Document:

EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 

SECOND SUPPLEMENTAL INDENTURE 

by and between 
 COWEN
INC. 
 as Issuer, 

and 
 THE BANK OF NEW
YORK MELLON 
 as Trustee 

7.35% Senior Notes due 2027 
  

 
 Dated as of
December 8, 2017 
  
  

Supplement to Indenture dated as of October 10, 2014 

 
  

 TABLE OF CONTENTS 

 

					
	 ARTICLE I
  

DEFINITIONS AND INCORPORATION BY REFERENCE
	  
 

 

		
	 Section 1.01     Definitions.
	  	 	2	 
	 Section 1.02     Other Definitions
	  	 	3	 
	 Section 1.03     Incorporation by Reference of Trust Indenture
Act.
	  	 	4	 
	
	 ARTICLE II
  

APPLICATION OF SUPPLEMENTAL INDENTURE

AND CREATION, FORMS, TERMS AND CONDITIONS OF SECURITIES
	  
 

 
  

		
	 Section 2.01     Application of this Second Supplemental
Indenture
	  	 	4	 
	 Section 2.02     Creation of the Securities
	  	 	4	 
	 Section 2.03     Form of the Securities
	  	 	5	 
	 Section 2.04     Terms and Conditions of the Securities
	  	 	5	 
	
	 ARTICLE III
  

REDEMPTION AND REPURCHASE
	  
 

 

		
	 Section 3.01     Optional Redemption
	  	 	6	 
	 Section 3.02     Mandatory Redemption; Open Market and Other
Purchases
	  	 	7	 
	
	 ARTICLE IV
  

COVENANTS
	  
 

 

		
	 Section 4.01     Reports to Holders.
	  	 	7	 
	 Section 4.02     Statement by Officers as to Default
	  	 	8	 
	
	 ARTICLE V
  

SUCCESSORS
	  
 

 

		
	 Section 5.01     Merger, Consolidation or Sale of Assets
	  	 	8	 
	
	 ARTICLE VI
  

EVENTS OF DEFAULT
	  
 

 

		
	 Section 6.01     Event of Default
	  	 	9	 
	 Section 6.02     Acceleration
	  	 	11	 

  
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	 ARTICLE VII
  

LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  
 

 

		
	 Section 7.01     Option to Effect Legal Defeasance or Covenant
Defeasance
	  	 	12	 
	 Section 7.02     Covenant Defeasance
	  	 	12	 
	 Section 7.03     Conditions to Legal or Covenant Defeasance
	  	 	13	 
	
	 ARTICLE VIII
  

AMENDMENTS
	  
 

 

		
	 Section 8.01     Without Consent of Holders
	  	 	14	 
	 Section 8.02     With Consent of Holders
	  	 	15	 
	
	 ARTICLE IX
  

MISCELLANEOUS
	  
 

 

		
	 Section 9.01     Ratification of Indenture
	  	 	16	 
	 Section 9.02     Trust Indenture Act Controls
	  	 	16	 
	 Section 9.03     Notices
	  	 	16	 
	 Section 9.04     Governing Law
	  	 	16	 
	 Section 9.05     Successors
	  	 	17	 
	 Section 9.06     Multiple Originals
	  	 	17	 
	 Section 9.07     Table of Contents; Headings
	  	 	17	 
	 Section 9.08     Binding Nature of Supplemental Indenture
	  	 	17	 
	 Section 9.09     No Adverse Interpretation or Other
Agreements
	  	 	17	 
		
	 Exhibit A — Form of Security
	  			

  
 ii 

 This SECOND SUPPLEMENTAL INDENTURE (this “Second Supplemental Indenture”), dated
as of December 8, 2017, between COWEN INC. (f/k/a Cowen Group, Inc.), a Delaware corporation (the “Company”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, as trustee (the “Trustee”).

 RECITALS 
 WHEREAS, the
Company and the Trustee have heretofore executed and delivered an indenture, dated as of October 10, 2014 (the “Base Indenture”), providing for the issuance by the Company from time to time of its debt securities to be issued
in one or more series (the Base Indenture, as supplemented by this Second Supplemental Indenture and as it may be further supplemented or amended from time to time, is herein referred to as the “Indenture”); 

WHEREAS, Sections 2.1 and 9.1 of the Base Indenture provide, among other things, that the Company and the Trustee may, without the consent of
the Holders, enter into indentures supplemental to the Base Indenture to provide for specific terms applicable to any series of Securities (as such term is defined in the Base Indenture); 

WHEREAS, Section 2.1 of the Base Indenture provides, among other things, that there shall be established in or pursuant to a Board
Resolution, and set forth, or determined in the manner provided, in an Officers’ Certificate of the Company or in a Company Order, or established in one or more indentures supplemental to the Base Indenture, prior to the issuance of the initial
securities of any series, any deletions from or any exceptions, modifications or additions to those provisions set forth in Article III, Section 6.1, Article VIII and Article IX of the Base Indenture and any other terms of the
applicable series which shall not be prohibited by the Base Indenture; 
 WHEREAS, the Company intends by this Second Supplemental Indenture
to create and provide for the issuance of a new series of debt securities to be designated as the “7.35% Senior Notes due 2027” (the “Initial Securities”); 

WHEREAS, from time to time, the Company may, if permitted to do so pursuant to the terms of the Indenture, the Initial Securities and the
terms of its other indebtedness existing on such future date, issue additional senior debt securities having the same interest rate, Maturity and other terms (except for the issue date, the public offering price and the first Interest Payment Date)
as, and ranking equally and ratably with, the Initial Securities in accordance with this Second Supplemental Indenture (the “Additional Securities”; for purposes of the Indenture, the Initial Securities and the Additional Securities
together are referred to as the “Securities”); and 
 WHEREAS, all things necessary to make the Securities, when executed
by the Company and authenticated and delivered by the Trustee, issued upon the terms and subject to the conditions set forth in the Indenture and delivered as provided in the Indenture against payment therefor, valid, binding and legal obligations
of the Company according to their terms, and all actions required to be taken by the Company under the Base Indenture to make this Second Supplemental Indenture a valid, binding and legal agreement of the Company, have been done. 

 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration,
the sufficiency and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01 Definitions. 

(a) All capitalized terms used herein and not otherwise defined below shall have the meanings ascribed thereto in the Base Indenture. 

(b) The following are definitions used in this Second Supplemental Indenture, and to the extent that a term is defined both herein and in the
Base Indenture, the definition in this Second Supplemental Indenture shall govern with respect to the Securities. 
 “Board of
Directors” means: 
  

	 	(1)	with respect to a corporation, the board of directors of the corporation or a duly authorized committee thereof; 

  

	 	(2)	with respect to a partnership, the board of directors of the general partner of the partnership; and 

  

	 	(3)	with respect to any other Person, the board or committee of such Person serving a similar function. 

“Capital Stock” means: 
  

	 	(1)	in the case of a corporation, corporate stock; 

  

	 	(2)	in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 

 

	 	(3)	in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests; and 

 

	 	(4)	any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Commission” means the Securities and Exchange Commission. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder from time to time. 
 “Guarantee” means, as to any Person, a guarantee, direct or indirect, in any manner,
including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any indebtedness for borrowed money of another Person, but excluding endorsements for
collection or deposit in the normal course of business. 

  
 2 

 “Guarantor” means any Subsidiary of the Company that fully and unconditionally
Guarantees the payment of principal of, premium, if any, and accrued and unpaid interest on the Securities by executing and delivering to the Trustee a supplemental indenture, until such time as such Subsidiary is released from its Security
Guarantee. 
 “Issue Date” means the first date that the Securities are issued under the Indenture. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, limited liability company or government or other entity. 
 “Securities Act” means the
Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder from time to time. 
 “Significant
Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date of
the Indenture. 
 “Subsidiary” means, with respect to any Person: 

 

	 	(1)	a corporation a majority of whose Voting Stock is at the time owned or controlled, directly or indirectly, by such Person, one or more Subsidiaries thereof or such Person and one or more Subsidiaries thereof; and

  

	 	(2)	any other Person (other than a corporation), including, without limitation, a partnership, limited liability company, business trust or joint venture, in which such Person, one or more Subsidiaries thereof or such
Person and one or more Subsidiaries thereof, directly or indirectly, at the date of determination thereof, has at least majority ownership interest entitled to vote in the election of directors, managers or trustees thereof (or other Person
performing similar functions). 

 “Voting Stock” of any Person as of any date means the Capital Stock of such
Person that is ordinarily entitled to vote in the election of the Board of Directors of such Person. 
 Section 1.02 Other
Definitions. 
  

			
	 Term
	  	 Defined in Section

	“Additional Securities”	  	Recitals
	“Base Indenture”	  	Recitals
	“Company”	  	Introductory paragraph
	“Event of Default”	  	6.01
	“Indenture”	  	Recitals
	“Initial Securities”	  	Recitals
	“Interest Payment Date”	  	2.04(c)

  
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	 Term
	  	 Defined in Section

	“Payment Default”	  	6.01(5)(i)
	“Regular Record Date”	  	2.04(c)
	“Second Supplemental Indenture”	  	Introductory paragraph
	“Securities”	  	Recitals
	“Stated Maturity”	  	2.04(b)
	“Surviving Entity”	  	5.01(a)(i)(B)
	“Trustee”	  	Introductory paragraph

 Section 1.03 Incorporation by Reference of Trust Indenture Act. 

The Indenture is subject to the mandatory provisions of the TIA which are incorporated by reference in and made a part of the
Indenture. The following TIA terms have the following meanings: 
 “indenture securities” means the Securities, 

“indenture security holder” means a Holder of a Security, 

“indenture to be qualified” means the Indenture, 

“indenture trustee” or “institutional trustee” means the Trustee, and 

“obligor” on the indenture securities means the Company and any other obligor on the indenture securities. 

All other TIA terms used in the Indenture that are defined by the TIA, defined in the TIA by reference to another statute or defined by SEC
rules promulgated under the TIA have the meanings assigned to them by such definitions. 
 ARTICLE II 

APPLICATION OF SUPPLEMENTAL INDENTURE 

AND CREATION, FORMS, TERMS AND CONDITIONS OF SECURITIES 

Section 2.01 Application of this Second Supplemental Indenture. The provisions of this Second Supplemental Indenture, including
the covenants set forth herein, are expressly and solely for the benefit of the Holders of the Securities. The Securities constitute a separate series of Securities as provided in Section 2.1 of the Base Indenture. With respect to the
Securities only, the Base Indenture shall be supplemented and amended pursuant to this Second Supplemental Indenture. To the extent that the provisions of this Second Supplemental Indenture conflict with any provision of the Base Indenture, the
provisions of this Second Supplemental Indenture shall govern and be controlling, but solely with respect to the Securities. 
 Section 2.02
Creation of the Securities. In accordance with Section 2.1 of the Base Indenture, the Company hereby creates the Securities as a separate series of its Securities issued pursuant to the Base Indenture. The Securities shall be
issued initially in an aggregate principal amount of up to $138,000,000, including up to $18,000,000 aggregate principal amount of Securities in the event that the underwriters exercise their right in full to purchase Additional

  
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Securities under that certain Underwriting Agreement, dated as of December 5, 2017, between the Company and Morgan Stanley & Co. LLC and UBS Securities LLC, as representatives of
such underwriters. Additional Securities may be issued pursuant to Section 2.04(e) hereof. 
 Section 2.03 Form of
the Securities. The Securities shall be issued in the form of a Global Security, duly executed by the Company and authenticated by the Trustee, which shall be deposited with the Trustee as custodian for DTC and registered in the name of
“Cede & Co.,” as the nominee of DTC. The Securities shall be substantially in the form of Exhibit A attached hereto. So long as DTC, or its nominee, is the registered owner of a Global Security, DTC or its
nominee, as the case may be, shall be considered the sole owner or Holder of the Securities represented by such Global Security for all purposes under the Indenture and under such Securities. Ownership of beneficial interests in such Global
Security shall be shown on, and transfers thereof shall be effective only through, records maintained by DTC or its nominee (with respect to beneficial interests of participants) or by participants or Persons that hold interests through participants
(with respect to beneficial interests of beneficial owners). The Securities shall not be issuable in temporary global form. 
 Section 2.04
Terms and Conditions of the Securities. 
 The Securities shall be governed by all the terms and conditions of the Indenture. In
particular, the following provisions shall be terms of the Securities: 
 (a) Title and Conditions of the Securities. The title
of the Securities shall be as specified in the Recitals; and the aggregate principal amount of the Securities shall be as specified in Section 2.02 of this Article II, except for Securities authenticated and delivered upon registration of
transfer of, or in exchange for, or in lieu of, the Securities pursuant to Sections 2.8, 2.9, 2.13, 2.16, 5.7 or 9.5 of the Base Indenture and except for any Securities that, pursuant to Section 2.4 or 2.16 of the Base Indenture, are deemed
never to have been authenticated and delivered hereunder. 
 (b) Stated Maturity. The Securities shall mature, and the principal
of the Securities shall be due and payable in U.S. Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, on December 15, 2027 (the “Stated Maturity”). 

(c) Payment of Principal and Interest. The Securities shall bear interest at 7.35% per annum, from and including
December 8, 2017, or from the most recent Interest Payment Date (as defined hereafter) on which interest has been paid or provided for until the principal thereof becomes due and payable, and on any overdue principal. Interest on the
Securities shall be payable quarterly in arrears in U.S. Dollars on March 15, June 15, September 15 and December 15 of each year, commencing on March 15, 2018 (each such date, a “Interest Payment Date” for
the purposes of the Securities under the Indenture). Payments of interest shall be made to the Person in whose name a Security (or predecessor Security) is registered (which shall initially be the Depositary) at the close of business on the
March 1, June 1, September 1 and December 1 (whether or not that date is a Business Day), as the case may be, immediately preceding such Interest Payment Date (each such date, a “Regular Record Date” for the
purposes of the Securities). Interest on the Securities shall be calculated on the basis of a 360-day year comprised of twelve 30-day months. The amount of interest payable for 

  
 5 

 
any period shorter than a full quarterly interest period shall be computed on the basis of the number of days elapsed in a 90-day quarter of three 30-day months. If any Interest Payment Date
falls on a Saturday, Sunday, legal holiday in the City of New York or a day on which banking institutions in the City of New York are authorized by law, regulation or executive order to close, then payment of interest shall be made on the next
succeeding Business Day and no additional interest will accrue because of the delayed payment. 
 (d) Registration, Form and
Denominations. The Securities shall be issuable as registered securities as provided in Section 2.03 of this Article II. The form of the Securities shall be as set forth in Exhibit A attached hereto. The
Securities shall be issued and may be transferred only in minimum denomination of $25 and integral multiples of $25 in excess thereof. All payments of principal, Redemption Price and accrued unpaid interest in respect of the Securities shall be
made by the Company as set forth in the Securities. 
 (e) Further Issuance. The Company may, from time to time, without the
consent of or notice to the Holders, pursuant to a Company Order delivered to the Trustee, create and issue Additional Securities provided that such Additional Securities constitute a qualified reopening of the Initial Securities pursuant to
Treasury Regulation Section 1.1275-2(K). Additional Securities issued in this manner shall be consolidated with and shall form a single series with the previously outstanding Securities. 

(f) Ranking. The Securities shall be the Company’s unsecured and unsubordinated obligations and shall rank equally in right
of payment with all of its current and future unsecured and unsubordinated indebtedness and senior to all of its current and future subordinated indebtedness. 

(g) Sinking Fund. The Securities are not entitled to any sinking fund. 

(h) Additional Amounts. No Additional Amounts shall be payable with respect to the Securities. 

(i) Surrender of Securities. The Securities may be surrendered for registration of transfer or exchange at the Corporate Trust Office.

 (j) Purchase Price. The initial purchase price to the public (not including the underwriters referred to in Section 2.02
of this Second Supplemental Indenture) of the Initial Securities shall be 100% of the principal amount of each Security. 
 (k) Other
Terms and Conditions. The Securities shall have such other terms and conditions as provided herein. 
 ARTICLE III 

REDEMPTION AND REPURCHASE 

Section 3.01 Optional Redemption. 

  
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 (a) On or after December 15, 2020, the Company may redeem the Securities, in whole at any
time or in part from time to time, at the Company’s option, upon not less than 30 nor more than 60 days’ prior notice to the Holders of the Securities, at a Redemption Price (as calculated by the Company) equal to 100% of the principal
amount of the Securities to be redeemed plus any accrued and unpaid interest to, but not including, the Redemption Date (subject to the right of the Holders of record on the relevant Regular Record Date to receive interest due on the relevant
Interest Payment Date). 
 (b) To the extent not conflicting with the terms of this Second Supplemental Indenture, including this
Section 3.01, the terms of Article V of the Base Indenture shall apply to the redemption of the Securities pursuant to this Section 3.01. 

Section 3.02 Mandatory Redemption; Open Market and Other Purchases. The Company will not be required to repurchase the Securities or
make any mandatory redemption or sinking fund payments with respect to the Securities. The Company or any Affiliate of the Company may at any time and from time to time acquire Securities by means other than a redemption, whether by tender
offer, purchases in the open market, negotiated transactions or otherwise, in accordance with applicable securities laws. Such Securities may, at the option of the Company or the relevant Affiliate of the Company, be held, resold, or
surrendered to the Trustee for cancellation. In determining whether the Holders of the requisite principal amount of outstanding Securities have consented to or voted in favor of any request, direction, notice, waiver, amendment or modification
under the Indenture, Securities which a Trust Officer of the Trustee actually knows to be held by the Company or an Affiliate of the Company shall not be considered outstanding. 

ARTICLE IV 
 COVENANTS

 The covenants set forth in this Article IV shall be applicable to the Company in addition to the covenants in Article III
of the Base Indenture, which shall in all respects be applicable in respect of the Securities. 
 Section 4.01 Reports to
Holders. 
 (a) Whether or not required by the rules and regulations of the Commission, so long as any Securities are outstanding,
the Company shall furnish the Trustee, for delivery to the Holders of the Securities upon their written request therefor: 
 (i) all
quarterly and annual financial information that would be required to be contained in a filing with the Commission on Forms 10-Q and 10-K if the Company were required to file such Forms, including a “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” that describes the financial condition and results of operations of the Company and its consolidated Subsidiaries, and, with respect to the annual information only, a report thereon by the
Company’s certified independent accountants; and 

  
 7 

 (ii) all current reports that would be required to be filed with the Commission on Form 8-K
if the Company were required to file such reports, 
 in the case of each of clauses (i) and (ii) above, within 30 days after the Company
files the same with the Commission (or if not subject to the periodic reporting requirements of the Exchange Act, within 30 days after it would have been required to file the same with the Commission); provided that the delivery of such
reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of its covenants under the Indenture (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

(b) In addition, whether or not required by the rules and regulations of the Commission, the Company shall file a copy of all such
information and reports with the Commission for public availability (unless the Commission will not accept such a filing) and make such information available to securities analysts and prospective investors upon request. To the extent that the
Company files such information and reports with the Commission and such information and reports are publicly available via EDGAR on the Commission’s website, then the Company shall not be required to furnish such information and reports to the
Trustee for delivery to the Holders of the Securities. 
 Section 4.02 Statement by Officers as to Default. Section 3.6 of the
Base Indenture is amended and restated in its entirety and replaced with the following: 
 (a) So long as Securities of any series are
outstanding, the Company shall deliver to the Trustee, as soon as possible and in any event within 10 business days after the Company becoming aware of the occurrence of any Event of Default or Default with respect to that series an Officers’
Certificate setting forth the details of such Event of Default or Default and the action which the Company is taking or proposes to take in respect thereof. 

ARTICLE V 
 SUCCESSORS

 Section 5.01 Merger, Consolidation or Sale of Assets. Section 4.1 of the Base Indenture is amended and restated in its
entirety and replaced with the following: 
 (a) The Company shall not, in a single transaction or series of related transactions,
consolidate or merge with or into any Person, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Company’s assets whether as an entirety or substantially as an entirety to any Person unless: 

(i) either: 
  

	 	(A)	the Company shall be the surviving or continuing corporation; or 

  

	 	(B)	the Person (if other than the Company) formed by such consolidation or into which the Company is merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition the properties
and assets of the Company (the “Surviving Entity”): 

  
 8 

	 	(1)	shall be a corporation organized and validly existing under the laws of the United States or any State thereof or the District of Columbia; and 

 

	 	(2)	shall expressly assume, by supplemental indenture (in form and substance reasonably satisfactory to the Trustee), executed and delivered to the Trustee, the due and punctual payment of the principal of, and premium, if
any, and interest on all of the Securities and the performance of every covenant of the Securities and the Indenture on the Company’s part to be performed or observed; 

(ii) immediately before and immediately after giving effect to such transaction and the assumption contemplated by clause
(a)(i)(B)(2) of this Section 4.1, no Default or Event of Default shall have occurred or be continuing; and 
 (iii) the Company
or the Surviving Entity shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a
supplemental indenture is required in connection with such transaction, such supplemental indenture comply with the applicable provisions of the Indenture and that all conditions precedent in the Indenture relating to such transaction have been
satisfied. 
 (b) For purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a single transaction or series of
transactions) of all or substantially all of the properties or assets of one or more Subsidiaries the Capital Stock of which constitutes all or substantially all of the Company’s properties and assets, shall be deemed to be the transfer of all
or substantially all of the Company’s properties and assets. 
 (c) Upon any consolidation, combination or merger or any transfer of
all or substantially all of the Company’s assets in accordance with the foregoing in which the Company is not the continuing corporation, the successor Person formed by such consolidation or into which the Company is merged or to which such
conveyance, lease or transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under the Indenture and the Securities with the same effect as if such surviving entity had been named as such.

 ARTICLE VI 
 EVENTS
OF DEFAULT 
 Section 6.01 Event of Default. Section 6.1 of the Base Indenture is amended and restated in its entirety
and replaced with the following: 

  
 9 

 Each of the following constitutes an “Event of Default,” wherever used in the
Indenture with respect to the Securities: 
 (1) a default for 30 days in the payment when due of interest on the Securities; 

(2) a default in payment when due (whether at Stated Maturity, upon acceleration, redemption or otherwise) of the principal of, or premium, if
any, on the Securities; 
 (3) the failure by the Company to comply with the provisions of Section 4.1 of the Base Indenture (as
amended and restated by Section 5.01 of this Second Supplemental Indenture); 
 (4) the failure by the Company for 60 days after
receiving written notice specifying the default (and demanding that it be remedied) from the Trustee or Holders representing 25% or more of the aggregate principal amount of Securities outstanding to comply with any of the other covenants or
agreements in the Indenture; 
 (5) a default under any mortgage, indenture or instrument under which there may be issued or by which there
may be secured or evidenced any indebtedness for borrowed money by the Company or any of its Significant Subsidiaries (or the payment of which is Guaranteed by the Company or any of its Significant Subsidiaries) other than indebtedness for borrowed
money owed to the Company or any of its Significant Subsidiaries, whether such indebtedness for borrowed money or Guarantee now exists, or is created after the Issue Date, if that default: 

(i) is caused by a failure to make any payment of principal or interest when due at the stated maturity thereof (giving effect to any
applicable grace periods and any extensions thereof) of such indebtedness for borrowed money (a “Payment Default”); or 

(ii) results in the acceleration of such indebtedness for borrowed money prior to its express maturity, 

and, in each case, the amount of any such indebtedness for borrowed money, together with the amount of any other such indebtedness for
borrowed money that is then subject to a Payment Default or the maturity of which has been so accelerated, aggregates $25.0 million or more; 

(6) the failure by the Company or any of its Significant Subsidiaries to pay final judgments (to the extent such judgments are not paid or
covered by insurance provided by a reputable carrier) aggregating in excess of $25.0 million, which judgments are not paid, discharged or stayed for a period of 60 days; 

(7) the Company or any Significant Subsidiary, or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary
of the Company: 
 (i) commences a voluntary case under any Bankruptcy Law, 

  
 10 

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

(iii) consents to the appointment of a custodian or receiver 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 its inability to pay its debts as they become due; and 

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

(i) is for relief in an involuntary case against the Company or any Significant Subsidiary, or any group of Subsidiaries, that taken as a
whole, would constitute a Significant Subsidiary, of the Company; 
 (ii) appoints a custodian or receiver of the Company or any
Significant Subsidiary, or any group of Subsidiaries, that taken as a whole, would constitute a Significant Subsidiary, of the Company or for all or substantially all of the property of any of the foregoing; 

(iii) orders the liquidation of the Company or any of its Significant Subsidiaries, or any group of Subsidiaries, that taken as a whole,
would constitute a Significant Subsidiary, of the Company; and the order or decree remains unstayed and in effect for 60 consecutive days. 

Section 6.02 Acceleration. Section 6.2 of the Base Indenture is amended such that the references to “clause (6) or
(7)” in the first and second paragraph and in clause (5) of the third paragraph are deleted and replaced with the words “clause (7) or (8)”. 

Notwithstanding Article VI of the Base Indenture, for the first 365 days immediately following an Event of Default relating to (i) the
Company’s failure to file with the Trustee any documents or reports that it is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or (ii) the Company’s failure to comply with its reporting
obligations to the Trustee set forth under Section 4.01 of this Second Supplemental Indenture, the sole remedy for any such Event of Default shall be the accrual of additional interest on the Securities at a rate per annum equal to
(i) 0.25% of the outstanding principal amount of the Securities for the first 180 days following the occurrence of such Event of Default and (ii) 0.50% of the outstanding principal amount of the Securities for the next 180 days after the
first 180 days following the occurrence of such Event of Default, in each case, payable quarterly at the same time and in the same manner as regular interest on the Securities. This additional interest will accrue on all outstanding Securities from,
and including the date on which such Event of Default first occurs to, and including, the 365th day thereafter (or such earlier date on which such Event of Default shall have been cured or waived). In addition to the accrual of such additional
interest, on and after the 360th day immediately following an Event of Default relating to such reporting obligations, either the Trustee or the Holders of at least 25% in aggregate principal amount of outstanding Securities may declare the
principal amount of the Securities and any accrued and unpaid interest through the date of such declaration, to be immediately due and payable. 

  
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 ARTICLE VII 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 7.01 Option to Effect Legal Defeasance or Covenant Defeasance. Section 8.1 of the Base Indenture shall be amended and
restated in its entirety and replaced with the following Section 8.1: 
 The Securities shall be subject to defeasance or covenant
defeasance pursuant to Section 8.2 or 8.3 and upon compliance with the conditions set forth in this Article VIII. The Company may, at its option and at any time, elect to have either Section 8.2 or 8.3 be applied to all
outstanding Securities so subject to defeasance or covenant defeasance. Any such election shall be evidenced by a Board Resolution of the Company. 

Section 7.02 Covenant Defeasance. Section 8.3 of the Base Indenture shall be amended and restated in its entirety and
replaced with the following Section 8.3: 
 Upon the Company’s exercise under Section 8.1 hereof of the option applicable to
this Section 8.3 with respect to the Securities, the Company shall, with respect to the Securities, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, be released from obligations under the covenants contained
in Sections 3.2 and 3.5 of the Base Indenture, Sections 4.01 of this Second Supplemental Indenture and Section 4.1 of the Base Indenture (as amended by Section 5.01 of this Second Supplemental Indenture) with respect to the outstanding
Securities on and after the date the conditions set forth in Section 8.4 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Securities shall thereafter be deemed not “outstanding” for the purposes of
any direction, waiver, consent or declaration or act of Holders of the Securities (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it
being understood that the Securities shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Securities, the Company may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any
other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under clauses (3) or (4) of Section 6.1 of the Base Indenture (as amended and restated by
Section 6.01 of this Second Supplemental Indenture), but, except as specified above, the remainder of the Indenture and the Securities shall be unaffected thereby. If the Company exercises under Section 8.1 hereof the option
applicable to this Section 8.3, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, payment of the Securities may not be accelerated because of an Event of Default specified in clauses (5), (6), (7) or
(8) (other than, in the case of clauses (7) and (8), any such Event of Default with respect to the Company) of Section 6.1 of the Base Indenture (as amended and restated by Section 6.01 of this Second Supplemental Indenture).

  
 12 

 Section 7.03 Conditions to Legal or Covenant Defeasance. Section 8.4 of the Base
Indenture shall be deleted in its entirety and replaced with the following Section 8.4: 
 The following shall be the conditions to the
application of either Section 8.2 or 8.3 hereof to the outstanding Securities of any series. 
 In order to
exercise Legal Defeasance or Covenant Defeasance with respect to the Securities of any series: 
 (1) the Company irrevocably deposits with
the Trustee, in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities, (i) cash in U.S. dollars, (ii) non-callable U.S. government securities or (iii) a combination thereof,
in each case in an amount sufficient, after payment of all federal, state and local taxes in respect thereof, in the opinion of a nationally-recognized firm of independent public accountants expressed in a written certification thereof delivered to
the Trustee, to pay when due the principal, premium, if any, and interest to Stated Maturity or to the Redemption Date, as the case may be, with respect to the Securities then outstanding, and any similar payments or payment pursuant to any call for
redemption applicable to the Securities on the day on which such payments are due and payable in accordance with the terms of the Indenture and the Securities; 

(2) no Default or Event of Default shall have occurred and be continuing on the date of the deposit or insofar as an Event of Default
resulting from certain events involving the Company’s bankruptcy or insolvency are concerned, at any time during the period ending on the 91st day after the date of the deposit or, if longer, ending on the day following the expiration date of
the longest preference period applicable to the Company in respect of the deposit (and this condition shall not be deemed satisfied until the expiration of such period); 

(3) the defeasance shall not cause the Trustee to have any conflicting interest with respect to any of securities of the Company or result in
the trust arising from the deposit to constitute, unless it is qualified as, a regulated investment company under the Investment Company Act of 1940, as amended; 

(4) the defeasance shall not result in a default or Event of Default under the Indenture with respect to the Securities (other than a Default
or Event of Default resulting from the borrowing of funds to be applied to such deposit) and the deposit will not result in a breach or violation of, or constitute a default under, any other material agreement or instrument to which the Company or
any Significant Subsidiary is a party or by which the Company or any Significant Subsidiary is bound; 
 (5) the Company shall have
delivered to the Trustee an Opinion of Counsel to the effect that the Holders will not recognize income, gain or loss for federal income tax purposes as a result of the defeasance and will be subject to federal income tax in the same manner as if
the defeasance had not occurred, which Opinion of Counsel, in the case of legal defeasance, must refer to and be based upon a published ruling of the Internal Revenue Service, a private ruling of the Internal Revenue Service addressed to us, or
otherwise a change in applicable federal income tax law occurring after the date hereof; and 

  
 13 

 (6) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion
of Counsel stating that the conditions to such defeasance set forth in the Indenture have been complied with. 
 ARTICLE VIII 

AMENDMENTS 
 Section 8.01
Without Consent of Holders. Section 9.1 of the Base Indenture shall be amended and restated in its entirety and replaced with the following: 

The Company and the Trustee may amend or supplement the Indenture or the Securities without the consent of any Holder of Securities: 

(1) to cure any ambiguity, omission, mistake, defect or inconsistency; 

(2) to provide for uncertificated Securities in addition to or in place of certificated Securities; 

(3) to provide for the assumption of the Company’s obligations to Holders of Securities in accordance with the Indenture in the case of a
merger or consolidation or sale of all or substantially all of the Company’s properties or assets; 
 (4) to make any change that would
provide any additional rights or benefits to the Holders of Securities or that does not materially, in the good faith determination of the Board of Directors of the Company, adversely affect the legal rights under the Indenture of any such Holder;

 (5) to comply with requirements of the Commission in order to effect or maintain the qualification of the Indenture under the Trust
Indenture Act; 
 (6) to add covenants for the benefit of the Holders or to surrender any right or power conferred upon the Company; 

(7) to evidence and provide for the acceptance of appointment by a successor Trustee; 

(8) to comply with the rules of any applicable securities depositary; 

(9) to add a Guarantor of the Securities; 

(10) to secure the Securities; 

(11) to provide for the issuance of Additional Securities in accordance with the Indenture; or 

  
 14 

 (12) to conform the Indenture or the Securities to the “Description of the Notes”
section in the Prospectus Supplement, to the extent any provision of the Indenture or the Securities is expressly inconsistent with any provision of the “Description of the Notes”. 

After an amendment becomes effective, the Company is required to deliver to the Holders of each Security affected thereby a notice briefly
describing such amendment. However, the failure to give such notice to all the Holders of each Security affected thereof, or any defect therein, will not impair or affect the validity of the amendment or supplemental indenture under this
Section 9.1. 
 Section 8.02 With Consent of Holders. Section 9.2 of the Base Indenture shall be amended and restated
in its entirety and replaced with the following: 
 Except as provided in Section 9.1 and this Section 9.2, the Indenture or the
Securities may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the Securities then outstanding (including, without limitation, consents obtained in connection with a purchase of, or
tender offer or exchange offer for, Securities). 
 Upon the request of the Company, accompanied by a Board Resolution, and upon the filing
with the Trustee of evidence of the consent of the Holders as aforesaid, and upon receipt by the Trustee of the documents described in Section 9.5, the Trustee shall, subject to Section 9.6, join with the Company in the execution of such
amendment or supplemental indenture. 
 Except as otherwise provided by Section 6.4 and this Section 9.2, the Holders of a
majority in principal amount of the then outstanding Securities may waive compliance in a particular instance by the Company with any provision of the Indenture with respect to the Securities (including waivers obtained in connection with a purchase
of, or tender offer or exchange offer for, Securities of such series). 
 Without the consent of each Holder affected, an amendment,
supplement or waiver may not (with respect to any Securities held by a non-consenting Holder): 
 (1) reduce the principal amount of
Securities whose Holders must consent to an amendment, supplement or waiver; 
 (2) change the Stated Maturity of the principal of, or any
installment of interest on, any Security; 
 (3) reduce the principal amount of, or premium, if any, or interest on, any Security; 

(4) change the optional Redemption Price (or the method of calculating the Redemption Price) of the Securities from those stated in
Section 3.01 of the Second Supplemental Indenture; 

  
 15 

 (5) waive a Default or Event of Default in the payment of principal of, or interest, or premium,
if any, on, the Securities (except, upon a rescission of acceleration of the Securities by the Holders of at least a majority in aggregate principal amount of the Securities, a waiver of the payment default that resulted from such acceleration) or
in respect of any other covenant or provision that cannot be amended or modified without the consent of all Holders; 
 (6) make any
Security payable in money other than U.S. dollars; 
 (7) make any change in the amendment and waiver provisions of the Indenture; or 

(8) impair the right to institute suit for the enforcement of any payment on or with respect to the Securities. 

It shall not be necessary for the consent of the Holders under this Section 9.2 to approve the particular form of any proposed amendment,
but it shall be sufficient if such consent approves the substance of the proposed amendment. 
 A consent to any amendment or waiver under
the Indenture by any Holder of the Securities given in connection with a tender of such Holder’s Securities will not be rendered invalid by such tender. After an amendment under this Section becomes effective, the Company shall
promptly deliver to Holders of each Security affected thereby a notice briefly describing such amendment. The failure to give such notice to all Holders of each Security affected thereby, or any defect therein, shall not impair or affect the
validity of an amendment, supplemental indenture or waiver under this Section 9.2. 
 ARTICLE IX 

MISCELLANEOUS 
 Section
9.01 Ratification of Indenture. 
 This Second Supplemental Indenture is executed and shall be constructed as an indenture supplement
to the Base Indenture, and as supplemented and modified hereby, the Base Indenture is in all respects ratified and confirmed, and the Base Indenture and this Second Supplemental Indenture shall be read, taken and constructed as one and the same
instrument. 
 Section 9.02 Trust Indenture Act Controls. 

If any provision of the Indenture limits, qualifies or conflicts with another provision that is required or deemed to be included in the
Indenture by the TIA, the required or deemed provision shall control. 
 Section 9.03 Notices. 

All notices and other communications shall be given as provided in the Base Indenture. 

Section 9.04 Governing Law. 

  
 16 

 THIS SECOND SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY, THE TRUSTEE AND THE HOLDERS 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 SECOND SUPPLEMENTAL INDENTURE OR THE TRANSACTION CONTEMPLATED HEREBY. 
 Section 9.05 Successors. 

All agreements of the Company in the Indenture and the Securities shall bind its successors. All agreements of the Trustee in the
Indenture shall bind its successors. 
 Section 9.06 Multiple Originals. 

The parties may sign any number of copies of this Second Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. One signed copy is enough to prove this Second Supplemental Indenture. The exchange of copies of this Second Supplemental Indenture and of signature pages by facsimile or PDF transmission shall
constitute effective execution and delivery of this Second Supplemental Indenture as to the parties hereto and may be used in lieu of the original Second Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by
facsimile or PDF shall be deemed to be their original signatures for all purposes. 
 Section 9.07 Table of Contents; Headings. 

The table of contents, cross-reference sheet and headings of the Articles and Sections of this Second Supplemental Indenture have been
inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

Section 9.08 Binding Nature of Supplemental Indenture. 

The Company hereby represents and warrants that this Second Supplemental Indenture is its legal, valid and binding obligation, enforceable
against it in accordance with its terms. 
 Section 9.09 No Adverse Interpretation or Other Agreements. 

This Second Supplemental Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or any Subsidiary
or any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Second Supplemental Indenture. 

  
 17 

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

			
	COMPANY:
	
	COWEN INC.
		
	By:	 	 /s/ Stephen Lasota

		 	 Name:  Stephen Lasota

		 	 Title:    Chief Financial Officer

 [Signature page to the Second Supplemental Indenture] 

 
			
	TRUSTEE:
	
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	 /s/ Laurence J. O’Brien

		 	Name:  Laurence J. O’Brien
		 	Title:    Vice President

 [Signature page to the Second Supplemental Indenture] 

 EXHIBIT A 

FORM OF SECURITY 
 THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED,
AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR
SUCH OTHER ENTITY AS IS REQUESTED BY THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

CUSIP NO. 223622 705 
 COWEN INC. 

7.35% SENIOR NOTE DUE 2027 
  

			
	$[●]	 	No.: R-[●]

 COWEN INC., a Delaware corporation (herein called the “Company”), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of MILLION DOLLARS or such other principal amount as shall be set forth on Schedule I hereto on December 15, 2027 and to pay interest thereon at the rate of
7.35% per annum, from and including December 8, 2017, or from the most recent Interest Payment Date on which interest has been paid or provided for, on March 15, June 15, September 15 and December 15 of each year,
commencing on March 15, 2018 (each, an “Interest Payment Date”), until the principal hereof is paid or made available for payment. 

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, except as provided in the Indenture
hereinafter referred to, be paid to the Person in whose name this Security (or one or more predecessor Securities) is registered at the close of business on the regular record date for such interest, which shall be the March 1, June 1,
September 1 and December 1 (whether or not that date is a Business Day), as the case may be (each, a “Regular Record Date”), immediately preceding each Interest Payment Date. Any such

 
interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and either may be paid to the Person in whose name this Security
(or one or more predecessor Securities) is registered at the close of business on a special record date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to the Holders not less than ten days prior
to such special record date, or may be paid at any time in any other lawful manner, all as more fully provided in the Indenture. Payment of the principal of and interest on this Security (including, without limitation, any Redemption Price)
shall be made at the office or agency of the Company maintained for that purpose pursuant to the Indenture (initially the Corporate Trust Office of the Trustee), in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company (i) by check mailed to the address of the Person entitled thereto as such address shall
appear in the Securities Register or (ii) by wire transfer to an account maintained by the Person entitled thereto as specified in the Securities Register. Payments of principal and interest at Maturity shall be made against presentation
of this Security at the Corporate Trust Office (or such other office as may be established pursuant to the Indenture), by check or wire transfer. 

Reference is hereby made to the further provisions of this Security set forth on the reverse side hereof, which further provisions shall for
all purposes have the same effect as though fully set forth at this place. 
 Unless the Trustee’s Certificate of Authentication hereon
has been executed by the Trustee or an authenticating agent under the Indenture referred to on the reverse hereof by the manual signature of one of its authorized signatories, this Security shall not be entitled to any benefit under the Indenture or
be valid or obligatory for any purpose. 
 [Signature Pages Follow] 

 IN WITNESS WHEREOF, the Company has caused this Security to be to be duly executed as of the date
set forth below. 
  

			
	COWEN INC.
		
	By:	 	  

		 	Name:
		 	Title:

 Trustee’s Certificate of Authentication 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated: [●] 
  

			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	  

		 	Authorized Signatory

 (Reverse of Security) 

COWEN INC. 
 7.35% SENIOR NOTE DUE
2027 
 1. This Security is one of a duly authorized issue of securities of the Company designated as its 7.35% Senior Notes due 2027 (the
“Securities”) issued and to be issued under an indenture, dated as of October 10, 2014 (the “Base Indenture”), between the Company and The Bank of New York Mellon, as trustee (herein called the “Trustee,” which
term includes any successor Trustee under the Indenture), and the second supplemental indenture, dated as of December 8, 2017 (the Base Indenture, as so supplemented and as it may be further supplemented or amended from time to time, is herein
referred to as the “Indenture”), between the Company and the Trustee. Reference is hereby made to the Indenture for a statement of the respective rights thereunder of the Company, the Trustee and the Holders of the Securities, and the
terms upon which the Securities are, and are to be, authenticated and delivered. The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the TIA. The Securities are subject to all
such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. To the extent any provision of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern
and be controlling. The indebtedness of the Company evidenced by the Securities, including the principal thereof and interest thereon (including post-default interest), shall constitute unsecured indebtedness of the Company and shall rank
equally in right of payment with all of the Company’s current and future unsecured and unsubordinated indebtedness and senior to all of its current and future subordinated debt. 

Interest on the Securities shall be calculated on the basis of a 360-day year comprised of twelve 30-day months. 

2. The Securities are redeemable on or after December 15, 2020, at the option of the Company, as a whole at any time or in part from time
to time, at the Redemption Price and in the manner provided in the Indenture. 
 3. If an Event of Default with respect to the Securities
shall occur and be continuing, the principal of the Securities, together with all accrued and unpaid interest and premium, if any, may be declared due and payable in the manner and with the effect provided in the Indenture. 

4. The Indenture permits, with certain exceptions as therein provided, the amendment or supplement thereof and the Securities and the
modification of the rights and obligations of the Company and the rights of the Holders of Securities under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the
Securities then outstanding. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Securities then outstanding, on behalf of the Holders of all Securities, to waive compliance by the
Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

  
 1 

 5. The Securities are issuable as registered securities in minimum denominations of $25.00 or any
amount in excess thereof which is an integral multiple of $25.00. As provided in the Indenture, and subject to certain limitations therein set forth, the Securities are exchangeable for a like aggregate principal amount of Securities in
authorized denominations, as requested by the Holder surrendering the same. 
 6. As provided in the Indenture and subject to certain
limitations therein set forth, the Registrar shall register the transfer and make certain exchanges of the Securities if the Registrar’s requirements and the requirements of the Indenture for such transactions are met. Such Securities
presented for transfer or exchange must be duly endorsed or accompanied by a written instruction of transfer in form reasonably satisfactory to the Registrar duly executed by the Holder thereof or such Holder’s attorney, duly authorized in
writing, on which instruction the Registrar can conclusively rely. 
 7. No service charge shall be made to the Holder for any such
registration of transfer or exchange (except as otherwise expressly permitted in the Indenture), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other
than such transfer tax or similar governmental charge payable on exchanges pursuant to the Indenture). 
 8. Prior to the due presentment of
this Security for registration of transfer or exchange, the Company, the Trustee, any agent and any authenticating agent may treat the Person in whose name this Security is registered as the owner hereof for all purposes, and neither the Company,
the Trustee, any agent nor any authenticating agent shall be affected by notice to the contrary. 
 9. The Trustee in its individual or any
other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 

10. No director, manager, officer, employee, incorporator, member, partner, stockholder or other owner of Capital Stock of the Company, as
such, shall have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder of Securities by accepting a
Security waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Securities. 

11. This Security shall not be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee. 

12. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by
the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUT (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

  
 2 

 13. Each Holder of this Security covenants and agrees by such Holder’s acceptance thereof to
comply with and be bound by the foregoing provisions. 
 14. THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK. EACH OF THE COMPANY, THE TRUSTEE AND THE HOLDERS 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 SECURITY, THE INDENTURE OR THE TRANSACTION CONTEMPLATED THEREBY. 
 15. All capitalized terms used in this Security which are defined
in the Indenture shall have the meanings assigned to them in the Indenture. 

  
 3 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

PLEASE INSERT SOCIAL SECURITY OR 
 OTHER IDENTIFYING NUMBER OF
ASSIGNEE 
  
  

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
  

					
	 	 		 	
	 	 		 	
	 	 		 	

 the within Security and all rights thereunder, hereby irrevocably constituting and appointing
                     attorney to transfer said Security on the books of the Company, with full power of substitution in the premises. 

 

							
	Dated: 	  	 	  		  	

							
				
	Signature: 	  	 	  		  	

  

	NOTICE:	 	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER. 

Signature Guarantee: 
 SIGNATURE GUARANTEE 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all
in accordance with the Securities Exchange Act of 1934, as amended. 

 Schedule I 

SCHEDULE OF TRANSFERS AND EXCHANGES 

The following increases or decreases in principal amount of this Global Security have been made: 

 

									
	 Date of
Exchange
	 	
Amount of
Decrease in
Principal Amount
of this 
Global
Security
	 	
Amount of
Increase in
Principal Amount
of this 
Global
Security
	 	Principal Amount of
this Global Security
following such
Decrease or Increase	 	
Signature of
Authorized
Signatory of
Trustee 
or
CustodianEX-4.1

 Exhibit 4.1 
  

 
  

CORNERSTONE ONDEMAND, INC. 

and 
 U.S. BANK NATIONAL
ASSOCIATION 
 as Trustee 
  

 
 INDENTURE 

Dated as of December 8, 2017 
  

 
 5.75%
CONVERTIBLE SENIOR NOTES DUE 2021 
  
  

 

 TABLE OF CONTENTS 

 
  

PAGE 
  

							
	ARTICLE 1	  			
	DEFINITIONS	  			
			
	 Section 1.01.
	 	 Definitions
	  	 	2	 
	 Section 1.02.
	 	 Other Definitions
	  	 	13	 
	 Section 1.03.
	 	 Rules of Construction
	  	 	13	 
	 Section 1.04.
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	14	 
	 Section 1.05.
	 	 References to Interest
	  	 	14	 
		
	ARTICLE 2	  			
	THE SECURITIES	  			
			
	 Section 2.01.
	 	 Form and Dating
	  	 	15	 
	 Section 2.02.
	 	 Execution and Authentication
	  	 	15	 
	 Section 2.03.
	 	 Registrar, Paying Agent and Conversion Agent
	  	 	16	 
	 Section 2.04.
	 	 Paying Agent to Hold Money in Trust
	  	 	17	 
	 Section 2.05.
	 	 Holder Lists
	  	 	17	 
	 Section 2.06.
	 	 Transfer and Exchange
	  	 	17	 
	 Section 2.07.
	 	 Replacement Securities
	  	 	18	 
	 Section 2.08.
	 	 Outstanding Securities
	  	 	19	 
	 Section 2.09.
	 	 Securities Held by the Company or an Affiliate
	  	 	20	 
	 Section 2.10.
	 	 Temporary Securities
	  	 	20	 
	 Section 2.11.
	 	 Cancellation
	  	 	20	 
	 Section 2.12.
	 	 Defaulted Interest
	  	 	20	 
	 Section 2.13.
	 	 CUSIP Numbers
	  	 	21	 
	 Section 2.14.
	 	 Deposit of Moneys
	  	 	21	 
	 Section 2.15.
	 	 Book-Entry Provisions for Global Securities
	  	 	21	 
	 Section 2.16.
	 	 Special Transfer Provisions
	  	 	26	 
	 Section 2.17.
	 	 Restrictive Legends
	  	 	27	 
		
	ARTICLE 3	  			
	REPURCHASE UPON A FUNDAMENTAL CHANGE	  			
			
	 Section 3.01.
	 	 Repurchase at Option of Holder Upon a Fundamental Change
	  	 	28	 
		
	ARTICLE 4	  			
	COVENANTS	  			
			
	 Section 4.01.
	 	 Payment of Securities
	  	 	33	 
	 Section 4.02.
	 	 Maintenance of Office or Agency
	  	 	33	 
	 Section 4.03.
	 	 Annual Reports
	  	 	33	 
	 Section 4.04.
	 	 Compliance Certificate
	  	 	33	 
	 Section 4.05.
	 	 Stay, Extension and Usury Laws
	  	 	36	 
	 Section 4.06.
	 	 Notice of Default
	  	 	36	 
	 Section 4.07.
	 	 Limitation on the Incurrence of Indebtedness
	  	 	36	 

  
 i 

							
		
	ARTICLE 5	  			
	SUCCESSORS	  			
			
	 Section 5.01.
	 	 When Company May Merge, Etc.
	  	 	36	 
	 Section 5.02.
	 	 Successor Substituted
	  	 	37	 
		
	ARTICLE 6	  			
	DEFAULTS AND REMEDIES	  			
			
	 Section 6.01.
	 	 Events of Default
	  	 	38	 
	 Section 6.02.
	 	 Acceleration
	  	 	40	 
	 Section 6.03.
	 	 Other Remedies
	  	 	41	 
	 Section 6.04.
	 	 Waiver of Past Defaults
	  	 	41	 
	 Section 6.05.
	 	 Control by Majority
	  	 	42	 
	 Section 6.06.
	 	 Limitation on Suits
	  	 	42	 
	 Section 6.07.
	 	 Rights of Holders to Receive Payment and to Convert Securities
	  	 	42	 
	 Section 6.08.
	 	 Collection Suit by Trustee
	  	 	43	 
	 Section 6.09.
	 	 Trustee May File Proofs of Claim
	  	 	43	 
	 Section 6.10.
	 	 Priorities
	  	 	43	 
	 Section 6.11.
	 	 Undertaking for Costs
	  	 	43	 
		
	ARTICLE 7	  			
	TRUSTEE	  			
			
	 Section 7.01.
	 	 Duties of Trustee
	  	 	44	 
	 Section 7.02.
	 	 Rights of Trustee
	  	 	45	 
	 Section 7.03.
	 	 Individual Rights of Trustee
	  	 	46	 
	 Section 7.04.
	 	 Trustee’s Disclaimer
	  	 	47	 
	 Section 7.05.
	 	 Notice of Defaults
	  	 	47	 
	 Section 7.06.
	 	 Compensation and Indemnity
	  	 	47	 
	 Section 7.07.
	 	 Replacement of Trustee
	  	 	48	 
	 Section 7.08.
	 	 Successor Trustee by Merger, Etc.
	  	 	49	 
	 Section 7.09.
	 	 Eligibility; Disqualification
	  	 	49	 
	 Section 7.10.
	 	 Preferential Collection of Claims Against Company
	  	 	49	 
	 Section 7.11.
	 	 Reports by Trustee to Holders
	  	 	49	 
		
	ARTICLE 8	  			
	DISCHARGE OF INDENTURE	  			
			
	 Section 8.01.
	 	 Termination of the Obligations of the Company
	  	 	49	 
	 Section 8.02.
	 	 Application of Trust Money
	  	 	50	 
	 Section 8.03.
	 	 Repayment to Company
	  	 	50	 
	 Section 8.04.
	 	 Reinstatement
	  	 	50	 

  
 ii 

							
	ARTICLE 9	  			
	AMENDMENTS	  			
			
	 Section 9.01.
	 	 Without Consent of Holders
	  	 	50	 
	 Section 9.02.
	 	 With Consent of Holders
	  	 	51	 
	 Section 9.03.
	 	 Revocation and Effect of Consents
	  	 	53	 
	 Section 9.04.
	 	 Notation on or Exchange of Securities
	  	 	53	 
	 Section 9.05.
	 	 Trustee Protected
	  	 	53	 
	 Section 9.06.
	 	 Effect of Supplemental Indentures
	  	 	53	 
		
	ARTICLE 10	  			
	CONVERSION	  			
			
	 Section 10.01.
	 	 Conversion Privilege
	  	 	54	 
	 Section 10.02.
	 	 Conversion Procedure and Payment Upon Conversion
	  	 	54	 
	 Section 10.03.
	 	 Cash in Lieu of Fractional Shares
	  	 	56	 
	 Section 10.04.
	 	 Taxes on Conversion
	  	 	56	 
	 Section 10.05.
	 	 Company to Provide Common Stock
	  	 	56	 
	 Section 10.06.
	 	 Adjustment of Conversion Rate
	  	 	57	 
	 Section 10.07.
	 	 No Adjustment
	  	 	65	 
	 Section 10.08.
	 	 Other Adjustments
	  	 	66	 
	 Section 10.09.
	 	 Adjustments for Tax Purposes
	  	 	67	 
	 Section 10.10.
	 	 Notice of Adjustment and Certain Events
	  	 	67	 
	 Section 10.11.
	 	 Effect of Reclassifications, Consolidations, Mergers, Binding Share Exchanges or Sales on
Conversion Privilege
	  	 	68	 
	 Section 10.12.
	 	 Trustee’s Disclaimer
	  	 	69	 
	 Section 10.13.
	 	 Rights Distributions Pursuant to Shareholders’ Rights Plans
	  	 	70	 
	 Section 10.14.
	 	Increased Conversion Rate Applicable to Certain Securities Surrendered in Connection with Make-Whole Fundamental Changes	  	 	70	 
	 Section 10.15.
	 	 Applicable Stock Exchange Restrictions
	  	 	72	 
		
	ARTICLE 11	  			
	CONCERNING THE HOLDERS	  			
			
	 Section 11.01.
	 	 Action by Holders
	  	 	73	 
	 Section 11.02.
	 	 Proof of Execution by Holders
	  	 	73	 
	 Section 11.03.
	 	 Persons Deemed Absolute Owners
	  	 	73	 
		
	ARTICLE 12	  			
	HOLDERS’ MEETINGS	  			
			
	 Section 12.01.
	 	 Purpose of Meetings
	  	 	74	 
	 Section 12.02.
	 	 Call of Meetings by Trustee
	  	 	74	 
	 Section 12.03.
	 	 Call of Meetings by Company or Holders
	  	 	74	 
	 Section 12.04.
	 	 Qualifications for Voting
	  	 	75	 
	 Section 12.05.
	 	 Regulations
	  	 	75	 
	 Section 12.06.
	 	 Voting
	  	 	75	 
	 Section 12.07.
	 	 No Delay of Rights by Meeting
	  	 	76	 

  
 iii 

							
		
	ARTICLE 13	  			
	MISCELLANEOUS	  			
			
	 Section 13.01.
	 	 Notices
	  	 	76	 
	 Section 13.02.
	 	 Communication by Holders with Other Holders
	  	 	78	 
	 Section 13.03.
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	78	 
	 Section 13.04.
	 	 Statements Required in Certificate or Opinion
	  	 	78	 
	 Section 13.05.
	 	 Rules by Trustee and Agents
	  	 	79	 
	 Section 13.06.
	 	 Legal Holidays
	  	 	79	 
	 Section 13.07.
	 	 Duplicate Originals
	  	 	79	 
	 Section 13.08.
	 	 Facsimile and PDF Delivery of Signature Pages
	  	 	79	 
	 Section 13.09.
	 	 Governing Law
	  	 	79	 
	 Section 13.10.
	 	 No Adverse Interpretation of Other Agreements
	  	 	80	 
	 Section 13.11.
	 	 Successors
	  	 	80	 
	 Section 13.12.
	 	 Separability
	  	 	80	 
	 Section 13.13.
	 	 Table of Contents, Headings, Etc.
	  	 	80	 
	 Section 13.14.
	 	 Calculations in Respect of the Securities
	  	 	80	 
	 Section 13.15.
	 	 No Personal Liability of Directors, Officers, Employees or Shareholders
	  	 	81	 
	 Section 13.16.
	 	 Force Majeure
	  	 	81	 
	 Section 13.17.
	 	 Trust Indenture Act Controls
	  	 	81	 
	 Section 13.18.
	 	 No Security Interest Created
	  	 	81	 
	 Section 13.19.
	 	 Benefits of Indenture
	  	 	81	 
	 Section 13.20.
	 	 Withholding
	  	 	81	 
	 Section 13.21.
	 	 U.S.A. Patriot Act
	  	 	82	 
		
	EXHIBITS	  			
			
	 Exhibit A
	 	 Form of Security
	  			
	 Exhibit B-1A
	 	 Form of Security Private Placement Legend
	  			
	 Exhibit B-1B
	 	 Form of Common Stock Private Placement Legend
	  			
	 Exhibit B-2
	 	 Form of Legend for Global Security
	  			
	 Exhibit B-3
	 	 Form of Original Issue Discount Legend
	  			
	 Exhibit C
	 	 Form of Notice of Transfer Pursuant to Registration Statement
	  			
	 Exhibit D
	 	 Form of Certificate of Transfer
	  			
	 Exhibit E
	 	 Form of Certificate of Exchange
	  			

  
 iv 

 CORNERSTONE ONDEMAND, INC. 

Reconciliation and tie between Trust Indenture Act of 1939 and 

Indenture, dated as of December 8, 2017 
  

					
	 § 310(a)(1)
	  	 	7.09	 
	 (a)(2)
	  	 	7.09	 
	 (a)(3)
	  	 	Not Applicable	 
	 (a)(4)
	  	 	Not Applicable	 
	 (a)(5)
	  	 	7.09	 
	 (b)
	  	 	7.09	 
	 § 311(a)
	  	 	7.10	 
	 (b)
	  	 	7.10	 
	 (c)
	  	 	Not Applicable	 
	 § 312(a)
	  	 	2.05	 
	 (b)
	  	 	13.02	 
	 (c)
	  	 	13.02	 
	 § 313(a)
	  	 	7.11	 
	 (b)(1)
	  	 	7.11	 
	 (b)(2)
	  	 	7.11	 
	 (c)
	  	 	7.11	 
	 (d)
	  	 	7.11	 
	 § 314(a)
	  	 	4.03, 13.01, 13.04	 
	 (b)
	  	 	Not Applicable	 
	 (c)(1)
	  	 	13.03	 
	 (c)(2)
	  	 	13.03	 
	 (c)(3)
	  	 	Not Applicable	 
	 (d)
	  	 	Not Applicable	 
	 (e)
	  	 	13.04	 
	 (f)
	  	 	Not Applicable	 
	 § 315(a)
	  	 	7.01	 
	 (b)
	  	 	7.05	 
	 (c)
	  	 	7.01	 
	 (d)
	  	 	7.01	 
	 (e)
	  	 	6.11	 
	 § 316(a)(last sentence)
	  	 	2.09	 
	 (a)(1)(A)
	  	 	6.05	 
	 (a)(1)(B)
	  	 	6.04	 
	 (a)(2)
	  	 	Not Applicable	 
	 (b)
	  	 	6.07	 
	 (c)
	  	 	2.12	 
	 § 317(a)(1)
	  	 	6.08	 
	 (a)(2)
	  	 	6.09	 
	 (b)
	  	 	2.04	 
	 § 318(a)
	  	 	13.17	 

 Note: This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture. 

 INDENTURE, dated as of December 8, 2017, between Cornerstone OnDemand, Inc., a
Delaware corporation (the “Company,” as more fully set forth in Section 1.01), and U.S. Bank National Association, as trustee (the “Trustee,” as more fully set forth in Section 1.01). 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders (as defined below) of the
Company’s 5.75% Convertible Senior Notes due 2021 (the “Securities”). 
 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. 

“Affiliate” means, with respect to a specified Person, any Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such specified Person. For this purpose, “control” shall mean the power to direct the management and policies of a Person through the ownership of securities, by contract or otherwise.

 “Applicable Calculation Date” means the applicable date of calculation for (i) the Consolidated Total Debt Ratio or
(ii) the Consolidated Net Debt Ratio. 
 “Applicable Measurement Period” means the most recently completed four
consecutive fiscal quarters of the Company ending on or immediately preceding the Applicable Calculation Date for which internal financial statements are available; provided that prior to the first date financial statements have been
furnished pursuant to Section 4.03, the Applicable Measurement Period in effect will be the period of four consecutive fiscal quarters of the Company ended September 30, 2017. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for the beneficial interests in any Global
Security, the rules and procedures of the Depository that apply to such transfer or exchange. 
 “Bankruptcy Custodian”
means any receiver, trustee, liquidator or similar official under any Bankruptcy Law. 
 “Bankruptcy Law” means Title 11,
U.S. Code or any similar U.S. Federal or State law for the relief of debtors, or any analogous foreign law applicable to the Company or its Subsidiaries, as the case may be. 

“Board of Directors” means the board of directors of the Company or any committee thereof authorized to act for it. 

  
 2 

 “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 the Federal Reserve Bank of New York is
authorized or required by law or executive order to close or be closed. 
 “Capital Stock” of any Person means any and all
shares, interests, participations or other equivalents (however designated) of capital stock of such Person and all warrants or options to acquire such capital stock. 

“Cash and Cash Equivalents” means (i) unrestricted cash and cash equivalents, as defined in accordance with GAAP, and
(ii) unrestricted securities of the following types: commercial paper, certificates of deposit, guaranteed investment contracts and repurchase agreements where the obligor to the Company is rated A (or equivalent rating) or above by Fitch,
S&P or Moody’s (or in the case of commercial paper, rated P-1 or higher by Moody’s or A-1 or higher by S&P). 

“Change in Control” shall be deemed to have occurred at such time as: 

(a) any “person” or “group” (as those terms are used in Sections 13(d) and 14(d) of the Exchange Act), files a Schedule TO
or any schedule, form or report under the Exchange Act disclosing that such person or group has become the direct or indirect “beneficial owner” (as that term is used in Rule 13d-3 under the Exchange
Act) of more than fifty percent (50%) of the total outstanding voting power of all classes of the Company’s Capital Stock entitled to vote generally in the election of directors (“Voting Stock”); 

(b) the consummation of a sale, transfer, lease, conveyance or other disposition, in one or a series of related transactions, of all or
substantially all of the consolidated property or assets of the Company and its Subsidiaries, taken as a whole, to any “person” or “group” (as those terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than the
Company and/or one or more of the Company’s direct or indirect Subsidiaries (for the avoidance of doubt a merger or consolidation of the Company with or into another Person is not subject to this clause (b)); 

(c) any transaction or series of related transactions is consummated in connection with which (whether by means of merger, exchange,
liquidation, tender offer, consolidation, combination, reclassification, recapitalization, acquisition or otherwise) all or substantially all of the Common Stock are exchanged for, converted into, acquired for or constitutes solely the right to
receive other securities, other property, assets or cash, but excluding the consummation of any merger, exchange, tender offer, consolidation or acquisition of the Company with or by another Person pursuant to which the Persons that
“beneficially owned,” directly or indirectly, the shares of the Company’s Voting Stock immediately prior to such transaction “beneficially own,” directly or indirectly, immediately after such transaction, shares of the
surviving, continuing or acquiring corporation’s Voting Stock representing at least a majority of the total outstanding voting power of all outstanding classes of Voting Stock of the surviving, continuing or acquiring

  
 3 

 
corporation in substantially the same proportion relative to each other as such ownership immediately prior to such transaction, other than changes in proportionality as a result of any
cash/stock election provided under the terms of the definitive agreement regarding such transaction; or 
 (d) the adoption of a plan
relating to the Company’s liquidation or dissolution. 
 Notwithstanding the foregoing, (x) any transaction that constitutes a
Change in Control pursuant to both clause (a) and clause (c) shall be deemed a Change in Control solely under clause (c) above and (y) a transaction or transactions described in any of clause (a) through (c) above (including
any merger of the Company solely for the purpose of changing the Company’s jurisdiction of incorporation) shall not constitute a “Change in Control” if (i) at least ninety percent (90%) of the consideration received or to
be received by holders of the Common Stock or Reference Property into which the Securities have become convertible pursuant to Section 10.11 (other than cash payments for fractional shares or pursuant to statutory appraisal rights) in
connection with such transaction or transactions consists of common equity listed or quoted 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 consolidation or merger) and (ii) as a result of such transaction or transactions, the Securities become convertible or exchangeable for such consideration pursuant to Section 10.11.

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

“Closing Sale Price” on any date means the per share price of the Common Stock on such date, determined (i) on the basis
of the closing sale price per share (or if no closing sale price per share is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in
the composite transactions for the Relevant Stock Exchange; or (ii) if the Common Stock is not listed on a U.S. national securities exchange on the relevant date, the last quoted bid price for the Common Stock on the relevant date, as reported
by OTC Markets Group, Inc. or a similar organization; provided, however, that in the absence of any such report or quotation, the “Closing Sale Price” shall be the price determined by a nationally recognized
independent investment banking firm retained by the Company for such purpose as most accurately reflecting the per share price that a fully informed buyer, acting on his own accord, would pay to a fully informed seller, acting on his own accord in
an arm’s-length transaction, for one share of Common Stock. The Closing Sale Price shall be determined without reference to after-hours or extended market trading. 

“Common Stock” means the common stock, par value $0.0001 per share, of the Company at the date of this Indenture, subject to
Section 10.11. 
 “Company” means the party named as such above until a successor replaces it pursuant to the
applicable provision hereof and thereafter means the successor. The foregoing sentence shall likewise apply to any such successor or subsequent successor. 

  
 4 

 “Company Order” means a written request or order signed on behalf of the Company
by an Officer and delivered to the Trustee. 
 “Consolidated Adjusted EBITDA” means with reference to any period,
Consolidated Net Income for such period plus: 
 (i) to the extent deducted in determining Consolidated Net Income,
depreciation, amortization, interest expense, income taxes, and stock-based compensation expense; 
 (ii) any items
(regardless of whether any such item is positive or negative), to the extent such items are included as “Adjustments to Net Income (Loss)” in bridging from “GAAP Net Income (Loss)” to
“non-GAAP Net Income (Loss)” in the Company’s press release announcing the Company’s financial results for such period; and 

(iii) to the extent included in determining Consolidated Net Income, unrealized and realized
non-cash gains or losses resulting from the impact of foreign currency changes on the valuation of assets and liabilities on the Company’s balance sheet; and 

minus, to the extent included as income in determining Consolidated Net Income, interest income and any extraordinary and other non-recurring gains of the Company and its Subsidiaries on a consolidated basis. 
 Consolidated Net Income
will further be adjusted as follows to account for Accounting Standards Codification (“ASC”) 842 and ASC 606: 

(a) ASC 842: Consolidated Net Income will be determined on the basis of the accounting for lease obligations in place prior to
the adoption of ASC 842. 
 (b) ASC 606: (A) for fiscal year 2018 and prior periods, Consolidated Net Income and the related
adjustment above shall be the amount pertaining to the standards in place prior to the adoption of ASC 606 included in the footnotes to the consolidated financial statements of the Company included in the Company’s most recent periodic report
that the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, and (B) beginning with the first quarter of fiscal year 2019 and all subsequent periods, the amount of Net Income and related
adjustments above shall be the amount included on the income statement included in the Company’s most recent periodic report that the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. 

All the foregoing adjustments shall be made without duplication. 

“Consolidated Net Debt Ratio” means, as of any date of determination, the ratio of (i) Consolidated Total Indebtedness
of the Company and its Subsidiaries as of the Applicable Calculation Date minus the aggregate amount of Securities outstanding as of the Applicable Calculation Date minus all Cash and Cash Equivalents of the Company and its
Subsidiaries determined on a consolidated basis to (ii) the Consolidated Adjusted EBITDA of the Company and its Subsidiaries for the Applicable Measurement Period. 

  
 5 

 “Consolidated Net Income” means, with reference to any period, the net income
(or loss) of the Company and its Subsidiaries for such period, on a consolidated basis, provided that there shall be excluded any net income, gain or losses during such period from (i) any change in accounting principles in accordance
with GAAP, (ii) any prior period adjustment resulting from any change in accounting principles in accordance with GAAP and (iii) any discontinued operations. 

“Consolidated Total Debt Ratio” means, as of any date of determination, the ratio of (i) Consolidated Total Indebtedness
of the Company and its Subsidiaries as of the Applicable Calculation Date minus the aggregate amount of Securities outstanding as of the Applicable Calculation Date to (ii) the Consolidated Adjusted EBITDA of the Company and its
Subsidiaries for the Applicable Measurement Period. 
 “Consolidated Total Indebtedness” means, as at any date of
determination, an amount equal to the aggregate principal amount of all outstanding Indebtedness of the Company and its Subsidiaries on a consolidated basis consisting of Indebtedness for borrowed money, unreimbursed drawings under letters of
credit, Obligations in respect of Financing Lease Obligations and third-party debt obligations evidenced by promissory notes and similar instruments (and excluding, for the avoidance of doubt, (i) all undrawn amounts under revolving credit
facilities, (ii) performance bonds or any similar instruments and (iii) lease obligations that are not Financing Lease Obligations), in each case determined on a consolidated basis in accordance with GAAP. 

“Conversion Date” with respect to a Security means the date on which a Holder satisfies all the requirements for such
conversion specified under Section 10.01(b). 
 “Conversion Notice” means a “Conversion Notice” in the form
attached as Attachment 2 to the Form of Security attached hereto as Exhibit A. 
 “Conversion Price” means as of any
date, $1,000 divided by the Conversion Rate as of such date. 
 “Conversion Rate” shall initially be 23.8095,
subject to adjustment as provided in Article 10.  
 “Corporate Trust Office of
the Trustee” means the principal office of the Trustee at which at any time this Indenture shall be administered, which office as of the date hereof is located at 633 West 5th Street, 24th Floor, Los Angeles, California 90071, Attention: P. Oswald (Cornerstone OnDemand, Inc.’s 5.75% Convertible Senior Notes due 2021). With respect to presentation for transfer or exchange,
conversions or principal payment, such address shall be 633 West 5th Street, 24th Floor, Los Angeles, California 90071, Attention: P. Oswald
(Cornerstone OnDemand, Inc.’s 5.75% Convertible Senior Notes due 2021), or such other address as the Trustee may designate from time to time by written notice to the Holders and the Company, or the principal corporate trust office of any
successor Trustee (or such other address as such successor Trustee may designate from time to time by written notice to the Holders and the Company). 

  
 6 

 “Daily VWAP” means, for each Trading Day during the relevant period, the per
share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “CSOD.Q <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 Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of Common Stock on such Trading Day 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 which is, or after notice
or passage of time or both would be, an Event of Default. 
 “Depository” means The Depository Trust Company, its nominees
and successors. 
 “Ex Date” means the first date on which the Common Stock trades 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 the
Relevant Stock Exchange. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the SEC promulgated thereunder. 
 “Financing Lease Obligation” means an obligation that is required to be
accounted for as a financing or capital lease (and, for the avoidance of doubt, not an operating lease) on the balance sheet for financial reporting purposes in accordance with GAAP, adjusted for the impact of the adoption of ASC 842 expected to be
effective January 1, 2019. At the time any determination thereof is to be made, the amount of the liability in respect of a financing or capital lease would be the amount required to be reflected as a liability on such balance sheet (excluding
the footnotes thereto) in accordance with GAAP, before giving effect to the impact of the adoption of ASC 842. 
 “Fitch”
means Fitch Rating Service, Inc. and any successor to its rating agency business. 
 “Fundamental Change” shall be deemed
to occur upon the occurrence of either a Change in Control or a Termination of Trading. 
 “GAAP” means generally accepted
accounting principles in the United States of America as in effect and, to the extent optional, adopted by the Company, on the Issue Date, consistently applied, except as set forth with respect to ASC 842 and ASC 606 in the foregoing definitions of
Consolidated Adjusted EBITDA and Financing Lease Obligation. 
 “Hedging Agreement” means (i) any and all rate swap
transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or
forward bond or forward bond price or forward bond index 

  
 7 

 
transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap
transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to
any master agreement, and (ii) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and
Derivatives Association, Inc., any International Foreign Exchange Master Agreement or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations
or liabilities under any Master Agreement. 
 “Hedging Obligations” means, with respect to any Person, the obligations of
such Person under any Hedging Agreements. 
 “Holder” means a Person in whose name a Security is registered on the
Registrar’s books. 
 “Indebtedness” means, with respect to any specified Person, any indebtedness of such Person
(excluding accrued expenses and trade payables, except as provided in clause (e) below), whether or not contingent: 
 (a) in respect of
borrowed money; 
 (b) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in
respect thereof); 
 (c) in respect of banker’s acceptances; 

(d) representing Financing Lease Obligations in respect of sale and leaseback transactions; 

(e) representing the balance of deferred and unpaid purchase price of any property or services with a scheduled due date more than six months
after such property is acquired or such services are completed, to the extent that such obligation has become a liability on the balance sheet of such Person in accordance with GAAP; or 

(f) representing the net amount owing under any Hedging Obligations, if and to the extent any of the preceding items (other than letters of
credit and Hedging Obligations) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. 

The amount of any Indebtedness outstanding as of any date will be the principal amount of such Indebtedness or, in respect of any Indebtedness
guaranteed by the specified Person, the lesser of (i) the principal amount of such Indebtedness of such other Person and (ii) the maximum amount of such Indebtedness payable under the guarantee. In addition, the term
“Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the guarantee by the
specified Person of any Indebtedness of any other Person; provided that the amount of such Indebtedness shall be deemed not to exceed the lesser of the amount secured by such Lien and the value of the Person’s property securing such
Lien. 

  
 8 

 “Indenture” means this Indenture as amended or supplemented from time to time.

 “Indirect Participant” means a Person who holds a beneficial interest in a Global Security through a Participant. 

“Interest Payment Date” means January 1 and July 1 of each year, beginning on January 1, 2018. 

“Investment Agreement” means the Investment Agreement, dated as of November 8, 2017, by and among Cornerstone OnDemand,
Inc. and the other parties thereto, as amended by the Amendment to Investment Agreement, dated as of November 28, 2017. 

“Issue Date” means December 8, 2017. 

“Lien” means, with respect to any asset, any mortgage, lien (other than statutory liens that are not overdue by 30 days or
more or are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted), pledge, hypothecation, charge, security interest, preference, priority or encumbrance of any kind in respect of such asset, whether
or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any
financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; provided that in no event shall an operating lease (as determined prior to the adoption of ASC 842) be deemed to constitute a Lien. 

“Make-Whole Fundamental Change” means an event described in the definition of Fundamental Change, after giving effect to any
exceptions to or exclusions from the definition of Change in Control (including, without limitation, the exception described in the paragraph immediately following such clauses), but without regard to the exclusion set forth in clause (c) of
the definition of Change in Control. 
 “Market Disruption Event” means, with respect to the Common Stock or any other
security, (i) a failure by the Relevant Stock Exchange to open for trading during its regular trading session or (ii) the occurrence or existence for more than one-half hour period in the aggregate
on any Scheduled Trading Day for Common Stock or such other security of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the Relevant Stock Exchange or otherwise) of the Common Stock or
such other security or in any options contracts or future contracts relating to the Common Stock or such other security, and such suspension or limitation occurs or exists at any time before 1:00 p.m., New York City time, on such day. 

“Maturity Date” means July 1, 2021. 

  
 9 

 “Moody’s” means Moody’s Investors Service, Inc. and any successor to
its rating agency business. 
 “Obligations” means any principal, interest (including any interest accruing subsequent to
the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law),
premium, penalties, fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities, and guarantees of payment of such principal, interest,
premium, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness. 

“Officer” means the Chairman of the Board, the Vice Chairman, the Chief Executive Officer, the President, the Chief Financial
Officer, the Chief Legal Officer, any Executive Vice President, any Senior Vice President, any Vice President, the Treasurer or the Secretary, or any Assistant Treasurer or Assistant Secretary of the Company. 

“Officers’ Certificate” means a certificate signed by (i) by the Chairman of the Board, the Vice Chairman, the
Chief Executive Officer, the President, the Chief Financial Officer or any of the Executive Vice Presidents or Senior Vice Presidents of the Company, and (ii) by the Treasurer, any Assistant Treasurer, the Secretary, any Assistant Secretary or
any of the Vice Presidents of the Company, delivered to the Trustee. 
 “Open of Business” means 9:00 a.m., New York City
time. 
 “Opinion of Counsel” means a written opinion that meets the requirements of Section 13.04 from legal counsel
who may be an employee of or counsel for the Company, or other counsel, including counsel for the transferor or transferee, who is reasonably acceptable to the Trustee. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock
company, trust, unincorporated organization or government or other agency or political subdivision thereof. 
 “Physical
Security” means permanent certificated Securities in registered non-global form issued in denominations of $1,000 principal amount and integral multiples thereof. 

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

“Record Date” for interest payable in respect of any Security on any Interest Payment Date means, the December 15 or
June 15 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. 

  
 10 

 “Relevant Stock Exchange” means The NASDAQ Global Select Market or, if the
Common Stock (or other security for which the Closing Sale Price must be determined) is not then listed on The NASDAQ Global Select Market, the principal other U.S. national securities exchange or market on which the Common Stock (or such other
security) is then listed. 
 “Repurchase Notice” means a “Repurchase Notice” in the form attached as
Attachment 3 to the form of Security attached hereto as Exhibit A. 
 “Responsible Officer” shall mean, when
used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee
who customarily performs functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter relating to this Indenture is referred because of such person’s knowledge
of and familiarity with the particular subject and who, in each case, shall have direct responsibility for the administration of this Indenture. 

“Restricted Global Security” means a Global Security that bears the Security Private Placement Legend. 

“Restricted Security” means a Security that constitutes a “restricted security” within the meaning of Rule
144(a)(3) under the Securities Act until such time as such Security is freely tradable by a Person who is not (and has not been for the three months preceding the applicable transfer) an “affiliate” (as defined in such rule) pursuant to
such rule. Each of the Securities issued on the Issue Date that bear the Security Private Placement Legend shall be Restricted Securities as of the Issue Date. 

“S&P” means Standard & Poor’s Rating Services, a division of McGraw-Hill Financial, Inc., and any successor
to its rating agency business. 
 “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 listed on any U.S. national securities exchange, “Scheduled Trading Day” means a Business Day. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Securities Agent” means any Registrar, Paying Agent or Conversion Agent. 

“Significant Subsidiary” means any Subsidiary of a Person that would be a “Significant Subsidiary” of the Person
within the meaning of Article 1, Rule 1-02(w) under Regulation S-X under the Exchange Act; provided that, in the case of a Subsidiary that meets the criteria of
clause (3) of such definition of “significant subsidiary” but not clause (1) or (2) of such definition, such Subsidiary shall not be deemed to be a Significant Subsidiary unless such Subsidiary’s income from continuing
operations before income taxes, extraordinary items and cumulative effect of changes in accounting principles exclusive of amounts attributable to any non-controlling interests for the last completed fiscal
year prior to the date of such determination exceeds $50,000,000. 

  
 11 

 “SL Securities” means (a) any Restricted Global Securities identified by
CUSIP number 21925YAC7 and ISIN number US21925YAC75 pursuant to Section 2.13, (b) any Unrestricted Global Securities identified by CUSIP number 21925YAD5 and ISIN number US21925YAD58 pursuant to Section 2.13, (c) any Physical Securities
held in the name of any member of the Silver Lake Group (as defined in the Investment Agreement) and (d) any temporary Securities issued in exchange for or in lieu of the Securities referred to in clauses (a), (b) or (c) in which one or
more members of the Silver Lake Group has a beneficial interest. 
 “Subsidiary” of any Person means any corporation,
association, partnership or other business entity of which more than fifty percent (50%) of the total voting power of the shares, interests, participations or other equivalents (however designated) of Capital Stock ordinarily entitled (without
regard to the occurrence of any contingency) to vote in the election of directors, managers, trustees or other voting members of the governing body thereof is at the time owned or controlled, directly or indirectly, by (a) such Person,
(b) such Person and one or more Subsidiaries of such Person or (c) one or more Subsidiaries of such Person. 

“Termination of Trading” shall be deemed to occur if the Common Stock (or other common equity into which the Securities are
then convertible) is not listed for trading on any of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors). 

“TIA” means the Trust Indenture Act of 1939, as amended and in effect from time to time. 

“Trading Day” means a day on which (i) there is no Market Disruption Event, (ii) trading in the Common Stock
generally occurs on the Relevant Stock Exchange or, if the Common Stock is not then listed on a U.S. national securities exchange, on the principal other market on which the Common Stock is then traded, and (iii) a Closing Sale Price for the
Common Stock is available on such securities exchange or market; provided that if the Common Stock (or other security for which a Closing Sale Price must be determined) is not so listed or traded, “Trading Day” means a
Business Day. 
 “Trustee” means the party named as such in this Indenture until a successor replaces it in accordance with
the provisions hereof and thereafter means the successor. The foregoing sentence shall likewise apply to any such successor or subsequent successor. 

“Unrestricted Global Security” means a Global Security that does not bear the Security Private Placement Legend. 

  
 12 

 Section 1.02. Other Definitions. 

 

			
	 Term
	  	Defined in Section
	 “Additional Interest”
	  	4.03(e)
	 “Applicable Price”
	  	10.14(d)
	 “Authorized Officers”
	  	13.01(c)
	 “Clause A Distribution”
	  	10.06(c)
	 “Clause B Distribution”
	  	10.06(c)
	 “Clause C Distribution”
	  	10.06(c)
	 “Common Stock Private Placement Legend”
	  	2.17(b)
	 “Conversion Agent”
	  	2.03
	 “Conversion Obligation”
	  	10.01(a)
	 “Distributed Property”
	  	10.06(c)
	 “Effective Date”
	  	10.14(a)
	 “Electronic Means”
	  	13.01(c)
	 “Event of Default”
	  	6.01
	 “Fundamental Change Notice”
	  	3.01(b)
	 “Fundamental Change Repurchase Date”
	  	3.01(a)
	 “Fundamental Change Repurchase Price”
	  	3.01(a)
	 “Fundamental Change Repurchase Right”
	  	3.01(a)
	 “Global Securities”
	  	2.01
	 “Instructions”
	  	13.01(c)
	 “Make-Whole Applicable Increase”
	  	10.14(b)
	 “Make-Whole Conversion Period”
	  	10.14(a)
	 “Master Agreement”
	  	1.01
(Definition of
“Hedging Agreement”)
	 “Merger Event”
	  	10.11
	 “Participants”
	  	2.15(a)
	 “Paying Agent”
	  	2.03
	 “Reference Property”
	  	10.11
	 “Registrar”
	  	2.03
	 “Repurchase Upon Fundamental Change”
	  	3.01(a)
	 “Resale Restriction Termination Date”
	  	2.17(a)
	 “Securities”
	  	Preamble
	 “Security Private Placement Legend”
	  	2.17
	 “Special Interest”
	  	6.01(j)
	 “Spin-Off”
	  	10.06(c)
	 “Trigger Event”
	  	10.06(c)
	 “Valuation Period”
	  	10.06(c)
	 “Voting Stock”
	  	1.01
(Definition of 
“Change in Control”)

 Section 1.03. Rules of Construction. Unless the context otherwise requires: 

(i) a term has the meaning assigned to it; 

(ii) an accounting term not otherwise defined has the meaning assigned to it in accordance with U.S. generally accepted
accounting principles in effect from time to time; 
 (iii) “or” is not exclusive; 

  
 13 

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

(v) words in the singular include the plural and in the plural include the singular; 

(vi) provisions apply to successive events and transactions; 

(vii) the term “principal” means the principal of any Security payable under the terms of such Securities, unless the
context otherwise requires; 
 (viii) “herein,” “hereof” and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other subdivision of this Indenture; 
 (ix) references to
currency shall mean the lawful currency of the United States of America, unless the context requires otherwise; and 
 (x)
any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified. 

Section 1.04. Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the
provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

“indenture securities” means the Securities. 

“indenture security holder” means a holder of the Securities. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Company and any successor obligor upon the Securities. 

All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under
the TIA and not otherwise defined herein are used herein as so defined. 
 Section 1.05. References to Interest. Unless the
context otherwise requires, any reference to interest on, or in respect of, any Security in this Indenture shall be deemed to include Additional Interest and Special Interest if, in such context, Additional Interest and/or Special Interest is, was
or would be payable. Unless the context otherwise requires, any express mention of Additional Interest or Special Interest in any provision hereof shall not be construed as excluding Additional Interest or Special Interest, as the case may be, in
those provisions hereof where such express mention is not made. 

  
 14 

 ARTICLE 2 

THE SECURITIES 

Section 2.01. Form and Dating. The Securities and the Trustee’s certificate of authentication shall be substantially
in the form set forth in Exhibit A, which is incorporated in and forms a part of this Indenture. The Securities may have notations, legends or endorsements required by law, stock exchange rule or usage; provided that such notations,
legends or endorsements are in a form acceptable to the Company. Each Security shall be dated the date of its authentication. 
 So long as
the Securities, or portion thereof, are eligible for book-entry settlement with the Depository, unless otherwise required by law, subject to Section 2.15, such Securities may be represented by one or more Securities in global form registered in
the name of the Depository or the nominee of the Depository (“Global Securities”). The transfer and exchange of beneficial interests in any such Global Securities shall be effected through the Depository in accordance with this
Indenture and the Applicable Procedures. Except as provided in Section 2.15, beneficial owners of a Global Security shall not be entitled to have certificates registered in their names, will not receive or be entitled to receive Physical
Securities and such beneficial owners will not be considered Holders of such Global Security. 
 (a) Initial
Securities. The Securities shall be issued initially in the form of Global Securities and, if applicable, bearing any legends required by Section 2.17. Physical Securities may be issued in exchange for Global Securities solely pursuant to
Section 2.15. Physical Securities may be exchanged for interests in a Global Security pursuant to Section 2.06. 

(b) Global Securities Generally. Any Global Securities shall represent such of the outstanding Securities as shall be
specified therein and shall provide that it shall represent the aggregate amount of outstanding Securities from time to time endorsed thereon and that the aggregate amount of outstanding Securities represented thereby may from time to time be
increased or reduced to reflect issuances, repurchases, conversions, transfers or exchanges permitted hereby. Any endorsement of a Global Security to reflect the amount of any increase or decrease in the amount of outstanding Securities represented
thereby shall be made by the Trustee or the custodian for the Global Security, at the written direction of the Trustee, in such manner and upon instructions given by the Holder of such Securities in accordance with this Indenture. Payment of
principal of, and interest on, any Global Securities (including the Fundamental Change Repurchase Price, if applicable) shall be made to the Depository in immediately available funds. The Company initially appoints the Trustee to act as the
Depository’s custodian with respect to the Global Securities. The Company has entered into a letter of representations with the Depository in the form provided by the Depository and the Trustee and each Securities Agent are hereby authorized to
act in accordance with such letter and the Applicable Procedures. 
 Section 2.02. Execution and Authentication. One duly
authorized Officer shall sign the Securities for the Company by manual or facsimile signature. 

  
 15 

 A Security’s validity shall not be affected by the failure of an Officer whose signature is
on such Security to hold, at the time the Security is authenticated, the same office at the Company. 
 A Security shall not be valid until
duly authenticated by the manual signature of the Trustee. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 

Upon a Company Order, the Trustee shall authenticate Securities for original issue in the aggregate principal amount of $300,000,000. The
aggregate principal amount of Securities outstanding at any time may not exceed $300,000,000, subject to the immediately succeeding paragraph and except for Securities authenticated and delivered in lieu of lost, destroyed or wrongfully taken
Securities pursuant to Section 2.07. 
 The Company may not, without the consent of Holders of one hundred percent (100%) in aggregate
principal amount of the outstanding Securities, increase the aggregate principal amount of Securities by issuing additional Securities in the future (except for Securities authenticated and delivered upon registration of transfer or exchange for or
in lieu of other Securities pursuant to Sections 2.06, 2.07, 2.10, 2.15, 2.16, 2.17, 3.01(h) and 10.02(f)). 
 Upon a Company Order, the
Trustee shall authenticate Securities, including Securities not bearing the Security Private Placement Legend, to be issued to the transferees when sold pursuant to an effective registration statement under the Securities Act as set forth in
Section 2.16(b) or when not otherwise required under this Indenture to bear the Security Private Placement Legend. 
 The Trustee shall
act as the initial authenticating agent. Thereafter, the Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Each
reference in this Indenture to authentication by the Trustee includes authentication by such authenticating agent. An authenticating agent so appointed has the same rights as a Securities Agent to deal with the Company and its Affiliates. 

If a Company Order pursuant to this Section 2.02 has been, or simultaneously is, delivered, then any instructions by the Company to the
Trustee with respect to endorsement, delivery or redelivery of a Security that is a Global Security shall be in writing. The Securities shall be issuable only in registered form without interest coupons and only in minimum denominations of $1,000
principal amount and any integral multiple thereof. 
 Section 2.03. Registrar, Paying Agent and Conversion Agent. The
Company shall maintain, or shall cause to be maintained, (i) an office or agency where Securities may be presented for registration of transfer or for exchange (“Registrar”), (ii) an office or agency where Securities may be
presented for payment (“Paying Agent”) and (iii) an office or agency where Securities may be presented for conversion (“Conversion Agent”). The Registrar shall keep a register of the Securities and of their
transfer and exchange. The Company may appoint or change one or more co-registrars, one or more additional paying agents and one or more additional conversion agents, subject to providing written notification
to the Trustee of any such 

  
 16 

 
new registrar, paying agent or conversion agent, and may act in any such capacity on its own behalf. The term “Registrar” includes any
co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Conversion Agent” includes any additional conversion agent. 

The Company shall use reasonable best efforts to enter into an appropriate agency agreement with any Securities Agent not a party to this
Indenture, if any. Such agency agreement, if any, shall implement the provisions of this Indenture that relate to such Securities Agent. The Company shall notify the Trustee in writing of the name and address of any Securities Agent not a party to
this Indenture. If the Company fails to maintain an entity other than the Trustee as Registrar, Paying Agent or Conversion Agent, the Trustee shall act as such.  

The Company initially appoints the Trustee as Paying Agent, Registrar and Conversion Agent. 

Section 2.04. Paying Agent to Hold Money in Trust. Each Paying Agent shall hold in trust for the benefit of the Holders or the
Trustee all moneys held by the Paying Agent for the payment of the Securities, and shall notify the Trustee in writing of any Default by the Company in making any such payment. While any such Default continues, the Trustee may require a Paying Agent
to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and account for any funds so paid by it. Upon payment over to the Trustee, the Paying Agent shall have no
further liability for such money. If the Company acts as Paying Agent, it shall segregate and hold as a separate trust fund all money held by it as Paying Agent; provided that the Company may not act as Paying Agent upon the occurrence and
continuance of an Event of Default. Upon an Event of Default pursuant to Section 6.01(h) or (i), the Trustee shall automatically be the Paying Agent. 

Section 2.05. Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list
available to it of the names and addresses of Holders and shall otherwise comply with Section 312(a) of the TIA. If the Trustee is not the Registrar, the Company shall furnish, or shall cause to be furnished, to the Trustee at least five
(5) Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Holders appearing in
the security register of the Registrar and the Company shall otherwise comply with Section 312(a) of the TIA. 
 Section 2.06.
Transfer and Exchange. (a) Subject to Section 2.15 and Section 2.16, where Securities are presented to the Registrar with a request to register their transfer or to exchange them for an equal principal amount of
Securities of other authorized denominations, the Registrar shall register the transfer or make the exchange if its requirements under this Indenture for such transaction are met. To permit registrations of such transfers and exchanges, the Trustee
shall authenticate Securities at the Registrar’s request or upon the Trustee’s receipt of a Company Order therefor. The Company, the Registrar or the Trustee, as the case may be, shall not be required to register the transfer or exchange
of any Security for which a Repurchase Notice has been delivered, and not withdrawn, in accordance with this Indenture, except if the Company has defaulted in the payment of the Fundamental Change Repurchase Price with respect to such Security or to
the extent that a portion of such Security is not subject to such Repurchase Notice. 

  
 17 

 No service charge shall be made for any transfer, exchange or conversion of Securities, but the
Company and the Trustee may require payment of a sum sufficient to cover any documentary, stamp, issue or transfer tax or similar governmental charge that may be imposed in connection with any transfer, exchange or conversion of Securities, other
than exchanges pursuant to Section 2.07, Section 2.10, Section 3.01, Section 9.04 or Section 10.02, in each case, not involving any transfer. 

(b) Exchanges of Physical Securities for Beneficial Interests in Global Securities. A Holder may request a transfer or
exchange of a Physical Security for a beneficial interest in a Global Security and the Company shall use commercially reasonable efforts to cause the Physical Securities to be eligible for book-entry settlement with the Depository, if upon such
transfer or exchange such interest could be held in an Unrestricted Global Security. If and when the Company is successful in causing the Physical Securities to be eligible for book-entry settlement with the Depository a holder may transfer or
exchange a Physical Security for a beneficial interest in a Global Security by (i) surrendering such Physical Security for registration of transfer or exchange, together with any endorsements or instruments of transfer required by any of the
Company, the Trustee or the Registrar, at any office or agency maintained by the Company for such purposes pursuant to Section 4.02; (ii) if such Physical Security is a Restricted Security, delivering any documentation required by
Section 2.16; (iii) complying with Section 2.16(e), if applicable, (iv) satisfying all other requirements for such transfer set forth in this Section 2.06 and Section 2.15; and (v) providing written instructions to the
Trustee to make, or to direct the Registrar to make, an adjustment in its books and records with respect to the applicable Global Security to reflect an increase in the aggregate principal amount of the Securities represented by such Global
Security, which instructions will contain information regarding the Depository account to be credited with such increase. Upon the satisfaction of conditions (i), (ii), (iii), (iv) and (v), as applicable, the Trustee will cancel such Physical
Security and cause, in accordance with the Applicable Procedures, the aggregate principal amount of Securities represented by such Global Security to be increased by the aggregate principal amount of such Physical Security, and will credit or cause
to be credited the account of the Person specified in the instructions provided by the exchanging Holder in an amount equal to the aggregate principal amount of such Physical Security. If no Global Securities are then outstanding, the Company, in
accordance with Section 2.02, will promptly execute and deliver to the Trustee, and the Trustee, upon receipt of a Company Order and in accordance with Section 2.02, will authenticate, a new Global Security in the appropriate aggregate
principal amount. 
 Section 2.07. Replacement Securities. If the Holder of a Security claims that the Security has been
mutilated, lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate, at the Holder’s expense, a replacement Security upon surrender to the Trustee of the mutilated Security, or upon delivery to the Trustee
of evidence of the loss, destruction or theft of the Security satisfactory to the Trustee and the Company. In the case of a lost, destroyed or wrongfully taken Security, if required by the Trustee or the Company, indemnity (including in the form of
a bond) must be provided by the Holder that is reasonably satisfactory to the Trustee (with respect to the Trustee) and the Company to indemnify and hold harmless the Company, the Trustee or any Securities Agent from any loss that any of them may
suffer if such Security is replaced. 

  
 18 

 In case any such mutilated, lost, destroyed or wrongfully taken Security has become due and
payable, the Company in its discretion may, instead of issuing a new Security, pay the amounts due in respect of such Security as provided hereunder. 

Every replacement Security is an additional obligation of the Company only as provided in Section 2.08. 

Section 2.08. Outstanding Securities. Securities outstanding at any time are all the Securities authenticated by the
Trustee except for those converted, those cancelled by it, those delivered to it for cancellation and those described in this Section 2.08 as not outstanding. Except to the extent provided in Section 2.09, a Security does not cease to be
outstanding because the Company or one of its Subsidiaries or Affiliates holds the Security. 
 If a Security is replaced pursuant to
Section 2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory to it, or a court holds, that the replaced Security is held by a protected purchaser. 

If the Paying Agent (in the case of a Paying Agent other than the Company) holds, as of 11:00 a.m. New York City time on a Fundamental Change
Repurchase Date or the Maturity Date, money sufficient to pay the aggregate Fundamental Change Repurchase Price or principal amount (plus accrued and unpaid interest, if any), as the case may be, with respect to all Securities to be repurchased or
paid on such Fundamental Change Repurchase Date or the Maturity Date, as the case may be, in each case, payable as herein provided on such Fundamental Change Repurchase Date or the Maturity Date, then (unless there shall be a Default in the payment
of such aggregate Fundamental Change Repurchase Price or principal amount, or of such accrued and unpaid interest), except as otherwise provided herein, on and after such date such Securities shall be deemed to be no longer outstanding, interest on
such Securities shall cease to accrue, and such Securities shall be deemed to be paid whether or not such Securities are delivered to the Paying Agent. Thereafter, all rights of the Holders of such Securities shall terminate with respect to such
Securities, other than the right to receive the Fundamental Change Repurchase Price or principal amount, as the case may be, plus, if applicable, such accrued and unpaid interest in accordance with this Indenture. For the avoidance of doubt, any
Securities that are not submitted by a Holder for a Repurchase Upon Fundamental Change pursuant to Section 3.01 shall remain outstanding and shall be unaffected by this paragraph. 

If a Security is converted in accordance with Article 10 then, from and after the time of such conversion on the Conversion Date, such
Security shall cease to be outstanding, and interest, if any, shall cease to accrue on such Security unless there shall be a Default in the payment or delivery of the consideration payable and/or deliverable hereunder upon such conversion (except
that any such Security will remain outstanding solely for the purpose of receiving any interest or other amounts due following such conversion as set forth in this Indenture). 

  
 19 

 Section 2.09. Securities Held by the Company or an Affiliate. In determining
whether the Holders of the required aggregate principal amount of Securities have concurred in any direction, waiver or consent, Securities owned by the Company or any of its Subsidiaries or Affiliates shall be considered as though not outstanding,
except that, for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded.
Securities so owned which have been pledged in good faith may be considered to be outstanding for purposes of this Section 2.09 if the pledgee establishes, to the satisfaction of the Trustee, the pledgee’s right so to concur with respect
to such Securities and that the pledgee is not, and is not acting at the direction or on behalf of, the Company, any other obligor on the Securities, an Affiliate of the Company or an Affiliate of any such other obligor. In case of a dispute as to
whether the pledgee has established the foregoing, any decision by the Trustee taken upon the advice of counsel shall provide full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an
Officers’ Certificate listing and identifying all Securities, if any, known by the Company to be owned or held by or for the account of any of the above described Persons; and the Trustee shall be entitled to accept such Officers’
Certificate as conclusive evidence of the facts therein set forth and of the fact that all Securities not listed therein are outstanding for the purpose of any such determination. Notwithstanding Section 316(a)(1) of the TIA (which, for the
avoidance of doubt, shall not apply to this Indenture until this Indenture is qualified under the TIA) or anything herein to the contrary, to the fullest extent permitted by law, no SL Securities shall be deemed to be owned by the Company or any of
its Subsidiaries or Affiliates for purposes of this Indenture, the Securities and any direction, waiver or consent with respect thereto. 

Section 2.10. Temporary Securities. Until definitive Securities are ready for delivery, the Company may prepare and the
Trustee shall, upon receipt of a Company Order therefor, authenticate temporary Securities. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary
Securities. Without unreasonable delay, the Company shall prepare and the Trustee, upon receipt of a Company Order therefor, shall authenticate definitive Securities in exchange for temporary Securities. Until so exchanged, each temporary Security
shall in all respects be entitled to the same benefits under this Indenture as definitive Securities, and such temporary Security shall be exchangeable for definitive Securities in accordance with the terms of this Indenture. 

Section 2.11. Cancellation. The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar,
Paying Agent and Conversion Agent shall forward to the Trustee any Securities surrendered to them for transfer, exchange, payment or conversion. The Trustee shall promptly cancel all Securities surrendered for transfer, exchange, payment, conversion
or cancellation in accordance with its customary procedures. The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation or that any Holder has converted pursuant to Article 10. All
cancelled Securities held by the Trustee shall be disposed of in accordance with its customary procedure for the disposal of cancelled securities. 

Section 2.12. Defaulted Interest. If, and to the extent, the Company defaults in a payment of interest on the Securities,
the Company shall pay in cash the defaulted interest in any lawful manner plus, to the extent not prohibited by applicable statute or case law, interest on such defaulted interest at the rate provided in the Securities. The Company may pay the

  
 20 

 
defaulted interest (plus interest on such defaulted interest) to the Persons who are Holders on a subsequent special record date. The Company shall fix such special record date and payment date.
At least fifteen (15) calendar days before the special record date, the Company shall send to Holders and the Trustee a notice that states the special record date, payment date and amount of interest to be paid. Upon the due payment in full,
interest shall no longer accrue on such defaulted interest pursuant to this Section 2.12. 
 Section 2.13. CUSIP
Numbers. The Company in issuing the Securities may use one or more “CUSIP” numbers, and, if so, the Trustee shall use the CUSIP numbers in notices as a convenience to Holders; provided, however, that no
representation is hereby deemed to be made by the Trustee as to the correctness or accuracy of the CUSIP numbers printed on the notice or on the Securities; and provided further that reliance may be placed only on the other
identification numbers printed on the Securities, and the effectiveness of any such notice shall not be affected by any defect in, or omission of, such CUSIP numbers. The Company shall promptly notify the Trustee in writing of any change in the
CUSIP numbers. 
 On the Issue Date, the Securities shall initially bear the CUSIP and ISIN numbers set forth in the following sentence. The
CUSIP and ISIN numbers for the SL Securities that are Restricted Global Securities shall be 21925YAC7 and US21925YAC75, respectively; the CUSIP and ISIN numbers for the SL Securities that are Unrestricted Global Securities shall be 21925YAD5 and
US21925YAD58, respectively; the CUSIP and ISIN numbers for Restricted Global Securities other than SL Securities shall be 21925YAE3 and US21925YAE32, respectively; and the CUSIP and ISIN numbers for Unrestricted Global Securities other than SL
Securities shall be 21925YAF0 and US21925YAF07, respectively. 
 Section 2.14. Deposit of Moneys. Prior to 11:00 a.m.,
New York City time, on each Interest Payment Date, the Maturity Date or any Fundamental Change Repurchase Date, the Company shall deposit with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust in
accordance with Section 2.04) money, in funds immediately available on such date, sufficient to make cash payments, if any, due on such Interest Payment Date, the Maturity Date or such Fundamental Change Repurchase Date, as the case may be, in
a timely manner which permits the Paying Agent to remit payment to the Holders on such Interest Payment Date, the Maturity Date or such Fundamental Change Repurchase Date, as the case may be. 

If any Interest Payment Date, the Maturity Date or any Fundamental Change Repurchase Date falls on a date that is not a Business Day, the
payment due on such Interest Payment Date, the Maturity Date or such Fundamental Change Repurchase Date, as the case may be, shall be postponed until the next succeeding Business Day, and no interest or other amount shall accrue as a result of such
postponement. 
 Section 2.15. Book-Entry Provisions for Global Securities. (a) Global Securities initially shall
(i) be registered in the name of the Depository, its successors or their respective nominees, (ii) be delivered to the Trustee as custodian for the Depository, its successors or their respective nominees, as the case may be, and
(iii) bear the legends such Global Securities are required to bear under Section 2.17. 

  
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 Members of, or participants in, the Depository (“Participants”) shall have no
rights under this Indenture with respect to any Global Security held on their behalf by the Depository, or the Trustee as its custodian, or under the Global Security, and the Depository (or its nominee) may be treated by the Company, the Trustee and
any agent of the Company or the Trustee as the absolute owner of the Global Security for all purposes whatsoever; provided, however, that each SL Security that is a Global Security shall be subject to the rights under Section 9.02
and Section 10.02(c) of the beneficial owners of such SL Security. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee, any Securities Agent or any of their respective agents from giving effect to any written
certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and Participants, the operation of customary practices governing the exercise of the rights of a Holder of any Security. 

(b) Except as otherwise set forth in this Section 2.15 or Section 2.16, transfers of Global Securities shall be
limited to transfers in whole, but not in part, to the Depository, its successors or their respective nominees. In addition, one or more Physical Securities shall be transferred to each owner of a beneficial interest in a Global Security, as
identified by the Depository, in exchange for its beneficial interest in the Global Securities if (i) the Depository notifies the Company that the Depository is unwilling or unable to continue as depository for any Global Security, or the
Depository ceases to be a “clearing agency” registered under Section 17A of the Exchange Act, and, in either case, a successor Depository is not appointed by the Company within ninety (90) days of such notice or cessation or
(ii) an Event of Default has occurred and is continuing and the Registrar has received a written request from the beneficial owner (via the Depository) of the relevant Securities to issue Physical Securities. For the avoidance of doubt, if any
event described in clause (i) of the immediately preceding sentence occurs, any owner of a beneficial interest in any Global Security will be entitled to receive one or more Physical Securities in exchange for its beneficial interest or
interests in the Global Securities, and if any event described in clause (ii) of the immediately preceding sentence occurs, only the beneficial owner that has made a written request to the Registrar (via the Depository) will be entitled to
receive one or more Physical Securities in exchange for its beneficial interest or interests in the Global Securities. The Company may also exchange beneficial interests in a Global Security for one or more Physical Securities registered in the name
of the owner of beneficial interests if the Company and the owner of such beneficial interests agree to so exchange. 
 (c)
The transfer and exchange of beneficial interests in the Global Securities shall be effected through the Depository, in accordance with the provisions of this Indenture and the Applicable Procedures. Transfers of beneficial interests in the Global
Securities also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as, to the extent applicable, the other provisions of this Section 2.15(c) that follow: 

(i) Transfer of Beneficial Interests in the Same Global Security. Beneficial interests in any Restricted Global Security
may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Security (or a Restricted Global Security with the same CUSIP number) in accordance with the transfer restrictions set forth
in the Security Private Placement Legend. Beneficial interests in any Unrestricted Global Security may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security. No written orders or
instructions shall be required to be delivered to the Registrar to effect the transfers described in this clause (i). 

  
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 (ii) All Other Transfers and Exchanges of Beneficial Interests in Global
Securities. In connection with all transfers and exchanges of a beneficial interest in a Global Security that are not addressed by Section 2.15(c)(i), there must be delivered (A) such instruction or order from a Participant or an
Indirect Participant to the Depository, as may be required by the Applicable Procedures, directing the Depository to credit or cause to be credited a beneficial interest in another Global Security in an amount equal to the beneficial interest to be
transferred or exchanged and (B) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase. Upon satisfaction of all of the requirements for
transfer or exchange of beneficial interests in a Global Security contained in this Indenture, the Trustee shall adjust the principal amount of the Global Securities pursuant to Section 2.15(d). 

(iii) Transfer and Exchange of Beneficial Interests in a Restricted Global Security for Beneficial Interests in an
Unrestricted Global Security. A beneficial interest in any Restricted Global Security may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Security or transferred to a Person who takes delivery thereof in
the form of a beneficial interest in an Unrestricted Global Security if the exchange or transfer complies with the requirements of this Section 2.15(c) and the Registrar receives the following: 

(A) if the holder of such beneficial interest in a Restricted Global Security proposes to exchange such beneficial interest
for a beneficial interest in an Unrestricted Global Security, a certificate from such Holder substantially in the form of Exhibit E; or 

(B) if the holder of such beneficial interest in a Restricted Global Security proposes to transfer such beneficial interest to
a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security, a certificate from such holder in the form of Exhibit D; 

and, in each such case set forth in this clause (iii), if the Company or the Registrar so request or if the Applicable Procedures so require,
an Opinion of Counsel in form reasonably acceptable to the Company to the effect that no registration under the Securities Act is required in connection with such exchange or transfer of beneficial interests to the relevant Person or in connection
with any re-sales of the beneficial interests in the Unrestricted Global Security that are beneficially owned by such Person on the date of such opinion. 

Beneficial interests in an Unrestricted Global Security cannot be exchanged for, or transferred to Persons who take delivery
thereof in the form of, a beneficial interest in a Restricted Global Security. 

  
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 (iv) Transfer and Exchange of Beneficial Interests in one Restricted Global
Security for Beneficial Interests in another Restricted Global Security. A beneficial interest in any Restricted Global Security may be exchanged by any holder thereof for a beneficial interest in a Restricted Global Security with a different
CUSIP or different legends or transferred to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Security with a different CUSIP or different legends if the exchange or transfer complies with the
requirements of this Section 2.15(c) and the Registrar receives the following: 
 (A) if the holder of such beneficial
interest in a Restricted Global Security proposes to exchange such beneficial interest for a beneficial interest in a Restricted Global Security with a different CUSIP or different legends, a certificate from such Holder substantially in the form of
Exhibit E; or 
 (B) if the holder of such beneficial interest in a Restricted Global Security proposes to transfer
such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in a Restricted Global Security with a different CUSIP or different legends, a certificate from such holder in the form of Exhibit D.

 Notwithstanding the foregoing or anything to the contrary provided herein, a holder of a beneficial interest in a Security that is not an
SL Security may not exchange or transfer such beneficial interest for a beneficial interest in an SL Security. 
 (d) At such
time as all beneficial interests in a particular Global Security have been exchanged for Physical Securities or a particular Global Security has been repurchased or canceled in whole and not in part, each such Global Security shall be returned to or
retained and canceled by the Trustee in accordance with Section 2.11. At any time prior to such cancellation, if any beneficial interest in a Global Security is exchanged for or transferred to a Person who will take delivery thereof in the form
of a beneficial interest in another Global Security or for Physical Securities, the principal amount of Securities represented by such Global Security shall be reduced accordingly and an endorsement shall be made on such Global Security by the
Trustee or by the Depository at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another
Global Security, such other Global Security shall be increased accordingly and an endorsement shall be made on such Global Security by the Trustee or by the Depository at the direction of the Trustee to reflect such increase. 

(e) In connection with the transfer of a Global Security in its entirety to beneficial owners pursuant to Section 2.15(b),
such Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall upon written instructions from the Company authenticate and deliver, to each beneficial owner identified by
the Depository in exchange for its beneficial interest in such Global Security, an equal aggregate principal amount of Physical Securities of authorized denominations. 

  
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 (f) Any Physical Security delivered in exchange for an interest in a Global
Security pursuant to Section 2.15(b), shall bear the same legend(s), if any, from Exhibit B-1A that are borne by the relevant Global Security, except to the extent the requirements of
Section 2.15(c)(iii) or Section 2.15(c)(iv) are satisfied with respect to the removal or addition of any legend, mutatis mutandis for the fact that a Physical Security is being issued rather than a beneficial interest in a Global
Security. 
 (g) The Holder of any Global Security may grant proxies and otherwise authorize any Person, including
Participants and Persons that may hold interests through Participants, to take any action which a Holder is entitled to take under this Indenture or the Securities. 

(h) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on the
transfer of any interest in any Securities imposed under this Indenture or under applicable law (including any transfers between or among Participants or beneficial owners of interests in any Global Security) 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. 
 (i) Neither the Trustee nor any Securities Agent shall have any responsibility for any actions taken
or not taken by the Depository. 
 (j) No service charge shall be made to or by a holder of a beneficial interest in a Global
Security or to or by a Holder of a Physical Security for any registration of transfer or exchange. 
 (k) All Global
Securities and Physical Securities issued upon any registration of transfer or exchange of Global Securities or Physical Securities shall evidence the same debt of the Company and entitled to the same benefits under this Indenture, as the Global
Securities or Physical Securities surrendered upon such registration of transfer or exchange. 
 (l) Prior to due presentment
for the registration of a transfer of any Security, the Trustee and the Company may deem and treat the Person in whose name any Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal of and
interest on such Securities and, subject to Section 2.09, for all other purposes, and neither of the Trustee or the Company shall be affected by notice to the contrary. 

(m) Upon surrender for registration of transfer of any Security at the office or agency of the Company designated pursuant to
Section 4.02, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more replacement Securities of any authorized denomination or denominations of a like
aggregate principal amount. 
 (n) At the option of the Holder, Securities may be exchanged for other Securities of any
authorized denomination or denominations of a like aggregate principal amount upon surrender of the Securities to be exchanged at such office or agency. Whenever any Global Securities or Physical Securities are so surrendered for exchange, the
Company shall execute, and the Trustee shall authenticate and send, the replacement Global Securities and Physical Securities which the Holder making the exchange is entitled to in accordance with the provisions of Section 2.02. 

  
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 (o) Neither the Trustee nor any Securities Agent shall have any responsibility or
obligation to any beneficial owner of an interest in the Global Securities, an agent member of, or a participant in, the Depository or other person with respect to the accuracy of the records of the Depository or its nominees or of any Participant
or member thereof, with respect to any ownership interest in the Global Securities or with respect to the delivery to any Participant, agent member, beneficial owner or other Person (other than the Depository) of any notice or the payment of any
amount or delivery of any Securities (or other security or property) under or with respect to such Securities. The rights of beneficial owners in any Global Securities shall be exercised only through the Depository, subject to its applicable rules
and procedures. The Trustee and each agent may rely and shall be fully protected in relying upon information furnished by the Depository with respect to its agent members, Participants and any beneficial owners. 

Section 2.16. Special Transfer Provisions. (a) Notwithstanding any other provisions of this Indenture, but except as
provided in Section 2.15(b), a Global Security may not be transferred except as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the
Depository or any such nominee to a successor Depository or a nominee of such successor Depository. 
 (b) Upon the transfer,
exchange or replacement of Securities not bearing the Security Private Placement Legend, unless the Company notifies the Trustee in writing otherwise, the Trustee shall deliver Securities that do not bear the Security Private Placement Legend. Upon
the transfer, exchange or replacement of Securities bearing the Security Private Placement Legend, the Trustee shall deliver only Securities that bear the Security Private Placement Legend unless (i) the requested transfer, exchange or
replacement is after the Resale Restriction Termination Date, (ii) there is delivered to the Trustee and the Company an Opinion of Counsel reasonably satisfactory to the Company and addressed to the Company to the effect that no registration
under the Securities Act is required in connection with such transfer, exchange or replacement of such Securities in connection with any re-sales of such Securities on the date of such opinion or
(iii) such Security has been sold pursuant to an effective registration statement under the Securities Act and the Holder selling such Securities has delivered to the Registrar a notice in the form of Exhibit C hereto. 

(c) By its acceptance of any Security or any Common Stock bearing the Security Private Placement Legend or the Common Stock
Private Placement Legend, each holder thereof acknowledges the restrictions on transfer of such security set forth in this Indenture and in the Security Private Placement Legend or Common Stock Private Placement Legend, as applicable, and agrees
that it will transfer such security only as provided in this Indenture and as permitted by applicable law. 
 The Registrar shall retain
copies of all letters, notices and other written communications received pursuant to Section 2.15 or this Section 2.16 in accordance with its customary document retention policies. The Company shall have the right to inspect and make
copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable written notice to the Registrar. 

  
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 (d) The Company may, to the extent permitted by law, purchase the Securities in
the open market or by tender offer at any price or by private agreement without giving prior notice to Holders. The Company may, at its option, surrender to the Trustee for cancellation any Securities the Company purchases in this manner. Securities
surrendered to the Trustee for cancellation may not be reissued or resold and shall be promptly cancelled pursuant to Section 2.11. 

(e) Any Physical Securities that are purchased or owned by the Company, any Subsidiary of the Company or any other Affiliate of
the Company or its Subsidiaries may not be resold by the Company, such Subsidiary or such Affiliate in a transaction in which the transferee takes its interest in the form of a beneficial interest in a Global Security 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 Securities no longer being Restricted Securities. 

Section 2.17. Restrictive Legends. 

(a) Each Global Security and Physical Security that constitutes a Restricted Security shall bear the legend (the “Security Private
Placement Legend”) as set forth in Exhibit B-1A on the face thereof until the date such Securities no longer constitute Restricted Securities as reasonably determined by the Company in good
faith and evidenced by an Officers’ Certificate (such date, the “Resale Restriction Termination Date”). 
 No transfer
of any Security prior to the Resale Restriction Termination Date will be registered by the Registrar unless the applicable box has been checked on the Form of Assignment attached as Attachment 1 to the Form of Security attached hereto as
Exhibit A. 
 Any Security (or security issued in exchange or substitution therefor) as to which such restrictions on transfer shall
have expired in accordance with their terms may, upon surrender of such Security for exchange to the Trustee in accordance with the provisions of this Article 2, be exchanged for a new Security or Securities, of like tenor and aggregate principal
amount, which shall not bear the Security Private Placement Legend required by this Section 2.17(a) and shall not be assigned a restricted CUSIP number. In addition, on and after the Resale Restriction Termination Date, upon the request of any
Holder and upon surrender of its Security for exchange, the Company shall exchange a Physical Security with the Security Private Placement Legend for a Physical Security without Security Private Placement Legend so long as the Holder covenants to
the Company that it will offer, sell, pledge or otherwise transfer such Security in compliance with the Securities Act. The Company shall be entitled to instruct the Trustee in writing to cancel any Global Security as to which such restrictions on
transfer shall have expired in accordance with their terms for exchange, and, upon such instruction, the Trustee shall provide evidence of cancellation of such Global Security; and any new Global Security exchanged therefor shall not bear the
Security Private Placement Legend specified in this Section 2.17(a) and shall not be assigned a restricted CUSIP number. The Company shall promptly notify the Trustee in writing upon the occurrence of the Resale Restriction Termination Date and
promptly after a registration statement, if any, with respect to the Securities or any Common Stock issued upon conversion of the Securities has been declared effective under the Securities Act. 

  
 27 

 (b) Until the Resale Restriction Termination Date, any stock certificate
representing Common Stock issued upon conversion of such Security, if any, shall, if such shares constitute Restricted Securities at their time of issuance, bear the legend (the “Common Stock Private Placement Legend”) as set forth
in Exhibit B-1B unless such Common Stock 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 have been 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. 

(c) Each Global Security shall also bear the legend as set forth in Exhibit B-2.

 (d) Each Security issued with “original issue discount” for United States federal income tax purposes shall also
bear the legend as set forth in Exhibit B-3. 
 ARTICLE 3 

REPURCHASE UPON A FUNDAMENTAL CHANGE 

Section 3.01. Repurchase at Option of Holder Upon a Fundamental Change. (a) If a Fundamental Change occurs at any time
prior to the Maturity Date, each Holder of Securities shall have the right (the “Fundamental Change Repurchase Right”), at such Holder’s option, to require the Company to repurchase (a “Repurchase Upon Fundamental
Change”) all of such Holder’s Securities (or any portion thereof that is equal to $1,000 in principal amount or an integral multiple thereof), on a date selected by the Company (the “Fundamental Change Repurchase
Date”), which shall be no later than thirty five (35) Business Days, and no earlier than twenty (20) Business Days (or as such period may be extended pursuant to Section 3.01(j)), after the date the Fundamental Change Notice
is sent in accordance with Section 3.01(b), at a price, payable in cash, equal to one hundred percent (100%) of the principal amount of the Securities (or portion thereof) to be so repurchased, plus the sum of the amounts of all remaining
scheduled interest payments through and including the Maturity Date (the “Fundamental Change Repurchase Price”), subject to satisfaction of the following conditions: 

(i) delivery to the Company (if it is acting as its own Paying Agent), or to a Paying Agent designated by the Company for such
purpose in the Fundamental Change Notice, no later than the Close of Business on the Business Day immediately preceding the Fundamental Change Repurchase Date, of a Repurchase Notice, in the form set forth in the Securities or any other form of
written notice substantially similar thereto, in each case, duly completed and signed, with appropriate signature guarantee, stating: 

(A) the certificate number(s) of the Securities that the Holder will deliver to be repurchased, if such Securities are
Physical Securities; 
 (B) the principal amount of Securities to be repurchased, which must be $1,000 or an integral
multiple thereof; and 

  
 28 

 (C) that such principal amount of Securities are to be repurchased pursuant to
the terms and conditions specified in this Section 3.01; and 
 (ii) delivery to the Company (if it is acting as its own
Paying Agent), or to a Paying Agent designated by the Company for such purpose in the Fundamental Change Notice, at any time after the delivery of such Repurchase Notice, of such Securities (together with all necessary endorsements) with respect to
which the Fundamental Change Repurchase Right is being exercised, if such Securities are Physical Securities, or book-entry transfer of the Securities, if the Securities are Global Securities, in compliance with the Applicable Procedures; 

provided, however, that if such Fundamental Change Repurchase Date is after a Record Date for the payment of an installment of interest and on
or before the related Interest Payment Date, then the full amount of accrued and unpaid interest, if any, to, but excluding, such Interest Payment Date shall be paid on such Interest Payment Date to the Holder of record of such Securities at the
Close of Business on such Record Date (without any surrender of such Securities by such Holder), and the Fundamental Change Repurchase Price shall not include such accrued but unpaid interest. 

If such Securities are held in book-entry form through the Depository, the delivery of any Securities, Repurchase Notice, Fundamental Change
Notice or notice of withdrawal pursuant to the second immediately succeeding paragraph shall comply with the Applicable Procedures. 

Notwithstanding anything herein to the contrary, any Holder that has delivered the Repurchase Notice contemplated by this Section 3.01(a)
to the Company (if it is acting as its own Paying Agent) or to a Paying Agent designated by the Company for such purpose in the Fundamental Change Notice shall have the right to withdraw such Repurchase Notice by delivery, at any time prior to the
Close of Business on the Business Day immediately preceding the Fundamental Change Repurchase Date (or, if there shall be a Default in the payment of the Fundamental Change Repurchase, at any time during which such Default is continuing), of a
written notice of withdrawal to the Company (if acting as its own Paying Agent) or the Paying Agent, which notice shall be delivered in accordance with, and contain the information specified in, Section 3.01(b)(x). 

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

(b) On or before the 20th Business Day after the consummation of a Fundamental Change, the Company shall send, or cause to be
sent, to all Holders of the Securities in accordance with Section 13.01 a notice (the “Fundamental Change Notice”) of the occurrence of such Fundamental Change and the Fundamental Change Repurchase Right arising as a result
thereof. The Company shall deliver a copy of the Fundamental Change Notice to the Trustee at the time such notice is delivered to the Holders. Each Fundamental Change Notice shall state: 

(i) the events causing the Fundamental Change; 

(ii) the date of the Fundamental Change; 

  
 29 

 (iii) the Fundamental Change Repurchase Date; 

(iv) the last date on which the Fundamental Change Repurchase Right may be exercised, which shall be the Business Day
immediately preceding the Fundamental Change Repurchase Date; 
 (v) the Fundamental Change Repurchase Price; 

(vi) the names and addresses of the Paying Agent and the Conversion Agent; 

(vii) the procedures that a Holder must follow to exercise the Fundamental Change Repurchase Right; 

(viii) that the Fundamental Change Repurchase Price for any Security as to which a Repurchase Notice has been given and not
withdrawn will be paid no later than the later of such Fundamental Change Repurchase Date and the time of book-entry transfer or delivery of the Security (together with all necessary endorsements); 

(ix) that, except as otherwise provided herein with respect to a Fundamental Change Repurchase Date that is after a Record Date
for the payment of an installment of interest and on or before the related Interest Payment Date, on and after such Fundamental Change Repurchase Date (unless there shall be a Default in the payment of the Fundamental Change Repurchase Price),
interest on Securities subject to Repurchase Upon Fundamental Change will cease to accrue, and all rights of the Holders of such Securities shall terminate, other than the right to receive, in accordance herewith, the Fundamental Change Repurchase
Price; 
 (x) that a Holder will be entitled to withdraw its election in the Repurchase Notice prior to the Close of Business
on the Business Day immediately preceding the Fundamental Change Repurchase Date, or such longer period as may be required by law, delivered in the same manner as the related Repurchase Notice was delivered and setting forth the name of such Holder,
a statement that such Holder is withdrawing its election to have Securities purchased by the Company on such Fundamental Change Repurchase Date pursuant to a Repurchase Upon Fundamental Change, the certificate number(s) of such Securities to be so
withdrawn (if such Securities are Physical Securities), the principal amount of the Securities of such Holder to be so withdrawn, which amount must be $1,000 or an integral multiple thereof and the principal amount, if any, of the Securities of such
Holder that remain subject to the Repurchase Notice delivered by such Holder in accordance with this Section 3.01, which amount must be $1,000 or an integral multiple thereof; provided, however, that if there shall be a Default in
the payment of the Fundamental Change Repurchase Price, a Holder shall be entitled to withdraw its election in the Repurchase Notice at any time during which such Default is continuing; 

(xi) the Conversion Rate and any adjustments to the Conversion Rate that will result from such Fundamental Change (if
applicable); 

  
 30 

 (xii) that Securities with respect to which a Repurchase Notice is given by a
Holder may be converted pursuant to Article 10 only if such Repurchase Notice has been withdrawn in accordance with this Section 3.01 or the Company defaults in the payment of the Fundamental Change Repurchase Price; and 

(xiii) the CUSIP number or numbers, as the case may be, of the Securities. 

At the Company’s request given at least five (5) Business Days before such notice is to be sent, the Trustee shall send such
Fundamental Change Notice in the Company’s name and at the Company’s expense; provided, however, that the form and content of such Fundamental Change Notice shall be prepared by the Company. 

No failure of the Company to give a Fundamental Change Notice shall limit any Holder’s right pursuant hereto to exercise a Fundamental
Change Repurchase Right. 
 (c) Subject to the provisions of this Section 3.01, the Company shall pay, or cause to be
paid, the Fundamental Change Repurchase Price with respect to each Security as to which the Fundamental Change Repurchase Right shall have been exercised to the Holder thereof no later than the later of the Fundamental Change Repurchase Date and the
time of book-entry transfer or when such Security is surrendered to the Paying Agent together with any necessary endorsements. 

(d) The Company shall, in accordance with Section 2.14, deposit with a Paying Agent (or, if the Company is acting as its
own Paying Agent, segregate and hold in trust in accordance with Section 2.04) money, in funds immediately available on the Fundamental Change Repurchase Date, sufficient to pay the Fundamental Change Repurchase Price upon Repurchase Upon
Fundamental Change for all of the Securities that are to be repurchased by the Company on such Fundamental Change Repurchase Date pursuant to a Repurchase Upon Fundamental Change. The Paying Agent shall, promptly after delivering the Fundamental
Change Repurchase Price to Holders entitled thereto and upon written demand by the Company, return to the Company as soon as practicable, any money in excess of the Fundamental Change Repurchase Price. 

(e) Once the Fundamental Change Notice and the Repurchase Notice have been duly given in accordance with this
Section 3.01, the Securities to be repurchased pursuant to a Repurchase Upon Fundamental Change shall, on the Fundamental Change Repurchase Date, become due and payable in accordance herewith, and, on and after such date (unless there shall be
a Default in the payment of the Fundamental Change Repurchase Price), except as otherwise provided herein with respect to a Fundamental Change Repurchase Date that is after a Record Date for the payment of an installment of interest and on or before
the related Interest Payment Date, such Securities shall cease to bear interest (whether or not book-entry transfer of the Securities has been made or the Securities have been delivered to the Paying Agent), and all rights of the relevant Holders of
such Securities shall terminate, other than the right to receive, in accordance herewith, such consideration and any other applicable rights under those sections set forth in the proviso in Section 8.01. 

  
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 (f) Securities with respect to which a Repurchase Notice has been duly delivered
in accordance with this Section 3.01 may be converted pursuant to Article 10 only if such Repurchase Notice has been withdrawn in accordance with this Section 3.01 or the Company defaults in the payment of the Fundamental Change Repurchase
Price. 
 (g) If any Security shall not be paid on the Fundamental Change Repurchase Date upon book-entry transfer or
surrender thereof for Repurchase Upon Fundamental Change, the principal of, and accrued and unpaid interest on, such Security shall, until paid, bear interest, payable in cash, at the rate borne by such Security on the principal amount of such
Security, and such Security shall be convertible pursuant to Article 10 if any Repurchase Notice with respect to such Security is withdrawn pursuant to this Section 3.01. 

(h) Any Security that is to be submitted for Repurchase Upon Fundamental Change only in part shall be delivered pursuant to
this Section 3.01 (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or its attorney duly authorized
in writing, with a notarization or medallion guarantee), and the Company shall promptly execute, and the Trustee shall promptly authenticate and make available for delivery to the Holder of such Security without service charge, a new Security or
Securities, of any authorized denomination as requested by such Holder, of the same tenor and in aggregate principal amount equal to the portion of such Security not duly submitted for Repurchase Upon Fundamental Change. 

(i) Notwithstanding anything herein to the contrary, except in the case of an acceleration resulting from a Default relating to
the payment of the Fundamental Change Repurchase Price, there shall be no purchase of any Securities pursuant to this Section 3.01 on any date if, on such date, the principal amount of the Securities shall have been accelerated in accordance
with this Indenture and such acceleration shall not have been rescinded on or prior to such date in accordance with this Indenture. The Paying Agent will promptly return to the respective Holders thereof any Securities held by it during the
continuance of such an acceleration. 
 (j) In connection with any Repurchase Upon Fundamental Change, the Company shall, to
the extent required (i) comply with the provisions of Rule 13e-4, Rule 14e-1, Regulation 14E under the Exchange Act, and with all other applicable laws;
(ii) file a Schedule TO or any other schedules required under the Exchange Act or any other applicable laws; and (iii) otherwise comply with all applicable United States federal and state securities laws in connection with any offer by the
Company to repurchase the Securities; provided that any time period specified in this Article 3 shall be extended to the extent necessary for such compliance. 

  
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 ARTICLE 4 

COVENANTS 

Section 4.01. Payment of Securities. The Company shall pay all amounts and make deliveries of securities due with respect
to the Securities on the dates and in the manner provided in the Securities and this Indenture. All such amounts shall be considered paid on the date due if the Paying Agent holds (or, if the Company is acting as Paying Agent, the Company has
segregated and holds in trust in accordance with Section 2.04) on that date money sufficient to pay the amount then due with respect to the Securities. The Company will pay, in money of the United States that at the time of payment is legal
tender for payment of public and private debts, all amounts due in cash with respect to the Securities, which amounts shall be paid (a) in the case of a Global Security, by wire transfer of immediately available funds to the account designated
by the Depository or its nominee; and (b) in the case of a Physical Security, by wire transfer of immediately available funds to the account within the United States as specified in writing to the Paying Agent by such Holder or, if such Holder
does not specify an account, by mailing a check to the address of such Holder set forth in the register of the Registrar. Interest will be computed on the basis of a 360-day year of twelve 30-day months. With respect to principal payments, presentation and surrender of Securities is required prior to final payment. 

The Company shall pay, in cash, interest on any overdue amount (including, to the extent permitted by applicable law, overdue interest) at the
rate borne by the Securities. 
 Section 4.02. Maintenance of Office or Agency. The Company will maintain, or cause to be
maintained, an office or agency (which may be an office of the Trustee or an Affiliate of the Trustee or Registrar) where Securities may be surrendered for registration of transfer or exchange, payment or conversion. The Company will give prompt
written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain, or fail to cause to be maintained, any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations and surrenders may be made or served at the Corporate Trust Office of the Trustee. 

The Company will maintain, or cause to be maintained, an office or agency where notices and demands to or upon the Company in respect of the
Securities and this Indenture (other than the type contemplated by Section 13.09(c)) may be served, provided that such office or agency may instead be at the principal office of the Company located in the United States (and,
notwithstanding the final sentence of this Section 4.02, shall initially be at such office until the Company notifies the Trustee otherwise). 

The Company may also from time to time designate one or more other offices or agencies where the Securities may be presented or surrendered
for any or all such purposes and may from time to time rescind such designations. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

 The Company hereby initially designates the Corporate Trust Office of the Trustee as an agency of the Company in accordance with
Section 2.03; provided that, under no circumstances shall the Trustee be an agent for service of legal process on the Company. 

Section 4.03. Annual Reports. (a) The Company shall provide to the Trustee a copy of each report the Company is
required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act no later than the date 15 Business Days after such report is required to be filed with the SEC pursuant to the Exchange Act (after giving effect to any grace
period provided by Rule 12b-25 under the Exchange Act); provided, however, that each such report will be deemed 

  
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to be so provided to the Trustee if the Company files such report with the SEC through the SEC’s EDGAR database no later than the time such report is required to be filed with the SEC
pursuant to the Exchange Act (taking into account any applicable grace periods provided thereunder). To the extent the TIA then applies to this Indenture, the Company shall comply with TIA § 314(a). 

(b) In addition, while the Securities remain outstanding and are “restricted securities” within the meaning of Rule
144(a)(3) under the Securities Act, the Company will, during any period in which the Company is not subject to Section 13 or 15(d) of the Exchange Act, furnish to holders of the Securities and prospective investors, upon request, the
information required to be delivered pursuant to Rule 144(c)(2) under the Securities Act. 
 (c) Delivery of such reports,
information and documents to the Trustee pursuant to this Section 4.03 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 hereunder (as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate). 

(d) The Trustee shall have no obligation or duty to determine or monitor whether the Company has delivered reports or filed
such reports with the Commission in accordance with this Section 4.03. 
 (e) If, at any time during the six-month period beginning on, and including, the date which is six months after the last date of original issuance of the Securities and ending on the one-year anniversary of
the last original issuance date of the Securities, the Company fails to timely file any periodic report that the Company 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), and the Company does not cure such failure to file within 14 calendar days, the Company shall pay interest (the “Additional Interest”) on the Securities, accruing
from the due date of the first missed filing that gives rise to such obligation and continuing until the earlier of (i) the one-year anniversary of the last original issuance date of the Securities and
(ii) the date on which the Company corrects its failure to file such reports. During the first 90 days on which such Additional Interest is payable, such Additional Interest shall accrue at a rate of 0.25% per annum; thereafter, such Additional
Interest shall accrue at a rate of 0.50% per annum. 
 (f) In addition, if any Securities (other than Securities held by an
“affiliate” of the Company as defined in Rule 144, or acquired from such an affiliate less than one year earlier than the date of determination (giving effect to any applicable tacking under Rule 144(d))) or any shares of Common Stock
issuable upon conversion of Securities (other than Securities held by an “affiliate” of the Company as defined in Rule 144, or acquired from such an affiliate less than one year earlier than the date of determination (giving effect to any
applicable tacking under Rule 144(d))) are Restricted Securities on or at any time after the one-year anniversary of the last original issuance date of such Securities (or the next succeeding Business Day if
such date is not a Business Day), the Company will pay Additional Interest on such Securities accruing from the one-year anniversary of the last 

  
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original issuance date of such Securities and until the date on which such Securities and any shares of Common Stock issuable upon the conversion of such Securities cease to be Restricted
Securities. During the first 90 days on which such Additional Interest is payable, such Additional Interest will accrue at a rate of 0.25% per annum; thereafter, such Additional Interest will accrue at a rate of 0.50% per annum. 

(g) Notwithstanding anything else in this Indenture, in no event will (i) the combined rate of any Additional Interest
payable under this Section 4.03 and of any Special Interest payable under Section 6.01(j) exceed 0.50% per annum; or (ii) Additional Interest accrue on any day in which (A) (1) the Company has filed a shelf registration statement
for the resale of the Securities, (2) such shelf registration statement is effective and usable by Holders for the resale of the Securities, and (3) the Holders may register the resale of their Securities under such shelf registration
statement on terms customary for the resale of convertible securities offered in reliance on Rule 144A; or (B) in which conditions (A)(1) through (A)(3) of this sentence have been satisfied for a period of two years. 

(h) Whenever Additional Interest is accruing on a Record Date, the Company will pay all accrued and unpaid Additional Interest
to the Holders of record on such Record Date on the corresponding Interest Payment Date. If Additional Interest is not accruing on a Record Date, but has accrued since the immediately preceding Record Date, the Company shall pay any accrued and
unpaid Additional Interest on the Interest Payment Date corresponding to the latter Record Date to Holders of record on the latter Record Date. 

If the Company is required to pay Additional Interest or Special Interest to Holders, the Company shall provide a direction or order in the
form of an Officers’ Certificate to the Trustee (and if the Trustee is not the Paying Agent, to the Paying Agent) of the Company’s obligation to pay such Additional Interest or Special Interest no later than ten Business Days prior to the
date on which any such Additional Interest or Special Interest is scheduled to be paid. Such Officers’ Certificate shall set forth the amount of Additional Interest or Special Interest to be paid by the Company on such payment date and direct
the Trustee (or, if the Trustee is not the Paying Agent, to the Paying Agent) to make payment to the extent it receives funds from the Company to do so. The Trustee shall not at any time be under any duty or responsibility to any Holder to determine
whether the Additional Interest or Special Interest is payable, or with respect to the nature, extent, or calculation of the amount of the Additional Interest or Special Interest owed, or with respect to the method employed in such calculation of
the Additional Interest or Special Interest. 
 Section 4.04. Compliance Certificate. The Company shall deliver to the
Trustee, within one hundred and twenty (120) calendar days after the end of each fiscal year of the Company, commencing with the fiscal year ending December 31, 2017, a certificate from the principal executive, financial or accounting
officer of the Company stating that such officer has conducted or supervised a review of the activities of the Company and its performance of obligations under this Indenture and the Securities and that, based upon such review, no Default or Event
of Default exists hereunder or thereunder or, if a Default or Event of Default then exists, specifying such event, status and the remedial action proposed to be taken by the Company with respect to such Default or Event of Default. 

  
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 Section 4.05. Stay, Extension and Usury Laws. The Company covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force,
which may affect the covenants or the performance of this Indenture or the Securities; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by
resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 

Section 4.06. Notice of Default. Within 30 days of the Company’s becoming aware of the occurrence of any Default or
Event of Default, the Company shall give written notice to the Trustee of such Default or Event of Default, and any remedial action proposed to be taken. 

Section 4.07. Limitation on the Incurrence of Indebtedness. The Company shall not, and will not permit any of its Subsidiaries to,
directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise (collectively, “incur” and collectively, an “incurrence”) with respect to
any Indebtedness unless (a) the Consolidated Total Debt Ratio for the Company and its Subsidiaries on the date on which such Indebtedness is incurred would have been equal to or less than 2.50 to 1.00 and (b) the Consolidated Net Debt
Ratio for the Company and its Subsidiaries on the date on which such Indebtedness is incurred would have been equal to or less than 2.00 to 1.00, in each case, determined on a pro forma basis
giving effect to such incurrence and the application of the proceeds thereof; provided that, notwithstanding the foregoing, nothing in this Section 4.07 shall prohibit the Company and its Subsidiaries, taken together, from
incurring Indebtedness in respect of purchase money indebtedness not to exceed in the aggregate $10.0 million at any one time outstanding. 

ARTICLE 5 
 SUCCESSORS 

Section 5.01. When Company May Merge, Etc. Subject to Section 5.02, the Company shall not consolidate with, or merge with or
into, or sell, transfer, lease, convey or otherwise dispose of all or substantially all of the consolidated property or assets of the Company and its Subsidiaries, taken as a whole, to another Person (other than one or more Subsidiaries of the
Company (it being understood that this Article 5 shall not apply to a sale, transfer, lease, conveyance or other disposition of property or assets between or among the Company and its Subsidiaries)), whether in a single transaction or series of
related transactions, unless (i)(x) the Company is the continuing Person or (y) such other Person is organized and existing under the laws of the United States of America, any state of the United States of America or the District of Columbia,
such other Person assumes by supplemental indenture all of the obligations of the Company under the Securities and this Indenture and following such transaction or series of related transactions the Reference Property does not include interests in
an entity that is a partnership for U.S. federal income tax purposes and (ii) immediately after giving effect to such transaction or series of transactions, no Default or Event of Default shall have occurred and be continuing under this
Indenture. 

  
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 For purposes of this Section 5.01, the sale, transfer, lease, conveyance or other
disposition of all or substantially all of the properties or assets of one or more Subsidiaries of the Company to another Person other than the Company or one or more other Subsidiaries of the Company, which properties or assets, if held by the
Company instead of such Subsidiaries, would constitute all or substantially all of the consolidated properties or assets of the Company and its Subsidiaries, taken as a whole, shall be deemed to be the sale, transfer, lease, conveyance or other
disposition of all or substantially all of the consolidated properties or assets of the Company and its Subsidiaries, taken as a whole, to another Person. 

The Company shall deliver to the Trustee substantially concurrently with or prior to the consummation of the proposed transaction an
Officers’ Certificate and an Opinion of Counsel (which may rely upon such Officers’ Certificate as to the absence of Defaults and Events of Default and other statements of fact) stating that the proposed transaction and, if required, such
supplemental indenture (if any) will, upon consummation of the proposed transaction, comply with the applicable provisions of this Indenture. 

Section 5.02. Successor Substituted. In case of any such consolidation, merger or any sale, transfer, lease, conveyance or other
disposition of all or substantially all of the consolidated property or assets of the Company and its Subsidiaries, taken as a whole, and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee,
of the due and punctual payment of the principal of and accrued and unpaid interest on all of the Securities, the due and punctual payment of the Fundamental Change Repurchase Price with respect to all Securities repurchased on each Fundamental
Change Repurchase Date, the due and punctual delivery or payment, as the case may be, of any consideration due upon conversion of the Securities and the due and punctual performance of all of the covenants and conditions of this Indenture and the
Securities to be performed by the Company, such successor Person shall succeed to and be substituted for the Company, with the same effect as if it had been named herein as the party of the first part. Such successor Person thereupon may cause to be
signed, and may issue either in its own name or in the name of the Company any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such
successor Person 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 Securities that
previously shall have been signed and delivered by the Officers of the Company to the Trustee for authentication, and any Securities that such successor Person thereafter shall cause to be signed and delivered to the Trustee for that purpose. All
the Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Securities had been
issued at the date of the execution hereof. In the event of any such consolidation, merger or any sale, transfer, conveyance or other disposition (but not in the case of a lease), upon compliance with this Article 5, the Person named as the
“Company” in the first paragraph of this Indenture or any successor that shall thereafter have become such in the manner prescribed in this Article 5, except in the case of a lease, shall be released from its liabilities as obligor and
maker of the Securities and its obligations under this Indenture shall terminate. 

  
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 In case of any such consolidation, merger or any sale, transfer, lease, conveyance or other
disposition, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate. 

ARTICLE 6 
 DEFAULTS AND
REMEDIES 
 Section 6.01. Events of Default. An “Event of Default” occurs if: 

(a) the Company fails to pay the principal of any Security when due, whether on the Maturity Date, on a Fundamental Change
Repurchase Date with respect to a Fundamental Change, upon acceleration or otherwise; 
 (b) the Company fails to pay an
installment of interest on any Security when due, if the failure continues for thirty (30) days after the date when due; 

(c) the Company fails to satisfy its conversion obligations upon exercise of a Holder’s conversion rights pursuant hereto;

 (d) the Company fails to (i) comply with its obligations under Article 5 or (ii) issue a Fundamental Change
Notice in accordance with Section 3.01(b) when due; 
 (e) the Company fails to comply with any other term, covenant or
agreement set forth in the Securities or this Indenture and such failure continues for the period, and after the notice, specified in the last paragraph of this Section 6.01; 

(f) the Company or any Significant Subsidiary of the Company fails to pay when due (whether at stated maturity or otherwise),
after the expiration of any applicable grace period, the principal or interest on indebtedness for borrowed money, where the amount of such unpaid principal and/or interest is in an aggregate amount in excess of $50,000,000 (or its foreign currency
equivalent), or a default occurs that results in the acceleration of maturity, of any indebtedness for borrowed money of the Company or any Significant Subsidiary of the Company in an aggregate amount in excess of $50,000,000 (or its foreign
currency equivalent), and such failure or default continues for thirty (30) days after written notice of such failure or default is given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least twenty five
percent (25%) in aggregate principal amount of the Securities then outstanding; 
 (g) a final judgment for the payment in
excess of $50,000,000 (or its foreign currency equivalent) (excluding any amounts covered by insurance or subject to a binding indemnity from a financially responsible third party with resources sufficient to pay such indemnity obligation when due)
is rendered against the Company or any Significant Subsidiary of the Company, which judgment is not discharged or stayed within thirty (30) days after (i) the date on which the right to appeal thereof has expired if no such appeal has
commenced, or (ii) the date on which all rights to appeal have been extinguished; 

  
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 (h) the Company or any of its Significant Subsidiaries, pursuant to, or within
the meaning of, any Bankruptcy Law, insolvency law, or other similar law now or hereafter in effect or otherwise, either: 

(i) commences a voluntary case, 

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

(iii) consents to the appointment of a Bankruptcy Custodian of it or for all or substantially all of its property, or 

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

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

(i) is for relief against the Company or any of its Significant Subsidiaries in an involuntary case or proceeding with respect
to the Company or any of its Significant Subsidiaries, or adjudicates the Company or any of its Significant Subsidiaries insolvent or bankrupt, 

(ii) appoints a Bankruptcy Custodian of the Company or any of its Significant Subsidiaries for any substantial part of the
Company’s or any of its Significant Subsidiaries’ property, as the case may be, or 
 (iii) orders the winding up
or liquidation of the Company or any of its Significant Subsidiaries, 
 and, in the case of each of the foregoing clauses (i), (ii) and
(iii) of this Section 6.01(i), the order or decree remains unstayed and in effect for at least sixty (60) consecutive days. 

A Default under clause (e) above shall not be an Event of Default until (A) the Trustee notifies the Company in writing, or the
Holders of at least twenty five percent (25%) in aggregate principal amount of the Securities then outstanding notify the Company and the Trustee in writing, of the Default and (B) the Default is not cured within sixty (60) days after
receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” If the Holders of at least twenty five percent (25%) in aggregate principal amount of the
outstanding Securities request the Trustee to give such notice on their behalf, the Trustee shall, subject to the terms of this Indenture, do so. When a Default is cured, it ceases to exist for all purposes under this Indenture. 

(j) Notwithstanding anything to the contrary in the Securities or elsewhere in this Indenture, at the election of the Company,
the sole remedy for an Event of Default specified in Section 6.01(e) relating to the failure by the Company to comply with Section 4.03(a) (the “Company’s Filing Obligations”), shall consist exclusively of the right
to receive interest (the “Special Interest”) on the Securities. (i) For the first 180 days of the 270-day period on which such Event of Default is continuing beginning on, and including,
the date on which such an Event of Default first occurs, the Special Interest will accrue at a rate equal to 0.25% 

  
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per annum, and (ii) for the last 90 days of such 270-day period as long as such Event of Default is continuing, the Special Interest will accrue at a
rate equal to 0.50% per annum. The Special Interest will be in addition to any Additional Interest that the Company is required to pay under Section 4.03 and will be payable in the same manner as Additional Interest; provided,
however, that in no event will the combined rate of the Special Interest and any Additional Interest due under Section 4.03 exceed 0.50% per annum. This Special Interest, as applicable, will accrue on the Securities from and including
the date on which an Event of Default relating to a failure to comply with the Company’s Filing Obligations first occurs to and including the 270th day thereafter (or such earlier date on which the Event of Default relating to such obligations
shall have been cured or waived pursuant to Section 6.04). On such 271st day (or, if such Event of Default is cured or waived pursuant to Section 6.04 prior to such 271st day, on the date such Event of Default is so cured or waived), such
Special Interest will cease to accrue and, if such Event of Default has not been cured or waived pursuant to Section 6.04 prior to such 271st day, then the Trustee or the Holders of at least twenty five percent (25%) in aggregate principal
amount of the Securities then outstanding may declare one hundred percent (100%) of the principal of, and accrued and unpaid interest on, all of the Securities to be immediately due and payable. This provision shall not affect the rights of Holders
in the event of the occurrence of any other Event of Default. If the Company elects to pay the Special Interest as the sole remedy for an Event of Default specified in Section 6.01(e) relating to the failure by the Company to comply with the
Company’s Filing Obligations, the Company shall notify, in the manner provided for in Section 13.01, the Holders, the Paying Agent and the Trustee of such election at any time on or before the Close of Business on the date on which such
Event of Default first occurs (which notice shall include a statement as to the date from which Special Interest is payable). Upon the Company’s failure to give such notice, the Securities will be immediately subject to acceleration as provided
in Section 6.02. If the Special Interest has been paid by the Company directly to the Persons entitled to it, the Company shall deliver to the Trustee a certificate setting forth the particulars of such payment. 

Section 6.02. Acceleration. (a) Subject to Section 6.02(b), if applicable, if an Event of Default (excluding an Event of
Default specified in Section 6.01(h) or Section 6.01(i) with respect to the Company) has occurred and is continuing, either the Trustee, by written notice to the Company, or the Holders of at least twenty five percent (25%) in aggregate
principal amount of the Securities then outstanding, by written notice to the Company and the Trustee, may declare one hundred percent (100%) of the principal of, and accrued and unpaid interest on, all the Securities to be immediately due and
payable in full. Upon such declaration, the principal of, and any accrued and unpaid interest on, all Securities shall be due and payable immediately. If an Event of Default specified in Section 6.01(h) or Section 6.01(i) occurs with
respect to the Company (and not solely with respect to one or more of its Significant Subsidiaries), one hundred percent (100%) of the principal of, and accrued and unpaid interest on, all the Securities shall ipso facto become and be immediately
due and payable without any declaration or other act on the part of the Trustee or any Holder. The Holders of a majority in aggregate principal amount of the Securities then outstanding by written notice to the Trustee may rescind or annul an
acceleration and its consequences if (i) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction, (ii) all existing Events of Default, except the nonpayment of principal or interest that has
become due solely because of the acceleration, have been cured or waived (or are waived concurrently with such rescission or annulment) and (iii) all 

  
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amounts due to the Trustee under Section 7.06 have been paid. Upon any such rescission or annulment, the Events of Default that were the subject of such acceleration shall cease to exist and
deemed to have been cured for every purpose. 
 Section 6.03. Other Remedies. Notwithstanding any other provision of this
Indenture, if an Event of Default occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of amounts due with respect to the Securities or to enforce the performance of any
provision of the Securities or this Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Securities or
does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in
the Event of Default. All remedies are cumulative. 
 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 Securities, and it shall not be necessary to make any Holders of the Securities 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 pursuant hereto or any rescission and annulment pursuant hereto 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 6.04. Waiver of Past Defaults. Subject to Section 6.07 and
Section 9.02, the Holders of a majority in aggregate principal amount of the Securities then outstanding may on behalf of all Holders of Securities, by written notice to the Trustee, waive any past Default or Event of Default and its
consequences, other than a Default or Event of Default (a) in the payment of the principal of, or interest on, any Security, or in the payment of the Fundamental Change Repurchase Price, as the case may be, (b) arising from a failure by
the Company to convert any Securities in accordance with this Indenture or (c) in respect of any provision of this Indenture or the Securities which, under Section 9.02, cannot be modified or amended without the consent of the Holder of
each outstanding Security affected, if: 
 (i) all existing Defaults or Events of Default, other than the nonpayment of the
principal of and interest on the Securities that have become due solely by the declaration of acceleration, have been cured or waived; and 

(ii) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction. 

When a Default or an Event of Default is waived, it is cured and ceases to exist for all purposes under this Indenture, but no such waiver
will extend to any subsequent or other Default or Event of Default or impair any rights of Holders or the Trustee related thereto. 

  
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 Section 6.05. Control by Majority. The Holders of a majority in aggregate principal
amount of the Securities then 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 it with respect to the Securities.
However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture, is unduly prejudicial to the rights of other Holders or would involve the Trustee in personal liability (it being understood that the Trustee does not
have an affirmative duty to ascertain whether or not such directions are unduly prejudicial to such Holder). The Trustee shall have no obligation to act unless the Trustee is offered (and if requested, provided) indemnity satisfactory to it;
provided that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. 

Section 6.06. Limitation on Suits. Except with respect to any proceeding instituted in accordance with Section 6.07, a Holder
shall not have any right 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 or a trustee, or for any other remedy under this Indenture unless: 

(a) such Holder previously shall have given the Trustee written notice of a continuing Event of Default; 

(b) the Holders of at least twenty five percent (25%) in aggregate principal amount of the Securities then outstanding shall
have made a written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; 

(c) such Holder or Holders shall have offered and if requested, provided to the Trustee indemnity satisfactory to the Trustee
against any loss, liability or expense to or of the Trustee in connection with pursuing such remedy; and 
 (d) the Trustee
shall have failed to comply with the request for sixty (60) days after receipt of such notice, request and offer of indemnity, and during such sixty (60) day period, the Holders of a majority in aggregate principal amount of the Securities
then outstanding have not given the Trustee a direction that is inconsistent with the request. 
 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 such actions or forbearances are unduly prejudicial
to such Holders). A Holder shall have the right to not enforce any right under this Indenture except in the manner herein. 

Section 6.07. Rights of Holders to Receive Payment and to Convert Securities. Notwithstanding any other provision of this
Indenture, the right of any Holder to receive payment of all amounts (including any principal, interest or the Fundamental Change Repurchase Price) due with respect to the Securities, on or after the respective due dates as provided herein, or to
bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of the Holder. 

In addition, notwithstanding any other provision of this Indenture, the right of any Holder to receive consideration due upon conversion of
the Securities in accordance with Article 10, or to bring suit for the enforcement of such right, shall not be impaired or affected without the consent of the Holder. 

  
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 Section 6.08. Collection Suit by Trustee. If an Event of Default specified in
Section 6.01(a) or Section 6.01(b) has occurred and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount due with respect to the Securities, including
any unpaid and accrued interest. 
 Section 6.09. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim
and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee, any predecessor Trustee and the Holders allowed in any judicial proceedings relative to the Company or its creditors or properties. 

The Trustee may collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or similar official in any judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making
of such payments directly to the Holders, to pay the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.06. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on
behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities 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.

 Section 6.10. Priorities. If the Trustee collects any money or property pursuant to this Article 6, it shall pay out the
money in the following order: 
  

			
	 First:
	  	 to the Trustee for amounts due under Section 7.06;

		
	 Second:
	  	 to Holders for all amounts due and unpaid on the Securities, without preference or priority of any kind, according to
the amounts due and payable on the Securities; and

		
	 Third:
	  	 the balance, if any, to the Company.

 The Trustee, upon prior written notice to the Company, may fix a record date and payment date for any payment
by it to Holders pursuant to this Section 6.10. At least fifteen (15) days before each such record date, the Trustee shall send to each Holder and the Company a written notice that states such record date and payment date and the amount of
such payment. 
 Section 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit other than the Trustee of an undertaking to pay the costs of the suit,
and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party

  
 43 

 
litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by a Holder or group of Holders of more than ten percent (10%)
in aggregate principal amount of the outstanding Securities. 
 ARTICLE 7 

TRUSTEE 

Section 7.01. Duties of Trustee. (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such
of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent Person would exercise or use under the circumstances in the conduct of his or her own affairs. 

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

(i) the Trustee need perform only those duties that are specifically set forth in this Indenture and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and 
 (ii) in the absence of bad faith on its part, the
Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of
any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this
Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(c) The Trustee may not be relieved from liability for its own grossly negligent action, its own grossly negligent failure to
act or its own willful misconduct, except that: 
 (i) the Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(ii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 6.05. 
 (d) Every provision of this Indenture that in any way relates to
the Trustee is subject to the provisions of this Section 7.01. 
 (e) The Trustee shall not be liable for interest on or
the investment of any money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

(f) 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 

  
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hereunder, or in the exercise of any of its rights or powers. If any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent
to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless a Responsible Officer of the Trustee had actual knowledge of such event. 

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

Section 7.02. Rights of Trustee. (a) The Trustee may conclusively rely on any document believed by it in good faith to be
genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document; if, however, the Trustee shall determine to make such further inquiry or investigation, it shall be
entitled during normal business hours to examine the relevant books, records and premises of the Company, personally or by agent or attorney upon reasonable prior notice, at the sole cost of the Company, and shall incur no liability or additional
liability of any kind by reason of such inquiry or investigation. 
 (b) Before the Trustee acts or refrains from acting, it
may require an Officers’ Certificate and/or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. 

(c) Any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Order, and any
resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution. 
 (d) The Trustee may consult
with counsel of its own selection, and the advice of such counsel or any opinion of counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon. 
 (e) The Trustee may act through agents or attorneys and shall not be responsible for the misconduct or negligence
of any agent or attorney appointed with due care. 
 (f) The Trustee shall not be liable for any action it takes or omits to
take in good faith which it believes to be authorized or within its discretion, rights or powers conferred upon it by this Indenture; provided that the Trustee’s action does not constitute willful misconduct or gross negligence. 

(g) Except with respect to Section 4.01, where it acts as Paying Agent, the Trustee shall have no duty to inquire as to
the performance of the Company with respect to the covenants contained in Article 4. In addition, the Trustee shall not be deemed to have knowledge of an Event of Default except (i) any Default or Event of Default occurring pursuant to
Section 6.01(a) or (b) for which it acts as Paying Agent or (ii) any Default or Event of Default of which a Responsible Officer of the Trustee who shall have direct 

  
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responsibility for the administration of this Indenture shall have received written notification or obtained actual knowledge. Delivery of reports, information and documents to the Trustee under
Article 4 (other than Section 4.04 and 4.06) is for informational purposes only and the Trustee’s receipt of the foregoing 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 hereunder (as to which the Trustee is entitled to rely on Officers’ Certificates). 

(h) The Trustee shall be under no obligation to exercise any of the rights or powers vested by this Indenture at the request or
demand of any of the Holders pursuant to this Indenture unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance
with such request or demand. 
 (i) The rights, privileges, protections, immunities and benefits given to the Trustee,
including without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each Securities Agent, agent, custodian and other Person employed to act hereunder. 

(j) 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, which certificate may be signed by any Person authorized to sign an Officers’ Certificate, including any Person specified as so authorized in any such
certificate previously delivered and not superseded. 
 (k) Anything in this Indenture to the contrary notwithstanding, in no
event shall the Trustee or any Securities Agent be liable under or in connection with this Indenture and the Securities for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited
to lost profits, whether or not foreseeable, even if the Trustee or such Securities Agent has been advised of the possibility thereof and regardless of the form of action in which such damages are sought. 

(l) No bond or surety shall be required of the Trustee with respect to performance of the Trustee’s duties and powers
hereunder. 
 (m) Under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced
by this Indenture or the Securities. 
 (n) Any discretion, permissive right, or privilege of the Trustee hereunder shall not
be deemed to be or otherwise construed as a duty or obligation of the Trustee hereunder. 
 Section 7.03. Individual Rights of
Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or any of its Affiliates with the same rights the Trustee would have if it were not Trustee. Any
Securities Agent may do the same with like rights. The Trustee, however, must comply with Section 7.09. 

  
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 Section 7.04. Trustee’s Disclaimer. The Trustee makes no
representation as to the validity or adequacy of this Indenture or the Securities; the Trustee shall not be accountable for the Company’s use of the proceeds from the Securities; and the Trustee shall not be responsible for any statement in the
Securities other than its certificate of authentication. 
 Section 7.05. Notice of Defaults. If a Default or Event of Default
occurs and is continuing as to which the Trustee is deemed to have knowledge in accordance with Section 7.02(g), then the Trustee shall send to each Holder a notice of the Default or Event of Default within thirty (30) days after receipt
of such notice or after acquiring such knowledge, as applicable, unless such Default or Event of Default has been cured or waived; provided, however, that, except in the case of a Default or Event of Default in payment or delivery of
any amounts due (including principal, interest, the Fundamental Change Repurchase Price or the consideration due upon conversion) with respect to any Security, the Trustee may withhold such notice if, and so long as it in good faith determines that,
withholding such notice is in the best interests of Holders. 
 Section 7.06. Compensation and Indemnity. The Company shall pay
to the Trustee from time to time such compensation for its services hereunder as shall be mutually agreed upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company
shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it pursuant to, and in accordance with, any provision hereof, except for
any such expenses as shall have been caused by the Trustee’s own gross negligence or willful misconduct, as determined by a final non-appealable order of a court of competent jurisdiction. Such expenses
shall include the reasonable compensation and out-of-pocket expenses of the Trustee’s agents and counsel. The Trustee shall provide the Company with reasonable
notice of any expense not in the ordinary course of business. 
 The Company shall indemnify each of the Trustee, each predecessor Trustee
and their respective officers, directors, employees and agents for, and hold each of them harmless against, any and all loss, liability, damage, claim, cost or expense (including the reasonable fees and expenses of counsel and taxes other than those
based upon the income of the Trustee) incurred by it in connection with the acceptance or administration of this trust, the performance of its duties and/or the exercise of its rights hereunder, or in connection with enforcing the provisions of this
Section 7.06, including the reasonable costs and expenses of defending itself against any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers
and duties hereunder. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. The Trustee shall notify the Company promptly of any claim for which it may seek indemnification;
provided that failure to give such notice shall not relieve the Company of its obligations under this Section 7.06. The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee through the
Trustee’s own gross negligence or willful misconduct, as determined by a final non-appealable order of a court of competent jurisdiction. 

To secure the Company’s payment obligations in this Section 7.06, the Trustee shall have a lien prior to the Securities on all money
or property held or collected by the Trustee, except that held in trust to pay amounts due on particular Securities. 

  
 47 

 The indemnity obligations of the Company with respect to the Trustee provided for in this
Section 7.06 shall survive any resignation or removal of the Trustee and any termination of this Indenture. 
 When the Trustee incurs
expenses or renders services after an Event of Default specified in Section 6.01(h) or Section 6.01(i) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy
Law. 
 Section 7.07. Replacement of Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee
shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.07. For the avoidance of doubt, the Trustee shall continue its role until the appointment of a successor Trustee is effective.

 The Trustee may resign by so notifying the Company in writing thirty (30) days prior to such resignation. The Holders of a majority
in aggregate principal amount of the Securities then outstanding may remove the Trustee by so notifying the Trustee and the Company in writing and may appoint a successor Trustee with the Company’s consent. The Company may remove the Trustee
if: 
 (a) the Trustee fails to comply with Section 7.09; 

(b) the Trustee is adjudged bankrupt or insolvent; 

(c) a receiver or other public officer takes charge of the Trustee or its property; or 

(d) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed for any reason, the Company shall promptly appoint a successor Trustee so that no vacancy exists in the
role of Trustee. 
 If a successor Trustee does not take office within thirty (30) days after the retiring Trustee resigns or is
removed, the retiring Trustee (at the Company’s expense), the Company or the Holders of at least ten percent (10%) in aggregate principal amount of the outstanding Securities may petition any court of competent jurisdiction for the appointment
of a successor Trustee. 
 If the Trustee fails to comply with Section 7.09, the Company or any Holder may petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 A successor Trustee shall deliver a
written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the
Trustee under this Indenture. The successor Trustee shall send a notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in
Section 7.06. 

  
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 Section 7.08. Successor Trustee by Merger, Etc. If the Trustee consolidates with,
merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee, if such successor corporation is otherwise
eligible hereunder. 
 Section 7.09. Eligibility; Disqualification. There shall at all times be a Trustee hereunder that
(a) is an entity organized and doing business under the laws of the United States of America or of any state thereof or the District of Columbia, (b) is subject to supervision or examination by federal or state authorities and (c) has
a combined capital and surplus of at least $50 million as set forth in its most recent published annual report of condition. 

Section 7.10. Preferential Collection of Claims Against Company. To the extent the TIA then applies to the Indenture, the Trustee
is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). To the extent the TIA then applies to the Indenture, a Trustee who has resigned or been removed shall be subject to § 311(a) to the extent
indicated. 
 Section 7.11. Reports by Trustee to Holders. Within one hundred and twenty (120) days after each May 15,
beginning with May 15, 2018, the Trustee shall send to all Holders of the Securities, as their names and addresses appear on the register kept by the Registrar, a brief report in accordance with, and to the extent required under, TIA §
313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will also send all reports
as required by TIA § 313(c). A copy of each report at the time of its delivery to the Holders of Securities shall be delivered to the Company and each stock exchange on which the Securities are listed in accordance with TIA § 313(d). The
Company shall promptly notify the Trustee in writing when the Securities are listed on any stock exchange or any delisting thereof. 

ARTICLE 8 
 DISCHARGE OF
INDENTURE 
 Section 8.01. Termination of the Obligations of the Company. This Indenture shall cease to be of further
effect, and the Trustee shall execute instruments acknowledging satisfaction and discharge of this Indenture, if (a) either (i) all outstanding Securities (other than Securities replaced pursuant to Section 2.07) have been delivered to the
Trustee for cancellation or (ii) all outstanding Securities have become due and payable at their scheduled maturity, upon conversion or Repurchase Upon Fundamental Change, and in either case the Company irrevocably deposits, prior to the
applicable due date, with the Trustee or the Paying Agent (if the Paying Agent is not the Company or any of its Affiliates) cash (or, in the case of conversion, delivers to the Holders in accordance with Article 10 Common Stock (and cash in lieu of
any fractional shares) solely to satisfy the Company’s Conversion Obligation) sufficient to satisfy all obligations due and owing on all outstanding Securities (other than Securities replaced pursuant to Section 2.07) on the Maturity Date,
the relevant settlement date of any conversion or the Fundamental Change Repurchase Date, as the case may be; (b) the Company pays to the Trustee all other sums payable hereunder by the Company; and (c) the Company has delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for herein relating to the satisfaction and discharge of this Indenture have 

  
 49 

 
been complied with; provided, however, that Section 2.03, Section 2.04, Section 2.05, Section 2.08, Section 7.06, Section 7.07, Section 7.08,
Section 7.09, Section 13.09 and Section 13.14, and this Article 8 shall survive any discharge of this Indenture until such time as all payments in respect of the Securities have been paid in full and there are no Securities
outstanding; provided further, however, that Section 7.06 shall also survive after the Securities are paid in full and there are no Securities outstanding. 

Section 8.02. Application of Trust Money. The Trustee shall hold in trust all money deposited with it pursuant to
Section 8.01 and shall apply such deposited money through the Paying Agent and in accordance with this Indenture to the payment of amounts due on the Securities. 

Section 8.03. Repayment to Company. Subject to applicable escheatment laws, the Trustee and the Paying Agent shall promptly notify
the Company of, and pay to the Company upon the written request of the Company, any excess money or property held by them at any time. The Trustee or the Paying Agent, as the case may be, shall provide written notice to the Company of any money or
property that has been held by it and has, for a period of two (2) years, remained unclaimed for the payment of the principal of, or any accrued and unpaid interest on, the Securities. Subject to the requirements of applicable law, the Trustee
and the Paying Agent shall pay to the Company upon the written request of the Company any money held by them for the payment of the principal of, or any accrued and unpaid interest on, the Securities that remains unclaimed for two (2) years.
After payment to the Company, Holders entitled to the money must look to the Company for payment as general creditors, subject to applicable law, and all liability of the Trustee and the Paying Agent with respect to such money and payment shall,
subject to applicable law, cease. 
 Section 8.04. Reinstatement. If any money, Common Stock or other consideration cannot be
applied in accordance with Section 8.01 and Section 8.02 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the
obligations of the Company under this Indenture and the Securities shall be revived and reinstated as though no deposit or delivery had occurred pursuant to Section 8.01 and Section 8.02 until such time as the Trustee or Paying Agent is
permitted to apply all such money in accordance with Section 8.01 and Section 8.02; provided, however, that if the Company has made any payment of amounts due with respect to any Securities because of the reinstatement of its
obligations, then the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money, Common Stock or other consideration held by the Trustee or Paying Agent. 

ARTICLE 9 
 AMENDMENTS 

Section 9.01. Without Consent of Holders. The Company may amend or supplement this Indenture or the Securities without notice to
or the consent of any Holder: 
 (a) to comply with Article 5 or Section 10.11; 

  
 50 

 (b) to secure the obligations of the Company in respect of the Securities or add
guarantees with respect to the Securities; 
 (c) to evidence and provide for the appointment of a successor Trustee in
accordance with Section 7.07; 
 (d) to comply with the provisions of any securities depository, including the
Depository, clearing agency, clearing corporation or clearing system, or the requirements of the Trustee or the Registrar, relating to transfers and exchanges of any applicable Securities pursuant to this Indenture; 

(e) to add to the covenants or Events of Default of the Company described in this Indenture for the benefit of Holders or to
surrender any right or power conferred upon the Company; 
 (f) to make provision with respect to adjustments to the
Conversion Rate as required by this Indenture or to increase the Conversion Rate in accordance with this Indenture; 
 (g) to
make any change that does not adversely affect the rights of any Holder; 
 (h) to permit the conversion of the Securities
into Reference Property in accordance with Section 10.11; or 
 (i) to comply with the requirements of the SEC in order
to effect or maintain the qualification of this Indenture and any supplemental indenture under the TIA. 
 In addition, the Company and the
Trustee may enter into a supplemental indenture without the consent of Holders of the Securities to cure any ambiguity, defect, omission or inconsistency in this Indenture in a manner that does not materially adversely affect the rights of any
Holder (as determined in good faith by the Company). 
 Any supplemental indenture authorized by the provisions of this Section 9.01
may be executed by the Company and the Trustee without the consent of the Holders of any of the Securities at the time outstanding, notwithstanding any of the provisions of Section 9.02. 

Section 9.02. With Consent of Holders. Subject to the immediately succeeding paragraph, the Company may amend or supplement this
Indenture or the Securities with the written consent of the Holders of at least a majority in aggregate principal amount of the outstanding Securities (including, without limitation, consents obtained from Holders in connection with a purchase of,
or tender or exchange offer for, Securities) and in compliance with Section 4.19 of the Investment Agreement. Subject to Section 6.04, Section 6.07, the immediately succeeding paragraph and Section 4.19 of the Investment
Agreement, the Holders of a majority in aggregate principal amount of the outstanding Securities may, by written notice to the Trustee, waive by consent (including, without limitation, consents obtained from Holders in connection with a purchase of,
or tender or exchange offer for, Securities) compliance by the Company with any provision of this Indenture or the Securities without notice to any other Holder. Notwithstanding the foregoing or anything herein to the contrary, without the consent
of the Holder of each outstanding Security affected, an amendment, supplement or waiver, including a waiver pursuant to Section 6.04, may not: 

  
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 (a) change the stated maturity of the principal of, or the payment date of any
installment of interest on, any Security; 
 (b) reduce the principal amount of any Security, or any interest on, any
Security; 
 (c) change the place or currency of payment of principal of, or any interest on, any Security; 

(d) impair the right of any Holder to receive any payment on, or with respect to, or any delivery or payment due upon the
conversion of, any Security or impair the right to institute suit for the enforcement of any delivery or payment on, or with respect to, or due upon the conversion of, any Security; 

(e) reduce the Fundamental Change Repurchase Price of any Securities or modify, in a manner adverse to Holders, the obligation
of the Company pursuant to Section 3.01 to repurchase Securities upon the occurrence of a Fundamental Change; 
 (f)
reduce the Conversion Rate other than as provided under this Indenture or adversely affect the right of Holders to convert Securities in accordance with Article 10; 

(g) reduce the percentage in aggregate principal amount of outstanding Securities whose Holders must consent to a modification
to or amendment of any provision of this Indenture or the Securities; or 
 (h) modify the provisions of Article 9 that
require each Holder’s consent or the waiver provisions of Section 6.04 with respect to modification and waiver (including waiver of a Default or an Event of Default), except to increase the percentage required for modification or waiver or
to provide for the consent of each affected Holder. 
 Notwithstanding the foregoing or anything to the contrary, so long as any SL
Securities are outstanding, without the consent of the Holders of one hundred percent (100%) of the aggregate principal amount of the SL Securities, an amendment, supplement or waiver, including a waiver pursuant to Section 6.04, may not modify
any provision contained in this Indenture specifically and uniquely applicable to the SL Securities in a manner adverse to the Holders of, or the holders of a beneficial interest in, the SL Securities. 

Promptly after an amendment, supplement or waiver under Section 9.01 or this Section 9.02 becomes effective, the Company shall send,
or cause to be sent, to Holders (with a copy to the Trustee) a notice briefly describing such amendment, supplement or waiver. Any failure of the Company to send such notice shall not in any way impair or affect the validity of such amendment,
supplement or waiver. 
 It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular
form of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 

  
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 Section 9.03. Revocation and Effect of Consents. Until an amendment, supplement or
waiver becomes effective (or until such earlier date as specified by the Company in connection with the solicitation of such consent), a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder of a Security or
portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to its Security or
portion of a Security if the Trustee receives the notice of revocation before the date the amendment, supplement or waiver becomes effective (or such earlier date specified by the Company in connection with the solicitation of such consent). 

After an amendment, supplement or waiver becomes effective with respect to the Securities, it shall bind every Holder unless such amendment,
supplement or waiver makes a change that requires, pursuant to Section 9.02, the consent of each Holder affected. In that case, the amendment, supplement or waiver shall bind each Holder of a Security who has consented to it and every
subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security. Any amendment to this Indenture or the Securities shall be set forth in a supplemental indenture to this Indenture that
complies with the TIA as then in effect, if the TIA is applicable to this Indenture. 
 Nothing in this Section 9.03 shall impair the
Company’s rights pursuant to Section 9.01 to amend this Indenture or the Securities without the consent of any Holder in the manner set forth in, and permitted by, such Section 9.01. 

Section 9.04. Notation on or Exchange of Securities. If an amendment, supplement or waiver changes the terms of a Security, the
Trustee may require the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security as directed and prepared by the Company about the changed terms and return it to the Holder. Alternatively, if
the Company so determines, the Company in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. 

Section 9.05. Trustee Protected. The Trustee shall sign any amendment, supplemental indenture or waiver authorized pursuant to
this Article 9; provided, however, that the Trustee need not sign any amendment, supplement or waiver authorized pursuant to this Article 9 that adversely affects the Trustee’s rights, duties, liabilities or immunities. The
Trustee shall receive and conclusively rely upon an Opinion of Counsel as to legal matters and an Officers’ Certificate as to factual matters that any supplemental indenture, amendment or waiver is permitted or authorized pursuant to this
Indenture and constitutes the legal, valid and binding obligation of the Company enforceable in accordance with its terms (subject to customary exceptions). 

Section 9.06. Effect of Supplemental Indentures. Upon the due execution and delivery of any supplemental indenture in accordance
with this Article 9, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes, and, except as set forth in Section 9.02 and Section 9.03, every Holder of
Securities shall be bound thereby. 

  
 53 

 ARTICLE 10 

CONVERSION 

Section 10.01. Conversion Privilege. (a) Subject to the limitations of this Section 10.01, Section 10.02,
Section 10.11 and the settlement provisions of Section 10.14(c), and upon compliance with the provisions of this Article 10, each Holder of a Security 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 a multiple thereof) of such Security at any time prior to the Close of Business on the Scheduled Trading Day immediately preceding the Maturity Date, in each case, at the then applicable
Conversion Rate per $1,000 principal amount of Securities (subject to the settlement provisions of Section 10.02, the “Conversion Obligation”). 

(b) To convert its Security, a Holder of a Physical Security must (i) complete and manually sign the Conversion Notice, or
a facsimile thereof, with appropriate notarization or signature guarantee, and deliver the completed Conversion Notice or a facsimile thereof to the Conversion Agent, (ii) surrender the Security to the Conversion Agent, (iii) furnish
appropriate endorsements and transfer documents if required by the Registrar or Conversion Agent, (iv) pay all transfer or similar taxes if required pursuant to Section 10.04 and (v) pay funds equal to interest payable on the next
Interest Payment Date if so required by Section 10.02(d). If a Holder holds a beneficial interest in a Global Security, to convert such Security, the Holder must comply with clauses (iv) and (v) above and the Depository’s procedures
for converting a beneficial interest in a Global Security. 
 (c) A Holder may convert a portion of the principal amount of a
Security if such portion is $1,000 principal amount or an integral multiple thereof. Provisions of this Indenture that apply to conversion of all of a Security also apply to conversion of a portion of such Security. 

Section 10.02. Conversion Procedure and Payment Upon Conversion. 

(a) Subject to this Section 10.02 and Section 10.11 and the settlement provisions of Section 10.14(c), upon
conversion of any Security, the Company shall deliver to the converting Holder, in respect of each $1,000 principal amount of Securities being converted, Common Stock, together with cash, if applicable, in lieu of delivering any fractional shares of
Common Stock in accordance with Section 10.03, as set forth in this Section 10.02. 
 (i) Upon conversion of a
Holder’s Security, the Company shall deliver to such converting Holder a number of shares of Common Stock equal to (i) (A) the aggregate principal amount of Securities to be converted, divided by (B) $1,000, multiplied by (ii) the
Conversion Rate in effect on the applicable Conversion Date (provided that the Company shall deliver cash in lieu of fractional shares as described in Section 10.03). Settlement shall occur on the second Business Day immediately
following the relevant Conversion Date, unless such Conversion Date occurs on or following June 15, 2021, in which case settlement shall occur on the Maturity Date. 

  
 54 

 (b) Each conversion shall be deemed to have been effected as to any Securities
surrendered for conversion at the Close of Business on the applicable Conversion Date; provided, however, that the Person in whose name any shares of the Common Stock shall be issuable upon such conversion shall become the holder of
record of such shares as of the Close of Business on such Conversion Date. Prior to such time, a Holder receiving Common Stock upon conversion shall not be entitled to any rights relating to such Common Stock, including, among other things, the
right to vote and receive dividends and notices of shareholder meetings. The Company will determine the Conversion Date in accordance with the requirements set forth herein and notify the Trustee and the Holders of the same. 

(c) In the case of any conversion of Securities other than the SL Securities, the Company shall deliver and, if applicable, pay
the consideration due in respect of the Conversion Obligation on the second Business Day immediately following the relevant Conversion Date. In the case of any conversion of SL Securities, the Company shall deliver and, if applicable, pay the
consideration due in respect of the Conversion Obligation on the second Business Day immediately following the relevant Conversion Date unless otherwise specified in the written notice referred to in the proviso below; provided,
however, that the shares of Common Stock due in respect of the Conversion Obligation shall be delivered on the day specified in a written notice from the owner(s) (or in the case of Global Securities, beneficial owner(s)) of the SL Securities
being converted that is delivered to the Company on or prior to the first Business Day immediately following the relevant Conversion Date, which delivery date (in respect of such shares of Common Stock) shall be no earlier than the second Business
Day immediately following the relevant Conversion Date and be no later than the seventh Business Day immediately following the relevant Conversion Date (it being understood that if no such notice is delivered to the Company, then the Company shall
deliver such shares on the second Business Day immediately following the relevant Conversion Date). In the case of a conversion of an SL Security in the form of a Global Security, such written notice shall include a certification therein that the
beneficial owners delivering such written notice are holders that hold beneficial interests in the SL Securities subject to conversion. The Company shall issue or cause to be issued, and deliver or cause to be delivered to such Holder, or such
Holder’s nominee(s) or transferee(s), certificates or a book-entry transfer through the Depository for the full amount of Common Stock to which such Holder shall be entitled in satisfaction of the Company’s Conversion Obligation. 

(d) Except to the extent otherwise provided in this Section 10.02(d), no payment or adjustment will be made for accrued
interest on a converted Security, and accrued interest, if any, will be deemed to be paid by the consideration paid to the Holder upon conversion. Such accrued interest, if any, shall be deemed to be paid in full rather than cancelled, extinguished
or forfeited. The Company’s settlement of the full Conversion Obligation shall be deemed to satisfy in full its obligation to pay the principal amount of the Security and accrued and unpaid interest, if any, to, but not including, the relevant
Conversion Date. If any Holder surrenders a Security for conversion after the Close of Business on the Record Date for the payment of an installment of interest but prior to the Open of Business on the next Interest Payment Date, then,
notwithstanding such conversion, the full amount of interest payable with respect to such Security on such Interest Payment Date shall be paid on such Interest Payment Date to the Holder of record of such Security at the Close of Business on such
Record Date; provided, however, that such Security, when surrendered for conversion, must be accompanied by payment in cash of an amount equal to the full amount of interest payable on such Interest Payment Date on the Security so
converted; provided further, however, that such 

  
 55 

 
payment to the Conversion Agent described in the immediately preceding proviso in respect of a Security surrendered for conversion shall not be required with respect to a Security that
(i) is surrendered for conversion after the Close of Business on the Record Date immediately preceding the Maturity Date, or (ii) is surrendered for conversion after the Close of Business on a Record Date for the payment of an installment
of interest and on or prior to the Open of Business on the related Interest Payment Date, where, pursuant to Section 3.01, the Company has specified, with respect to a Fundamental Change, a Fundamental Change Repurchase Date that is after such
Record Date but on or prior to such Interest Payment Date. 
 (e) If a Holder converts more than one Security at the same
time, the Conversion Obligation with respect to such Securities shall be based on the total principal amount of all Securities so converted. 

(f) Upon surrender of a Security that is converted in part, the Company shall issue and the Trustee shall authenticate for the
Holder a new Security equal in principal amount to the unconverted portion of the Security surrendered. 
 Section 10.03. Cash in
Lieu of Fractional Shares. The Company shall not issue fractional shares of Common Stock upon the conversion of a Security. Instead, the Company shall pay to converting Holders cash in lieu of fractional shares based on the Daily VWAP on the
relevant Conversion Date. If more than one Security shall be surrendered for conversion at one time by the same Holder, the number of full shares of Common Stock that shall be issuable upon conversion thereof shall be computed on the basis of the
aggregate principal amount of the Securities, or specified portions thereof to the extent permitted hereby so surrendered, and any fractional shares remaining after such computation shall be paid in cash. 

Section 10.04. Taxes on Conversion. If a Holder converts its Security, the Company shall pay any documentary, stamp or similar
issue or transfer tax or duty due on the issue, if any, of Common Stock upon the conversion. However, the Holder shall pay such tax which is due because the Holder requests the shares of Common Stock to be issued in a name other than the
Holder’s name. The Company may refuse to deliver the certificate(s) representing the Common Stock being issued or delivered to the Holder or in a name other than such Holder’s name until the Conversion Agent receives a sum sufficient to
pay any tax or duty which will be due because shares of Common Stock are to be issued or delivered in a name other than such Holder’s name. 

Section 10.05. Company to Provide Common Stock. The Company shall at all times reserve and keep available, free from preemptive
rights, out of its authorized but unissued stock, for the purpose of effecting the conversion of the Securities, such number of its duly authorized shares of Common Stock as shall from time to time be sufficient for the conversion of all outstanding
Securities into shares of Common Stock at any time (assuming, for such purposes, that at the time of computation of such number of shares, all such Securities would be converted by a single Holder). The Company shall, from time to time and in
accordance with Delaware law, cause the authorized number of shares of Common Stock to be increased if the aggregate of the number of authorized shares of Common Stock remaining unissued shall not be sufficient for the conversion of all outstanding
(and issuable as set forth above) Securities into shares of Common Stock at any time. 

  
 56 

 All Common Stock issued upon conversion of the Securities shall be validly issued, fully paid and
non-assessable and shall be free of preemptive or similar rights and free of any lien or adverse claim that arises from the action or inaction of the Company. 

The Company shall comply with all securities laws regulating the offer and delivery of any Common Stock upon conversion of Securities and
shall list such shares on each national securities exchange or automated quotation system on which the Common Stock is listed on the applicable Conversion Date. 

Section 10.06. Adjustment of Conversion Rate. The Conversion Rate shall be subject to adjustment from time to time, without
duplication, upon the occurrence of any of the following events on or after the date of this Indenture: 
 (a) In case the
Company shall pay or make a dividend or other distribution on its Common Stock consisting exclusively of Common Stock, the Conversion Rate shall be increased by multiplying such Conversion Rate by a fraction of which the denominator shall be the
number of shares of Common Stock outstanding immediately prior to the Open of Business on the Ex Date for such dividend or distribution, and the numerator shall be the number of shares of Common Stock outstanding immediately after such dividend or
distribution, in the following formula: 
  

			
	CR’ = CR0 ×	  	OS’
	  	OS0

  

	 	where,	

  

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

  

	 	CR’    =	the Conversion Rate in effect immediately after the Open of Business on the Ex Date for such dividend or distribution; 

  

	 	OS0    =	the number of shares of Common Stock outstanding immediately prior to the Open of Business on the Ex Date for such dividend or distribution; and 

 

	 	OS’    =	the number of shares of Common Stock outstanding immediately after giving effect to such dividend or distribution. 

In case the Company shall effect a share split or share combination, the Conversion Rate shall be proportionally increased, in the case of a
share split, and proportionally reduced, in the case of a share combination, as expressed in the following formula: 
  

			
	CR’ = CR0 ×	  	OS’
	  	OS0

 where, 

  
 57 

	 	CR0    =	the Conversion Rate in effect immediately prior to the Open of Business on the effective date of such share split or share combination; 

 

	 	CR’    =	the Conversion Rate in effect immediately after the Open of Business on the effective date of such share split or share combination; 

 

	 	OS0    =	the number of shares of Common Stock outstanding immediately prior to the Open of Business on the effective date of such share split or share combination; and 

 

	 	OS’    =	the number of shares of Common Stock outstanding immediately after giving effect to such share split or share combination. 

Any adjustment made under this Section 10.06(a) shall become effective immediately after the Open of Business on the Ex 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 the case may be. If any dividend or distribution of the type described in this Section 10.06(a) is declared
but not so paid or made, or any share split or share combination of the type described in this Section 10.06(a) is announced but the shares of Common Stock are not split or combined, as the case may be, then the Conversion Rate shall be
immediately readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution, or not to split or combine the shares of Common Stock, as the case may be, to the Conversion Rate that would then be in
effect if such dividend or distribution had not been declared or such share split or combination had not been announced. 

(b) If the Company distributes to all or substantially all holders of the Common Stock any rights, options or warrants
entitling them, for a period expiring not more than forty-five (45) days immediately following the date of such distribution, to purchase or subscribe for Common Stock, at a price per share less than the average of the Closing Sale Prices of
the Common Stock over the ten (10) consecutive Trading Day period ending on the Trading Day immediately preceding the date of announcement for such distribution, the Conversion Rate shall be increased based on the following formula: 

 

			
	CR’ = CR0 ×	  	OS0 + X
	  	OS0 + Y

 where, 
  

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

  

	 	CR’    =	the Conversion Rate in effect immediately after the Open of Business on such Ex Date; 

  

	 	OS0    =	the number of shares of Common Stock outstanding immediately prior to the Open of Business on such Ex Date; 

  
 58 

	 	X    =	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and 

  

	 	Y    =	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Closing Sale Prices of the Common Stock over the ten
(10) consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement for such distribution. 

Any increase made under this Section 10.06(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 Date for such distribution. To the extent that Common Stock is not delivered after expiration of such rights, options or warrants, the Conversion Rate shall be readjusted,
effective as of the date of such expiration, 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, effective as of the date the Board of Directors determines not to make such distribution, to the Conversion Rate
that would then be in effect if such Ex Date for such distribution had not occurred. 
 In determining whether any rights, options or
warrants entitle the holders to subscribe for or purchase Common Stock at less than such average of the Closing Sale Prices for the ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date
of announcement for such distribution, and in determining the aggregate offering price of such 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. Except in the case of a readjustment of the Conversion Rate pursuant to the immediately preceding paragraph, the
Conversion Rate shall not be decreased pursuant to this Section 10.06(b). 
 (c) If the Company distributes shares of
its Capital Stock, evidences of its indebtedness or other of its assets, securities or property or rights, options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of Common Stock, but excluding
(i) dividends or distributions as to which an adjustment was effected pursuant to Section 10.06(a) or Section 10.06(b), (ii) dividends or distributions paid exclusively in cash as to which an adjustment was effected pursuant to
Section 10.06(d), (iii) distributions of Reference Property in a transaction described in Section 10.11, (iv) rights issued pursuant to a rights plan of the Company (i.e., a poison pill), except to the extent provided by
Section 10.13, and (v) Spin-Offs to which the provisions set forth in the latter portion of this Section 10.06(c) shall apply (any of such shares of Capital Stock, indebtedness or other assets, securities or property or rights,
options or warrants to acquire its Capital Stock or other securities, the “Distributed Property”), then, in each such case the Conversion Rate shall be increased based on the following formula: 

  
 59 

			
	CR’ = CR0 ×	  	    SP0      
	  	SP0 – FMV

  

	 	where,	

  

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

  

	 	CR’    =	the Conversion Rate in effect immediately after the Open of Business on the Ex Date for such distribution; 

  

	 	SP0    =	the average of the Closing Sale Prices of the Common Stock over the ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex Date for such distribution; and

  

	 	FMV  =	the fair market value (as determined by the Board of Directors) of the Distributed Property distributable with respect to each outstanding share of Common Stock as of the Open of Business on the Ex Date for such
distribution. 

 If the Board of Directors determines “FMV” for purposes of this Section 10.06(c) by reference
to the actual or when issued trading market for any securities, it must in doing so consider the prices in such market over the same period used in computing the Closing Sale Prices of the Common Stock over the ten (10) consecutive Trading Day
period ending on, and including, the Trading Day immediately preceding the Ex Date for such distribution. 
 Notwithstanding the foregoing,
if “FMV” (as defined above) is equal to or greater than the “SP0” (as defined above), in lieu of the foregoing increase, provision shall be made for each Holder of a
Security to receive, for each $1,000 principal amount of Securities it holds, at the same time and upon the same terms as the holders of the Common Stock, the amount and kind of Distributed Property that such Holder would have received if such
Holder had owned a number of shares of Common Stock equal to the Conversion Rate in effect on the Ex Date for such distribution. 
 Any
increase made under the portion of this Section 10.06(c) above shall become effective immediately after the Open of Business on the Ex Date for such distribution. If such distribution is not so paid or made, the Conversion Rate shall be
decreased, effective as of the date the Board of Directors determines not to make such distribution, to the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. 

With respect to an adjustment pursuant to this Section 10.06(c) where there has been a payment of a dividend or other distribution on the
Common Stock of Capital Stock of any class or series, or similar equity interests, of or relating to a Subsidiary or other business unit of the Company, where such Capital Stock or similar equity interest is listed or quoted (or will be listed or
quoted upon consummation of the transaction) on a U.S. national securities exchange (a “Spin-Off”), the Conversion Rate shall be increased based on the following formula: 

  
 60 

			
	CR’ = CR0 ×	  	FMV0 + MP0
	  	      MP0    

  

	 	where,	

  

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

 

	 	CR’    =	the Conversion Rate in effect immediately after the Open of Business on the Ex Date for the Spin-Off; 

 

	 	FMV0 =	the average of the Closing Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Stock applicable to one share of Common Stock over the ten (10) consecutive Trading Days
immediately following, and including, the Ex Date for a Spin-Off (the “Valuation Period”); and 

  

	 	MP0    =	the average of the Closing Sale Prices of the Common Stock over the Valuation Period. 

 The
increase to the Conversion Rate under the preceding paragraph shall be determined on the last Trading Day of the Valuation Period, but will be given effect immediately after the Open of Business on the Ex Date for such
Spin-Off. For purposes of determining the Conversion Rate in respect of any conversion during the 10 Trading Days commencing on the Ex Date for such Spin-Off, references
within the portion of this Section 10.06(c) related to “Spin-Offs” to ten (10) consecutive Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed from, and including, the Ex Date for such Spin-Off to, but excluding, the relevant Conversion Date. 
 Subject in all respects to
Section 10.13, rights, options or warrants distributed by the Company to all holders of its Common Stock entitling the holders thereof to subscribe for or purchase shares of the Company’s Capital Stock, including Common Stock (either
initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events (“Trigger Event”): (i) are deemed to be transferred with such Common Stock; (ii) are not
exercisable; and (iii) are also issued in respect of future issuances of the Common Stock, shall be deemed not to have been distributed for purposes of this Section 10.06(c) (and no adjustment to the Conversion Rate under this
Section 10.06(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 10.06(c), as the case may be. 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 Date with respect to new rights, options or warrants with such rights (and a termination or expiration of the existing rights, options or warrants without exercise by any of the holders thereof). In addition, in the event of any
distribution (or deemed distribution) of 

  
 61 

 
rights, options or warrants, or any Trigger Event or other event (of the type described in the preceding sentence) with respect thereto that was counted for purposes of calculating a distribution
amount for which an adjustment to the Conversion Rate under this Section 10.06(c), as the case may be, was made, (1) in the case of any such rights, options or warrants that shall all have been redeemed or repurchased without exercise by
any holders thereof, the Conversion Rate shall be readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption
or repurchase price received by a holder or holders of Common Stock with respect to such rights, options or warrants (assuming such holder had retained such rights, options or warrants), made to all holders of Common Stock as of the date of such
redemption or repurchase, and (2) in the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof, the Conversion Rate shall be readjusted as if such rights, options or warrants
had not been issued. 
 For purposes of Section 10.06(a), Section 10.06(b) and this Section 10.06(c), any dividend or
distribution to which this Section 10.06(c) is applicable that also includes one or both of: 
 (A) a dividend or
distribution of Common Stock to which Section 10.06(a) is applicable (the “Clause A Distribution”); or 

(B) a dividend or distribution of rights, options or warrants to which Section 10.06(b) is applicable (the
“Clause B Distribution”), 
 then (1) such dividend or distribution, other than the Clause A Distribution and Clause B Distribution,
shall be deemed to be a dividend or distribution to which this Section 10.06(c) is applicable (the “Clause C Distribution”) and any Conversion Rate adjustment required by this Section 10.06(c) with respect to such Clause C
Distribution shall then be made and (2) 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 10.06(a) and
Section 10.06(b) with respect thereto shall then be made, except that, if determined by the Board of Directors, the Ex Date of the Clause A Distribution and the Clause B Distribution shall be deemed to be the Ex Date of the Clause C
Distribution and any 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 the Ex Date for such dividend or distribution” or
“outstanding immediately after the Open of Business on the effective date of such share split or share combination,” as the case may be within the meaning of Section 10.06(a) or “outstanding immediately prior to the Open of
Business on the Ex Date for such distribution” within the meaning of Section 10.06(b). 
 Except in the case of a readjustment of
the Conversion Rate pursuant to the last sentence of either the fourth or seventh paragraph of this Section 10.06(c), the Conversion Rate shall not be decreased pursuant to this Section 10.06(c). 

(d) If any cash dividend or distribution is made to all or substantially all holders of the Common Stock, the Conversion Rate
shall be increased based on the following formula: 

  
 62 

			
	CR’ = CR0 ×	  	    SP0    
	  	  SP0 – C

  

	 	where,	

  

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

  

	 	CR’    =	the Conversion Rate in effect immediately after the Open of Business on the Ex Date for such dividend or distribution; 

  

	 	SP0     =	the average of the Closing Sale Prices of the Common Stock over the ten (10) consecutive Trading Day period immediately preceding the Ex Date for such dividend or distribution (or, if the Company declares such
dividend or distribution less than eleven (11) Trading Days prior to the Ex Date for such dividend or distribution the reference to ten (10) consecutive Trading Days shall be replaced with a smaller number of consecutive Trading Days that
shall have occurred after, and not including, such declaration date and prior to, but not including, the Ex Date for such dividend or distribution); and 

  

	 	C      =	the amount in cash per share of Common Stock the Company distributes to holders of its Common Stock. 

Any adjustment made under this Section 10.06(d) shall become effective immediately after the Open of Business on the Ex Date for such
dividend or distribution. 
 Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase, provision shall be made for each Holder of a Security to receive, for each $1,000 principal amount of Securities it holds, at the same
time and upon the same terms as holders of the Common Stock, the amount of cash such Holder would have received as if such Holder owned a number of shares of Common Stock equal to the Conversion Rate on the Ex Date for such cash 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 pay such dividend or distribution, to the Conversion Rate that would then be in
effect if such dividend or distribution had not been declared. 
 Except in the case of a readjustment of the Conversion Rate pursuant to
the last sentence of the immediately preceding paragraph, the Conversion Rate shall not be decreased pursuant to this Section 10.06(d). 

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

  
 63 

			
	CR’ = CR0 ×	  	AC + (SP’ × OS’)
	  	      OS0 × SP’

  

	 	where,	

  

	 	CR0    =	the Conversion Rate in effect immediately prior to the Close of Business on the last Trading Day of the ten (10) consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the date
such tender or exchange offer expires; 

  

	 	CR’    =	the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the ten (10) consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the date
such tender or exchange offer expires; 

  

	 	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 the time such tender or exchange offer expires (prior to giving effect to such tender offer or exchange offer); 

 

	 	OS’    =	the number of shares of Common Stock outstanding immediately after the time such tender or exchange offer expires (after giving effect to such tender offer or exchange offer); and 

 

	 	SP’    =	the average of the Closing Sale Prices of the Common Stock over the ten (10) consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the date such tender or exchange offer
expires. 

 The increase to the Conversion Rate under this Section 10.06(e) shall occur at the Close of Business on the
tenth (10th) Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires; provided that, for purposes of determining the Conversion Rate, in respect of any conversion during
the ten (10) Trading Days immediately following, but excluding, the date that any such tender or exchange offer expires, references in this Section 10.06(e) to ten (10) consecutive Trading Days shall be deemed to be replaced with such
lesser number of consecutive Trading Days as have elapsed between the date such tender or exchange offer expires and the relevant Conversion Date. If the Company or one of its Subsidiaries is obligated to purchase the Common Stock pursuant to any
such tender or exchange offer but the Company or such Subsidiary is permanently prevented by applicable law from effecting any such purchase or all such purchases are rescinded, the Conversion Rate shall be immediately decreased to the Conversion
Rate that would be in effect if such tender or exchange offer had not been made. 
 Except in the case of a readjustment of the Conversion
Rate pursuant to the last sentence of the immediately preceding paragraph, the Conversion Rate shall not be decreased pursuant to this Section 10.06(e). 

  
 64 

 (f) In addition to the foregoing adjustments in subsections (a), (b), (c), (d)
and (e) above, and to the extent permitted by applicable law and the rules of the Relevant Stock Exchange, the Company may, from time to time and to the extent permitted by law, increase the Conversion Rate by any amount for a period of at
least twenty-five (25) Trading Days or any longer period as may be permitted or required by law, if the Board of Directors has made a determination, which determination shall be conclusive, that such increase would be in the best interests of
the Company. Such Conversion Rate increase shall be irrevocable during such period. The Company shall give notice to the Trustee and the Conversion Agent and cause notice of such increase, which notice will include the amount of the increase and the
period during which the increase shall be in effect, to be sent to each Holder of Securities in accordance with Section 13.01, at least fifteen (15) days prior to the date on which such increase commences. 

(g) All calculations under this Article 10 shall be made to the nearest cent or to the nearest 1/10,000th of a share, as the
case may be. Adjustments to the Conversion Rate will be calculated to the nearest 1/10,000th. 
 (h) Notwithstanding this
Section 10.06 or any other provision of this Indenture or the Securities, if a Conversion Rate adjustment becomes effective on any Ex Date, and a Holder that has converted its Securities on or after such Ex Date and on or prior to the related
record date would be treated as the record holder of the Common Stock as of the related Conversion Date as described under Section 10.02(b) based on an adjusted Conversion Rate for such Ex Date, then, notwithstanding the Conversion Rate
adjustment provisions in this Section 10.06, the Conversion Rate adjustment relating to such Ex 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 Common Stock
on an unadjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment. 

(i) For purposes of this Section 10.06, “effective date” means the first date on which the Common Stock
trade on the Relevant Stock Exchange, regular way, reflecting the relevant share split or share combination, as applicable. 

(j) For purposes of this Section 10.06, the number of shares of Common Stock at any time outstanding shall not include
shares held in the treasury of the Company but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock. The Company shall not pay any dividend or make any distribution on shares of Common
Stock held in the treasury of the Company. The Company shall not pay any dividend or distribution on shares of Capital Stock of the Company held in the treasury of the Company to the extent such dividend or distribution would be made in an amount
based on the amount of a dividend or distribution paid on the Common Stock. 
 Section 10.07. No Adjustment. The Conversion Rate
shall not be adjusted for any transaction or event other than for any transaction or event described in this Article 10. Without limiting the foregoing, the Conversion Rate shall not be adjusted: 

(i) upon the issuance of any 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; 

  
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 (ii) 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 (or the issuance of any shares of Common Stock pursuant to any
such options or other rights); 
 (iii) upon the issuance of any Common Stock pursuant to any option, warrant, right or
exercisable, exchangeable or convertible security not described in clause (ii) above and outstanding as of the date the Securities were first issued; 

(iv) for accrued and unpaid interest, if any; 

(v) repurchases of Common Stock that are not tender offers or exchange offers pursuant to Section 10.06(e), including
structured or derivative transactions such as accelerated share repurchase transactions or similar forward derivatives; 

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

(vii) for the issuance of Common Stock or any securities convertible into or exchangeable for Common Stock or the right to
purchase Common Stock or such convertible or exchangeable securities, except as described in Section 10.06. 
 No adjustment in the
Conversion Rate less than one percent (1%) of the Conversion Rate as last adjusted (or, if never adjusted, the initial Conversion Rate) shall be made pursuant to Section 10.06(a) through Section 10.06(e); provided, however,
that (i) the Company shall carry forward any adjustments that are not made as a result of the foregoing and make such carried forward adjustments with respect to the Conversion Rate when the cumulative effect of all adjustments not yet made
will result in a change of one percent (1%) or more of the Conversion Rate as last adjusted (or, if never adjusted, the initial Conversion Rate) and (ii) notwithstanding the foregoing, all such deferred adjustments that have not yet been made
shall be made (including any adjustments that are less than one percent (1%) of the Conversion Rate as last adjusted (or, if never adjusted, the initial Conversion Rate)) (1) on the effective date of any Fundamental Change or Make-Whole Fundamental
Change and (2) on the Conversion Date. 
 No adjustment to the Conversion Rate need be made pursuant to Section 10.06 for a
transaction (other than for share splits or share combinations pursuant to Section 10.06(a)) if the Company makes provision for each Holder to participate in the transaction, at the same time and upon the same terms as holders of Common Stock
participate in such transaction, without conversion, as if such Holder held a number of shares of Common Stock equal to the Conversion Rate in effect on the Ex Date or effective date, as applicable, of the transaction (without giving effect to any
adjustment pursuant to Section 10.06 on account of such transaction), multiplied by principal amount (expressed in thousands) of Securities held by such Holder. 

  
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 Section 10.08. Other Adjustments. Whenever any provision of this Indenture requires
the computation of an average of the Closing Sale Prices or the Daily VWAPs over a period of multiple Trading Days (including the period for determining the Applicable Price for purposes of a Make-Whole Fundamental Change), the Board of Directors,
in its good faith determination, shall appropriately adjust such average to account for any event requiring, pursuant hereto, an adjustment to the Conversion Rate where the effective date, Ex Date or expiration date of such event occurs at any time
on or after the first Trading Day of such period and on or prior to the last Trading Day of such period. 
 Section 10.09.
Adjustments for Tax Purposes. Except as prohibited by law, the Company may (but is not obligated to) make such increases in the Conversion Rate, in addition to those required by Section 10.06 hereof, as it considers to be advisable to
avoid or diminish any income tax to any holders of Common Stock (or rights to purchase Common Stock) resulting from any dividend or distribution of stock (or rights to acquire stock) or from any event treated as such for income tax purposes or for
any other reason. 
 Section 10.10. Notice of Adjustment and Certain Events. (a) Whenever the Conversion Rate is
adjusted, the Company shall promptly file with the Trustee and the Conversion Agent an Officers’ Certificate describing in reasonable detail the adjustment and the method of calculation used and the Company shall promptly send to the Holders in
accordance with Section 13.01 a notice of the adjustment setting forth the adjusted Conversion Rate and the calculation thereof. The certificate and notice shall be conclusive evidence of the correctness of such adjustment. In the absence of an
Officers’ Certificate being filed with the Trustee (and the Conversion Agent if not the Trustee), the Trustee and the Conversion Agent may assume without inquiry that the Conversion Rate has not been adjusted and that the last Conversion Rate
of which it has knowledge remains in effect. 
 (b) In case of any: 

(i) action by the Company or one of its Subsidiaries that would require an adjustment to the Conversion Rate in accordance with
Section 10.06 or Section 10.13; 
 (ii) Merger Event; or 

(iii) voluntary or involuntary dissolution, liquidation or winding-up of the Company;

 then the Company shall at least ten days prior to the anticipated effective date of such transaction or event cause written notice thereof to be sent to
the Trustee, the Conversion Agent and the Holders in accordance with Section 13.01. Such notice shall also specify, as applicable, the date or expected date on which the holders of Common Stock shall be entitled to a distribution and the date
or expected date on which the holders of Common Stock shall be entitled to exchange their Common Stock for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, sale, transfer, dissolution,
liquidation or winding-up, as the case may be. 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, Merger
Event, dissolution, liquidation or winding-up. 

  
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 Section 10.11. Effect of Reclassifications, Consolidations, Mergers, Binding Share
Exchanges or Sales on Conversion Privilege. If on or after the date of this Indenture the Company: 
 (a) reclassifies
the Common Stock (other than a change as a result of a subdivision or combination of Common Stock to which Section 10.06(a) applies); 

(b) is party to a consolidation, merger or binding share exchange; or 

(c) sells, transfers, leases, conveys or otherwise disposes of all or substantially all of the consolidated property or assets
of the Company and its Subsidiaries, taken as a whole, 
 in each case, pursuant to which the Common Stock would be converted into or exchanged for, or
would constitute solely the right to receive, cash, securities or other property (any such event, a “Merger Event”), each $1,000 principal amount of converted Securities will, from and after the effective time of such Merger Event,
be convertible into the same kind, type and proportions of consideration that a holder of a number of shares of Common Stock equal to the Conversion Rate in effect immediately prior to such Merger Event would have received in such Merger Event
(“Reference Property”) and, prior to or at the effective time of such Merger Event, the Company or the successor or purchasing Person, as the case may be, shall execute with the Trustee a supplemental indenture permitted under
Section 9.01(a) providing for such change in the right to convert the Securities; provided, however, that at and after the effective time of the Merger Event (A) any amount payable in cash for fractional shares of Common
Stock upon conversion of the Securities in accordance with Section 10.03 shall continue to be payable in cash, (B) any Common Stock that the Company would have been required to deliver upon conversion of the Securities in accordance with
Section 10.02 shall instead be deliverable in the amount and type of Reference Property that a holder of that number of shares of Common Stock would have received in such Merger Event and (C) the Daily VWAP shall be calculated based on a
unit of Reference Property. 
 If the Merger 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 whole or in part upon any form of stockholder election, then (i) the Reference Property into which the Securities will be convertible shall be deemed to be the weighted average of the
types and amounts of consideration received by the holders of Common Stock that affirmatively make such an election and (ii) the unit of Reference Property for purposes of the immediately preceding paragraph shall refer to the consideration
referred to in clause (i) attributable to one share of Common Stock. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) of such weighted average as soon as reasonably practicable after such
determination is made. If the holders receive only cash in such Merger Event, then for all conversions that occur after the effective date of such Merger Event (A) the consideration due upon conversion of each $1,000 principal amount of
Securities shall be solely cash in an amount equal to the Conversion Rate in effect on the Conversion Date (as may be increased pursuant to Section 10.14), multiplied by the price paid per share of Common Stock in such Merger Event and
(B) the Company shall satisfy its Conversion Obligation by paying cash to converting Holders on the second Business Day immediately following the relevant Conversion Date. 

  
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 The supplemental indenture referred to in the first sentence of this Section 10.11 shall
provide for adjustments to the Conversion Rate that shall be as nearly equivalent as may be practicable to the adjustments of the Conversion Rate provided for in this Article 10 and for the delivery of cash by the Company in lieu of fractional
securities or property that would otherwise be deliverable to holders upon conversion as part of the Reference Property, with such amount of cash determined by the Board of Directors in a manner as nearly equivalent as may be practicable to that
used by the Company to determine the Closing Sale Price of the Common Stock. The Company shall not become a party to any Merger Event unless its terms are consistent with the foregoing. If, in the case of any Merger Event, the stock or other
securities and assets receivable thereupon by a holder of Common Stock includes shares of stock or other securities and assets of a corporation other than the successor or purchasing corporation, as the case may be, in such Merger Event, then such
supplemental indenture shall also be executed by such other corporation and shall contain such additional provisions to protect the interests of the Holders of the Securities as the Board of Directors shall reasonably consider necessary by reason of
the foregoing, including to the extent practicable the provisions providing for the conversion rights set forth in this Article 10. The provisions of this Section 10.11 shall similarly apply to successive consolidations, mergers, binding share
exchanges, sales, transfers, leases, conveyances or dispositions. 
 None of the foregoing provisions shall affect the right of a Holder to
convert its Securities into Common Stock (and cash in lieu of any fractional share) as set forth in Section 10.01 and Section 10.02 prior to the effective date of such Merger Event. 

In the event the Company shall execute a supplemental indenture in accordance with this Section 10.11, the Company shall promptly file
with the Trustee an Officers’ Certificate briefly stating the reasons therefor, the kind or amount of Reference Property receivable by Holders of the Securities upon the conversion of their Securities after any such Merger Event and any
adjustment to be made with respect thereto. 
 Section 10.12. Trustee’s Disclaimer. The Trustee and any other
Conversion Agent shall have no duty to determine the Conversion Rate (or any adjustment thereto) or whether any facts exist that may require that any adjustment under this Article 10 should be made, how it should be made or what such adjustment
should be, but may accept as conclusive evidence of the correctness of any such adjustment, and shall be protected in relying upon, the Officers’ Certificate with respect thereto which the Company is obligated to file with the Trustee pursuant
to Section 10.10 hereof. Neither the Trustee nor any other Conversion Agent makes any representation as to the validity or value of any securities or assets issued upon conversion of Securities, and neither the Trustee nor any other Conversion
Agent shall be responsible for the failure by the Company to comply with any provisions of this Article 10 or to monitor any Person’s compliance with this Article 10. 

The Trustee shall not be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture
executed pursuant to Section 10.11, but may accept as conclusive evidence of the correctness thereof, and shall be protected in relying upon, the Officers’ Certificate with respect thereto which the Company is obligated to file with the
Trustee pursuant to Section 10.11 hereof. 

  
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 Neither the Trustee nor any other agent acting under this Indenture (other than the Company, if
acting in such capacity) shall have any obligation to make any calculation or to determine whether the Notes may be surrendered for conversion pursuant to this Indenture, or to notify the Company or the Depository or any of the Holders if the
Securities have become convertible pursuant to the terms of this Indenture. 
 Section 10.13. Rights Distributions Pursuant to
Shareholders’ Rights Plans. To the extent that on or after the date of this Indenture the Company adopts a rights plan (i.e., a poison pill) and such plan is in effect upon conversion of any Security or a portion thereof, the
Company shall make provision such that each Holder thereof shall receive, in addition to, and concurrently with the delivery of, the Common Stock due upon conversion, the rights described in such plan, unless the rights have separated from the
Common Stock before the time of conversion, in which case the Conversion Rate shall be adjusted at the time of separation as if the Company distributed to all holders of Common Stock, Distributed Property as described in Section 10.06(c),
subject to readjustment in the event of the expiration, termination or redemption of such rights. 
 Section 10.14. Increased
Conversion Rate Applicable to Certain Securities Surrendered in Connection with Make-Whole Fundamental Changes. (a) Notwithstanding anything herein to the contrary, the Conversion Rate applicable to each Security that is surrendered for
conversion, in accordance with this Article 10, at any time during the period (the “Make-Whole Conversion Period”) from, and including, the effective date (the “Effective Date”) of a Make-Whole Fundamental Change
(which Effective Date the Company shall disclose in the written notice referred to in Section 10.14(e)) (A) if such Make-Whole Fundamental Change does not also constitute a Fundamental Change, to, and including, the Close of Business on the
date that is thirty (30) Business Days after the later of (i) such Effective Date and (ii) the date the Company sends to Holders (with a copy to the Trustee and the Conversion Agent) the relevant notice of the Effective Date or
(B) if such Make-Whole Fundamental Change also constitutes a Fundamental Change, to, and including, the Close of Business on the Business Day immediately preceding the Fundamental Change Repurchase Date corresponding to such Fundamental Change
(provided that the Repurchase Notice has not been delivered by the Holder or has been withdrawn), shall be increased to an amount equal to the Conversion Rate that would, but for this Section 10.14, otherwise apply to such Security pursuant to
this Article 10, plus an amount equal to the Make-Whole Applicable Increase. 
 (b) As used herein, “Make-Whole
Applicable Increase” shall mean, with respect to a Make-Whole Fundamental Change, the amount, set forth in the following table, which corresponds to the Effective Date and the Applicable Price of such Make-Whole Fundamental Change:  
  

																																																					
	 	  	Applicable Price	 
	 Effective Date
	  	$34.85	 	  	$37.50	 	  	$40.00	 	  	$42.00	 	  	$45.00	 	  	$50.00	 	  	$60.00	 	  	$70.00	 	  	$80.00	 	  	$100.00	 	  	$120.00	 	  	$140.00	 	  	$160.00	 
	 December 1, 2017
	  	 	4.88180	 	  	 	4.35520	 	  	 	3.94500	 	  	 	3.66430	 	  	 	3.30640	 	  	 	2.83620	 	  	 	2.19750	 	  	 	1.78610	 	  	 	1.49960	 	  	 	1.12440	 	  	 	0.88720	 	  	 	0.72190	 	  	 	0.59920	 
	 January 1, 2018
	  	 	4.88180	 	  	 	4.32590	 	  	 	3.91350	 	  	 	3.63190	 	  	 	3.27330	 	  	 	2.80340	 	  	 	2.16730	 	  	 	1.75960	 	  	 	1.47640	 	  	 	1.10660	 	  	 	0.87330	 	  	 	0.71080	 	  	 	0.59030	 
	 July 1, 2018
	  	 	4.88180	 	  	 	4.19410	 	  	 	3.76280	 	  	 	3.47100	 	  	 	3.10290	 	  	 	2.62820	 	  	 	2.00170	 	  	 	1.61200	 	  	 	1.34710	 	  	 	1.00790	 	  	 	0.79680	 	  	 	0.65070	 	  	 	0.54260	 
	 January 1, 2019
	  	 	4.88180	 	  	 	4.05810	 	  	 	3.59880	 	  	 	3.29140	 	  	 	2.90910	 	  	 	2.42540	 	  	 	1.80820	 	  	 	1.43990	 	  	 	1.19680	 	  	 	0.89320	 	  	 	0.70760	 	  	 	0.57990	 	  	 	0.48560	 
	 July 1, 2019
	  	 	4.88180	 	  	 	3.90480	 	  	 	3.40630	 	  	 	3.07760	 	  	 	2.67490	 	  	 	2.17900	 	  	 	1.57480	 	  	 	1.23460	 	  	 	1.01890	 	  	 	0.75850	 	  	 	0.60230	 	  	 	0.49540	 	  	 	0.41660	 
	 January 1, 2020
	  	 	4.88180	 	  	 	3.73330	 	  	 	3.17780	 	  	 	2.81810	 	  	 	2.38670	 	  	 	1.87480	 	  	 	1.29230	 	  	 	0.99100	 	  	 	0.81140	 	  	 	0.60340	 	  	 	0.48100	 	  	 	0.39740	 	  	 	0.33550	 
	 July 1, 2020
	  	 	4.88180	 	  	 	3.52110	 	  	 	2.87750	 	  	 	2.47170	 	  	 	2.00090	 	  	 	1.47360	 	  	 	0.93870	 	  	 	0.69930	 	  	 	0.56930	 	  	 	0.42580	 	  	 	0.34160	 	  	 	0.28340	 	  	 	0.24030	 
	 January 1, 2021
	  	 	4.88180	 	  	 	3.21200	 	  	 	2.40800	 	  	 	1.92480	 	  	 	1.40220	 	  	 	0.88980	 	  	 	0.49020	 	  	 	0.35840	 	  	 	0.29540	 	  	 	0.22550	 	  	 	0.18230	 	  	 	0.15190	 	  	 	0.12920	 
	 July 1, 2021
	  	 	4.88180	 	  	 	2.85390	 	  	 	1.18730	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	—  	 

  
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 provided, however, that: 

(i) if the actual Applicable Price of such Make-Whole Fundamental Change is between two (2) Applicable Prices listed in
the table above under the row titled “Applicable Price,” or if the actual Effective Date of such Make-Whole Fundamental Change is between two Effective Dates listed in the table above in the column immediately below the title
“Effective Date,” then the Make-Whole Applicable Increase for such Make-Whole Fundamental Change shall be determined by linear interpolation between the Make-Whole Applicable Increases set forth for such higher and lower Applicable Prices,
or for such earlier and later Effective Dates based on a three hundred and sixty five (365) day year, as applicable; 

(ii) if the actual Applicable Price of such Make-Whole Fundamental Change is greater than $160.00 per share (subject to
adjustment in the same manner as the Applicable Prices pursuant to Section 10.14(b)(iii)), or if the actual Applicable Price of such Make-Whole Fundamental Change is less than $34.85 per share (subject to adjustment in the same manner as the
Applicable Prices pursuant to Section 10.14(b)(iii)), then the Make-Whole Applicable Increase shall be equal to zero (0); 

(iii) if an event occurs that requires, pursuant to this Article 10 (other than solely pursuant to this Section 10.14), an
adjustment to the Conversion Rate, then, on the date and at the time such adjustment is so required to be made, each Applicable Price set forth in the table above under the column titled “Applicable Price” shall be deemed to be adjusted so
that such Applicable Price, at and after such time, shall be equal to the product of (A) such Applicable Price as in effect immediately before such adjustment to such Applicable Price and (B) a fraction the numerator of which is the
Conversion Rate in effect immediately before such adjustment to the Conversion Rate and the denominator of which is the Conversion Rate to be in effect, in accordance with this Article 10, immediately after such adjustment to the Conversion Rate;

 (iv) each Make-Whole Applicable Increase amount set forth in the table above shall be adjusted in the same manner, for the
same events and at the same time as the Conversion Rate is required to be adjusted pursuant to Section 10.06 through Section 10.13; and 

(c) Subject to Section 10.11, upon surrender of Securities for conversion in connection with a Make-Whole Fundamental
Change, the Company shall satisfy the related Conversion Obligation in accordance with Section 10.02; provided, however, that if at the effective time of a Make-Whole Fundamental Change described in clause (c) of the
definition of Change in Control the consideration for the Common Stock is composed entirely of cash, for any conversion of Securities following the Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation shall be calculated
based solely on the Applicable Price for the transaction and shall be deemed to be an amount equal to, per $1,000 principal amount of converted Securities, the Conversion Rate (including any Make-Whole Applicable Increase), multiplied by such
Applicable Price. In such event, the Conversion Obligation will be determined and shall be paid to Holders in cash on the second Business Day following the Conversion Date. 

  
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 (d) As used herein, “Applicable Price” shall have the following
meaning with respect to a Make-Whole Fundamental Change: (i) if such Make-Whole Fundamental Change is a transaction or series of transactions described in clause (c) of the definition of Change in Control and the consideration (excluding
cash payments for fractional shares or pursuant to statutory appraisal rights) for Common Stock in such Make-Whole Fundamental Change consists solely of cash, then the “Applicable Price” with respect to such Make-Whole Fundamental Change
shall be equal to the cash amount paid per share of Common Stock in such Make-Whole Fundamental Change and (ii) in all other circumstances, the “Applicable Price” with respect to such Make-Whole Fundamental Change shall be equal to
the average of the Closing Sale Prices per share of Common Stock for the five (5) consecutive Trading Days immediately preceding, but excluding, the Effective Date of such Make-Whole Fundamental Change, which average shall be appropriately
adjusted by the Board of Directors, in its good faith determination, to account for any adjustment, pursuant hereto, to the Conversion Rate that shall become effective, or any event requiring, pursuant hereto, an adjustment to the Conversion Rate
where the Ex Date of such event occurs, at any time during such five (5) consecutive Trading Days. 
 (e) The Company
shall send to each Holder (with a copy to the Trustee and the Conversion Agent), in accordance with Section 13.01, written notice of the Effective Date of the Make-Whole Fundamental Change within ten (10) days after such Effective Date.
Each such notice shall also state that, in connection with such Make-Whole Fundamental Change, the Company shall increase, in accordance herewith, the Conversion Rate applicable to Securities entitled as provided herein to such increase (along with
a description of how such increase shall be calculated and the time periods during which Securities must be surrendered in order to be entitled to such increase, including, without limitation, the last day of the Make-Whole Conversion Period). 

(f) For avoidance of doubt, the provisions of this Section 10.14 shall not affect or diminish the Company’s
obligations, if any, pursuant to Article 3 with respect to a Make-Whole Fundamental Change that also constitutes a Fundamental Change. 

(g) Nothing in this Section 10.14 shall prevent an adjustment to the Conversion Rate pursuant to Section 10.06 in
respect of a Make-Whole Fundamental Change. 
 Section 10.15. Applicable Stock Exchange Restrictions. Notwithstanding anything
in this Article 10 to the contrary, in the event of any increase in the Conversion Rate that would result in the Securities in the aggregate becoming convertible into shares of Common Stock in excess of the share issuance limitations of the listing
rules of The NASDAQ Stock Market LLC (regardless of whether the Company then has a class of securities listed on The NASDAQ Stock Market LLC), the Company shall, at its option (but without delaying delivery of consideration upon any conversion),
either (i) obtain stockholder approval of such issuances, in accordance with the stockholder approval rules contained in such listing standards, or (ii) pay cash in lieu of delivering any shares of Common Stock otherwise deliverable upon
conversion in excess of such limitations based on the Closing Sale Price of the Common Stock on the Conversion Date (or, if 

  
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the Conversion Date is not a Trading Day, the next following Trading Day) in respect of which, in lieu of delivering shares of Common Stock, the Company is paying cash pursuant to this
Section 10.15. If the Company pays cash in lieu of delivering shares of Common Stock pursuant to this Section 10.15, it will notify the Trustee, the Conversion Agent and the Holders of the maximum number of shares it will deliver per
$1,000 principal amount of converted Security in respect of the relevant conversion. 
 ARTICLE 11 

CONCERNING THE HOLDERS 

Section 11.01. Action by Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage in
aggregate principal amount of the Securities 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, (ii) by the record of
the Holders voting in favor thereof at any meeting of Holders duly called and held in accordance with the provisions of Article 12 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 Securities, the Company or the Trustee may fix, but shall not be required to, 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 (15) days prior to the date of commencement of solicitation of such action. 

Section 11.02. Proof of Execution by Holders. Subject to the provisions of Section 12.05, 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
Securities shall be proved by the security register of the Registrar or by a certificate of the Registrar. The record of any Holders’ meeting shall be proved in the manner provided in Section 12.06. 

Section 11.03. Persons Deemed Absolute Owners. The Company, the Trustee, any authenticating agent, any Paying Agent, any
Conversion Agent and any Registrar may deem the Person in whose name a Security shall be registered upon the security register of the Registrar to be, and may treat it as, the absolute owner of such Security (whether or not such Security shall be
overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other than the Company or any Registrar) for the purpose of receiving payment of or on account of the principal of and (subject to Section 2.12
and Section 4.01) accrued and unpaid interest on such Security, or the Fundamental Change Repurchase Price, if applicable, for conversion of such Security and for all other purposes; and neither the Company nor the Trustee nor any
authenticating agent nor any Paying Agent nor any Conversion Agent nor any Registrar shall be affected by any notice to the contrary. All such payments so made to any Holder for the time being, or upon its order, shall be valid, and, to the extent
of the sum or sums so paid, effectual to satisfy and discharge the liability for monies payable upon any such Security. Notwithstanding anything to the contrary in this Indenture or the Securities following an Event of Default, any holder of a
beneficial interest in a Global Security may directly enforce against 

  
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the Company, without the consent, solicitation, proxy, authorization or any other action of the Depository or any other Person, such holder’s right to exchange such beneficial interest for a
Physical Security in accordance with the provisions of this Indenture. 
 ARTICLE 12 

HOLDERS’ MEETINGS 

Section 12.01. Purpose of Meetings. A meeting of Holders may be called at any time and from time to time pursuant to the
provisions of this Article 12 for any of the following purposes: 
 (a) to give any notice to the Company or to the Trustee
or to give any directions to the Trustee permitted under this Indenture, or to consent to the waiving of any Default or Event of Default hereunder and its consequences, or to take any other action authorized to be taken by Holders pursuant to any of
the provisions of Article 6; 
 (b) to remove the Trustee and nominate a successor trustee pursuant to the provisions of
Article 7; 
 (c) to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of
Section 9.02; or 
 (d) to take any other action authorized to be taken by or on behalf of the Holders of any specified
aggregate principal amount of the Securities under any other provision of this Indenture or under applicable law. 
 Section 12.02.
Call of Meetings by Trustee. The Trustee may at any time call a meeting of Holders to take any action specified in Section 12.01, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the
Holders, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting and the establishment of any record date pursuant to Section 11.01, shall be sent to Holders of such Securities
at their addresses as they shall appear on the security register of the Registrar. Such notice shall also be sent to the Company or electronically in accordance with the Applicable Procedures of the Depository. Such notices shall be sent not less
than twenty (20) nor more than ninety (90) days prior to the date fixed for the meeting. 
 Any meeting of Holders shall be valid
without notice if the Holders of all Securities then outstanding are present in person or by proxy or if notice is waived before or after the meeting by the Holders of all Securities outstanding, and if the Company and the Trustee are either present
by duly authorized representatives or have, before or after the meeting, waived notice. 
 Section 12.03. Call of Meetings by
Company or Holders. In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least ten percent (10%) in aggregate principal amount of the Securities then outstanding, shall have requested the Trustee to call a
meeting of Holders, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have sent the notice of such meeting within twenty (20) days after receipt of such request, then
the Company or such Holders may determine the time and the place for such meeting and may call such meeting to take any action authorized in Section 12.01, by sending notice thereof as provided in Section 12.02. 

  
 74 

 Section 12.04. Qualifications for Voting. To be entitled to vote at any meeting of
Holders a Person shall (a) be a Holder of one or more Securities on the record date pertaining to such meeting or (b) be a Person appointed by an instrument in writing as proxy by a Holder of one or more Securities on the record date
pertaining to such meeting. The only Persons who shall be entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and
any representatives of the Company and its counsel. 
 Section 12.05. Regulations. Notwithstanding any other provision of this
Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders, in regard to proof of the holding of Securities and of the appointment of proxies, and in regard to the appointment and duties of
inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit. 

The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the
Company or by Holders as provided in Section 12.03, in which case the Company or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the
meeting shall be elected by vote of the Holders of a majority in aggregate principal amount of the outstanding Securities represented at the meeting and entitled to vote at the meeting. 

Subject to the provisions of Section 2.09, at any meeting of Holders each Holder or proxyholder shall be entitled to one vote for each
$1,000 principal amount of Securities held or represented by such Holder or proxyholder, as the case may be; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not
outstanding and ruled by the chairman of the meeting to be not outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Securities held by it or instruments in writing as aforesaid duly designating it as the proxy
to vote on behalf of other Holders. Any meeting of Holders duly called pursuant to the provisions of Section 12.02 or Section 12.03 may be adjourned from time to time by the Holders of a majority of the aggregate principal amount of
outstanding Securities represented at the meeting, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice. 

Section 12.06. Voting. The vote upon any resolution submitted to any meeting of Holders shall be by written ballot on which shall
be subscribed the signatures of the Holders or of their representatives by proxy and the outstanding principal amount of the Securities held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who
shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the
proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more
Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was sent as provided in Section 12.02. The record shall show the principal amount of the Securities voting in favor of or
against any resolution. The 

  
 75 

 
record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to the
Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. 
 Any record so signed and
verified shall be conclusive evidence of the matters therein stated. 
 Section 12.07. No Delay of Rights by Meeting. Nothing
contained in this Article 12 shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Holders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any
right or rights conferred upon or reserved to the Trustee or to the Holders under any of the provisions of this Indenture or of the Securities. Nothing contained in this Article 12 shall be deemed or construed to limit any Holder’s actions
pursuant to the Applicable Procedures so long as the Securities are Global Securities. 
 ARTICLE 13 

MISCELLANEOUS 

Section 13.01. Notices. Any notice or communication by the Company or the Trustee to the other shall be deemed to be duly given if
made in writing and delivered: 
 (a) by hand (in which case such notice shall be effective upon delivery); 

(b) by facsimile or other electronic transmission (in which case such notice shall be effective upon receipt of confirmation of
good transmission thereof); or 
 (c) by overnight delivery by a nationally recognized courier service (in which case such
notice shall be effective on the Business Day immediately after being deposited with such courier service), 
 in each case to the recipient party’s
address set forth in this Section 13.01; provided, however, that notices to the Trustee shall only be effective upon the Trustee’s actual receipt thereof. The Company or the Trustee by notice to the other may designate
additional or different addresses for subsequent notices or communications. 
 Any notice or communication sent to a Holder shall be sent to
the Holder at its address shown on the register kept by the Registrar. Any notice or communication to be delivered to a Holder of a Global Security shall be transmitted to the Depository in accordance with its Applicable Procedures. Failure to send
or transmit 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 to a Holder is sent in the manner provided above, it is duly given, whether or not the addressee receives it. 

  
 76 

 If the Company sends or transmits a notice or communication to Holders, it shall send a copy to
the Trustee and each Securities Agent at the same time. If the Trustee or the Securities Agent is required, pursuant to the express terms of the Securities or Article 10 of this Indenture, to send a notice or communication to Holders, the Trustee or
the Securities Agent, as the case may be, shall also send a copy of such notice or communication to the Company. 
 All notices or
communications shall be in writing. 
 The Company’s address is: 

Cornerstone OnDemand, Inc. 
 1601
Cloverfield Blvd., Suite 620S 
 Santa Monica, CA 90404 

Attention: Adam Weiss, General Counsel 

Fax: +1 (650) 429-9137 

Email: aweiss@csod.com 
 With a
copy to: 
 Goodwin Procter LLP 

100 Northern Avenue 
 Boston,
Massachusetts 02210 
 Attention: Ettore A. Santucci 

Fax: (617) 801-8807 

Email: esantucci@goodwinlaw.com 

The Trustee’s address is: 

U.S. Bank National Association 

633 West 5th Street, 24th Floor 

Los Angeles, California 90071 

Attention: Paula M. Oswald, Corporate Trust Services (Cornerstone OnDemand, Inc. 

5.75% Convertible Senior Notes due 2021) 

Facsimile: (213) 615-6197 

The Trustee shall have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”),
given pursuant to this Indenture and delivered using the following communications methods: e-mail, facsimile transmission, secure electronic transmission containing applicable authorization codes, passwords
and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for use in connection with its services hereunder (collectively, “Electronic Means”); provided,
however, that the Company shall provide to the Trustee an incumbency certificate listing officers with the authority to provide such Instructions (“Authorized Officers”) and containing specimen signatures of such Authorized
Officers, which incumbency certificate shall be amended by the Company whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion
elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling. The Company understands and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and
that the Trustee shall conclusively presume that 

  
 77 

 
directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Company shall be
responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Company and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization
codes, passwords and/or authentication keys upon receipt by the Company. The Trustee shall not be liable for any losses, costs or expenses (except to the extent attributable to the Trustee’s gross negligence, willful misconduct or bad faith, as
determined by a final non-appealable order of a court of competent jurisdiction) arising directly or indirectly from the Trustee’s reliance upon and compliance with such Instructions notwithstanding such
directions conflict or are inconsistent with a subsequent written instruction. The Company agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk
of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the
Trustee and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Company; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to
it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures. 

Section 13.02. Communication by Holders with Other Holders. To the extent the TIA is then applicable: (A) The Company, the
Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c) and (B) Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Securities. 

Section 13.03. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee
to take any action under this Indenture, the Company shall furnish to the Trustee: 
 (a) an Officers’ Certificate
stating that, in the opinion of the signatories to such Officers’ Certificate, all covenants and conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(b) an Opinion of Counsel stating that, in the opinion of such counsel, all such covenants and conditions precedent have been
complied with. 
 Each signatory to an Officers’ Certificate or an Opinion of Counsel may (if so stated) rely, effectively, upon an
Opinion of Counsel as to legal matters and an Officers’ Certificate or certificates of public officials or other representations or documents as to factual matters. 

Section 13.04. Statements Required in Certificate or Opinion. Each Officers’ Certificate or Opinion of Counsel with respect
to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 

  
 78 

 (a) a statement that the Person making such certificate or opinion has read such
covenant or condition; 
 (b) a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion of such
Person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 

Section 13.05. Rules by Trustee and Agents. The Registrar, Paying Agent or Conversion Agent may make reasonable rules and set
reasonable requirements for their respective functions. 
 Section 13.06. Legal Holidays. If a payment date is not a Business
Day, payment may be made on the next succeeding day that is a Business Day, and no interest shall accrue on that payment for the intervening period. 

Section 13.07. Duplicate Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. Delivery of an executed counterpart by facsimile shall be effective as delivery of a manually executed counterpart thereof. 

Section 13.08. Facsimile and PDF Delivery of Signature Pages. The exchange of copies of this Indenture and of signature
pages by facsimile or portable document format (“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 13.09. Governing Law. THIS INDENTURE AND THE SECURITIES, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO
THIS INDENTURE OR THE SECURITIES, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 Each of the
parties hereto hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any legal action or
proceeding relating solely to this Indenture or the transactions contemplated hereby, to the general jurisdiction of the Supreme Court of the State of New York, County of New York or the United States Federal District Court sitting for the Southern
District of New York (and appellate courts thereof); 
 (b) consents that any such action or proceeding may be brought in
such courts, and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same
to the extent permitted by applicable law; 

  
 79 

 (c) agrees that service of process in any such action or proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the party, as the case may be, at its address set forth in Section 13.01 or at such other address of which the
other party shall have been notified pursuant thereto; 
 (d) agrees that nothing herein shall affect the right to effect
service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction for recognition and enforcement of any judgment or if jurisdiction in the courts referenced in the foregoing clause (a) are not
available despite the intentions of the parties hereto; 
 (e) agrees that final judgment in any such suit, action or
proceeding brought in such a court may be enforced in the courts of any jurisdiction to which such party is subject by a suit upon such judgment, provided that service of process is effected upon such party in the manner specified herein or
as otherwise permitted by law; 
 (f) agrees that to the extent that such party has or hereafter may acquire any immunity
from jurisdiction of any court or from any legal process with respect to itself or its property, such party hereby irrevocably waives such immunity in respect of its obligations under this Indenture, to the extent permitted by law; and 

(g) irrevocably and unconditionally waives trial by jury in any legal action or proceeding in relation to this Indenture or the
Securities. 
 Section 13.10. No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another
indenture, loan or debt agreement of the Company or any of its Subsidiaries. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 13.11. Successors. All agreements of the Company in this Indenture and the Securities shall bind its successors and
assigns. All agreements of the Trustee in this Indenture shall bind its successors. 
 Section 13.12. Separability. In case any
provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and a Holder shall have no claim
therefor against any party hereto. 
 Section 13.13. Table of Contents, Headings, Etc. The Table of Contents, Cross-Reference
Table and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 13.14. Calculations in Respect of the Securities. The Company and its agents shall make all calculations under this
Indenture and the Securities. These calculations include, but are not limited to, determinations of the Closing Sale Price of the Common Stock, the number of shares deliverable upon conversion, adjustments to the Conversion Price and the Conversion
Rate, the Daily VWAPs, the Conversion Rate of the Securities, the amount of 

  
 80 

 
conversion consideration deliverables in respect of any conversion and the amounts of interest payable on the Securities. The Company and its agents shall make all of these calculations in good
faith, and, absent manifest error, such calculations shall be final and binding on all Holders. The Company shall provide a copy of such calculations to the Trustee (and the Conversion Agent if not the Trustee) as required hereunder, and, the
Trustee shall be entitled to conclusively rely on the accuracy of any such calculation without independent verification. The Company will forward the Company’s calculations to any Holder upon the request of that Holder. 

Section 13.15. No Personal Liability of Directors, Officers, Employees or Shareholders. None of the Company’s past, present
or future directors, officers, employees or stockholders, as such, shall have any liability for any of the Company’s obligations under this Indenture or the Securities or for any claim based on, or in respect or by reason of, such obligations
or their creation. By accepting a Security, each holder waives and releases all such liability. This waiver and release is part of the consideration for the issue of the Securities. 

Section 13.16. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance
of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or
natural catastrophes or acts of God and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with
accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 Section 13.17.
Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision shall
control. If any provision of this Indenture modifies or excludes any provision of the TIA which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be.

 Section 13.18. No Security Interest Created. Nothing in this Indenture or in the Securities, 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 13.19. Benefits of Indenture. Nothing in this Indenture or in the Securities, expressed or implied, shall give to any
Person, other than the Holders, the parties hereto, any Securities Agent and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 13.20. Withholding. Notwithstanding anything herein to the contrary, the Company, the Trustee, the Registrar, the
Paying Agent and the Conversion Agent, as applicable, shall have the right to deduct and withhold from any payment or distribution made with respect to this Indenture and any Security (or the issuance of shares of Common Stock upon conversion of the
Security) such amounts as are required to be deducted or withheld with respect to the making of such payment or distribution (or issuance) under any applicable tax law (inclusive of 

  
 81 

 
rules, regulations and interpretations promulgated by competent authorities) without liability therefor. To the extent that any amounts are so deducted or withheld, such deducted or withheld
amounts shall be treated for all purposes under this Security as having been paid to the Holder. In the event the Company, the Trustee, the Registrar, the Paying Agent or the Conversion Agent previously remitted any amounts to a governmental entity
on account of taxes required to be deducted or withheld in respect of any payment or distribution (or deemed distribution) under this Indenture or with respect to any Security, the Company, the Registrar, the Paying Agent or the Conversion Agent, as
applicable, shall be entitled to offset any such amounts against any amounts otherwise payable in respect of this Indenture or any Security (or the issuance of shares of Common Stock upon conversion). 

Section 13.21. U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A.
Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a
relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may reasonably request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot
Act. 
 [The Remainder of This Page Intentionally Left Blank; Signature Pages Follow] 

  
 82 

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

			
	CORNERSTONE ONDEMAND, INC.
		
	By:	 	/s/ Adam Miller
		 	Name: Adam Miller
		 	Title: Chief Executive Officer

 [Signature Page to Indenture] 

 
			
	 U.S. BANK NATIONAL ASSOCIATION, as

Trustee, Registrar, Paying Agent and Conversion Agent

		
	 By:
	 	 /s/ Paula Oswald

	 Name: Paula Oswald

	 Title: Vice President

 [Signature Page to Indenture] 

 EXHIBIT A 

[FORM OF FACE OF SECURITY] 

[INSERT SECURITY PRIVATE PLACEMENT LEGEND AND GLOBAL SECURITY LEGEND, AS REQUIRED] 

[THIS SECURITY IS AN SL SECURITY WITHIN THE MEANING OF THE INDENTURE]1 

[INSERT ORIGINAL ISSUE DISCOUNT LEGEND, AS REQUIRED] 

CORNERSTONE ONDEMAND, INC. 
 Certificate
No.             
 5.75% Convertible Senior Notes Due 2021 (the
“Securities”) 
 [CUSIP No. [        ] 

ISIN No. [        ]]2 

Cornerstone OnDemand, Inc., a Delaware corporation (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 [            ]3
[Cede & Co.]4, or its registered assigns, the principal sum [of [                ] dollars
($[                ])]5 [as set forth in the “Schedule of Increases and Decreases in the Global
Security” attached hereto, which amount, taken together with the principal amounts of all other outstanding Securities, shall not, unless permitted by the Indenture, exceed THREE HUNDRED MILLION dollars ($300,000,000) in aggregate at any time,
in accordance with the rules and procedures of the Depository]6, on July 1, 2021 (the “Maturity Date”), and to pay interest thereon, as provided on the reverse hereof, until
the principal and any unpaid and accrued interest are paid or duly provided for. 
 Interest Payment Dates: January 1 and July 1. 

Record Dates: December 15 and June 15. 

 

	1 	This is included for SL Securities. 

	2 	This is included for Global Securities. 

 SL Securities that are Restricted Global Securities shall bear CUSIP 21925YAC7 and ISIN US21925YAC75. 

SL Securities that are Unrestricted Global Securities shall bear CUSIP
21925YAD5 and ISIN US21925YAD58. 
 Restricted Global Securities other
than SL Securities shall bear CUSIP 21925YAE3 and ISIN US21925YAE32. 
 Unrestricted Global Securities other than SL
Securities shall bear CUSIP 21925YAF0 and ISIN US21925YAF07. 

	3 	This is included for Physical Securities. 

	4 	This is included for Global Securities. 

	5 	This is included for Physical Securities. 

	6 	This is included for Global Securities. 

  
 A-1 

 The provisions on the back of this certificate are incorporated as if set forth on the face
hereof. 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly signed. 

 

			
	CORNERSTONE ONDEMAND, INC.
		
	By:	 	 
		 	Name:
		 	Title:

 Dated: ________________ 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of
the Securities referred to in the within-mentioned Indenture. 
  

			
	U.S. BANK NATIONAL ASSOCIATION,
	
	as Trustee
		
	By:	 	 
		 	Authorized Signatory

 Dated: ________________ 

[Authentication Page for Cornerstone OnDemand, Inc.’s 5.75% Convertible Senior Notes due 2021] 

  
 A-3 

 [FORM OF REVERSE OF SECURITY] 

CORNERSTONE ONDEMAND, INC. 

5.75% Convertible Senior Notes Due 2021 

1. Interest. Cornerstone OnDemand, Inc., a Delaware corporation (the “Company”), promises to pay interest on the
principal amount of this Security at the rate per annum shown above. The Company will pay interest, payable semi-annually in arrears, on January 1 and July 1 of each year, with the first payment to be made on January 1, 2018. Interest
on the Securities will accrue on the principal amount from, and including, the most recent date to which interest has been paid or provided for or, if no interest has been paid, from, and including, December 8, 2017, in each case to, but
excluding, the next Interest Payment Date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Company shall pay, in cash, interest on
any overdue amount (including, to the extent permitted by applicable law, overdue interest) at the rate borne by the Securities. In certain circumstances, Additional Interest and/or Special Interest will be payable in accordance with
Section 4.03 and Section 6.01, respectively, of the Indenture (as defined below) and any reference to “interest” shall be deemed to include any such Additional Interest and/or Special Interest. 

2. Maturity. The Securities will mature on the Maturity Date. 

3. Method of Payment. Except as provided in the Indenture, the Company will pay interest on the Securities to the Persons who are
Holders of record of Securities at the Close of Business on the Record Date set forth on the face of this Security immediately preceding the applicable Interest Payment Date. Holders must surrender Securities to a Paying Agent to collect the
principal amount plus, if applicable, accrued and unpaid interest, if any, or the Fundamental Change Repurchase Price, payable as herein provided on the Maturity Date, or on any Fundamental Change Repurchase Date, as applicable. 

4. Paying Agent, Registrar, Conversion Agent. Initially, U.S. Bank National Association, as trustee (the “Trustee”)
will act as Paying Agent, Registrar and Conversion Agent. The Company may change any Paying Agent, Registrar or Conversion Agent without prior notice. 

5. Indenture. The Company issued the Securities under an Indenture dated as of December 8, 2017 (the “Indenture”)
between the Company and the Trustee. The Securities are subject to all terms set forth in the Indenture, and Holders are referred to the Indenture for a statement of such terms. The Securities are unsecured senior obligations of the Company limited
to $300,000,000 aggregate principal amount, except as otherwise provided in the Indenture (and except for Securities issued in substitution for destroyed, lost or wrongfully taken Securities). Terms used herein without definition and which are
defined in the Indenture have the meanings assigned to them in the Indenture. In the event of any inconsistency between the terms of this Security and the terms of the Indenture, the terms of the Indenture shall control. 

6. Redemption. No redemption or sinking fund is provided for the Securities. 

  
 A-4 

 7. Repurchase at Option of Holder Upon a Fundamental Change. Subject to the terms and
conditions of the Indenture, in the event of a Fundamental Change, each Holder of the Securities shall have the right, at the Holder’s option, to require the Company to repurchase such Holder’s Securities, including any portion thereof
which is $1,000 in principal amount or an integral multiple thereof, on the Fundamental Change Repurchase Date at a price payable in cash equal to the Fundamental Change Repurchase Price. 

8. Conversion. The Securities shall be convertible into Common Stock as specified in the Indenture. To convert a Security, a Holder
must satisfy the requirements of Section 10.02(a) of the Indenture. A Holder may convert a portion of a Security if the portion is $1,000 principal amount or an integral multiple thereof. 

Upon conversion of a Security, the Holder thereof shall be entitled to receive the Common Stock and, if applicable, cash in lieu of any
fractional shares of Common Stock payable upon conversion in accordance with Article 10 of the Indenture. 
 9. Denominations, Transfer,
Exchange. The Securities are in registered form, without coupons, in denominations of $1,000 principal amount and integral multiples of $1,000 principal amount. The transfer of Securities may be registered and Securities may be exchanged as
provided in the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents. No service charge shall be made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any transfer tax or similar governmental charge that may be imposed in connection with certain transfers or exchanges as set forth in the Indenture. The Company or the Trustee, as the case may be, shall
not be required to register the transfer of or exchange any Security for which a Repurchase Notice has been delivered, and not withdrawn, in accordance with the Indenture, except the unrepurchased portion of Securities being repurchased in part.

 10. Persons Deemed Owners. The registered Holder of a Security will be treated as its owner for all purposes. Only registered
Holders of Securities shall have the rights under the Indenture. 
 11. Amendments, Supplements and Waivers. The Indenture contains
provisions permitting the Company and the Trustee in certain circumstances, without the consent of the Holders of the Securities, and in certain other circumstances, with the consent of the Holders of at least a majority in aggregate principal
amount of the outstanding Securities and in other circumstances with consent of the Holders of one hundred percent (100%) of the aggregate principal amount of the outstanding Securities, to amend or supplement the Indenture or the Securities. 

12. Defaults and Remedies. Subject to certain exceptions, if an Event of Default occurs and is continuing, the Trustee by notice to the
Company or the Holders of at least twenty five percent (25%) in aggregate principal amount of the Securities then outstanding by notice to the Company and the Trustee may declare the principal of, and any accrued and unpaid interest on, all
Securities to be due and payable immediately. If any of certain bankruptcy or insolvency-related Events of Default occurs and is continuing, the principal of, and accrued and unpaid interest on, all the Securities shall ipso facto become and
be immediately due and payable 

  
 A-5 

 
without any declaration or other act on the part of the Trustee or any Holder. Subject to certain exceptions, the Holders of a majority in aggregate principal amount of the Securities then
outstanding by written notice to the Trustee may rescind or annul an acceleration and its consequences if certain conditions specified in the Indenture are satisfied. 

13. Trustee Dealings with the Company. The Trustee under the Indenture, or any banking institution serving as successor Trustee
thereunder, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for, the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not Trustee. 

14. Authentication. This Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent in accordance with the Indenture. 
 15. Abbreviations. Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entirety), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (Uniform Gifts to Minors Act). 

16. Ranking. The Securities shall be senior unsecured obligations of the Company and will rank equal in right of payment to all senior
unsecured indebtedness of the Company, and will rank senior in right of payment to any indebtedness that is contractually subordinated to the Securities. 

THE COMPANY WILL FURNISH TO ANY HOLDER UPON WRITTEN REQUEST AND WITHOUT CHARGE A COPY OF THE INDENTURE. REQUESTS MAY BE MADE TO: 

Cornerstone OnDemand, Inc. 
 1601
Cloverfield Blvd., Suite 620S 
 Santa Monica, CA 90404 

Attention: Adam Weiss, General Counsel 

Fax: +1 (650) 429-9137 

Email: aweiss@csod.com 

  
 A-6 

 ATTACHMENT 1 

FORM OF ASSIGNMENT 
  

			
	I or we assign to	  	
	 PLEASE INSERT SOCIAL SECURITY OR
 OTHER
IDENTIFYING NUMBER
	  	
	 	  	
	
	 
	 (please print or type name and address)

	 
	 
	
	 the within Security and all rights thereunder, and hereby irrevocably constitute and
appoint

	 

  

							
	 Attorney to transfer the Security on the books of the Company with full power of
substitution in the premises.
  

							
	 Dated:
	 	 	 		 	 
		 		 		 	NOTICE: The signature on this assignment must correspond with the name as it appears upon the face of the within Security in every particular without alteration or enlargement or any change whatsoever and be guaranteed by a
guarantor institution participating in the Securities Transfer Agents Medallion Program or in such other guarantee program acceptable to the Registrar, or be notarized.

					
	Signature Guarantee or Notarization:	 		 	 

  
 A-7 

 In connection with any transfer of this Security occurring prior to the Resale Restriction Termination Date, the
undersigned confirms that it is making, and it has not utilized any general solicitation or general advertising in connection with, the transfer: 

[Check One] 
  

	(1)    ____	to Cornerstone OnDemand, Inc. or any Subsidiary thereof; or 

  

	(2)    ____	pursuant to a registration statement which has become effective under the Securities Act of 1933, as amended (the “Securities Act”); 

 

	(3)    ____	to a Person that the undersigned reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (“Rule 144A”)) that purchases for its own account or for
the account of a qualified institutional buyer and to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A; 

 

	(4)    ____	pursuant to an exemption from registration provided by Rule 144 under the Securities Act; or 

  

	(5)    ____	pursuant to any other available exemption from the registration requirements of the Securities Act. 

 Unless one
of the items (1) through (5) is checked, the Registrar will refuse to register any of the Securities evidenced by this certificate in the name of any person other than the registered Holder thereof; provided, however, that if item
(4) or (5) is checked, the Company, the transfer agent or the Registrar may require, prior to registering any such transfer of the Securities, in their sole discretion, such written certifications and, in the case of item (5), such other
evidence or legal opinions required by the Indenture to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. 

If none of the foregoing items are checked, the Trustee or Registrar shall not be obligated to register this Security in the name of any person other than the
Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in the Indenture shall have been satisfied. 
  

							
	Dated:                            	 		 	Signed:	 	 
		 		 		 	(Sign exactly as name appears on the other side of this Security)
	Signature Guarantee or
Notarization:                                       
                                         
                                    

  

  
 A-8 

 ATTACHMENT 2 

FORM OF CONVERSION NOTICE 
  

	
	 To convert this Security in accordance with the Indenture, check the box: ☐

 

	 To convert only part of this Security, state the principal amount to be converted (must be in
multiples of $1,000):
  

	 $__________________
  

	If you want the stock certificate representing the Common Stock issuable upon conversion made out in another person’s name, fill in the form below:
	 
	 (Insert other person’s soc. sec. or tax I.D. no.)

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

  

							
	[    ] CHECK IF APPLICABLE:	 		 	The person in whose name the Common Stock will be issued is not (and has not been for the three months preceding the applicable Conversion Date) an “affiliate” (as defined in Rule 144 under the Securities Act
of 1933, as amended) of the Company, and the Common Stock will upon issuance be freely tradable by such person.

							
				
	Date:______________    	 		 	Signature(s):	 	 

							
				
		 		 		 	 
		 		 		 	(Sign exactly as your name(s) appear(s) on the other side of this Security)
		 		 		 	
	Signature(s) guaranteed / notarized	 		 	
				
	by:	 		 		 	 
		 		 		 	(All signatures must be guaranteed by a guarantor institution participating in the Securities Transfer Agents Medallion Program or in such other guarantee program acceptable to the Trustee, or be notarized.)

  
 A-9 

 ATTACHMENT 3 

FORM OF REPURCHASE NOTICE 
 Certificate No. of
Security: ___________ 
 Principal Amount of this Security: $ ___________ 

If you want to elect to have this Security purchased by the Company pursuant to Section 3.01 of the Indenture, check the box:  
☐ 
 If you want to elect to have only part of this Security purchased by the Company pursuant to Section 3.01 of the Indenture,
state the principal amount to be so purchased by the Company: 
 $ __________________________________ 

(in an integral multiple of $1,000) 
  

					
	Date:__________________	 	Signature(s):                                  
                                         
       	 	
			
		 	 	 	
		 	(Sign exactly as your name(s) appear(s) on the other side of this Security)	 	
			
	Signature(s) guaranteed / notarized by:	 	 	 	
		 	(All signatures must be guaranteed by a guarantor institution participating in the Securities Transfer Agents Medallion Program or in such other guarantee program acceptable to the Trustee, or be notarized.)	 	

  
 A-10 

 SCHEDULE A7 

SCHEDULE OF INCREASES AND DECREASES IN THE GLOBAL SECURITY 

CORNERSTONE ONDEMAND, INC. 
 5.75%
Convertible Senior Notes Due 2021 
 The initial principal amount of this Global Security is _______ DOLLARS ($_________). The following
increases or decreases in this Global Security have been made: 
  

									
	 Date of
Increases
and
Decreases
	 	 Amount of
decrease in
Principal
Amount of
this
Global
Security
	 	 Amount of
increase in

Principal
Amount of this
Global

Security
	  	 Principal
Amount of this
Global

Security
following such
decrease or
increase
	  	 Signature of
authorized
signatory of
Trustee
or
Custodian

  
  

	7 	This is included in Global Securities. 

  
 A-11 

 EXHIBIT B-1A 

FORM OF SECURITIES PRIVATE PLACEMENT LEGEND 

Each Global Security and Physical Security that constitutes a Restricted Security shall bear the following “Security Private Placement
Legend”: 
 THIS SECURITY AND THE COMMON STOCK 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: 
 AGREES FOR THE BENEFIT OF CORNERSTONE ONDEMAND, INC. (THE “COMPANY”) THAT IT WILL
NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE RESALE RESTRICTION TERMINATION DATE (AS DEFINED IN THE INDENTURE PURSUANT TO WHICH THIS SECURITY WAS ISSUED), EXCEPT: 

(A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR 

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

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

(D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE REGISTRATION OF ANY TRANSFER TO A SECURITY THAT DOES NOT BEAR A
SECURITY PRIVATE PLACEMENT LEGEND IN ACCORDANCE WITH (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 BY THE COMPANY IN ORDER
TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT. 

  
 B-1A-1 

 EXHIBIT B-1B 

FORM OF COMMON STOCK PRIVATE PLACEMENT LEGEND 

Each share of Common Stock that constitutes a Restricted Security shall bear the following “Common Stock Private Placement
Legend”: 
 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: 

AGREES FOR THE BENEFIT OF CORNERSTONE ONDEMAND, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR
OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE RESALE RESTRICTION TERMINATION DATE (AS DEFINED IN THE INDENTURE PURSUANT TO WHICH THIS SECURITY WAS ISSUED), EXCEPT: 

(A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR 

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

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

(D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE REGISTRATION OF ANY TRANSFER TO A SECURITY THAT DOES NOT BEAR A
COMMON STOCK PRIVATE PLACEMENT LEGEND IN ACCORDANCE WITH (D) ABOVE, THE COMPANY RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE
PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

  
 B-1B-1 

 EXHIBIT B-2 

FORM OF LEGEND FOR GLOBAL SECURITY 

Any Global Security authenticated and delivered hereunder shall bear a legend (which would be in addition to any other legends required in the
case of a Restricted Security) in substantially the following form: 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY OR A SUCCESSOR DEPOSITORY. THIS SECURITY IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITORY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE
DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

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. 
 TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTIONS 2.15 AND 2.16 OF THE INDENTURE. 

  
 B-2-1 

 EXHIBIT B-3 

FORM OF ORIGINAL ISSUE DISCOUNT LEGEND 

Any Security issued with “original issue discount” for United States federal income tax purposes shall bear a legend in
substantially the following form: 
 THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. A HOLDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY FOR SUCH NOTE BY SUBMITTING A REQUEST FOR SUCH INFORMATION TO [CORNERSTONE ONDEMAND, INC.][THE
COMPANY] AT THE FOLLOWING ADDRESS: 1601 CLOVERFIELD BLVD., SUITE 620S SANTA MONICA, CA 90404, ATTENTION: ADAM WEISS, GENERAL COUNSEL. 

  
 B-3-1 

 EXHIBIT C 

Form of Notice of Transfer Pursuant to Registration Statement 

Cornerstone OnDemand, Inc. 
 1601 Cloverfield Blvd., Suite 620S

 Santa Monica, CA 90404 
 Attention: Adam Weiss, General
Counsel 
 Fax: +1 (650) 429-9137 

Email: aweiss@csod.com 
 U.S. Bank National Association 

633 West 5th Street, 24th Floor 

Los Angeles, California 90071 
 Attention: Paula M. Oswald,
Corporate Trust Services (Cornerstone OnDemand, Inc. 5.75% Convertible Senior Notes due 2021) 
 Facsimile: (213)
615-6197 
 Re: Cornerstone OnDemand, Inc. (the “Company”) 5.75% Convertible Senior Notes Due 2021
(the “Securities”) 
 Ladies and Gentlemen: 

Please be advised that _____________ has transferred [a beneficial interest in a Restricted Global Security (CUSIP: ___________)][the Physical
Security held in the name of __________ (Certificate Number: ______)] in the principal amount of $___________ and ________ shares of the Company’s common stock, par value $0.0001 per share, issuable on conversion of the Securities
(“Common Stock”) pursuant to an effective Registration Statement on Form S-3 (File No. 333-________). 

 

	
	Very truly yours,
	
	   

	(Name)

  
 C-1 

 EXHIBIT D 

FORM OF CERTIFICATE OF TRANSFER 
 U.S. Bank
National Association 
 633 West 5th Street, 24th
Floor 
 Los Angeles, California 90071 
 Attention: Paula M.
Oswald, Corporate Trust Services (Cornerstone OnDemand, Inc. 5.75% Convertible Senior Notes due 2021) 
 Facsimile: (213)
615-6197 
 Re: 5.75% Convertible Senior Notes due 2021 

Reference is hereby made to the Indenture, dated as of December 8, 2017 (the “Indenture”), among Cornerstone OnDemand,
Inc. (the “Company”) and U.S. Bank National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                       
  (the “Transferor”) owns and proposes to transfer [an interest in the Restricted Global Security (CUSIP:
                    )][the Physical Security held in the name of
                     (Certificate Number:
                    )] in the principal amount of
$                     (the “Transfer”), to
                             (the “Transferee”) [who will take an interest in the
                             (CUSIP:
                        )]. In connection with the Transfer, the Transferor hereby certifies that: 

[EITHER CHECK BOX 1 AND THE BOX IN THE APPLICABLE LETTERED PARAGRAPH UNDERNEATH, BOX 2, BOX 3 OR BOX 4] 

1. [    ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL SECURITY (OTHER THAN
AN SL SECURITY). 
 (a) [    ] CHECK IF TRANSFER IS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT. Such Transfer is
being effected pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”), and, if applicable, in compliance with the prospectus delivery requirements of the Securities Act.

 (b) [    ] CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in
accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer
contained in the Indenture and the Security Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest will no longer be subject to the restrictions on transfer enumerated in the Security Private Placement Legend printed on the Restricted Global Security and in the Indenture. 

  
 D-1 

 (c) [    ] CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The
Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144 and in compliance with the transfer restrictions contained in the Indenture and any applicable
blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Security Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest will not be subject to the restrictions on transfer enumerated in the Security Private Placement Legend printed on the
Restricted Global Security and in the Indenture. 
 2. [    ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL
INTEREST IN A RESTRICTED GLOBAL SECURITY (OTHER THAN AN SL SECURITY). The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act, and, accordingly, the Transferor hereby further certifies that the beneficial
interest is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such
Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any
state of the United States. The Restricted Global Securities will continue to be subject to the restrictions on transfer enumerated in the Security Private Placement Legend printed on the Restricted Global Securities and in the Indenture and the
Securities Act. 
 3. [    ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL
SECURITY THAT IS AN SL SECURITY IN ACCORDANCE WITH THE INVESTMENT AGREEMENT. The Transfer is being effected pursuant to and in accordance with Section 4.14 of the Investment Agreement to (i) a Purchaser’s Affiliate that executes and
delivers to the Company a Joinder becoming a Purchaser party to the Investment Agreement and a duly completed and executed IRS Form W-9 (or a substantially equivalent form) or (ii) the Company or any of
its Subsidiaries. Capitalized terms used in clauses (i) and (ii) of this paragraph 3 but not defined in the Indenture shall have the meanings ascribed to such terms in the Investment Agreement. 

4. [    ] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN A RESTRICTED GLOBAL SECURITY THAT IS AN SL
SECURITY IN ACCORDANCE WITH THE INVESTMENT AGREEMENT. The Transfer is being effected pursuant to and in accordance with Section 4.14 of the Investment Agreement to (i) a Purchaser’s Affiliate that (1) is an entity organized or
incorporated under the laws of the United States, any State thereof or the District of Columbia and is a U.S. Person and (2) executes and delivers to the Company a Joinder becoming a Purchaser party to the Investment Agreement and a duly
completed and executed IRS Form W-9 or (ii) the Company or any of its Subsidiaries. Capitalized terms used in clauses (i) and (ii) of this paragraph 4 but not defined in the Indenture shall have the
meanings ascribed to such terms in the Investment Agreement. 

  
 D-2 

 This certificate and the statements contained herein are made for your benefit and the benefit of
the Company. 
  

			
	[Insert Name of Transferor]
		
	By:	 	 
		 	Name:
		 	Title:

 
			
	
	Dated:
                                         
       

  
 D-3 

 EXHIBIT E 

FORM OF CERTIFICATE OF EXCHANGE 
 U.S. Bank
National Association 
 633 West 5th Street, 24th
Floor 
 Los Angeles, California 90071 
 Attention: Paula M.
Oswald, Corporate Trust Services (Cornerstone OnDemand, Inc. 5.75% Convertible Senior Notes due 2021) 
 Facsimile: (213)
615-6197 
 Re: 5.75% Convertible Senior Notes due 2021 

Reference is hereby made to the Indenture, dated as of December 8, 2017 (the “Indenture”), among Cornerstone OnDemand,
Inc. (the “Company”) and U.S. Bank National Association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                       
  (the “Owner”) owns and proposes to exchange [the Physical Security held in the name of                     
(Certificate Number:                    )][an interest in the Restricted Global Security (CUSIP:
                    )] in the principal amount of
$                     for an interest in
                     (CUSIP:
                    ) (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that: 

[EITHER CHECK BOX 1, BOX 2 OR BOX 3] 

1. [    ] CHECK IF EXCHANGE IS FROM A PHYSICAL SECURITY OR A BENEFICIAL INTEREST IN A RESTRICTED GLOBAL SECURITY TO A
BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL SECURITY THAT IS AN SL SECURITY. 
 In connection with the Exchange of the Owner’s
Physical Security or beneficial interest in a Restricted Global Security for a beneficial interest in an Unrestricted Global Security that is an SL Security in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is
being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Securities and pursuant to and in accordance with the United States
Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Security Private Placement Legend are not required in order to maintain compliance with the Securities Act and
(iv) the beneficial interest in an Unrestricted Global Security is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

2. [    ] CHECK IF EXCHANGE IS FROM A PHYSICAL SECURITY OR A BENEFICIAL INTEREST IN A RESTRICTED GLOBAL SECURITY TO A
BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL SECURITY THAT IS NOT An SL SECURITY. 

  
 E-1 

 In connection with the Exchange of the Owner’s Physical Security or beneficial interest in a
Restricted Global Security for a beneficial interest in an Unrestricted Global Security that is not an SL Security in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own
account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Securities and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the
“Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Security Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial
interest in an Unrestricted Global Security is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

3. [    ] CHECK IF OWNER WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN A RESTRICTED GLOBAL SECURITY THAT IS NOT AN SL
SECURITY. In connection with the Exchange of the Owner’s Physical Security or beneficial interest in a Restricted Global Security that is an SL Security for a beneficial interest in another Restricted Global Security that is not an SL Security
in an equal principal amount, the Owner hereby certifies that such beneficial interest being acquired is for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the
Restricted Global Securities will continue to be subject to the restrictions on transfer enumerated in the Security Private Placement Legend printed on the Restricted Global Securities and in the Indenture and the Securities Act. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 

 

			
	[Insert Name of Owner]
		
	By:	 	 
		 	Name:
		 	Title:
	Dated:
                                    

  
 E-2

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