Document:

EX-10.2

 Exhibit 10.2 
  

											
		  		  		  		  	Grantee:	  	“participant name”
						
		  		  		  		  	Grant Date:	  	“grant date”

 CLEAR CHANNEL OUTDOOR HOLDINGS, INC. 

2012 AMENDED AND RESTATED STOCK INCENTIVE PLAN 

PERFORMANCE STOCK UNIT AWARD AGREEMENT 

THIS PERFORMANCE STOCK UNIT AWARD AGREEMENT (the “Agreement”), made as of
[                    ] (the “Grant Date”) by and between Clear Channel Outdoor Holdings, Inc., a Delaware corporation (the
“Company”), and “participant name” (the “Grantee”), evidences the grant by the Company of an award (the “Award”) of performance stock units (“PSUs”)
to the Grantee on such date and the Grantee’s acceptance of the Award in accordance with the provisions of the Clear Channel Outdoor Holdings, Inc. 2012 Amended and Restated Stock Incentive Plan, as it may be amended from time to time (the
“Plan”). All capitalized terms not defined herein shall have the meaning ascribed to them as set forth in the Plan. The Company and the Grantee agree as follows: 

1.    Grant of Award. Subject to the terms and conditions set forth herein and in the Plan, the Company hereby
grants to the Grantee the Award, giving the Grantee the conditional right to receive a target number of shares of Class A Common Stock of the Company (the “Stock”) equal to “Target shares granted”
(the “Target Shares”). Depending on the level of performance determined to be attained with respect to the Performance Conditions (as defined below), the number of shares that may be earned hereunder in respect of this Award may
range from [                    ] of the Target Shares (the “Earned Shares”). 

2.    Earning and Vesting of Awards. 

(a)    Except as otherwise set forth in Section 5 below, and subject to the provisions of this
Section 2, the PSUs subject to this Award shall vest and become Earned Shares, or be forfeited, at the conclusion of the Performance Period if, and to the extent, the Performance Conditions (each, as defined below) are satisfied and the Grantee
remains employed by the Company through [                    ] (the “Vesting Date”). 

(i)    For purposes of this Agreement, “Performance Period” shall mean the period
commencing on [                    ] and ending on
[                    ]. 

(ii)    For purposes of this Agreement, “Performance Conditions” shall mean, the
Company’s [                    ] (as defined below) as follows: 

[                    ] 

(b)    Certain Definitions. 

 (i)    For purposes of this Agreement,
“Beginning Stock Price” means with respect to the Company or any other company in the Peer Group, the average of the closing sales prices for a share of common stock of the applicable company on the U.S. national securities exchange
on which such stock principally trades for the twenty (20) trading days immediately following the beginning of the Performance Period, as reported in the Wall Street Journal or such other source as the Committee deems reliable. 

(ii)    For purposes of this Agreement, “Ending Stock Price” means with respect to the
Company or any other company in the Peer Group, the average of the closing sales prices for a share of common stock of the applicable company on the U.S. national securities exchange on which such stock principally trades for the twenty
(20) trading days immediately preceding the conclusion of the Performance Period, as reported in the Wall Street Journal or such other source as the Committee deems reliable. 

(iii)    For purposes of this Agreement, “Relative TSR” shall mean the percentile rank of
the Company’s TSR compared to the TSR of the Peer Group over the Performance Period. 
 (iv)    For
purposes of this Agreement, “Peer Group” means those companies that are included in the S&P 600 on the first day of the Performance Period, excluding any such company (i) that files for bankruptcy at any time during the
Performance Period or (ii) that ceases to be a publicly traded Company for any reason (including as a result of a merger) during the Performance Period. 

(v)    For purposes of this Agreement, “Total Shareholder Return” or
“TSR” means with respect to the Company and each of the companies in the Peer Group, the difference of (A) the quotient of (i)(1) the applicable Ending Stock Price plus (2) dividends paid with respect to an ex-dividend date occurring during the period over which the Beginning Stock Price is calculated and during the remainder of the Performance Period (assuming dividend reinvestment on such ex-dividend date), divided by (ii)(1) the applicable Beginning Stock Price plus (2) dividends paid with respect to an ex-dividend date occurring during the period over
which the Beginning Stock Price is calculated (assuming dividend reinvestment on such ex-dividend date); minus (B) 1.00. For purposes of this definition, any dividend paid in cash will be valued at its cash
amount and any dividend paid in securities with a readily ascertainable fair market value shall be valued at the market value of the securities as of the ex-dividend date. 

3.    Dividend Equivalents. The Award is granted together with dividend equivalent rights, which dividend
equivalent rights will be (a) paid in the same form (cash or stock) in which such dividends are paid to the stockholders and (b) subject to the same vesting and forfeiture provisions as set forth in Section 2. Any payments made
pursuant to dividend equivalent rights will be paid in either cash or in shares of Common Stock, or any combination thereof, effective as of the date of settlement under Section 4 below. 

  
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 4.    Payment of Award. The Company shall, as soon as practicable
upon the Vesting Date (but in no event later than the date that is sixty (60) days after the Vesting Date), issue (if necessary) and transfer to the Grantee the Earned Shares, and shall deliver to the Grantee or have deposited in the
Grantee’s brokerage account with the Company’s transfer agent or designated third-party administrator such Earned Shares, at the Grantee’s election either electronically or represented by a certificate or certificates therefor,
registered in the Grantee’s name. No shares will be issued pursuant to this Award unless and until all legal requirements applicable to the issuance or transfer of such shares have been complied with to the satisfaction of the Company. 

5.    Termination of Employment. 

(a)    If the Grantee’s employment or service is terminated due to death or Disability (as defined
herein) and such death or Disability occurs before the end of the Performance Period, then the Award shall be deemed to vest and become Earned Shares at a number of shares equal to the Target Shares. 

For purposes of this Agreement, “Disability” shall mean (i) if the Grantee’s employment or service with the Company
is subject to the terms of an employment or other service agreement between such Grantee and the Company, which agreement includes a definition of “Disability”, the term “Disability” shall have the meaning set forth in such
agreement; and (ii) in all other cases, the term “Disability” shall mean a physical or mental infirmity which impairs the Grantee’s ability to perform substantially his or her duties for a period of one hundred eighty
(180) consecutive days. 
 (b)    If the Grantee’s employment or service is terminated due to
Retirement (as defined herein) and such Retirement occurs before the Vesting Date, for purposes of this Agreement only, then a portion (the “Pro-Rata Portion”) of the Target Shares shall
remain outstanding and eligible to vest and become Earned Shares in accordance with and subject to the requirements of Section 2 hereof. If such termination occurs (i) on or before April 1, 2020, the Pro Rata Portion shall be equal to
one-third (1/3) of the Target Shares, (ii) after April 1, 2020, but on or before April 1, 2021, the Pro Rata Portion shall be equal to two-thirds (2/3) of
the Target Shares and (iii) after April 1, 2021, the Pro-Rata Portion shall be equal to the Target Shares. Any portion of the Award in excess of the Pro-Rata
Portion shall be immediately forfeited without consideration and the Grantee shall have no further rights to such portion. 
 For purposes
of this Agreement, “Retirement” shall mean the Grantee’s termination of employment with the Company for any reasons other than death, Disability, by the Company for Cause or pursuant to Section 6(b), on or after the date
on which the sum of his/her (i) full years of age (measured as of his/her last birthday preceding the date of termination of employment or service) and (ii) full years of service with the Company (or any parent or subsidiary) measured from
his date of hire (or re-hire, if later), is equal at least seventy (70); provided, that, the Grantee must have attained at least the age of sixty (60) and completed at least five (5) full years of
service with the Company (or any parent or subsidiary) prior to the date of his/her resignation. Any disputes relating to whether the Grantee is eligible for Retirement under this Agreement, including, without limitation, years of service, shall be
settled by the Committee in its sole discretion. 

  
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 (c)    If the termination of the Grantee’s
employment or service is for any other reason, the then unvested portion of the Award shall be immediately forfeited without consideration and the Grantee shall have no further rights to such unvested portion of the Award hereunder. The
Grantee’s status as an employee or other service-provider shall not be considered terminated in the case of a leave of absence agreed to in writing by the Company (including, but not limited to, military and sick leave); provided, that, such
leave is for a period of not more than three months or re-employment or re-engagement upon expiration of such leave is guaranteed by contract or statute. 

(d)    Notwithstanding any other provision of this Agreement or the Plan to the contrary: 

(i)    If it is determined by the Committee that the Grantee engaged (or is engaging in) any activity that
is harmful to the business or reputation of the Company (or any parent or subsidiary), including, without limitation, any “Competitive Activity” (as defined below) or conduct prejudicial to or in conflict with the Company (or any
parent or subsidiary) or any material breach of a contractual obligation to the Company (or any parent or subsidiary) (collectively, “Prohibited Acts”), then, upon such determination by the Committee, the unvested portion of the
Award shall be forfeited without consideration. 
 (ii)    If it is determined by the Committee that the
Grantee engaged in (or is engaging in) any Prohibited Act where such Prohibited Act occurred or is occurring within the one (1) year period immediately following the Vesting Date, the Grantee agrees that he/she will repay to the Company any
gain realized on the vesting of the Award (such gain to be valued as of the Vesting Date based on the fair market value of the shares vesting on the Vesting Date). Such repayment obligation will be effective as of the date specified by the
Committee. Any repayment obligation must be satisfied in cash or, if permitted in the sole discretion of the Committee, in shares of Common Stock having a fair market value equal to the gain realized upon vesting of the Award. The Company is
specifically authorized to off-set and deduct from any other payments, if any, including, without limitation, wages, salary or bonus, that it may own the Grantee to secure the repayment obligations herein
contained. 
 The determination of whether the Grantee has engaged in a Prohibited Act shall be determined by the Committee in good faith
and in its sole discretion. 
 For purposes of this Agreement, the term “Competitive Activity” shall mean the Grantee,
without the prior written permission of the Committee, anywhere in the world where the Company (or any parent or subsidiary) engages in business, directly or indirectly, (i) entering into the employ of or rendering any services to any person,
entity or organization engaged in a business which is directly or indirectly related to the businesses of the Company or any parent or subsidiary (“Competitive Business”) or (ii) becoming associated with or interested in any
Competitive Business as an individual, partner, shareholder, creditor, director, officer, principal, agent, employee, trustee, consultant, advisor or in any other relationship or capacity other than ownership of passive investments not exceeding 1%
of the vote or value of such Competitive Business. 

  
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 (e)    The term “Company” as used in
this Agreement with reference to the employment or service of the Grantee shall include the Company and its parent and subsidiaries, as appropriate. 

6.    Change in Control. 

(a)    Upon a Change in Control, the Committee, acting in its sole discretion without the consent or
approval of the Grantee, may affect one or more of the following alternatives: (i) accelerate the vesting of all or a portion of the PSUs to become Earned Shares assuming all outstanding Performance Conditions are achieved at the level of
performance determined in the Committee’s sole discretion, (ii) cancel all PSUs and pay to the Grantee an amount of cash, shares of stock, or a combination thereof equal to the Change in Control Price for a number of shares equal to the
Target Shares, (iii) provide for the assumption or substitution or continuation of PSUs by the successor company or a parent or subsidiary of the successor company, (iv) certify the extent to which the Performance Conditions have been
achieved prior to the conclusion of the Performance Period based on all information reasonably available to the Committee immediately prior to the Change in Control (or such higher performance level established by the Committee in its sole
discretion), with such PSUs to remain subject to time-based vesting conditions through the conclusion of the Performance Period, or (v) make such adjustments to PSUs then outstanding as the Committee deems appropriate to reflect such Change in
Control; provided, however, that the Committee may determine in its sole discretion that no adjustment is necessary to PSUs then outstanding. 

(b)    In the event that within twelve (12) months following the occurrence of a Change in Control
(as defined herein) of the Company, the Grantee’s employment or service relationship with the Company is terminated by the Company without Cause (as defined herein), then the Award shall be deemed to vest and become Earned Shares at a number of
shares equal to the Target Shares. 
 (c)    For the purposes hereof, the term “Change in
Control” of the Company shall be deemed to occur if (i) any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (other than the
Company, any trustee or other fiduciary holding securities under any employee benefit plan of the Company or its affiliates, or any company owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as
their ownership of Stock of the Company), becoming the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the
combined voting power of the Company’s then outstanding securities, (ii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board, and any new director whose election by the Board or
nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the two-year period or whose election or nomination for election was previously so approved, cease for 

  
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any reason to constitute at least a majority of the Board (excluding any person whose election or nomination for election was a result of either an actual or threatened election contest as such
term is used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act), (iii) a merger or consolidation of the Company or a subsidiary of the Company with any other corporation, other than a merger
or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more
than 50% of the combined voting power of the voting securities of the Company or the ultimate parent company of the Company outstanding immediately after such merger or consolidation; provided, however, that a merger or consolidation effected to
implement a recapitalization of the Company (or similar transaction) in which no person (other than those covered by the exceptions in Section 6(c)(i) acquires more than 50% of the combined voting power of the Company’s then outstanding
securities), and (iv) a complete liquidation or dissolution of the Company or the consummation of a sale or disposition by the Company of all or substantially all of the Company’s assets other than the sale or disposition of all or
substantially all of the assets of the Company to a person or persons who beneficially own, directly or indirectly, 50% or more of the combined voting power of the outstanding voting securities of the Company at the time of the sale, provided
that an event shall only be considered to be a Change in Control under this Agreement to the extent such transaction or series of transactions constitutes a change in control pursuant to Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”) and the regulations promulgated thereunder. 
 (d)    For purposes
hereof, “Change in Control Price” shall mean the amount determined in the following clause (i), (ii), (iii), (iv) or (v), whichever is applicable, as follows: (i) the price per share offered to holders of the Stock of the
Company in any merger or consolidation, (ii) the per share fair market value of the Stock immediately before the Change in Control without regard to assets sold in the Change in Control and assuming the Company has received the consideration
paid for the assets in the case of a sale of the assets, (iii) the amount distributed per share of Stock in a dissolution transaction, (iv) the price per share offered to holders of Stock in any tender offer or exchange offer whereby a
Change in Control takes place, or (v) if such Change in Control occurs other than pursuant to a transaction described in clauses (i), (ii), (iii), or (iv) of this Section 6(d), the fair market value per share of the Stock that may
otherwise be obtained with respect to such Awards or to which such Awards track, as determined by the Committee as of the date determined by the Committee to be the date of cancellation and surrender of such Awards. In the event that the
consideration offered to stockholders of the Company in any transaction described in this Section 6(d) or in Section 6(c) consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the
consideration offered which is other than cash and such determination shall be binding on the Grantee to the extent applicable to Awards held by the Grantee. 

(e)    For purposes hereof, “Cause” shall have the meaning ascribed to such term in any
employment agreement or other similar agreement between the Grantee and the Company or any of its subsidiaries, or, if no such agreement exists, or if there are multiple such agreements and the provisions of such agreements conflict, means
(a) the Grantee’s 

  
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failure to perform (other than by reason of disability), or material negligence in the performance of, his or her duties and responsibilities to the Company or any of its affiliates;
(b) material breach by the Grantee of any provision of this Agreement or any employment or other written agreement; or (c) other conduct by the Grantee that is materially harmful to the business, interests or reputation of the Company or
any of its affiliates. 
 7.    Withholding. The Grantee agrees that no later than each Vesting Date, the Grantee
shall pay to the Administrator (or at the option of the Company, to the Company) such amount as the Company deems necessary to satisfy its obligation to withhold federal, state or local income or other taxes incurred with respect to the portion of
the Award vesting on such Vesting Date. The Grantee may elect to pay to the Administrator (or at the option of the Company, to the Company) an amount equal to the amount of the taxes which the Company shall be required to withhold by delivering to
the Administrator (or at the option of the Company, to the Company), cash, a check or at the sole discretion of the Company, shares of Common Stock having a fair market value equal to the amount of the withholding tax obligation as determined by the
Company. 
 8.    Section 409A. 

(a)    It is the intent of the Company that the payments and benefits under this Agreement shall comply
with, or be exempt from, Section 409A of the Code and applicable regulations and guidance thereunder (collectively, “Section 409A”) and accordingly, to the maximum extent permitted, this Agreement shall be
interpreted to be in compliance with, or be exempt from, Section 409A. In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Grantee by Section 409A or for any damages for
failing to comply with Section 409A. 
 (b)    For purposes of Section 409A and to the extent
Section 409A is applicable to any payment hereunder, Grantee’s right to receive any installment payment pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. 

(c)    Whenever a payment under this Agreement specifies a payment period with reference to a number of
days (e.g., “payment shall be made within 2 1/2 months following the date specified in Section 2”), the actual date of payment within the specified period shall be within the Company’s sole discretion. 

(d)    If Grantee is deemed on the date of termination to be a “specified employee” within the
meaning of Section 409A(a)(2)(B) of the Code, any amounts to which Grantee is entitled under this Agreement that constitute “non-qualified deferred compensation” payable on “separation from
service” under Section 409A and would otherwise be payable prior to the earlier of (i) the 6-month anniversary of the Grantee’s date of termination and (ii) the date of the
Grantee’s death (the “Delay Period”) shall instead be paid in a lump sum immediately upon (and not before) the expiration of the Delay Period to the extent required under Section 409A. 

  
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 9.    Rights as a Stockholder. No shares shall be issued under
this Award until payment of the applicable tax withholding obligations have been satisfied or provided for to the satisfaction of the Company, and the Grantee shall have no rights as a stockholder with respect to any shares covered by this Award
until such shares are duly and validly issued by the Company to or on behalf of the Grantee. 
 10.    Non-Transferability. This Award is not assignable or transferable except upon the Grantee’s death to a beneficiary designated by the Grantee in a manner prescribed or approved for this purpose by the
Committee or, if no designated beneficiary shall survive the Grantee, pursuant to the Grantee’s will or by the laws of descent and distribution. 

11.    Limitation of Rights. Nothing contained in this Agreement shall confer upon the Grantee any right with
respect to the continuation of his employment or service with the Company, or interfere in any way with the right of the Company at any time to terminate such employment or other service or to increase or decrease, or otherwise adjust, the
compensation and/or other terms and conditions of the Grantee’s employment or other service. 

12.    Securities Representations. The Grantee agrees, by acceptance of this Award, that, upon issuance of any
shares hereunder, that, unless such shares are then registered under applicable federal and state securities laws, (i) acquisition of such shares will be for investment and not with a view to the distribution thereof, and (ii) the Company
may require an investment letter from the Grantee in such form as may be recommended by Company counsel. The Company shall in no event be obliged to register any securities pursuant to the Securities Act of 1933 (as now in effect or as hereafter
amended) or to take any other affirmative action in order to the issuance or transfer of shares pursuant to this Award to comply with any law or regulation of any governmental authority. 

13.    Notice. Any notice to the Company provided for in this Agreement shall be addressed to it in care of its
Secretary at its executive offices at Clear Channel Outdoor Holdings, Inc., 200 East Basse Road, San Antonio, Texas 78209-8328, and any notice to the Grantee shall be addressed to the Grantee at the current address shown on the payroll records of
the Company. Any notice shall be deemed to be duly given if and when properly addressed and posted by registered or certified mail, postage prepaid. 

14.    Incorporation of Plan by Reference. This Award is granted pursuant to the terms of the Plan, the terms of
which are incorporated herein by reference, and this Award shall in all respects be interpreted in accordance with the Plan. The Committee shall interpret and construe the Plan and this Agreement and its interpretations and determinations shall be
conclusive and binding on the parties hereto and any other person claiming an interest hereunder, with respect to any issue arising hereunder or thereunder. In the event of a conflict or inconsistency between the terms and provisions of the Plan and
the provisions of this Agreement, the Plan shall govern and control. 
 15.    Governing Law. This Agreement and
the rights of all persons claiming under this Agreement shall be governed by the laws of the State of Delaware, without giving effect to conflicts of laws principles thereof. 

  
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 16.    Miscellaneous. This Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and may not be modified other than
by written instrument executed by the parties; provided, however, that in the event of a conflict between this Agreement and any employment or severance agreement between the Company and the Grantee, such employment or severance
agreement shall control. The issuance of the Awards or unrestricted shares pursuant to this Agreement shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and
regulations (including, without limitation, the provisions of the Securities Act, the Exchange Act and in each case any respective rules and regulations promulgated thereunder) and any other law or regulation applicable thereto. The Company shall
not be obligated to issue any shares pursuant to this Agreement if any such issuance would violate any such requirements. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which
shall constitute one and the same instrument. 
 17.    Consent. By signing this Agreement, the Grantee
acknowledges and agrees that: 
 (a)    The Company and the Company’s affiliates are permitted to
hold and process personal (and sensitive) information and data about the Grantee as part of its personnel and other business records and may use such information in the course of such entity’s business. 

(b)    In the event that disclosure is required for the proper conduct of the business (as determined by
the Company and the Company’s affiliates), the Company and the Company’s affiliates may disclose the information referenced in Section 17(a) to third parties, including when such entities are situated outside the European Economic
Area. 
 (c)    This Section 17 applies to information held, used or disclosed in any medium. 

  
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		  		  		  		  	Grantee:	  	“Participant Name”
						
		  		  		  		  	Grant Date:	  	“grant date”

 IN WITNESS WHEREOF, the Company has caused this Award to be executed under its corporate seal by its duly
authorized officer. This Award shall take effect as a sealed instrument. 
  

			
	CLEAR CHANNEL OUTDOOR HOLDINGS, INC.
		
	By:	 	    
		
	Name:	 	    
		
	Title:	 	    
	
	Dated: “acceptance date”
	
	Acknowledged and Agreed
	
	“Electronic Signature”
	
	Name: “Participant Name”
	
	Address of Principal Residence:
	
	    
	
	    

 Signature Page to Performance Stock Unit Award AgreementExhibit 4.1

 

EXECUTION VERSION

 

 

UNITED
STATES STEEL CORPORATION

as Issuer

AND

THE BANK OF NEW YORK MELLON

as Trustee

INDENTURE

Dated as of October 21, 2019

5.00% Senior Convertible Notes due 2026

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	Article 1
	Definitions
	 
	Section 1.01 .    Definitions	 	5
	Section 1.02 .    References to Interest	 	17
	 	 	 
	Article 2
	Issue, Description, Execution, Registration and Exchange of Notes
	 	 	 
	Section 2.01 .    Designation and Amount	 	17
	Section 2.02 .    Form of Notes	 	18
	Section 2.03 .    Date and Denomination of Notes; Payments of Interest and Defaulted Amounts	 	18
	Section 2.04 .    Execution, Authentication and Delivery of Notes	 	20
	Section 2.05 .    Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	 	21
	Section 2.06 .    Mutilated, Destroyed, Lost or Stolen Notes	 	27
	Section 2.07 .    Temporary Notes	 	28
	Section 2.08 .    Cancellation of Notes Paid, Converted, Etc.	 	28
	Section 2.09 .    CUSIP Numbers	 	29
	Section 2.10 .    Additional Notes; Purchases	 	29
	Section 2.11 .    Ranking	 	29
	 	 	 
	Article 3
	Satisfaction and Discharge
	 	 	 
	Section 3.01 .    Satisfaction and Discharge	 	30
	 	 	 
	Article 4
	Particular Covenants of the Company
	 	 	 
	Section 4.01 .    Payment of Principal, Settlement Amounts and Interest	 	30
	Section 4.02 .    Maintenance of Office or Agency	 	31
	Section 4.03 .    Appointments to Fill Vacancies in Trustee’s Office	 	31
	Section 4.04 .    Provisions as to Paying Agent	 	31
	Section 4.05 .    [Reserved].	 	33
	Section 4.06 .    Rule 144A Information Requirement; Reporting; and Additional Interest	 	33
	Section 4.07 .    Stay, Extension and Usury Laws	 	35
	Section 4.08 .    Compliance Certificate; Statements as to Defaults	 	35
	Section 4.09 .    Further Instruments and Acts	 	35
	Section 4.10 .    No Rights as Stockholders	 	36

 

    

     

    

 

	Article 5
 
	
	[Reserved]
	 

                                                                                Article 6 
 

	Defaults and Remedies
	 
	Section 6.01 .    Events of Default	 	36
	Section 6.02 .    Acceleration	 	37
	Section 6.03 .    Additional Interest	 	38
	Section 6.04 .    Payments of Notes on Default; Suit Therefor	 	39
	Section 6.05 .    Application of Monies Collected by Trustee	 	40
	Section 6.06 .    Proceedings by Holders	 	41
	Section 6.07 .    Proceedings by Trustee	 	41
	Section 6.08 .    Remedies Cumulative and Continuing	 	42
	Section 6.09 .    Direction of Proceedings and Waiver of Defaults by Majority of Holders	 	42
	Section 6.10 .    Notice of Defaults	 	43
	Section 6.11 .    Undertaking to Pay Costs	 	43
	 	 	 
	Article 7
	Concerning the Trustee
	 
	Section 7.01 .    Duties and Responsibilities of Trustee	 	43
	Section 7.02 .    Certain Rights of the Trustee	 	44
	Section 7.03 .    No Responsibility for Recitals, Etc.	 	46
	Section 7.04 .    Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes	 	46
	Section 7.05 .    Monies and Shares of Common Stock to Be Held in Trust	 	46
	Section 7.06 .    Compensation and Expenses of Trustee	 	47
	Section 7.07 .    [Reserved]	 	47
	Section 7.08 .    Eligibility of Trustee	 	47
	Section 7.09 .    Resignation or Removal of Trustee	 	48
	Section 7.10 .    Acceptance by Successor Trustee	 	49
	Section 7.11 .    Succession by Merger, Etc.	 	49
	Section 7.12 .    Trustee’s Application for Instructions from the Company	 	50
	Section 7.13 .    Conflicting Interests of Trustee	 	50
	 	 	 
	Article 8
	Concerning the Holders
	 
	Section 8.01 .    Action by Holders	 	50
	Section 8.02 .    Proof of Execution by Holders	 	51
	Section 8.03 .    Who Are Deemed Absolute Owners	 	51
	Section 8.04 .    Company-Owned Notes Disregarded	 	51
	Section 8.05 .    Revocation of Consents; Future Holders Bound	 	51

 

    2

     

    

 

	Article 9
	[Reserved]
	 
	Article 10
	Supplemental Indentures
	 	 	 
	Section 10.01 .  Supplemental Indentures Without Consent of Holders	 	52
	Section 10.02 .  Supplemental Indentures with Consent of Holders	 	53
	Section 10.03 .  Effect of Amendment, Supplement and Waiver	 	54
	Section 10.04 .  Notation on Notes	 	54
	Section 10.05 .  Evidence of Compliance of Amendment, Supplement or Waiver to Be Furnished to Trustee	 	55
	 	 	 
	Article 11
	Consolidation, Merger and Sale
	 
	Section 11.01 .  Company May Consolidate, Etc. on Certain Terms	 	55
	 	 	 
	Article 12
	Immunity of Incorporators, Stockholders, Officers and Directors
	 
	Section 12.01 .  Indenture and Notes Solely Corporate Obligations	 	56
	 	 	 
	Article 13
	[Reserved]
	 

                                                                                Article 14 

	Conversion of Notes
	 
	Section 14.01 .  Conversion Privilege	 	57
	Section 14.02 .  Conversion Procedure; Settlement Upon Conversion	 	60
	Section 14.03 .  Increase in
Conversion Rate Upon Conversion in Connection with a Make-Whole Fundamental Change or a Notice of Redemption	 	66
	Section 14.04 .  Adjustment of Conversion Rate	 	68
	Section 14.05 .  Adjustments of Prices	 	78
	Section 14.06 .  Shares to Be Fully Reserved	 	78
	Section 14.07 .  Effect of Recapitalizations, Reclassifications and Changes of the Common Stock	 	79
	Section 14.08 .  Certain Covenants	 	81
	Section 14.09 .  Responsibility of Trustee	 	82
	Section 14.10 .  Notice to Holders Prior to Certain Actions	 	82
	Section 14.11 .  Stockholder Rights Plans	 	83

 

    3

     

    

 

	Article 15
	Purchase of Notes at Option of Holders
	 
	Section 15.01 .  Intentionally Omitted	 	83
	Section 15.02 .  Repurchase at Option of Holders Upon a Fundamental Change	 	83
	Section 15.03 .  Withdrawal of Fundamental Change Purchase Notice	 	86
	Section 15.04 .  Deposit of Fundamental Change Purchase Price	 	87
	Section 15.05 .  Covenant to Comply with Applicable Laws Upon Repurchase of Notes	 	87
	 	 	 
	Article 16 
	Redemption
	 
	Section 16.01 .  Right of the Company to Redeem the Notes	 	88
	Section 16.02 .  Notice of Redemption	 	88
	Section 16.03 .  Payment of Notes Called for Redemption	 	90
	Section 16.04 .  Selection, Conversion and Transfer of Notes to be Redeemed in Part	 	90
	Section 16.05 .  Restrictions on Redemption	 	90
	Section 16.06 . 
    Increased Conversion Rate Applicable to Certain Notes Called for Redemption Surrendered for Conversion in Connection with
    a Redemption	 	91
	 	 	 
	Article 17
	Miscellaneous Provisions
	 
	Section 17.01 .  Provisions Binding on Company’s Successors	 	91
	Section 17.02 .  Official Acts by Successor Entity	 	91
	Section 17.03 .  Addresses for Notices, Etc.	 	91
	Section 17.04 .  Governing Law	 	92
	Section 17.05 .  Jurisdiction	 	93
	Section 17.06 .  Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	 	93
	Section 17.07 .  Legal Holidays	 	93
	Section 17.08 .  No Security Interest Created	 	93
	Section 17.09 .  Benefits of Indenture	 	93
	Section 17.10 .  Table of Contents, Headings, Etc.	 	93
	Section 17.11 .  Authenticating Agent	 	94
	Section 17.12 .  Execution in Counterparts	 	95
	Section 17.13 .  Severability	 	95
	Section 17.14 .  Waiver of Jury Trial	 	95
	Section 17.15 .  Force Majeure	 	95
	Section 17.16 .  Calculations	 	95
	Section 17.17 .  U.S.A. Patriot Act	 	96
	Section 17.18 .  FATCA	 	96
	Section 17.19 .  Withholding Offset	 	96
	 	 	 

 

EXHIBITS

	Exhibit A	 Form of Note	 	A-1
	Exhibit B	 Form of Free Transferability Certificate	 	B-1

 

    4

     

    

 

 

INDENTURE, dated as of October 21, 2019,
between United States Steel Corporation, a Delaware corporation, as issuer (the “Company”, as more fully set
forth in Section 1.01), and The Bank of New York Mellon, a New York banking corporation (the “Trustee”, as more
fully set forth in Section 1.01).

 

W I T N E S S E T H:

 

WHEREAS, for its lawful corporate purposes,
the Company has duly authorized the issuance of its 5.00% Senior Convertible Notes due 2026 (the “Notes”), initially
in an aggregate principal amount of $350,000,000, and in order to provide the terms and conditions upon which the Notes are to
be authenticated, issued and delivered, the Company has duly authorized the execution and delivery of this Indenture; and

 

WHEREAS, the Form of Note, the certificate
of authentication to be borne by each Note, the Form of Notice of Conversion, the Form of Fundamental Change Purchase Notice and
the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided; and

 

WHEREAS, all acts and things necessary to
make the Notes, when executed by the Company and authenticated and delivered by the Trustee or a duly authorized authenticating
agent, as provided in this Indenture, the valid, binding and legal obligations of the Company, and this Indenture the valid, binding
and legal obligations of the Company, have been done and performed, and the execution of this Indenture and the issuance hereunder
of the Notes have in all respects been duly authorized.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

That in order to declare the terms and conditions
upon which the Notes are, and are to be, authenticated, issued and delivered, and in consideration of the premises and of the purchase
and acceptance of the Notes by the Holders thereof, the Company covenants and agrees with the Trustee for the equal and proportionate
benefit of the respective Holders from time to time of the Notes (except as otherwise provided below), as follows:

 

Article
1

Definitions

 

Section 1.01. Definitions.
The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires)
for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this
Section 1.01. The words “herein,” “hereof,” “hereunder,” and words of similar import refer
to this Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article
include the plural as well as the singular.

 

“Additional Interest”
means all amounts, if any, payable pursuant to Section 4.06(d), Section 4.06(e) and Section 6.03, as applicable.

 

    5

     

    

 

“Additional Shares”
shall have the meaning specified in Section 14.03(a).

 

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

 

“Applicable Procedures”
means, with respect to a Depositary, as to any matter at any time, the policies and procedures of such Depositary, if any, that
are applicable to such matter at such time.

 

“Bankruptcy Law”
means Title 11, U.S. Code, as amended, or any similar federal, state or foreign law for the relief of debtors.

 

“Bid Solicitation Agent”
means the Company or the Person appointed by the Company to solicit bids for the Trading Price of the Notes in accordance with
Section 14.01(b)(i). The Company shall initially act as the Bid Solicitation Agent.

 

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

 

“Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the
Board of Directors, and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 

“Business Day”
means any day other than a Saturday, a Sunday or a day on which banking institutions in the State of New York are authorized or
required by law, regulatory or executive order to close or be closed.

 

“Capital Stock”
means, for any entity, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents
of or interests in (however designated) stock issued by that entity; provided that debt securities that are convertible
into or exchangeable for Capital Stock shall not constitute Capital Stock prior to their conversion or exchange, as the case may
be.

 

“Cash Settlement”
shall have the meaning provided in Section 14.02(a).

 

“Certificated Notes”
means permanent certificated Notes in registered form issued in minimum denominations of $1,000 principal amount and integral multiples
of $1,000 in excess thereof.

 

“Clause A Distribution”
shall have the meaning specified in Section 14.04(c).

 

“Clause B Distribution”
shall have the meaning specified in Section 14.04(c).

 

    6

     

    

 

“Clause C Distribution”
shall have the meaning specified in Section 14.04(c).

 

“close of business”
means 5:00 p.m. (New York City time).

 

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

 

“Combination Settlement”
shall have the meaning provided in Section 14.02(a).

 

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

 

“Common Stock”
means the common stock of the Company, par value $1.00 per share, subject to Section 14.07.

 

“Company” shall
have the meaning specified in the first paragraph of this Indenture, and subject to the provisions of Article 11, shall include
its successors and assigns.

 

“Company Order”
means a written order of the Company, signed by an Officer of the Company.

 

“Conversion Agent”
shall have the meaning specified in Section 4.02.

 

“Conversion Consideration”
shall have the meaning specified in Section 14.02(j).

 

“Conversion Date”
shall have the meaning specified in Section 14.02(c).

 

“Conversion Obligation”
shall have the meaning specified in Section 14.01(a).

 

“Conversion Price”
means as of any date, $1,000, divided by the Conversion Rate as of such date.

 

“Conversion Rate”
shall have the meaning specified in Section 14.01(a).

 

“Corporate Trust Office”
means the principal designated office of the Trustee at which at any time its corporate trust business shall be administered, which
office at the date hereof is located at 240 Greenwich Street, Floor 7-E, New York, New York 10286, Attention: Corporate Trust Administration
or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal
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).

 

“Custodian”
means the Trustee, as custodian for The Depository Trust Company, with respect to the Global Notes, or any successor entity thereto.

 

“Daily Conversion Value”
means, for each of the 20 consecutive VWAP Trading Days during the relevant Observation Period, 1/20th of the product of (i) the
Conversion Rate on such VWAP Trading Day and (ii) the Daily VWAP
for such VWAP Trading Day.

 

    7

     

    

 

“Daily Measurement Value”
shall have the meaning specified in the definition of “Daily Settlement Amount.”

 

“Daily Settlement Amount,”
for each of the 20 consecutive VWAP Trading Days during the relevant Observation Period, shall consist of:

 

(a)       cash
in an amount equal to the lesser of (i) the Specified Dollar Amount, if any, divided by 20 (such quotient, the “Daily
Measurement Value”) and (ii) the Daily Conversion Value for such VWAP Trading Day; and

 

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

 

“Daily VWAP”
means, for each of the 20 consecutive VWAP Trading Days during the applicable Observation Period, the per share volume-weighted
average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “X<equity> AQR” (or
its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled
close of trading of the primary trading session on such VWAP Trading Day (or if such volume-weighted average price is unavailable,
the market value of one share of Common Stock on such VWAP Trading Day reasonably determined, using a volume-weighted average method,
by a nationally recognized independent investment banking firm retained for this purpose by the Company). The “Daily VWAP”
shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

 

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

 

“Defaulted Amounts”
means any amounts on any Note (including, without limitation, the Redemption Price, the Fundamental Change Purchase Price, cash
conversion consideration due upon any conversion, principal and interest) that are payable but are not punctually paid or duly
provided for.

 

“Depositary”
means, with respect to each Global Note, the Person specified in Section 2.05(b) as the Depositary with respect to such Notes,
until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter,
 “Depositary” shall mean or include such successor.

 

“Designated Financial
Institution” shall have the meaning specified in Section 14.02(j).

 

“Distributed Property”
shall have the meaning specified in Section 14.04(c).

 

    8

     

    

 

“effective date”
means the first date on which shares of the Common Stock trade on the Relevant Stock Exchange, regular way, reflecting the relevant
share split or share combination, as applicable.

 

“Effective Date”
shall have the meaning specified in Section 14.03(c).

 

“Event of Default”
shall have the meaning specified in Section 6.01.

 

“Ex-Dividend Date”
means the first date on which shares of Common Stock trade on the Relevant Stock Exchange, regular way, without the right to receive
the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of Common Stock on the
Relevant Stock Exchange (in the form of due bills or otherwise) as determined by such the Relevant Stock Exchange.

 

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

 

“Exchange Election”
shall have the meaning specified in Section 14.02(j).

 

“Expiration Date”
shall have the meaning specified in Section 14.04(e).

 

“Form of Assignment and
Transfer” means the “Form of Assignment and Transfer” attached as Attachment 3 to the Form of Note attached
hereto as Exhibit A.

 

“Form of Fundamental
Change Purchase Notice” means the “Form of Fundamental Change Purchase Notice” attached as Attachment 2 to
the Form of Note attached hereto as Exhibit A.

 

“Form of Notice of Conversion”
means the “Form of Notice of Conversion” attached as Attachment 1 to the Form of Note attached hereto as Exhibit A.

 

“Fundamental Change”
shall be deemed to have occurred at the time after the Notes are originally issued if any of the following occurs:

 

(a)       any
 “person” or “group” of related persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange
Act) becomes the “beneficial owner” (as defined in Rule 13d-3 and 13d-5 under the Exchange Act, except that such person
or group shall be deemed to have “beneficial ownership” of all shares that any such person or group has the right to
acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than
50% of the total voting power of the Voting Stock of the Company or any of its direct or indirect parent entities (or their succession
by merger, consolidation, purchase of all or substantially all of their assets);

 

    9

     

    

 

(b)       the
consummation of (i) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from
a subdivision or combination) as a result of which the Common Stock would be converted into, or exchanged for, cash,
securities or other property (ii) any statutory share exchange, consolidation, merger or similar transaction involving the
Company pursuant to which the Common Stock will be converted into cash, securities or other property or (iii) 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 or
any direct or indirect parent entity of the Company and its Subsidiaries taken as a whole, to any Person other than one or
more of the Company’s Subsidiaries; provided, however, that a transaction described in subclauses (i) or
(ii) in which the holders of more than 50% of all classes of the Company’s Voting Stock immediately prior to such
transaction that is a statutory share exchange, consolidation or merger own, directly or indirectly, more than 50% of all
classes of the Voting Stock of the continuing or surviving corporation or transferee or the parent entity thereof immediately
after such transaction shall be deemed not to constitute a Fundamental Change pursuant to this clause (b);

 

(c)       the
stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company or any direct or indirect
parent entity of the Company; or

 

(d)       the
Common Stock (or other common stock into which the Notes are then convertible pursuant to the terms of the Notes and this Indenture)
ceases to be listed on any of The New York Stock Exchange, the NASDAQ Global Select Market or the NASDAQ Global Market (or any
of their respective successors);

 

provided, however, that a transaction
or transactions described in clause (a) or (b) above shall not constitute a Fundamental Change if 90% or more of the consideration
received or to be received by the holders of the Company’s Common Stock excluding cash payments for fractional shares and
cash payments made pursuant to dissenters’ appraisal rights in connection with such transaction or transactions constituting
the Fundamental Change consists of shares of common stock that are traded on The New York Stock Exchange, the NASDAQ Global Select
Market or the NASDAQ Global Market (or any of their respective successors) or which will be so traded when issued or exchanged
in connection with such transaction that would otherwise be a Fundamental Change, and as a result of such transaction or transactions
such consideration becomes the Reference Property for the Notes (subject to the provisions set forth in Section 14.02).

 

Any event, transaction or series of related transactions
that constitute a Fundamental Change under both clause (a) and clause (b) above (determined without regard to the proviso
in clause (b) above) shall be deemed to be a Fundamental Change solely under clause (b) above.

 

“Fundamental Change Company
Notice” shall have the meaning specified in Section 15.02(c).

 

“Fundamental Change Purchase
Date” shall have the meaning specified in Section 15.02(a).

 

“Fundamental Change Purchase
Notice” shall have the meaning specified in Section 15.02(b)(i).

 

    10

     

    

 

“Fundamental Change Purchase
Price” shall have the meaning specified in Section 15.02(a).

 

“Global Note”
shall have the meaning specified in Section 2.05(a).

 

“Holder,” as
applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any person in whose
name at the time a particular Note is registered on the Note Register. The registered Holder of a Note shall be treated as its
owner for all purposes.

 

“Indenture”
means this instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented.

 

“Initial Dividend Threshold”
shall have the meaning specified in Section 14.04(d).

 

“Interest Payment Date”
means May 1 and November 1 of each year, beginning on May 1, 2019.

 

“Issue Date”
means October 21, 2019.

 

“Last Original Issue
Date” means, (x) with respect to the Notes offered pursuant to the Purchase Agreement, and any Notes issued in exchange
therefor or in substitution thereof, the date of this Indenture (or if the initial purchasers thereof exercise any option granted
to them to purchase additional Notes as part of the same offering, the last date additional Notes are issued pursuant to a full
or partial exercise of such option) and (y) with respect to any additional Notes issued pursuant to the first sentence of Section
2.10, and any Notes issued in exchange therefor or in substitution thereof, the date such Notes are originally issued (or if the
initial purchasers thereof exercise any option granted to them to purchase additional Notes as part of the same offering, the last
date additional Notes are issued pursuant to a full or partial exercise of such option).

 

“Last Reported Sale Price”
of the Common Stock (or any other security) on any date means:

 

(a)       the
closing sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one
in either case, the average of the average bid and the average ask prices) on such date as reported in composite transactions for
the Relevant Stock Exchange;

 

(b)       if
the Common Stock (or such other security) is not listed for trading on a Relevant Stock Exchange on such date, the last quoted
bid price per share for the Common Stock in the over-the-counter market on such date as reported by OTC Markets Group Inc. or a
similar organization; and

 

(c)       if
the Common Stock (or such other security) is not so quoted, the average of the mid-point of the last bid and ask prices per share
for the Common Stock on such date from each of at least three nationally recognized
independent investment banking firms selected by the Company for this purpose.

 

    11

     

    

 

“Make-Whole Fundamental
Change” means any transaction or event that constitutes a Fundamental Change, after giving effect to any exceptions to
or exclusions from the definition thereof, but without regard to the proviso in clause (b) of the definition thereof.

 

“Make-Whole Fundamental
Change Company Notice” shall have the meaning specified in Section 14.03(b).

 

“Market Disruption Event”
means:

 

(a)        a
failure by the Relevant Stock Exchange to open for trading during its regular trading session; or

 

(b)        the
occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the Common Stock for more than
one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason
of movements in price exceeding limits permitted by the Relevant Stock Exchange or otherwise) in the Common Stock or in any option
contracts or futures contracts relating to the Common Stock.

 

“Maturity Date”
means November 1, 2026.

 

“Measurement Period”
shall have the meaning specified in Section 14.01(b)(i).

 

“Note” or “Notes”
shall have the meaning specified in the first paragraph of the recitals of this Indenture.

 

“Note Register”
shall have the meaning specified in Section 2.05.

 

“Note Registrar”
shall have the meaning specified in Section 2.05.

 

“Notice of Conversion”
shall have the meaning specified in Section 14.02(b)(ii)(A).

 

“Notice of Redemption”
shall have the meaning specified in Section 16.02(a).

 

“Observation Period”
with respect to any Note surrendered for conversion means:

 

(a)       if
the relevant Conversion Date occurs prior to August 1, 2026, the 20 consecutive VWAP Trading Day period beginning on, and including,
the second VWAP Trading Day immediately succeeding such Conversion Date; and

 

(b)       if
the relevant Conversion Date occurs on or after August 1, 2026, the 20 consecutive VWAP Trading Day period beginning on, and including,
the 21st Scheduled Trading Day immediately preceding the Maturity Date
(or, if such Scheduled Trading Day is not a VWAP Trading Day, the immediately following VWAP Trading day).

 

    12

     

    

 

“Offering Memorandum”
means the offering memorandum dated October 16, 2019 relating to the offering and sale of the Notes.

 

“Officer” means,
with respect to any Person, the Chairman of the Board of Directors, the Chief Executive Officer, the President, the Chief Operating
Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, any Vice President, any Executive Vice President,
the Controller, the Secretary, any Assistant Secretary or any Vice President of such Person.

 

“Officer’s Certificate”
means a certificate signed on behalf of the Company by an Officer of the Company that meets the requirements of Section 17.06.

 

“open of business”
means 9:00 a.m. (New York City time).

 

“Opinion of Counsel”
means an opinion from legal counsel which is reasonably acceptable to the Trustee, that meets the requirements of Section 17.06.
The counsel may be an employee of or counsel to the Company.

 

“outstanding,”
when used with reference to Notes, means, subject to the provisions of Section 8.04, as of any particular time, all Notes authenticated
and delivered by the Trustee under this Indenture, except:

 

(a)       Notes
theretofore canceled by the Trustee or accepted by the Trustee for cancellation;

 

(b)       Notes,
or portions thereof, that have become due and payable and in respect of which monies in the necessary amount shall have been deposited
in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust
by the Company (if the Company shall act as its own Paying Agent);

 

(c)       Notes
in lieu of which, or in substitution for which, other Notes shall have been authenticated and delivered pursuant to the terms of
Section 2.06 unless proof satisfactory to the Trustee is presented that any such Notes are held by protected purchasers in due
course;

 

(d)       Notes
surrendered for purchase in accordance with Article 15 for which the Paying Agent holds money sufficient to pay the Fundamental
Change Purchase Price, in accordance with Section 15.04(b);

 

(e)       Notes
converted pursuant to Article 14 and required to be cancelled pursuant to Section 2.08; and

 

(f)       Notes
redeemed or repurchased by the Company.

 

    13

     

    

 

“Paying Agent”
shall have the meaning specified in Section 4.02.

 

“Person” means
any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization,
limited liability company or government or other entity.

 

“Physical Settlement”
shall have the meaning provided in Section 14.02(a).

 

“Predecessor Note”
of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular
Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.06 in lieu of or in exchange
for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or
stolen Note that it replaces.

 

“Purchase Agreement”
means the Purchase Agreement, dated October 16, 2019, between the Company and the initial purchaser relating to the Notes.

 

“Record Date”
means, with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock (or other
applicable security) have the right to receive any cash, securities or other property or in which the Common Stock (or other applicable
security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination
of holders of Common Stock (or other applicable security) entitled to receive such cash, securities or other property (whether
such date is fixed by the Board of Directors, statute, contract or otherwise).

 

“Redemption”
means the redemption of any Note by the Company pursuant to Article 16.

 

“Redemption Date”
shall have the meaning specified in Section 16.02(a).

 

“Redemption Notice Date”
means, with respect to a Redemption, the date on which the Company sends the Notice of Redemption to the applicable Holders for
such Redemption pursuant to Section 16.02(a).

 

“Redemption
Price” means, for any Notes to be redeemed pursuant to Section 16.01, 100% of the principal amount of such Notes, plus
accrued and unpaid interest, if any, to, but not including, the Redemption Date (unless the Redemption Date falls after a
Regular Record Date but on or prior to the immediately succeeding Interest Payment Date, in which case the interest accrued
to, but not including, such Interest Payment Date will be paid to the Holder as of the close of business on such Regular
Record 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 the Redemption Price will be equal to 100% of the principal
amount of Notes to be redeemed). For the avoidance of doubt, if an Interest Payment Date is not a Business Day 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 not including, such Interest Payment Date will be paid, in accordance with Section 17.07, on the next
Business Day to Holders at 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 to, but not including,
such Redemption Date.

 

    14

     

    

 

“Redemption Reference
Price” means, for any conversion of Notes in connection with a Redemption, the average of the Last Reported Sale Prices
per share of the Common Stock over the five Trading Day period ending on, and including, the Trading Day immediately preceding
the Redemption Notice Date.

 

“Reference Property”
shall have the meaning specified in Section 14.07(a).

 

“Regular Record Date,”
with respect to any Interest Payment Date, means the April 15 and October 15 (whether or not such day is a Business Day), as the
case may be, immediately preceding such Interest Payment Date.

 

“Relevant Stock Exchange”
means The New York Stock Exchange or, if the Common Stock is not then listed on The New York Stock Exchange, the principal other
U.S. national or regional securities exchange on which the Common Stock (or any other security) is then listed.

 

“Resale Restriction Termination
Date” shall have the meaning specified in Section 2.05(b).

 

“Responsible Officer”
means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice
president, assistant vice president, assistant secretary, senior associate, associate, trust officer or any other officer of the
Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively,
or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this Indenture.

 

“Restricted Securities”
shall have the meaning specified in Section 2.05(b).

 

“Rule 144”
means Rule 144 as promulgated under the Securities Act.

 

“Rule 144A”
means Rule 144A as promulgated under the Securities Act.

 

“Scheduled Trading Day”
means a day that is scheduled to be a Trading Day on the Relevant Stock Exchange. If the Common Stock is not so listed, quoted
or traded on any U.S. securities exchange or any other market, “Scheduled Trading Day” means a “Business Day.”

 

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

 

“Settlement Amount”
shall have the meaning specified in Section 14.02(a)(iii).

 

    15

     

    

 

 

“Settlement Method”
means, with respect to any conversion of Notes, Physical Settlement, Cash Settlement or Combination Settlement, as elected (or
deemed to have been elected) by the Company.

 

“Share Exchange Event”
shall have the meaning specified in Section 14.07(a).

 

“Specified Dollar Amount”
means, with respect to any conversion of Notes, the maximum cash amount per $1,000 principal amount of Notes to be received upon
conversion as specified by the Company (or deemed specified) in the notice specifying the Company’s chosen Settlement Method.

 

“Spin-Off”
shall have the meaning specified in Section 14.04(c).

 

“Stock Price”
shall have the meaning specified in Section 14.03(c).

 

“Subsidiary”
means, with respect to any Person, any corporation, limited liability company, partnership, association or other entity of which
a majority of the shares or securities or other interests having ordinary voting power for the election of directors or another
governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the
time beneficially owned directly or indirectly through one or more intermediaries, or both, by such Person.

 

“Successor Company”
shall have the meaning specified in Section 11.01(a)(i).

 

“Trading Day”
means a day on which:

 

(a)       trading
in the Common Stock (or any other security for which a Last Reported Sale Price must be determined) generally occurs on the Relevant
Stock Exchange; and

 

(b)       a
Last Reported Sale Price for the Common Stock (or any other security for which a Last Reported Sale Price must be determined) is
available on the Relevant Stock Exchange or such other market;

 

provided that, if the Common
Stock (or such other security) is not so listed or quoted on the Relevant Stock Exchange, “Trading Day” means a “Business
Day.”

 

“Trading Price”
per $1,000 principal amount of the Notes on any date of determination means the average of the secondary market bid quotations
obtained by the Bid Solicitation Agent for $5,000,000 principal amount of Notes at approximately 3:30 p.m. (New York City time)
on such determination date from three independent nationally recognized securities dealers the Company selects for this purpose;
provided that if three such bids cannot reasonably be obtained by the Bid Solicitation Agent but two such bids are obtained,
then the average of such two bids shall be used, and if only one such bid can reasonably be obtained by the Bid Solicitation Agent,
that one bid shall be used. If the Bid Solicitation Agent cannot reasonably obtain at least one bid for $5,000,000 principal amount
of Notes from a nationally recognized securities dealer, then the Trading Price per $1,000 principal amount of Notes shall be deemed
to be less than 98% of the product of the Last Reported Sale Price of the Common Stock
and the Conversion Rate on such day.

 

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“transfer”
shall have the meaning specified in Section 2.05(b).

 

“Trigger Event”
shall have the meaning specified in Section 14.04(c).

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this Indenture.

 

“Trustee” means
the Person named as the “Trustee” in the first paragraph of this Indenture until a successor trustee shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or
include each Person who is then a Trustee hereunder.

 

“Unit of Reference Property”
shall have the meaning specified in Section 14.07(a).

 

“Valuation Period”
shall have the meaning specified in Section 14.04(c).

 

“Voting Stock”
of any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date means the Capital
Stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person.

 

“VWAP Trading Day”
means a day on which:

 

(a)       there
is no Market Disruption Event; and

 

(b)       trading
in the Common Stock generally occurs on the Relevant Stock Exchange.

 

If the Common Stock is not so
listed or admitted for trading on any Relevant Stock Exchange, “VWAP Trading Day” means a “Business Day.”

 

Section 1.02. References
to Interest. Unless the context otherwise requires, any reference to interest on, or in respect of, any Note in this Indenture
shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to
any of Section 4.06(d), Section 4.06(e) and Section 6.03. Unless the context otherwise requires, any express mention of Additional
Interest in any provision hereof shall not be construed as excluding Additional Interest in those provisions hereof where such
express mention is not made.

 

Article
2

Issue, Description, Execution, Registration and Exchange of Notes

 

Section 2.01.
Designation and Amount. The Notes shall be designated as the “5.00% Senior Convertible Notes due 2026.” The
aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is initially limited to
$350,000,000, subject to Section 2.10 and except for Notes authenticated and delivered upon registration or transfer of, or
in exchange for, or in lieu of other Notes to the extent expressly permitted hereunder.

 

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Section 2.02. Form
of Notes. The Notes and the Trustee’s certificate of authentication to be borne by such Notes shall be substantially
in the respective forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly incorporated
in and made a part of this Indenture. To the extent applicable, the Company and the Trustee, by their execution and delivery of
this Indenture, expressly agree to such terms and provisions and to be bound thereby. In the case of any conflict between this
Indenture and a Note, the provisions of this Indenture shall control and govern to the extent of such conflict.

 

Any Global Note may be endorsed with or
have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Indenture
as may be required by the Custodian or the Depositary, or as may be required to comply with any applicable law or any regulation
thereunder or with the rules and regulations of any securities exchange or automated quotation system upon which the Notes may
be listed or traded or designated for issuance or to conform with any usage with respect thereto, or to indicate any special limitations
or restrictions to which any particular Notes are subject.

 

Any of the Notes may have such letters,
numbers or other marks of identification and such notations, legends or endorsements as any Officer executing the same may approve
(execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture,
or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation
of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform
to usage or to indicate any special limitations or restrictions to which any particular Notes are subject.

 

Each Global Note shall represent such principal
amount of the outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate principal
amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be increased or reduced to reflect purchases, cancellations, conversions, transfers or exchanges
permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding
Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon
instructions given by the Holder of such Notes in accordance with this Indenture. Payment of principal (including the Redemption
Price and the Fundamental Change Purchase Price, if applicable) of, and accrued and unpaid interest on, a Global Note shall be
made to the Holder of such Note on the date of payment, unless a record date or other means of determining Holders eligible to
receive payment is provided for herein.

 

Section 2.03. Date
and Denomination of Notes; Payments of Interest and Defaulted Amounts(a).

 

(a)           The
Notes shall be issuable in registered form without coupons in minimum denominations of $1,000 principal amount and integral
multiples of $1,000 in excess thereof. Each Note shall be dated the date of its authentication and shall bear interest from
the date specified on the face of the form of Note attached as Exhibit A hereto. Accrued interest on the Notes shall be
computed on the basis of a 360-day year composed of twelve 30-day months and, for a partial month, on the basis of the number
of days actually elapsed in a 30-day month.

 

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(b)          The Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of business
on the Regular Record Date immediately preceding the relevant Interest Payment Date shall be entitled to receive the interest payable
on such Interest Payment Date. Interest shall be payable at the office or agency of the Company maintained by the Company for such
purposes, which shall initially be the Corporate Trust Office. The Company shall pay interest:

 

(i)           
on any Certificated Notes (A) to Holders holding Certificated Notes having an aggregate principal amount of $5,000,000 or
less, by check mailed to the Holders of these Notes at their address as it appears in the Note Register and (B) to Holders holding
Certificated Notes having an aggregate principal amount of more than $5,000,000, either by check mailed to such Holders or, upon
application by such a Holder to the Paying Agent not later than the relevant Regular Record Date, by wire transfer in immediately
available funds to that Holder’s account within the United States, which application shall remain in effect until the Holder
notifies, in writing, the Note Registrar to the contrary; and

 

(ii)           
on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee.

 

(c)          Any Defaulted Amounts shall forthwith cease to be payable to the Holder on the relevant payment date but shall accrue interest
per annum at the rate borne by the Notes from, and including, such relevant payment date, and such Defaulted Amounts together with
such interest thereon shall be paid by the Company, at its election in each case, as provided in clause (i) or (ii) below:

 

(i)             The
Company may elect to make payment of any Defaulted Amounts to the Persons in whose names the Notes (or their
respective Predecessor Notes) are registered at the close of business on a special record date for the payment of such
Defaulted Amounts, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the
amount of the Defaulted Amounts proposed to be paid on each Note and the date of the proposed payment (which shall be not
less than 25 days after the receipt by the Trustee of such notice, unless the Trustee shall consent to an earlier date), and
at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount to be paid in
respect of such Defaulted Amounts or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the
date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such
Defaulted Amounts as provided in this clause. Thereupon the Company shall fix a special record date for the payment of such
Defaulted Amounts which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment,
and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment (unless the Trustee shall
consent to an earlier date). The Company shall promptly notify the Trustee in writing of such special record date and the
Trustee, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Amounts
and the special record date therefor to be sent to each Holder at its address as it appears in the Note Register, not less
than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted Amounts and the special
record date therefor having been sent, such Defaulted Amounts shall be paid to the Persons in whose names the Notes (or their
respective Predecessor Notes) are registered at the close of business on such special record date and shall no longer be
payable pursuant to the following clause (ii) of this Section 2.03(c).

 

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(ii)           
The Company may make payment of any Defaulted Amounts in any other lawful manner not inconsistent with the requirements
of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon
such notice as may be required by such exchange or automated quotation system and the Depositary if, after written notice given
by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed reasonably
satisfactory to the Trustee.

 

(iii)           
The Trustee shall not at any time be under any duty or responsibility to any holder of Notes to determine the Defaulted
Amounts, or with respect to the nature, extent, or calculation of the amount of Defaulted Amounts owed, or with respect to the
method employed in such calculation of the Defaulted Amounts.

 

Section 2.04. Execution,
Authentication and Delivery of Notes. The Notes shall be signed in the name and on behalf of the Company by the manual or facsimile
signature of at least one of its Officers.

 

At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication,
together with a Company Order for the authentication and delivery of such Notes and the documents required under Section 17.06,
and the Trustee in accordance with such Company Order shall authenticate and deliver such Notes, without any further action by
the Company hereunder.

 

Only such Notes as shall bear thereon a
certificate of authentication substantially in the form set forth on the form of Note attached as Exhibit A hereto, executed manually
by an authorized signatory of the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 17.11), shall
be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee (or such
an authenticating agent) upon any Note executed by the Company shall be conclusive evidence that the Note so authenticated has
been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.

 

In case any Officer of the Company who shall
have signed any of the Notes shall cease to be such Officer before the Notes so signed shall have been authenticated and delivered
by the Trustee, or disposed of by the Company, such Notes nevertheless may be authenticated and delivered or disposed of as though
the Person who signed such Notes had not ceased to be such Officer of the Company; and any Note may be signed on behalf of the
Company by such persons as, at the actual date of the execution of such Note, shall be an Officer of the Company, although at the
date of the execution of this Indenture any such Person was not such an Officer.

 

    20

     

    

 

Section 2.05. Exchange
and Registration of Transfer of Notes; Restrictions on Transfer; Depositary. The Company shall cause to be kept at the Corporate
Trust Office a register (the register maintained in such office or in any other office or agency of the Company designated pursuant
to Section 4.02, the “Note Register”) in which, subject to such reasonable regulations or procedures as it
may prescribe, the Company shall provide for the registration of Notes and transfers of Notes. Such register shall be in written
form or in any form capable of being converted into written form within a reasonable period of time. The Trustee is hereby initially
appointed the “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided.
The Company may appoint one or more co-Note Registrars in accordance with Section 4.02.

 

Upon surrender for registration of transfer
of any Note to the Note Registrar or any co-registrar, and satisfaction of the requirements for such transfer set forth in this
Section 2.05, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal amount and bearing such
restrictive legends as may be required by this Indenture.

 

Notes may be exchanged for other Notes of
any authorized denominations and of a like aggregate principal amount upon surrender of the Notes to be exchanged at any such office
or agency maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for exchange, the Company shall
execute, and the Trustee shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive,
bearing registration numbers not contemporaneously outstanding.

 

All Notes presented or surrendered for registration
of transfer or for exchange, repurchase or conversion shall (if so required by the Company, the Trustee, the Note Registrar or
any co-Note Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory
to the Company and duly executed by the Holder thereof or its attorney-in-fact duly authorized in writing.

 

No service charge shall be imposed by the
Company, the Trustee, the Note Registrar or any co-Note Registrar for any registration of transfer or exchange of Notes, but the
Company or the Trustee may require a Holder to pay a sum sufficient to cover any transfer tax or other similar governmental charge
required by law or permitted pursuant to this Indenture.

 

None of the Company, the Trustee, the Note
Registrar or any co-Note Registrar shall be required to exchange or register a transfer of (i) any Notes surrendered for conversion
or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered for conversion, (ii) any Notes, or
a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with Article 15 or (iii) any Notes, or a portion
of any Note, surrendered for redemption in accordance with Article 16.

 

All Notes issued upon any registration of
transfer or exchange of Notes in accordance with this Indenture shall be the valid obligations of the Company, evidencing the same
debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange.

 

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(a)           
So long as the Notes are eligible for book-entry settlement with the Depositary, unless otherwise required by law, subject
to the fourth paragraph from the end of Section 2.05(b) all Notes shall be represented by one or more Notes in global form (each,
a “Global Note”) registered in the name of the Depositary or the nominee of the Depositary. The transfer and
exchange of beneficial interests in a Global Note that does not involve the issuance of a Certificated Note shall be effected through
the Depositary (but not the Trustee or the Custodian) in accordance with this Indenture (including the restrictions on transfer
set forth herein) and the Applicable Procedures.

 

(b)           
Every Note that bears or is required under this Section 2.05(b) to bear the legend set forth in this Section 2.05(b) (together
with any Common Stock issued upon conversion of the Notes and required to bear the legend set forth in Section 2.05(c), collectively,
the “Restricted Securities”) shall be subject to the restrictions on transfer set forth in this Section 2.05(b)
(including the legend set forth below), unless such restrictions on transfer shall be eliminated or otherwise waived by written
consent of the Company, and the Holder of each such Restricted Security, by such Holder’s acceptance thereof, agrees to be
bound by all such restrictions on transfer. As used in this Section 2.05(b) and Section 2.05(c), the term “transfer”
encompasses any sale, pledge, transfer or other disposition whatsoever of any Restricted Security.

 

Until the date (the “Resale Restriction
Termination Date”) that is the later of (1) the date that is one year after the Issue Date, or such shorter period of
time as permitted by Rule 144 under the Securities Act or any successor provision thereto, and (2) such later date, if any, as
may be required by applicable law, any certificate evidencing such Note (and all securities issued in exchange therefor or substitution
thereof, other than Common Stock, if any, issued upon conversion thereof which shall bear the legend set forth in Section 2.05(c),
if applicable) shall bear a legend in substantially the following form (unless such Notes have been transferred pursuant to a registration
statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of
such transfer, or sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force
under the Securities Act, or unless otherwise agreed by the Company in writing, with notice thereof to the Trustee):

 

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

 

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

 

    22

     

    

 

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

 

(A)          TO THE COMPANY OR ANY SUBSIDIARY THEREOF;

 

(B)           PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT OF THE COMPANY THAT COVERS THE RESALE OF THIS SECURITY OR SUCH COMMON STOCK;

 

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

 

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

 

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

 

No transfer of any Note prior to the Resale
Restriction Termination Date will be registered by the Note Registrar unless the applicable box on the Form of Assignment and Transfer
has been checked.

 

On any Resale Restriction Termination
Date, the Company shall, at its option, deliver to the Trustee a certificate in the form of Exhibit B hereto executed by an
Officer of the Company, and upon the Trustee’s receipt of such certificate the restrictive legend required by this
Section 2.05(b) shall be deemed removed from any Global Notes representing such Notes without further action on the part of
Holders. If the Company delivers such a certificate to Trustee, the Company shall: (i) notify Holders of the Notes that the
restrictive legend required by this Section 2.05(b) has been removed or deemed removed; and (ii) instruct the Depositary to
change the CUSIP number for the Notes to the unrestricted CUSIP number for the Notes. It is understood that the Depositary of
any Global Note may require a mandatory exchange or other process to cause such Global Note to be identified by an
unrestricted CUSIP number in the facilities of such Depositary. For the avoidance of doubt, for Notes that are not in
certificated form, the Notes shall continue to bear Additional Interest pursuant to this paragraph until such time as they
are identified by an unrestricted CUSIP number in the facilities of the Depositary or any successor depositary for the Notes,
as a result of completion of the Depositary’s mandatory exchange process or otherwise.

 

    23

     

    

 

Any Note (or security issued in exchange
or substitution therefor) (i) as to which such restrictions on transfer shall have expired in accordance with their terms, (ii)
that has been transferred pursuant to a registration statement that has become effective or been declared effective under the Securities
Act and that continues to be effective at the time of such transfer or (iii) that has been sold pursuant to the exemption from
registration provided by Rule 144 or any similar provision then in force under the Securities Act, may, upon surrender of such
Note for exchange to the Note Registrar in accordance with the provisions of this Section 2.05, be exchanged for a new Note or
Notes, of like tenor and aggregate principal amount, which shall not bear the restrictive legend required by this Section 2.05(b)
and shall not be assigned a restricted CUSIP number.

 

The Company shall be entitled to instruct
the Custodian in writing to so surrender any Global Note as to which such restrictions on transfer shall have expired in accordance
with their terms for exchange, and, upon such instruction, the Custodian shall so surrender such Global Note for exchange; and
any new Global Note so exchanged therefor shall not bear the restrictive legend specified in this Section 2.05(b) and shall not
be assigned a restricted CUSIP number. The Company shall promptly notify the Trustee upon the occurrence of the Resale Restriction
Termination Date and promptly after a registration statement, if any, with respect to the Notes or any Common Stock issued upon
conversion of the Notes has been declared effective under the Securities Act.

 

Notwithstanding any other provisions of
this Indenture (other than the provisions set forth in this Section 2.05(b)), a Global Note may not be transferred as a whole or
in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary
and (ii) for transfers of portions of a Global Note in certificated form made upon request of a member of, or a participant in,
the Depositary (for itself or on behalf of a beneficial owner) by written notice given to the Trustee by or on behalf of the Depositary
in accordance with Applicable Procedures and in compliance with this Section 2.05(b).

 

The Depositary shall be a clearing agency
registered under the Exchange Act. The Company initially appoints The Depository Trust Company to act as the “Depositary”
with respect to each Global Note. Initially, each Global Note shall be issued to the Depositary, registered in the name of Cede
 & Co., as the nominee of the Depositary, and deposited with the Trustee as custodian for Cede & Co.

 

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If:

 

(i)             the
Depositary (A) notifies the Company at any time that the Depositary is unwilling or unable to continue as depositary for the Global
Notes and a successor depositary is not appointed within 90 days or (B) ceases to be a clearing agency registered under the Exchange
Act and a successor depositary is not appointed within 90 days; or

 

(ii)            there
has occurred and is continuing an Event of Default and a beneficial owner of any Note requests through the Depositary that its
beneficial interest therein be issued in a Certificated Note,

 

the Company shall execute, and the Trustee,
upon receipt of an Officer’s Certificate, an Opinion of Counsel and a Company Order for the authentication and delivery of
Notes, shall authenticate and deliver Certificated Notes to each beneficial owner of the related Global Notes (or a portion thereof)
in an aggregate principal amount equal to the aggregate principal amount of such Global Notes in exchange for such Global Notes,
and upon delivery of the Global Notes to the Trustee such Global Notes shall be canceled.

 

Certificated Notes issued in exchange for
all or a part of the Global Note pursuant to this Section 2.05(b) shall be registered in such names and in such authorized denominations
as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee.
Upon execution and authentication, the Trustee shall deliver such Certificated Notes to the Persons in whose names such Certificated
Notes are so registered.

 

At such time as all interests in a Global
Note have been converted, canceled, purchased or transferred, such Global Note shall be, upon receipt thereof, canceled by the
Trustee in accordance with Applicable Procedures and existing instructions between the Depositary and the Custodian. At any time
prior to such cancellation, if any interest in a Global Note is exchanged for Certificated Notes, converted, canceled, purchased
or transferred to a transferee who receives Certificated Notes therefor or any Certificated Note is exchanged or transferred for
part of such Global Note, the principal amount of such Global Note shall, in accordance with the Applicable Procedures and instructions
existing between the Depositary and the Custodian, be appropriately reduced or increased, as the case may be, and an endorsement
shall be made on such Global Note, by the Trustee or the Custodian, at the direction of the Trustee, to reflect such reduction
or increase.

 

Neither the Company, the Trustee nor any
agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments
made on account of beneficial ownership interests of a Global Note or maintaining, supervising or reviewing any records relating
to such beneficial ownership interests. Neither the Company nor the Trustee shall have any responsibility or liability for any
act or omission of the Depositary.

 

(c)            Until
the Resale Restriction Termination Date, any stock certificate representing Common Stock issued upon conversion of a Note
shall bear a legend in substantially the following form (unless the Note or such Common Stock has been transferred
pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues
to be effective at the time of such transfer, or pursuant to the exemption from registration provided by Rule 144 or any
similar provision then in force under the Securities Act, or unless otherwise agreed by the Company in writing, with notice
thereof to the Trustee and any transfer agent for the Common Stock):

 

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

 

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

 

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

 

(A)       TO
THE COMPANY OR ANY SUBSIDIARY THEREOF;

 

(B)       PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT OF THE COMPANY THAT COVERS THE RESALE OF THIS SECURITY OR SUCH COMMON STOCK;

 

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

 

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

 

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

 

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(d)       
Any such Common Stock (i) as to which such restrictions on transfer shall have expired in accordance with their terms, (ii)
that has been transferred pursuant to a registration statement that has become or been declared effective under the Securities
Act and that continues to be effective at the time of such transfer or (iii) that has been sold pursuant to the exemption from
registration provided by Rule 144 or any similar provision then in force under the Securities Act, may, upon surrender of the certificates
representing such shares of Common Stock for exchange in accordance with the procedures of the transfer agent for the Common Stock,
be exchanged for a new certificate or certificates for a like aggregate number of shares of Common Stock, which shall not bear
the restrictive legend required by Section 2.05(c).

 

(e)       
Any Note that is repurchased or owned by an Affiliate of the Company (or any Person who was an Affiliate of the Company
at any time during the three months preceding) may not be resold by such Affiliate unless registered under the Securities Act or
resold pursuant to an exemption from the registration requirements of the Securities Act in a transaction that results in such
Note no longer being a “restricted security” (as defined under Rule 144 under the Securities Act). The Trustee shall
have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this
Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or
among members of, or participants in, the Depositary or beneficial owners of interests in any Global Note) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly
required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof.

 

(f)        
Neither the Trustee nor any agent of the Trustee shall have any responsibility for any actions taken or not taken by the
Depositary.

 

Section 2.06. Mutilated,
Destroyed, Lost or Stolen Notes. In case any Note shall become mutilated or be destroyed, lost or stolen, the Company in its
discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate
and deliver, a new Note, bearing a registration number not contemporaneously outstanding, in exchange and substitution for the
mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every case the applicant for a
substituted Note shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or
indemnity as may be reasonably required by them to save each of them harmless from any loss, liability, cost or expense caused
by or connected with such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the
Company, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss
or theft of such Note and of the ownership thereof.

 

The Trustee or such authenticating
agent may authenticate any such substituted Note and deliver the same upon the receipt of such security or indemnity as the
Trustee, the Company and, if applicable, such authenticating agent may reasonably require. Upon the issuance of any
substitute Note, the Company or the Trustee may require the payment by the Holder of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other expenses connected therewith. In case any
Note that has matured or is about to mature or has been surrendered for required purchase, is subject to a Redemption or is
about to be converted in accordance with Article 14 shall become mutilated or be destroyed, lost or stolen, the Company may,
in its sole discretion, instead of issuing a substitute Note, pay or authorize the payment of or convert or authorize the
conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the
applicant for such payment or conversion shall furnish to the Company, to the Trustee and, if applicable, to such
authenticating agent such security or indemnity as may be reasonably required by them to save each of them harmless from any
loss, liability, cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or
theft, evidence satisfactory to the Company, the Trustee and, if applicable, any Paying Agent or Conversion Agent evidence to
their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof.

 

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Every substitute Note issued pursuant to
the provisions of this Section 2.06 by virtue of the fact that any Note is destroyed, lost or stolen shall constitute an additional
contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall
be entitled to all the benefits of (but shall be subject to all the limitations set forth in) this Indenture equally and proportionately
with any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held and owned upon the
express condition that the foregoing provisions are exclusive with respect to the replacement or payment or conversion or repurchase
of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or
statute existing or hereafter enacted to the contrary with respect to the replacement or payment or conversion of negotiable instruments
or other securities without their surrender.

 

Section 2.07. Temporary
Notes. Pending the preparation of Certificated Notes, the Company may execute and the Trustee or an authenticating agent appointed
by the Trustee shall, upon written request of the Company, authenticate and deliver temporary Notes (printed or lithographed).
Temporary Notes shall be issuable in any authorized denomination, and substantially in the form of the Certificated Notes but with
such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Company. Every
such temporary Note shall be executed by the Company and authenticated by the Trustee or such authenticating agent upon the same
conditions and in substantially the same manner, and with the same effect, as the Certificated Notes. Without unreasonable delay,
the Company shall execute and deliver to the Trustee or such authenticating agent Certificated Notes (other than any Global Note)
and thereupon any or all temporary Notes (other than any Global Note) may be surrendered in exchange therefor, at each office or
agency maintained by the Company pursuant to Section 4.02 and the Trustee or such authenticating agent shall authenticate and deliver
in exchange for such temporary Notes an equal aggregate principal amount of Certificated Notes. Such exchange shall be made by
the Company at its own expense and without any charge therefor. Until so exchanged, the temporary Notes shall in all respects be
entitled to the same benefits and subject to the same limitations under this Indenture as Certificated Notes authenticated and
delivered hereunder.

 

Section 2.08.
Cancellation of Notes Paid, Converted, Etc. The Company shall cause all Notes surrendered for the purpose of payment,
redemption, repurchase (but excluding Notes repurchased pursuant to cash-settled swaps or other derivatives that are not
physically settled), registration of transfer or exchange or conversion (subject to the provisions of Section 14.02(j)), if
surrendered to any Person other than the Trustee (including any of the Company’s agents, Subsidiaries or Affiliates),
to be delivered to the Trustee for cancellation, and such Notes shall no longer be considered outstanding for purposes of
this Indenture upon their payment, repurchase, registration of transfer or exchange or conversion (subject to the provisions
of Section 14.02(j)). All Notes delivered to the Trustee for cancellation shall be cancelled promptly by it. No Notes shall
be authenticated in exchange for any Notes cancelled, except as expressly permitted by any of the provisions of this
Indenture. The Trustee shall dispose of cancelled Notes in accordance with its customary procedures and, after such
disposition, shall deliver evidence of such disposition to the Company, at the Company’s written request in a Company
Order. If the Company or any of its Subsidiaries shall acquire any of the Notes, such acquisition shall not operate as a
purchase or satisfaction of the indebtedness represented by such Notes unless and until the same are delivered to the Trustee
for cancellation.

 

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Section 2.09. CUSIP
Numbers. The Company in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee
shall use “CUSIP” numbers in all notices issued to Holders as a convenience to such Holders; provided that any
such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or on
such notice and that reliance may be placed only on the other identification numbers printed on the Notes. The Company shall promptly
notify the Trustee in writing of any change in the “CUSIP” numbers.

 

Section 2.10. Additional
Notes; Purchases(a). (a) The Company may, from time to time, without the consent of, or notice to, the Holders, reopen
this Indenture and issue additional Notes under this Indenture with the same terms as the Notes issued on the Issue Date (other
than differences in the issue date, the issue price and interest accrued prior to the issue date of such additional Notes and,
if applicable, the initial Interest Payment Date and restrictions on transfer in respect of such additional Notes) in an unlimited
aggregate principal amount; provided that if any such additional Notes are not fungible with the Notes issued on the Issue
Date for U.S. federal income tax or securities law purposes, such additional Notes shall have one or more separate CUSIP numbers.
Such Notes issued on the Issue Date and the additional Notes shall rank equally and ratably and shall be treated as a single series
for all purposes under this Indenture. Prior to the issuance of any such additional Notes, the Company shall deliver to the Trustee
a Company Order, an Officer’s Certificate and an Opinion of Counsel, such Officer’s Certificate and Opinion of Counsel
to cover such matters, in addition to those required by Section 17.06, as the Trustee shall reasonably request.

 

(b)        
The Company may, to the extent permitted by law and without the consent of Holders, directly or indirectly (regardless of
whether such Notes are surrendered to the Company), repurchase Notes in the open market or otherwise, whether by the Company or
its Subsidiaries or through private or public tenders or exchange offers or through counterparties to private agreements, including
by cash-settled swaps or other derivatives. The Company shall cause any Notes so purchased (but excluding Notes repurchased pursuant
to cash-settled swaps or other derivatives that are not physically settled) to be surrendered to the Trustee for cancellation in
accordance with Section 2.08, and they will no longer be considered outstanding under this Indenture upon this repurchase.

 

Section 2.11. Ranking.
The Notes constitute a senior general unsecured obligation of the Company, ranking senior in right of payment to all future indebtedness
of the Company that is expressly made subordinate to the Notes by the terms of such indebtedness and ranking equally in right of
payment with all existing and future indebtedness of the Company that is not so subordinated.

 

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Article
3

Satisfaction
and Discharge

 

Section 3.01. Satisfaction
and Discharge. This Indenture and the Notes shall upon request of the Company contained in an Officer’s Certificate cease
(except as set forth in the last paragraph of this Section 3.01) to be of further effect, and the Trustee, at the expense of the
Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when:

 

(i)        
either:

 

(A)      
all Notes theretofore authenticated and delivered (other than (x) Notes which have been destroyed, lost or stolen and which
have been replaced or paid as provided in Section 2.06 and (y) Notes for whose payment money has theretofore been deposited in
trust with the Trustee or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such
trust, as provided in Section 4.04(d)) have been delivered to the Trustee for cancellation; or

 

(B)      
the Company has deposited with the Trustee or delivered to Holders, as applicable, after all of the outstanding Notes have
(i) become due and payable, whether at the Maturity Date, upon Redemption or any Fundamental Change Purchase Date, and/or (ii)
have been converted (and the related Settlement Amounts have been determined), cash, or solely to satisfy the Company’s Conversion
Obligations, cash and/or shares of Common Stock (or if applicable, Reference Property), as applicable, sufficient to pay all of
the outstanding Notes and/or satisfy all conversions, as the case may be, and pay all other sums payable under this Indenture by
the Company; and

 

(ii)       
the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 7.06 and, if cash or shares of Common Stock shall
have been deposited with the Trustee pursuant to Section 3.01(i)(B), Section 4.04 shall survive such satisfaction and discharge.

 

Article
4

Particular Covenants of the Company

 

Section 4.01.
Payment of Principal, Settlement Amounts and Interest. The Company shall pay or cause to be paid the principal (including
the Redemption Price and the Fundamental Change Purchase Price, if applicable) of, the Settlement Amounts owed on conversion
of, and interest on the Notes on the dates and in the manner provided in the Notes. Principal, Settlement Amounts and
interest shall be considered paid on the date due if the Paying Agent, if other than the Company, holds as of 11:00 a.m., New
York City time, on the due date money deposited by the Company in immediately available funds and designated for and
sufficient to pay all principal, Settlement Amounts and interest then due. Unless such Paying Agent is the Trustee, the
Company will promptly notify the Trustee in writing of any failure to take such action.

 

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The Company shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal (including the Redemption Price and the
Fundamental Change Purchase Price, if applicable) and overdue Settlement Amounts owed on conversion to the extent they include
cash, at the rate equal to the interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace
period), at the same rate to the extent lawful.

 

Section 4.02. Maintenance
of Office or Agency. The Company shall maintain an office or agency (which may be an office of the Trustee or an Affiliate
of the Trustee) where Notes may be presented or surrendered for registration of transfer or exchange or for payment or repurchase
(“Paying Agent”) or for conversion (“Conversion Agent”) and where notices and demands to
or upon the Company in respect of the Notes and this Indenture may be served. The Company shall give prompt written notice to the
Trustee of the location, and any change in the location, of such office or agency. The Company shall, at all times, maintain an
office or agency in the continental United States to serve as the Company’s Paying Agent and Conversion Agent for the Notes.
If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of
the Trustee.

 

The Company may also from
time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations. The Company shall give prompt written notice to the Trustee of any
such designation or rescission and of any change in the location of any such other office or agency. The terms “Paying
Agent” and “Conversion Agent” include any such additional or other offices or agencies, as applicable.

 

The Company hereby appoints
the Trustee as Paying Agent, Note Registrar, Custodian and Conversion Agent and designates the Corporate Trust Office of the Trustee
as one such office or agency of the Company.

 

The Company reserves the
right to vary or terminate the appointment of any Note Registrar, Paying Agent or Conversion Agent, and Bid Solicitation Agent;
act as the Paying Agent or Bid Solicitation Agent; appoint additional Paying Agents or Conversion Agents; or approve any change
in the office through which any Note Registrar or Paying Agent or Conversion Agent acts.

 

Section 4.03. Appointments
to Fill Vacancies in Trustee’s Office. The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee,
shall appoint, in the manner provided in Section 7.09, a Trustee, so that there shall at all times be a Trustee hereunder.

 

Section 4.04.
Provisions as to Paying Agent. (a) If the Company shall appoint a Paying Agent other than the Trustee, the Company shall
cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee,
subject to the provisions of this Section 4.04:

 

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(i)        
that it will hold all sums held by it as such agent for the payment of the principal (including the Redemption Price and
the Fundamental Change Purchase Price, if applicable) of, the Settlement Amounts owed on conversion to the extent they include
cash, and accrued and unpaid interest on, the Notes in trust for the benefit of the Holders of the Notes;

 

(ii)       
that it will give the Trustee prompt written notice of any failure by the Company to make any payment of the principal (including
the Redemption Price and the Fundamental Change Purchase Price, if applicable) of, the Settlement Amounts owed on conversion to
the extent they include cash, and accrued and unpaid interest on, the Notes when the same shall be due and payable; and

 

(iii)      
that at any time during the continuance of an Event of Default, upon request of the Trustee, it shall forthwith pay to the
Trustee all sums so held in trust.

 

(b)       
If the Company shall act as its own Paying Agent, it will, on or before each due date of the principal (including the Redemption
Price and the Fundamental Change Purchase Price, if applicable) of, the Settlement Amounts owed on conversion to the extent they
include cash, and accrued and unpaid interest on, the Notes, set aside, segregate and hold in trust for the benefit of the Holders
of the Notes a sum sufficient to pay such principal (including the Redemption Price and the Fundamental Change Purchase Price,
if applicable), the Settlement Amounts owed on conversion to the extent they include cash and accrued and unpaid interest so becoming
due and will promptly notify the Trustee in writing of any failure to take such action and of any failure by the Company to make
any payment of the principal (including the Redemption Price, the Fundamental Change Purchase Price, if applicable) of, the Settlement
Amounts owed on conversion to the extent they include cash, or accrued and unpaid interest on, the Notes when the same shall become
due and payable.

 

(c)         Anything
in this Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a
satisfaction and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all
sums or amounts held in trust by the Company or any Paying Agent hereunder as required by this Section 4.04, such sums or
amounts to be held by the Trustee upon the trusts herein contained and upon such payment or delivery by the Company or any
Paying Agent to the Trustee, the Company or such Paying Agent shall be released from all further liability but only with
respect to such sums or amounts.

 

(d)        Subject
to any applicable escheat laws, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal (including the Redemption Price and the Fundamental Change Purchase Price, if
applicable) of, the Settlement Amounts owed on conversion to the extent they include cash, and accrued and unpaid interest
on, any Note and remaining unclaimed for two years after such principal (including the Redemption Price and the Fundamental
Change Purchase Price, if applicable), the Settlement Amounts owed on conversion to the extent they include cash, or interest
has become due and payable shall be paid to the Company on request of the Company contained in an Officer’s
Certificate, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall
thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee
or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon
cease.

 

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Section 4.05. [Reserved].

 

Section 4.06. Rule
144A Information Requirement; Reporting; and Additional Interest(a). (a) For as long as any Notes are outstanding hereunder,
at any time the Company is not subject to Sections 13 or 15(d) of the Exchange Act, the Company shall, so long as any of the Notes
or any shares of Common Stock issued upon conversion of the Notes shall, at such time, constitute “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act, upon written request, provide to any Holder, beneficial owner or
prospective purchaser of such Notes or any shares of Common Stock issued upon conversion of the Notes, the information required
to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes or such Common Stock,
as the case may be, pursuant to Rule 144A under the Securities Act. The Company shall take such further action as any Holder or
beneficial owner of such Notes or such Common Stock, as the case may be, may reasonably request to the extent from time to time
required to enable such Holder or beneficial owner to sell such Notes or such Common Stock, as the case may be, in accordance with
Rule 144A under the Securities Act, as such rule may be amended from time to time.

 

(b)        
The Company shall furnish to the Trustee within 15 days after the same are required to be filed with the Commission (after
giving effect to any grace period provided by Rule 12b-25 under the Exchange Act or any successor rule under the Exchange Act),
copies of any documents or reports that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of
the Exchange Act (excluding any such information, documents or reports, or portions thereof, subject to confidential treatment
and any correspondence with the Commission). Any such document or report that the Company files with the Commission via the Commission’s
EDGAR system (or any successor thereto) shall be deemed to be furnished to the Trustee for purposes of this Section 4.06(b) as
of the time such documents are filed via the EDGAR system (or such successor).

 

(c)        
Delivery of the reports, information and documents described in Section 4.06(b) to the Trustee is for informational purposes
only, and the Trustee’s receipt of such shall not constitute actual or constructive notice of any information contained therein
or determinable from information contained therein, including the Company’s compliance with any of its covenants under the
Notes or this Indenture (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). The Trustee
shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Company’s compliance with such covenants
or to determine whether any reports or other documents have been filed with the Commission or the Commission’s EDGAR system
(or any successor thereto) or posted on any website or participate in any conference calls.

 

    33

     

    

 

(d)        Subject
to Section 6.03(b), if, at any time during the six-month period beginning on, and including, the date that is six
months after the Last Original Issue Date, the Company fails to timely file any document or report that it is required
to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (other than Current Reports on
Form 8-K), after giving effect to all applicable grace periods thereunder, or the Notes are not otherwise freely tradable
pursuant to Rule 144 by Holders other than the Company’s Affiliates or Holders that were Affiliates of the Company at
any time during the three months immediately preceding (as a result of restrictions pursuant to U.S. federal securities laws
or the terms of this Indenture or the Notes), the Company shall pay Additional Interest on the Notes from, and including, the
first date after the conclusion of the six-month period described above on which such failure to file occurs or the first
date the Notes are not otherwise freely tradable as described above by Holders other than the Company’s Affiliates or
Holders that were Affiliates of the Company at any time during the three months immediately preceding without restriction
pursuant to U.S. federal securities laws or the terms of this Indenture or the Notes, whichever is earlier, until the earlier
of (i) the one-year anniversary of the Last Original Issue Date and (ii) the date on which such failure to file has been
cured (if applicable) and the Notes are otherwise freely tradable by Holders other than the Company’s Affiliates or
Holders that were Affiliates of the Company at any time during the three months immediately preceding without restriction
pursuant to U.S. federal securities laws or the terms of this Indenture or the Notes. Such Additional Interest shall accrue
on the Notes at a rate equal to (i) 0.25% per annum of the principal amount of the Notes outstanding for each day during
the period beginning on, and including, the date on which such period described in the preceding sentence begins and ending
on the 90th day immediately thereafter; and (ii) 0.50% per annum of the principal amount of the Notes outstanding for each
day during the period beginning on, and including, the 91st day during such period for which the Company’s failure to
file has occurred and is continuing or the Notes are not otherwise freely tradeable as described in this Section 4.06(d) by
Holders other than the Company’s Affiliates (or Holders that were the Company’s Affiliates at any time during the
three months immediately preceding).

 

(e)            Subject
to Section 4.06(f) and Section 6.03(b), if, and for so long as, the restrictive legend on the Notes specified in Section
2.05(b) has not been removed (or deemed removed), the Notes are assigned a restricted CUSIP number or the Notes are
not otherwise freely tradable as described in Section 4.06(d) by Holders other than the Company’s Affiliates or Holders
that were Affiliates of the Company at any time during the three months immediately preceding without restrictions pursuant
to U.S. federal securities law or the terms of this Indenture or the Notes as of the 380th day after the Issue Date, the
Company shall pay Additional Interest on the Notes at a rate equal to 0.50% per annum of the principal amount of Notes
outstanding until the restrictive legend on the Notes specified in Section 2.05(b) has been removed (or deemed removed), the
Notes are assigned an unrestricted CUSIP number and the Notes are freely tradable as described in Section 4.06(d) by Holders
other than the Company’s Affiliates or Holders that were Affiliates of the Company at any time during the three months
immediately preceding without restrictions pursuant to U.S. federal securities laws or the terms of this Indenture or the
Notes. The restrictive legend on the Notes shall be deemed removed pursuant to the terms of this Indenture upon notice by the
Company to the Trustee and delivery of the documents required pursuant to this Indenture, and, at such time, the Notes will
be automatically assigned an unrestricted CUSIP. However, for the avoidance of doubt, for Notes that are not in certificated
form, the Notes shall continue to bear Additional Interest pursuant to this Section 4.06(e) until such time as such Notes are
identified by an unrestricted CUSIP in the facilities of the Depositary as a result of completion of the Depositary’s
mandatory exchange process or otherwise.

 

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(f)         
Additional Interest, which shall constitute the sole remedy relating to the failure to comply with the Company’s obligations
under this Section 4.06, shall be payable in arrears on each Interest Payment Date following accrual in the same manner as regular
interest on the Notes and shall be in addition to any Additional Interest that may accrue, at the Company’s election, pursuant
to Section 6.03. In no event, however, shall Additional Interest accrue on any day (taking into consideration any Additional Interest
payable as described in Section 4.06(d), Section 4.06(e) and Section 6.03(a)) at a rate in excess of 0.50% per annum, regardless
of the number of events or circumstances giving rise to the requirement to pay such Additional Interest.

 

(g)        
If Additional Interest is payable by the Company pursuant to Section 4.06(d), Section 4.06(e) or Section 6.03(a), the Company
shall deliver to the Trustee an Officer’s Certificate to that effect stating (i) the amount of such Additional Interest that
is payable and (ii) the date on which such Additional Interest is payable. Unless and until a Responsible Officer of the Trustee
receives at the Corporate Trust Office such a certificate, the Trustee may assume without inquiry that no such Additional Interest
is payable.

 

Section 4.07. Stay,
Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist
upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted,
now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company (to
the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it
shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall
suffer and permit the execution of every such power as though no such law has been enacted.

 

Section 4.08. Compliance
Certificate; Statements as to Defaults.

 

(a)        
The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year (beginning with the year ended
December 31, 2019), an Officer’s Certificate indicating whether the signers thereof have knowledge of any Default that occurred
during the previous year and is then continuing and, if so, specifying each such failure and the nature thereof.

 

(b)        
The Company shall, so long as any of the Notes are outstanding, deliver to the Trustee an Officer’s Certificate within
30 days after an Officer of the Company becomes aware of the occurrence of any event that would constitute a Default or Event of
Default, specifying each such event, the status thereof and what action the Company is taking or proposes to take with respect
thereto.

 

Section 4.09. Further
Instruments and Acts. Upon request of the Trustee, the Company will execute and deliver such further instruments and do such
further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture.

 

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Section 4.10. No Rights as Stockholders. Holders
of Notes, as such, will not have any rights as stockholders of the Company (including, without limitation, voting rights and rights
to receive any dividends or other distributions on Common Stock).

 

Article
5

[Reserved]

 

Article
6

Defaults and Remedies

 

Section 6.01. Events
of Default. The following events shall be “Events of Default” with respect to the Notes:

 

(a)      default
in any payment of interest on any Note when due and payable, and the default continues for a period of 30 days;

 

(b)      default
in the payment of principal of any Note when due and payable on the Maturity Date, upon a Redemption, upon any required purchase,
upon declaration of acceleration or otherwise;

 

(c)      
failure by the Company in the performance of any other agreement of the Company in the Notes or this Indenture that continues
for a period of 90 days after written notice from the Trustee or the Holders of at least 25% in aggregate principal amount of the
Notes then outstanding of such failure as provided in this Indenture;

 

(d)      a
failure by the Company to comply with its obligation to convert the Notes in accordance with the provisions of this Indenture
upon exercise of a Holder’s conversion right and such default shall continue for a period of three Business Days after there
has been given, by registered or certified mail, to the Company by the Trustee or by such Holder, a written notice specifying
such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” under
this Indenture;

 

(e)       failure
by the Company to issue a Fundamental Change Company Notice in accordance with Section 15.02(c) or notice of a specified corporate
transaction in accordance with Section 14.01(b)(ii) or (iii) or a Make-Whole Fundamental Change Company Notice in accordance with
Section 14.03(b), in each case when due;

 

(f)       a failure by the Company to repurchase Notes tendered for repurchase following the occurrence of a Fundamental Change in
accordance with Article 15 of this Indenture;

 

(g)      the
Company or any pursuant to or within the meaning of Bankruptcy Law:

 

(i)        commences
a voluntary case;

 

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

 

(iii)      consents
in writing to the appointment of a custodian of it or for all or substantially all of its property;

 

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

 

(v)       admits
in writing it generally is not paying its debts as they become due; or

 

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

 

(i)        is
for relief against the Company an involuntary case;

 

(ii)       appoints
a custodian of the Company or for all or substantially all of the property of the Company; or

 

(iii)      orders
the liquidation of the Company;

 

and the order or decree remains unstayed and
in effect for 60 consecutive days; or

 

Section 6.02. Acceleration.
In case one or more Events of Default shall have occurred and be continuing (whatever the reason for such Event of Default and
whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of
any court or any order, rule or regulation of any administrative or governmental body), then, and in each and every such case (other
than an Event of Default specified in Section 6.01(g) or Section 6.01(h) with respect to the Company), either the Trustee by notice
in writing to the Company, or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by notice
in writing to the Company and the Trustee, may declare 100% of the principal of, and accrued and unpaid interest, if any, on, all
the Notes to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and
payable. If an Event of Default specified in Section 6.01(g) or Section 6.01(h) with respect to the Company occurs and is continuing,
100% of the principal of, and accrued and unpaid interest, if any, on, all Notes shall become and shall automatically be immediately
due and payable.

 

The immediately preceding paragraph,
however, is subject to the conditions that if, at any time after the principal of the Notes shall have been so declared due
and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as
hereinafter provided, and if (1) rescission would not conflict with any judgment or decree of a court of competent
jurisdiction and (2) any and all existing Events of Default under this Indenture, other than the nonpayment of the principal
of and accrued and unpaid interest, if any, on Notes that shall have become due solely by such acceleration, shall have been
cured or waived pursuant to Section 6.09, then and in every such case (except as provided in the immediately succeeding
sentence) the Holders of a majority in aggregate principal amount of the Notes then outstanding, by written notice to the
Company and to the Trustee, may waive all Defaults or Events of Default with respect to the Notes and rescind and annul such
declaration and its consequences and such Default shall cease to exist, and any Event of Default arising therefrom shall be
deemed to have been cured for every purpose of this Indenture; but no such waiver or rescission and annulment shall extend to
or shall affect any subsequent Default or Event of Default, or shall impair any right consequent thereon. Notwithstanding
anything to the contrary herein, no such waiver or rescission and annulment shall extend to or shall affect any Default or
Event of Default resulting from (i) the nonpayment of the principal (including the Redemption Price and the Fundamental
Change Purchase Price, if applicable) of, or accrued and unpaid interest on, any Notes, (ii) a failure to repurchase any
Notes when required or (iii) a failure to pay or deliver, as the case may be, the consideration due upon conversion of the
Notes.

 

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Section 6.03. Additional
Interest.

 

(a)      Notwithstanding
anything in this Indenture or in the Notes to the contrary, to the extent the Company elects, the sole remedy for an Event of
Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) shall, after the
occurrence of such an Event of Default, consist exclusively of the right to receive Additional Interest on the Notes at a rate
equal to (i) 0.25% per annum of the principal amount of the Notes outstanding for each day during the period beginning on, and
including, the date on which such Event of Default first occurred and ending on the 180th day immediately following, and including,
the date on which such Event of Default first occurred; and (ii) if such Event of Default has not been cured or validly waived
prior to the 181st day immediately following, and including, the date on which such Event of Default first occurred, 0.50% per
annum of the principal amount of the Notes outstanding for each day during the period beginning on, and including, the 181st day
immediately following, and including, the date on which such Event of Default first occurred and ending on the 365th day immediately
following, and including, the date on which such Event of Default first occurred (in addition to any Additional Interest that
may accrue as a result of a default pursuant to Sections 4.06(d) and 4.06(e)).

 

(b)      Any
Additional Interest payable pursuant to Section 6.03(a) shall be in addition to any Additional Interest that may accrue pursuant
to Sections 4.06(d) and 4.06(e). Notwithstanding anything in this Indenture to the contrary, in no event, however, shall Additional
Interest accrue (taking into consideration any Additional Interest payable pursuant to Section 6.03(a), together with Additional
Interest payable pursuant to Sections 4.06(d) and 4.06(e)) on any day at a rate in excess of 0.50% per annum, regardless of the
number of events or circumstances giving rise to the requirement to pay such Additional Interest.

 

(c)      If
the Company elects to pay Additional Interest pursuant to Section 6.03(a), such Additional Interest shall be payable in the same
manner and on the same dates as the stated interest payable on the Notes and will accrue on all Notes then outstanding from, and
including, the date on which the Event of Default relating to the Company’s failure to comply with its obligations as set
forth in Section 4.06(b) first occurs to, but not including, the 366th day thereafter (or such earlier date on which such Event
of Default is cured or waived by the Holders of a majority in principal amount of the Notes then outstanding). On the 366th day
after such Event of Default (if such Event of Default is not cured or waived prior to such 366th day), such Additional Interest
will cease to accrue and the Notes will be subject to acceleration as provided in Section 6.02. In the event the Company does
not elect to pay Additional Interest following an Event of Default relating to the Company’s failure to comply with its
obligations as set forth in Section 4.06(b) in accordance with this Section 6.03, or the Company elects to make such payment but
does not pay the Additional Interest when due, the Notes shall immediately be subject to acceleration as provided in Section 6.02.
For the avoidance of doubt, the provisions of this Section 6.03 shall not affect the rights of Holders in the event of the occurrence
of any other Event of Default.

 

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(d)      In
order to elect to pay Additional Interest as the sole remedy during the 365 days after the occurrence of an Event of Default relating
to the Company’s failure to comply with its obligations as set forth in Section 4.06(b), the Company must notify, in writing,
all Holders of the Notes, the Trustee and the Paying Agent (if other than the Trustee) of such election on or before the close
of business on the date on which such Event of Default first occurs. Upon the Company’s failure to timely give such notice,
the Notes shall be immediately subject to acceleration as provided in Section 6.02.

 

Section 6.04. Payments
of Notes on Default; Suit Therefor. If an Event of Default described in Section 6.01 (a), (b) or (d) shall have occurred and
the Notes have become due and payable pursuant to Section 6.02, the Company shall, upon demand of the Trustee, pay to the Trustee,
for the benefit of the Holders of the Notes, the whole amount then due and payable on the Notes for principal (including the Redemption
Price and the Fundamental Change Purchase Price, if applicable), satisfaction of the Conversion Obligation with respect to all
Notes that have been converted, and interest, if any, with (to the extent that payment of such interest shall be legally enforceable)
interest on any such overdue amounts, at the rate borne by the Notes at such time, and, in addition thereto, such further amount
as shall be sufficient to cover any amounts due to the Trustee under Section 7.06. If the Company shall fail to pay such amounts
forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding
for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the
same against the Company or any other obligor upon the Notes and collect the monies adjudged or decreed to be payable in the manner
provided by law out of the property of the Company or any other obligor upon the Notes, wherever situated.

 

In the event there shall be
pending proceedings for the bankruptcy or for the reorganization of the Company under Bankruptcy Law, or any other applicable
law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official
shall have been appointed for or taken possession of the Company, the property of the Company, or in the event of any other
judicial proceedings relative to the Company, or to the creditors or property of the Company, the Trustee, irrespective of
whether the Trustee shall have made any demand pursuant to the provisions of this Section 6.04, shall be entitled and
empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of
principal and accrued and unpaid interest, if any, in respect of the Notes, and, in case of any judicial proceedings, to file
such proofs of claim and other papers or documents and to take such other actions as it may deem necessary or advisable in
order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceedings relative to the
Company, its creditors, or its property, and to collect and receive any monies or other property payable or deliverable on
any such claims, and to distribute the same after the deduction of any amounts due to the Trustee under Section 7.06; and any
receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized
by each of the Holders to make such payments to the Trustee, as administrative expenses, and, in the event that the Trustee
shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for reasonable
compensation, expenses, advances and disbursements, including agents and counsel fees, and including any other amounts due to
the Trustee under Section 7.06, incurred by it up to the date of such distribution. To the extent that such payment of
reasonable compensation, expenses, advances and disbursements out of the estate in any such proceedings shall be denied for
any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all
distributions, dividends, monies, securities and other property that the Holders of the Notes may be entitled to receive in
such proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise.

 

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

 

All rights of action and of asserting claims
under this Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes, or
the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment
of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable
benefit of the Holders of the Notes.

 

In any proceedings brought by the Trustee
(and in any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party)
the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Holders of the Notes
parties to any such proceedings.

 

In case the Trustee shall have proceeded
to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because of any waiver,
rescission or annulment pursuant to Section 6.09 or for any other reason or shall have been determined adversely to the Trustee,
then and in every such case the Company, the Holders, and the Trustee shall, subject to any determination in such proceeding, be
restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the
Holders, and the Trustee shall continue as though no such proceeding had been instituted.

 

Section 6.05. Application
of Monies Collected by Trustee. Any monies collected by the Trustee pursuant to this Article 6 with respect to the Notes shall
be applied in the following order, at the date or dates fixed by the Trustee for the distribution of such monies, upon presentation
of the several Notes, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid:

 

FIRST:                to the payment of all
amounts due the Trustee under Section 7.06;

 

SECOND:           to
the payment of the amounts then due and unpaid for principal of, the Redemption Price and Fundamental Change Purchase Price (if
applicable) of, and/or satisfaction of the Conversion Obligation with respect to all Notes that have been converted, and interest
on the Notes in respect of which or for the benefit of which such money has been collected, ratably,without preference or priority
of any kind, according to the amounts due and payable on such Notes; and

 

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THIRD:               to the Company.

 

Section 6.06. Proceedings
by Holders. Except to enforce the right to receive payment of principal (including, if applicable, the Redemption Price and
the Fundamental Change Purchase Price) or interest when due, or the right to receive payment and/or delivery of the consideration
due upon conversion, no Holder of any Note shall have any right by virtue of or by availing of any provision of this Indenture
to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment
of a receiver, trustee, liquidator, custodian or other similar official, or for any other remedy hereunder, unless:

 

(a)      such
Holder has previously given the Trustee written notice that an Event of Default is continuing;

 

(b)      the
Holders of at least 25% in aggregate principal amount of the then outstanding Notes have requested the Trustee to pursue the remedy;

 

(c)      such
Holders have offered the Trustee security or indemnity reasonably satisfactory to the Trustee against any loss, liability, claim
or expense;

 

(d)      the
Trustee has not complied with such request within 60 days after the receipt thereof and the offer of such security or indemnity;
and

 

(e)      the
Holders of a majority in principal amount of the then outstanding Notes have not given the Trustee a direction that, in the opinion
of the Trustee, is inconsistent with such request within such 60-day period.

 

A Holder may not use this Indenture to prejudice
the rights of another Holder or to obtain a preference or priority over another Holder, it being understood that the Trustee does
not have an affirmative duty to ascertain whether or not any actions or forbearances by a Holder are unduly prejudicial to other
Holders.

 

Notwithstanding any other provision of this
Indenture and any provision of any Note, the contractual right of any Holder to institute suit for the enforcement of any payment
of (x) principal (including, if applicable, the Redemption Price and the Fundamental Change Purchase Price), (y) accrued and unpaid
interest, if any, on, and (z) the consideration due upon the conversion of, such Note, on or after the respective due dates expressed
or provided for in such Note or in this Indenture, and such contractual right shall not be impaired or affected without the consent
of such Holder.

 

Section 6.07. Proceedings
by Trustee. In case of an Event of Default, the Trustee may in its discretion proceed to protect and enforce the rights vested
in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either
by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any
covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce
any other legal or equitable right vested in the Trustee by this Indenture or by law.

 

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Section 6.08. Remedies
Cumulative and Continuing. Except as provided in the last paragraph of Section 2.06, all powers and remedies given by this
Article 6 to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any
thereof or of any other powers and remedies available to the Trustee or the Holders of the Notes, by judicial proceedings or otherwise,
to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission
of the Trustee or of any Holder of any of the Notes to exercise any right or power accruing upon any Default or Event of Default
shall impair any such right or power, or shall be construed to be a waiver of any such Default or Event of Default or any acquiescence
therein; and, subject to the provisions of Section 6.06, every power and remedy given by this Article 6 or by law to the Trustee
or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Holders.

 

Section 6.09. Direction
of Proceedings and Waiver of Defaults by Majority of Holders.

 

(a)      The
Holders of a majority of the aggregate principal amount of the Notes at the time outstanding shall have the right to direct the
time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred
on the Trustee with respect to Notes; provided, however, that (i) such direction shall not be in conflict with any
rule of law or with this Indenture, and (ii) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent
with such direction. The Trustee may refuse to follow any direction that conflicts with any rule of law or with this Indenture,
it determines is unduly prejudicial to the rights of any other Holder (it being understood that the Trustee does not have an affirmative
duty to ascertain whether or not any such directions are unduly prejudicial to such Holders) or that would involve the Trustee
in personal liability.

 

(b)      The
Holders of a majority in aggregate principal amount of the Notes at the time outstanding may on behalf of the Holders of all of
the Notes waive any past Default or Event of Default hereunder and rescind any acceleration with respect to the Notes and its
consequences hereunder except:

 

(i)        a
default in the payment of the principal (including the Redemption Price and any Fundamental Change Purchase Price, if applicable)
of, or accrued and unpaid interest, if any, on the Notes;

 

(ii)       a
failure by the Company to deliver the consideration due upon conversion of the Notes; or

 

(iii)      with
respect to any other provision that requires the consent of each affected Holder pursuant to Section 10.02 to amend;

 

provided that, in the case of the rescission
of any acceleration with respect to the Notes, (1) the rescission would not conflict with any judgment or decree of a court of
competent jurisdiction and (2) all existing Events of Default (other than the nonpayment of the principal of and interest on the
Notes that have become due solely by such declaration of acceleration) have been cured or waived and all amounts owing to the Trustee
have been paid.

 

Whenever any Default or Event
of Default hereunder shall have been waived as permitted by this Section 6.09, said Default or Event of Default shall for all
purposes of the Notes and this Indenture be deemed to have been cured and to be not continuing; but no such waiver shall
extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.

 

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Section 6.10. Notice
of Defaults. If a Default occurs and is continuing and is actually known to1
a Responsible Officer of the Trustee (who, for the avoidance of doubt, is entitled to receive notice from the Company in accordance
with Section 4.08(b)), the Trustee shall deliver to all Holders as the names and addresses of such Holders appear upon the Note
Register notice of such Default within 90 days after it occurs. Except in the case of a Default in the payment of principal of
(including the Redemption Price and the Fundamental Change Purchase Price, if applicable) or accrued and unpaid interest, if any,
on any Note or a Default in the payment or delivery of the consideration due upon conversion, the Trustee shall be protected in
withholding such notice if and so long as the Trustee in good faith determines that the withholding of such notice is in the interests
of the Holders.

 

Section 6.11. Undertaking
to Pay Costs. All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof shall be deemed to
have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant
in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant; provided that the provisions of this Section 6.11
(to the extent permitted by law) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or
group of Holders, holding in the aggregate more than 10% in principal amount of the Notes at the time outstanding, or to any suit
instituted by any Holder for the enforcement of the payment of the principal of (including, but not limited to, the Redemption
Price and the Fundamental Change Purchase Price with respect to the Notes being redeemed or purchased as provided in this Indenture)
or accrued and unpaid interest, if any, on any Note on or after the due date expressed or provided for in such Note or to any suit
for the enforcement of the payment or delivery of consideration due upon conversion.

 

Article
7

Concerning the Trustee

 

Section 7.01. Duties
and Responsibilities of Trustee.

 

(a)      Prior
to the occurrence of an Event of Default and after the curing or waiving of all Events of Default that may have occurred:

 

(i)        the
duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the Trustee
shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture
and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

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(ii)       in
the absence of bad faith or willful misconduct on the part of the Trustee, the Trustee may conclusively rely, as to the truth
of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee
and conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions that by any provisions
hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine
whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical
calculations).

 

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

 

(c)      No
provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct, except that:

 

(i)        this
subsection shall not be construed to limit the effect of subsection (a) of this Section;

 

(ii)       the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the Trustee,
unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;

 

(iii)      the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the written direction of the Holders of not less than a majority of the aggregate principal amount of the Notes at the time
outstanding determined as provided in Article 8 relating to the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; and

 

(iv)      no
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it.

 

(d)     Whether
or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording
protection to, the Trustee shall be subject to the provisions of this Section 7.01.

 

Section 7.02. Certain
Rights of the Trustee.

 

(a)      The Trustee may conclusively rely and shall be fully protected in acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, bond, note, coupon or other paper or document believed by it in good faith to
be genuine and to have been signed or presented by the proper party or parties;

 

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(b)      any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officer’s Certificate
(unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the
Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company;

 

(c)      the
Trustee may consult with counsel of its selection and require an Opinion of Counsel and any advice of such counsel or Opinion
of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in
good faith and in accordance with such advice or Opinion of Counsel;

 

(d)      the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be entitled, at a reasonable time on any Business Day,
to examine the books, records and premises of the Company, personally or by agent or attorney at the expense of the Company and
shall incur no liability of any kind by reason of such inquiry or investigation;

 

(e)      the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through duly
authorized agents, custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence
on the part of any agent, custodian, nominee or attorney appointed by it with due care hereunder;

 

(f)       the permissive rights of the Trustee enumerated herein shall not be construed as duties;

 

(g)      [Reserved;]

 

(h)      the
Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of Officers authorized
at such time to take specified actions pursuant to this Indenture;

 

(i)        in no event shall the Trustee be liable for any special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action;

 

(j)       the
Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Notes, unless either (1) a
Default or Event of Default under Section 6.01(a) or (b) of this Indenture has occurred or (2) written notice of such Default
or Event of Default shall have been given to a Responsible Officer of the Trustee by the Company or by any Holder of the Notes
at the Corporate Trust Office of the Trustee and such notice references the Notes and this Indenture;

 

(k)      the
Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters
relating to payment) or notice effected by the Company or any Paying Agent (if other than the Trustee) or any records maintained
by any co-Note Registrar with respect to the Notes;

 

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(l)       whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the
absence of bad faith on its part, conclusively rely upon an Officer’s Certificate;

 

(m)      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;

 

(n)      the
rights and protections afforded to the Trustee under this Indenture, including, without limitation, its right to be indemnified,
shall also be afforded to the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed
to act hereunder;

 

(o)      subject
to this Article 7, if an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of
the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture,
unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against any
loss, liability, claim and expense which might be incurred by it in compliance with such request or direction;

 

(p)      the
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder; and

 

(q)      the
Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed
by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture.

 

Section 7.03. No Responsibility
for Recitals, Etc. The recitals contained herein and in the Notes (except in the Trustee’s certificate of authentication)
shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The
Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Notes. The Trustee shall not be
accountable for the use or application by the Company of any Notes or the proceeds of any Notes authenticated and delivered by
the Trustee in conformity with the provisions of this Indenture.

 

Section 7.04. Trustee,
Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes. The Trustee, any Paying Agent, any
Conversion Agent, the Custodian, Bid Solicitation Agent or Note Registrar, in its individual or any other capacity, may become
the owner or pledgee of Notes with the same rights it would have if it were not the Trustee, Paying Agent, Conversion Agent, Custodian,
Bid Solicitation Agent or Note Registrar.

 

Section 7.05.
Monies and Shares of Common Stock to Be Held in Trust. All monies and shares of Common Stock received by the Trustee
shall, until used or applied as herein provided, be held in trust for the purposes for which they were received. Money and
shares of Common Stock held by the Trustee in trust hereunder need not be segregated from other funds except to the extent
required by law or as expressly provided herein. The Trustee shall be under no liability for interest on any money or shares
of Common Stock received by it hereunder except as may be agreed from time to time by the Company and the Trustee.

 

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Section 7.06. Compensation
and Expenses of Trustee. The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall receive
such compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law
in regard to the compensation of a trustee of an express trust) as mutually agreed to in writing between the Trustee and the Company,
and the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances reasonably
incurred or made by the Trustee in accordance with any of the provisions of this Indenture in any capacity hereunder (including
the reasonable compensation and the expenses and disbursements of its agents and counsel and of all Persons not regularly in its
employ) except any such expense, disbursement or advance as shall have been caused by its negligence, willful misconduct or bad
faith. The Company also covenants and agrees to indemnify the Trustee in any capacity under this Indenture and any other document
or transaction entered into in connection herewith and its agents and any authenticating agent for, and to hold them harmless against,
any loss, claim, damage, liability or expense, including taxes (other than taxes based upon, measured by or determined by the income
of the Trustee) incurred without negligence, willful misconduct or bad faith on the part of the Trustee, its officers, directors,
agents or employees, or such agent or authenticating agent, as the case may be, and arising out of or in connection with the acceptance
or administration of this Indenture and the enforcement of this Indenture (including this Section 7.06) or in any other capacity
hereunder, including the costs and expenses of defending themselves against any claim (whether asserted by the Company, a Holder
or any other Person) of liability in the premises. The obligations of the Company under this Section 7.06 to compensate or indemnify
the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall be secured by a senior claim to
which the Notes are hereby made subordinate on all money or property held or collected by the Trustee, except, subject to the effect
of Section 6.05, funds held in trust herewith for the benefit of the Holders of particular Notes. The Trustee’s right to
receive payment of any amounts due under this Section 7.06 shall not be made expressly subordinate to any other liability or indebtedness
of the Company. The obligation of the Company under this Section 7.06 shall survive the satisfaction and discharge of this Indenture,
final payment of the Notes and the earlier resignation or removal of the Trustee. The Company need not pay for any settlement made
without its consent, which consent shall not be unreasonably withheld. The indemnification provided in this Section 7.06 shall
extend to the officers, directors, agents and employees of the Trustee.

 

Without prejudice to any other rights available
to the Trustee under applicable law, when the Trustee and its agents and any authenticating agent incur expenses or render services
after an Event of Default specified in Section 6.01(g) or Section 6.01(h) occurs with respect to the Company, the expenses and
the compensation for the services are intended to constitute expenses of administration under any bankruptcy, insolvency or similar
laws.

 

Section 7.07. [Reserved].

 

Section 7.08.
Eligibility of Trustee. There shall at all times be a Trustee hereunder which shall be a Person that is eligible pursuant
to the Trust Indenture Act (as if the Trust Indenture Act were applicable hereto) to act as such and has a combined capital
and surplus of at least $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to
the requirements of any supervising or examining authority, then for the purposes of this Section 7.08, the combined capital
and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this
Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article 7.

 

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Section 7.09. Resignation
or Removal of Trustee. The Trustee may at any time resign by giving 30 days prior written notice of such resignation to the
Company and by mailing notice thereof to the Holders at their addresses as they shall appear on the Note Register. Upon receiving
such notice of resignation, the Company shall promptly appoint a successor trustee by written instrument, in duplicate, executed
by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the
successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the
mailing of such notice of resignation to the Holders, the resigning Trustee may, upon five Business Days’ notice to the Company
and the Holders, petition any court of competent jurisdiction, at the expense of the Company, for the appointment of a successor
trustee, or any Holder who has been a bona fide holder of a Note or Notes for at least six months may, subject to the provisions
of Section 6.11, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor
trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

(a)       In
case at any time any of the following shall occur:

 

(i)        the
Trustee shall fail to comply with Section 7.13 within a reasonable time after written request therefor by the Company or by any
Holder who has been a bona fide Holder of a Note or Notes for at least six (6) months;

 

(ii)       the
Trustee shall cease to be eligible in accordance with the provisions of Section 7.08 and shall fail to resign after written request
therefor by the Company or by any such Holder, or

 

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

 

then, in any such case, the Company may by a Board Resolution
remove the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors,
one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to
the provisions of Section 6.11, any Holder who has been a bona fide holder of a Note or Notes for at least six months may, on behalf
of himself and all others similarly situated, petition any court of competent jurisdiction, at the expense of the Company, for
the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as
it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

 

(b)      The
Holders of a majority in aggregate principal amount of the Notes at the time outstanding may at any time, with 30 days prior written
notice to the Trustee and the Company, remove the Trustee and nominate a successor trustee that shall be deemed appointed as successor
trustee unless within ten days after notice to the Company of such nomination the Company objects thereto. If no successor trustee
shall have been so appointed and have accepted appointment within 30 days after removal of the Trustee by the Holders, the Trustee
may, at the expense of the Company, upon ten Business Days’ notice to the Company and the Holders, petition any court of
competent jurisdiction for the appointment of a successor trustee.

 

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(c)      Any
resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section
7.09 shall become effective upon (i) payment of all fees and expenses owing to the Trustee and (ii) acceptance of appointment
by the successor trustee as provided in Section 7.10.

 

Section 7.10. Acceptance
by Successor Trustee. Any successor trustee appointed as provided in Section 7.09 shall execute, acknowledge and deliver to
the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or
removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally
named as Trustee herein; but, nevertheless, on the written request of the Company or of the successor trustee, the predecessor
trustee shall, upon payment of any amounts then due it pursuant to the provisions of Section 7.06, execute and deliver an instrument
transferring to such successor trustee all the rights and powers of the trustee so ceasing to act. Upon request of any such successor
trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to
such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a senior claim to which
the Notes are hereby made subordinate on all money or property held or collected by such trustee as such pursuant to this Indenture,
except for funds held in trust for the benefit of Holders of particular Notes, to secure any amounts then due it pursuant to the
provisions of Section 7.06.

 

No successor trustee shall accept appointment
as provided in this Section 7.10 unless at the time of such acceptance such successor trustee shall be eligible under the provisions
of Section 7.08.

 

Upon acceptance of appointment by a successor
trustee as provided in this Section 7.10, each of the Company and the successor trustee, at the written direction and at the expense
of the Company shall send or cause to be sent notice of the succession of such trustee hereunder to the Holders at their addresses
as they shall appear on the Note Register. If the Company fails to mail such notice within ten days after acceptance of appointment
by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Company.

 

Section 7.11. Succession
by Merger, Etc. Any corporation or other entity into which the Trustee may be merged or converted or with which it may be consolidated,
or any corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party,
or any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee (including
the administration of this Indenture), shall be the successor to the Trustee hereunder without the execution or filing of any paper
or any further act on the part of any of the parties hereto; provided that in the case of any corporation or other entity
succeeding to all or substantially all of the corporate trust business of the Trustee such corporation or other entity shall be
eligible under the provisions of Section 7.08.

 

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In case at the time such successor to the
Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered,
any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent
appointed by such predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall
not have been authenticated, any successor to the Trustee or an authenticating agent appointed by such successor trustee may authenticate
such Notes either in the name of any predecessor trustee hereunder or in the name of the successor trustee; and in all such cases
such certificates of authentication shall have the full force which it is anywhere in the Notes or in this Indenture provided that
the certificate of authentication of the Trustee shall have; provided, however, that the right to adopt the certificate
of authentication of any predecessor trustee or to authenticate Notes in the name of any predecessor trustee shall apply only to
its successor or successors by merger, conversion or consolidation.

 

Section 7.12. Trustee’s
Application for Instructions from the Company. Any application by the Trustee for written instructions from the Company (other
than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders
of the Notes under this Indenture) may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted
by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective.
The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in
such application on or after the date specified in such application (which date shall not be less than three Business Days after
the date any Officer actually receives such application, unless any such Officer shall have consented in writing to any earlier
date), unless, prior to taking any such action (or the date of effectiveness in the case of any omission), the Trustee shall have
received written instructions in accordance with this Indenture in response to such application specifying the action to be taken
or omitted.

 

Section 7.13. Conflicting
Interests of Trustee. If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture
Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the
provisions of this Indenture.

 

Article
8

Concerning the Holders

 

Section 8.01. Action
by Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage of the aggregate principal
amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or waiver
or the taking of any other action), the fact that at the time of taking any such action, the Holders of such specified percentage
have joined therein may be evidenced (i) by any instrument or any number of instruments of similar tenor executed by Holders in
person or by agent or proxy appointed in writing, or (ii) by the record of the Holders voting in favor thereof at any meeting of
Holders duly called and held, or (iii) by a combination of such instrument or instruments and any such record of such a meeting
of Holders. Whenever the Company or the Trustee solicits the taking of any action by the Holders of the Notes, the Company or the
Trustee may, but shall not be required to, fix in advance of such solicitation, a date as the record date for determining Holders
entitled to take such action. The record date if one is selected shall be not more than fifteen days prior to the date of commencement
of solicitation of such action.

 

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Section 8.02. Proof
of Execution by Holders. Subject to the provisions of Section 7.01 and Section 7.02, proof of the execution of any instrument
by a Holder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may
be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Notes shall be proved by
the Note Register or by a certificate of the Note Registrar.

 

Section 8.03. Who Are
Deemed Absolute Owners. The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent and any
Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as,
the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership or other
writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on
account of the principal of and (subject to Section 2.03) accrued and unpaid interest on such Note, for conversion of such Note
and for all other purposes; and neither the Company nor the Trustee nor any Paying Agent nor any Conversion Agent nor any Note
Registrar shall be affected by any notice to the contrary. The sole registered holder of a Global Note shall be the Depositary
or its nominee. All such payments or deliveries so made to any Holder, or upon its order, shall be valid, and, to the extent of
the sums or shares of Common Stock so paid or delivered, effectual to satisfy and discharge the liability for monies payable or
shares deliverable upon any such Note. Notwithstanding anything to the contrary in this Indenture or the Notes following an Event
of Default, any holder of a beneficial interest in a Global Note may directly enforce against the Company, without the consent,
solicitation, proxy, authorization or any other action of the Depositary or any other Person, such holder’s right to exchange
such beneficial interest for a Note in certificated form in accordance with the provisions of this Indenture.

 

Section 8.04. Company-Owned
Notes Disregarded. In determining whether the Holders of the requisite aggregate principal amount of Notes have concurred in
any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company, by any Subsidiary thereof
or by any Affiliate of the Company or any Subsidiary thereof shall be disregarded (from both the numerator and the denominator)
and deemed not to be outstanding for the purpose of any such determination; provided that for the purposes of determining
whether the Trustee shall be protected in relying on any such direction, consent, waiver or other action only Notes that a Responsible
Officer actually knows are so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded
as outstanding for the purposes of this Section 8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s
right to so act with respect to such Notes and that the pledgee is not the Company, a Subsidiary thereof or any Affiliate of the
Company or a Subsidiary thereof. In the case of a dispute as to such right, any decision by the Trustee taken upon the advice of
counsel shall be full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the Trustee promptly
an Officer’s Certificate listing and identifying all Notes, if any, known by the Company to be owned or held by or for the
account of any of the above described Persons; and, subject to Section 7.01, the Trustee shall be entitled to accept such Officer’s
Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding
for the purpose of any such determination.

 

Section 8.05.
Revocation of Consents; Future Holders Bound. At any time prior to (but not after) the evidencing to the Trustee, as
provided in Section 8.01, of the taking of any action by the Holders of the percentage of the aggregate principal amount of
the Notes specified in this Indenture in connection with such action, any Holder of a Note that is shown by the evidence to
be included in the Notes the Holders of which have consented to such action may, by filing written notice with the Trustee at
its Corporate Trust Office and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such
Note. Except as aforesaid, any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder
and upon all future Holders and owners of such Note and of any Notes issued in exchange or substitution therefor or upon
registration of transfer thereof, irrespective of whether any notation in regard thereto is made upon such Note or any Note
issued in exchange or substitution therefor or upon registration of transfer thereof.

 

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Article
9

[Reserved]

 

Article
10

Supplemental Indentures

 

Section 10.01. Supplemental
Indentures Without Consent of Holders. Notwithstanding Section 10.02, without the consent of any Holder, the Company and the
Trustee may amend or supplement this Indenture and the Notes to:

 

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

 

(b)      provide
for the assumption by a Successor Company of the obligations of the Company under this Indenture or the Notes in accordance with
Article 11;

 

(c)      add
guarantees with respect to the Notes;

 

(d)      secure
the Notes;

 

(e)       increase
the Conversion Rate of the Notes;

 

(f)       irrevocably
select a Settlement Method or Specified Dollar Amount, or eliminate the Company’s right to choose a particular settlement
method, on conversion of Notes;

 

(g)      add to the covenants or Events of Default for the benefit of the Holders or make changes that would provide additional rights
to Holders or surrender any right or power conferred upon the Company;

 

(h)      make any change that does not adversely affect the rights of any Holder;

 

(i)       in connection with any Share Exchange Event, provide that the Notes are convertible into Reference Property, subject to
Section 14.02, and make certain related changes to the terms of this Indenture and the Notes to the extent expressly required by
this Indenture;

 

(j)       evidence and provide for the acceptance of an appointment under this Indenture of a successor Trustee; provided that
the successor Trustee is otherwise qualified and eligible to act as such under the terms of this Indenture as set forth in an Officer’s
Certificate;

 

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(k)      conform the provisions of this Indenture or the Notes to the “Description of notes” section of the Offering
Memorandum; or

 

(l)        provide for the issuance of additional Notes in accordance with Section 2.10(a).

 

The Trustee is hereby authorized to join
with the Company in the execution of any such amendment, supplement or waiver, to make any further appropriate agreements and stipulations
that may be therein contained, but the Trustee shall not be obligated to, but may in its discretion, enter into any amendment,
supplement or waiver that adversely affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Section 10.02. Supplemental
Indentures with Consent of Holders. Except as provided in Section 10.01 and in this Section 10.02, the Company and the Trustee
may from time to time and at any time amend or supplement this Indenture and the Notes with the consent (evidenced as provided
in Article 8) of the Holders of at least a majority of the aggregate principal amount of the Notes then outstanding (determined
in accordance with Article 8 and including, without limitation, consents obtained in connection with a repurchase of, or tender
or exchange offer for, Notes) and any existing Default or Event of Default (other than (i) a Default or Event of Default in the
payment of the principal (including any Fundamental Change Purchase Price, if applicable) of, or accrued and unpaid interest, if
any, on the Notes, except a payment default resulting from an acceleration that has been rescinded, and (ii) a Default or Event
of Default as a result of a failure by the Company to deliver the consideration due upon conversion of the Notes) or compliance
with any provision of this Indenture or the Notes may be waived with the consent (evidenced as provided in Article 8) of the Holders
of at least a majority of the aggregate principal amount of the Notes then outstanding (determined in accordance with Article 8
and including, without limitation, consents obtained in connection with a repurchase of, or tender or exchange offer for, Notes);
provided, however, that, without the consent of each Holder of an outstanding Note affected, no such amendment shall:

 

(a)      
reduce the amount of Notes whose Holders must consent to an amendment, supplement or waiver;

 

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

 

(c)       reduce the principal amount of any Note (including, without limitation, the principal payable upon acceleration thereof)
or extend the Maturity Date of any Note;

 

(d)      
impair or adversely affect the right of Holders to convert Notes or otherwise modify the provisions with respect to conversion,
or reduce the Conversion Rate (subject to such modifications as are required under this Indenture);

 

(e)      reduce the Fundamental Change Purchase Price or the Redemption Price of any Note or amend or modify in any manner adverse
to the Holders the Company’s obligation to make such payments, whether through an amendment or waiver of provisions in the
covenants, definitions or otherwise;

 

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

 

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(g)      change the ranking of the Notes;

 

(h)      impair the right of any Holder to receive any payment of principal (including the Fundamental Change Purchase Price and
Redemption Price, if applicable) and interest on, or the consideration due upon conversion of, such Holder’s Notes, on or
after the respective due dates provided for in such Holder’s Notes or in this Indenture or to institute suit for the enforcement
of any such payment on or with respect to the Holder’s Notes; or

 

(i)       make any change in this Article 10 that requires each Holder’s consent or in the waiver provisions (including in Section
6.09).

 

Upon the written request of the Company,
and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid and subject to Section 10.05, the Trustee
shall join with the Company in the execution of such amendment, supplement or waiver unless such amendment, supplement or waiver
adversely affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee
may in its discretion, but shall not be obligated to, enter into such amendment, supplement or waiver.

 

Holders do not need under this Section 10.02
to approve the particular form of any proposed amendment, supplement or waiver of this Indenture. It shall be sufficient if such
Holders approve the substance thereof. After any such amendment, supplement or waiver becomes effective, the Company shall send
to the Holders a notice briefly describing such amendment, supplement or waiver, unless a Current Report on Form 8-K (or successor
form thereto) is filed by the Company describing the amendment, supplement or waiver. However, the failure to give such notice
to all the Holders, or any defect in the notice, will not impair or affect the validity of the amendment, supplement or waiver.

 

Section 10.03. Effect
of Amendment, Supplement and Waiver. Upon the execution of any amendment, supplement or waiver of this Indenture pursuant to
the provisions of this Article 10, this Indenture shall be and be deemed to be modified and amended in accordance therewith and
the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company
and the Holders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications
and amendments and all the terms and conditions of any such amendment or supplement shall be and be deemed to be part of the terms
and conditions of this Indenture for any and all purposes.

 

Section 10.04. Notation
on Notes. Notes authenticated and delivered after the execution of any amendment, supplement or waiver to this Indenture pursuant
to the provisions of this Article 10 may, at the Company’s expense, bear a notation in form approved by the Trustee as to
any matter provided for in such amendment, supplement or waiver. If the Company or the Trustee shall so determine, new Notes so
modified as to conform, in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture contained
in any such amendment, supplement or waiver may, at the Company’s expense, be prepared and executed by the Company, authenticated
by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 17.11) and delivered in exchange for
the Notes then outstanding, upon surrender of such Notes then outstanding. Failure to make the appropriate notation or issue a
new Note shall not affect the validity and effect of such amendment, supplement or waiver.

 

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Section 10.05. Evidence
of Compliance of Amendment, Supplement or Waiver to Be Furnished to Trustee. In addition to the documents required by Section
17.06, the Trustee shall receive and may rely on an Officer’s Certificate and an Opinion of Counsel as conclusive evidence
that any amendment, supplement or waiver to this Indenture executed pursuant hereto complies with the requirements of this Article
10, is permitted or authorized by this Indenture and such amendment, supplement or waiver is the legal, valid and binding obligation
of the Company, enforceable against it in accordance with its terms.

 

Article
11

Consolidation, Merger and Sale

 

Section 11.01. Company
May Consolidate, Etc. on Certain Terms.

 

(a)           
The Company shall not, in a single transaction or through a series of related transactions, consolidate or merge with or
into any other Person, or directly or indirectly, sell, lease, convey or otherwise transfer or dispose of all or substantially
all of its assets (as defined below), to another Person or group of affiliated Persons, except that the Company may consolidate
or merge with, or sell or convey substantially all of its assets to another Person if:

 

(i)            
the Company is the continuing corporation or the successor Person (if other than the Company) (the “Successor Company”)
is a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia,
and such Successor Company expressly assumes by supplemental indenture all of the Company’s obligations under the Notes and
this Indenture, including payment of the principal and interest on the Notes and the performance and observance of all of the covenants
and conditions of this Indenture to be performed by the Company;

 

(ii)           
the Company delivers an Officer’s Certificate and Opinion of Counsel (which may rely upon such Officer’s Certificate
to the absence of Defaults and Events of Default and other statements of fact) each stating that all conditions precedent herein
relating to such consolidation, merger or sale of assets have been complied with; and

 

(iii)          
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing
under this Indenture.

 

For purposes of this Section 11.01 only, “substantially
all of its assets” shall mean, as of any date, a portion of the non-current assets reflected in the Company’s consolidated
balance sheet as of the end of the most recent quarterly period that represents at least 66% of the total reported value of such
assets.

 

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(b)            Upon
any such consolidation, merger, combination or sale, lease or other transfer or disposition and upon the assumption by the
Successor Company, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the
Trustee, of the due and punctual payment of the principal of and accrued and unpaid interest on all of the Notes, the due and
punctual delivery and/or payment, as the case may be, of any consideration due upon conversion of the Notes and the due and
punctual performance of all of the covenants and conditions of this Indenture and the Notes to be performed by the Company,
such Successor Company shall succeed to, and may exercise every right and power of and be substituted for, the Company, with
the same effect as if it had been named herein as the party of the first part, and the Company shall be discharged from its
obligations under the Notes and this Indenture, except in the case of a lease of all or substantially all assets. Such
Successor Company thereupon may cause to be signed, and may issue either in its own name or in the name of the Company any or
all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee;
and, upon the order of such Successor Company instead of the Company and subject to all the terms, conditions and limitations
in this Indenture prescribed, the Trustee shall authenticate and shall deliver, or cause to be authenticated and delivered,
any Notes that previously shall have been signed and delivered by an Officer of the Company to the Trustee for
authentication, and any Notes that such Successor Company thereafter shall cause to be signed and delivered to the Trustee
for that purpose. All the Notes so issued shall in all respects have the same legal rank and benefit under this Indenture as
the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Notes had
been issued at the date of the execution hereof. In the event of any such consolidation, merger, combination or sale,
transfer or disposition (but not in the case of a lease), upon compliance with this Article 11, the Person named as the
 “Company” in the first paragraph of this Indenture shall be released from its liabilities as obligor and maker of
the Notes and from its obligations under this Indenture and the Notes.

 

Article
12

Immunity of Incorporators, Stockholders, Officers and Directors

 

Section 12.01. Indenture
and Notes Solely Corporate Obligations. No recourse for the payment of the principal of or accrued and unpaid interest on,
or the payment or delivery of consideration due upon conversion of, any Note, nor for any claim based thereon or otherwise in respect
thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental
indenture or in any Note, nor because of the creation of any indebtedness represented thereby, shall be had against any incorporator,
stockholder, employee, agent, officer or director or Subsidiary, as such, past, present or future, of the Company or of any of
its successor corporations or other entities, either directly or through the Company or any of its successor corporations or other
entities, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and
as a consideration for, the execution of this Indenture and the issue of the Notes.

 

Article
13

[Reserved]

 

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Article
14

Conversion of Notes

 

Section 14.01.
Conversion Privilege.

 

(a)           
Subject to and upon compliance with the provisions of this Article 14, each Holder of a Note shall have the right, at such
Holder’s option, to convert all or any portion (if the portion to be converted is $1,000 principal amount or an integral
multiple of $1,000 in excess thereof) of such Note:

 

(i)            
subject to satisfaction of the conditions described in Section 14.01(b), at any time prior to the close of business on the
Business Day immediately preceding August 1, 2026 under the circumstances and during the periods set forth in Section 14.01(b);

 

(ii)           
on or after August 1, 2026, at any time prior to the close of business on the second Scheduled Trading Day immediately preceding
the Maturity Date;

 

in each case, at an initial conversion rate
of 74.8391 shares of Common Stock (subject to adjustment as provided in Section 14.04 and, if applicable, Section 14.03, the “Conversion
Rate”) per $1,000 principal amount of Notes (subject to the settlement provisions of Section 14.02, the “Conversion
Obligation”).

 

(b)  
(i)            
Prior to the close of business on the Business Day immediately preceding August 1, 2026, a Holder may surrender all
or any portion of its Notes for conversion at any time during the five Business Day period after any five consecutive Trading Day
period (the “Measurement Period”) in which the Trading Price per $1,000 principal amount of Notes, as determined
following a request by a Holder of Notes in accordance with the procedures and conditions described in this subsection (b)(i),
for each Trading Day of the Measurement Period was less than 98% of the product of the Last Reported Sale Price of the Common Stock
and the Conversion Rate on each such Trading Day, subject to compliance with the following procedures and conditions concerning
the Bid Solicitation Agent’s obligation to make a Trading Price determination.

 

(A)            
The Bid Solicitation Agent (if other than the Company) shall have no obligation to determine the Trading Price per $1,000
principal amount of the Notes unless the Company has requested such determination, and the Company shall have no obligation to
make such request (or, if the Company is acting as Bid Solicitation Agent, the Company shall have no obligation to determine the
Trading Price) unless a Holder provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount
of Notes would be less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate on such
Trading Day. At such time, the Company shall instruct the Bid Solicitation Agent (if other than the Company) to determine, or if
the Company is acting as Bid Solicitation Agent, the Company shall determine, the Trading Price per $1,000 principal amount of
the Notes beginning on the Trading Day following the receipt of such evidence and on each successive Trading Day until the Trading
Price per $1,000 principal amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price of the
Common Stock and the Conversion Rate on such Trading Day.

 

    57

     

    

 

(B)             If
the Trading Price condition has been met on any trading day, the Company shall so notify the Holders, the Trustee and the
Conversion Agent (if other than the Trustee) in writing. If, at any time after the Trading Price condition has been met,
the Trading Price per $1,000 principal amount of Notes is greater than or equal to 98% of the product of the Last Reported
Sale Price of the Common Stock and the Conversion Rate on such Trading Day, the Company shall promptly so notify the Holders,
the Trustee and the Conversion Agent (if other than the Trustee) in writing.

 

(C)            
If the Company does not, when it is required to, instruct the Bid Solicitation Agent to (or, if the Company is acting as
Bid Solicitation Agent, it does not) obtain bids, or if the Company gives such instruction to the Bid Solicitation Agent and the
Bid Solicitation Agent fails to make such determination, then, in either case, the Trading Price per $1,000 principal amount of
the Notes shall be deemed to be less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion
Rate on each Trading Day of such failure.

 

(ii)           
If, prior to the close of business on the Business Day immediately preceding August 1, 2026, the Company elects to:

 

(A)            distribute
to all or substantially all holders of the Common Stock any rights, options or warrants (other than in connection with a stockholder
rights plan) entitling them, for a period of not more than 45 calendar days from the announcement date of such distribution, to
subscribe for or purchase shares of the Common Stock, at a price per share that is less than the average of the Last Reported
Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately
preceding the announcement date of such distribution; or

 

(B)            
distribute to all or substantially all holders of the Common Stock the Company’s assets, securities or rights, options
or warrants to purchase securities of the Company (other than in connection with a stockholder rights plan), which distribution
has a per share value, as reasonably determined by the Board of Directors, exceeding 10% of the Last Reported Sale Price of the
Common Stock on the Trading Day immediately preceding the date of announcement of such distribution,

 

then, in either case, the Company shall notify all Holders of
the Notes at least 30 Scheduled Trading Days prior to the Ex-Dividend Date for such issuance or distribution. Once the Company
has given such notice, the Holders may surrender all or any portion of their Notes for conversion at any time until the earlier
of (1) the close of business on the Business Day immediately preceding the Ex-Dividend Date for such issuance or distribution and
(2) the Company’s announcement that such issuance or distribution will not take place.

 

    58

     

    

 

(iii)           
If, prior to the close of business on the Business Day immediately preceding August 1, 2026:

 

(A)            
a transaction or event that constitutes a Fundamental Change occurs;

 

(B)            
a transaction or event that constitutes a Make-Whole Fundamental Change occurs; or

 

(C)            
the Company is a party to a statutory share exchange, consolidation, merger, or other similar transaction or sale, lease
or other transfer or disposition of all or substantially all of the Company’s consolidated assets, taken as a whole, in each
case, pursuant to which the Common Stock would be converted into cash, securities or other property,

 

then, in each case, a Holder may surrender
all or any portion of its Notes for conversion at any time from or after the open of business on the effective date of such transaction
until the close of business on the 35th Trading Day after the effective date of such transaction or, if such transaction also constitutes
a Fundamental Change, until the close of business on the Business Day immediately preceding the related Fundamental Change Purchase
Date.

 

If a Holder has already delivered a Fundamental
Change Purchase Notice with respect to a Note, such Holder may not surrender such Note for conversion until such Holder has validly
withdrawn such Fundamental Change Purchase Notice (or, in the case of a Global Note, has complied with the Applicable Procedures
with respect to such a withdrawal) in accordance with the terms of Section 15.03. If a Holder has already delivered a Fundamental
Change Purchase Notice, such Holder’s right to withdraw such notice and convert the Notes that are subject to required purchase
will terminate at the close of business on the Business Day immediately preceding the relevant Fundamental Change Purchase Date.

 

The Company shall notify Holders, the Trustee
and the Conversion Agent (if other than the Trustee) of the effective date of any such transaction as promptly as practicable following
the date the Company publicly announces such transaction; provided that the Company shall deliver such notice, to the extent
practicable, at least 30 Scheduled Trading Days prior to the anticipated effective date of such transaction and in no event later
than the actual effective date.

 

(iv)           Prior
to the close of business on the Business Day immediately preceding August 1, 2026, a Holder may surrender all or any portion of
its Notes for conversion at any time during any calendar quarter commencing after the calendar quarter ending on December 31,
2019 (and only during such calendar quarter), if the Last Reported Sale Price of the Common Stock for at least 20 Trading Days
(whether or not consecutive) during the period of 30 consecutive Trading Days ending on, and including, the last Trading Day of
the immediately preceding calendar quarter is greater than or equal to 130% of the Conversion Price on each applicable Trading
Day.

 

(v)            If
the Company calls the Notes for Redemption pursuant to Section 16.01, Holders may submit for conversion any or all of their
Notes called for Redemption at any time from, and including the Redemption Notice Date until the close of business on the
second Scheduled Trading Day immediately preceding the related Redemption Date, or if the Company fails to pay the Redemption
Price, such later date on which the Company pays or duly provides for the Redemption Price.

 

    59

     

    

 

Section 14.02. Conversion
Procedure; Settlement Upon Conversion.

 

(a)           
Subject to this Section 14.02, Section 14.03(b) and Section 14.07(a), upon conversion of any Note, the Company shall, at
its election, pay or deliver, as the case may be, to the converting Holder, in full satisfaction of its Conversion Obligation,
cash (“Cash Settlement”), shares of the Common Stock, together with cash, if applicable, in lieu of delivering
any fractional share of Common Stock in accordance with Section 14.02(i) (“Physical Settlement”), or a combination
of cash and shares of the Common Stock, together with cash, if applicable, in lieu of delivering any fractional share of Common
Stock in accordance with Section 14.02(i) (“Combination Settlement”), as set forth in this Section 14.02.

 

(i)             All
conversions for which the relevant Conversion Date occurs on or after August 1, 2026 and all conversions for which the Conversion
Date occurs on or after the Redemption Notice Date and prior to the close of business on the second Scheduled Trading Day immediately
preceding the related Redemption Date shall be settled using the same Settlement Method (including the same relative proportion
of cash and/or shares of the Common Stock). Except for any conversions for which the relevant Conversion Date occurs on or after
August 1, 2026 and all conversions for which the Conversion Date occurs on or after the Redemption Notice Date and prior to the
close of business on the second Scheduled Trading Day immediately preceding the related Redemption Date, the Company shall use
the same Settlement Method (including the same relative proportion of cash and/or shares of the Common Stock) for all conversions
that occur on the same Conversion Date, but the Company shall not have any obligation to use the same Settlement Method with respect
to conversions that occur on different Conversion Dates.

 

(ii)            If
the Company elects a Settlement Method, the Company shall deliver notice to Holders so converting through the Conversion Agent
of such Settlement Method the Company has selected no later than the close of business on the VWAP Trading Day immediately following
the related Conversion Date (or (i) in the case of any conversions for which the relevant Conversion Date occurs on or after August
1, 2026, no later than August 1, 2026 or (ii) in the case of any conversions occurring on or after the date of a Notice of Redemption
and prior to the close of business on the second Scheduled Trading Day immediately preceding the Redemption Date, in such Notice
of Redemption). If the Company does not timely elect a Settlement Method, the Company shall no longer have the right to elect
Cash Settlement or Physical Settlement with respect to that Conversion Date and the Company shall be deemed to have elected Combination
Settlement in respect of its Conversion Obligation, and the Specified Dollar Amount per $1,000 principal amount of Notes shall
be equal to $1,000. If the Company has timely elected Combination Settlement in respect of any conversion but does not timely
notify the Conversion Agent of the Specified Dollar Amount per $1,000 principal amount of Notes, the Specified Dollar Amount shall
be deemed to be $1,000.

 

    60

     

    

 

(iii)           
The cash, shares of Common Stock or combination of cash and shares of Common Stock payable or deliverable by the Company
in respect of any conversion of Notes (the “Settlement Amount”) shall be computed by the Company as follows:

 

(A)            
if the Company elects to satisfy its Conversion Obligation in respect of such conversion by Physical Settlement, the Company
shall deliver to the converting Holder in respect of each $1,000 principal amount of Notes being converted a number of shares of
Common Stock equal to the Conversion Rate on the Conversion Date (plus cash in lieu of any fractional share of Common Stock issuable
upon conversion);

 

(B)            
if the Company elects to satisfy its Conversion Obligation in respect of such conversion by Cash Settlement, the Company
shall pay to the converting Holder in respect of each $1,000 principal amount of Notes being converted cash in an amount equal
to the sum of the Daily Conversion Values for each of the 20 consecutive VWAP Trading Days during the related Observation Period;
and

 

(C)            
if the Company elects (or is deemed to have elected) to satisfy its Conversion Obligation in respect of such conversion
by Combination Settlement, the Company shall pay or deliver, as the case may be, to the converting Holder in respect of each $1,000
principal amount of Notes being converted a Settlement Amount equal to the sum of the Daily Settlement Amounts for each of the
20 consecutive VWAP Trading Days during the related Observation Period (plus cash in lieu of any fractional share of Common Stock
issuable upon conversion).

 

If more than one Note shall be
surrendered for conversion at any one time by the same Holder, the Conversion Obligation with respect to such Notes shall be computed
on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted hereby) so surrendered.

 

(iv)           
The Daily Settlement Amounts (if applicable) and the Daily Conversion Values (if applicable) shall be determined by the
Company promptly following the last VWAP Trading Day of the related Observation Period. Promptly after such determination of the
Daily Settlement Amounts or the Daily Conversion Values, as the case may be, and, if applicable, the amount of cash payable in
lieu of any fractional share of Common Stock, the Company shall notify the Trustee and the Conversion Agent (if other than the
Trustee) of the Daily Settlement Amounts or the Daily Conversion Values, as the case may be, and, if applicable, the amount of
cash payable in lieu of fractional shares of Common Stock. The Trustee and the Conversion Agent (if other than the Trustee) shall
have no responsibility for any such determination.

 

    61

     

    

 

(b)    
(i)             To convert a beneficial interest in a Global Note (which conversion is irrevocable), the holder of such beneficial interest
must:

 

(A)            
comply with the Applicable Procedures;

 

(B)            
if required, pay funds equal to all documentary, stamp or similar issue or transfer tax owed as set forth in Section 14.02(d)
and Section 14.02(e); and

 

(C)            
if required, pay funds equal to any interest payable on the next Interest Payment Date to which such Holder is not entitled
as set forth in Section 14.02(g); and

 

(ii)           
To convert a Certificated Note, the Holder must:

 

(A)            
complete, manually sign and deliver an irrevocable notice to the Conversion Agent as set forth in the Form of Notice of
Conversion (or a facsimile thereof) (a “Notice of Conversion”) and such Note to the Conversion Agent;

 

(B)            
if required, furnish appropriate endorsements and transfer documents;

 

(C)            
if required, pay funds equal to all documentary, stamp or similar issue or transfer tax owed as set forth in Section 14.02(d)
and Section 14.02(e); and

 

(D)            
if required, pay funds equal to any interest payable on the next Interest Payment Date to which such Holder is not entitled
as set forth in Section 14.02(g).

 

The Trustee (and if different, the Conversion
Agent), upon receiving notice of any conversion, shall notify the Company of any conversion pursuant to this Article 14 on the
Conversion Date for such conversion or, if notice on such date is not feasible given the nature of the conversion, promptly thereafter.

 

If a Holder has already delivered a Fundamental
Change Purchase Notice with respect to a Note, such Holder may not surrender such Note for conversion until such Holder has validly
withdrawn such Fundamental Change Purchase Notice (or, in the case of a Global Note, has complied with the Applicable Procedures
with respect to such a withdrawal) in accordance with the terms of Section 15.03. If a Holder has already delivered a Fundamental
Change Purchase Notice, such Holder’s right to withdraw such notice and convert the Notes that are subject to repurchase
will terminate at the close of business on the Business Day immediately preceding the relevant Fundamental Change Purchase Date.

 

If the Company has designated a Redemption
Date pursuant to Section 16.02, a Holder that complies with the requirements for conversion set forth in this Section 14.02(b)
shall be deemed to have delivered a notice of its election not to have its Notes so redeemed.

 

(c)           
A Note shall be deemed to have been converted immediately prior to the close of business on the date (the “Conversion
Date”) that the Holder has complied with the requirements set forth in Section 14.02(b).

 

    62

     

    

 

Subject to the next paragraph and the provisions
of Section 14.03(b) and Section 14.07(a), the Company shall pay or deliver, as the case may be, the Settlement Amount due in respect
of the Conversion Obligation no later than:

 

(i)           
the second Business Day immediately following the relevant Conversion Date, if the Company elects Physical Settlement; or

 

(ii)           the
second Business Day immediately following the last VWAP Trading Day of the relevant Observation Period, if the Company elects
Cash Settlement or if the Company elects or is deemed to elect Combination Settlement.

 

If any shares of Common Stock are due to
converting Holders, the Company shall issue or cause to be issued, and deliver to such Holder, or such Holder’s nominee or
nominees, certificates or a book-entry transfer through the Depositary, as the case may be, for the full number of shares of Common
Stock to which such Holder shall be entitled in satisfaction of the Company’s Conversion Obligation.

 

(d)           
In case any Certificated Note shall be surrendered for partial conversion, in $1,000 principal amount or an integral multiple
of $1,000 in excess thereof, the Company shall execute and the Trustee shall authenticate and deliver to or upon the written order
of the Holder of the Note so surrendered a new Note or Notes in authorized denominations in an aggregate principal amount equal
to the unconverted portion of the surrendered Note, without payment of any service charge by the converting Holder but, if required
by the Company or Trustee, with payment of a sum sufficient to cover any transfer tax or similar governmental charge required by
law or that may be imposed in connection therewith as a result of the name of the Holder of the new Notes issued upon such conversion
being different from the name of the Holder of the old Notes surrendered for such conversion.

 

(e)           
If a Holder submits a Note for conversion, the Company shall pay any documentary, stamp or similar issue or transfer tax
due on the issuance of any shares of Common Stock upon conversion of such Note, unless the tax is due because the Holder requests
such shares to be issued in a name other than the Holder’s name, in which case the Holder shall pay that tax. The Conversion
Agent may refuse to deliver the certificates representing the shares of Common Stock being issued in a name other than the Holder’s
name until the Trustee receives a sum sufficient to pay any tax that is due by such Holder in accordance with the immediately preceding
sentence.

 

(f)            
Upon the conversion of an interest in a Global Note, the Trustee, or the Custodian of the Global Note at the direction of
the Trustee, shall make a notation in the books and records of the Trustee and Depositary as to the reduction in the principal
amount represented thereby. The Company shall notify the Trustee in writing of any conversion of Notes effected through any Conversion
Agent other than the Trustee.

 

    63

     

    

 

(g)            Upon
conversion of a Note, the converting Holder shall not receive any separate cash payment representing accrued and
unpaid interest, if any, except as set forth in the paragraph below. The Company’s payment or delivery, as the case may
be, of the Settlement Amount upon conversion of any Note shall be deemed to satisfy in full its obligation to pay the
principal amount of the Note and accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date. As
a result, accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date shall be deemed to be paid
in full rather than canceled, extinguished or forfeited (other than in the circumstances described under Section
14.01(b)(v)). Upon a conversion of Notes into a combination of cash and shares of Common Stock, accrued and unpaid interest
shall be deemed to be paid first out of the cash paid upon such conversion.

 

Notwithstanding the immediately preceding
paragraph, if Notes are converted after the close of business on a Regular Record Date for the payment of interest and prior to
the open of business on the immediately following Interest Payment Date, Holders of such Notes at the close of business on such
Regular Record Date shall receive the full amount of interest payable on such Notes on the corresponding Interest Payment Date
notwithstanding the conversion. Notes surrendered for conversion during the period from the close of business on any Regular Record
Date to the open of business on the immediately following Interest Payment Date must be accompanied by funds equal to the amount
of interest payable on the Notes so converted on the corresponding Interest Payment Date (regardless of whether the converting
Holder was the Holder of record on the corresponding Regular Record Date); provided that no such payment need be made:

 

(i)            
if the Notes are surrendered for conversion following the Regular Record Date immediately preceding the Maturity Date;

 

(ii)           
if the Company has specified a Fundamental Change Purchase Date that is after a Regular Record Date and on or prior to the
Business Day immediately following the corresponding Interest Payment Date;

 

(iii)          
if the Company has specified a Redemption Date in accordance with Article 16 that is after a Regular Record Date and on
or prior to the Business Day immediately following the corresponding Interest Payment Date; or

 

(iv)           
to the extent of any overdue interest, if any overdue interest exists at the time of conversion with respect to such Note.

 

Therefore, for the avoidance of doubt, all
Holders of record on the Regular Record Date immediately preceding the Maturity Date and any Fundamental Change Purchase Date as
described in clause (ii) above, shall receive and retain the full interest payment due on the Maturity Date or other applicable
Interest Payment Date regardless of whether their Notes have been converted following such Regular Record Date.

 

(h)            The
Person in whose name any shares of Common Stock shall be issuable upon conversion is registered shall be treated as the
holder of record of such shares as of the close of business on (i) the relevant Conversion Date if the Company elects
Physical Settlement or (ii) the last VWAP Trading Day of the relevant Observation Period if the Company elects or is deemed
to elect Combination Settlement. Upon a conversion of Notes, such Person shall no longer be a Holder of such Notes
surrendered for conversion; provided that (a) the converting Holder shall have the right to receive the Settlement
Amount due upon conversion and (b) in the case of a conversion between a Regular Record Date and the corresponding Interest
Payment Date, the Holder of record as of the close of business on such Regular Record Date shall have the right to receive
the interest payable on such Interest Payment Date, in accordance with Section 14.02(g).

 

    64

     

    

 

(i)           
The Company shall not issue any fractional share of Common Stock upon conversion of the Notes and shall instead pay cash
in lieu of any fractional share of Common Stock issuable upon conversion in an amount based on (i) the Daily VWAP on the relevant
Conversion Date if the Company elects Physical Settlement or (ii) the Daily VWAP on the last VWAP Trading Day of the relevant Observation
Period if the Company elects or is deemed to elect Combination Settlement. For each Note surrendered for conversion, if the Company
has elected (or is deemed to elect) Combination Settlement, the full number of shares that shall be issued upon conversion thereof
shall be computed on the basis of the aggregate Daily Settlement Amounts for the relevant Observation Period and, if applicable,
any fractional share remaining after such computation shall be paid in cash.

 

(j)            Upon
surrender by a Holder of its Notes for conversion, the Company may, at its election (an “Exchange Election”),
direct the Conversion Agent to surrender, on or prior to the Scheduled Trading Day immediately preceding the first VWAP Trading
Day of the applicable Observation Period (or, if we have elected physical settlement, on or prior to the Business Day immediately
following the relevant Conversion Date), such Notes to a financial institution designated by the Company (the “Designated
Financial Institution”) for exchange in lieu of conversion by the Company. In order to accept any Notes surrendered to
the Company for conversion, the Designated Financial Institution must agree to timely deliver, in exchange for such Notes, cash,
shares of Common Stock or combination thereof, at the Company’s election, that would otherwise be due upon conversion, all
as provided in Section 14.02(a) (the “Conversion Consideration”). If the Company makes an Exchange Election,
the Company shall, by the close of business on the Scheduled Trading Day immediately preceding the first VWAP Trading Day of the
applicable Observation Period (or, if we have elected physical settlement, on or prior to the Business Day immediately following
the relevant Conversion Date), notify in writing the Holder surrendering Notes for conversion and the Trustee that the Company
has made an Exchange Election and shall notify the Designated Financial Institution of the Settlement Method the Company has elected
with respect to such conversion and the relevant deadline for delivery of the relevant Conversion Consideration. 

 

If the Designated Financial Institution
accepts any such Notes, it will pay and/or deliver, as the case may be, the cash, shares of Common Stock or a combination thereof
due upon conversion to the Conversion Agent, and the Conversion Agent shall pay and/or deliver such cash and/or shares of Common
Stock to such Holder the second Business Day immediately following the last VWAP Trading Day of the applicable Observation Period
(or if we have selected physical settlement, on the second Business Day immediately following the relevant Conversion Date). Any
Notes exchanged by the Designated Financial Institution shall remain outstanding, subject to the Applicable Procedures. If the
Designated Financial Institution agrees to accept any Notes for exchange but does not timely deliver the related Conversion Consideration,
or if such Designated Financial Institution does not accept the Notes for exchange, the Company shall convert the Notes and deliver
the relevant Conversion Consideration as described in this Section 14.02.

 

    65

     

    

 

The Company’s designation
of a Designated Financial Institution does not require such Designated Financial Institution to accept any Notes. The Company may,
but shall not be obligated to, enter into a separate agreement with any Designated Financial Institution that would compensate
it for any such transaction.

 

Section 14.03.
Increase in Conversion Rate Upon Conversion in Connection with a Make-Whole Fundamental Change or a Notice of Redemption.
(a) If (i) the Effective Date of a Make-Whole Fundamental Change occurs prior to the Maturity Date or (ii) on or after November
5, 2023, the Company gives a Notice of Redemption pursuant to Section 16.02, and a Holder elects to convert its Notes in connection
with such Make-Whole Fundamental Change or a Notice of Redemption, as the case may be, the Company shall, under the circumstances
described in this Section 14.03, increase the Conversion Rate for the Notes so surrendered for conversion by a number of additional
shares of Common Stock (the “Additional Shares”), as described in this Section 14.03. A conversion of Notes
shall be deemed for these purposes to be “in connection with” such Make-Whole Fundamental Change if the relevant Notice
of Conversion (or, in the case of a Global Note, the relevant notice of conversion in accordance with the Applicable Procedures)
is received by the Conversion Agent during the period from the open of business on the Effective Date of the Make-Whole Fundamental
Change to the close of business on the Business Day immediately preceding the related Fundamental Change Purchase Date (or, in
the case of a Make-Whole Fundamental Change that would have been a Fundamental Change but for the proviso in clause (b)
of the definition thereof, the 35th Trading Day immediately following the Effective Date of such Make-Whole Fundamental Change).
A conversion of Notes shall be deemed to be “in connection with” a Notice of Redemption if the relevant Conversion
Date occurs during the period from the open of business on the Redemption Notice Date to the close of business on the second Scheduled
Trading Day immediately preceding the Redemption Date or, if the Company fails to pay the Redemption Price, such later date on
which the Company pays or duly provides for the Redemption Price.

 

(b)           
Upon surrender of Notes for conversion in connection with a Make-Whole Fundamental Change, the Company shall, at its option,
satisfy its Conversion Obligation by Physical Settlement, Cash Settlement or Combination Settlement in accordance with Section
14.02 (after giving effect to any increase in the Conversion Rate required by this Section 14.03); provided, however,
that, if the consideration for the Common Stock in any Make-Whole Fundamental Change described in clause (b) of the definition
of Fundamental Change is composed entirely of cash, for any conversion of Notes following the Effective Date of such Make-Whole
Fundamental Change, the Conversion Obligation shall be calculated by the Company based solely on the Stock Price for the transaction
and shall be deemed to be an amount of cash per $1,000 principal amount of converted Notes equal to (i) the Conversion Rate (including
any increase to reflect the Additional Shares as described in this Section 14.03), multiplied by (ii) such Stock Price.
In such event, the Conversion Obligation shall be determined and paid to Holders in cash on the second Business Day following the
Conversion Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) of the Effective
Date of any Make-Whole Fundamental Change and no later than five Business Days after such Effective Date issue a press release
announcing such Effective Date (and make the press release available on the Company’s website) (the “Make-Whole
Fundamental Change Company Notice”).

 

    66

     

    

 

(c)           
The number of Additional Shares, if any, by which the Conversion Rate shall be increased shall be determined by reference
to the table below, based on the date on which the Make-Whole Fundamental Change occurs or becomes effective or the Redemption
Notice Date, as the case may be (the “Effective Date”) and the price (the “Stock Price”)
paid (or deemed to be paid) per share of the Common Stock in the Make-Whole Fundamental Change or on the case of a Redemption,
pursuant to Article 16. If the holders of the Common Stock receive only cash in a Make-Whole Fundamental Change described in clause
(b) of the definition of Fundamental Change, the Stock Price shall be the cash amount paid per share. Otherwise, and in the case
of a conversion upon Notice of Redemption, the Stock Price shall be the average of the Last Reported Sale Prices of the Common
Stock over the five Trading Day period ending on, and including, the Trading Day immediately preceding the Effective Date of the
Make-Whole Fundamental Change or the Redemption Notice Date, as the case may be. The Board of Directors shall make appropriate
adjustments to the Stock Price, in its good faith determination, to account for any adjustment to the Conversion Rate that becomes
effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date of the event occurs, during such
five Trading Day period.

 

(d)          
The Stock Prices set forth in the column headings of the table below shall be adjusted as of any date on which the Conversion
Rate is otherwise adjusted. The adjusted Stock Prices shall equal (i) the Stock Prices applicable immediately prior to such adjustment,
multiplied by (ii) a fraction, the numerator of which is the Conversion Rate immediately prior to such adjustment giving
rise to the Stock Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The number of Additional
Shares set forth in the table below shall be adjusted in the same manner and at the same time as the Conversion Rate as set forth
in Section 14.04.

 

(e)           
The following table sets forth the number of Additional Shares by which the Conversion Rate shall be increased per $1,000
principal amount of Notes pursuant to this Section 14.03 for each Stock Price and Effective Date set forth below:

 

	 	 	Stock
    Price	 
	Effective Date	 	$10.48	 	$12.00	 	$13.36	 	$15.00	 	$17.37	 	$20.00	 	$25.00	 	$30.00	 	$35.00	 	$40.00	 	$45.00	 	$50.00	 
	October 21, 2019	 	 	20.5807	 	 	16.4358	 	 	13.6527	 	 	11.0833	 	 	8.3863	 	 	6.2920	 	 	3.7872	 	 	2.3290	 	 	1.4254	 	 	0.8460	 	 	0.4704	 	 	0.2306	 
	November 1, 2020	 	 	20.5807	 	 	16.4358	 	 	13.6527	 	 	11.0833	 	 	8.3454	 	 	6.2135	 	 	3.6988	 	 	2.2540	 	 	1.3649	 	 	0.7955	 	 	0.4267	 	 	0.1922	 
	November 1, 2021	 	 	20.5807	 	 	16.4358	 	 	13.6527	 	 	10.9013	 	 	8.0702	 	 	5.9360	 	 	3.4724	 	 	2.0910	 	 	1.2569	 	 	0.7310	 	 	0.3944	 	 	0.1822	 
	November 1, 2022	 	 	20.5807	 	 	16.4358	 	 	13.2792	 	 	10.4200	 	 	7.5567	 	 	5.4515	 	 	3.0936	 	 	1.8110	 	 	1.0520	 	 	0.5820	 	 	0.2876	 	 	0.1102	 
	November 1, 2023	 	 	20.5807	 	 	15.9242	 	 	12.5120	 	 	9.5580	 	 	6.7041	 	 	4.6915	 	 	2.5460	 	 	1.4330	 	 	0.7929	 	 	0.4058	 	 	0.1720	 	 	0.0438	 
	November 1, 2024	 	 	20.5807	 	 	14.7875	 	 	11.1093	 	 	8.0740	 	 	5.3293	 	 	3.5435	 	 	1.8056	 	 	0.9703	 	 	0.5051	 	 	0.2298	 	 	0.0724	 	 	0.0044	 
	November 1, 2025	 	 	20.5807	 	 	12.4492	 	 	8.3421	 	 	5.3413	 	 	3.0720	 	 	1.8690	 	 	0.8968	 	 	0.4707	 	 	0.2320	 	 	0.0910	 	 	0.0182	 	 	0.0000	 
	November 1, 2026	 	 	20.5807	 	 	7.0167	 	 	0.0000	 	 	0.0000	 	 	0.0000	 	 	0.0000	 	 	0.0000	 	 	0.0000	 	 	0.0000	 	 	0.0000	 	 	0.0000	 	 	0.0000	 

 

The exact Stock Price or Effective Date
may not be set forth in the table above, in which case:

 

(i)            if
the Stock Price is between two Stock Prices in the table or the Effective Date is between two Effective Dates in the table,
the number of Additional Shares by which the Conversion Rate shall be increased shall be determined by a
straight-line interpolation between the number of Additional Shares set forth for the higher and lower Stock Prices and the
earlier and later Effective Dates in the table above, as applicable, based on a 365- or 366-day year, as the case may be;

 

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(ii)           
if the Stock Price is greater than $50.00 per share (subject to adjustment in the same manner as the Stock Prices set forth
in the column headings of the table above), no Additional Shares shall be added to the Conversion Rate; and

 

(iii)           
if the Stock Price is less than $10.48 per share (subject to adjustment in the same manner as the Stock Prices set forth
in the column headings of the table above), no Additional Shares shall be added to the Conversion Rate.

 

Notwithstanding the foregoing, in no event
shall the Conversion Rate per $1,000 principal amount of Notes exceed 95.4198 shares of Common Stock, subject to adjustment in
the same manner as the Conversion Rate pursuant to Section 14.04.

 

(f)           
Nothing in this Section 14.03 shall prevent an adjustment to the Conversion Rate pursuant to Section 14.04 in respect of
a Make-Whole Fundamental Change.

 

Section 14.04. Adjustment
of Conversion Rate. The Conversion Rate shall be adjusted from time to time by the Company if any of the following events occurs,
except that the Company shall not make any adjustments to the Conversion Rate if Holders of the Notes participate (other than in
the case of a share split or share combination), at the same time and upon the same terms as holders of the Common Stock and solely
as a result of holding the Notes, in any of the transactions described in this Section 14.04, without having to convert their Notes,
as if they held a number of shares of Common Stock equal to (i) the Conversion Rate, multiplied by (ii) the principal amount
(expressed in thousands) of Notes held by such Holder.

 

(a)           
If the Company exclusively issues shares of Common Stock as a dividend or distribution on all, or substantially all, shares
of the Common Stock, or if the Company effects a share split or share combination, the Conversion Rate shall be adjusted based
on the following formula:

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date of such dividend or distribution, or immediately prior to the open of business on the effective date of such share split or 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 shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date or effective date, as applicable; and
	 	 	 
	OS1	=	the number of shares of Common Stock outstanding immediately prior to the open of business on such ex-dividend date or effective date after giving effect to such dividend, distribution, share split or share combination, as applicable.

 

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Any adjustment made under this Section 14.04(a)
shall become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution, or immediately
after the open of business on the effective date for such share split or share combination, as applicable. If any dividend or distribution
of the type described in this Section 14.04(a) is declared but not so paid or made, the Conversion Rate shall be immediately readjusted,
effective as of the date the Board of Directors determines not to pay such dividend or distribution, to the Conversion Rate that
would then be in effect if such dividend or distribution had not been declared.

 

(b)           
If the Company distributes to all or substantially all holders of the Common Stock any rights, options or warrants (other
than pursuant to a stockholders rights plan) entitling them, for a period of not more than 45 calendar days from the announcement
date of such distribution, to subscribe for or purchase shares of Common Stock at a price per share that is less than the average
of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading
Day immediately preceding the announcement date of such distribution, the Conversion Rate shall be increased based on the following
formula:

 

 

where,

 

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

 

	X 	=	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
	 	 	 
	Y 	=	the number of shares of Common Stock equal to (i) the aggregate price payable to exercise such rights, options or warrants, divided by (ii) the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the announcement date of the distribution of such rights, options or warrants.

 

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Any increase made under this Section
14.04(b) shall be made successively whenever any such rights, options or warrants are distributed and shall become effective
immediately after the open of business on the Ex-Dividend Date for such distribution. To the extent that shares of Common
Stock are not delivered after the expiration of such rights, options or warrants, the Conversion Rate shall be decreased to
the Conversion Rate that would then be in effect had the increase with respect to the distribution of such rights, options or
warrants been made on the basis of delivery of only the number of shares of Common Stock actually delivered. If such rights,
options or warrants are not so distributed, the Conversion Rate shall be decreased to the Conversion Rate that would then be
in effect if such distribution had not occurred.

 

For purposes of this Section 14.04(b) and
Section 14.01(b)(ii)(A), in determining whether any rights, options or warrants entitle the holders of Common Stock to subscribe
for or purchase shares of the Common Stock at less than such average of the Last Reported Sale Prices of the Common Stock for the
10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the announcement date of such
distribution, and in determining the aggregate offering price of such shares of Common Stock, there shall be taken into account
any consideration received by the Company for such rights, options or warrants and any amount payable on exercise or conversion
thereof, the value of such consideration, if other than cash, to be determined by the Board of Directors.

 

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

 

(i)             Dividends or distributions as to which an adjustment was effected pursuant to Section 14.04(a) or Section 14.04(b);

 

(ii)           
rights issued under a stockholders rights plan (except as set forth in this Section 14.04(c));

 

(iii)           dividends
or distributions paid exclusively in cash as to which an adjustment was effected pursuant to Section 14.04(d);

 

(iv)           any
dividends and distributions in connection with a Share Exchange Event described in Section 14.07; and

 

(v)           Spin-Offs
as to which the provisions set forth in this Section 14.04(c) shall apply

 

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(any of such shares of Capital Stock,
evidences of indebtedness, assets, property, rights, options or warrants to acquire Capital Stock or other securities of the Company,
the “Distributed Property”), then the Conversion Rate shall be increased based on the following formula:

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;
	 	 	 
	CR1	=	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;
	 	 	 
	SP0	=	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and
	 	 	 
	FMV 	=	the fair market value (as determined by the Board of Directors) of the Distributed Property so distributed with respect to each outstanding share of the Common Stock as of the open of business on the Ex-Dividend Date for such distribution.

 

Any increase made under the portion of this
Section 14.04(c) above shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution.
If such distribution is not so paid or made, the Conversion Rate shall be decreased to be the Conversion Rate that would then be
in effect if such distribution had not been declared.

 

Notwithstanding the foregoing, if “FMV”
(as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase,
each Holder of a Note shall receive, in respect of each $1,000 principal amount thereof, at the same time and upon the same terms
as holders of the Common Stock receive the Distributed Property, the amount and kind of Distributed Property that such Holder would
have received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect on the Ex-Dividend
Date for the distribution.

 

With respect to an adjustment pursuant to
this Section 14.04(c) where there has been a payment of a dividend or other distribution on the Common Stock of shares of Capital
Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Company,
that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange (a “Spin-Off”),
the Conversion Rate shall be increased based on the following formula:

 

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the end of the Valuation Period;
	 	 	 
	CR1	=	the Conversion Rate in effect immediately after the Valuation Period;
	 	 	 
	FMV0	=	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Stock applicable to one share of the Common Stock (determined by reference to the definition of Last Reported Sale Price as set forth in Section 1.01 as if references therein to Common Stock were to such Capital Stock or similar equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and
	 	 	 
	MP0	=	the average of the Last Reported Sale Prices of the Common Stock over the Valuation Period.

 

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The increase to the Conversion Rate under
the preceding paragraph shall occur at the close of business on the last Trading Day of the Valuation Period; provided that
(x) in respect of any conversion of Notes for which Physical Settlement is applicable, if the relevant Conversion Date occurs during
the Valuation Period, the references to “10” in the preceding paragraph shall be deemed to be replaced with such lesser
number of Trading Days as have elapsed between the Ex-Dividend Date of such Spin-Off and the Conversion Date in determining the
Conversion Rate and (y) in respect of any conversion of Notes for which Cash Settlement or Combination Settlement is applicable,
for any Trading Day that falls within the relevant Observation Period for such conversion and within the Valuation Period, the
references to “10” in the preceding paragraph shall be deemed to be replaced with such lesser number of Trading Days
as have elapsed between the Ex-Dividend Date of such Spin-Off and such Trading Day in determining the Conversion Rate as of such
Trading Day. In addition, if the Ex-Dividend Date for such Spin-Off is after the 10th Trading Day immediately preceding, and including,
the end of any Observation Period in respect of a conversion of Notes, references to “10” or “10th” in
the preceding paragraph and this paragraph shall be deemed to be replaced, solely in respect of that conversion, with such lesser
number of Trading Days as have elapsed from, and including, the Ex-Dividend Date for the Spin-Off to, and including, the last Trading
Day of such Observation Period. If such Spin-Off does not occur, the Conversion Rate shall be decreased to be the Conversion Rate
that would then be in effect if such distribution had not been declared, effective as of the date on which the Board of Directors
(or its designee) determines not to consummate such Spin-Off.

 

For purposes of this Section 14.04(c) (and
subject in all respect to Section 14.11), rights, options or warrants distributed by the Company to all holders of the Common Stock
entitling them to subscribe for or purchase shares of the Company’s Capital Stock, including Common Stock (either initially
or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events (“Trigger
Event”):

 

(i)           
are deemed to be transferred with such shares of the Common Stock;

 

(ii)          
are not exercisable; and

 

(iii)         
are also issued in respect of future issuances of the Common Stock,

 

shall be deemed not to have been
distributed for purposes of this Section 14.04(c) (and no adjustment to the Conversion Rate under this Section 14.04(c) will
be required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants shall be deemed
to have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate shall be made under this
Section 14.04(c). If any such right, option or warrant, including any such existing rights, options or warrants distributed
prior to the date of this Indenture, are subject to events, upon the occurrence of which such rights, options or warrants
become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the
occurrence of any and each such event shall be deemed to be the date of distribution and Ex-Dividend Date with respect to new
rights, options or warrants with such rights (in which case the existing rights, options or warrants shall be deemed to
terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any
distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type
described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a
distribution amount for which an adjustment to the Conversion Rate under this Section 14.04(c) was made:

 

    72

     

    

 

(A)            
in the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any
holders thereof, upon such final redemption or purchase (x) the Conversion Rate shall be readjusted as if such rights, options
or warrants had not been issued and (y) the Conversion Rate shall then again be readjusted to give effect to such distribution,
deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption
or purchase price received by a holder or holders of shares of Common Stock with respect to such rights, options or warrants (assuming
such holder had retained such rights, options or warrants), made to all holders of shares of Common Stock as of the date of such
redemption or purchase, and

 

(B)            
in the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders
thereof, the Conversion Rate shall be readjusted as if such rights, options and warrants had not been issued.

 

For purposes of Section 14.04(a), Section
14.04(b) and this Section 14.04(c), any dividend or distribution to which this Section 14.04(c) is applicable that also includes
one or both of:

 

(i)           
a dividend or distribution of shares of Common Stock to which Section 14.04(a) is applicable (the “Clause A Distribution”);
or

 

(ii)          
a dividend or distribution of rights, options or warrants to which Section 14.04(b) is applicable (the “Clause
B Distribution”),

 

then:

 

(A)           
such dividend or distribution, other than the Clause A Distribution and the Clause B Distribution, shall be deemed to be
a dividend or distribution to which this Section 14.04(c) is applicable (the “Clause C Distribution”) and any
Conversion Rate adjustment required by this Section 14.04(c) with respect to such Clause C Distribution shall then be made; and

 

(B)             the
Clause A Distribution and Clause B Distribution shall be deemed to immediately follow the Clause C Distribution and any
Conversion Rate adjustment required by Section 14.04(a) and Section 14.04(b) with respect thereto shall then be made,
except that, if determined by the Company (I) the “Ex-Dividend Date” of the Clause A Distribution and the Clause
B Distribution shall be deemed to be the Ex-Dividend Date of the Clause C Distribution and (II) any shares of Common Stock
included in the Clause A Distribution or Clause B Distribution shall be deemed not to be “outstanding immediately prior
to the open of business on such Ex-Dividend Date or effective date” within the meaning of Section 14.04(a) or
 “outstanding immediately prior to the open of business on such Ex-Dividend Date” within the meaning of Section
14.04(b).

 

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(d)           
If any cash dividend or distribution is made to all or substantially all holders of the Common Stock, other than a regular,
quarterly cash dividend that does not exceed $0.05 per share (the “Initial Dividend Threshold”), the Conversion
Rate shall be adjusted based on the following formula:

 

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to 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 the Ex-Dividend Date for such dividend or distribution;
	 	 	 
	SP0	=	the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution;
	 	 	 
	T 	=	the Initial Dividend Threshold; provided that if the dividend or distribution is not a regular quarterly cash dividend, the Initial Dividend Threshold shall be deemed to be zero; and
	 	 	 
	C	 =	the amount in cash per share the Company distributes to all holders of the Common Stock.

 

The Initial Dividend Threshold is subject
to adjustment in a manner inversely proportional to adjustments to the Conversion Rate; provided that no adjustment will
be made to the Initial Dividend Threshold for any adjustment to the Conversion Rate under this Section 14.04(d).

 

Any increase made pursuant to this Section
14.04(d) shall become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution.
If such dividend or distribution is not so paid, the Conversion Rate shall be decreased, effective as of the date the Board of
Directors determines not to make or pay such dividend or distribution, to the Conversion Rate that would then be in effect if such
dividend or distribution had not been declared.

 

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Notwithstanding the foregoing, if “C”
(as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase,
each Holder of a Note shall receive, for each $1,000 principal amount of Notes, at the same time and upon the same terms as holders
of shares of the Common Stock, the amount of cash that such Holder would have received if such Holder owned a number of shares
of Common Stock equal to the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such
cash dividend or distribution.

 

(e)       If
the Company or any of its Subsidiaries makes a payment in respect of a tender or exchange offer for the Common Stock, to the extent
that the cash and value of any other consideration included in the payment per share of the Common Stock exceeds the average of
the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the
Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer
(such date, the “Expiration Date”), the Conversion Rate shall be increased based on the following formula:

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the open of business on the Trading Day next succeeding the Expiration Date;
	 	 	 
	CR1	=	the Conversion Rate in effect immediately after the open of business on the Trading Day next succeeding the Expiration Date;
	 	 	 
	AC	=	the aggregate value of all cash and any other consideration (as determined by the Board of Directors) paid or payable for shares of Common Stock purchased in such tender or exchange offer;
	 	 	 
	OS0	=	the number of shares of Common Stock outstanding immediately prior to consummation of the purchase of all shares of Common Stock accepted for purchase or exchange in such tender offer or exchange offer;
	 	 	 
	OS1	=	the number of shares of Common Stock outstanding immediately after consummation of the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer; and
	 	 	 
	SP1	=	
        the average of the Last Reported Sale Prices of the Common Stock
        over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the Expiration Date.

        

 

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The increase to the Conversion Rate
under this Section 14.04(e) shall occur at the close of business on the 10th Trading Day immediately following, and
including, the Trading Day next succeeding the date such tender or exchange offer expires but will be given effect at the
open of business on the Trading Day next succeeding the Expiration Date; provided that (x) in respect of any
conversion of Notes for which Physical Settlement is applicable, if the relevant Conversion Date occurs during the 10 Trading
Days immediately following, and including, the Trading Day next succeeding the Expiration Date of any tender or exchange
offer, references to “10” or “10th” in the preceding paragraph shall be deemed to be replaced with
such lesser number of Trading Days as have elapsed between such Expiration Date of such tender or exchange offer and the
Conversion Date in determining the Conversion Rate and (y) in respect of any conversion of Notes for which Cash Settlement or
Combination Settlement is applicable, for any Trading Day that falls within the relevant Observation Period for such
conversion and within the 10 Trading Days immediately following, and including, the Trading Day next succeeding the
Expiration Date of any tender or exchange offer, references to “10” or “10th” in the preceding
paragraph shall be deemed to be replaced with such lesser number of Trading Days as have elapsed between the Expiration Date
of such tender or exchange offer and such Trading Day in determining the Conversion Rate as of such Trading Day. In addition,
if the Trading Day next succeeding the Expiration Date of any tender or exchange offer is after the 10th Trading Day
immediately preceding, and including, the end of any Observation Period in respect of a conversion of Notes, references
to “10” or “10th” in the preceding paragraph and this paragraph shall be deemed to be replaced,
solely in respect of that conversion, with such lesser number of Trading Days as have elapsed from, and including, the
Trading Day next succeeding the Expiration Date of such tender or exchange offer to, and including, last Trading Day of such
Observation Period. For the avoidance of doubt, no adjustment shall be made under this Section 14.04(e) if such adjustment
would result in a decrease to the Conversion Rate.

 

In the event that the Company or one of
its Subsidiaries is obligated to purchase shares of Common Stock pursuant to any such tender offer or exchange offer, but the Company
or such Subsidiary is permanently prevented by applicable law from effecting any such purchases, or all such purchases are rescinded,
then the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such tender offer or
exchange offer had not been made or had been made only in respect of the purchases that have been effected.

 

(f)        Notwithstanding anything to the contrary in this Section 14.04 or any other provision of this Indenture or the Notes, if
a Conversion Rate adjustment becomes effective on any Ex-Dividend Date and a Holder that has converted its Notes on or after such
Ex-Dividend Date and on or prior to the related Record Date would be treated as the record holder of the shares of Common Stock
as of the related Conversion Date as described under Section 14.02(h) based on an adjusted Conversion Rate for such Ex-Dividend
Date, then, notwithstanding the Conversion Rate adjustment provisions in this Section 14.04, the Conversion Rate adjustment relating
to such Ex-Dividend Date shall not be made for such converting Holder. Instead, such Holder shall be treated as if such Holder
were the record owner of the shares of Common Stock on an unadjusted basis and participate in the related dividend, distribution
or other event giving rise to such adjustment.

 

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(g)       All
calculations and other determinations under this Article 14 shall be made by the Company and all adjustments to
the Conversion Rate shall be made to the nearest one-ten thousandth (1/10,000th) of a share. Notwithstanding anything in this
Article 14 to the contrary, the Company shall not be required to adjust the Conversion Rate if the adjustment would result in
a change of less than 1.0% to the Conversion Rate, and the Company may, at its election, defer such adjustment and carry
forward any adjustment to Conversion Rate that the Company would otherwise have had to make and take into account such
deferred adjustment in any subsequent adjustment. Notwithstanding the foregoing, any and all such deferred adjustments must
be given effect immediately upon the earliest of the following, regardless of whether the aggregate amount of such
adjustments is less than 1.0%: (a) on the Conversion Date for any Notes (in the case of Physical Settlement) or on each VWAP
Trading Day of any Observation Period (in the case of cash settlement or combination settlement), (b) the effective date of
any Fundamental Change or the Effective Date of a Make-Whole Fundamental Change, (c) on the Redemption Notice Date, or (d)
November 1, 2026.

 

(h)       In addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this Section 14.04, the Company from
time to time may increase the Conversion Rate by any amount for a period of at least 20 Business Days if the Board of Directors
determines that such increase would be in the Company’s best interest. In addition, the Company may also (but is not required
to) increase the Conversion Rate to avoid or diminish any income tax to holders of Common Stock or rights to purchase shares of
Common Stock in connection with a dividend or distribution of shares of Common Stock (or rights to acquire shares of Common Stock)
or similar event. Whenever the Conversion Rate is increased pursuant to either of the preceding two sentences, the Company shall
send to the Holder of each Note at its last address appearing on the Note Register a notice of the increase at least 15 days prior
to the date the increased Conversion Rate takes effect, and such notice shall state the increased Conversion Rate and the period
during which it will be in effect.

 

(i)        Whenever the Conversion Rate is adjusted as herein provided, the Company shall promptly furnish to the Trustee (and the
Conversion Agent if not the Trustee) an Officer’s Certificate setting forth the Conversion Rate after such adjustment and
setting forth a brief statement of the facts requiring such adjustment. Unless and until a Responsible Officer of the Trustee shall
have received such Officer’s Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion
Rate and may assume without inquiry that the last Conversion Rate of which it has knowledge is still in effect. Promptly after
delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the adjusted
Conversion Rate and the date on which each adjustment becomes effective and shall send such notice of such adjustment of the Conversion
Rate to each Holder at its last address appearing on the Note Register of this Indenture. Failure to deliver such notice shall
not affect the legality or validity of any such adjustment.

 

(j)        For purposes of this Section 14.04, the number of shares of Common Stock at any time outstanding shall not include shares
held in the treasury of the Company so long as the Company does not pay any dividend or make any distribution on shares of Common
Stock held in the treasury of the Company, but shall include shares issuable in respect of scrip certificates issued in lieu of
fractions of shares of Common Stock.

 

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(k)       The Company shall not adjust the Conversion Rate except as stated in this Indenture, including, for the avoidance of doubt,
for the issuance of shares of Common Stock or any securities convertible into or exchangeable for shares of Common Stock or the
right to purchase shares of Common Stock or such convertible or exchangeable securities. In addition, notwithstanding anything to the contrary in this Article
14, the Conversion Rate shall not be adjusted:

 

(i)           
upon the issuance of shares of Common Stock (other than issuances described in clause (a), (b), or (c) of this Section 14.04)
at a price below the Conversion Price for the Notes;

 

(ii)           upon
the issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends
or interest payable on the Company’s securities and the investment of additional optional amounts in shares of Common Stock
under any plan;

 

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

 

(iv)          upon the issuance of any shares of the Common Stock pursuant to any option, warrant, right or exercisable, exchangeable
or convertible security not described in clause (ii) of this subsection and outstanding as of the Issue Date;

 

(v)           for ordinary course of business stock repurchases that are not tender offers referred to in Section 14.04(e), including
structured or derivative transactions or pursuant to a stock repurchase program approved by the Board of Directors;

 

(vi)          for a third party tender offer by any party other than a tender offer by the Company or any of its Subsidiaries described
in clause (e) of this Section 14.04;

 

(vii)         solely for a change in the par value of the Common Stock; or

 

(viii)        for accrued and unpaid interest, if any.

 

Section 14.05. Adjustments
of Prices. Whenever any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices, the Daily
VWAPs, the Daily Conversion Values or the Daily Settlement Amounts over a span of multiple days (including an Observation Period
and the period for determining the Stock Price for purposes of a Make-Whole Fundamental Change), the Board of Directors shall make
appropriate adjustments to each to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring
an adjustment to the Conversion Rate where the Ex-Dividend Date, Effective Date or expiration date of the event occurs, at any
time during the period when the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement
Amounts are to be calculated.

 

Section 14.06. Shares
to Be Fully Reserved. The Company shall have reserved and shall provide, free from preemptive rights, out of its authorized
but unissued shares, the maximum number of shares of Common Stock issuable upon conversion of the Notes (assuming that at the time
of computation of such number of shares, all such Notes would be converted by a single Holder and that Physical Settlement is applicable,
and including the maximum number of Additional Shares that could be included in the Conversion Rate for a conversion in connection
with a Make-Whole Fundamental Change or a Notice of Redemption).

 

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Section 14.07. Effect
of Recapitalizations, Reclassifications and Changes of the Common Stock.

 

(a)      In
the case of:

 

(i)        any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a subdivision or
combination);

 

(ii)       any statutory share exchange, consolidation, merger or similar transaction; or

 

(iii)      any sale, lease or other transfer or similar transaction in one transaction or a series of transactions of all or substantially
all of the Company’s and its Subsidiaries’ consolidated assets, taken as a whole, to any person other than one or more
of the Company’s Subsidiaries.

 

in each case, as a result of which the Common
Stock would be converted into, or exchanged for cash, securities or other property (any such event, a “Share Exchange
Event” and any such cash, securities or other property (including any combination thereof), “Reference Property”
and the amount of Reference Property that a holder of one share of the Common Stock immediately prior to such Share Exchange Event
would have been entitled to receive upon the occurrence of such Share Exchange Event, a “Unit of Reference Property”),
then the Company, or the successor or purchasing corporation, as the case may be, will execute with the Trustee, without the consent
of the Holders, a supplemental indenture providing that, at and after the effective time of the Share Exchange Event, the right
to convert each $1,000 principal amount of Notes will be changed into a right to convert such principal amount of Notes into the
kind and amount of Reference Property that a holder of a number of shares of the Common Stock equal to the Conversion Rate immediately
prior to such Share Exchange Event would have been entitled to receive upon such Share Exchange Event; provided, however,
that at and after the effective time of such Share Exchange Event:

 

(A)        the Company shall continue to have the right to determine the form of consideration to be paid or delivered, as the case
may be, upon conversion of Notes in accordance with Section 14.02; and

 

(B)         (I)
any amount payable in cash upon conversion of the Notes in accordance with Section 14.02 shall continue to be payable in
cash, (II) any shares of Common Stock that the Company would have been required to deliver upon conversion of the Notes in
accordance with Section 14.02 shall instead be deliverable in the Units of Reference Property that a holder of that number of
shares of Common Stock would have received in such Share Exchange Event and (III) the Daily VWAP shall be calculated based on
the value of a Unit of Reference Property; provided, however, that if the holders of Common Stock receive only
cash in such Share Exchange Event, then for all conversions that occur after the effective date of such Share Exchange Event
(x) the consideration due upon conversion of each $1,000 principal aggregate amount of Notes shall be solely cash in an
amount equal to the Conversion Rate in effect on the Conversion Date (as may be increased by any Additional Shares pursuant
to Section 14.03), multiplied by the price paid per share of Common Stock in such Share Exchange Event and (y) the
Company shall satisfy the Conversion Obligation by paying such cash to the converting Holder on the second Business Day
immediately following the Conversion Date.

 

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If the Share Exchange Event causes the Common
Stock to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined based in
part upon any form of stockholder election), then the Reference Property into which the Notes shall be convertible shall be deemed
to be the weighted average of the types and amounts of consideration actually received by the holder of Common Stock. The Company
shall notify, in writing, the Holders, the Trustee and the Conversion Agent (if other than the Trustee) of the weighted average
of the types and amounts of consideration received by the holders of Common Stock as soon as practicable after such determination
is made and issue a press release containing the relevant information, which press release will be made available on our website.

 

Such supplemental indenture in connection
with such Share Exchange Event shall provide for anti-dilution and other adjustments that shall be as nearly equivalent as is possible
to the adjustments provided for in this Article 14. If the Reference Property in respect of any such Share Exchange Event includes
shares of stock, other securities or other property or assets (including any combination thereof) of an entity other than the Company
or the successor or purchasing corporation, as the case may be, in such Share Exchange Event, then such other entity, if it is
a party to such Share Exchange Event, shall also execute such supplemental indenture, and such supplemental indenture shall contain
such additional provisions to protect the interests of the Holders, including the right of Holders to require the Company to repurchase
their Notes upon a Fundamental Change in accordance with Article 15, as the Board of Directors shall reasonably consider necessary
by reason of the foregoing.

 

(b)       In the event the Company shall execute a supplemental indenture pursuant to Section 14.07(a), the Company shall furnish
to the Trustee an Officer’s Certificate briefly stating the reasons therefor, the kind or amount of cash, securities or other
assets (including any combination thereof) that will comprise the Reference Property after any such Share Exchange Event, any adjustment
to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly send notice thereof
to all Holders. The Company shall cause notice of the execution of such supplemental indenture to be sent to each Holder, at its
address appearing on the Note Register provided for in this Indenture, within 20 days after execution thereof. Failure to deliver
such notice shall not affect the legality or validity of such supplemental indenture.

 

(c)       If the Notes become convertible into Reference Property, the Company shall notify the Trustee and issue a press release
containing the relevant information, which press release will be made available on the Company’s website.

 

(d)       The
Company shall not become a party to any Share Exchange Event unless its terms are consistent with this Section 14.07. None
of the foregoing provisions shall affect the right of a Holder to convert its Notes into cash, shares of Common Stock or a
combination of cash and shares of Common Stock, as applicable, as set forth in Section 14.01 and Section 14.02 prior to the
effective date of such Share Exchange Event.

 

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(e)       In connection with any adjustment to the Conversion Rate described in this Section 14.07, the Company shall also adjust
the Initial Dividend Threshold based on the number of shares of Common Stock comprising the Reference Property and (if applicable)
the value of any non-stock consideration comprising the Reference Property. If the Reference Property is composed solely of non-stock
consideration, the Initial Dividend Threshold shall be zero.

 

(f)        The above provisions of this Section shall similarly apply to successive Share Exchange Events.

 

Section 14.08. Certain
Covenants.

 

(a)       The Company covenants that all shares of Common Stock issued upon conversion of Notes shall be duly authorized, fully paid
and non-assessable and free from all preemptive or similar rights of any securityholder of the Company and, except for any transfer
taxes payable by the Company or a Holder, as the case may be, pursuant to Sections 14.02(d) and 14.02(e), free from all documentary,
stamp or similar issue or transfer taxes, liens and charges as the result of any action by the Company.

 

(b)       The Company covenants that if any shares of Common Stock to be provided for the purpose of conversion of Notes hereunder
require registration with or approval of any governmental authority under any federal or state law before such shares may be validly
issued upon conversion, the Company shall, to the extent then permitted by the rules and interpretations of the Commission, secure
such registration or approval, as the case may be.

 

(c)       The Company further covenants that if at any time the Common Stock shall be listed on any national securities exchange or
automated quotation system, the Company shall list and keep listed, so long as the Common Stock shall be so listed on such exchange
or automated quotation system, any Common Stock issuable upon conversion of the Notes.

 

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Section 14.09.
Responsibility of Trustee. The Trustee and any other Conversion Agent shall not at any time be under any duty or
responsibility to any Holder to determine the Conversion Rate (or any adjustment thereto) or whether any facts exist that may
require any adjustment (including any increase) of the Conversion Rate, or with respect to the nature or extent or
calculation of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental
indenture provided to be employed, in making the same. The Trustee and any other Conversion Agent shall not be accountable
with respect to the validity or value (or the kind or amount) of any shares of Common Stock, or of any securities, property
or cash that may at any time be issued or delivered upon the conversion of any Note; and the Trustee and any other Conversion
Agent make no representations with respect thereto. Neither the Trustee nor any Conversion Agent shall be responsible for any
failure of the Company to issue, transfer or deliver any shares of Common Stock or stock certificates or other securities or
property or cash upon the surrender of any Note for the purpose of conversion or to comply with any of the duties,
responsibilities or covenants of the Company contained in this Article. Without limiting the generality of the foregoing,
neither the Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of any provisions
contained in any supplemental indenture entered into pursuant to Section 14.07 relating either to the kind or amount of
shares of stock or securities or property (including cash) receivable by Holders upon the conversion of their Notes after any
event referred to in such Section 14.07 or to any adjustment to be made with respect thereto, but, subject to the
provisions of Section 7.01, may accept (without any independent investigation) as conclusive evidence of the correctness of
any such provisions, and shall be protected in relying upon, the Officer’s Certificate (which the Company shall be
obligated to furnish to the Trustee prior to the execution of any such supplemental indenture) with respect thereto. Neither
the Trustee nor the Conversion Agent shall be responsible for determining whether any event contemplated by Section 14.01(b)
has occurred that makes the Notes eligible for conversion or no longer eligible therefor until the Company has delivered to
the Trustee and the Conversion Agent (if other than the Trustee) the notices referred to in Section 14.01(b) with respect to
the commencement or termination of such conversion rights, on which notices the Trustee and the Conversion Agent (if other
than the Trustee) may conclusively rely, and the Company agrees to deliver such notices to the Trustee and the Conversion
Agent (if other than the Trustee) immediately after the occurrence of any such event or at such other times as shall be
provided for in Section 14.01(b). The parties hereto agree that all notices to the Trustee or the Conversion Agent under this
Article 14 shall be in writing or as otherwise provided herein.

 

Section 14.10. Notice
to Holders Prior to Certain Actions. In case of any:

 

(a)        action by the Company or one of its Subsidiaries that would require an adjustment in the Conversion Rate pursuant to Section
14.04 or Section 14.11;

 

(b)        Share Exchange Event or any consolidation, merger, sale, lease, conveyance or other transfer or disposition of all or substantially
all assets in accordance with Article 11; or

 

(c)        voluntary or involuntary dissolution, liquidation or winding-up of the Company or any of its Subsidiaries;

 

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then, in each case (unless notice of such event is
otherwise required pursuant to another provision of this Indenture), the Company shall cause to be furnished to the Trustee
and the Conversion Agent (if other than the Trustee) and to be sent to each Holder at its address appearing on the Note
Register, as promptly as possible but in any event at least 20 days prior to the applicable date hereinafter specified, a
notice stating (i) the date on which a record is to be taken for the purpose of such action by the Company or one of its
Subsidiaries or, if a record is not to be taken, the date as of which the holders of Common Stock of record are to be
determined for the purposes of such action by the Company or one of its Subsidiaries, or (ii) the date on which such Share
Exchange Event, any consolidation, merger, sale, lease, conveyance or other transfer or disposition of all or substantially
all assets in accordance with Article 11 or any dissolution, liquidation or winding-up is expected to become effective or
occur, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their
Common Stock for securities or other property deliverable upon such Share Exchange Event, consolidation, merger, sale, lease,
conveyance or other transfer or disposition of all or substantially all assets in accordance with Article 11 or dissolution,
liquidation or winding-up; provided, however, that if on such date, the Company does not have knowledge of such
event or the adjusted Conversion Rate cannot be calculated, the Company shall deliver such notice as promptly as practicable
upon obtaining knowledge of such event or information sufficient to make such calculation, as the case may be, and in no
event later than the effective date of such adjustment. Failure to give such notice, or any defect therein, shall not affect
the legality or validity of such action by the Company or one of its Subsidiaries, any Share Exchange Event, any
consolidation, merger, sale, lease, conveyance or other transfer or disposition of all or substantially all assets in
accordance with Article 11 or dissolution, liquidation or winding-up.

 

Section 14.11. Stockholder
Rights Plans. If the Company has a rights plan in effect upon conversion of the Notes into Common Stock, Holders that convert
their Notes shall receive, in addition to any shares of Common Stock received in connection with such conversion, the appropriate
number of rights under the rights plan, if any, and any certificate representing the share of Common Stock issued upon such conversion
shall bear such legends, if any, in each case as may be provided by the terms of any such rights plan, as the same may be amended
from time to time. However, if prior to any conversion, the rights have separated from the shares of Common Stock in accordance
with the provisions of the applicable rights plan, the Conversion Rate shall be adjusted at the time of separation as if the Company
distributed to all or substantially all holders of shares of Common Stock, Distributed Property pursuant to Section 14.04(c), subject
to readjustment in the event of the expiration, termination or redemption of such rights.

 

Article
15

Purchase of Notes at Option of Holders

 

Section 15.01. Intentionally
Omitted.

 

Section 15.02. Repurchase
at Option of Holders Upon a Fundamental Change. (a) If a Fundamental Change occurs at any time prior to the Maturity
Date, each Holder shall have the right, at such Holder’s option, to require the Company to repurchase for cash all of such
Holder’s Notes, or any portion of the principal amount thereof that is equal to $1,000 or an integral multiple of $1,000
in excess thereof, on the date (the “Fundamental Change Purchase Date”) specified by the Company that is not
less than 20 nor more than 35 Business Days following the date of the Fundamental Change Company Notice (subject to extension to
comply with applicable law) or if we fail to specify a Fundamental Change Purchase Date, the 35th Business Day following
the date of the Fundamental Change Company Notice (without prejudice to any rights or remedies the Holders may have on account
of such failure), at a repurchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest
thereon to, but not including, the Fundamental Change Purchase Date (the “Fundamental Change Purchase Price”),
unless the Fundamental Change Purchase Date falls after a Regular Record Date but on or prior to the Interest Payment Date to which
such Regular Record Date relates, in which case the Company shall instead pay the full amount of accrued and unpaid interest to
Holders of record as of such Regular Record Date, and the Fundamental Change Purchase Price shall be equal to 100% of the principal
amount of Notes to be purchased pursuant to this Article 15.

 

(b)       Repurchases of Notes under this Section 15.02 shall be made, at the option of the Holder thereof, upon:

 

(i)        delivery
to the Paying Agent by a Holder of a duly completed notice (the “Fundamental Change Purchase Notice”) in
the form set forth in Attachment 2 to the Form of Note attached hereto as Exhibit A, if the Notes are Certificated Notes,
or in compliance with the Applicable Procedures for surrendering interests in Global Notes, if the Notes are Global Notes, in
each case on or before the close of business on the Business Day immediately preceding the Fundamental Change Purchase Date;
and

 

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(ii)       delivery of the Notes, if the Notes are Certificated Notes, to the Paying Agent on or before the close of business on the
Business Day immediately preceding the Fundamental Change Purchase Date (together with all necessary endorsements for transfer)
at the Corporate Trust Office of the Paying Agent, or book-entry transfer of the Notes, if the Notes are Global Notes, in compliance
with the Applicable Procedures, in each case such delivery being a condition to receipt by the Holder of the Fundamental Change
Purchase Price therefor.

 

The Fundamental Change Purchase Notice in
respect of any Notes to be repurchased shall state:

 

A.         in the case of Certificated Notes, the certificate numbers of the Notes to be delivered for repurchase;

 

B.          the portion of the principal amount of Notes to be repurchased, which must be a minimum of $1,000 or an integral multiple
of $1,000 in excess thereof; and

 

C.          that the Notes are to be purchased by the Company pursuant to the applicable provisions of the Notes and this Indenture;

 

provided, however, that if the Notes are Global
Notes, the Fundamental Change Purchase Notice must comply with the Applicable Procedures.

 

Notwithstanding anything herein to the contrary,
any Holder delivering to the Paying Agent the Fundamental Change Purchase Notice contemplated by this Section 15.02 shall have
the right to withdraw, in whole or in part, such Fundamental Change Purchase Notice at any time prior to the close of business
on the Business Day immediately preceding the Fundamental Change Purchase Date by delivery of a written notice of withdrawal to
the Paying Agent in accordance with Section 15.03.

 

If a Holder has already delivered a Fundamental
Change Purchase Notice with respect to a Note, such Holder may not surrender such Note for conversion until such Holder has validly
withdrawn such Fundamental Change Purchase Notice (or, in the case of a Global Note, has complied with the Applicable Procedures
with respect to such a withdrawal) in accordance with the terms of Section 15.03.

 

The Paying Agent shall promptly notify the
Company of the receipt by it of any Fundamental Change Purchase Notice or written notice of withdrawal thereof.

 

(c)            On
or before the 20th Business Day after the occurrence of a Fundamental Change, the Company shall provide to all Holders of
Notes and the Trustee and the Paying Agent (if other than the Trustee) a notice (the “Fundamental Change Company
Notice”) of the occurrence of the Fundamental Change and of the resulting purchase right at the option of the
Holders arising as a result thereof. Each Fundamental Change Company Notice shall specify:

 

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(i)           
the events causing the Fundamental Change;

 

(ii)           the effective date of the Fundamental Change;

 

(iii)          the last date on which a Holder may exercise the repurchase right pursuant to this Article 15;

 

(iv)          the Fundamental Change Purchase Price;

 

(v)           the Fundamental Change Purchase Date;

 

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

 

(vii)         the Conversion Rate and any adjustments to the Conversion Rate;

 

(viii)        that the Notes with respect to which a Fundamental Change Purchase Notice has been delivered by a Holder may be converted
only if the Holder withdraws the Fundamental Change Purchase Notice in accordance with the terms of this Indenture (or, in the
case of a Global Note, complies with the Applicable Procedures with respect to such a withdrawal);

 

(ix)          the procedures that Holders must follow to require the Company to repurchase their Notes; and

 

(x)           the CUSIP, ISIN or other similar numbers, if any, assigned to the Notes, and the statement required in Section 2.09 hereto.

 

Simultaneously with providing such Fundamental
Change Company Notice, the Company shall issue a press release containing such information (and make such press release available
on the Company’s website).

 

At the Company’s written request,
the Trustee shall give such notice in the Company’s name and at the Company’s expense; provided, however,
that, in all cases, the text of such Fundamental Change Company Notice shall be prepared by the Company. In such a case, the Company
shall deliver such notice to the Trustee at least three Business Days prior to the date that the notice is required to be given
to the Holders (unless a shorter notice period shall be agreed to by the Trustee), together with Officer’s Certificate requesting
that the Trustee give such notice.

 

Such notice shall be delivered to the Trustee,
to the Paying Agent (if other than the Trustee) and to each Holder at its address shown in the Note Register (and to the beneficial
owner as required by applicable law) or, in the case of Global Notes, in accordance with the Applicable Procedures.

 

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No failure of the Company to give the foregoing
notices and no defect therein shall limit the Holders’ repurchase rights or affect the validity of the proceedings for the
repurchase of the Notes pursuant to this Section 15.02.

 

(d)            Notwithstanding the foregoing, no Notes may be repurchased by the Company on any date at the option of the Holders upon
a Fundamental Change if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on
or prior to such date (except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental
Change Purchase Price with respect to such Notes). The Paying Agent will promptly return to the respective Holders thereof any
Certificated Notes held by it during the acceleration of the Notes (except in the case of an acceleration resulting from a Default
by the Company in the payment of the Fundamental Change Purchase Price with respect to such Notes), or any instructions for book-entry
transfer of the Notes in compliance with the Applicable Procedures shall be deemed to have been cancelled, and, upon such return
or cancellation, as the case may be, the Fundamental Change Purchase Notice with respect thereto shall be deemed to have been withdrawn.

 

Notwithstanding anything to the contrary
in this Section 15.02, the Company shall not be required to repurchase, or to make an offer to repurchase, Notes upon a Fundamental
Change if a third party makes the offer in the manner, at the times, and otherwise in compliance with the requirements set forth
in this Indenture applicable to an offer by the Company to purchase Notes upon a Fundamental Change and such third party purchases
all Notes validly tendered and not withdrawn upon such offer in the manner and otherwise in compliance with such requirements.

 

Section 15.03. Withdrawal
of Fundamental Change Purchase Notice. A Fundamental Change Purchase Notice may be withdrawn (in whole or in part) by means
of a written notice of withdrawal delivered to the Paying Agent in accordance with this Section 15.03 at any time prior to the
close of business on the Business Day immediately preceding the Fundamental Change Purchase Date, specifying:

 

(a)       the
principal amount of the Notes with respect to which such notice of withdrawal is being submitted, which portion must be in principal
amounts of $1,000 or an integral multiple of $1,000 in excess thereof,

 

(b)       if
Certificated Notes have been issued, the certificate number of the Note in respect of which such notice of withdrawal is being
submitted, and

 

(c)       the
principal amount, if any, of such Note that remains subject to the original Fundamental Change Purchase Notice, which portion must
be in principal amounts of $1,000 or an integral multiple of $1,000 in excess thereof;

 

provided, however, that if the Notes are Global
Notes, the withdrawal notice must comply with the Applicable Procedures.

 

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Section
15.04. Deposit of Fundamental Change Purchase Price. (a) The Company shall deposit with the Trustee (or
other Paying Agent appointed by the Company, or if the Company is acting as its own Paying Agent, set aside, segregate and
hold in trust as provided in Section 4.04) on or prior to 11:00 a.m., New York City time, on the Fundamental Change Purchase
Date an amount of money sufficient to repurchase all of the Notes to be purchased at the appropriate Fundamental Change
Purchase Price. Subject to receipt of funds by the Trustee (or other Paying Agent appointed by the Company), payment for
Notes surrendered for repurchase (and not validly withdrawn prior to the close of business on the Business Day immediately
preceding the Fundamental Change Purchase Date) will be made on the later of (i) the Fundamental Change Purchase Date with
respect to such Note (provided that the Holder has satisfied the conditions in Section 15.02) and (ii) the time of
book-entry transfer or the delivery of such Note to the Trustee (or other Paying Agent appointed by the Company) by the
Holder thereof in the manner required by Section 15.02, by mailing checks for the amount payable to the Holders of such Notes
entitled thereto as they shall appear in the Note Register; provided, however, that payments to the Depositary
shall be made by wire transfer of immediately available funds to the account of the Depositary or its nominee. The Trustee
shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the
Fundamental Change Purchase Price.

 

(b)       If by 11:00 a.m. New York City time, on the Fundamental Change Purchase Date, the Trustee (or other Paying Agent appointed
by the Company) holds money sufficient to make payment on all the Notes or portions thereof that are to be purchased on such Fundamental
Change Purchase Date or any applicable extension thereof, then, with respect to Notes that have been properly surrendered for repurchase
and have not been validly withdrawn:

 

(i)           
such Notes shall cease to be outstanding and interest shall cease to accrue on such Notes on such Fundamental Change Purchase
Date or any applicable extension thereof (whether or not book-entry transfer of the Notes has been made or the Notes have been
delivered to the Trustee or Paying Agent); and

 

(ii)           
all other rights of the Holders of such Notes will terminate on the Fundamental Change Purchase Date (other than (x) the
right to receive the Fundamental Change Purchase Price and (y) if the Fundamental Change Purchase Date falls after a Regular Record
Date but on or prior to the related Interest Payment Date, the right of the Holder on such Regular Record Date to receive the accrued
and unpaid interest to, but not including, the Fundamental Change Purchase Date).

 

(c)       Upon surrender of a Note that is to be purchased in part pursuant to Section 15.02, the Company shall execute and the Trustee
shall authenticate and deliver to the Holder a new Note in an authorized denomination equal in principal amount to the unpurchased
portion of the Note surrendered, without payment of any service charge.

 

Section 15.05. Covenant
to Comply with Applicable Laws Upon Repurchase of Notes. In connection with any repurchase offer, the Company will, if required:

 

(a)       comply with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act that may then
be applicable;

 

(b)       file a Schedule TO or any other required schedule under the Exchange Act; and

 

(c)       otherwise comply with all federal and state securities laws in connection with any offer by the Company to repurchase the
Notes;

 

in each case, so as to permit the
rights and obligations under this Article 15 to be exercised in the time and in the manner specified in this Article 15. To
the extent that any securities laws and regulations conflict with the provisions of this Indenture with respect to the
repurchase of Notes, the Company shall be deemed not to be in breach of this Indenture as a result of compliance
therewith.

 

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Article
16

Redemption

 

Section 16.01. Right
of the Company to Redeem the Notes. The Notes shall not be redeemable by the Company prior to the Maturity Date, except as
described in this Article 16, and no sinking fund is provided for the Notes.

 

(a)       Subject
to the terms of this Article 16, the Company has the right, at its election, to redeem all, or any portion, of the Notes (subject
to the Notes that the Company is required to purchase pursuant to Section 15.02), for cash equal to the Redemption Price, at any
time and from time to time, on a Redemption Date on or after November 5, 2023 and prior to August 1, 2026, if the Last Reported
Sale Price per share of the Common Stock has been at least 130% of the Conversion Price then in effect for at least 20 Trading
Days (whether or not consecutive), including the Trading Day immediately preceding the Redemption Notice Date, during any 30 consecutive
Trading Day period ending on, and including, the Trading Day immediately preceding the Redemption Notice Date.

 

(b)       If
the applicable Redemption Date falls after a Regular Record Date but on or prior to the immediately succeeding Interest Payment
Date, the Company will pay, on or prior to such Interest Payment Date, the full amount of accrued and unpaid interest to the Holder
as of the close of business of such Regular Record 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 the Redemption Price shall
be equal to 100% of the principal amount of Notes to be redeemed.

 

Section 16.02. Notice
of Redemption.

 

(a)       To call any Notes for Redemption pursuant to Section 16.01, the Company shall fix a date for Redemption (a “Redemption
Date”) and the Company shall or, at its written request received by the Trustee, the Trustee shall, in the name of and
at the expense of the Company, send or cause to be sent a notice of such Redemption prepared by the Company (a “Notice
of Redemption”) not less than 30 nor more than 60 calendar days prior to the Redemption Date to each Holder of Notes
so to be redeemed at its last address as the same appears on the Note Register; provided, however, that if the Company shall
give a Notice of Redemption, it shall also give a written notice of the Redemption Date to the Trustee and the Paying Agent. The
Company shall issue a press release (and make the press release available on our website) containing the information set forth
in the Notice of Redemption. A Redemption Date must be a Business Day of the Company’s choosing that is no more than 60,
nor less than 30, calendar days after the Redemption Notice Date.

 

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(b)       A
Notice of Redemption, if delivered in the manner provided herein, shall be conclusively presumed to have been given duly,
whether or not the Holder receives such notice. In any case, failure to deliver such Notice of Redemption or any defect in
the Notice of Redemption to the Holder of any Note designated for Redemption shall not affect the validity of the proceedings
for the Redemption of any other Note.

 

(c)       Each Notice of Redemption shall specify:

 

(i)           
that the Notes have been called for
Redemption, briefly describing the Company’s Redemption rights 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 the amount, manner and timing of any
interest payment payable pursuant to Section 16.01(b));

 

(iv)          the place or places where such Notes are to be surrendered for payment of the Redemption Price;

 

(v)           
 in case any Note is to be redeemed in part only, the portion of the principal amount thereof to be redeemed and on and
after the Redemption Date, upon surrender of such Note, a new Note in principal amount equal to the unredeemed portion thereof
shall be issued;

 

(vi)          that Notes called for Redemption must be delivered to the Paying Agent (in the case of Certificated Notes) or the Applicable
Procedures must be complied with (in the case of beneficial interests in Global Notes) for the Holder thereof to be entitled to
receive the Redemption Price;

 

(vii)         that on the Redemption Date, the Redemption Price will become due and payable upon each Note to be redeemed, and that, unless
the Company defaults in the payment of the Redemption Price, the interest thereon, if any, shall cease to accrue on and after the
Redemption Date (subject to the right of Holders of record on the relevant Regular Record Date that is prior to the Redemption
Date to receive interest payable pursuant to Section 16.01(b));

 

(viii)        that Holders may surrender their Notes called for Redemption for conversion at any time from the date of the Notice of Redemption
to the close of business on the second Scheduled Trading Day immediately preceding the Redemption Date or, if the Company fails
to pay the Redemption Price, such later date on which the Company pays or duly provides for the Redemption Price;

 

(ix)          the procedures the Holder must follow to convert its Notes called for Redemption and, if the Company chooses to elect a
Settlement Method for any such conversions, the relevant Settlement Method;

 

(x)          
the Conversion Rate and, if applicable, the number of shares of Common Stock added to the Conversion Rate in accordance
with Section 16.06; and

 

(xi)          
the CUSIP, ISIN or other similar numbers, if any, assigned to such Notes.

 

A Notice of Redemption shall be
irrevocable. In the case of a Redemption, a Holder may submit for conversion any or all of its Notes called for Redemption at
any time from the date of the Notice of Redemption to the close of business on the second Scheduled Trading Day immediately
preceding the Redemption Date or, if the Company fails to pay the Redemption Price, such later date on which the Company pays
or duly provides for the Redemption Price.

 

    89

     

    

 

Section 16.03. Payment
of Notes Called for Redemption.

 

(a)          If any Notice of Redemption has been given in respect of the Notes in accordance with Section 16.02, the Notes shall become
due and payable on the applicable Redemption Date at the place or places stated in the Notice of Redemption and at the applicable
Redemption Price. On presentation and surrender of the Notes at the place or places stated in the Notice of Redemption, the Notes
shall be paid and redeemed by the Company at the applicable Redemption Price.

 

(b)          Prior to 11:00 a.m., New York City time, on any Redemption Date, the Company shall deposit with the Trustee (or other Paying
Agent appointed by the Company, or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as
provided in Section 4.04) an amount of cash sufficient to pay the Redemption Price of all of the Notes to be redeemed on such Redemption
Date. Subject to receipt of funds by the Paying Agent, payment for the Notes to be redeemed shall be made on the Redemption Date
for such Notes. The Trustee (or other Paying Agent appointed by the Company) shall, promptly after such payment and upon written
demand by the Company, return to the Company any funds in excess of the Redemption Price.

 

Section 16.04. Selection,
Conversion and Transfer of Notes to be Redeemed in Part. If less than all Notes then outstanding are called for Redemption,
then:

 

(a)          the Trustee shall select the Notes to be redeemed in principal amounts of $1,000 or integral multiples of $1,000, from Notes
then outstanding, by lot, pro rata to the extent practicable or by another method the Trustee routinely uses, and in each case
to the extent permitted by the Depositary; and

 

(b)          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 the Redemption.

 

The Trustee shall promptly notify the Company
in writing of the Notes selected for redemption and the principal amount thereof to be redeemed. If any Notes are to be redeemed
in part only, the Company shall issue new Notes in principal amount equal to the unredeemed principal portion thereof.

 

In the event of any Redemption, the Company
shall not be required to (x) issue, register the transfer or exchange of any Notes during the 15 calendar day period prior to the
relevant Redemption Notice Date or (y) register the transfer or exchange of any Notes so selected for Redemption, in whole or in
part, except the unredeemed portion of any Notes being redeemed in part.

 

Section
16.05. Restrictions on Redemption. The Company may not redeem any Notes on any date if the principal amount of the
Notes has been accelerated in accordance with the terms of this Indenture, and such acceleration has not been rescinded, on
or prior to the Redemption Date (or, if the Company fails to pay the Redemption Price, such later date on which the Company
pays the Redemption Price) (except in the case of an acceleration resulting from a Default by the Company in the payment of
the Redemption Price with respect to such Notes).

 

    90

     

    

 

Section 16.06. Increased
Conversion Rate Applicable to Certain Notes Called for Redemption Surrendered for Conversion in Connection with a Redemption.

 

(a)           
If a Holder elects to convert its Notes in connection with a Notice of Redemption pursuant to Section 14.01(b)(v) and this
Article 16, the Conversion Rate will be increased by a number of Additional Shares as described in this Section 16.06. A conversion
of Notes shall be deemed to be “in connection with” a Notice of Redemption if the relevant Conversion Date occurs during
the period from the open of business on the Redemption Notice Date to the close of business on the second Scheduled Trading Day
immediately preceding the Redemption Date or, if the Company fails to pay the Redemption Price, such later date on which the Company
pays or duly provides for the Redemption Price.

 

(b)           
The number of Additional Shares, if any, by which the Conversion Rate shall be increased pursuant to this Section 16.06
if a Holder elects to convert its Notes in connection with a Notice of Redemption shall be determined by reference to the table
set forth in Section 14.03(e) based on the Redemption Notice Date and the Redemption Reference Price, but determined for purposes
of this Section 16.06 as if (i) the Holder had elected to convert its Notes in connection with a Make-Whole Fundamental Change,
(ii) the Redemption Notice Date were the Effective Date of the relevant Make-Whole Fundamental Change and (iii) the Redemption
Reference Price were the Stock Price in respect of such Make-Whole Fundamental Change.

 

Article
17

Miscellaneous Provisions

 

Section 17.01. Provisions
Binding on Company’s Successors. All the covenants, stipulations, promises and agreements of the Company contained in
this Indenture shall bind its successors and assigns whether so expressed or not.

 

Section 17.02. Official
Acts by Successor Entity. Any act or proceeding by any provision of this Indenture authorized or required to be done or performed
by any board, committee or Officer of the Company shall and may be done and performed with like force and effect by the like board,
committee or officer of any corporation or other entity that shall at the time be the lawful sole successor of the Company.

 

Section 17.03. Addresses
for Notices, Etc. Any notice or demand that by any provision of this Indenture is required or permitted to be given or served
by the Trustee or by the Holders on the Company shall be in writing (including facsimile and electronic mail in PDF format) and
shall be deemed to have been sufficiently given or made, for all purposes if given or served by being deposited postage prepaid
by registered or certified mail in a post office letter box addressed (until another address is furnished by the Company to the
Trustee) at 600 Grant Street, Room 1500 and Room 6100, Pittsburgh, PA 15219-2800 (fax: 412-433-2811); Attention: Mark Furry, Associate
General Counsel – Corporate, and Arne Jahn, Treasurer & Chief Risk Officer, or sent electronically in PDF format to
the following e-mail address: mwfurry@uss.com and asjahn@uss.com. Any notice, direction, request or demand hereunder to
or upon the Trustee shall be in writing (including facsimile and electronic mail in PDF format) and shall be deemed to have been
sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered or certified
mail in a post office letter box addressed to the Corporate Trust Office or sent electronically in PDF format to the following
e-mail address: daniel.limbacher@bnymellon.com.2

 

 

2 Note
to Trustee Counsel: Could you please confirm this is correct?

 

    91

     

    

 

The Trustee, by notice to the Company, may
designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication delivered or
to be delivered to a Holder of Certificated Notes shall be mailed to it by first class mail, postage prepaid, at its address as
it appears on the Note Register (or sent electronically in PDF format to the e-mail address of such Holder, if any, specified on
the Note Register) and shall be sufficiently given to it if so mailed (or sent, in the case of an electronic transmission) within
the time prescribed. Any notice or communication delivered or to be delivered to a Holder of Global Notes shall be delivered in
accordance with the Applicable Procedures of the Depositary and shall be sufficiently given to it if so delivered within the time
prescribed.

 

Failure to send a notice or communication
to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is
sent in the manner provided above, it is duly given, whether or not the addressee receives it.

 

In case by reason of the suspension of regular
mail service or by reason of any other cause it shall be impracticable to give such notice to Holders by mail (or electronically
in PDF format), then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification
for every purpose hereunder.

 

In addition to the foregoing, the Trustee
agrees to accept and act upon notice, instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile
transmission or other similar unsecured electronic methods. If the party elects to give the Trustee e-mail or facsimile instructions
(or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s
understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses
arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such
instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees
to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including
without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third
parties.

 

Section 17.04. Governing
Law. THIS INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE AND EACH
NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

  

    92

     

    

 

Section 17.05. Jurisdiction.
The Company irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal court sitting in the Borough
of Manhattan in the City of New York over any suit, action or proceeding arising out of or relating to this Indenture or any Note.
The Company irrevocably waives, to the fullest extent permitted by law, any objection that it may have to the laying of the venue
of any such suit, action or proceeding brought in such a court and any claim that any such suit, action or proceeding brought
in such a court has been brought in any inconvenient forum.

 

Section 17.06. Evidence
of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee. Upon any application or demand by
the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee
an Officer’s Certificate and Opinion of Counsel stating that in the opinion of the signors, all conditions precedent and
covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied.

 

Each Officer’s Certificate and Opinion
of Counsel provided for, by or on behalf of the Company in this Indenture and delivered to the Trustee with respect to compliance
with this Indenture (other than the Officer’s Certificates provided for in Section 4.08) shall include (i) a statement that
the Person making such certificate has read such covenant or condition; (ii) a brief statement as to the nature and scope of the
examination or investigation upon which the statement contained in such certificate is based; (iii) a statement that, in the judgment
of such person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed
judgment as to whether or not such covenant or condition has been complied with; and (iv) a statement as to whether or not, in
the judgment of such Person, such covenant or condition has been complied with.

 

Notwithstanding anything to the contrary
in this Section 17.06, if any provision in this Indenture specifically provides that the Trustee shall or may receive an Opinion
of Counsel in connection with any action to be taken by the Trustee or the Company hereunder, the Trustee shall be entitled to
such Opinion of Counsel.

 

Section 17.07. Legal
Holidays. If any Interest Payment Date, Fundamental Change Purchase Date, Conversion Date, Redemption Date or Maturity Date
is not a Business Day, then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding
Business Day with the same force and effect as if taken on such date, and no interest shall accrue in respect of the delay.

 

Section 17.08. No Security
Interest Created. Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security
interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction.

 

Section 17.09. Benefits
of Indenture. Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than the parties
hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder or
the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

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

 

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Section 17.11. Authenticating
Agent. The Trustee may appoint an authenticating agent that shall be authorized to act on its behalf and subject to its direction
in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes
hereunder, including under Section 2.04, Section 2.05, Section 2.06, Section 2.07, Section 10.04 and Section 15.04 as fully to
all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and those Sections
to authenticate and deliver Notes. For all purposes of this Indenture, the authentication and delivery of Notes by the authenticating
agent shall be deemed to be authentication and delivery of such Notes “by the Trustee” and a certificate of authentication
executed on behalf of the Trustee by an authenticating agent shall be deemed to satisfy any requirement hereunder or in the Notes
for the Trustee’s certificate of authentication. Such authenticating agent shall at all times be a Person eligible to serve
as trustee hereunder pursuant to Section 7.08.

 

Any corporation or other entity into which
any authenticating agent may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting
from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity
succeeding to the corporate trust business of any authenticating agent, shall be the successor of the authenticating agent hereunder,
if such successor corporation or other entity is otherwise eligible under this Section 17.11, without the execution or filing of
any paper or any further act on the part of the parties hereto or the authenticating agent or such successor corporation or other
entity.

 

Any authenticating agent may at any time
resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency
of any authenticating agent by giving written notice of termination to such authenticating agent and to the Company. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible
under this Section, the Trustee may appoint a successor authenticating agent (which may be the Trustee), shall give written notice
of such appointment to the Company and shall mail notice of such appointment to all Holders as the names and addresses of such
Holders appear on the Note Register.

 

The Company agrees to pay to the authenticating
agent from time to time reasonable compensation for its services although the Company may terminate the authenticating agent, if
it determines such agent’s fees to be unreasonable.

 

The provisions of Section 7.02, Section
7.03, Section 7.04, Section 7.06, Section 8.03 and this Section 17.11 shall be applicable to any authenticating agent.

 

If an authenticating agent is appointed pursuant to this Section
17.11, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate
of authentication in the following form: 

__________________________,

as Authenticating Agent, certifies that this is one of the Notes described

in the within-named Indenture.

 

By: ____________________

Authorized Signatory.

 

    94

     

    

 

Section 17.12. Execution
in Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an original, but such
counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature
pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties
hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile
or PDF shall be deemed to be their original signatures for all purposes.

 

Section 17.13. Severability.
In the event any provision of this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted
by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired.

 

Section 17.14. Waiver
of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 17.15. Force
Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes,
work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being
understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances.

 

Section 17.16. Calculations.
Except as otherwise provided herein, the Company shall be responsible for making all calculations called for under the Notes or
this Indenture. These calculations include, but are not limited to, determinations of the Stock Price or Trading Price, the Last
Reported Sale Prices of the Common Stock, the Redemption Price, the Redemption Reference Price, the Fundamental Change Purchase
Price, the Conversion Price, the Daily VWAPs, the Daily Conversion Values, the Daily Settlement Amounts, accrued interest payable
on the Notes (including any Additional Interest) and the Conversion Rate of the Notes. The Company shall make all these calculations
in good faith and, absent manifest error, such calculations shall be final and binding on Holders of Notes, the Trustee and the
Conversion Agent. The Company shall provide a schedule of its calculations to each of the Trustee and the Conversion Agent (if
other than the Trustee), and each of the Trustee and Conversion Agent is entitled to rely conclusively upon the accuracy of such
calculations without independent verification. The Trustee will forward the Company’s calculations to any Holder of Notes
upon the request of that Holder at the sole cost and expense of the Company. In no event shall the Trustee or the Conversion Agent
be charged with knowledge of or have any duty to monitor Stock Price or Measurement Period. Neither the Trustee nor the Conversion
Agent shall have any responsibility for calculations or determinations of amounts called for under the Notes or this Indenture,
determining whether events requiring or permitting conversion have occurred, determining whether any adjustment is required to
be made with respect to conversion rights and, if so, how much, or for the delivery of shares of Common Stock.

 

    95

     

    

 

Section 17.17. U.S.A.
Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee,
like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to
obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens
an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as
is required to satisfy the requirements of the U.S.A. Patriot Act.

 

Section 17.18. FATCA.
In order to enable the Company and the Trustee to comply with its obligation with respect to this Indenture and the Notes under
Section 1471 through 1474 of the Code and any Treasury regulations thereunder (“FATCA”) (inclusive of official interpretations
of FATCA promulgated by competent authorities), any applicable agreement entered into pursuant to Section 1471(b) of the Code and/or
any applicable intergovernmental agreement entered into in order to implement FATCA, each of the Company and the Trustee each agree
(i) to provide to one another such reasonable information that is within its possession and is reasonably requested by the other
to assist the other in determining whether it has tax related obligations under FATCA, and (ii) that the Trustee shall be entitled
to make any withholding or deduction from payments under this Indenture to the extent necessary to comply with FATCA. The terms
of this section shall survive the termination of this Indenture to the extent permitted by law.

 

Section 17.19. Withholding
Offset.

 

(a)           
The Company (through any withholding agent) shall be entitled to reduce or otherwise set-off against any payments made or
deemed made in respect of the Notes or the Common Stock to the extent required by law. For the avoidance of doubt, if any withholding
taxes (including backup withholding) are paid on behalf of a Holder of Notes, then those withholding taxes may be set- off against
payments of cash or the delivery of shares of Common Stock, if any, in respect of the Notes (or, in some circumstances, any payments
on the Common Stock) or sales proceeds received by, or other funds or assets of, that Holder of Notes. Any amounts withheld pursuant
to this Section 17.19 shall be paid over by the Company (through a withholding agent) to the appropriate taxing authority.

 

(b)           
Prior to or upon the occurrence of any event that results in an actual or deemed payment by the Company to Holders in respect
of the Notes or the Common Stock, the Company (through the Trustee, Paying Agent or any withholding agent) may request a Holder
to furnish any appropriate documentation that may be required in order to determine the Company’s withholding obligations
under applicable law (including, without limitation, an IRS Form W-9, Form W-8BEN, Form W-8BEN-E, or Form W-8ECI, as appropriate).

 

    96

     

    

 

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

 

	 	ISSUER:

        

	 	 
	 	UNITED STATES STEEL CORPORATION
	 	 
	 	By:	/s/ Arne S. Jahn
	 	 	Name: Arne S. Jahn
	 	 	Title: Treasurer & Chief Risk Officer

 

[Signature Page to Indenture]

 

    

     

    

 

	 	

THE BANK OF NEW YORK MELLON, n.a., as Trustee
	 	 
	 	By:	/s/ Laurence J. O’Brien
	 	 	Name: Laurence J. O’Brien
	 	 	Title: Vice President

 

[Signature Page to Indenture]

 

    

     

    

 

EXHIBIT A

 

[FORM OF FACE OF NOTE]

 

[INCLUDE FOLLOWING LEGEND
IF A GLOBAL NOTE]

 

[UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]

 

[INCLUDE FOLLOWING LEGEND IF A RESTRICTED
SECURITY:

 

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

 

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

 

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

 

(A)     TO
THE COMPANY OR ANY SUBSIDIARY THEREOF;

 

(B)       PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT OF THE COMPANY THAT COVERS THE RESALE OF THIS SECURITY OR SUCH COMMON STOCK;

 

    Exhibit A-1

     

    

 

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

 

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

 

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

 

[INCLUDE THE
FOLLOWING ERISA LEGEND:

 

BY ITS ACQUISITION OF
THIS SECURITY, THE ACQUIRER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED
BY SUCH ACQUIRER TO ACQUIRE AND HOLD THE NOTES CONSTITUTES THE ASSETS OF (A) AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3)
OF TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 (“ERISA’’)) THAT IS SUBJECT TO ERISA,
(B) A PLAN, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY U.S. OR NON-U.S. FEDERAL, STATE, LOCAL OR OTHER
LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF THE CODE OR ERISA (COLLECTIVELY, “SIMILAR LAWS”) OR (C)
AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” WITHIN THE MEANING OF SECTION 3(42) OF ERISA
OR ANY APPLICABLE SIMILAR LAW (“PLAN ASSETS”) PLAN ASSETS OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY BY SUCH
ACQUIRER WILL NOT CONSTITUTE OR RESULT IN (A) A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
THE CODE OR (B) A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.]

 

    Exhibit A-2

     

    

 

UNITED
STATES STEEL CORPORATION

5.00% Senior Convertible Note due 2026

 

	No. R-[        ]	 	[Initially]3
$[   ]
	 	 	 
	CUSIP No. [       ]4	 	 
	 	 	 
	ISIN No.: [       ]	 	 

 

United States Steel Corporation, a corporation
duly organized and validly existing under the laws of the State of New York (the “Company,” which term includes
any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises
to pay to [CEDE & CO.]5 [        ]6,
or registered assigns, the principal amount [as set forth in the “Schedule of Conversions of Notes” attached hereto]7
[of $[        ]]8 or such other amount as
reflected on the books and records of the Trustee and the Depositary, on November 1, 2026 and interest thereon as set forth below.

 

This Note shall bear interest at the rate
of 5.00% per year from October 21, 2019 or from the most recent date to which interest had been paid or provided for to, but excluding,
the next scheduled Interest Payment Date until November 1, 2026, unless earlier converted, redeemed or repurchased. Accrued interest
on this Note shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for a partial month, on the
basis of the number of days actually elapsed in a 30-day month. Interest is payable semi-annually in arrears on each May 1 and
November 1, commencing on May 1, 2020, to Holders of record at the close of business on the preceding April 15 and October 15 (whether
or not such day is a Business Day), respectively. Additional Interest will be payable as set forth in Section 4.06(d), Section
4.06(e) and Section 6.03 of the within-mentioned Indenture, and any reference to interest on, or in respect of, any Note therein
shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to
any of such Section 4.06(d), Section 4.06(e) or Section 6.03 and any express mention of the payment of Additional Interest in any
provision therein and herein shall not be construed as excluding Additional Interest in those provisions thereof and hereof where
such express mention is not made.

 

Any Defaulted Amounts shall accrue
interest per annum at the rate borne by the Notes from, and including, the relevant payment date to, but excluding, the date
on which such Defaulted Amounts shall have been paid by the Company, at its
election in accordance with Section 2.03(c) of the Indenture.

 

 

3
Include if a global note.

4 At such time as the Company
delivers to the Trustee the certificate included in Exhibit B to the Indenture, the legend set forth on the immediately preceding
page [Insert if a Global Note: (other than the first paragraph thereof)] pursuant to Section 2.05(b) of the Indenture shall
be deemed removed and the CUSIP and ISIN numbers for this Note shall be deemed to be 912909AQ1 and US912909AQ16, respectively.

5 Include if a global note.

6
Include if a certificated note.

7
Include if a global note.

8Include
if a certificated note.

 

    Exhibit A-3

     

    

 

The Company shall pay the principal of and interest on this
Note, so long as such Note is a Global Note, in immediately available funds to the Depositary or its nominee, as the case may
be, as the registered Holder of such Note. As provided in and subject to the provisions of the Indenture, the Company shall pay
the principal of any Notes (other than Notes that are Global Notes) upon presentation thereof at the office or agency designated
by the Company for that purpose. The Company has initially designated the Trustee as its Paying Agent and Note Registrar in respect
of the Notes and its Corporate Trust Office in the continental United States as a place where Notes may be presented for payment
or for registration of transfer.

 

Reference is made to the further provisions
of this Note set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully
set forth at this place.

 

This Note, and any claim, controversy
or dispute arising under or related to this Note, shall be construed in accordance with and governed by the laws of the State of
New York.

 

In the case of any conflict between this
Note and the Indenture, the provisions of the Indenture shall control and govern.

 

This Note shall not be valid or become obligatory
for any purpose until the certificate of authentication hereon shall have been manually signed by the Trustee or a duly authorized
authenticating agent under the Indenture.

 

[Remainder of page intentionally left blank]

 

    Exhibit A-4

     

    

 

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

 

	
		UNITED STATES STEEL corporation
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	
	

	Dated:	 

 

	TRUSTEE’S CERTIFICATE OF AUTHENTICATION	 
	 	 
	THE BANK OF NEW YORK MELLON, as Trustee,

	 
	certifies that this is one of the Notes described	 
	in the within-named Indenture.	
	 	 
	 	 

 

	By:	 	 
	 	Authorized Signatory	 

 

    Exhibit A-5

     

    

 

[FORM OF REVERSE OF NOTE]

 

UNITED
STATES STEEL corporation

5.00% Senior Convertible Notes due 2026

 

This Note is one of a duly authorized issue
of Notes of the Company, designated as its 5.00% Senior Convertible Notes due 2026 (the “Notes”), limited to
the aggregate principal amount of $[ ] all issued under and pursuant to an Indenture, dated as of October 21, 2019 (the “Indenture”),
between the Company and The Bank of New York Mellon, as trustee (the “Trustee”), to which Indenture and all
indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties
and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes may be issued in an unlimited
aggregate principal amount, subject to certain conditions specified in the Indenture. The Notes represent the aggregate principal
amount of outstanding Notes from time to time endorsed hereon and the aggregate principal amount of outstanding Notes represented
hereby may from time to time be increased or reduced to reflect purchases, cancellations, conversions or transfers permitted by
the Indenture.

 

In case an Event of Default relating to
a bankruptcy (or similar proceeding) with respect to the Company shall have occurred, the principal of, and interest on, all Notes
shall automatically become immediately due and payable, in the manner and with the effect set forth in the Indenture. In case any
other Event of Default shall have occurred and be continuing, the principal of, and interest on, all Notes may be declared, by
either the Trustee or Holders of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration
shall become, due and payable, in the manner, with the effect and subject to the conditions and certain exceptions set forth in
the Indenture.

 

Subject to the terms and conditions of the
Indenture, the Company will make all payments and deliveries in respect of the Redemption Price on a Redemption Date and the Fundamental
Change Purchase Price or the Fundamental Change Purchase Date and the principal amount on the Maturity Date, as the case may be,
to the Holder who surrenders a Note to a Paying Agent to collect such payments in respect of the Note. The Company will pay cash
amounts in money of the United States that at the time of payment is legal tender for payment of public and private debts. Upon
conversion of any Note, the Company shall, at its election, pay or deliver, as the case may be, cash, shares of Common Stock or
a combination of cash and shares of Common Stock.

 

The Indenture contains provisions permitting
the Company and the Trustee in certain circumstances, without the consent of the Holders of the Notes, and in certain other circumstances,
with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding,
evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes as
described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate
principal amount of the Notes at the time outstanding may on behalf of the Holders of all of the Notes waive any past Default or Event of Default
under the Indenture and its consequences.

 

    Exhibit A-6

     

    

 

No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay or deliver, as the case may be, the principal (including the Redemption Price and the Fundamental Change Purchase Price,
if applicable) of, accrued and unpaid interest on, and the consideration due upon conversion of, this Note at the place, at the
respective times, at the rate and in the lawful money, herein prescribed.

 

The Notes are issuable in registered form
without coupons in minimum denominations of $1,000 principal amount and integral multiples of $1,000 in excess thereof. At the
office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided in the
Indenture, Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations, without payment
of any service charge but, if required by the Company or Trustee, with payment of a sum sufficient to cover any transfer or similar
tax that may be imposed in connection therewith as a result of the name of the Holder of the new Notes issued upon such exchange
of Notes being different from the name of the Holder of the old Notes surrendered for such exchange.

 

The Notes are not subject to redemption
through the operation of any sinking fund or otherwise. Under certain circumstances specified in the Indenture, the Notes will
be subject to redemption by the Company at the Redemption Price.

 

Upon the occurrence of a Fundamental Change,
the Holder has the right, at such Holder’s option exercised in the manner specified in the Indenture, to require the Company
to repurchase for cash all of such Holder’s Notes or any portion thereof (in principal amounts of $1,000 or integral multiples
of $1,000 in excess thereof) on the Fundamental Change Purchase Date at a price equal to the Fundamental Change Purchase Price.

 

Subject to the provisions of the Indenture,
the Holder hereof has the right, at its option, during certain periods and upon the occurrence of certain conditions specified
in the Indenture, prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, to
convert any Notes or portion thereof that is $1,000 or an integral multiple of $1,000 in excess thereof, into cash, shares of Common
Stock or a combination of cash and shares of Common Stock, at the Company’s election, at the Conversion Rate specified in
the Indenture, as adjusted from time to time as provided in the Indenture.

 

Capitalized terms used in this Note and
not defined in this Note shall have the respective meanings set forth in the Indenture.

 

    Exhibit A-7

     

    

 

ABBREVIATIONS

 

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

 

	TEN COM =
    as tenants in common	 	 	 	 
	 	 	 	 	 
	UNIF GIFT MIN ACT = Uniform
    Gifts to Minors Act	 	 	 	 
	 	 	 	 	 
	CUST = Custodian	 	 	 	 
	 	 	 	 	 
	TEN ENT = as tenants
    by the entireties	 	 	 	 
	 	 	 	 	 
	JT TEN = joint tenants with right of survivorship and not as tenants in common 	

 

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

 

    Exhibit A-8

     

    

 

SCHEDULE A6

 

SCHEDULE OF CONVERSIONS
OF NOTES

 

UNITED STATES STEEL CORPORATION

5.00% Senior Convertible
Notes due 2026

 

The initial principal amount of this Global
Note is ___________ DOLLARS ($[______]). The following increases or decreases in this Global Note have been made:

 

	Date of Exchange	 	Amount of 

decrease in 

Principal Amount 

of this Global Note	 	Amount of increase

in Principal Amount

of this Global Note	 	Principal Amount of

this Global Note

following such 

decrease or increase	 	Signature

of authorized

signatory of 

Trustee or

Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

6 Include if a global note.

 

    Exhibit A-9

     

    

 

ATTACHMENT 1

 

[FORM OF NOTICE OF CONVERSION]

 

To: United States Steel Corporation

 

The undersigned registered owner of this
Note hereby exercises the option to convert this Note, or the portion hereof (that is $1,000 principal amount or an integral multiple
of $1,000 in excess thereof) below designated, into cash, shares of Common Stock or a combination of cash and shares of Common
Stock, at the Company’s election, in accordance with the terms of the Indenture referred to in this Note, and directs that
any cash payable and any shares of Common Stock issuable and deliverable upon such conversion, together with any cash for any fractional
share, and any Notes representing any unconverted principal amount hereof, be issued and delivered to the registered Holder hereof
unless a different name has been indicated below. If any shares of Common Stock or any portion of this Note not converted are to
be issued in the name of a Person other than the undersigned, the undersigned will pay all documentary, stamp or similar issue
or transfer taxes, if any in accordance with Section 14.02(d) and Section 14.02(e) of the Indenture. Any amount required to be
paid to the undersigned on account of interest accompanies this Note. Capitalized terms used herein but not defined shall have
the meanings ascribed to such terms in the Indenture.

 

In the case of Certificated Notes, the certificate
numbers of the Notes to be repurchased are as set forth below: __________________________

 

	Dated:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	Signature(s)	 

 

 

	Signature Guarantee	 
	 	 
	Signature(s) must be guaranteed by an eligible Guarantor
    Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an
    approved signature guarantee medallion program pursuant to Securities and Exchange	 

 

    Attachment 1-1

     

    

 

	Commission Rule 17Ad-15 if shares of Common Stock are to be issued, or Notes are to be delivered, other than to and in the name
of the registered holder.	 
	 
	Fill in for registration of shares if to be issued, and Notes if to be delivered, other than to and in the name of the registered
holder:	 
	 
	 
	(Name)	 
	 	 
	(Street Address)	 
	 	 
	(City, State and Zip Code)	 
	Please print name and address	 

 

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

 

    Attachment 1-2

     

    

 

 

ATTACHMENT 2

 

[FORM OF FUNDAMENTAL CHANGE PURCHASE NOTICE]

 

To: United States Steel Corporation

 

The undersigned registered owner of this
Note hereby acknowledges receipt of a notice from United States Steel Corporation (the “Company”) as to the
occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Purchase Date and requests
and instructs the Company to pay to the registered holder hereof in accordance with Section 15.02 of the Indenture referred to
in this Note (1) the entire principal amount of this Note, or the portion thereof (that is $1,000 principal amount or an integral
multiple of $1,000 in excess thereof) below designated, and (2) if such Fundamental Change Purchase Date does not fall during the
period after a Regular Record Date and on or prior to the corresponding Interest Payment Date, accrued and unpaid interest, if
any, thereon to, but excluding, such Fundamental Change Purchase Date.

 

In the case of Certificated Notes, the certificate
numbers of the Notes to be repurchased are as set forth below: __________________________

  

	Dated:	 	 

 

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

 

    Attachment 2-1

     

    

 

ATTACHMENT 3

 

[FORM OF ASSIGNMENT AND TRANSFER]

 

For value received ____________________________ hereby sell(s),
assign(s) and transfer(s) unto _________________ (Please insert social security or Taxpayer Identification Number of assignee)
the within Note, and hereby irrevocably constitutes and appoints _____________________ attorney to transfer the said Note on the
books of the Company, with full power of substitution in the premises.

 

In connection with any transfer of the within Note occurring
prior to the Resale Restriction Termination Date, as defined in the Indenture governing such Note, the undersigned confirms that
such Note is being transferred:

 

 ̈      To United States Steel Corporation or a Subsidiary thereof; or

 

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

 

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

 

 ̈      Pursuant to and in compliance with Rule 144 under the Securities Act of 1933, as amended, or any other available exemption from the registration requirements of the Securities Act of 1933, as amended.

 

    Attachment 3-1

     

    

 

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

 

NOTICE: The signature on the assignment must correspond with
the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

 

    Attachment 3-2

     

    

 

EXHIBIT B

 

FORM OF FREE TRANSFERABILITY CERTIFICATE

 

                                                  [Date]

 

United States Steel Corporation

600 Grant Street

Pittsburgh, PA 15219

Attention: General Counsel

 

The Bank of New York Mellon, as Trustee

240 Greenwich Street, New York, NY 10286

Attention: Corporate Trust Administration

 

		Re:	5.00% Senior Convertible Notes due 2026

 

Reference is hereby made to the Indenture, dated as of October
21, 2019 (the “Indenture”), between United States Steel Corporation and the Trustee. Capitalized terms used
but not defined herein shall have the meanings given to them in the Indenture.

 

Whereas the Resale Restriction Termination Date with respect
to the 5.00% Senior Convertible Notes due 2026 represented by Global Note CUSIP number 912909AQ1 and ISIN number US912909AQ16 (the
 “Notes”) has occurred, the Company hereby instructs you that:

 

(i) the restrictive legend required
by Section 2.05(b) of the Indenture and set forth on the Notes shall be deemed removed from the Notes, in accordance with the terms
and conditions of the Notes and as provided in the Indenture, without further action on the part of Holders; and

 

(ii) the Company shall instruct
DTC to change the CUSIP number and ISIN number for the Notes to the unrestricted CUSIP number ([ ]) and unrestricted ISIN number
([ ]), respectively, without further action on the part of Holders.

 

[signature pages follow]

 

    Exhibit B-1

     

    

 

	 	UNITED STATES STEEL CORPORATION 
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit B-2

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