated by the immediately succeeding sentence)) need be so delivered (w) on and after the date that is the later of (A) September 29, 2022 and (B) the date that is six (six) months after the Last Original Issue Date of such
Note if the requirements of Rule 144(c) and (i) are then satisfied with respect to the Company; (x) in connection with any transfer of a beneficial interest in a Global Note pursuant to Rule 144A; (y) in connection with any transfer
of such Note to the Company or one of its Subsidiaries; or (z) in connection with any transfer of such Note pursuant to an effective registration statement under the Securities Act. If a Holder of any Note or Common Shares issued upon
conversion of any Note, or an owner of a beneficial interest in any Global Note or in a global certificate representing any Common Shares issued upon conversion of any Note, that, in any case, includes a Restricted Note Legend or Restricted Shares
Legend, as the case may be, transfers such Note (or beneficial interest in any Global Note) or Common Shares (or beneficial interest in a global certificate representing any Common Shares) in compliance with Rule 144 and delivers to the Company (at
a time the Company has determined that it is a Former SPAC Issuer (which, for the avoidance of doubt, the Company does not believe itself to be as at the date of this Indenture)) a written request, certifying that it is not, and has not been at any
time during the preceding three (3) months, an Affiliate of the Company), to reissue such Note (or beneficial interest) or Common Share (or beneficial interest) without a Restricted Note Legend or Restricted Shares Legend, as applicable, then
the Company will cause the same to occur (and, if applicable, cause such Note (or beneficial interest) or Common Share (or beneficial interest) to thereafter be represented by an “unrestricted” CUSIP or ISIN number in the facilities of the
related depositary), and will use its commercially reasonable efforts to cause such occurrence within three (3) Trading Days of such request. Any such reissuance shall be in accordance with the applicable procedures of the Depositary in the
case of Global Notes or global certificates representing Common Shares. 
 (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, Redemption 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, redeemed 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, redeemed or repurchased, as applicable, which Physical Note will be converted, redeemed 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, Redemption 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, Redemption 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, redeemed 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, redeemed 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. 
 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 the Company will effect such exchange or procedure as soon as reasonably
practicable. 
 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 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. 

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, shall 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. 
 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 (including, for the avoidance of doubt, Affiliate Notes owned by any of the Company’s Affiliates) will be deemed not to be outstanding;
provided, however, that, for purposes of determining whether the Trustee is protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee 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. Except where Section 2.16 applies, 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(F) 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(F) 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. 

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.

 Article 3. COVENANTS 

Section 3.01. PAYMENT ON NOTES. 

(A) Generally. Subject to Article 11, 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. 

  
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 (B) Deposit of Funds. Subject to Article 11, 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. 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), it being agreed that the Trustee shall not be responsible for determining
whether such filing has been made or for the timeliness of their content. 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. For the avoidance of doubt, as used in this Section 3.02(A), reports that the Company is required to
“file” with the SEC pursuant to Section 13 or 15(d) of the Exchange Act does not include reports that the Company is required to furnish to the Commission pursuant to Section 13 or 15(d) of the Exchange Act. To the extent this
Indenture is qualified under the Trust Indenture Act, the Company will also comply with its other obligations under Section 314(a)(1) of the Trust Indenture Act. 

(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 actual or 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 (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). The Trustee will have no obligation whatsoever to
monitor or confirm, on a continuing basis or otherwise, the Company’s compliance with its covenants under this Indenture or with respect to any reports or other documents filed with the SEC via the EDGAR system (or any successor thereto) or any
other website, or to participate in any conference calls. 
 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 Conversion Shares 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
Conversion 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 Conversion Shares pursuant to Rule 144A. 

  
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 Section 3.04. REGISTRATION RIGHTS; ADDITIONAL
INTEREST. 
 (A) Registration Rights. The Company agrees that the Holders from time to time of Registrable
Securities are entitled to the benefits of the Registration Rights Agreement. By its acceptance thereof, the Holder of Registrable Securities will have agreed to be bound by the terms of the Registration Rights Agreement relating to the Registrable
Securities. 
 (B) Accrual of Additional Interest. If a Registration Default occurs under the Registration Rights Agreement, the
Company shall pay Additional Interest on the Notes in accordance with the Registration Rights Agreement. 
 (C) Amount and Payment of
Additional Interest. Any Additional Interest that accrues on a Note pursuant to Section 3.04(B) will be payable on the same dates and in the same manner as the Stated Interest on such Note; provided,
however, that in no event will Additional Interest that may accrue 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. 

(D) 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. 

(E) Additional Interest Provisions Do Not Apply to Affiliate Notes. Notwithstanding anything to the contrary in this Section 3.04 or the
Registration Rights Agreement, Section 3.04 will not apply to any Affiliate Note (and, for the avoidance of doubt, no Additional Interest will accrue on any Affiliate Note). 

(F) Exclusive Remedy. The accrual of Additional Interest will be the exclusive remedy under this Indenture available to Holders for a
Registration Default. 
 Section 3.05. ADDITIONAL AMOUNTS. 

(A) Requirements to Pay Additional Amounts. All payments and deliveries made by, or on behalf of, the Company or any Successor Entity
under or with respect to the Notes (including payment of the principal of, or the Redemption Price or Fundamental Change Repurchase Price for, or any premium or interest (including Additional Interest and Special Interest) on, or the delivery of any
Conversion Consideration due upon conversion (together with payments of cash 

  
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for any fractional share) of, any Note) will be made without withholding or deduction for, or on account of, any present or future Taxes, unless such withholding or deduction is required by law
or regulation or by governmental policy having the force of law. If any Taxes imposed or levied by or on behalf of any jurisdiction (or any political subdivision or taxing authority thereof or therein) in which the Company or any Successor Entity
is, for tax purposes, organized or resident or doing business or through which payment is made or deemed to be made (each such jurisdiction, subdivision or authority, as applicable, a “Relevant Taxing Jurisdiction”) are required to
be withheld or deducted from any payments or deliveries made under or with respect to the Notes, then, the Company or such Successor Entity, as applicable, will pay or deliver to the Holder of each Note such additional amounts (the
“Additional Amounts”) as may be necessary to ensure that the net amount received by the beneficial owner of such Note after such withholding or deduction (and after withholding or deducting any Taxes on the Additional Amounts) will
equal the amounts that would have been received by such beneficial owner had no such withholding or deduction been required; provided, however, that such obligation to pay Additional Amounts will not apply to: 

(i) any Tax that would not have been imposed but for: 

(1) the existence of any present or former connection between the Holder or beneficial owner (or between a fiduciary, settlor,
beneficiary, member or shareholder or other equity owner of, or a person having a power over, such Holder or beneficial owner, if such Holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or
other entity) of such Note and the Relevant Taxing Jurisdiction (other than merely holding or being a beneficial owner of such Note or the receipt or enforcement of payments thereunder), including such Holder or beneficial owner (or such fiduciary,
settlor, beneficiary, member, shareholder or other equity owner or person having such a power) being or having been a national, domiciliary or resident, or treated as a resident, of, or being or having been physically present or engaged in a trade
or business, or having had a permanent establishment, in, such Relevant Taxing Jurisdiction; 
 (2) in cases where
presentation of such Note is required to receive such payment or delivery, the presentation of such Note after a period of thirty (30) days after the later of (x) the date on which such payment or delivery became due and payable or
deliverable, as applicable, pursuant to the terms of this Indenture and (y) the date such payment or delivery was made or duly provided for, except, in each case, to the extent that such Holder or beneficial owner would have been entitled to
Additional Amounts if it presented such Note for payment or delivery, as applicable, at the end of such thirty (30) day period; or 

(3) the failure of such Holder or beneficial owner to comply with a timely written request from the Company or the Successor
Entity, addressed to such Holder or beneficial owner, to (x) provide certification, information, documentation or other evidence concerning such Holder’s or beneficial owner’s nationality, residence, identity or connection with such
Relevant Taxing Jurisdiction; or (y) make any declaration or satisfy any other reporting requirement relating to such matters, in each case if and to the extent that such Holder or beneficial owner is legally eligible to comply with such
request and due and timely compliance with such request is required by statute, regulation or administrative practice of such Relevant Taxing Jurisdiction in order to reduce or eliminate such withholding or deduction; 

  
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 (ii) any estate, inheritance, gift, sale, excise, transfer, capital gains,
personal property, wealth or similar Tax; 
 (iii) any tax that is payable other than by withholding or deduction from
payments or deliveries under or with respect to the Notes; 
 (iv) any withholding or deduction required by (x) sections
1471 through 1474 of the Internal Revenue Code (or any amended or successor provisions) and any current or future U.S. Treasury Regulations or rulings promulgated thereunder or official interpretation thereof; (y) any inter-governmental
agreement between the United States and any other non-U.S. jurisdiction to implement FATCA or any law enacted by such other jurisdiction to give effect to such agreement; or (z) any agreement with the
U.S. Internal Revenue Service pursuant to Section 1471(b)(1) of the Internal Revenue Code; 
 (v) any taxes imposed on
or with respect to any payment by the Company to such Holder if such Holder is a fiduciary, partnership or person other than the sole beneficial owner of such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a
partner or member of such partnership or a beneficial owner would not have been entitled to such Additional Amounts had such beneficiary, settlor, partner, member or beneficial owner been the Holder thereof; or 

(vi) any combination of items referred to in the preceding clauses (i) through (v), inclusive, above. 

(B) Indemnification for Transfer Taxes. Notwithstanding Section 3.05(A)(ii), the Company will pay and indemnify each Holder and
beneficial owner of the Notes for any present or future stamp, issue, registration, value added, court or documentary taxes, or any other excise, property or similar taxes (including penalties, interest and any other reasonable expenses related
thereto) (“Transfer Taxes”) which are levied by any Relevant Taxing Jurisdiction (and in the case of enforcement, any jurisdiction) on or in connection with the execution, delivery, registration or enforcement of any of the Notes,
this Indenture or any other document or instrument referred to herein or the receipt of payments with respect thereto (including the receipt of shares (together with payment of cash for any fractional shares) or other consideration due upon
conversion) (except any tax or duty that is due because of any transfer of any interest by any Holder or beneficial owner of the Notes, or, upon a conversion, because the converting Holder requests the shares to be registered in a name other than
the Holder’s name). 
 (C) For the avoidance of doubt, if any Note is called for a Tax Redemption and the Redemption Date is after a
Regular Record Date and on or before the next Interest Payment Date, then the Company’s obligation to pay Additional Amounts will apply to the interest payment due on such Note on such Interest Payment Date unless such Note is subject to a Tax
Redemption Opt-Out Election Notice. 

  
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 (D) Tax Receipts. If the Company or any Successor Entity is required to make any
deduction or withholding from any payments or deliveries with respect to the Notes, then (i) the Company or such Successor Entity will deliver to the Trustee official tax receipts (or, if, after expending reasonable efforts, the Company is
unable to obtain such receipts, an Officer’s Certificate evidencing the payment of any applicable taxes so deducted or withheld) evidencing the remittance to the relevant tax authorities of the amounts so withheld or deducted; and (ii) the
Company will make copies of these receipts or evidence, as applicable, available to any Holder or beneficial owner of any Notes in respect of whom the relevant deduction or withholding was made upon request. 

(E) Interpretation of Indenture and Notes. All references in this Indenture or the Notes to any payment on, or delivery with respect to,
the Notes (including payment of the principal of, or the Redemption Price or Fundamental Change Repurchase Price for, or any premium or interest (including any Additional Interest or Special Interest) on, or the delivery of any Conversion
Consideration due upon conversion (together with payments of cash for any fractional share) of, any Note) will, to the extent that Additional Amounts are payable in respect thereof, be deemed to include the payment of such Additional Amounts.
Neither the Trustee nor the Paying Agent shall have any obligation to determine whether any Additional Amounts are payable or the amount of such Additional Amounts. 

(F) Survival of Obligations. The obligations set forth in this Section 3.05 will survive any transfer of Notes
by a Holder (or, in the case of a Global Note, a holder of a beneficial interest therein). 
 Section 3.06. COMPLIANCE
AND DEFAULT CERTIFICATES. 
 (A) Annual Compliance Certificate. Within one hundred
twenty (120) days after December 31, 2022 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 during the previous fiscal year 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 3.07. 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. 

  
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 Section 3.08. ACQUISITION OF NOTES BY
THE COMPANY AND ITS AFFILIATES. 
 The Company will promptly
deliver to the Trustee for cancellation all Notes that the Company or any of its Subsidiaries have purchased or otherwise acquired. 
 Section 3.09.
DEBT INCURRENCE. 
 Until such time that less than $15.0 million aggregate principal amount of Notes
are outstanding under this Indenture, the Company shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, create, incur, assume or guaranty, or otherwise become or remain directly or indirectly liable with respect to, any
Secured Indebtedness (including any Secured Indebtedness consisting of obligations evidenced by a bond, debenture, note or other similar instrument) or any Indebtedness that ranks senior to or pari passu with the Notes, in each case, that is not
Permitted Indebtedness; provided, however, that the accrual of interest shall not be deemed to be an incurrence of Indebtedness for purposes of this Section 3.09. 

Section 3.10. TRANSACTIONS WITH AFFILIATES. 

(A) Until such time that less than $15.0 million aggregate principal amount of Notes are outstanding under this Indenture, the Company
shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or
make or amend any transaction or series of transactions, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each, an “Affiliate Transaction”) involving aggregate
payments or consideration in excess of $2,500,000, unless: 
 (i) the Affiliate Transaction is on terms that are not
materially less favorable to the Company or the relevant Subsidiary, taken as a whole, than those that could have been obtained in a comparable arm’s-length transaction by the Company or such Subsidiary
with a Person that is not an Affiliate of the Company or any of its Subsidiaries; and 
 (ii) the Company delivers to the
Trustee, with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate payments or consideration in excess of $5,000,000, a resolution of the Board of Directors accompanied by an Officers’ Certificate
certifying that such Affiliate Transaction complies with this Section 3.10 and that such Affiliate Transaction has been approved by a majority of the disinterested members of the Board of Directors. 

(B) The following items will be deemed not to be Affiliate Transactions and, therefore, will not be subject to the provisions of
Section 3.10: 

  
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 (i) any employment agreement, employee benefit plan, employee stock
ownership plan, program or arrangement, indemnification or reimbursement agreement or arrangement for any director, officer, employee, agent, consultant and/or contractor of the Company or any Subsidiary, stock option, stock repurchase agreement,
service agreement, incentive agreement, consulting agreement, severance agreement, insurance plan or any similar agreement, plan or arrangement (including director compensation), in each case entered into by the Company and/or any of its
Subsidiaries in the ordinary course of business and/or consistent with past practice and any and all payments pursuant to any of the foregoing; 

(ii) transactions of any nature between or among the Company and/or its Subsidiaries (or any of them); 

(iii) payment of fees and/or salary and reimbursement of expenses of, or entry into any customary indemnity in favor of, any
director, officer, employee, consultant and/or contractor of the Company or any of its Subsidiaries; 
 (iv) any contribution
of capital to the Company or issuance of Capital Stock of the Company or the use of proceeds from any such capital contribution or issuance of Capital Stock; 

(v) transactions pursuant to agreements or arrangements as in effect on the Issue Date, or any amendment, modification, or
supplement thereto or replacement thereof (so long as such agreement or arrangement, as so amended, modified or supplemented or replaced, is not materially more disadvantageous to the Holders of the Notes, taken as a whole, than such agreement or
arrangement as in effect on the Issue Date, as determined in good faith by the Company); 
 (vi) transactions with Affiliates
that are customers, clients, lessors, lessees, suppliers, contractors, joint venture partners, joint ventures or purchasers or sellers of goods or services, in each case which are in the ordinary course of business and/or consistent with past
practice and are otherwise in compliance with the terms of the Indenture, and which are fair to the Company or any of its Subsidiaries, as applicable, in the good faith judgment of the Company or any of its Subsidiaries, as applicable, or are on
terms that, taken as a whole, are materially not less favorable to the Company or such Subsidiary than could be obtained, at the time of such transaction or, if such transaction is pursuant to a written agreement, at the time of the execution of the
agreement providing therefor, in a comparable arm’s-length transaction with a Person that is not an Affiliate; 

(vii) if such Affiliate Transaction is with an Affiliate in its capacity as a holder of Indebtedness or Capital Stock of the
Company or any of its Subsidiaries, a transaction in which such Affiliate is treated no more favorably than the other holders of such series of Indebtedness or such class of such Capital Stock of the Company or such Subsidiary; 

(viii) transactions between the Company or any of its Subsidiaries and any Person that is an Affiliate of the Company or any of
its Subsidiaries solely because a director of such Person is also a director of the Company; provided, however, that such director abstains from voting as a director on any matter involving such other Person; 

  
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 (ix) the formation and maintenance of any consolidated group or subgroup for
tax, accounting or cash pooling or management purposes in the ordinary course of business or transactions undertaken in good faith for the purpose of improving the consolidated tax efficiency of the Company or any Subsidiary and not for the purpose
of circumventing any provision of this Indenture; 
 (x) to the extent permitted under this Indenture, including in
compliance with Article 6, any merger, consolidation or reorganization of the Company with an Affiliate of the Company primarily for the purpose of (a) forming or collapsing a holding company structure or (b) reincorporating the
Company in a new jurisdiction; 
 (xi) entering into one or more agreements that provide registration rights to any security
holders of the Company or any direct or indirect parent of the Company or amending any such agreement with security holders of the Company or any direct or any indirect parent of the Company and the performance of such agreements; and 

(xii) transactions in which the Company delivers to the Trustee a letter from an independent financial advisor stating that
such transaction is fair to the Company or any of its Subsidiaries from a financial point of view or meets the requirements of clause (i) of the preceding paragraph. 

Article 4. REPURCHASE AND REDEMPTION 

Section 4.01. NO SINKING FUND. 

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

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 and Article 11, 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 a rescission 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). 

  
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 (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. 

(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, the Conversion Agent 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; 

  
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 (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. 

(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 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; 

  
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 (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 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; 
 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. Subject to Article 11, 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 

  
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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) Third Party May Conduct Repurchase Offer In
Lieu of the Company. 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 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. 
 (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 the definition thereof, if (i) such Fundamental Change
constitutes a Common Shares 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 (x) the same includes accrued and unpaid interest to, but excluding, the latest Fundamental Change Repurchase Date for such Fundamental Change permitted by this Indenture,
(y) the Company would not default on the payment of the Fundamental Change Repurchase Price on such Fundamental Change Repurchase Date and (z) solely for purposes of this calculation, without giving effect to any increase in the Conversion
Rate applicable to Additional Shares pursuant to Section 5.07(A)); and (iii) the Company timely sends the notice relating to the Make-Whole Fundamental Change that is related to such Fundamental Change required pursuant to
Section 5.07(c) 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. 

  
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 (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 the Earliest Redemption Date. Except pursuant to a Tax Redemption, the Company may not redeem the Notes at its option at any time before the later of (1) September 3, 2022 and (2) the date that is 30 days
after the initial effectiveness of a Registration Statement (as contemplated by the Registration Rights Agreement) (the “Earliest Redemption Date”). 

(B) Right to Redeem the Notes on or After the Earliest Redemption Date. Subject to the terms of this
Section 4.03, the Company has the right, at its election, to redeem all, or any portion in an Authorized Denomination, of the Notes, at any time, and from time to time, on a Redemption Date on or after the Earliest
Redemption Date and on or before the 25th Scheduled Trading Day immediately before the Maturity Date, for a cash purchase price equal to the Redemption Price, but only if (1) the Last Reported Sale Price per Common Share exceeds one hundred and
thirty percent (130%) of the Conversion Price on (x) 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 (y) the Trading Day immediately before such Redemption Notice Date and (2) unless the Company elects (x) Cash Settlement and (y) to pay any owed Interest Make-Whole Payment in
cash, in each case, with respect to conversions of Notes called for Redemption (at a time when Holders are not permitted to elect Physical Settlement pursuant to Section 5.03(A)(i)(3)), a Registration Statement registering
the resale of all Conversion Shares (including any shares issuable as part of the Interest Make-Whole Payment) (i) issuable upon conversion of all Notes called for such Redemption, (ii) that constitute Registrable Securities and
(iii) are held by Holders that have furnished a completed Notice and Questionnaire and such other information as the Company reasonably requests, in each case, as contemplated by Section 2(c) of the Registration Rights Agreement, within
ten (10) Business Days of the Redemption Notice Date, remains effective and usable for the offer and sale of any such Conversion Shares by such Holders continuously during the period from, and including, the date that is at least ten
(10) Scheduled Trading Days prior to the Redemption Date through, and including, the Redemption Date. 
 (C) Right to Redeem the
Notes after a Change in Tax Law. 
 (i) Generally. Subject to the terms of this
Section 4.03, and without limiting the Company’s right to redeem any Notes pursuant to Section 4.03(B), the Company has the right, at its election, to redeem all, but not less than all, of the Notes, at any
time, on a Redemption Date before the Maturity Date, for a cash purchase price equal to the Redemption Price, but only if (i) the Company has (or, on the next Interest Payment Date, would) become obligated to pay any Additional Amounts to
Holders as a result of any Change in Tax Law; (ii) the Company cannot avoid such obligation by taking reasonable measures available to the Company as determined by the Company in its sole discretion; and (iii) the Company delivers to the
Trustee (1) an Opinion of Counsel from outside legal counsel of recognized standing in the Relevant Taxing Jurisdiction attesting to clause (i) above; and (2) an Officer’s Certificate attesting to clauses (i) and (ii) above.

  
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 (ii) Tax Redemption Opt-Out
Election. If the Company calls the Notes for a Tax Redemption, then, notwithstanding anything to the contrary in this Section 4.03 or in Section 3.05, each Holder will have the right to elect
(a “Tax Redemption Opt-Out Election”) not to have such Holder’s Notes redeemed (or any portion thereof in an Authorized Denomination) pursuant to such Tax Redemption, in which case, from
and after the Redemption Date for such Tax Redemption (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, from and after such time as the Company pays such Redemption Price in full), the Company will no longer
have any obligation to pay any Additional Amounts with respect to such Notes (whether such Notes are held by the electing Holder or a transferee) solely as a result of such Change in Tax Law, and all future payments with respect to such Notes
(whether such Notes are held by the electing Holder or a transferee) will be subject to the deduction or withholding of such Relevant Taxing Jurisdiction’s taxes required by law to be deducted or withheld as a result of such Change in Tax Law.

 (1) Tax Redemption Opt-Out Notice. Subject to the Depositary Procedures, to
make a Tax Redemption Opt-Out Election with respect to any Note (or any portion thereof in an Authorized Denomination), the Holder of such Note must deliver a notice (a “Tax Redemption Opt-Out Election Notice”) to the Company with a copy to the Paying Agent before the Close of Business on the tenth (10th) Business Day immediately before the related Redemption Date, which notice must
state: (x) if such Note is a Physical Note, the certificate number of such Note; (y) the principal amount of such Note as to which the Tax Redemption Opt-Out Election will apply, which must be an
Authorized Denomination; and (z) that such Holder is making a Tax Redemption Opt-Out Election with respect to such Note (or such portion thereof); provided, however, that if such Note is a Global
Note, then such notice must comply with the Depositary Procedures (and any such notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.03(C)(ii)(1)). 

(2) Withdrawal of Tax Redemption Opt-Out Election Notice. A Holder that has
delivered a Tax Redemption Opt-Out Election Notice with respect to any Note (or any portion thereof in an Authorized Denomination) may withdraw such Tax Redemption
Opt-Out Election Notice by delivering a withdrawal notice to the Paying Agent at any time before the Close of Business on the fifth (5th) Business Day immediately before the related Redemption Date, which
withdrawal notice must state: (x) if such Note is a Physical Note, the certificate number of such Note; (y) the principal amount of such Note as to which the Tax Redemption Opt-Out Election is being
withdrawn, which must be an Authorized Denomination; and (z) that such Holder is withdrawing the Tax Redemption Opt-Out Election with respect to such Note (or such portion thereof); 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 4.03(C)(ii)(2)). 

  
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 (iii) Right to Convert Not Affected. For the avoidance of doubt, a
Tax Redemption will not affect any Holder’s right to convert any Notes and the Company’s obligation to pay any Additional Amounts with respect to such conversion. 

(D) 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 a recission as a result of the payment of the related Redemption Price, and any related interest pursuant to the proviso to Section 4.03(F), 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). 
 (E) 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 thirty (30), 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 Close of Business on 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-five (65) Scheduled Trading Days, nor less than fifteen
(15) calendar days, after such Redemption Notice Date. 
 (F) Redemption Price. The Redemption Price for any Note called for
Redemption 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 Redemption Date for such Redemption, together with any Additional Amounts with respect to such Redemption
Price; 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. 

  
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 (G) Redemption Notice. To call any Notes for Redemption, the Company must send to
each Holder of such Notes, the Trustee, the Conversion Agent and the Paying Agent a written notice of such Redemption (a “Redemption Notice”). 

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(F)); 

(iv) the calculation of the Interest Make-Whole Payment to the extent applicable; 

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

(vi) 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); 

(vii) 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); 

(viii) 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 Close of Business on the second (2nd) Business Day immediately preceding such Redemption Date; 

(ix) that Notes called for Redemption must be delivered to the Paying Agent (in the case of Physical Notes) or the Depositary
Procedures must be complied with (in the case of Global Notes) for the Holder thereof to be entitled to receive the Redemption Price; and 

(x) 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. At the
Company’s request, the Trustee will give the Redemption Notice to each Holder in the Company’s name and at its expense, provided that the Company delivers to the Trustee, at least five (5) calendar days prior to the Redemption
Notice Date (unless the Trustee agrees to a shorter period), an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice in the form of such notice as provided in this
Section 4.03(G). 

  
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 Without prejudice to the requirements set forth in
Section 4.03(B)(2), a Redemption Notice shall be irrevocable and a Redemption pursuant to Section 4.03(B) may not be conditional. 

(H) Special Requirement for Notice of Tax Redemption. A Redemption Notice relating to a Tax Redemption must be sent pursuant to
Section 4.03(G) no earlier than one hundred and eighty (180) calendar days before the earliest date on which the Company would have been required to make the related payment or withholding (assuming a payment in
respect of the Notes were then due), and the obligation to pay Additional Amounts must (on the assumption that no Redemption has occurred before the time of the next payment or delivery) be expected to remain in effect at the time of the next
payment or delivery in respect of the Notes. 
 (I) Selection and Conversion of Notes to Be Redeemed in Part. 

(i) If less than all Notes then outstanding are called for Redemption, then the Notes to be redeemed will be selected 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 Trustee considers fair and appropriate. 

(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. 
 (J) Payment of the Redemption Price.
Subject to Article 11, 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(F) on any Note (or portion
thereof) subject to Redemption must be paid pursuant to such proviso. 
 (K) Special Provisions for Partial Calls. 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 twenty-seventh (27th) 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 Close of Business on 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 Section 5.03(B). 

  
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 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. A Holder may convert its Notes at any time until the Close of Business on the second (2nd) Scheduled
Trading Day immediately before the Maturity Date. 
 (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 (and a third party fails to
make such payment in lieu of the Company in accordance with Section 4.02(H)). 
 Section 5.02. CONVERSION
PROCEDURES. 
 (A) Generally. 

(i) Global Notes. To convert a beneficial interest in a Global Note, 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, subject to Section 5.10(E)(i)); and (2) pay any amounts due pursuant to
Section 5.02(D) or Section 5.02(E). 

  
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 (ii) Physical Notes. To convert all or a portion of a Physical Note,
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, subject to Section 5.10(E)(i)); (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). 
 (C) Holder
of Record of Conversion Shares. The Person in whose name any Common Shares are issuable upon conversion of any Note will be deemed to become the holder of record of such Common Shares 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) subject to the applicable Depositary Procedures in the case of Global Notes, 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 (w) 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; (x) if such Conversion Date occurs
after the Regular Record Date immediately before the Maturity Date; (y) 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 (z) to the extent of any overdue interest or interest that has accrued on any overdue interest. 
 (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 Common Shares upon such conversion; provided, however, that if any tax or
duty is due because such Holder requested such Common 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 Common Shares to be issued in a name other than that of such Holder. 

  
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 (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 notice of conversion with respect to a Note, then the Conversion Agent will promptly (and, in any event, (x) if received on or before the Close of Business on a date, no
later than the date the Conversion Agent receives such Note or notice and (y) if received after the Close of Business on such date, no later than the Close of Business of the Business Day immediately succeeding such date) 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. 

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) Common Shares, together, if applicable, with cash in lieu of fractional Common 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 Common Shares, together, if applicable, with cash in lieu of
fractional Common 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 December 1, 2026 will be settled using the same Settlement Method, and the Company will send notice of such Settlement Method to Holders and the
Conversion Agent no later than the Open of Business on December 1, 2026; 
 (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 December 1, 2026, then the Company will send notice of such Settlement Method to the Holder of such Note, with a copy to
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 (a) the Company will specify, in the related Redemption Notice sent
pursuant to Section 4.03(G), 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 Close of Business on the
second (2nd) Business Day immediately prior to the related Redemption Date; provided that, notwithstanding the then-existing Default 

  
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Settlement Method or any irrevocable election pursuant to Section 5.03(A)(ii) below, for any Redemption Date that is scheduled to occur prior to March 3, 2023, Cash
Settlement will apply to all conversions of Notes that are called for Redemption pursuant to Section 4.03(B) with a Conversion Date that occurs on or after the related Redemption Notice Date and on or before the Close of
Business on the second (2nd) Business Day immediately prior to the related Redemption Date, except to the extent that concurrently with establishing a Conversion Date on or before the Close of Business on the third (3rd) Business Day after the
related Redemption Notice Date, a Holder provides written notice to the Company that it elects Physical Settlement in respect of the conversion of its Notes, in which case Physical Settlement will apply to the conversion of such Holder’s Notes
that are called for Redemption pursuant to Section 4.03(B) (subject to the applicable procedures of the Depositary in the case of Global Notes) and (b) if such Redemption Date occurs on or after December 1, 2026,
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 December 1, 2026; 

(4) subject to clause (3)(a) above, 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); 
 (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, subject to clause (3)(a) above and clause (8) below, 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, with a copy to the Trustee and the Conversion Agent, 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); 

(7) the Settlement Method will be subject to 5.09(A)(2); and 

(8) notwithstanding the then-existing Default Settlement Method or any irrevocable election pursuant to
Section 5.03(A)(ii) below, Physical Settlement will apply to all conversions of Notes for which a Conversion Date occurs prior to March 3, 2024; provided that, subject to clause (3)(a) above, the Company
may elect any Settlement Method for any conversion of Notes that occurs on or after Redemption Notice Date and on or before the Close of Business on the second (2nd) Business Day immediately prior to the related Redemption Date. 

  
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 (ii) The Company’s Right to Irrevocably Fix or
Eliminate Settlement Methods. 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 (1) irrevocably fix the Settlement Method
that will apply to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to Holders; or (2) irrevocably eliminate any one or more (but not all) Settlement Methods (including eliminating Combination
Settlement with a particular Specified Dollar Amount or range of Specified Dollar Amounts) with respect to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to Holders, provided, in each
case, that (w) the Settlement Method so elected pursuant to clause (1) above, or the Settlement Method(s) remaining after any elimination pursuant to clause (2) above, as applicable, must be a Settlement Method or
Settlement Method(s), as applicable, that the Company is then permitted to elect (for the avoidance of doubt, including pursuant to, and subject to, the other provisions of this Section 5.03(A)); (x) no such irrevocable
election or Default Settlement Method change will affect any Settlement Method theretofore elected (or deemed or required 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 clause (1) above, the Default Settlement Method will automatically be deemed to be set to the
Settlement Method so fixed; and (z) upon any such irrevocable election pursuant to clause (2) above, the Company will, if needed, simultaneously change the Default Settlement Method to a Settlement Method that is consistent with
such irrevocable election. Such notice, if sent, must set forth the applicable Settlement Method(s) so elected or eliminated, as applicable, and the Default Settlement Method applicable immediately after such election 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). 

(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 or eliminates the Settlement Method(s) pursuant to Section 5.03(A)(ii), then the Company will either
post the Default Settlement Method or fixed or eliminated Settlement Method(s), as applicable, on its website or disclose the same in a Report on Form 6-K (or any successor form) or 8-K (or any successor form) that is filed with the SEC. 
 (B) Conversion Consideration. 

(i) Generally. Subject to Sections 5.03(B)(ii), 5.03(B)(iii) and 5.09(A)(2), the type and
amount of consideration (together with any Interest Make-Whole Payment that may be due pursuant to the immediately succeeding paragraph, 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 Common Shares equal to
the Conversion Rate in effect on the Conversion Date for such conversion; 

  
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 (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 Common Shares 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. 
 In addition, to the extent a Conversion
Date, with respect to Notes that have been called for redemption pursuant to Section 4.03(B), occurs on or after a Redemption Notice Date and prior to the Close of Business on the second (2nd) Business Day immediately preceding the related
Redemption Date, the Company shall make an interest make-whole payment (an “Interest Make-Whole Payment”) to the converting Holder equal to the remaining scheduled payments of interest that would have been made on the Notes to be
converted had such Notes remained outstanding from the Conversion Date through March 1, 2026; provided that if any such Conversion Date occurs after the Close of Business on a Regular Record Date and prior to the Open of Business on the
Interest Payment Date corresponding to such Regular Record Date, the Company will not pay interest to, but not including, such Interest Payment Date to any such converting Holder and will instead pay the full amount of the interest to, but not
including such Interest Payment Date, on such Interest Payment Date to the Holder of record on such Regular Record Date. For the avoidance of doubt, but subject to Section 4.03(K), an Interest Make-Whole Payment shall only
be payable as described in the immediately preceding sentence with respect to conversions of Notes that have been called (or deemed called) for Redemption pursuant to Section 4.03(B), and not with respect to any other Notes. 

The Company will satisfy its obligation to pay any Interest Make-Whole Payment, at its election, in cash or Common Shares (together with cash in lieu of any
fractional share as set forth in Section 5.03(B)(ii)). The Company initially elects to settle any Interest Make-Whole Payment in Common Shares (together with cash in lieu of any fractional share as set forth in Section 5.03(B)(ii)). In
order to make an election to pay any Interest Make-Whole Payment in cash or in Common Shares (together with cash in lieu of any fractional share as set forth in Section 5.03(B)(ii)), the Company will be permitted to make an election in the
Redemption Notice related to the Redemption pursuant to Section 4.03(B), which election will be effective for all conversions of Notes so called for Redemption with Conversion Dates that occur on or after the related Redemption Notice Date and
on or before the Close of Business on the second (2nd) Business Day immediately before the related Redemption Date. If the Company does not make such election, subject to Section 5.09(A)(2), the payment of any Interest
Make-Whole Payment shall be in Common Shares (together with cash in lieu of any fractional share as set forth in Section 5.03(B)(ii)). 
 If the
Company pays an Interest Make-Whole Payment in Common Shares, then the number of Common Shares (together with cash in lieu of any fractional share as set forth in Section 5.03(B)(ii)) a Holder will receive will be equal to the quotient of
(x) the dollar amount of the Interest Make-Whole Payment owed to such Holder and (y) the simple average of the Daily VWAP for the five (5) VWAP Trading Days ending on the VWAP Trading Day immediately preceding the Conversion Date.

  
 - 56 - 

 Neither the Trustee nor the Conversion Agent shall have any obligation to calculate the Make- Whole Payment
(whether in cash or Common Shares), or to verify the Company’s calculation thereof. Neither the Trustee nor the Conversion Agent shall have any obligation to determine whether any Notes delivered for conversion are subject to a Redemption. 

(ii) Cash in Lieu of Fractional Shares. Subject to Article 11, if Physical Settlement or Combination Settlement
applies to the conversion of any Note and the number of Common Shares 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 Common Shares 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; and if the number of Common Shares deliverable in respect of an Interest Make-Whole Payment, if any, 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 Common Share in an amount equal to the product of (1) such fraction and
(2) the simple average of the Daily VWAP for the five VWAP Trading Days immediately preceding the Conversion Date. 

(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. 
 (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 nor the Paying Agent will have any duty to make any such
determination. 
 (C) Delivery of the Conversion Consideration. Subject to Article 11, except as set forth in Sections
5.05(D) and 5.09, the Company will pay or deliver, as applicable, the Conversion Consideration (including any Interest Make-Whole Payment) due upon the conversion of any Note to the Holder as follows: (i) if Cash Settlement or
Combination Settlement applies to such conversion, on or before 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 or before the second (2nd) Business Day immediately after the Conversion Date for such conversion. 

  
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 (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 Common Shares, 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 SHARES ISSUED UPON CONVERSION. 

(A) Common Share Reserve. At all times when any Notes are outstanding, the Company will reserve (out of its authorized and not
outstanding but unissued Common Shares that are not reserved for other purposes) a number of Common Shares 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 Common Shares held in its treasury in
settlement of the conversion of any Notes, each reference in this Indenture or the Notes to the issuance of Common Shares in connection therewith will be deemed to include such delivery, mutatis mutandis. 

(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 authorized, 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 Shares are then listed on any securities exchange, or quoted on any inter-dealer quotation system, then the Company will use commercially reasonable 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) Common Share Dividends, Splits and Combinations. If the Company issues solely Common Shares as a dividend or
distribution on all or substantially all of the Common Shares, or if the Company effects a share split or a share combination of the Common Shares (in each case excluding an issuance solely pursuant to a Common Shares Change Event, as to which
Section 5.09 will apply), then the Conversion Rate will be adjusted based on the following formula: 

  
 - 58 - 

 

 
 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 share split or share 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 Common Shares outstanding immediately before the Open of Business on such Ex-Dividend Date or effective date, as applicable, without giving effect to such dividend, distribution,
share split or share combination; and
			
	OS1	  	=	  	the number of Common Shares outstanding immediately after giving effect to such dividend, distribution, share split or share combination.

 If any dividend, distribution, share split or share 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 share split or share combination, to the Conversion Rate that would then be in effect had such dividend, distribution, share split or share combination not been declared or announced. 

(ii) Rights, Options and Warrants. If the Company distributes, to all or substantially all holders of Common Shares,
rights, options or warrants (other than rights issued or otherwise distributed pursuant to a shareholder 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 Common Shares at a price per Common Share that is less than the average of the Last Reported Sale Prices per Common Share 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: 

 
 

 

  
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 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 Common Shares outstanding immediately before the Open of Business on such Ex-Dividend Date;
			
	X	  	=	  	the total number of Common Shares issuable pursuant to such rights, options or warrants; and
			
	Y	  	=	  	a number of Common Shares 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 Common Share 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 Common Shares
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 Common Shares actually delivered upon exercise of such rights, options or warrants. 

For purposes of this Section 5.05(A)(ii), in determining whether any rights, options or warrants entitle holders of Common Shares to
subscribe for or purchase Common Shares at a price per Common Share that is less than the average of the Last Reported Sale Prices per Common Share 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 Board of Directors 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 Shares, excluding: 

  
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 (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 shareholder 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 Common Shares, as to which
Section 5.05(A)(v) will apply; and 
 (z) a distribution solely pursuant to a Common Shares Change
Event, as to which Section 5.09 will apply, 
 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 Common Share 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 Board of Directors 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 Common Share pursuant to such distribution;

  
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 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 Shares (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 Common Shares 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 Shares (other than solely pursuant to (x) a Common Shares Change Event, as to which
Section 5.09 will apply; or (y) a tender offer or exchange offer for Common Shares, 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: 
  
  
 

 
 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 Shares 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 Common Share in such Spin-Off; and
			
	SP	  	=	  	the average of the Last Reported Sale Prices per Common Share for each Trading Day in the Spin-Off Valuation Period.

  
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 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. 
 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 Shares, 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 Common Share on the Trading Day immediately before such Ex-Dividend Date; and
			
	D	  	=	  	the cash amount distributed per Common Share in such dividend or distribution;

  
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 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 Shares, 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 Common Shares 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 Common Shares (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 Common Share in such tender or exchange offer exceeds the Last Reported Sale Price per Common
Share 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: 
  
  
 

 
 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 Common Shares purchased or exchanged in such tender or exchange offer;
			
	OS0	  	=	  	the number of Common Shares outstanding immediately before the Expiration Time (including all Common Shares accepted for purchase or exchange in such tender or exchange offer);

  
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	OS1	  	=	  	the number of Common Shares outstanding immediately after the Expiration Time (excluding all Common Shares accepted for purchase or exchange in such tender or exchange offer); and
			
	SP	  	=	  	the average of the Last Reported Sale Prices per Common Share 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, 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 Common Shares 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 Common Shares, if any, actually made, and not
rescinded, in such tender or exchange offer. 
 (vi) Conversion Rate Reset. 

(1) If the average of the Daily VWAPs during the 20 consecutive VWAP Trading Days immediately preceding March 3, 2023 (the “First
Reset Date”) is less than $7.3777, the Conversion Rate shall be replaced, with effect from the First Reset Date, by the lower of (a) the quotient of (i) $1,000 and (ii) 125% of the average of the Daily VWAPs during the 20 consecutive
VWAP Trading Days immediately preceding the First Reset Date (which quotient will be rounded to the nearest 1/10,000) and (b) 137.9310 (the “Ceiling Conversion Rate,” which rate is subject to adjustment in the same manner and at the
same time that the Conversion Rate is adjusted pursuant to Article 5 (exclusive of this clause (vi)). 

  
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 (2) If the average of the Daily VWAPs during the 20 consecutive VWAP Trading Days
immediately preceding March 3, 2024 (the “Second Reset Date”) is less than the quotient of (a) the average of Conversion Prices in effect during the 20 consecutive VWAP Trading Days immediately preceding the Second Reset
Date and (b) 125%, the Conversion Rate shall be replaced, with effect from the Second Reset Date, by the lower of (i) the quotient of (I) $1,000 and (II) 125% of the average of the Daily VWAPs during the 20 consecutive VWAP Trading Days
immediately preceding the Second Reset Date (which quotient will be rounded to the nearest 1/10,000) and (b) the Ceiling Conversion Rate. 

(3) The Company shall notify the Trustee, the Holders and the Conversion Agent (if other than the Trustee) in writing if the events in this
Section 5.05(A)(vi) occur and the new resulting Conversion Rate. 
 (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 share 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 Shares, 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 Common Shares 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 Common Shares for a purchase price per
Common Share that is less than the market price per Common Share or less than the Conversion Price; 
 (2) the issuance of
any Common Shares 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 Common Shares under any such plan; 

(3) the issuance of any Common Shares or options or rights to purchase Common Shares pursuant to any present or future
employee, director or consultant benefit plan or program of, or assumed by, the Company or any of its Subsidiaries; 
 (4)
the issuance of any Common Shares pursuant to any option, warrant, right or convertible or exchangeable security of the Company outstanding as of the Issue Date; 

  
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 (5) solely a change in the par value of the Common Shares; 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) December 1, 2026. 

(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 Common Shares (in the case of Physical
Settlement) or due in respect of such VWAP Trading Day includes any whole or fractional Common Shares (in the case of Combination Settlement); and 

(iv) such Common 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. 

(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: 

  
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 (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 Common Shares (in the case of Physical
Settlement) or due in respect of such VWAP Trading Day includes any whole or fractional Common Shares (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 Common 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 Common Shares 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 Common Shares had such Common 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
Common Shares 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) Shareholder Rights Plans. If any Common Shares are to be issued upon conversion of any Note and, at the time of such conversion,
the Company has in effect any shareholder rights plan, then the Holder of such Note will be entitled to receive, in addition to, and concurrently with the delivery of, the Conversion Consideration otherwise payable under this Indenture upon such
conversion, the rights set forth in such shareholder rights plan, unless such rights have separated from the Common Shares at such time, in which case, and only in such case, the Conversion Rate will be adjusted pursuant to
Section 5.05(A)(iii)(1) on account of such separation as if, at the time of such separation, the Company had made a distribution of the type referred to in such Section to all holders of the Common Shares, subject to
potential readjustment in accordance with the last paragraph of Section 5.05(A)(iii)(1). 
 (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 Common Share being less than the par value per Common Share. 

  
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 (H) Equitable Adjustments to Prices. Whenever any provision of this Indenture
requires the Company to calculate the average of the Last Reported Sale Prices, Daily VWAPs, Conversion Prices or any function thereof, over a period of multiple days (including to calculate the Share 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, if appropriate, make proportionate adjustments to such calculations to account for any adjustment to the
Conversion Rate that becomes effective, or any event requiring such 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 Common Shares. For
purposes of Section 5.05(A), the number of Common Shares outstanding at any time will (i) include Common Shares issuable in respect of scrip certificates issued in lieu of fractions of Common Shares; and
(ii) exclude Common Shares held in the Company’s treasury (unless the Company pays any dividend or makes any distribution on Common Shares 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 Common Share (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 the calculation of such adjusted Conversion Rate; 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 Shares or rights to purchase Common Shares as a result of any dividend or distribution of Common Shares (or rights to acquire Common Shares) 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, no later than the first Business Day of the related twenty (20) Business Day period referred to in
Section 5.06(A), 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 Common 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 Share Price of such Make-Whole Fundamental Change:

  

																																																					
	 	 	Share Price	 
	 Make-Whole

Fundamental Change

Effective Date
	 	$6.64	 	 	$7.38	 	 	$7.75	 	 	$8.50	 	 	$9.22	 	 	$10.00	 	 	$11.99	 	 	$15.00	 	 	$25.00	 	 	$40.00	 	 	$70.00	 	 	$125.00	 	 	$255.00	 
	 March 3, 2022
	 	 	42.1700	 	 	 	40.6504	 	 	 	37.5006	 	 	 	32.2541	 	 	 	28.3113	 	 	 	24.9190	 	 	 	18.9458	 	 	 	13.8193	 	 	 	7.2032	 	 	 	3.9855	 	 	 	1.7866	 	 	 	0.5606	 	 	 	0.0000	 
	 March 1, 2023
	 	 	42.1700	 	 	 	37.3415	 	 	 	34.1123	 	 	 	28.7988	 	 	 	24.8764	 	 	 	21.5640	 	 	 	15.9224	 	 	 	11.3427	 	 	 	5.8424	 	 	 	3.2535	 	 	 	1.4719	 	 	 	0.4681	 	 	 	0.0000	 
	 March 1, 2024
	 	 	42.1700	 	 	 	34.4024	 	 	 	30.9587	 	 	 	25.3706	 	 	 	21.3373	 	 	 	18.0160	 	 	 	12.6314	 	 	 	8.6353	 	 	 	4.3776	 	 	 	2.4598	 	 	 	1.1269	 	 	 	0.3669	 	 	 	0.0000	 
	 March 1, 2025
	 	 	42.1700	 	 	 	31.2927	 	 	 	27.4787	 	 	 	21.3929	 	 	 	17.1215	 	 	 	13.7270	 	 	 	8.6330	 	 	 	5.4393	 	 	 	2.7208	 	 	 	1.5448	 	 	 	0.7164	 	 	 	0.2390	 	 	 	0.0000	 
	 March 1, 2026
	 	 	42.1700	 	 	 	28.1125	 	 	 	23.6142	 	 	 	16.5929	 	 	 	11.9002	 	 	 	8.3970	 	 	 	3.6664	 	 	 	1.7120	 	 	 	0.8636	 	 	 	0.4950	 	 	 	0.2324	 	 	 	0.0794	 	 	 	0.0000	 
	 March 1, 2027
	 	 	42.1700	 	 	 	27.1003	 	 	 	20.6310	 	 	 	9.2459	 	 	 	0.0586	 	 	 	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 Share Price is not set forth in the table above, then:

 (i) if such Share Price is between two Share 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 Share 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 Share Price is greater than $255.00 (subject to adjustment in the same manner as the Share Prices set forth in the
column headings of the table above are adjusted pursuant to Section 5.07(B)), or less than $6.64 (subject to adjustment in the same manner), per Common 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 150.6046 Common Shares 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) (which amount, in the event of an adjustment to the Conversion Rate pursuant to Section 5.05(A)(vi), shall be adjusted by multiplying such amount by a fraction, the numerator of
which is the Conversion Rate immediately after such adjustment and the denominator of which is the Conversion Rate immediately prior to such adjustment). 

Notwithstanding anything to the contrary in this Indenture or the Notes, if an Interest Make-Whole Payment is due in respect of converted
Notes entitled to Additional Shares pursuant to this Section 5.07, the Holder of such Notes shall be entitled to receive the greater of the Interest Make-Whole Payment or such Additional Shares, but not both;
provided that the simple average of the Daily VWAP for the five (5) VWAP Trading Days ending on the VWAP Trading Day immediately preceding the Conversion Date shall be used to determine the value of such Additional Shares for this
purpose. 

  
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 (B) Adjustment of Share Prices and Number of Additional Shares. The Share 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) (which amount, in the event of an adjustment to the Conversion Rate pursuant to Section 5.05(A)(vi), shall be adjusted by multiplying such amount by a
fraction, the numerator of which is the Conversion Rate immediately prior to such adjustment and the denominator of which is the Conversion Rate immediately after such adjustment). 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) (which amount, in the
event of an adjustment to the Conversion Rate pursuant to Section 5.05(A)(vi), shall be adjusted by multiplying such amount by a fraction, the numerator of which is the Conversion Rate immediately after such adjustment and
the denominator of which is the Conversion Rate immediately prior to such adjustment). 
 (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 and the related Make-Whole Fundamental Change Effective Date promptly, and in no event later than the second
(2nd) Business Day immediately after the Make-Whole Fundamental Change Effective Date. 
 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 

  
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 (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. The
Conversion Agent will be entitled to conclusively rely upon the Company’s instruction in connection with effecting such exchange election and will have no liability in respect of such exchange election. 

Section 5.09. EFFECT OF COMMON SHARES CHANGE EVENT. 

(A) Generally. If there occurs any: 

(i) recapitalization, reclassification or change of the Common Shares (other than (x) changes solely resulting from a
subdivision or combination of the Common Shares, (y) a change only in par value or from par value to no par value or no par value to par value or (z) share splits and share 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 Shares are converted into, or are exchanged for, or represent solely the right to receive, other securities, cash or
other property, or any combination of the foregoing (such an event, a “Common Shares 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) Common Share would be entitled to receive on account of such Common Shares 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 Shares 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 Common Shares 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 Common Shares 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 Shares” 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
(I) each conversion of any Note with a Conversion Date that occurs on or after the effective date of such Common Shares Change Event will be settled entirely in cash in an amount, per $1,000 principal amount of such Note being converted, equal
to the product of (x) the Conversion Rate in effect on such Conversion Date (including, for the avoidance of doubt, any increase to such Conversion Rate pursuant to Section 5.07, if applicable); and (y) the amount
of cash constituting such Reference Property Unit, together with an Interest Make-Whole Payment, if applicable, which shall be payable solely in cash (regardless of whether the Company elected to settle Interest Make-Whole Payments in cash in
accordance with Section 5.03(B))) and (II) the Company will settle each such conversion 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 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, 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 shareholder
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 Common Share, by the holders of Common Shares. The Company will notify Holders,
the Trustee and the Conversion Agent of such weighted average as soon as practicable after such determination is made. 
 At or before the
effective time of such Common Shares Change Event, the Company and the resulting, surviving or transferee Person (if not the Company) of such Common Shares 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, if an Affiliate of the Successor 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. 

  
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 (B) Notice of Common Shares Change Events. The Company will provide notice of each
Common Shares Change Event to Holders, the Trustee and the Conversion Agent no later than the Business Day after the effective date of such Common Shares Change Event. 

Section 5.10. BENEFICIAL OWNERSHIP LIMITATIONS. 

(A) Notwithstanding anything to the contrary in this Indenture, no Holder (other than a Holder of an Affiliate Note) will be entitled to
receive Common Shares upon conversion of Notes (including as part of any Interest Make-Whole Payment), and no conversion of Notes (other than Affiliate Notes) shall take place, to the extent (but only to the extent) that such receipt (or conversion)
would cause such Holder and its affiliates (as defined in Rule 12b-2 under the Exchange Act) and associates (as defined in Rule 12b-2 under the Exchange Act), in each
case together with any other persons whose beneficial ownership would be aggregated with such Person for purposes of Section 13(d) of the Exchange Act (including any “group” of which such Person is a member) to beneficially own Common
Shares in excess of the Beneficial Ownership Limitations. For purposes of the foregoing sentence, the number of Common Shares beneficially owned by the Holder and its affiliates (as defined in Rule 12b-2 under
the Exchange Act) shall include the number of Common Shares issuable upon conversion of any Notes (including as part of any Interest Make-Whole Payment) with respect to which such determination is being made, but shall exclude the number of Common
Shares which are issuable upon (1) conversion of the remaining, unconverted principal amount of Notes beneficially owned by the Holder, its affiliates (as defined in Rule 12b-2 under the Exchange Act),
its associates (as defined in Rule 12b-2 under the Exchange Act) or any other persons whose beneficial ownership would be aggregated with any of the foregoing Person for purposes of Section 13(d) of the
Exchange Act (including any “group” of which such Person is a member) and (ii) exercise, conversion or exchange of the unexercised, unconverted or unexchanged portion of any other securities of the Company subject to a limitation on
exercise, conversion or exchange analogous to the limitation contained herein beneficially owned by the Holder, its affiliates (as defined in Rule 12b-2 under the Exchange Act), its associates (as defined in
Rule 12b-2 under the Exchange Act) or any other persons whose beneficial ownership would be aggregated with any of the foregoing Person for purposes of Section 13(d) of the Exchange Act (including any
“group” of which such Person is a member). Except as set forth in the preceding sentence, for purposes of this provision, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and
regulations promulgated thereunder. Any purported delivery of Common Shares upon conversion of the Notes (including as part of any Interest Make-Whole Payment) (other than Affiliate Notes) held by any converting Holder shall be void and have no
effect to the extent (but only to the extent) that such delivery would result in such converting Holder exceeding the Beneficial Ownership Limitations in violation of this Section 5.10. Solely for the purpose of this
Section 5.10, in the case of Global Notes, “Holder” shall mean a person that holds a beneficial interest in the Notes and not the Depository or its nominee. 

  
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 (B) To the extent that the limitation contained in this Section 5.10
applies, the determination of whether any Notes are convertible (in relation to other securities beneficially owned by the Holder) and of which principal amount of such Notes are convertible shall be in the sole discretion of the Holder, and,
unless otherwise indicated in connection with the Notice of Conversion, the submission of a Notice of Conversion shall be deemed to be the Holder’s determination of whether any Notes may be converted (in relation to other securities
beneficially owned by the Holder) and which principal amount such Notes are convertible, in each case subject to the Beneficial Ownership Limitations. To ensure compliance with this restriction, unless otherwise indicated in connection with the
Notice of Conversion, the Holder (other than a Holder of an Affiliate Note) shall be deemed to represent to the Company each time it delivers a Notice of Conversion that such Notice of Conversion has not violated the restrictions set forth in this
Section 5.10 and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any “group” status as contemplated above shall be determined in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. 
 (C) For purposes of this
Section 5.10, in determining the number of outstanding Common Shares, the Holder may rely on the number of outstanding Common Shares as stated in the most recent of the following: (1) the Company’s most recent
periodic or annual report filed with the Commission, as the case may be, (2) a more recent public announcement by the Company, or (3) a more recent written notice by the Company or the Company’s transfer agent to such Holder setting
forth the number of Common Shares outstanding. Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of Common Shares then outstanding. In any case, the number
of outstanding Common Shares shall be determined after giving effect to the exercise, conversion or exchange of securities of the Company, including the Notes, by the Holder since the date as of which such number of outstanding Common Shares was
reported. 
 (D) The “General Beneficial Ownership Limitation” shall be 4.9% of the number of Common Shares outstanding
immediately after giving effect to the issuance of Common Shares issuable upon conversion of any Notes held by the Holder. Any Holder, upon written notice to the Company, may elect a beneficial ownership limit as to such Holder (but not as to any
other Holder) (such limit, a “Holder Beneficial Ownership Limitation” and together with the General Beneficial Ownership Limitation, the “Beneficial Ownership Limitations”) that is less than or equal to 9.9%. Any
Holder Beneficial Ownership Limitation will be effective as of the date specified in such notice, which shall not be earlier than (i) the date such notice is delivered to the Company in the event such notice decreases the Beneficial Ownership
Limitations applicable to such Holder, and (ii) 61 days after the date such notice is delivered to the Company in all other cases. 
 (E) Any
Notes surrendered for conversion for which Common Shares are not delivered due to the Beneficial Ownership Limitations shall not be extinguished and, such Holder may either: 

(i) request return of the Notes surrendered by such Holder for conversion, after which the Company shall deliver such Notes to
such Holder within two Trading Days after receipt of such request; or 
 (ii) certify to the Company that the Person (or
Persons) receiving Common Shares upon conversion is not, and would not, as a result of such conversion, become the beneficial owner of Common Shares outstanding at such time in excess of the applicable Beneficial Ownership Limitations, after which
the Company shall cause to be delivered 

  
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any such Common Shares withheld on account of such applicable Beneficial Ownership Limitations by the later of (x) the date such shares were otherwise due to such Person (or Persons) and
(y) two Trading Days after receipt of such certification; provided, however, until such time as the affected Holder gives such notice, no Person shall be deemed to be the shareholder of record with respect to the Common Shares
otherwise deliverable upon conversion in excess of any applicable Beneficial Ownership Limitations. Upon delivery of such notice, the provisions under Article 5 shall apply to the Common Shares to be delivered pursuant to such notice. 

(F) For the avoidance of doubt and notwithstanding anything to the contrary in the foregoing, this Section 5.10 shall
not apply to and shall not in any way limit the ability of a Holder of an Affiliate Note to convert such Affiliate Note and receive Conversion Shares to the extent deliverable in connection with any such conversion. 

(G) Neither the Trustee nor the Conversion Agent shall have any duty to monitor Beneficial Ownership Limitations or to monitor the
Company’s or any Holder’s compliance with this Section 5.10. 
 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 (or entity treated as a corporation for U.S. federal income tax purposes), limited liability company, limited partnership
or other similar entity) or entity treated as a corporation for U.S. federal income tax purposes (the “Successor Entity”), duly organized or incorporated and existing under the laws of the United States of America or any State
thereof, the District of Columbia or the Islands of Bermuda or the Cayman Islands or the British Virgin Islands or Guernsey or Jersey, the Netherlands, Belgium, Switzerland, Luxembourg, the Republic of Ireland, Canada or the United Kingdom 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 (including, for the avoidance of doubt, the obligation to pay Additional Amounts pursuant to Section 3.05) 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. 

  
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 (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. 
 Section 6.03.
EXCLUSION FOR ASSET TRANSFERS WITH WHOLLY OWNED SUBSIDIARIES. 

Notwithstanding anything to the contrary in this Article 6, this Article 6 will not apply to any transfer of assets between or
among the Company and any one or more of its Wholly Owned Subsidiaries not effected by merger or consolidation. 
 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, whether or not such payment is prohibited by Article 11; 

(ii) a default for thirty (30) consecutive days in the payment when due of interest on any Note, whether or not such
payment is prohibited by Article 11; 
 (iii) the Company’s failure to deliver, when required by this Indenture, a
Fundamental Change Notice, or a notice pursuant to Section 5.07(C), if, in either case, 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 Article 5, including the payment or
delivery of any applicable Interest Make-Whole Payment, upon the exercise of the conversion right with respect thereto, if such default is not cured within three (3) Business Days after its occurrence, whether or not delivery of the Conversion
Consideration is prohibited by Article 11; 
 (v) a default in the Company’s obligations under Article 6; 

  
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 (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
eighteen million dollars ($18,000,000) (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 acceleration has not been rescinded or annulled or such failure to pay or default is not cured or waived, or such
Indebtedness is not paid or discharged in full, 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) a final judgment or judgments for the payment of eighteen million dollars ($18,000,000) (or its
foreign currency equivalent) or more (excluding any amounts covered by insurance) in the aggregate rendered against the Company or any Subsidiary, which judgment is not discharged, bonded, paid, waived or stayed within sixty (60) days after
(i) the date on which the right to appeal thereof has expired if no such appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished; 

(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; 

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

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

(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. 
 Section 7.02. ACCELERATION. 

(A) Automatic Acceleration in Certain Circumstances. Subject to Article 11, 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 and Article 11, 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. 

  
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 (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 (including, to the extent applicable, Section 314(a)(1) of the Trust Indenture Act) will, for each of the first three hundred sixty (360) 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 three hundred sixty first (361st) 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 three hundred sixty first (361st) 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 180 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 pursuant
to Section 3.04, 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. 

  
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 (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 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, subject to Section 10.01, the Trustee determines may be unduly prejudicial to the rights of other Holders or may involve the Trustee in liability, unless the Trustee is offered and, if requested, provided security
and indemnity satisfactory to the Trustee against any loss, liability or expense to the Trustee that may result from the Trustee’s following such direction. 

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: 

  
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 (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
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 or indemnity; and 
 (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 pursuant to Article 5 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. 

  
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 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. 

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, the Note Agents and their 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 Note Agents 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. 

  
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 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; 
 (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 Shares Change Event; 
 (G) irrevocably (1) 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 or required to be elected) with respect to any Note pursuant to Section 5.03(A)
or (2) elect to settle Interest Make-Whole Payments with cash or Common Shares (or a combination thereof) (together with cash in lieu of any fractional shares as set forth in Section 5.03(B)(ii)); provided,
however, that no such election will affect any Interest Make-Whole Payment settlement method theretofore elected (or deemed to be elected) with respect to any Note pursuant to Section 5.03(B); 

(H) evidence or provide for the acceptance of the appointment, under this Indenture, of a successor Trustee; 

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

(J) 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 

  
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 (K) 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 (other than Holders that have consented to such change), as such, as determined by the Board of Directors in good faith. 

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 (and, in the case of an amendment, supplement or waiver that affects Notes that are not Affiliate Notes, a majority in aggregate
principal amount of all Notes then outstanding that are not Affiliate Notes), amend or supplement this Indenture or the Notes or waive compliance with any provision of this Indenture or the Notes. 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 change 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; 

(ix) modify the provisions of Article 11 in a manner which adversely affects the rights of the Holders under this
Indenture, as such; or 
 (x) 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. 

  
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 (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. 

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). 

  
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 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. 

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 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 (including, if
applicable, all related Additional Amounts), 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) (or if the Conversion Agent is unable or unwilling to hold such deposit of Conversion Consideration, the Holders), 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) (including, if applicable, all related Additional Amounts) sufficient to satisfy
all amounts or other property due on all Notes then outstanding (other than Notes replaced pursuant to Section 2.13); 

  
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 (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 the last sentence of Section 2.10(D),
Article 10 and Section 12.01 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 request, the Trustee will
acknowledge the satisfaction and discharge of this Indenture. 
 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 of which a Responsible Officer has actual knowledge, 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; provided
that the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders unless such Holders have offered, and, if requested, provided, to the Trustee indemnity or
security satisfactory to the Trustee against any loss, liability or expense that might be incurred by it in compliance with such request or direction. 

  
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 (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. 
 (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; 

(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; and 
 (iv) no provision of this Indenture will
require the Trustee to expend or risk its own funds or incur any liability in the performance of any of its duties under this Indenture, or in the exercise of any of its rights or powers, if it has reasonable grounds to believe that repayment of
such funds or adequate indemnity against such liability is not reasonably assured to it. 
 (D) Each provision of this Indenture that in any
way relates to the Trustee is subject to clauses (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. 

  
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 (G) Unless a Responsible Officer of the Trustee has received notice from the Company that
Additional Interest is owing on the Notes or that the Company has elected to pay Special Interest on the Notes, the Trustee may assume no Additional Interest or Special Interest, as applicable, is payable. 

(H) The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended to,
and will be enforceable by, the Trustee in each of its capacities under this Indenture, including as Note Agent. 
 (I) The Trustee will not
be charged with knowledge of any document or agreement other than this Indenture and the Notes. 
 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. 
 (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 permissive rights of the Trustee set forth in this Indenture will not be construed as duties imposed on the Trustee. 

(I) The Trustee will not be required to give any bond or surety in respect of the execution or performance of this Indenture or otherwise. 

  
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 (J) 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, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit, and the Trustee will incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(K) If any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent to
the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred. 
 (L)
The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended to, and will be enforceable by, the Trustee in each of its capacities under this Indenture. 

(M) The Trustee may request that the Company deliver a certificate setting forth the names of individuals or titles of officers authorized at
such time to take specified actions pursuant to this Indenture. 
 (N) Neither the Trustee nor any Note Agent will have any responsibility or
liability for any actions taken or not taken by the Depositary. 
 (O) Unless a Responsible Officer of the Trustee has received notice from
the Company that Additional Interest is owing on the Notes or that the Company has elected to pay Special Interest on the Notes, the Trustee may assume no Additional Interest or Special Interest, as applicable, is payable. 

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. Each Note Agent will have the same rights and duties as the Trustee under this Section 10.03. 

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. 

  
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 Section 10.05. NOTICE OF DEFAULTS. 

If a Default or Event of Default occurs and is continuing and is 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 ten (10) Business Days) after it becomes known to a
Responsible Officer; provided, however, that, except in the case of a Default or Event of Default in the payment of the principal of, or interest on, any Note, or a Default in the payment or delivery of any Conversion Consideration
upon conversion of any Note, the Trustee may withhold such notice if and for so long as it in good faith determines that withholding such notice is in the interests of the Holders. The Trustee will not be deemed to have notice or be charged with
knowledge of any Default or Event of Default unless written notice thereof has been received by a Responsible Officer, and such notice references the Notes and this Indenture and states on its face that a Default or Event of Default has occurred.

 Section 10.06. COMPENSATION AND INDEMNITY. 

(A) The Company will, from time to time, pay the Trustee and the Note Agents reasonable compensation for its acceptance of this Indenture and
services under this Indenture, as separately agreed by the Company and the Trustee. 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 (in each of its capacities under this
Indenture or the Notes) and its directors, officers, employees and agents, in their capacities as such, 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, bad faith or
willful misconduct, as determined by a final decision of a court of competent jurisdiction. 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. 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. 

  
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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 office of the 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 sixty (60) 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 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. 
 Any organization or entity into which the Trustee
may be merged or converted or with which it may be consolidated, or any organization or entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any organization or entity succeeding to all or
substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such organization or entity shall be otherwise qualified and eligible under this Article 10, without the execution or
filing of any paper or any further act on the part of any of the parties hereto. 
 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. Subordination of the Notes 

Section 11.01. AGREEMENT OF SUBORDINATION. 

(A) The Company covenants and agrees, and each Holder of Notes issued hereunder by its acceptance thereof likewise covenants and agrees, that
all Notes shall be issued subject to the provisions of this Article 11; and each Person holding any Note, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees to be bound by such provisions. 

(B) Save to the extent otherwise permitted to be paid in cash by the terms applicable to the Designated Senior Debt, the payment in cash of the
principal of and accrued and unpaid interest, if any, on, the Redemption Price or Fundamental Change Repurchase Price of, or any cash portion of the Conversion Consideration (irrespective of which Settlement Method the Company has elected)
(excluding cash payable in lieu of delivering fractional Common Shares) due upon conversion of, the Notes is subordinated and postponed to the prior payment in full, in cash or other payment satisfactory to the holders of the Designated Senior Debt,
of all obligations under the Designated Senior Debt to the extent set forth in this Article 11. 
 (C) No provision of this Article
11 shall prevent the occurrence of any Default or Event of Default hereunder. 

  
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 Section 11.02. PAYMENTS TO HOLDERS. 

(A) Save to the extent otherwise permitted to be paid in cash by the terms applicable to the Designated Senior Debt, the Company shall not make
any payment or distribution in cash to the Trustee or any Holder in respect of the Company’s obligations under the Notes or repurchase, redeem or otherwise acquire the Notes if: 

(i) a default in the payment of any Designated Senior Debt occurs and is continuing beyond any applicable period of grace; or

 (ii) any other default (a “Nonpayment Default”) under the terms of any Designated Senior Debt occurs and
is continuing that permits or would (with the giving of notice or lapse of time or both) permit any holder, or agent or representative for the holders, of such Designated Senior Debt to accelerate its maturity and the Trustee receives a notice of
such default (a “Payment Blockage Notice”) from the Company, any such holder, agent or representative or any other Person permitted to give such notice under this Indenture. 

If the Trustee receives any Payment Blockage Notice pursuant to clause (ii) above, no subsequent Payment Blockage Notice shall be
effective for purposes of this Section 11.02 unless at least 365 days shall have elapsed since the Trustee’s receipt of the immediately prior Payment Blockage Notice. No Nonpayment Default that existed or was
continuing on the date of receipt of any Payment Blockage Notice by the Trustee shall be, or be made, the basis for a subsequent Payment Blockage Notice. 

(B) The Company may resume payments or distributions in cash to the Trustee or any Holder in respect of the Company’s obligations under
the Notes or repurchase, redeem or otherwise acquire the Notes if: 
 (i) in the case of a default referred to in clause
(A)(i) above, upon the date on which such default is cured or waived or ceases to exist; and 
 (ii) in the case of a
Nonpayment Default of Designated Senior Debt, the earliest of (1) the date on which such Nonpayment Default is cured, waived or ceases to exist, (2) 179 days after the date on which the Payment Blockage Notice is received by the Trustee unless
the maturity of any Designated Senior Debt has been accelerated, and (3) the date on which all obligations in respect of such Designated Senior Debt have been paid in full in cash or other payment satisfactory to the holders of such Designated
Senior Debt. 
 (C) Upon any dissolution, winding-up, liquidation or reorganization of the Company
(whether voluntary or involuntary) or bankruptcy, insolvency or similar proceedings, the Company shall pay the holders of Designated Senior Debt in full in cash or other payment satisfactory to the holders of the Designated Senior Debt all amounts
due and owing thereunder before the Company pays the Holders any amounts owed to them in respect of the Notes. 
 (D) If the Notes are
accelerated because of an Event of Default or subject to repurchase by the Company at the option of the Holders following a Fundamental Change, the Company shall pay the holders of the Designated Senior Debt in full in cash or other payment
satisfactory to the holders of the Designated Senior Debt all amounts due and owing thereunder before the Company pays the Holders in connection with such acceleration or Fundamental Change. 

  
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 (E) In the event that either the Trustee or any Holder of the Notes receives any payment of
any obligations with respect to the Notes when (i) the payment is prohibited by this Article 11 and (ii) the Trustee or the Holder has actual knowledge that the payment is prohibited, the Trustee or the Holder, as the case may be,
shall hold the payment in trust for the benefit of the holders of the Designated Senior Debt. Upon the proper written request of the holders of Designated Senior Debt or their agent or representative, the Trustee or the Holder, as the case may be,
shall deliver the amounts held in trust to the holders of Designated Senior Debt or their proper agent or representative. 
 Section 11.03.
SUBROGATION OF NOTES. 
 (A) Subject to the payment in full, in cash or other payment
satisfactory to the holders of the Designated Senior Debt, of all obligations under the Designated Senior Debt, the rights of the Holders shall be subrogated to the extent of the payments or distributions made to the holders of such Designated
Senior Debt pursuant to the provisions of this Section 11.03 (equally and ratably with the holders of all indebtedness of the Company that by its express terms is subordinated to the Designated Senior Debt to substantially
the same extent as the Notes are subordinated and is entitled to like rights of subrogation) to the rights of the holders of the Designated Senior Debt to receive payments or distributions of cash, property or securities of the Company applicable to
the Designated Senior Debt until the principal of and accrued and unpaid interest, if any, on, the Redemption Price or Fundamental Change Repurchase Price of, or any cash portion of the Conversion Consideration (irrespective of which Settlement
Method the Company has elected) due upon conversion of, the Notes shall be paid in full, in cash or other payment satisfactory to the Holders of the Notes; and, for the purposes of such subrogation, no payments or distributions to the holders of the
Designated Senior Debt of any cash, property or securities to which the Holders or the Trustee would be entitled under this Indenture except for the provisions of this Article 11, and no payment over, pursuant to the provisions of this
Article 11, to or for the benefit of the holders of the Designated Senior Debt by the Holders or the Trustee shall, as between the Company, its creditors other than holders of the Designated Senior Debt and the Holders, be deemed to be a
payment by the Company to or on account of the Notes. It is understood that the provisions of this Article 11 are intended solely for the purposes of defining the relative rights of the Holders, on the one hand, and the holders of the
Designated Senior Debt, on the other hand. 
 (B) Nothing contained in this Article 11 or elsewhere in this Indenture or in the Notes
is intended to or shall impair, as among the Company, its creditors other than the holders of the Designated Senior Debt and the Holders, the obligation of the Company, which is absolute and unconditional, to pay to the Holders the principal of the
cash portion of the Conversion Consideration, if any, and any interest on the Notes as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders and creditors
of the Company other than the holders of the Designated Senior Debt, nor shall anything herein or therein prevent the Trustee or any Holder from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject
to the rights, if any, under this Article 11 of the holders of the Designated Senior Debt in respect of cash, property or securities of the Company received upon the exercise of any such remedy. 

  
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 (C) Upon any payment or distribution of assets of the Company referred to in this Article
11, the Trustee and the Holders shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which such bankruptcy, dissolution, winding-up, liquidation or
reorganization proceedings are pending, or a certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, delivered to the Trustee or to the Holders, for the purpose of
ascertaining the Persons entitled to participate in such distribution, the holders of the Designated Senior Debt and other indebtedness of the Company, the amount thereof or payable thereon and all other facts pertinent thereto or to this Article
11. 
 Section 11.04. AUTHORIZATION TO EFFECT SUBORDINATION. 

Each Holder by the Holder’s acceptance thereof authorizes and directs the Trustee on the Holder’s behalf to take such action as may
be requested by the Company or the representative for the Designated Senior Debt to effectuate the subordination as provided in this Article 11 and appoints the Trustee to act as the Holder’s attorney-in-fact for any and all such purposes. 
 Section 11.05. NOTICE TO
TRUSTEE. 
 The Company shall give prompt written notice to the Trustee and to any Paying Agent of any fact known to the
Company that would prohibit the making of any payment of monies to or by the Trustee or any Paying Agent in respect of the Notes pursuant to the provisions of this Article 11. Notwithstanding the provisions of this Article 11 or any other
provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the making of any payment of monies to or by the Trustee in respect of the Notes pursuant to the provisions of this
Article 11, unless and until a Responsible Officer of the Trustee shall have received written notice thereof at the Corporate Trust Office from the Company or from a holder or holders of the Designated Senior Debt or from any trustee, agent
or representative thereof; and before the receipt of any such written notice, the Trustee shall be entitled in all respects to assume that no such facts exist. 

The Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder of the
Designated Senior Debt (or a trustee, agent or representative on behalf of such holder) to establish that such notice has been given by a holder of the Designated Senior Debt or a trustee, agent or representative on behalf of any such holder or
holders. In the event that the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of the Designated Senior Debt to participate in any payment or distribution pursuant to this
Article 11, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of the Designated Senior Debt held by such Person, the extent to which such Person is entitled to participate
in such payment or distribution and any other facts pertinent to the rights of such Person under this Article 11, and if such evidence is not furnished the Trustee may defer any payment to such Person pending judicial determination as to the
right of such Person to receive such payment. 

  
 - 97 - 

 Section 11.06. TRUSTEE’S RELATION
TO DESIGNATED SENIOR DEBT. 
 The Trustee in its individual capacity shall be
entitled to all the rights set forth in this Article 11 in respect of the Designated Senior Debt at any time held by it, to the same extent as any other holder of the Designated Senior Debt, and nothing in this Indenture shall deprive the
Trustee of any of its rights as such holder. Any claims of the Trustee for compensation or indemnification shall not be subordinate to the Designated Senior Debt and shall be senior to the claims of Holders in respect of all funds collected or held
by the Trustee. 
 With respect to the holders of the Designated Senior Debt, the Trustee undertakes to perform or to observe only such of
its covenants and obligations as are specifically set forth in this Article 11, and no implied covenants or obligations with respect to the holders of the Designated Senior Debt shall be read into this Indenture against the Trustee. The
Trustee shall not be deemed to owe any fiduciary duty to the holders of the Designated Senior Debt, and, except with respect to its express obligations under this Article 11 the Trustee shall not be liable to any such holders of the
Designated Senior Debt if the Trustee in good faith mistakenly pays over or distributes to Holders or to the Company or to any other Person, cash, property or securities to which any holders of the Designated Senior Debt are entitled by virtue of
this Article 11 or otherwise. 
 Section 11.07. NO IMPAIRMENT OF SUBORDINATION.

 No right of any present or future holder of the Designated Senior Debt to enforce subordination as herein provided shall at any time
in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder or by any noncompliance by the Company with the terms, provisions and covenants of this
Indenture, regardless of any knowledge thereof that any such holder may have or otherwise be charged with. 
 Section 11.08. CERTAIN
CONVERSIONS NOT DEEMED PAYMENT. 
 Notwithstanding anything to the contrary
in this Article 11, the issuance and delivery of Common Shares (and cash in lieu of fractional Common Shares) upon conversion of any Note in accordance with this Indenture and the Notes or otherwise in exchange for any Note shall be deemed
not to constitute a payment on or distribution in respect of the obligations of the Company under any Note or any repurchase, redemption or other acquisition of any Note. 

Section 11.09. ARTICLE APPLICABLE TO PAYING AGENTS. 

If at any time any Paying Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term
“Trustee” as used in this Article shall (unless the context otherwise requires) be construed as extending to and including such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in
this Article in addition to or in place of the Trustee; provided, however, that the first paragraph of Section 11.05 shall not apply to the Company or any Affiliate of the Company if it or such Affiliate acts
as Paying Agent. 

  
 - 98 - 

 Article 12. MISCELLANEOUS 

Section 12.01. 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: 
 LumiraDx
Limited 
 c/o Ocorian Trust (Cayman) Limited 

PO Box 1350, Windward 3, Regatta Office Park 

Grand Cayman KY1-1108 

Cayman Islands 
 with a copy
(which will not constitute notice) to: 
 Goodwin Procter LLP 

110 Northern Avenue 
 Boston, MA
02210 
 Attention: James Barri 

Email: jbarri@goodwinlaw.com 

Fried, Frank, Harris, Shriver & Jacobson (London) LLP 

100 Bishopsgate 
 London EC2N 4AG

 United Kingdom Attention: Ian Lopez and Neil Caddy 

Email: ian.lopez@friedfrank.com and neil.caddy@friedfrank.com 

If to the Trustee: 
 U.S. Bank
Trust Company, National Association 
 West Side Flats 

60 Livingston Avenue 
 EP-MN-WS3C 
 St. Paul, Minnesota 55107 

Attention: Global Corporate Trust Services 

Fax: (651) 466-7430 

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. 

  
 - 99 - 

 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. 

The Trustee shall not have any duty to confirm that the person sending any notice, instruction or other communication by electronic
transmission (including by e-mail, facsimile transmission, web portal or other electronic methods) 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 acceptable to the Trustee) shall be deemed
original signatures for all purposes. Each other party assumes all risks arising out of the use of electronic signatures and electronic methods to send communications to the Trustee, including without limitation the risk of the Trustee acting on an
unauthorized communication, 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 an original document bearing a manual signature be delivered
to the Trustee in lieu of, or in addition to, any such electronic communication. 
 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. 
 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. 

  
 - 100 - 

 Section 12.02. 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
reasonably satisfactory to the Trustee that complies with Section 12.03 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 reasonably satisfactory to the Trustee that complies with
Section 12.03 and states that, in the opinion of such counsel, all such conditions precedent and covenants, if any, have been satisfied. 

Section 12.03. 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. 

Section 12.04. RULES BY THE TRUSTEE, THE REGISTRAR,
THE PAYING AGENT AND THE CONVERSION AGENT. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar, Paying Agent and Conversion Agent each may make
reasonable rules and set reasonable requirements for its functions. 

  
 - 101 - 

 Section 12.05. NO PERSONAL LIABILITY OF
DIRECTORS, OFFICERS, EMPLOYEES AND SHAREHOLDERS. 
 No past,
present or future director, officer, employee, incorporator or shareholder 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 12.06. 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, THE TRUSTEE AND EACH HOLDER (BY ITS ACCEPTANCE OF A NOTE) 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 12.07. SUBMISSION TO JURISDICTION; SERVICE OF
PROCESS. 
 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 the
Trustee’s address set forth in Section 12.01 will be effective service of process on the Trustee 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. The Company irrevocably appoints LumiraDx Inc. (221 Crescent St., Waltham, Massachusetts 02453; Attention: General Counsel)as its authorized agent in the United States
of America upon which process may be served in any such suit, action or proceeding brought in any such court, and agrees that service of process upon such agent, and written notice of said service to the Company by the person serving the same at the
address set forth in Section 12.01 shall be deemed in every respect effective service of process upon the Company in any such suit, action or proceeding. 

Section 12.08. 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. 

  
 - 102 - 

 Section 12.09. 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 12.10. 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, epidemic, pandemic, act of terrorism or unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility). 

Section 12.11. 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 12.12.
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, Additional Amounts, accrued interest on the Notes,
including any Additional Interest or Special Interest, the Conversion Rate, the Ceiling Conversion Rate, any Interest Make-Whole Payment, the Redemption Price and whether the Notes are convertible. 

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. The Trustee will not be responsible for verifying such calculations. 

Section 12.13. 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. 

  
 - 103 - 

 Section 12.14. 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 12.15. 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 12.16. WITHHOLDING TAXES. 

Subject in all respects to Section 3.05 of this Indenture, 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 Shares 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] 

 

  
 - 104 - 

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

					
	LUMIRADX LIMITED
		
	By:	 	 /s/ Veronique Ameye

	Name:	 	Veronique Ameye
	Title:	 	Authorised Officer
	
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, AS TRUSTEE
		
	By:	 	 /s/ Brandon Bonfig

		 	Name: Brandon Bonfig
		 	Title: Vice President

 [Signature Page to Indenture] 
  

 EXHIBIT A 

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

[Insert Non-Affiliate Legend, if applicable] 

LUMIRADX LIMITED 
 6.00%
Convertible Senior Subordinated Note due 2027 
  

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

 LumiraDx Limited, an exempted company with limited liability incorporated under the laws of the Cayman
Islands, for value received, promises to pay to Cede & Co., or its registered assigns, the principal sum of [___________] ($[_____]) (as revised by the attached Schedule of Exchanges of Interests in the Global Note)† on March 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:    	  	March 1 and September 1 of each year, commencing on September 1, 2022.
		
	Regular Record Dates:	  	February 15 and August 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] 

 

	* 	 Insert bracketed language for Global Notes only. 

	† 	 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. 

  
 A-1 

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

									
		 		 		 	LUMIRADX LIMITED
					
	Date:	 	              
	 		 	By:	 	          

		 		 		 		 	Name:
		 		 		 		 	Title:

  
 A-2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

U.S. Bank Trust Company, 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 

 LUMIRADX LIMITED 

6.00% Convertible Senior Subordinated Note due 2027 

This Note is one of a duly authorized issue of notes of LumiraDx Limited, an exempted company with limited liability incorporated under the
laws of the Cayman Islands (the “Company”), designated as its 6.00% Convertible Senior Subordinated Notes due 2027 (the “Notes”), all issued or to be issued pursuant to an indenture, dated as of March 3, 2022 (as
the same may be amended from time to time, the “Indenture”), between the Company and U.S. Bank Trust Company, 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 the Indenture (including Section 2.05 of the
Indenture). Stated Interest on this Note will begin to accrue from, and including, [date]. Notwithstanding the other provisions of the Indenture or the provisions of this Note, if the Company has not received notification from The
International Stock Exchange (TISE) or another “recognised stock exchange” within the meaning of section 1005 Income Tax Act 2007 (of the United Kingdom) that the Notes have been listed (within the meaning of that term as used at s.987
Income Tax Act 2007) thereon prior to the first Interest Payment Date, interest due and payable on that Interest Payment Date shall be deferred until the next following Interest Payment Date to Holders of record as of the Regular Record Date
immediately preceding such Interest Payment Date on which the interest and deferred interest is payable; provided, that interest shall accrue on such deferred interest from the first Interest Payment Date to, but excluding, the next following
Interest Payment Date at the rate equal to the then applicable interest rate on the Notes to the extent lawful. 
 2. Maturity. This
Note will mature on March 1, 2027, unless earlier repurchased, redeemed or converted. 
 3. Method of Payment. Cash amounts due
on this Note, subject to Article 11 of the Indenture, 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. 

  
 A-4 

 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 and Article 11 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 and Article 11 of the Indenture. 

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. Subject to Article 11 of the Indenture, 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. Subordination. The Notes are, to the extent provided in the Indenture, subordinated to the prior
payment in full of all Designated Senior Debt. Each Holder by the Holder’s acceptance of a Note authorizes and directs the Trustee on the Holder’s behalf to take such action as may be requested by the Company or the representative for the
Designated Senior Debt to effectuate the subordination as provided in the Indenture and appoints the Trustee to act as the Holder’s attorney-in-fact for any and all
such purposes. 
 12. 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. 

13. No Personal Liability of Directors, Officers, Employees and Shareholders. No past, present or future director, officer, employee,
incorporator or shareholder 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. 

14. 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. 

  
 A-5 

 15. 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). 

16. 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: 
 LumiraDx Limited 

c/o Ocorian Trust (Cayman) Limited 

PO Box 1350, Windward 3, Regatta Office Park 

Grand Cayman KY1-1108 

Cayman Islands 
 Attention: Chief
Financial Officer 

  
 A-6 

 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-7 

 CONVERSION NOTICE 

LUMIRADX LIMITED 
 6.00%
Convertible Senior Subordinated 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-8 

 FUNDAMENTAL CHANGE REPURCHASE NOTICE 

LUMIRADX LIMITED 
 6.00%
Convertible Senior Subordinated 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-9 

 ASSIGNMENT FORM 

LUMRADX LIMITED 
 6.00%
Convertible Senior Subordinated Notes due 2027 
 Subject to the terms of the Indenture, the undersigned Holder of the Notes identified below assigns (check
one): 
  

	☐	 the entire principal amount of 

 

	☐	 $                 * aggregate principal amount of 

 the Notes identified by CUSIP No.
and Certificate No. , and all rights thereunder, to: 
  

			
	 Name:
	 	  

		
	 Address:
	 	  

		
	 Social security or tax id. #:
	 	  

		
	 and 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

  

	* 	 Must be an Authorized Denomination. 

  
 A-10 

 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-11 

 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-12 

 EXHIBIT B-1A 

FORM OF RESTRICTED NOTE LEGEND 

(Notes other than Affiliate Notes) 
 THE OFFER AND
SALE OF THIS NOTE AND THE COMMON SHARES, 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 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 LUMIRADX LIMITED (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL 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)(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. 

  
 B1A-1 

 EXHIBIT B-1B 

FORM OF RESTRICTED NOTE LEGEND 

(Affiliate Notes) 
 THE OFFER AND SALE OF THIS
NOTE AND THE COMMON SHARES, 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 OR OTHERWISE TRANSFERRED EXCEPT
IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 
 AGREES FOR THE BENEFIT OF LUMIRADX
LIMITED (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL 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 (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. 

  
 B1B-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 

 EXHIBIT B-3 

FORM OF NON-AFFILIATE LEGEND 

NO AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT OF 1933, AS AMENDED) OF THE COMPANY MAY PURCHASE OR OTHERWISE ACQUIRE THIS NOTE OR ANY
BENEFICIAL INTEREST HEREIN. 

  
 B3-1

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