Document:

Exhibit 10.1

 

 

 

 

 

 

AGREEMENT FOR THE ISSUANCE OF AND SUBSCRIPTION
TO

NOTES CONVERTIBLE INTO SHARES AND SHARE SUBSCRIPTION
WARRANTS 

 

 

 

 

Between

 

 

 

curetis
n.v.

 

 

 

and

 

 

ya
ii PN, ltd

 

 

 

 

DATED
October 2, 2018

 

 

    	 

    	 

    

 

THIS AGREEMENT IS
MADE ON OCTOBER 2, 2018

 

BETWEEN:

 

 

		(1)	CURETIS N.V., a Dutch public limited liability company (naamloze vennootschap) incorporated
under the laws of the Netherlands, having its statutory seat (statutaire zetel) in Amsterdam, the Netherlands, and its office
address at Max-Eyth-Str. 42, 71088 Holzgerlingen, Germany, and registered with the trade registry of the Dutch Chamber of Commerce
under number 64302679 (the “Issuer”),

 

AND:

 

		(2)	YA II pn, LTD, a limited liability company
incorporated under the laws of the Cayman Islands, having its registered office at Maples Corporate Services, Ugland House, George
Town, Grand Cayman, and its principal office at 1012 Springfield Avenue Mountainside, NJ 07092, USA, represented by its Investment
Manager Yorkville Advisors Global, LP, itself represented by its General Partner Yorkville Advisors Global II, LLC (the “Investor”),

 

The Issuer and the Investor are hereinafter
referred to as a “Party” and together the “Parties”.

 

 

WHEREAS:

 

		(A)	The Investor is an investment
entity specialized in providing equity-linked financings. 

 

		(B)	The Issuer is a Dutch
public limited liability company whose shares are listed on the regulated markets of Euronext Amsterdam N.V. and Euronext Brussels
SA/NV, with the ticker symbol CURE and the International Securities Identification Number (ISIN): NL0011509294.

 

		(C)	As at the date of this
agreement (the “Agreement”), the Issuer has an authorized share capital (maatschappelijk kapitaal)
of EUR 550,000 divided into 55,000,000 ordinary shares with a par value of EUR 0.01 each (the “Shares”,
each a “Share”) of which 16,392,577 Shares have been issued. 

 

 

		(D)	The Parties desire that,
upon terms and subject to the conditions contained herein, the Investor agrees to fund the Issuer up to EUR 20,000,000 (the “Commitment”),
by subscribing to notes convertible into Shares and having the characteristics described in Schedule 2 (the “Notes”),
over the course of a period of 36 months from the Closing Date (as defined in Clause 1.1 below). 

 

		(E)	The Parties also envisage
that Share subscription warrants, having the characteristics described in Schedule 4, will be issued at the same
time as certain series of Notes subscribed by the Investor (the “Warrants”) hereunder. 

 

		(F)	The general meeting of
the Issuer held on June 21, 2018 (the “Shareholders’ Meeting”) has authorized the management board
of the Issuer (the “Management Board”), subject to the approval of the Issuer’s supervisory board (the
“Supervisory Board”), to issue, or grant rights for, Shares up to: (i) 10% of the Issuer’s issued share
capital as at 21 June 2018 (such percentage amounting to 1,639,258 Shares) and (ii) 50% of the Issuer’s issued share capital
as at 21 June 2018 (such percentage amounting to 8,196,289 Shares). The authorization under (ii) may be used to raise additional
capital to support the execution of the Issuer’s strategy and the development of its business. In the same Shareholders’
Meeting, the Management Board was also authorized to, subject to the approval of the Supervisory Board, limit or exclude the pre-emption
rights in respect of the issue, or grant of right to subscribe for, Shares. The foregoing authorizations of the Management Board
are valid for a period of 18 months after 21 June 2018. As of the date hereof, the Management Board has not issued, or granted
rights to subscribe for, Shares under the foregoing authorizations.

 

    	2 

    	 

    

 

 

		(G)	The entry into this Agreement
was approved by the Management Board on October 2, 2018 and by the Supervisory Board on September 27, 2018. 

 

		(H)	It is envisaged that the
Investor shall subscribe for several tranches of Notes (each, a “Tranche”) up to an aggregate principal amount
of EUR 20,000,000 with, as the case may be, Warrants issued simultaneously, in accordance with the terms and subject to the
conditions hereof.

 

 

IT IS THEREFORE AGREED AS FOLLOWS:

 

		1.	Definitions and Interpretation

 

		1.1.	In this Agreement, in
addition to the definitions made elsewhere in this Agreement, the following terms shall, when written with a capital initial letter,
have the definition ascribed to them below. In case of discrepancy between the definition appearing in this Clause 1 and that appearing
in a specific provision of this Agreement, such latter definition will prevail.

 

	“Additional Dividend”	shall have the meaning set forth in Paragraph 6.1 of Schedule 4.
	“Affiliate”	shall have the meaning set forth in Schedule 2.
	“Agent” 	shall have the meaning set forth in Schedule 2.
	“AFM”	means the Dutch Authority for the Financial Markets.
	“Agreement”	means this agreement for the issuance of and subscription to Notes and Warrants, as may be amended from time to time.
	“Anti-Corruption Laws”	shall have the meaning set forth in Schedule 2.
	“Anti-Money Laundering Laws”	shall have the meaning set forth in Schedule 2.
	“approved for issuance”	means in relation to Shares that no further approvals from the General Meeting are required for the Issuer to issue, or grant rights to subscribe for, such Shares and to exclude any pre-emption rights in connection therewith.
	“Buy-back Price”	shall have the meaning set forth in Paragraph 6.1. of Schedule 4.
	“By-laws”	shall have the meaning set forth in Schedule 2.
	“CAATSA Sanctions Programs”	shall mean a country or territory that is, or whose government is, the subject of sanctions imposed by Public Law No. 115-44 (the Countering America’s Adversaries Through Sanctions Act).
	“Closing Date”	shall have the meaning set forth in Schedule 2.
	“Commitment”	shall have the meaning set forth in the recitals above.
	“Commitment Fee”	shall have the meaning set forth in Clause 3.4.
	“Commitment Period”	means the period of 36 months beginning on the Closing Date.
	“Control”	shall have the meaning set forth in Schedule 2.
	“Conversion”	shall have the meaning set forth in Paragraph 8.1. of Schedule 2.
	“Conversion Amount”	shall have the meaning set forth in Paragraph 8.1. of Schedule 2.

 

 

    	3 

    	 

    

 

 

	“Conversion Date”	shall have the meaning set forth in Paragraph 8.2. of Schedule 2.
	“Conversion Notice”	shall have the meaning set forth in Paragraph 8.2. of Schedule 2. 
	“Conversion Period”	shall have the meaning set forth in Paragraph 8.1. of Schedule 2.
	“Conversion Price”	shall have the meaning set forth in Paragraph 8.3. of Schedule 2. 
	“Convert”	shall have the meaning set forth in Paragraph 8.1. of Schedule 2.
	“Covenant”	shall have the meaning set forth in Schedule 2.
	“Daily VWAP”	means, as of any Trading Day, the daily volume weighted average price of the Share on Euronext in Amsterdam as reported by Euronext Amsterdam N.V.
	“Euroclear”	
        means Nederlands Centraal Instituut voor Giraal
        Effectenverkeer B.V.

         

	“Euronext in Amsterdam”	means the regulated market of Euronext Amsterdam N.V.
	“Euronext in Brussels”	means the regulated market of Euronext Brussels SA/NV.
	“Event of Default”	shall have the meaning set forth in Schedule 2.
	“FCPA”	means the Foreign Corrupt Practices Act of 1977, as amended.
	“First Part of the First Tranche”	shall have the meaning set forth in Clause 2.1.
	“First Tranche”	shall have the meaning set forth in Clause 2.1.
	“General Meeting”	means the Issuer’s general meeting (algemene vergadering).
	“Indebtedness”	
        shall have the meaning set forth in Schedule
        2.

         

	“Investor Group”	
        shall have the meaning set forth in Schedule
        2.

         

	
        “Legal and Due Diligence 

        Fee”
	shall have the meaning set forth in Clause 5.11.
	“Legal Opinion”	
        shall have the meaning set forth in Clause 2.2.

         

	“Listing Prospectus”	
        shall have the meaning set forth in Clause 4.2.4.

         

	“Management Board”	shall have the meaning set forth in the recitals above.
	“MAR”	
        means the Regulation n° 596/2014 of the
        European Parliament and of the Council of April 16, 2014.

         

	“Market Price”	shall have the meaning set forth in Schedule 2.
	“Material Adverse Change”	shall have the meaning set forth in Schedule 2.
	“Maturity Date”	shall have the meaning set forth in Paragraph 4 of Schedule 2.
	“Note(s)”	shall have the meaning set forth in the recitals above.
	“Notice”	has the meaning set forth in Clause 5.1.

 

    	4 

    	 

    

 

 

	“OFAC”	means the U.S. Department of Treasury’s Office of Foreign Asset Control.
	“Parties”	shall have the meaning set forth in the recitals above.
	“Pc%”	shall have the meaning set forth in Paragraph 6.1. of Schedule 4.
	“Pricing Period”	shall have the meaning set forth in Schedule 2.
	“Prior Dividend”	shall have the meaning set forth in Paragraph 6.1. of Schedule 4.
	“Request”	has the meaning set forth in Clause 3.1.
	“Retail Investors”	shall have the meaning set forth in Schedule 2.
	“Sanction Laws”	shall have the meaning set forth in Schedule 2.
	“Sanctions”	shall have the meaning set forth in Schedule 2.
	“Sanctions Programs”	means any OFAC economic sanction program (including, without limitation, programs related to Crimea, Cuba, Iran, North Korea, Sudan and Syria).
	“Second Part of the First Tranche”	shall have the meaning set forth in Clause 2.1.
	“Share Issue Cap”	means, in respect of a Tranche, the maximum number of Shares to be issued upon conversion of Notes of that Tranche and the exercise of Warrants related to that Tranche.
	“Share Value”	shall have the meaning set forth in Paragraph 6.1. of Schedule 4.
	“Shareholders’ Meeting”	shall have the meaning set forth in the recitals above.
	“Shares”	shall have the meaning set forth in the recitals above.
	“Subscription Date”	shall have the meaning set forth in Clause 3.
	“Subscription Price”	shall have the meaning set forth in Clause 2.1.
	“Subsequent Tranche”	shall have the meaning set forth in Clause 3.
	“Supervisory Board”	shall have the meaning set forth in the recitals above.
	“Trading Day”	shall have the meaning set forth in Schedule 2.
	“Tranche”	shall have the meaning set forth in the recitals above.
	“Trigger Dividend”	shall have the meaning set forth in Paragraph 6.1. of Schedule 4.
	“VWAP”	means the volume weighted average price (as reported by Euronext Amsterdam N.V).
	“Warrant(s)”	shall have the meaning set forth in the recitals above.
	“Warrant Exercise Date”	shall have the meaning set forth in Paragraph 5.2 of Schedule 4.
	“Warrant Exercise Notice”	shall have the meaning set forth in Paragraph 5.2 of Schedule 4.

 

 

    	5 

    	 

    

 

 

	“Warrant Exercise Period”	shall have the meaning set forth in Paragraph 5.1 of Schedule 4.
	“Warrant Exercise Price”	shall have the meaning set forth in Paragraph 5.3 of Schedule 4.
	“Warrant Exercise Ratio”	shall have the meaning set forth in Paragraph 5.3 of Schedule 4.
	“Yield per Share”	shall have the meaning set forth in Paragraph 6.1. of Schedule 4.
	“Yield per Share for the Additional Dividend”	shall have the meaning set forth in Paragraph 6.1. of Schedule 4.

 

		1.2.	References in this Agreement
to the Clauses and Schedules are to the Clauses of, and Schedules to, this Agreement and references to Paragraphs are to paragraphs
in the Schedule in which such references appear. The Schedules form part of and are deemed to be incorporated in this Agreement.

 

		1.3.	References in this Agreement
to any act, statute or statutory provision include references to any such provision as amended, re-enacted or replaced (with or
without modification) provided that this Clause 1.3 will not operate to impose any greater financial or other liability on any
Party than it would have been under but for such amendment, re-enactment, replacement or modification.

 

		1.4.	References in this Agreement
to the singular include references to the plural and vice versa and references to the masculine gender include references to the
feminine and neuter gender and vice versa.

 

		1.5.	Headings in this Agreement
are inserted for convenience only and will not affect the interpretation of this Agreement or any part of it.

 

		1.6.	In this Agreement the
words “includes”, “including” and “included” will be construed without limitation unless inconsistent
with the context.

 

		1.7.	The words “hereof”,
“herein”, “herewith” and “hereunder” and words of similar import, when used in this Agreement,
shall, in the absence of a specific provision to the contrary, refer to this Agreement as a whole.

 

 

		2.	Issuance
of and subscription to the Notes of the first tranche

 

		2.1.	Issuance 

 

On the Closing Date, the Issuer shall issue
to the Investor three hundred and fifty (350) Notes (the “First Part of the First Tranche”). On the date of
subscription to the one hundred and fifty (150) Notes as described under Clause 2.2 below (the “Second Part of the First
Tranche” and together with the First Part of the First Tranche, the “First Tranche”), the Issuer shall
issue to the Investor the Notes of the Second Half of the First Tranche.

 

The Notes of the First Tranche are issued at
a subscription price per Note equal to 96% of their par value (the “Subscription Price”) and amounting, in the
aggregate, to a principal amount of four million eight hundred thousand Euros (EUR 4,800,000). The Notes of the First Tranche shall
each have a par value of ten thousand Euros (EUR 10,000) and are issued under the conditions and have the characteristics described
in Schedule 2.

 

    	6 

    	 

    

 

 

		2.2.	Subscription 

 

Subject to obtaining a satisfactory capacity
and validity legal opinion from the Issuer’s legal counsel in relation to the issuance of the Notes of the First Part of
the First Tranche (the “Legal Opinion”), the Investor shall subscribe to the Notes of the First Part of First
Tranche, by delivering the subscription form in the form attached as Schedule 1 and paying to the Issuer the full
Subscription Price (adjusted by the Commitment Fee as provided for in Clause 3.4) by bank transfer in immediately available and
freely transferable funds in Euros to a bank account notified to the Investor by the Issuer (or by another method of payment accepted
by the Issuer) as follows:

 

		-	on the Closing Date, subscription
to three hundred and fifty (350) Notes of the First Tranche (i.e. the First Part of the First Tranche); and

		-	within ninety (90) Trading
Days from the Closing Date, subscription to one hundred and fifty (150) Notes of the First Tranche (i.e. the Second Part of the
First Tranche).

 

		2.3.	Share Issue Cap

 

The Share Issue Cap in connection with the issuance
of the Notes of the First Tranche shall be for 2,750,000 Shares.

 

		3.	SUBSEQUENT
TRANCHES

 

From the subscription date of the Notes of the
Second Part of the First Tranche (excluded) until the end of the Commitment Period, the Issuer shall have the right, but not the
obligation, provided that all the conditions to the delivery of a Request and the funding of a Tranche set out in Clause 3.2 of
this Agreement have been satisfied (or waived by the Investor), to from time to time ask for the disbursement of a Tranche (each
a “Subsequent Tranche”), and the Investor shall have the obligation to subscribe for each such Subsequent Tranche
within five (5) Trading Days from the delivery of the relevant Request. In the Request, the Issuer shall indicate the Share Issue
Cap for the Notes of such Subsequent Tranche and for the Warrants to be issued with such Notes, being the minimum number of Shares
to be available for issuance on the date of the Request according to Clause 3.2(vi).

 

Each Subsequent Tranche shall be funded by the
Investor through the subscription by the Investor of Notes of the Issuer at the Subscription Price, i.e. 96% of their par value.

 

The aggregate principal amount of each Subsequent
Tranche shall be equal to the lower of (i) five million Euros (EUR 5,000,000) and (ii) ten (10) times the combined average daily
value traded on Euronext in Amsterdam and Euronext in Brussels in Euros of the Shares (as reported by Euronext) during the ten
(10) Trading Days preceding the Request, up to a maximum aggregate principal amount of five million Euros (EUR 5,000,000) by Tranche,
it being provided that the aggregate principal amount of each Subsequent Tranche may be increased or decreased upon mutual consent
of the Investor and the Issuer.

 

Each subscription date of any Tranche being
a “Subscription Date”.

 

Warrants having the characteristics described
in Schedule 4, will be issued with each Subsequent Tranche subscribed by the Investor. The number of Warrants to
be issued with each Subsequent Tranche shall be determined as follows:

 

25% * (aggregate principal amount of the Notes
issued under a Subsequent Tranche Warrant ÷ Exercise Price for the Subsequent Tranche),

 

With the result rounded down to the nearest
whole number.

 

    	7 

    	 

    

 

 

 

		3.1.	Request

 

In order
to request the disbursement of a Tranche, the Issuer will submit a written request
to the Investor (a “Request”) in the form attached as Schedule 6. 

 

A Request
may be delivered by the Issuer at its sole and exclusive discretion, at any time from the tenth (10th) calendar
day following the conversion into Shares and/or redemption (whether in one time or several
times) of all the Notes that had been issued in connection with previous Tranches.

 

Upon such
a Request, the Investor shall disburse the requested Tranche, in accordance with Clause 3.3, within five (5) Trading Days.

 

		3.2.	Conditions to the funding
of a Tranche

 

The obligation
of the Investor to fund the requested Tranche are subject to the fulfillment on the date of funding of the requested Tranche, of
each of the following conditions (unless waived by the Investor):

		(i)	no Material Adverse Change (as defined in Schedule 2) shall have occurred;

		(ii)	no event that constitutes an Event of Default (as defined in Schedule 2) and no triggering
event that would constitute an Event of Default if not cured during the applicable cure period set out in Schedule 2,
if any, shall be in existence;

		(iii)	no suspension of the trading of the Shares on Euronext in Amsterdam (other than intra-day suspension
at the request of Euronext Amsterdam N.V. under Euronext rules) shall have occurred over the ninety (90) preceding calendar days
(including the date of the sending of the Request);

		(iv)	the closing price on the day prior to the sending of the Request shall be of EUR 3.00 (subject
to adjustments resulting from share consolidation or share split) or greater;

		(v)	the Shares shall have had an average combined daily value traded on Euronext in Amsterdam and Euronext
in Brussels of EUR 150,000 or greater (as reported by Euronext) during the week prior to each Request;

		(vi)	the Issuer shall have at least:

		-	two (2) times coverage
of Shares (based on the Conversion Price (as defined in Schedule 2) approved for issuance to the Investor and/or
Note holders upon conversion into Shares of the maximum amount of Notes to be issued for the applicable Tranche, increased, as
the case may be, by the amount of any other outstanding Notes provided that for the purpose of this paragraph the Conversion Price
shall be computed as if the Conversion Date were the date of the Request; and

		-	one (1) time coverage
of Shares approved for issuance to the Investor and/or Warrant holders upon exercise of the maximum number of Warrants to be issued
for the applicable Tranche,

provided that the conditions from (i)
through (vi) shall not apply to the funding of the First Part of the First Tranche.

 

		3.3.	Subscription to the
Notes

 

In order for the Investor to subscribe to the
Notes, the Investor shall send the subscription form in the form attached as Schedule
1 to the Issuer together with the proof of payment of the applicable Subscription Price (adjusted by the Commitment
Fee as provided for in Clause 3.4), by bank transfer in immediately available and freely transferable funds in Euros to a bank
account notified to the Investor by the Issuer (or by another method of payment accepted by the Issuer), in which case the Issuer
shall, immediately after receipt of the proof of payment, update the securities registers where the Notes and the Warrants are
registered.

 

    	8 

    	 

    

 

 

		3.4.	Commitment Fee in consideration
for the disbursement of any Tranche

 

In consideration for the disbursement by the
Investor of any Tranche, the Issuer shall pay to the Investor a commitment fee (the “Commitment Fee”) equal
to 4% of the aggregate principal amount of the Notes issued under the requested Tranche, on the applicable Subscription Date.

 

For such purpose, the Parties expressly agree
that the amount of the Commitment Fee due by the Issuer to the Investor shall be deducted from the Subscription Price of the Notes
to be paid by the Investor to the Issuer on the applicable Subscription Date.

 

 

		4.	AGREEMENTS
of the Issuer and the investor

 

		4.1.	Representations and
warranties of the Issuer

 

The Issuer hereby represents and warrants to
the Investor and each Note and Warrant holder that, unless a specific date is expressly provided for, the following shall be true
and correct as of the Closing Date, and as of each Request, each Subscription Date, each Conversion Date and each Warrant Exercise
Date:

 

		(i)	It has full power and
authority to enter into this Agreement and to perform all the obligations resulting therefrom.

		(ii)	The execution of this
Agreement and the performance of the obligations arising therefrom are not in violation of any provision of its By-laws (as defined
in Schedule 2) or of any applicable contractual commitments with other parties (including, for the avoidance of doubt,
any covenant whose breach would constitute an event of default under such contractual commitments).

		(iii)	It has been duly registered
with the trade register of the Chamber of Commerce (Handelsregister van de Kamer van Koophandel) in accordance with Dutch
law.

 

		(iv)	Its publicly available
consolidated financial statements (geconsolideerde jaarrekening) for the financial year which ended on 31 December 2017
give a true and fair view (getrouw beeld) of the financial position of the Issuer as at 31 December 2017 and of its results
and cash flows for the twelve months period which ended on 31 December 2017 in accordance with International Financial Reporting
Standards and Interpretation (IFRIC) as endorsed by the European Union (EU-IFRS) and Part 9 of Book 2 of the Dutch Civil Code.

		(v)	Its publicly available
company financial statements (jaarrekening) for the financial year which ended on 31 December 2017 give a true and fair
view (getrouw beeld) of the financial position of the Issuer as at 31 December 2017 and of its results for 2017 in accordance
with Part 9 of Book 2 of the Dutch Civil Code.

		(vi)	Its issued share capital
is fully paid up.

		(vii)	Recital C accurately reflects
the details of the share capital of the Issuer.

		(viii)	The information concerning
the Issuer and the Shareholders’ Meeting and the Management Board’s resolution set forth in the recitals hereto is
true in all material respects. 

		(ix)	It has complied with all
applicable legal and regulatory requirements in respect of the issuance of the Notes and the Warrants, it being understood that
the Issuer has taken all corporate action required for the First Tranche but not in relation to any Subsequent Tranche or issue
of Warrants with such Subsequent Tranche. 

		(x)	No inside information
within the meaning of Article 7 of MAR has been disclosed by the Issuer to the Investor and/or Yorkville Advisors Global, LP or
any of their respective Affiliates or advisors.

 

    	9 

    	 

    

 

 

		(xi)	Neither the Issuer nor
its Affiliates, nor to the knowledge of the Issuer, any agent or other person acting on behalf of the Issuer or the Affiliates,
has: (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related
to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees
or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution
made by the Issuer or its Affiliates (or made by any person acting on its behalf of which the Issuer is aware) which is in violation
of law or (iv) violated in any material respect any provision of the FCPA. 

		(xii)	Neither the Issuer or
its Affiliates, nor, to the Issuer’s knowledge, any director, officer, agent, employee or affiliate of the Issuer or its
Affiliates, is a person that is, or is owned or controlled by a person that is:

		-	on the list of Specially
Designated Nationals and Blocked Persons maintained by OFAC from time to time; 

		-	the subject of any sanctions
under Sanction Laws; 

		-	has a place of business
in, or is operating, organized, resident or doing business in a country or territory that is, or whose government is, the subject
of Sanctions Programs.

Neither the Issuer or its Affiliates,
nor, to the Issuer’s knowledge, any director, officer, agent, employee or affiliate of the Issuer or its Affiliates, is a
person that is, or is owned or controlled by a person that has a place of business in, or is operating, organized, resident or
doing business in a country or territory that is, or whose government is, the subject of the CAATSA Sanctions Programs.

 

		4.2.	Commitments of the
Issuer

 

		4.2.1.	From the Closing Date
until the later of (i) the end of the Commitment Period and (ii) the date on which neither Notes nor Warrants are outstanding,
the Issuer commits (i) to keep the Shares listed on Euronext in Amsterdam and (ii) to comply with the covenants set out in Schedule
2 of this Agreement.

 

		4.2.2.	From the Closing Date
until the later of (i) the end of the Commitment Period and (ii) the date on which neither Notes nor Warrants are outstanding,
the Issuer further commits not to communicate to the Investor and/or Yorkville Advisors Global, LP, any of their Affiliates, or
any Note or Warrant holder, as the case may be, any inside information within the meaning of Article 7 of MAR, and, more generally,
to do whatever is necessary so that none of these persons holds inside information as a result of the Issuer’s action or
absence of action, as long as any Notes or Warrants are outstanding.

 

		4.2.3.	The Issuer further commits
to convene an extraordinary General Meeting which shall resolve on a resolution authorizing the Management Board, subject to the
approval of the Supervisory Board, to issue additional Shares and/or rights to subscribe for Shares and to restrict or exclude
pre-emptive rights in connection therewith, permitting the issuance of the Notes, the Warrants and the maximum number of underlying
Shares upon Conversion of the Notes and exercise of the Warrants, to the extent required in connection with this Agreement, within
the earlier of:

 

		(i)	two months from the date
on which the authority of the Management Board pursuant to the resolutions of the Shareholders' Meeting described under Recital
(F) to issue Shares and/or rights to subscribe for Shares and to restrict or exclude pre-emptive rights in connection therewith
will leave less than the following number of Shares available for issue:

 

		-	one (1) time coverage
of Shares (based on the Conversion Price calculated on such date) approved for issuance to the Investor and/or Note holders upon
conversion into Shares of the outstanding Notes, plus

		-	one (1) time coverage
of Shares approved for issuance to the Investor and/or Warrant holders upon exercise of the outstanding Warrants,

 

		(ii)	six (6) months before
the expiration of the aforementioned authorization. 

 

 

    	10 

    	 

    

 

In connection with the above mentioned
extraordinary General Meeting, the Issuer further commits to use its commercially reasonable efforts (i) to obtain the quorum on
the extraordinary General Meeting, (ii) to cause the Management Board to recommend to the shareholders that they approve the resolution,
(iii) to obtain favourable vote undertakings from the shareholders which are affiliated with certain members of the Supervisory
Board and (iv) to cause the Management Board and the Supervisory Board to subsequently vote in favour of the issuance of the additional
Shares and/or rights to subscribe for Shares and the restriction or exclusion of pre-emptive rights in connection therewith at
such times as required pursuant to this Agreement.

 

		4.2.4.	The Issuer shall notify
the Investor in writing as soon as practically possible (and in any case within no more than two (2) Trading Days) of:

 

		(i)	the number of Shares it
has approved for issuance to the Investor, Note holders and/or Warrant holders upon it no longer meeting the coverage levels set
out in Clause 4.2.3 (i) and the date on which it intends to hold the extraordinary General Meeting referred to in Clause 4.2.3;
and

 

		(ii)	the number of Shares it
has approved for issuance to the Investor, Note holders and/or Warrant holders after (i) a conversion of Notes or (ii) an issue
or grant of rights to subscribe for Shares that resulted in a decrease in the number of Shares so approved for issuance, in each
case in the period between the giving of the notice referred to in (i) of this Clause 4.2.4 and the end of the extraordinary General
Meeting to be convened pursuant to Clause 4.2.3.

 

		4.2.5.	Without prejudice to Clause
4.3, if the Dutch Authority for the Financial Markets (the "AFM") requires the preparation of a prospectus by
the Issuer pursuant to the Dutch Act on Financial Supervision (Wet op het Financieel Toezicht) in respect of the admission
to trading of any Shares to be issued upon conversion of the Notes or exercise of the Warrants (the "Listing Prospectus"),
the Issuer shall inform the Investor thereof and commits to use its commercially reasonable efforts to prepare the Listing Prospectus,
obtain approval from the AFM of the Listing Prospectus and make the Listing Prospectus publicly available as soon as reasonably
practicable (and in any case no later than four (4) months after the AFM’s request).

 

The Parties agree that the requirement
to prepare and publish a Listing Prospectus will not affect the terms and conditions of this Agreement, except that the maturity
of any outstanding Notes shall be automatically extended by such number of days that will be necessary for the Issuer to obtain
the approval of the Listing Prospectus by the AFM.

 

		4.2.6.	Notwithstanding the provisions
of Clause 5.9 of the Agreement, the Issuer shall announce the terms of this transaction on the Closing Date in accordance with
the requirements of the Euronext Rules, MAR, the Dutch Financial Supervision Act (Wet op het financieel toezicht) and the
rules and regulations promulgated thereunder or any applicable law or rules of any regulatory body. Such announcement shall include
information relating to this Agreement as would be required to ensure that the summary (i) includes all information that would
be material to an investor, and (ii) does not omit any material fact which would be of relevance to an investor’s proper
understanding of the terms of this Agreement. The Issuer shall also make available on its website the content of Schedules
2 and 4. 

 

		4.3.	Commitments of the
Investor

 

From the Closing Date until the later of (i)
the end of the Commitment Period and (ii) the full conversion and/or redemption of all the outstanding Notes, the Investor represents,
covenants and undertakes:

 

		-	not to request any seat
at the Management Board or the Supervisory Board;

 

		-	alone or acting in concert,
not to hold at any time a number of Shares higher than 4.99% of the outstanding number of Shares of the Issuer. For the sake of
clarity, while calculating this ratio, only Shares already issued shall be taken into account, potential Shares resulting from
the conversion of outstanding Notes held by the Investor or the exercise of outstanding Warrants held by the Investor shall not
be taken into account;

 

 

    	11 

    	 

    

 

 

		-	that in the event the
AFM requires the preparation of a Listing Prospectus by the Issuer (as referred to in Clause 4.2.5 above), the Investor shall not
send any Conversion Notice or Warrant Exercise Notice as from the date the Investor has been informed by the Issuer of such AFM’s
request and until the date of approval of the Listing Prospectus by the AFM; and

 

		-	that it is not, nor shall
become, a Retail Investor.

 

 

		5.	Miscellaneous

 

		5.1.	Notices

 

Any notice, demand, consent, waiver or other
communication required, given or made under this Agreement (a “Notice”) shall be made in writing, duly
signed on behalf of the Party from which it originates and, subject to the forms applicable to the Subscription Form as set forth
in Schedule 1, the Conversion Notice as set forth in Schedule 3, the Warrant Exercise Notice as
set forth in Schedule 5 and the Request as set forth in Schedule 6, sent by express courier or by e-mail.

 

Any Notice sent by email shall be deemed to
have been delivered on the day of transmission, provided however that, if a Notice is sent by e-mail and received by the addressee
on a day which is not a Trading Day or after 8.00 pm CET on a Trading Day, it will instead be deemed to have been given or made
on the next Trading Day.

 

The address and e-mail address for such Notice
shall be:

 

		(a)	if to the Issuer:

 

CURETIS N.V.

Address: Max-Eyth-Str. 42, 71088
Holzgerlingen, Germany

Attention to: Oliver Schacht
and Bernd Bleile

E-mail addresses: oliver.schacht@curetis.com
and bernd.bleile@curetis.com

Phone number: +49 70314919510

 

Copy:

 

Linklaters LLP 

Address: World Trade Centre, Zuidplein
180, Amsterdam, the Netherlands

Attention to: Joost Dantuma and
Alexander Harmse

E-mail
addresses: joost.dantuma@linklaters.com and alexander.harmse@linklaters.com

Phone number: +31 20 7996 261 and
+31 20 7996 216

 

		(b)	if to the Investor:

 

YA II PN, LTD

Address: 1012 Springfield Avenue
Mountainside, NJ 07092, USA

Attention to: Saad Gilani

E-mail addresses: sgilani@yorkvilleadvisors.com
and legal@yorkvilleadvisors.com

Phone number: + 1 201 985 8300

 

Copy:

 

Jeantet AARPI

Address: 87 avenue Kléber,
75116 Paris, France

Attention to: Cyril Deniaud

E-mail address: cdeniaud@jeantet.fr

Phone number: +33 (0)1 45 05 80
08

 

Each Party shall provide three (3) calendar
days prior notice to the other Party of any change in address or e-mail address.

 

    	12 

    	 

    

 

 

		5.2.	Waivers and
Amendments; Non-Contractual Remedies; Preservation of Remedies

 

This Agreement may be amended, superseded, cancelled,
renewed or extended, and the terms hereof may be waived, only by a written instrument signed by authorized representatives of the
Parties or, in the case of a waiver, by an authorized representative of the Party waiving a condition or compliance. No such written
instrument shall be effective unless it expressly recites that it is intended to amend, supersede, cancel, renew or extend this
Agreement or to waive a condition or compliance with one or more of the terms hereof, as the case may be.

 

No delay on the part of either Party in exercising
any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of either Party of
any such right, power or privilege, or any single or partial exercise of any such right, power or privilege, preclude any further
exercise thereof or the exercise of any other such right, power or privilege.

 

The rights and remedies herein provided are
cumulative that either Party based upon, arising out of or otherwise in respect of any inaccuracy in or breach of any representation,
warranty, covenant or agreement contained in this Agreement shall in no way be limited by the fact that the act, omission, occurrence
or other facts upon which any claim of any such inaccuracy or breach is based may also be the subject matter of any other representation,
warranty, covenant or agreement contained in this Agreement (or in any other agreement between the Parties) as to which there is
no inaccuracy or breach.

 

		5.3.	Binding Effect;
No Assignment

 

This Agreement shall be binding upon and inure
to the benefit of the Parties and their respective successors and permitted assigns. This Agreement is not assignable except by
operation of law; provided that the Investor may assign all or any of its rights under this Agreement to one or more companies
of the Investor Group, it being understood that if the Investor makes such an assignment, it shall nonetheless remain liable for
the performance of its obligations pursuant to this Agreement. For the avoidance of doubt, this Clause 5.3 does not impact or prohibit
the transferability of the Notes and Warrants to be issued under this Agreement.

 

		5.4.	Captions

 

All Clause titles or captions contained in this
Agreement are for convenience only, shall not be deemed a part of this Agreement and shall not affect the meaning or interpretation
of this Agreement. All references herein to sections or clauses shall be deemed references to such parts of this Agreement, unless
the context shall otherwise require.

 

		5.5.	Language

 

This Agreement is entered into in the English
language which shall be the definitive version. Any translations are for the convenience of the Parties and shall not have any
force or effect.

 

		5.6.	Costs

 

Each Party shall pay its own costs and expenses,
incurred in relation to the negotiation, preparation, signing and carrying into effect of this Agreement, except as set forth in
Clause 5.12.

 

		5.7.	Governing
Law

 

This Agreement and any non-contractual obligations
arising out of or in connection with it shall be governed by and construed in accordance with Dutch law.

 

 

    	13 

    	 

    

 

 

		5.8.	Jurisdiction

 

Any dispute arising in connection with this
Agreement shall be subject to the exclusive jurisdiction of the competent court in Amsterdam, the Netherlands.

 

		5.9.	Publicity

 

Each of the Parties to this Agreement hereby
severally undertakes to each other that it will not make any public announcement or statement or communication or disclosure of
whatever nature regarding this Agreement, the Notes or the Warrants without the prior written consent of the other Party (save
for the announcement referred to in Clause 4.2.5 and any public announcement relating to the sending of a Request, or where required
by the Euronext rules, MAR, the Dutch Financial Supervision Act (Wet op het financieel toezicht) and the rules and regulations
promulgated thereunder or any applicable law or rules of any regulatory body, in which event the relevant Party will consult to
the extent legally permitted and feasible with the other Party prior to the making of such announcement, statement, communication
or disclosure but will not be required to obtain the prior consent of the other Party).

 

		5.10.	Full agreement

 

This Agreement represents the full agreement
of the Parties. It is a substitute for and replaces all agreements and negotiations, oral or written, past and present dealing
and agreements with respect to the matters discussed herein.

 

		5.11.	No rescission

 

Each Party to this Agreement waives its rights
under Sections 6:228 (Dwaling), 6:265 (Ontbinding) and, to the extent legally permissible, 6:230 (Wijziging op
verzoek) of the Dutch Civil Code to rescind, annul or to dissolve this Agreement, in whole or in part.

 

		5.12.	Legal and Due Diligence
Fee

 

The Issuer shall pay to the Investor a Legal
and Due Diligence Fee of EUR 50,000, it being specified that (i) EUR 25,000 has been paid in cash upon signing the term sheet (which
the Investor acknowledges and for which it gives the Issuer full and complete discharge) and (ii) the balance (i.e. EUR 25,000)
shall be paid within five (5) Trading Days from the Closing Date.

 

IN WITNESS WHEREOF, the Parties have
caused this Agreement to be executed by their respective officers hereunto duly authorized on the date first above written.

 

In two (2) original copies

 

 

	
         

        CURETIS N.V.

         

         

        /s/ Oliver Schacht, PhD.       

        Signed by Oliver Schacht, Ph.D.

        CEO
	 	
         

        YA II PN, LTD

         

         

        /s/ David Gonzalez          

        Signed by David Gonzalez, in his capacity
        as Member of Yorkville Advisors Global II, LLC

         

 

	
         

        CURETIS N.V.

         

         

        /s/ Oliver Schacht, PhD.         

        Signed by Dr. Achim Plum

        CBO

         

         
	 

 

 

	 	 

    	14 

    	 

    

Schedule 1

 

SUBSCRIPTION FORM OF THE NOTES

 

CURETIS N.V.

a Dutch public limited liability company (naamloze
vennootschap) incorporated under the laws of the Netherlands, having its statutory seat (statutaire zetel) in Amsterdam,
the Netherlands, and its office address at Max-Eyth-Str. 42, 71088 Holzgerlingen, Germany, and registered with the trade registry
of the Dutch Chamber of Commerce under number 64302679

 

 

SUBSCRIPTION FORM

 

The undersigned:

 

YA II PN,
LTD

 

A limited liability company incorporated under
the laws of the Cayman Islands, having its registered office at Maples Corporate Services, Ugland House, George Town, Grand Cayman,
and its principal office at 1012 Springfield Avenue Mountainside, NJ 07092, USA, represented by its Investment Manager Yorkville
Advisors Global, LP, itself represented by its General Partner Yorkville Advisors Global II, LLC;

 

After reading the articles of association of
the company CURETIS N.V. (the ”Issuer”), as well as the
terms and conditions of the issuance by the Issuer of Notes and Warrants;

 

As
these terms and conditions are specified by the Management Board’s resolutions of [∙], 2018,
combined with the terms of the issuance agreement for the issuance of and subscription to notes convertible into shares and share
subscription warrants signed on October 2, 2018, between the Issuer
and the undersigned (the “Agreement”);

 

Declare subscribing by this subscription form
to the [∙] ([∙]) Notes, each with a par value of EUR 10,000,
[it being provided that [∙] Warrants are issued simultaneously], under the following conditions:

 

All terms written with a capital initial letter
shall have the definition ascribed to them in the Agreement.

 

[Only applicable for the First Tranche]

 

	1	Number of Notes 	[∙] Notes
	2	Aggregate principal amount of the Notes	EUR [∙]
	3	Subscription price of the Notes (96% of (2))	EUR [∙]
	4	Amount of the Commitment Fee due by the Issuer to the Investor regarding the issuance of the Tranche (4% of (2))	EUR [∙]

 

 

[Only applicable for the Subsequent Tranches]

 

	1	Number of Notes 	[∙] Notes
	2	Aggregate principal amount of the Notes	EUR [∙]
	3	Subscription price of the Notes (96% of (2))	EUR [∙]
	4	Trading Days constituting the Pricing Period	[∙],[∙],[∙],[∙],[∙],[∙],[∙],[∙],[∙],[∙]
	5	Lowest Daily VWAP over the applicable Pricing Period	EUR [∙]

 

 

 

    	15 

    	 

    

 

	 	 	 
	6	Warrant Exercise Price[1] of the Warrants issued at the same time as the Notes (rounded down to the nearest 100th)	EUR [∙]
	7	Number of Warrants (rounded down) issued at the same time as the Notes: 25% * ((2)÷(6))	[∙]
	8	Amount of the Commitment Fee due by the Issuer to the Investor regarding the issuance of the Tranche (4% of (2))	EUR [∙]

 

The net aggregate subscription price of the
Notes, after deduction of the amount of the Commitment Fee (in accordance with Clause 3.4 of the Agreement), is equal to [∙]
Euros (EUR [∙]) and shall be wired on the Issuer’s bank account opened with ABN AMRO Bank N.V. whose details are as
follows:

 

Account holder: CURETIS NV

IBAN: NL72 ABNA 0556 5699 38

BIC SWIFT: ABNANL2A

Bank: ABN AMRO Bank N.V.

 

 

 

On [∙],

 

In two (2) original copies, one of which was
provided on a separate sheet of paper, to the undersigned that acknowledges
it.

 

 

 

 

___________________________

YA II PN, LTD

 
 

[1] The Warrant Exercise Price shall
be equal to 135% of the Market Price on the date of the applicable Request.

 

    	16 

    	 

    

 

Schedule 2

 

CHARACTERISTICS OF THE NOTES

 

		Definitions:	

 

 

	“Affiliate”	means (i) with respect to a person, any other person that, directly or indirectly through one or more intermediaries, Controls, or is Controlled by, or is under common Control with, such person, and (ii) with respect to the Investor, any fund managed by Yorkville Advisors Global, LP.
	“Agent”	means ABN AMRO Bank N.V., the listing agent and ENL issuing agent for Euroclear for the Issuer.
	“Agreement”	means the agreement for the issuance of and subscription to Notes and Warrants between the Issuer and the Investor dated October 2, 2018, as may be amended from time to time.
	“Anti-Corruption Laws”	means all applicable laws, statutes, rules, regulations, orders, executive orders, directives, policies, guidelines and codes having the force of law, whether local, national, international, as amended from time to time, including without limitation all applicable laws of the Netherlands, the United Kingdom, the United States, or any other laws of another jurisdiction which may apply, that relate to anti-bribery, anti-corruption, books and records and internal controls, including the United States Foreign Corrupt Practices Act of 1977, the United Kingdom Bribery Act of 2010, the Dutch Criminal Code (Wetboek van Strafrecht) and any other laws of another jurisdiction which may apply.
	“Anti-Money Laundering Laws”	means all applicable laws, statutes, rules, regulations, orders, executive orders, directives, policies, guidelines and codes having the force of law, whether local, national, international, as amended from time to time, including without limitation all applicable laws of the Netherlands, the United Kingdom, the United States, or any other laws of another jurisdiction which may apply, that relate to money laundering, terrorist financing, financial record keeping and reporting requirements.
	“approved for issuance”	means in relation to Shares that no further approvals from the Issuer’s general meeting are required for the Issuer to issue, or grant rights to subscribe for, such Shares and to exclude any pre-emption rights in connection therewith.
	“By-laws”	means the articles of association (statuten) of the Issuer, as may be amended from time to time.
	“CAATSA Sanctions  Programs”	shall mean a country or territory that is, or whose government is, the subject of sanctions imposed by Public Law No. 115-44 (the Countering America’s Adversaries Through Sanctions Act).
	“Closing Date”	shall mean the date of signing the Agreement.
	“Commitment Period”	means the period of 36 months beginning on the Closing Date.

 

 

    	17 

    	 

    

 

 

	“Control”	
        means, in relation to a person, the beneficial
        ownership, directly or indirectly of:

        (i)       in
        the case of a company, cooperative, corporation or a limited liability company, shares or securities of that company, cooperative
        or corporation:

        1.     
        which entitle the holder, alone or pursuant to
        an agreement with one or more other persons, to elect a majority of the members of the executive board, non-executive board or
        one-tier board of the company, cooperative or corporation; or

        2.     
        representing more than 50% of the company's or
        corporation’s share capital or, in case of a cooperative, members' funding; or

        3.     
        which entitle the holder, alone or pursuant to
        an agreement with one or more other persons, to more than 50% of the votes which may be cast at the shareholders or members’
        meetings of that company, cooperative or corporation; or

        (ii)       in
        the case of a partnership (other than a limited partnership), limited liability partnership, joint venture or any other unincorporated
        association or organisation, ownership interests therein representing more than 50% of the voting interest of that entity by contract
        or otherwise; or

        (iii)       in
        the case of a limited partnership, (a) if the general partner of the limited partnership is a company or corporation, sufficient
        securities of that company or corporation to satisfy the criteria in paragraph (i) of this definition, or (b) if the general partner
        of the limited partnership is an entity other than a company or corporation, sufficient ownership interests of that entity to satisfy
        the criteria in paragraph (ii) of this definition; or

        (iv)       in
        the case of a trust, estate, body or any other person (other than an individual) not falling within (i), (ii) or (iii) above, more
        than 50% of the beneficial interest therein; or

        (v)       in
        the case of a fund, the right, directly or indirectly through a body corporate Controlled by another person, to be the sole or
        predominant manager or adviser to that fund.

	“Covenant”	
        shall mean any of the following covenants from
        the Issuer, which shall apply as from the Closing Date and as long as any Notes or Warrants are outstanding:

         

        1. The Issuer will at all times and
in all material respect uphold, comply and act in accordance with all the provisions applicable to the Issuer of the Euronext
rules, MAR, the Dutch Financial Supervision Act (Wet op het financieel toezicht) and the rules and regulations promulgated
thereunder, as well as all rules and regulations promulgated under the foregoing laws and acts, the By-laws, and all other laws
and regulations applicable to the Issuer from time to time.

         

 

 

 

    	18 

    	 

    

 

 

	 	 
		
         

         

        2. The Issuer will, and the Issuer will cause
        the Issuer's Affiliates to:

         

        (i)   
        do all reasonable things necessary to preserve
        and keep in full force and effect their corporate existences, rights and franchises, provided that this shall not prevent the Issuer
        from carrying out internal restructurings and reorganisations, including (i) carrying out amalgamations, mergers, demergers, corporate
        reconstructions; (ii) entering into a single transaction or a series of transactions to sell, lease, transfer or otherwise dispose
        of any asset; (iii) investing in joint venture enterprises; (iv) acquiring companies or any share or a business or undertaking;
        (v) incorporating companies or amending the constitutional documents; and (vi) issuing and cancelling shares;

         

        (ii)  
        insure their assets and businesses in such manner
        and to such extent as is customary for companies engaged in the same or similar business in similar locations; and

         

        (iii) 
        pay and discharge all taxes, assessments and governmental
        charges or levies imposed upon them or upon their income or profits, or upon any of their properties; provided that it shall not
        be required to pay or discharge any such tax, assessment, charge, levy or claim which is being contested in good faith.

         

        3. The Issuer shall not legally merge or publicly
        announce any potential legal merger with or into any other person or entity, where the Issuer is not the surviving corporation,
        other than with the prior written consent of the Investor (such consent not to be unreasonably withheld).

         

        4. The Issuer will not, directly or indirectly,
        dispose of all or substantially all of its assets now owned or hereafter acquired in a single transaction (or a series of related
        transactions), unless such disposal is in the ordinary course of business and approved by the Management Board of the Issuer.

         

        5. The Issuer shall not declare or pay any dividends
        in the form of assets or shares of the Issuer.

         

        6. Notwithstanding the provisions of Clause
        5.9 of the Agreement, as from the Closing Date, the Issuer shall (i) make available on its website a table in order to follow-up
        the number of outstanding Notes, Warrants and Shares issued upon conversion of the Notes or exercise of the Warrants and (ii) update
        such table immediately after the receipt of any Subscription Form, Conversion Notice or Warrant Exercise Notice sent by the Investor.

         

        7. So long as any of the Notes remains outstanding,
        the Issuer will not grant any mortgage over its present or future real property assets or interests, nor any pledge on all or part
        of its businesses nor other security interest, lien or pledge over all or part of its assets or income, present or future, in order
        to guarantee any present or future Indebtedness or liability for borrowed money (by way of guarantee or otherwise), other than
        any security, netting or set-off arrangement granted or entered into with a financial institution pursuant to the general banking
        terms and conditions applied by financial institutions of the relevant jurisdiction generally.

         

        8. Without the prior written approval of the
        Investor, the Issuer shall not contract, create, incur or suffer to come into existence any Indebtedness in an amount greater than
        EUR 4,000,000, other than the following:

         

        ·        
        the Notes;

        ·        
        Indebtedness incurred in the normal course of business,
        which for the avoidance of doubt, includes incurring further indebtedness under the Issuer’s EUR 25 million facility agreement
        with the European Investment Bank; and

        ·        
        Indebtedness resulting from a sale and lease back
        arrangement on real estate property.

         

        9. From the Closing Date until the twentieth
        (20th) business day following the conversion into Shares and/or redemption of all the outstanding Notes, the Issuer
        shall not participate in any variable rate equity financing transactions, i.e. securities issued by the Issuer for which the conversion
        price or exercise price is variable, such as equity lines and convertible debenture structures similar to the transaction proposed
        in this Agreement. The Issuer shall not use any existing variable rate equity financing during a 30-day period preceding the sending
        of a Request. For the sake of clarity, the Issuer shall remain free to participate in any non-variable rate equity financing transaction.

         

        10. The Issuer shall comply with the disclosure
        requirements regarding inside information under Article 17 of the Regulation n°596/2014 of MAR.

         

        11. The Issuer shall not communicate to the
        Investor any inside information within the meaning of Article 7 of MAR.

         

        12. Neither the Issuer nor any Affiliate shall,
        directly or indirectly, use any portion of the proceeds of the transactions contemplated herein, or lend, contribute, facilitate
        or otherwise make available such proceeds to any person (i) to fund, either directly or indirectly, any activities or business
        of or with any person that is identified on the list of Specially Designated Nationals and Blocker Persons maintained by OFAC,
        or in any country or territory, that, at the time of such funding, is, or whose government is, the subject of any sanctions administered
        or enforced by OFAC, the U.S. State Department, the United Nations Security Council, the European Union, Her Majesty’s Treasury,
        or other relevant sanctions authority (“Sanctions”) or Sanctions Programs, (iv) or in any manner or in a country
        or territory, that, at the time of such funding, is, or whose government is, the subject of CAATSA or CAATSA Sanctions Programs
        or (iv) in any other manner that will result in a violation of the FCPA, Sanctions or Sanctions Programs or CAATSA.

         

	 	 

 

 

 

    	19 

    	 

    

 

	 	 
		
         

         

        

        8. Without the prior written approval of the
        Investor, the Issuer shall not contract, create, incur or suffer to come into existence any Indebtedness in an amount greater than
        EUR 4,000,000, other than the following:

         

        ·        
        the Notes;

        ·        
        Indebtedness incurred in the normal course of business,
        which for the avoidance of doubt, includes incurring further indebtedness under the Issuer’s EUR 25 million facility agreement
        with the European Investment Bank; and

        ·        
        Indebtedness resulting from a sale and lease back
        arrangement on real estate property.

         

        9. From the Closing Date until the twentieth
        (20th) business day following the conversion into Shares and/or redemption of all the outstanding Notes, the Issuer
        shall not participate in any variable rate equity financing transactions, i.e. securities issued by the Issuer for which the conversion
        price or exercise price is variable, such as equity lines and convertible debenture structures similar to the transaction proposed
        in this Agreement. The Issuer shall not use any existing variable rate equity financing during a 30-day period preceding the sending
        of a Request. For the sake of clarity, the Issuer shall remain free to participate in any non-variable rate equity financing transaction.

         

        10. The Issuer shall comply with the disclosure
        requirements regarding inside information under Article 17 of the Regulation n°596/2014 of MAR.

         

        11. The Issuer shall not communicate to the
        Investor any inside information within the meaning of Article 7 of MAR.

         

        12. Neither the Issuer nor any Affiliate shall,
        directly or indirectly, use any portion of the proceeds of the transactions contemplated herein, or lend, contribute, facilitate
        or otherwise make available such proceeds to any person (i) to fund, either directly or indirectly, any activities or business
        of or with any person that is identified on the list of Specially Designated Nationals and Blocker Persons maintained by OFAC,
        or in any country or territory, that, at the time of such funding, is, or whose government is, the subject of any sanctions administered
        or enforced by OFAC, the U.S. State Department, the United Nations Security Council, the European Union, Her Majesty’s Treasury,
        or other relevant sanctions authority (“Sanctions”) or Sanctions Programs, (iv) or in any manner or in a country
        or territory, that, at the time of such funding, is, or whose government is, the subject of CAATSA or CAATSA Sanctions Programs
        or (iv) in any other manner that will result in a violation of the FCPA, Sanctions or Sanctions Programs or CAATSA.

         

	 	 
	“Coverage Levels”	
        shall mean:

         

        (i)        
        one (1) time coverage of Shares (based on the Conversion
        Price calculated on such date) approved for issuance to the Investor and/or Note holders upon conversion into Shares of the outstanding
        Notes, plus

         

        (ii)       
        one (1) time coverage of Shares approved for issuance
        to the Investor and/or Warrant holders upon exercise of the outstanding Warrants.

 

 

    	20 

    	 

    

 

 

	“Coverage Level Notification”	
        shall mean:

         

        (i)   
        the notification by the Issuer to the Note holders
        upon it breaching the Coverage Levels, specifying the number of Shares that the Issuer has approved for issuance to the Investor,
        the Note holders and/or Warrant holders, the date of breaching the Coverage Levels and the date on which it intends to hold an
        extraordinary general meeting to resolve on a proposal authorizing the Management Board, subject to the approval of the supervisory
        board of the Issuer, to issue, or grant rights to subscribe for, Shares and to exclude pre-emption rights in connection therewith
        (the “EGM”); and

         

        (ii)  
        any subsequent notification by the Issuer to the
        Note holders of the number of Shares that the Issuer has approved for issuance to the Investor and Note holders after (i) a conversion
        of Notes or (ii) an issue or grant of rights to subscribe for Shares that resulted in a decrease in the number of Shares approved
        for issuance to the Investor, Note holders and/or Warrant holders, in each case in the period between the giving of the notice
        and the end of the EGM referred to in (i).

         

	“Daily VWAP”	means, as of any Trading Day, the daily volume weighted average price of the Share on Euronext in Amsterdam as reported by Euronext Amsterdam N.V.
	“Event of Default”	
        shall mean any of the following occurrences
        which is not cured, if applicable, within ten (10) calendar days of such occurrence:

         

        (i)        
        default by the Issuer in the repayment of principal
        under the Notes when due, or the payment of the Legal and Due Diligence Fee in accordance with Clause 5.12 of the Agreement when
        due;

         

        (ii)       
        failure by the Issuer to observe or perform any
        Covenant; 

         

        (iii)      
        failure by the Issuer to pay the cash due in connection
        with the settlement of the Warrants if the Issuer is unable to issue the number of Shares required upon the exercise of a Warrant
        or Warrants due to such number of Shares exceeding the Share Issue Cap and/or the Issuer not having sufficient shareholders’
        authorizations or sufficient authorized capital under its By-laws, in accordance with Paragraph 5.3 of Schedule 4;

         

         

 

 

    	21 

    	 

    

 

 

	 	 
	 	 
	 	
         

        (vi)      
        any representation and warranty of the Issuer proves
        to have been materially incorrect or misleading when made;

         

        (vii)     
        failure by the Issuer to pay any Indebtedness or
        liability for borrowed money (by way of guarantee or otherwise) when due or within any applicable grace period, other than any
        such failure resulting from a good faith error which is diligently corrected, or failure by the Issuer to observe or perform any
        term, covenant or agreement contained in any agreement or instrument by which it is bound evidencing or securing any such Indebtedness
        or liability for borrowed money for a period of time which would cause or permit the acceleration of the maturity thereof, except
        if such Indebtedness or liability is contested in good faith by the Issuer;

         

        (viii)    
        the Issuer voluntarily suspends or discontinues
        substantially all of its business, liquidates substantially all of its assets, or bankruptcy, moratorium, insolvency or similar
        proceedings for relief of financially distressed debtors shall be instituted by or against the Issuer; 

         

        (ix)      
        a final judgement for the payment of money in excess
        of EUR 2,000,000 is rendered by a court of competent jurisdiction against the Issuer, and the Issuer does not discharge the
        same or provide for its discharge in accordance with its terms or procure a stay of execution thereof within sixty (60) calendar
        days after the date of entry thereof and within said period of sixty (60) calendar days (or such longer period during which execution
        of such judgment shall have been stayed) appeal therefrom and cause the execution thereof to be stayed during such appeal; and

         

        (x)       
        failure by the Issuer to issue Shares to each Note
        holder in accordance with the terms of the Agreement, unless the Issuer has satisfied the Conversion in cash in accordance with
        Clause 8.3 of Schedule 2;

         

        it being specified that:

         

        ·        
        the Issuer shall indemnify the Note holders against
        any expense reasonably incurred and duly justified in collecting unpaid amount hereunder;

         

        ·        
        forthwith upon the occurrence of any Event of Default
        or of any triggering event which if not cured during the applicable cure period would constitute an Event of Default, the Issuer
        will deliver to the Note holders a certificate of the Management Board specifying the nature and period of existence thereof and
        the action which the Issuer is taking and proposes to take with respect thereto, it being specified that (i) should the Event of
        Default constitute inside information within the meaning of Article 7 of MAR, the Issuer shall not communicate such information
        to the Note holders before it is made public to the investment community through a press release, (ii) in the specific case of
        the announcement of a legal merger referred to in Covenant n°3 above, the Issuer and the Investor shall discuss in good faith,
        within twenty (20) calendar days from the public announcement, the possibility to implement a transaction similar to that contemplated
        hereunder within the surviving entity (without prejudice of the Investor’s right to immediately request the early redemption
        of the Notes).

         

 

 

 

    	22 

    	 

    

 

 

 

	“Euroclear”	
        means Nederlands Centraal Instituut voor Giraal
        Effectenverkeer B.V.

         

	“Euronext in Amsterdam”	means the regulated market of Euronext Amsterdam N.V.
	“Euronext in Brussels”	means the regulated market of Euronext Brussels SA/NV.
	“FCPA”	means the Foreign Corrupt Practices Act of 1977, as amended.
	“General Meeting”	means the Issuer’s general meeting (algemene vergadering).
	“Indebtedness”	
        means any indebtedness for or in respect of:

         

        i.        any
        monies borrowed pursuant to one or more credit facility agreements or the issue of bonds, notes, debentures, loan stock or
        any similar instrument;

         

        ii.         the amount of any liability in respect of any guarantee for any
of the items referred to in paragraph (i) above,

         

        it being understood that any amount calculated
        under this definition may only be counted once, even if an item may qualify under various paragraphs.

         

	“Investor”	means YA II PN, LTD, a limited liability company incorporated under the laws of the Cayman Islands, having its registered office at Maples Corporate Services, Ugland House, George Town, Grand Cayman, and its principal office at 1012 Springfield Avenue Mountainside, NJ 07092, USA.
	“Investor Group”	shall mean the Investor and its Affiliates.
	“Issuer”	means CURETIS N.V., a Dutch public limited liability company (naamloze vennootschap) incorporated under the laws of the Netherlands, having its statutory seat (statutaire zetel) in Amsterdam, the Netherlands, and its office address at Max-Eyth-Str. 42, 71088 Holzgerlingen, Germany, and registered with the trade registry of the Dutch Chamber of Commerce under number 64302679.
	“Legal and Due Diligence Fee”	means the Legal and Due Diligence Fee of EUR 50,000 payable by the Issuer, it being specified that (i) EUR 25,000 has been paid in cash upon signing the term sheet (which the Investor acknowledges and for which it gives the Issuer full and complete discharge) and (ii) the balance (i.e. EUR 25,000) shall be paid within five (5) Trading Days from the Closing Date.
	“Management Board”	means the management board of the Issuer.
	“MAR”	means the Regulation n° 596/2014 of the European Parliament and of the Council of April 16, 2014.
	“Market Price”	shall mean the lowest Daily VWAP for the Share over the applicable Pricing Period.

 

 

    	23 

    	 

    

 

 

	“Material Adverse Change”	means an event or circumstance that constitutes a material adverse change in the assets or financial or trading position of the Issuer, provided that any such change will be deemed materially adverse only if it has or is reasonably likely to have a net adverse impact on the assets or financial or trading position of the Issuer in excess of EUR 5,000,000.
	“Note(s)”	means notes convertible into Shares and having the characteristics described in this Schedule 2,
	“Notice” 	means any notice, demand, consent, waiver or other communication required, given or made under the Agreement, which shall be made in writing and shall be duly signed on behalf of the party from which it originates.
	“OFAC”	means the U.S. Department of Treasury’s Office of Foreign Asset Control.
	“Retail Investors”	means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU  (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive 2002/92/EC (as amended), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Directive 2003/71/EC (as amended). 
	“Pricing Period”	shall mean the ten (10) consecutive Trading Days immediately preceding the relevant date to be considered in order to determine the Conversion Price (in accordance with Paragraph 8.3 of this Schedule 2) or the Warrant Exercise Price (in accordance with Paragraph 5.3 of Schedule 4). In the case of a Conversion of Notes, Pricing Period shall mean the Trading Days during which the Investor (or the relevant Note holder as the case may be) has not sold any Share in the market among the ten (10) consecutive Trading Days expiring on the Trading Day immediately preceding the applicable date.
	“Sanction Laws”	means any economic, financial or other Sanctions, Sanctions program or other sanctions laws or embargos administered or enforced by a competent governmental authority, including without limitation: (i) the United Nations Security Council; (ii) the European Union; (iii) the governmental institutions and agencies of the United States, including the OFAC; and (iv) the governmental institutions and agencies of the United Kingdom, including Her Majesty's Treasury ("HMT").
	“Sanctions”	means any sanctions administered or enforced by OFAC, the U.S. State Department, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority.
	“Sanctions Program”	means any OFAC economic sanction program (including, without limitation, programs related to Crimea, Cuba, Iran, North Korea, Sudan and Syria).
	“Shares”	means ordinary shares with a par value of EUR 0.01 each in the capital of the Issuer.

 

 

    	24 

    	 

    

 

 

	“Share Issue Cap”	means, in respect of a Tranche, the maximum number of Shares to be issued upon conversion of Notes of that Tranche and the exercise of Warrants related to that Tranche.
	“Trading Day”	means any day on which the Shares are traded on Euronext in Amsterdam, provided that “Trading Day” shall not include any day on which the Shares are scheduled to trade on such market for less than 4.5 hours (it being specified for the avoidance of doubt that any day during which there would be no effective trading would be considered as a Trading Day if this is not due to a suspension requested by the Issuer or the stock market authorities) or any day that the Shares are suspended from trading at the request of the Issuer or of the stock market authorities during the final hour of trading on such market unless such day is otherwise designated as a Trading Day in writing by the Investor.
	“Tranche”	means a tranche of Notes subscribed for by the Investor.
	“Warrant”	means Share subscription warrants, having the characteristics described in Schedule 4 to the Agreement, to be issued at the same time as certain series of Notes subscribed by the Investor under the Agreement.
	“Warrant Exercise Notice”	means a Notice from a Warrant holder to exercise all or any of the Warrants held by it.
	“Warrant Exercise Date”	means the date of delivery of a Warrant Exercise Notice.
	“Warrant Exercise Price”	means shall be equal to 135% of the Market Price on the date of the applicable Request.

 

		1.	Form 

 

The Notes shall be in registered
form and shall have a principal amount of EUR 10,000 each. Evidence of the rights of each Note holder shall be given by an inscription
in its name in a register kept by the Issuer in accordance with applicable laws and
regulations. The register shall further include the notice details (address and email addresses) of each Note holder and each Note
holder shall notify the Issuer with three (3) calendar days’ prior notice to the Issuer of any change in address or e-mail
address.

 

The Notes shall constitute an unsecured
and unsubordinated obligation of the Issuer and, at all times so long as any Note is outstanding, will rank (subject to such exceptions
as are from time to time mandatory under Dutch law) equally and rateably (pari passu) with all other present or future unsecured
and unsubordinated debt of the Issuer.

 

		2.	Enjoyment

 

The Notes are issued with full rights
of enjoyment as from the date of their full subscription by the Investor.

 

		3.	Assignment, transfer and absence of admission to trading of the Notes

 

		3.1.	The Notes shall be freely tradable and transferable without the prior written consent of the Issuer,
it being specified that the Notes shall not be tradable and transferable to Retail Investors. For the avoidance of doubt, in the
event of a transfer of Notes to a third party, the said third party shall covenant to comply with the abovementioned transfer limitation.

 

 

    	25 

    	 

    

 

 

		3.2.	To be effective vis-à-vis the Issuer, any transfer of the Notes shall be notified
to the Issuer for inclusion in the register of Note holders and the transferor shall be deemed to be the holder of such Notes until
the name of the transferee is entered into the Note holders register in respect thereof.

 

		3.3.	Any transferee that becomes a Note holder, by whatever means and for whatever reason, shall have
the benefit of, and be subject to, all of the rights and obligations as set forth in this Schedule 2.

 

		3.4.	The Notes will not be admitted to trading on any financial market or included in any clearing system.

 

		4.	Maturity

 

Each Note shall have a duration of
twelve (12) months as from its date of issuance (the "Maturity Date"). If a Note has not been converted into
Shares prior to its Maturity Date, the Issuer must redeem in cash the outstanding amount under the Note on the Maturity Date.

 

By way of exception, the Issuer shall
have the right to extend the Maturity Date by an additional 12-month period (the “Maturity Extension”), subject
to the payment in cash of a complementary fee amounting to 5% of the nominal value of the Notes whose Maturity Date is extended.
The Issuer shall have the right to apply up to four (4) Maturity Extensions, it being provided that the resulting extended Maturity
Date shall exceed the maturity of the debt provided to the Issuer by the European Investment Bank.

 

		5.	Interest

 

		5.1.	The Notes shall accrue no interest.

 

		5.2.	However, in case of an Event of Default, each outstanding Note shall accrue interest at a rate
of 15% p.a. from the date on which the Event of Default has occurred until the earlier of (i) the date the Event of Default is
cured or (ii) the date on which it has been fully converted into Shares and/or redeemed.

 

		5.3.	Interest on a Note shall accrue on the par value and shall be computed on the basis of a 360-day
year and twelve 30-day months.

 

		6.	Redemption

 

		6.1.	Unless converted or previously
redeemed pursuant to Paragraph 6.2 of this Schedule 2, each Note shall be redeemed at 100 percent of its principal amount and interests,
if any, on the Maturity Date. The Issuer shall have no right to early redeem any Note. 

 

		6.2.	At the Note holder’s discretion, the Issuer is required to early redeem all or any Notes
held by the applicable Note holder in the following circumstances:

 

		(i)	failure to issue new Shares
to each Note holder in accordance with the terms of the Agreement; or

		(ii)	the occurrence of an Event
of Default under the Agreement.

 

		6.3.	Upon exercise of Warrants, at the Note holder’s discretion, Notes (made due and payable at
their par value to this effect) may be prepaid by way of set-off against all or part of the amount due by the Note holder to the
Issuer as a result of the aggregate Warrant Exercise Price due and payable by the Note holder on the Warrant Exercise Date.

 

		6.4.	In the event of redemption, the Issuer shall pay to each Note holder the aggregate outstanding
principal amount of its Notes and interest, if any, in accordance with Paragraph 7 of this Schedule 2.

 

 

 

    	26 

    	 

    

 

		7.	Payment

 

Repayment of principal and interest,
if any, (unless converted into Shares and/or redeemed in cash pursuant to Paragraph 6.2 of this Schedule 2) of the Notes shall
be made on the applicable date by the Issuer to each Note holder, in cash, by wire transfer to a bank account notified by the Note
holder to the Issuer, in immediately available, freely transferable funds in Euros.

 

		8.	Conversion: termination of conversion rights

 

		8.1.	Conversion of the Notes; Conversion Period

 

Unless its Conversion rights have
expired pursuant to Paragraph 8.5 of this Schedule 2, each Note holder shall have the right at its option, and effective at any
time starting on the issuance date of the Notes, up to and including the Maturity Date or failing compliance with Paragraph 7 of
this Schedule 2, until the date on which the Notes are fully redeemed (the "Conversion Period"), to convert
all or any of the Notes into new Shares (to “Convert”, or a “Conversion”), and to determine
the number of Notes to be converted, and the corresponding aggregate principal amount and interest, if any, so converted (the “Conversion
Amount”).

 

Each Note holder
is allowed to make multiple Conversions of Notes, it being specified that each Note can be Converted once only.

 

		8.2.	Conversion Date; Notice

 

Each Note holder may Convert all
or any of its Notes on any Trading Day of its choice during the Conversion Period, effective at the date of delivery to the Issuer
of a Conversion Notice in accordance with Paragraph 8.1 of this Schedule 2 (the "Conversion Date"). Between
the period of receipt of a Coverage Level Notification and the end of the EGM held in connection therewith, a Note holder shall
not be entitled to Convert Notes for a Conversion Amount which would result in the number of Shares having to be issued upon such
Conversion exceeding the number of Shares the Issuer has approved for issuance to the Investor and Note Holders as notified to
the Note holders in the latest Coverage Level Notification.

 

On each chosen Conversion Date, each
Note holder shall Convert all or any of its Notes by giving Notice to the Issuer (the “Conversion Notice”),
using the form attached in Schedule 3 and specifying its choice of a number of Notes to be Converted.

 

Following a Conversion, the Issuer,
after updating the register where the Notes are registered, shall in turn (i) issue the Shares and instruct the Agent to have such
shares credited to the securities account specified by the Note holder in the relevant Conversion Notice and (ii) update the follow-up
table on its website.

 

The Issuer may at all times satisfy
its obligation to issue or deliver Shares to a Note holder upon a Conversion by delivering existing Shares instead of issuing new
Shares.

 

		8.3.	Conversion ratio

 

Upon a Conversion the number of new
Shares issued by the Issuer to the relevant Note holder in accordance with Paragraphs 8.1 and 8.2 of this Schedule 2 will be calculated
as the Conversion Amount divided by 93% of the Market Price on the applicable Conversion Date (the “Conversion Price”).

 

The Conversion Price will be determined
to two decimals places and rounded down to the nearest 100th.

 

If the issuance of new Shares would
result in the issuance of a fraction of a Share, the Issuer shall round such fraction of a Share down to the nearest whole Share.
The aggregate nominal value of the Shares to be issued upon a Conversion shall be paid up by way of set-off against the aggregate
Conversion Amount, with the difference being treated as unstipulated share premium.

 

    	27 

    	 

    

 

 

 

The Issuer shall promptly deliver
freely tradable Shares to the relevant Note holder upon each Conversion of Note(s), it being specified that, in any case, the reception
of the Shares, by the relevant Note holder shall occur no later than three (3) Trading Days after the Conversion Date.

 

Upon Conversion of Notes, if the
relevant Note holder does not receive the relevant Shares as provided for in the paragraph above, and if no early redemption of
the Notes was requested by the relevant Note holder, at the Note holder’s discretion, the Issuer shall pay to the relevant
Note holder an amount equal to the difference (if positive) between the closing price of the Share on Euronext in Amsterdam on
the Conversion Date and the closing price of the Share on Euronext in Amsterdam on the day immediately prior to the date on which
the relevant Shares are effectively received by the relevant Note holder, for each new Share which was issued upon the relevant
Conversion of Notes.

 

If the Issuer is unable to issue
the number of Shares required upon a Conversion due to the Issuer not having sufficient shareholders’ authorizations or sufficient
authorized capital under its By-laws, and if no early redemption of the Notes was requested by the relevant Note holder, the Issuer
shall have the obligation to satisfy the number of Shares which it is unable to issue upon Conversion in cash, by paying to the
Note holder, within three (3) Trading Days following the Conversion Date, an amount equal to the number of Shares it is not able
to issue multiplied by the closing Share price on Euronext in Amsterdam on the Conversion Date.

 

Provided that no early redemption
was requested by the relevant Note holder, if the Conversion cannot be satisfied in full by issuing Shares up to the Share Issue
Cap, the Issuer shall have the right, subject to having sufficient Shares approved for issuance, to satisfy the shortfall in Shares
by giving Notice to such effect within two (2) Trading Days following the Conversion Date and the obligation to pay a cash amount
equal to any remaining shortfall in Shares multiplied by the closing Share price on Euronext in Amsterdam on the Conversion Date
within three (3) Trading Days following the Conversion Date.

 

Any payment to a Note holder made
by the Issuer in accordance with Paragraph 8.3 of this Schedule 2 shall be made by the Issuer to the relevant Note holder in cash,
by wire transfer to a bank account notified by the relevant Note holder to the Issuer, in immediately available, freely transferable
funds in Euros.

 

		8.4.	Rights attached to the Shares

 

The new Shares issued upon Conversion
of the Note(s) shall be subject to all provisions of the By-laws. The new Shares shall be admitted to trading on Euronext in Amsterdam
and Euronext in Brussels as from their issuance, will carry immediate and current dividend rights and will be fully fungible with
the existing Shares.

 

		8.5.	Termination of conversion right

 

The right of each Note holder to
Convert the Notes pursuant to this Paragraph 8 shall terminate on the date on which the Notes are fully redeemed and/or converted
into Shares.

 

		9.	Governing Law and Jurisdiction

 

This Schedule 2 and any non-contractual
obligations arising out of or in connection with it shall be governed by and construed in accordance with Dutch law. Any dispute
arising in connection herewith shall be subject to the exclusive jurisdiction of the competent court in Amsterdam, the Netherlands.

 

    	28 

    	 

    

 

Schedule 3

 

FORM OF CONVERSION NOTICE

 

VIA EMAIL

 

CURETIS N.V.

Address: Max-Eyth-Str. 42, 71088 Holzgerlingen,
Germany

Attention to: Oliver Schacht, Achim Plum,
Johannes Bacher, Heiko Schorr and Bernd Bleile

E-mail addresses: oliver.schacht@curetis.com
/ achim.plum@curetis.com / johannes.bacher@curetis.com / heiko.schorr@curetis.com / bernd.bleile@curetis.com

Phone number: +49 70314919510

 

Conversion Notice date: [∙]

 

Please find below a Note holder’s notification
with respect to the agreement for the issuance of and subscription to notes convertible into shares and share subscription warrants
dated October 2, 2018 (the “Agreement”).

 

All terms written with a capital initial letter
shall have the definition ascribed to them in the Agreement.

 

 

	1	Number of Notes Converted	[∙]
	2	Conversion Amount (equal to the global par value and interest, if any, of the Converted Notes)	EUR [∙]
	3	Trading Days constituting the Pricing Period[2]	[∙],[∙],[∙],[∙],[∙],[∙],[∙],[∙],[∙],[∙]
	4	Lowest Daily VWAP during the Pricing Period	EUR [∙]
	5	Conversion Price (rounded down to the nearest 100th), being 93% of the lowest Daily VWAP during the Pricing Period	EUR [∙]
	6	Number of Shares (rounded down) due to the Note holder equal to (2)/(5)	[∙]

 

Please have the Shares credited to the following
securities account at:

 

Account in the name of:

Personal account number:

LEI code

BIC Beneficiary:

EGSP account at Euroclear Nederland:

BIC code Custodian:

[Code Bank: Only applicable for deliveries
to France]

[Code Guichet: Only applicable for deliveries
to France]

[Etablissement : Only applicable for deliveries
to France]

Contact person Custodian:

Email :

 

Sincerely,

 

 

[Name of the Note holder]

 

______________________

[2]
Trading Days during which the Investor (or the relevant
Note holder, as the case may be) has not sold any Share in the market among the ten (10) consecutive Trading Days immediately preceding
the Conversion Date.

 

 

    	29 

    	 

    

 

Schedule 4

 

CHARACTERISTICS OF THE WARRANTS

 

		Definitions:	

 

	“Agent” 	means ABN AMRO Bank N.V., the listing agent and ENL issuing agent for Euroclear for the Issuer.
	“Agreement”	means the agreement for the issuance of and subscription to Notes and Warrants between the Issuer and the Investor dated October 2, 2018, as may be amended from time to time.
	“approved for issuance”	means in relation to Shares that no further approvals from the General Meeting are required for the Issuer to issue, or grant rights to subscribe for, such Shares and to exclude any pre-emption rights in connection therewith.
	“By-laws”	means the articles of association (statuten) of the Issuer, as may be amended from time to time.
	“Daily VWAP”	means, as of any Trading Day, the daily volume weighted average price of the Share on Euronext in Amsterdam as reported by Euronext Amsterdam N.V.
	“Euroclear”	
        means Nederlands Centraal Instituut voor Giraal
        Effectenverkeer B.V.

         

	“Euronext in Amsterdam”	means the regulated market of Euronext Amsterdam N.V.
	“Euronext in Brussels”	means the regulated market of Euronext Brussels SA/NV.
	“Investor”	
        means YA II PN, LTD, a limited liability company
        incorporated under the laws of the Cayman Islands, having its registered office at Maples Corporate Services, Ugland House, George
        Town, Grand Cayman, and its principal office at 1012 Springfield Avenue Mountainside, NJ 07092, USA.

         

	“Issuer”	
        means CURETIS N.V., a Dutch public limited liability
        company (naamloze vennootschap) incorporated under the laws of the Netherlands, having its statutory seat (statutaire zetel)
        in Amsterdam, the Netherlands, and its office address at Max-Eyth-Str. 42, 71088 Holzgerlingen, Germany, and registered with the
        trade registry of the Dutch Chamber of Commerce under number 64302679.

         

	“Note(s)”	means notes convertible into Shares and having the characteristics described in Schedule 2 to the Agreement.
	“Notice”	means any notice, demand, consent, waiver or other communication required, given or made under the Agreement, which shall be made in writing and shall be duly signed on behalf of the party from which it originates.
	“Request”	means the request by the Issuer to the Investor for the disbursement of a Tranche in the form attached as Schedule 6 to the Agreement.
	“Retail Investors”	means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU  (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive 2002/92/EC (as amended), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Directive 2003/71/EC (as amended).

 

 

    	30 

    	 

    

 

 

	“Share Issue Cap”	means, in respect of a Tranche, the maximum number of Shares to be issued upon conversion of Notes of that Tranche and the exercise of Warrants related to that Tranche.
	“Shares”	means ordinary shares with a par value of EUR 0.01 each in the capital of the Issuer.
	“Trading Day”	means any day on which the Shares are traded on Euronext in Amsterdam, provided that “Trading Day” shall not include any day on which the Shares are scheduled to trade on such market for less than 4.5 hours (it being specified for the avoidance of doubt that any day during which there would be no effective trading would be considered as a Trading Day if this is not due to a suspension requested by the Issuer or the stock market authorities) or any day that the Shares are suspended from trading at the request of the Issuer or of the stock market authorities during the final hour of trading on such market unless such day is otherwise designated as a Trading Day in writing by the Investor.
	“Tranche”	means a tranche of Notes subscribed for by the Investor.
	“VWAP”	means the volume weighted average price (as reported by Euronext Amsterdam N.V).
	“Warrant(s)”	means Share subscription warrants, having the characteristics described in this Schedule 4, to be issued at the same time as certain series of Notes subscribed by the Investor under the Agreement.

 

 

		1.	Form

 

The Warrants shall be issued in registered
form. Evidence of the rights of any holder of the Warrants shall be given by an inscription in its name in a register kept by the
Issuer in accordance with applicable laws and regulations. The register shall further include the notice details (address and email
addresses) of each Warrant holder and each Warrant holder shall notify the Issuer with three (3) calendar days’ prior notice
to the Issuer of any change in address or e-mail address.

 

		2.	Enjoyment

 

Subject to the terms and conditions
of this Agreement, the Warrants are issued with full rights of enjoyment as from the date of their issuance (i.e. as from the date
of the subscription of the relevant Notes by the Investor).

 

		3.	Assignment, transfer and absence of admission to trading of the Warrants

 

		3.1.	The Warrants shall be freely tradable and transferable without the prior written consent of the
Issuer, it being specified that the Warrants shall not be tradable and transferable to Retail Investors. For the avoidance of doubt,
in the event of a transfer of Warrants to a third party, the said third party shall covenant to comply with the abovementioned
transfer limitation.

 

		3.2.	To be effective vis-à-vis the Issuer and third parties, any transfer of Warrants
shall be registered in the Warrant holders register kept by the Issuer and the transferor of any Warrants shall be deemed to be
the holder of such Warrants until the name of the transferee is entered into the Warrant holders register in respect thereof.

 

 

    	31 

    	 

    

 

 

		3.3.	Any transferee that becomes a Warrant holder, by whatever means and for whatever reason, shall
have the benefit of, and be subject to, all of the rights and obligations as set forth in this Schedule 4.

 

		3.4.	The Warrants will not be listed or admitted to trading on any financial market or clearing system.

 

		4.	Term

 

The Warrants shall automatically
expire three (3) years after their respective issuance date.

 

		5.	Exercise

 

		5.1.	Exercise of the Warrants into Shares of the Issuer; Exercise Period

 

The Investor or any transferee of
Warrants shall have the right at its option, and effective at any time during three (3) years after their respective issuance date
(the "Warrant Exercise Period"), to exercise all or any of the Warrants to subscribe for new Shares.

 

Any Warrant holder is allowed to
make multiple exercises of Warrants, it being specified that each Warrant can be exercised once only.

 

		5.2.	Exercise Date; Exercise Notice

 

Any Warrant holder may exercise all
or any of its Warrants on any Trading Day of its choice effective at the date of its delivery of a Warrant Exercise Notice (the "Warrant
Exercise Date") during the Warrant Exercise Period.

 

On each chosen Warrant Exercise Date,
any Warrant holder shall exercise all or any of the Warrants by giving Notice to the Issuer (the “Warrant Exercise
Notice”), using the form attached in Schedule 5.

 

The Issuer, after updating the Warrant
register, shall issue the Shares and instruct the Agent (as defined in Schedule 2) to have such shares credited to
the securities account specified by the Warrant holder in the relevant Warrant Exercise Notice. The issuance of the new Shares
upon exercise of Warrants shall occur within three (3) Trading Days following the Warrant Exercise Date provided that on or before
the Warrant Exercise Date (i) the Issuer has received proof of payment of the Warrant Exercise Price for all Warrants exercised
and (ii) the relevant Warrant holder has given such instructions to such financial institutions involved in the delivery of the
new Shares as the Agent has requested from such Warrant holder.

 

The Issuer may at all times satisfy
its obligation to issue or deliver Shares to a Warrant holder upon the exercise of Warrants by delivering existing Shares instead
of issuing new Shares.

 

		5.3.	Exercise Ratio – Exercise Price

 

Each Warrant will give right to one
(1) Share (the “Warrant Exercise Ratio”) subject to any adjustment made in accordance with Paragraph 6 of this
Schedule 4.

 

For the sake of clarity, the Warrant
Exercise Ratio shall correspond to the number of Shares which may be issued upon exercise of one (1) Warrant.

 

The new Shares resulting from the
exercise of the Warrants shall be issued upon receipt of the proof of payment by the Warrant holder, in cash or by way of set-off
(through remittance to the Issuer at their par value plus accrued interest of Notes due and payable and still outstanding or made
due and payable to this effect on the Warrant Exercise Date), of the exercise price of each Warrant so exercised (the “Warrant
Exercise Price”), which shall be equal to 135% of the Market Price on the date of the applicable Request (it being specified
that this price shall be adjusted in the event of a Share split or a Share consolidation). The difference between the aggregate
nominal value of the Shares to be issued pursuant to a Warrant Exercise Notice and the aggregate Warrant Exercise Price paid in
accordance with the above arrangements shall be treated as unstipulated share premium.

 

    	32 

    	 

    

 

 

 

The Warrant Exercise Price will be
determined to two decimal places and rounded down to the nearest 100th.

 

The exercise of the Warrants shall
not require the payment of any additional fee or charge by the Warrant holder.

 

Upon exercise of Warrants, if the
relevant Warrant holder does not receive the relevant Shares as provided for in the paragraph above, the Issuer shall pay to the
relevant Warrant holder an amount in cash equal to (i) the Warrant Exercise Ratio multiplied by (ii) the difference (if positive)
between (a) the closing price of the Share on Euronext in Amsterdam on the Warrant Exercise Date and (b) the closing price of the
Share on Euronext in Amsterdam on the day immediately prior to the date on which the relevant Shares are effectively received by
the relevant Warrant holder, for each exercised Warrant.

 

If the Issuer is unable to issue
the number of Shares required upon the exercise of a Warrant or Warrants due to the Issuer not having sufficient shareholders’
authorizations or sufficient authorized capital under its By-laws, the Issuer shall settle the number of Warrants for which it
is unable to issue Shares upon their exercise in cash, within three (3) Trading Days following the Warrant Exercise Date, for a
price equal to the intrinsic value of the relevant Warrants.

 

If the obligation to deliver Shares
upon an exercise of Warrants cannot be satisfied in full by issuing Shares up to the Share Issue Cap, the Issuer shall have the
right, subject to having sufficient Shares approved for issuance, to satisfy the shortfall in Shares by giving Notice to such effect
within Two (2) Trading Days following the Warrant Exercise Date and the obligation to pay a cash amount equal to the aggregate
intrinsic value of the Warrants for which no Shares were issued within 3 Trading Days following the Warrant Exercise Date.

 

 

Any payment to a Warrant holder made
by the Issuer in accordance with Paragraph 5.3 of this Schedule 4 shall be made by the Issuer to the relevant Warrant holder in
cash, by wire transfer to a bank account notified by the relevant Warrant holder to the Issuer, in immediately available, freely
transferable funds in Euros.

 

		5.4.	Rights attached to the Shares

 

The new Shares issued upon exercise
of Warrant(s) shall be subject to all provisions of the By-laws. The new Shares shall be admitted to trading on Euronext in Amsterdam
and Euronext in Brussels as from their issuance, will carry immediate and current dividend rights and will be fully fungible with
the existing Shares.

 

		6.	Protection of the Warrant holders 

 

		6.1.	Upon completion of any of the following transactions:

		1.	issuance, with a preferential
subscription right to existing shareholders, of Shares,

		2.	increase in issued share
capital of the Issuer, through the issuance of Shares, by capitalisation of reserves, profits or share premium, and by distribution
of bonus shares,

		3.	subdivision (stock split)
or consolidation (reverse stock split) of Shares,

		4.	distribution from reserves
(in cash or in kind),

		5.	allotment of bonus financial
instruments other than Shares,

		6.	merger by acquisition,
merger, spin-off, division of the Issuer,

		7.	buy-back of own Shares
at a price that is higher than the Share price,

		8.	distribution of exceptional
dividends,

		9.	modification of the Issuer’s
allocation of its profits by way of the issue of preference shares,

		10.	issue of Shares at less
than current market price,

		11.	issue of Shares at less
than the applicable issue price of one Share upon exercise of Warrants,

 

 

    	33 

    	 

    

 

 

which the Issuer may carry out after
the issue date of the Warrants, the rights of the Warrant holders will be protected by adjusting the Warrant Exercise Ratio in
accordance with the following provisions.

 

In the event of an adjustment carried
out in accordance with conditions 1 to 11 below, the new Warrant Exercise Ratio will be determined to three decimal places and
rounded to the nearest 1000th (0.0005 being rounded up to the next highest 1000th). Any subsequent adjustments
will be carried out on the basis of such newly calculated and rounded Warrant Exercise Ratio. However, the Warrants can only result
in the delivery of a whole number of Shares. In the event two or several adjustment cases apply, only the adjustment case which
is the most favourable to the Warrant holder shall apply.

 

1. In the event of a financial transaction
conferring a preferential subscription right to existing shareholders, the new Warrant Exercise Ratio will be determined by multiplying
the Warrant Exercise Ratio in effect prior to the relevant transaction by the following formula:

 

	Share value ex-subscription right plus the value of the subscription right
	Share value ex-subscription right

 

For the purposes of calculating this formula,
the values of the Share ex-subscription right and of the subscription right will be determined on the basis of the average of the
closing prices of the Shares on Euronext in Amsterdam (as reported by Euronext) falling in the subscription period during which
the Shares and the subscription rights are listed simultaneously.

 

2. In the event of an increase in share
capital of the Issuer by capitalisation of reserves, profits or share premia and by distribution of bonus Shares, the new Warrant
Exercise Ratio will be determined by multiplying the Warrant Exercise Ratio in effect prior to the relevant transaction by the
following formula:

 

	Number of Shares after the transaction
	Number of Shares existing before the transaction

 

 

3. In the event of a subdivision or consolidation
of Shares, the new Warrant Exercise Ratio will be determined by multiplying the Warrant Exercise Ratio in effect prior to the relevant
transaction by the following formula:

 

	Number of Shares after the transaction
	Number of Shares existing before the transaction

 

 

 

4. In the event of the distribution by
the Issuer from reserves (in cash or in kind), the new Warrant Exercise Ratio will be determined by multiplying the Warrant Exercise
Ratio in effect prior to the relevant transaction by the following formula:

 

1

	Amount of the distribution per share
	Value
of the share before distribution

 

 

    	34 

    	 

    

 

 

 

 

 

For the purposes of calculating this formula,
the value of the Shares before distribution will be determined on the basis of the VWAP of the Shares on Euronext over the last
three (3) Trading Days before the distribution.

 

5. In the event of an allotment of bonus
financial instruments other than Shares of the Issuer, the new Warrant Exercise Ratio will be determined as follows:

 

·      
If the right to receive financial instruments is
listed on Euronext in Amsterdam, the new Warrant Exercise Ratio will be determined by multiplying the Warrant Exercise Ratio in
effect prior to the relevant transaction by the following formula:

 

	1+	Share
    price ex-right
	 	Price
    of the right to receive financial instruments

 

 

For the purposes of calculating this formula,
the prices of the Shares ex-right and of the rights to receive financial instruments will be determined on the basis of the VWAP
of the Shares on Euronext in Amsterdam over the first three (3) Trading Days as from the detachment of the financial instruments.

 

·      
If the right to receive financial instruments is
not listed on Euronext in Amsterdam, the new Warrant Exercise Ratio will be determined by multiplying the Warrant Exercise Ratio
in effect prior to the relevant transaction by the following formula:

 

	1+	Value of the financial instruments allocated to each shares
	 	Share price ex-right

 

 

For the purposes of calculating this formula,
the price of the Shares ex-right and the value of the financial instruments will be determined on the basis of the VWAP of the
Shares on Euronext in Amsterdam over the first three (3) Trading Days as from the detachment of the financial instruments.

 

If the financial instruments allocated are not
listed on Euronext in Amsterdam, their value shall be evaluated in an independent expert’s certificate. This certificate
shall be produced by an expert of international repute appointed by the Issuer, whose opinion shall not be subject to appeal.

 

6. In the event of merger by acquisition
of the Issuer by another company or of merger of the Issuer with one or more other companies to create a new company, or in the
event of a division or spin-off of the Issuer, the Warrants may be exercised into shares of the acquiring or new company or the
companies resulting from any division or spin-off.

 

The new Warrant Exercise Ratio shall be determined
by adjusting the Warrant Exercise Ratio in effect before such event by the exchange ratio of the Issuer’s Shares against
the shares of the acquiring or new company or companies resulting from any division or spin-off. These companies shall be substituted
to the Issuer in order to apply the above adjustment, the purpose being to maintain, where applicable, the rights of the Warrant
holders in the event of financial or securities transactions, and, generally to ensure that the rights of the Warrant holders are
guaranteed under the legal, regulatory and contractual conditions.

 

7. In the event that the Issuer makes
an offer to the shareholders to buy-back its own Shares at a price that is higher than the closing price of the Shares on Euronext
in Amsterdam, the new Warrant Exercise Ratio will be determined by multiplying the Warrant Exercise Ratio in effect by the following
formula calculated to the nearest 1000th of a Share:

 

	Share value + pc% x (buy-back price – share value)
	Share value

 

 

 

    	35 

    	 

    

 

 

For the purposes of calculating this formula:

 

“Share value” (i) means the
average of at least ten (10) consecutive closing prices of the Shares on Euronext in Amsterdam chosen from the twenty (20) consecutive
closing prices of the Shares on Euronext in Amsterdam preceding the buy-back (or the buy-back offer).

 

“Pc%” means the percentage
of the share capital of the Issuer that has been bought back.

 

“Buy-back price” means the
effective price of the Shares bought-back (which is by definition higher than the Share value).

 

8. An exceptional dividend is deemed
to have been paid if, taking into account all the Issuer’s dividends per share paid in cash or in kind (before any withholding
tax and excluding tax credits) since the start of a single year, the Yield per Share (as defined below) is greater than 2%, given
that any dividends or parts of dividends resulting in an adjustment of the Warrant Exercise Ratio, in accordance with points 1
to 7 and 9 to 11 of this Paragraph 6.1, shall not be taken into account to determine the existence of an exceptional dividend or
to determine the Yield per Share.

 

In the event of the distribution of an exceptional
dividend, the new Warrant Exercise Ratio shall be determined by multiplying the Warrant Exercise Ratio in effect prior to the relevant
transaction by the following formula:

 

1 + Yield per Share – 2%

 

In the event of payment of a dividend by the
Issuer in cash or in kind (before any withholding tax and excluding tax credit) between the payment date of the Trigger Dividend
(as defined below) and the end of the same financial period (an “Additional Dividend”), the Warrant Exercise
Ratio shall be adjusted. The new Warrant Exercise Ratio shall be equal to the product of the Warrant Exercise Ratio in force before
the start of the transaction under consideration times the factor of:

 

1 + Yield per Share for the Additional Dividend

 

For the purposes of this Paragraph 6.1, point
8:

 

“Trigger Dividend” shall
mean the dividend from which the Yield per Share exceeds 2%.

 

“Prior Dividend” shall mean
any dividend paid since the start of the same financial year prior to the Trigger Dividend.

 

“Yield per Share” shall mean
the sum of the ratios obtained by dividing the Trigger Dividend and, where applicable, all the Prior Dividends by the closing price
of the Share of the Issuer on the Trading Day immediately preceding the corresponding payment date.

 

“Yield per Share for the Additional
Dividend” shall mean the ratio between the Additional Dividend (net of all dividends or parts of dividend resulting in
an adjustment of the Warrant Exercise Ratio in accordance with points 1 to 7 and 9 to 11 of this Paragraph 6.1 and the closing
price of the Share of the Issuer on the Trading Day immediately preceding the payment of the Additional Dividend.

 

 

9. In the event of the modification by
the Issuer of the allocation of its profits as a result of the issue of preference shares, the new Warrant Exercise Ratio will
be determined by multiplying the Warrant Exercise Ratio in effect prior to the preference share issue date by the following formula:

 

	1
	Reduction
    of the profit right per share

    1 - ____________________

    
	Value of the share
    before modification
	 

 

 

 

 

    	36 

    	 

    

	
        

 

 

For the purposes of calculating this formula,
the Share price before the modification of the allocation of profits will be determined on the basis of the VWAP of the Share on
Euronext in Amsterdam over the last three (3) Trading Days immediately prior to the date of the modification.

 

10. If and whenever the Issuer shall
issue (otherwise than as mentioned in point 1. above) any Shares (other than Shares issued upon exercise of the Warrants or conversion
of the Notes or upon exercise of any other rights of conversion into, or exchange or subscription for or purchase of, Shares) and/or
issue or grant (otherwise than as mentioned in point 5. above) any options, warrants or other rights to subscribe for or purchase
any Shares (other than the Warrants and the Notes), in each case at a price per Share which is less than 93% of the Daily VWAP
of the Share on Euronext in Amsterdam (as reported by Euronext) on the Trading Day prior to the date of the first public announcement
of the terms of such issue or grant, the Warrant Exercise Ratio shall be adjusted by multiplying the Warrant Exercise Ratio in
force immediately prior to such issue or grant by the following formula:

 

	Number of Shares before the transaction
+ Number of Shares to be issued
	Number of Shares before the transaction
+ Number of equivalent Shares

 

For the purposes of calculating this formula,

		(i)	the “Number of Shares
to be issued” shall mean the number of Shares to be issued pursuant to such issue of such Shares and/or, as the case may
be, the maximum number of Shares which may be issued upon exercise of such options, warrants or rights calculated as at the date
of issue of such options, warrants or rights, and

		(ii)	the “Number of equivalent
Shares” shall mean the number of Shares which the aggregate consideration (if any) receivable for the issue of such Shares
and/or, as the case may be, for the Shares which may be issued upon exercise of such options, warrants or rights, would purchase
at the closing price of the Share on Euronext in Amsterdam (as reported by Euronext Amsterdam N.V.) on the Trading Day prior to
the date of the first public announcement of the terms of such issue or grant.

Such adjustment shall become effective on the
date of issue of such Shares and/or, as the case may be, the issue or grant of such options, warrants or rights.

 

11. If and whenever the Issuer shall
issue any Shares (other than Shares issued upon exercise of the Warrants or conversion of the Notes or upon exercise of any other
rights of conversion into, or exchange or subscription for or purchase of, Shares) or shall issue or grant any options, warrants
or other rights to subscribe for or purchase any Shares (other than the Warrants and the Notes), in each case at a price per Share
which, when multiplied by 135%, is less than the Warrant Exercise Price divided by the Warrant Exercise Ratio, the Warrant Exercise
Ratio shall be adjusted by multiplying the Warrant Exercise Ratio in force immediately prior to such issue or grant by the following
formula:

 

	Warrant Exercise Price / Warrant Exercise
Ratio in force prior to the transaction
	Consideration per Share * 1.35

 

For the purposes of calculating this formula,

Consideration per Share shall mean, under
any given transaction, the consideration per Share at which any Shares are being issued or may be issued upon exercise of any options,
warrants or other rights to subscribe for or purchase any Shares.

Such adjustment shall become effective on the
date of issue or grant, as the case may be, of such Shares or such options, warrants or rights.

 

		6.2.	Any Warrant holder exercising its rights may subscribe to a number of Shares, which is calculated
by multiplying the Warrant Exercise Ratio in effect at such time by the number of Warrants exercised. If the Shares are listed
and if the number of Shares calculated in this manner is not a whole number, a Warrant holder shall receive:

 

 

    	37 

    	 

    

 

 

		-	either the nearest whole
number of Shares immediately less than its entitlement and will receive a payment equal to the value of such additional fraction
of a Share calculated on the basis of the closing Share price listed on Euronext in Amsterdam on the Warrant Exercise Date;

 

		-	or the nearest whole number
of Shares immediately more than its entitlement and will provide a payment equal to the value of such additional fraction of a
Share calculated on the basis of the closing Share price listed on Euronext in Amsterdam on the Warrant Exercise Date.

 

		6.3.	Notwithstanding the above, the Issuer shall not be permitted, without the prior authorisation of
the Warrant holder(s), to change its legal form or corporate purpose.

 

		7.	Governing Law and Jurisdiction

 

This Schedule 4 and any non-contractual
obligations arising out of or in connection with it shall be governed by and construed in accordance with Dutch law. Any dispute
arising in connection herewith shall be subject to the exclusive jurisdiction of the competent court in Amsterdam, the Netherlands.

 

 

 

    	38 

    	 

    

 

 

Schedule 5

 

FORM OF WARRANT EXERCISE NOTICE

 

 

VIA EMAIL

 

CURETIS N.V.

Address: Max-Eyth-Str. 42, 71088 Holzgerlingen,
Germany

Attention to: Oliver Schacht, Achim Plum,
Johannes Bacher, Heiko Schorr Bernd Bleile

E-mail addresses: oliver.schacht@curetis.com
/ achim.plum@curetis.com / johannes.bacher@curetis.com / heiko.schorr@curetis.com / bernd.bleile@curetis.com

Phone number: +49 70314919510

 

Warrant Exercise Notice date: [∙]

 

Please find below a Warrant holder’s notification
with respect to the agreement for the issuance of and subscription to notes convertible into shares and share subscription warrants
dated October 2, 2018 (the “Agreement”).

 

All terms written with a capital initial letter
shall have the definition ascribed to them in the Agreement.

 

 

	1	Number of Warrants exercised	[∙] Warrants
	2	Warrant Exercise Ratio	[∙]
	3	Number of Shares to be issued upon exercise of the Warrants ((1)x(2))	[∙] Shares
	4	Warrant Exercise Price	EUR [∙]
	5	Global subscription price of the Shares ((4)x(1))	EUR [∙]

 

The global subscription price of the Shares
shall be wired on the Issuer’s bank account opened with ABN AMRO Bank N.V. whose details are as follows:

 

Account holder: CURETIS NV

IBAN: NL72 ABNA 0556 5699 38

BIC SWIFT: ABNANL2A

Bank: ABN AMRO Bank N.V.

 

Please have the Shares credited to the following
securities account:

 

Account holder: [●]

Legal Entity Identifier (LEI): [●]

Bank: [●]

[format of Account details to be verified with
ABN AMRO]

 

Sincerely,

 

 

 

 

[Name of Warrant holder]

 

 

    	39 

    	 

    

 

Schedule 6

 

REQUEST FOR THE DISBURSEMENT OF A TRANCHE
OF NOTES 

 

 

 

VIA EMAIL

 

YA II PN, LTD

1012 Springfield Avenue Mountainside

NJ 07092, USA

Attention to: Saad Gilani

E-mail addresses: sgilani@yorkvilleadvisors.com
and legal@yorkvilleadvisors.com

 

Dear Sirs,

 

We refer to the agreement for the issuance of
and subscription to notes convertible into shares and share subscription warrants dated October 2, 2018 (the “Agreement”).

 

All terms written with a capital initial letter
shall have the definition ascribed to them in the Agreement.

 

[We hereby submit a Request, in accordance with
Clause 3.1 of the Agreement, for the disbursement of a Tranche of Notes amounting to a global principal amount of EUR [∙].

 

 

 

 

On [∙], in [∙]

 

 

Sincerely,

 

	 	 	 	 	 
	 	 	 	 	 
	CURETIS N.V.	 	 	 	 
	Oliver Schacht	 	Achim Plum	 	Johannes Bacher
	Chief Executive Officer	 	Chief Business Officer	 	Chief Operating Officer

 

 

 

    	40EX-4.1

 Exhibit 4.1 
  

 
  

ZENDESK, INC. 
 AND 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Trustee 
 INDENTURE 

Dated as of June 16, 2020 

0.625% Convertible Senior Notes due 2025 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	ARTICLE 1	  

	DEFINITIONS	  

			
	 Section 1.01.
	 	Definitions	  	 	1	 
	 Section 1.02.
	 	References to Interest	  	 	14	 
	
	ARTICLE 2	  

	ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES	
 

			
	 Section 2.01.
	 	Designation and Amount	  	 	14	 
	 Section 2.02.
	 	Form of Notes	  	 	14	 
	 Section 2.03.
	 	Date and Denomination of Notes; Payments of Interest and Defaulted Amounts	  	 	15	 
	 Section 2.04.
	 	Execution, Authentication and Delivery of Notes	  	 	17	 
	 Section 2.05.
	 	Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	  	 	17	 
	 Section 2.06.
	 	Mutilated, Destroyed, Lost or Stolen Notes	  	 	24	 
	 Section 2.07.
	 	Temporary Notes	  	 	25	 
	 Section 2.08.
	 	Cancellation of Notes Paid, Converted, Etc.	  	 	26	 
	 Section 2.09.
	 	CUSIP Numbers	  	 	26	 
	 Section 2.10.
	 	Additional Notes; Repurchases	  	 	26	 
	
	ARTICLE 3	  

	SATISFACTION AND DISCHARGE	  

			
	 Section 3.01.
	 	Satisfaction and Discharge	  	 	27	 
	
	ARTICLE 4	  

	PARTICULAR COVENANTS OF THE COMPANY	  

			
	 Section 4.01.
	 	Payment of Principal and Interest	  	 	27	 
	 Section 4.02.
	 	Maintenance of Office or Agency	  	 	27	 
	 Section 4.03.
	 	Appointments to Fill Vacancies in Trustee’s Office	  	 	28	 
	 Section 4.04.
	 	Provisions as to Paying Agent	  	 	28	 
	 Section 4.05.
	 	Existence	  	 	29	 
	 Section 4.06.
	 	Rule 144A Information Requirement and Annual Reports	  	 	29	 
	 Section 4.07.
	 	Stay, Extension and Usury Laws	  	 	31	 
	 Section 4.08.
	 	Compliance Certificate; Statements as to Defaults	  	 	32	 
	 Section 4.09.
	 	Further Instruments and Acts	  	 	32	 

  
 i 

							
	ARTICLE 5	  

	LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE
TRUSTEE	

 

			
	 Section 5.01.
	 	Lists of Holders	  	 	32	 
	 Section 5.02.
	 	Preservation and Disclosure of Lists	  	 	32	 
	
	ARTICLE 6	  

	DEFAULTS AND REMEDIES	  

			
	 Section 6.01.
	 	Events of Default	  	 	33	 
	 Section 6.02.
	 	Acceleration; Rescission and Annulment	  	 	34	 
	 Section 6.03.
	 	Additional Interest	  	 	35	 
	 Section 6.04.
	 	Payments of Notes on Default; Suit Therefor	  	 	36	 
	 Section 6.05.
	 	Application of Monies Collected by Trustee	  	 	38	 
	 Section 6.06.
	 	Proceedings by Holders	  	 	38	 
	 Section 6.07.
	 	Proceedings by Trustee	  	 	39	 
	 Section 6.08.
	 	Remedies Cumulative and Continuing	  	 	40	 
	 Section 6.09.
	 	Direction of Proceedings and Waiver of Defaults by Majority of Holders	  	 	40	 
	 Section 6.10.
	 	Notice of Defaults	  	 	41	 
	 Section 6.11.
	 	Undertaking to Pay Costs	  	 	41	 
	
	ARTICLE 7	  

	CONCERNING THE TRUSTEE	  

			
	 Section 7.01.
	 	Duties and Responsibilities of Trustee	  	 	41	 
	 Section 7.02.
	 	Reliance on Documents, Opinions, Etc.	  	 	43	 
	 Section 7.03.
	 	No Responsibility for Recitals, Etc.	  	 	45	 
	 Section 7.04.
	 	Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes	  	 	45	 
	 Section 7.05.
	 	Monies and Shares of Common Stock to Be Held in Trust	  	 	45	 
	 Section 7.06.
	 	Compensation and Expenses of Trustee	  	 	45	 
	 Section 7.07.
	 	Officer’s Certificate as Evidence	  	 	46	 
	 Section 7.08.
	 	Eligibility of Trustee	  	 	46	 
	 Section 7.09.
	 	Resignation or Removal of Trustee	  	 	47	 
	 Section 7.10.
	 	Acceptance by Successor Trustee	  	 	48	 
	 Section 7.11.
	 	Succession by Merger, Etc.	  	 	48	 
	 Section 7.12.
	 	Trustee’s Application for Instructions from the Company	  	 	49	 
	
	ARTICLE 8	  

	CONCERNING THE HOLDERS	  

			
	 Section 8.01.
	 	Action by Holders	  	 	49	 
	 Section 8.02.
	 	Proof of Execution by Holders	  	 	49	 
	 Section 8.03.
	 	Who Are Deemed Absolute Owners	  	 	50	 
	 Section 8.04.
	 	Company-Owned Notes Disregarded	  	 	50	 
	 Section 8.05.
	 	Revocation of Consents; Future Holders Bound	  	 	50	 

  
 ii 

							
	ARTICLE 9	  

	HOLDERS’ MEETINGS	  

			
	 Section 9.01.
	 	Purpose of Meetings	  	 	51	 
	 Section 9.02.
	 	Call of Meetings by Trustee	  	 	51	 
	 Section 9.03.
	 	Call of Meetings by Company or Holders	  	 	52	 
	 Section 9.04.
	 	Qualifications for Voting	  	 	52	 
	 Section 9.05.
	 	Regulations	  	 	52	 
	 Section 9.06.
	 	Voting	  	 	52	 
	 Section 9.07.
	 	No Delay of Rights by Meeting	  	 	53	 
	
	ARTICLE 10	  

	SUPPLEMENTAL INDENTURES	  

			
	 Section 10.01.
	 	Supplemental Indentures Without Consent of Holders	  	 	53	 
	 Section 10.02.
	 	Supplemental Indentures with Consent of Holders	  	 	54	 
	 Section 10.03.
	 	Effect of Supplemental Indentures	  	 	55	 
	 Section 10.04.
	 	Notation on Notes	  	 	55	 
	 Section 10.05.
	 	Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee	  	 	56	 
	
	ARTICLE 11	  

	CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE	
 

			
	 Section 11.01.
	 	Company May Consolidate, Etc. on Certain Terms	  	 	56	 
	 Section 11.02.
	 	Successor Corporation to Be Substituted	  	 	56	 
	 Section 11.03.
	 	Opinion of Counsel to Be Given to Trustee	  	 	57	 
	
	ARTICLE 12	  

	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	
 

			
	 Section 12.01.
	 	Indenture and Notes Solely Corporate Obligations	  	 	57	 
	
	ARTICLE 13	  

	[INTENTIONALLY OMITTED]	  

	
	ARTICLE 14	  

	CONVERSION OF NOTES	  

			
	 Section 14.01.
	 	Conversion Privilege	  	 	58	 
	 Section 14.02.
	 	Conversion Procedure; Settlement Upon Conversion	  	 	62	 
	 Section 14.03.
	 	Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes or Redemption Notice	  	 	67	 
	 Section 14.04.
	 	Adjustment of Conversion Rate	  	 	69	 
	Section 14.05.	 	Adjustments of Prices	  	 	79	 
	Section 14.06.	 	Shares to Be Fully Paid	  	 	79	 

  
 iii 

							
	 Section 14.07.
	 	Effect of Recapitalizations, Reclassifications and Changes of the Common Stock	  	 	80	 
	 Section 14.08.
	 	Certain Covenants	  	 	82	 
	 Section 14.09.
	 	Responsibility of Trustee	  	 	82	 
	 Section 14.10.
	 	Notice to Holders Prior to Certain Actions	  	 	83	 
	 Section 14.11.
	 	Stockholder Rights Plans	  	 	83	 
	 Section 14.12.
	 	Exchange in Lieu of Conversion	  	 	83	 
	
	ARTICLE 15	  

	REPURCHASE OF NOTES AT OPTION OF HOLDERS	
 

			
	 Section 15.01.
	 	[Intentionally Omitted]	  	 	84	 
	 Section 15.02.
	 	Repurchase at Option of Holders Upon a Fundamental Change	  	 	84	 
	 Section 15.03.
	 	Withdrawal of Fundamental Change Repurchase Notice	  	 	88	 
	 Section 15.04.
	 	Deposit of Fundamental Change Repurchase Price	  	 	88	 
	 Section 15.05.
	 	Covenant to Comply with Applicable Laws Upon Repurchase of Notes	  	 	89	 
	
	ARTICLE 16	  

	OPTIONAL REDEMPTION	  

			
	 Section 16.01.
	 	Optional Redemption	  	 	89	 
	 Section 16.02.
	 	Notice of Optional Redemption; Selection of Notes	  	 	90	 
	 Section 16.03.
	 	Payment of Notes Called for Redemption	  	 	91	 
	 Section 16.04.
	 	Restrictions on Redemption	  	 	91	 
	
	ARTICLE 17	  

	MISCELLANEOUS PROVISIONS	  

			
	 Section 17.01.
	 	Provisions Binding on Company’s Successors	  	 	92	 
	 Section 17.02.
	 	Official Acts by Successor Corporation	  	 	92	 
	 Section 17.03.
	 	Addresses for Notices, Etc.	  	 	92	 
	 Section 17.04.
	 	Governing Law; Jurisdiction	  	 	93	 
	 Section 17.05.
	 	Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	  	 	93	 
	 Section 17.06.
	 	Legal Holidays	  	 	94	 
	 Section 17.07.
	 	No Security Interest Created	  	 	94	 
	 Section 17.08.
	 	Benefits of Indenture	  	 	94	 
	 Section 17.09.
	 	Table of Contents, Headings, Etc.	  	 	94	 
	 Section 17.10.
	 	Authenticating Agent	  	 	94	 
	 Section 17.11.
	 	Execution in Counterparts	  	 	95	 
	 Section 17.12.
	 	Severability; Entire Agreement	  	 	95	 
	 Section 17.13.
	 	Waiver of Jury Trial	  	 	95	 
	 Section 17.14.
	 	Force Majeure	  	 	95	 
	 Section 17.15.
	 	Calculations	  	 	96	 
	 Section 17.16.
	 	USA PATRIOT Act	  	 	96	 
	 Section 17.17.
	 	Tax Withholding	  	 	96	 
	 Section 17.18.
	 	Electronic Signatures	  	 	96	 
	
	EXHIBIT	  

	 Exhibit A
	 	Form of Note	  	 	A-1	 

  
 iv 

 INDENTURE dated as of June 16, 2020 between ZENDESK, INC., a Delaware corporation, as
issuer (the “Company,” as more fully set forth in Section 1.01) and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee,” as more fully set forth in
Section 1.01). 
 W I T N E S S E T H: 

WHEREAS, for its lawful corporate purposes, the Company has duly authorized the issuance of its 0.625% Convertible Senior Notes due 2025 (the
“Notes”), initially in an aggregate principal amount not to exceed $1,150,000,000 and in order to provide the terms and conditions upon which the Notes are to be authenticated, issued and delivered, the Company has duly authorized
the execution and delivery of this Indenture; and 
 WHEREAS, the Form of Note, the certificate of authentication to be borne by each Note,
the Form of Notice of Conversion, the Form of Fundamental Change Repurchase Notice and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided; and 

WHEREAS, all acts and things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee or a
duly authorized authenticating agent, as provided in this Indenture, the valid, binding and legal obligations of the Company, and this Indenture the valid, binding and legal agreement of the Company and the Trustee, have been done and performed, and
the execution of this Indenture and the issuance hereunder of the Notes have in all respects been duly authorized. 
 NOW, THEREFORE, THIS
INDENTURE WITNESSETH: 
 That in order to declare the terms and conditions upon which the Notes are, and are to be, authenticated, issued
and delivered, and in consideration of the premises and of the purchase and acceptance of the Notes by the Holders thereof, the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the respective Holders from time
to time of the Notes (except as otherwise provided below), as follows: 
  

ARTICLE 1 

DEFINITIONS 

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

“1% Provision” shall have the meaning specified in Section 14.04(k). 

 “Additional Interest” means all amounts, if any, payable pursuant to
Section 4.06(d), Section 4.06(e) and Section 6.03, as applicable. 
 “Additional Shares” shall have the
meaning specified in Section 14.03(a). 
 “Affiliate” of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person means the power to direct or
cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing. Notwithstanding anything to the contrary herein, the determination of whether one Person is an “Affiliate” of another Person for purposes of this Indenture shall be made based on the facts at the time
such determination is made or required to be made, as the case may be, hereunder. 
 “Applicable Procedures” means, with
respect to a Depositary, as to any matter at any time, the policies and procedures of such Depositary, if any, that are applicable to such matter at such time. 

“Bid Solicitation Agent” means the Company or the Person appointed by the Company to solicit bids for the Trading Price of
the Notes in accordance with Section 14.01(b)(i). The Company shall initially act as the Bid Solicitation Agent. 
 “Board of
Directors” means the board of directors of the Company or a committee of such board duly authorized to act for it hereunder. 

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

“Business Day” means any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is
authorized or required by law or executive order to close or be closed. 
 “Called Notes” means Notes called for redemption
pursuant to Article 16 or subject to a Deemed Redemption. 
 “Capital Stock” means, for any entity, any and all shares,
interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) stock issued by that entity; provided that debt securities that are convertible into or exchangeable for Capital
Stock shall not constitute Capital Stock prior to their conversion or exchange, as the case may be. 
 “Cash Settlement”
shall have the meaning specified in Section 14.02(a). 

  
 2 

 “Certain Distributions Notification” shall have the meaning specified in
Section 14.01(b)(iii). 
 “Certain Distributions Conversion Period End Date” shall have the meaning specified in
Section 14.01(b)(iii). 
 “Clause A Distribution” shall have the meaning specified in Section 14.04(c). 

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

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

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

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

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

“Common Equity” of any Person means Capital Stock of such Person that is generally entitled (a) to vote in the election
of directors of such Person or (b) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others that will control the management or policies of such Person. 

“Common Stock” means the common stock of the Company, par value $0.01 per share, at the date of this Indenture, subject to
Section 14.07. 
 “Company” shall have the meaning specified in the first paragraph of this Indenture, and subject to
the provisions of Article 11, shall include its successors and assigns. 
 “Company Order” means a written order of the
Company, signed on behalf of the Company by an Officer. 
 “Conversion Agent” shall have the meaning specified in
Section 4.02. 
 “Conversion Date” shall have the meaning specified in Section 14.02(c). 

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

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

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

“Corporate Event” shall have the meaning specified in Section 14.01(b)(iv). 

“Corporate Trust Office” means the corporate trust office of the Trustee at which at any time its corporate trust business
shall be administered, which office at the date hereof is located at Wilmington Trust, Global Capital Markets 50 South Sixth Street, Suite 1290, Minneapolis, 

  
 3 

 
MN 55402, Attention: Zendesk, Inc. Account Manager, or such other address as the Trustee may designate from time to time by 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 notice to the Holders and the Company). 

“Custodian” means the Trustee, as custodian for The Depository Trust Company, with respect to the Global Notes, or any
successor entity thereto. 
 “Daily Conversion Value” means, for each of the 40 consecutive Trading Days during the
Observation Period, 1/40th of the product of (a) the Conversion Rate on such Trading Day and (b) the Daily VWAP for such Trading Day. 

“Daily Measurement Value” means the Specified Dollar Amount (if any), divided by 40. 

“Daily Settlement Amount,” for each of the 40 consecutive Trading Days during the Observation Period, shall consist of: 

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

“Daily VWAP” means, for each of the 40 consecutive Trading Days during the relevant Observation Period, the per share
volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “ZEN <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 the 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. 
 “Deemed Redemption” shall have the meaning specified in
Section 14.01(b)(ii). 
 “Default” means any event that is, or after notice or passage of time, or both, would be, an
Event of Default. 
 “Defaulted Amounts” means any amounts on any Note (including, without limitation, the Redemption
Price, the Fundamental Change Repurchase Price, principal and interest) that are payable but are not punctually paid or duly provided for. 

  
 4 

 “Default Settlement Method” means, initially, Combination Settlement with a
Specified Dollar Amount of $1,000 per $1,000 principal amount of Notes; provided that the Company may, from time to time, change the Default Settlement Method by sending notice of the new Default Settlement Method to the Holders, the Trustee and the
Conversion Agent (if other than the Trustee) prior to March 15, 2025, all in accordance with, and subject to, the last paragraph of Section 14.02(a)(iii). 

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

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

“Effective Date” shall have the meaning specified in Section 14.03(c), except that, as used in Section 14.04 and
Section 14.05, “Effective Date” means the first date on which shares of the Common Stock trade on the applicable exchange or in the applicable market, regular way, reflecting the relevant share split or share combination, as
applicable. For the avoidance of doubt, any alternative trading convention on the applicable exchange or market in respect of shares of the Common Stock under a separate ticker symbol or CUSIP number will not be considered “regular way”
for this purpose. 
 “Event of Default” shall have the meaning specified in Section 6.01. 

“Ex-Dividend Date” means the first date on which shares of the Common Stock trade on
the applicable exchange or in the applicable market, 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 such exchange or market (in the
form of due bills or otherwise) as determined by such exchange or market. For the avoidance of doubt, any alternative trading convention on the applicable exchange or market in respect of shares of the Common Stock under a separate ticker symbol or
CUSIP number will not be considered “regular way” for this purpose. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “Exchange Election” shall have
the meaning specified in Section 14.12. 
 “Exempted Fundamental Change” refers to any Fundamental Change with respect
to which the Company does not offer to repurchase any Notes in accordance with Section 15.02(f). 
 “Expiration Date”
shall have the meaning specified in Section 14.04(e). 
 “Form of Assignment and Transfer” means the “Form of
Assignment and Transfer” attached as Attachment 3 to the Form of Note attached hereto as Exhibit A. 

  
 5 

 “Form of Fundamental Change Repurchase Notice” means the “Form of
Fundamental Change Repurchase Notice” attached as Attachment 2 to the Form of Note attached hereto as Exhibit A. 
 “Form of
Note” means the “Form of Note” attached hereto as Exhibit A. 
 “Form of Notice of Conversion” means the
“Form of Notice of Conversion” attached as Attachment 1 to the Form of Note attached hereto as Exhibit A. 
 “Fundamental
Change” shall be deemed to have occurred at the time after the Notes are originally issued if any of the following occurs: 

(a)    a “person” or “group” within the meaning of Section 13(d) of the Exchange
Act, other than the Company, its Wholly Owned Subsidiaries and the employee benefit plans of the Company and its Wholly Owned Subsidiaries, becomes the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the Common Stock representing more than 50% of the voting power of the Common Stock and files a Schedule TO (or any successor schedule, form or report) or any schedule, form or
report under the Exchange Act disclosing such fact; provided, that no “person” or “group” shall be deemed to be the beneficial owner of any securities tendered pursuant to a tender or exchange offer made by or on behalf of such
“person” or “group” until such tendered securities are accepted for purchase or exchange under such offer; 

(b)    the consummation of (A) any recapitalization, reclassification or change of the Common Stock
(other than changes resulting from a subdivision, combination or a change in par value) as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets; (B) any share exchange,
consolidation or merger of the Company pursuant to which the Common Stock will be converted into cash, securities or other property or assets; or (C) any sale, lease or other transfer in one transaction or a series of transactions of all or
substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any Person other than one or more of the Company’s Wholly Owned Subsidiaries; provided, however, that a transaction described
in clause (A) or (B) in which the holders of all classes of the Company’s Common Equity immediately prior to such transaction own, directly or indirectly, more than 50% of all classes of Common Equity of the continuing or surviving
corporation or transferee or the parent thereof immediately after such transaction in substantially the same proportions (relative to each other) as such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to
this clause (b); 
 (c)    the Company’s stockholders approve any plan or proposal for the
liquidation or dissolution of the Company; or 
 (d)    the Common Stock (or other Common Equity
underlying the Notes) ceases to be listed or quoted on any of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors); 

  
 6 

 provided, however, that a transaction or transactions described in clause (a) or clause
(b) above shall not constitute a Fundamental Change, if at least 90% of the consideration received or to be received by the common stockholders of the Company, excluding cash payments for fractional shares and cash payments made in respect of
dissenters’ appraisal rights, in connection with such transaction or transactions consists of shares of common stock or other Common Equity that are listed or quoted on any of The New York Stock Exchange, The NASDAQ Global Select Market or The
NASDAQ Global Market (or any of their respective successors) or will be so listed or quoted when issued or exchanged in connection with such transaction or transactions and as a result of such transaction or transactions such consideration becomes
Reference Property for the Notes, excluding cash payments for fractional shares and cash payments made in respect of dissenters’ appraisal rights (subject to the provisions of Section 14.02(a)). Any event, transaction or series of related
transactions that constitute a Fundamental Change under both clause (a) and clause (b) above (determined without regard to the proviso in clause (b) above) shall be deemed to be a Fundamental Change solely under clause (b) above
(subject to such proviso). If any transaction in which the Common Stock is replaced by the securities of another entity occurs, following completion of any related Make-Whole Fundamental Change Period (or, in the case of a transaction that would
have been a Fundamental Change or a Make-Whole Fundamental Change but for the proviso immediately following clause (d) of this definition, following the effective date of such transaction) references to the Company in this definition shall
instead be references to such other entity. 
 “Fundamental Change Company Notice” shall have the meaning specified in
Section 15.02(c). 
 “Fundamental Change Repurchase Date” shall have the meaning specified in Section 15.02(a).

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

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

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

“Holder,” as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any
Person in whose name at the time a particular Note is registered on the Note Register. 
 “Indenture” means this instrument
as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented. 
 “Initial
Purchasers” means Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC. 
 “Interest Payment
Date” means each June 15 and December 15 of each year, beginning on December 15, 2020. 

  
 7 

 “Last Date of Original Issuance” means (a) with respect to any Notes
issued pursuant to the Purchase Agreement, and any Notes issued in exchange therefor or in substitution thereof, the later of (i) the date the Company first issues such Notes; and (ii) the last date any Notes are originally issued as part
of the same offering pursuant to the exercise of the option granted to the initial purchasers named in the Purchase Agreement to purchase additional Notes; and (b) with respect to any additional Notes issued pursuant to Section 2.10, and
any Notes issued in exchange therefor or in substitution thereof, either (i) the later of (x) the date such Notes are originally issued and (y) the last date any Notes are originally issued as part of the same offering pursuant to the
exercise of an option granted to the initial purchaser(s) of such Notes to purchase additional Notes; or (ii) such other date as is specified in an officer’s certificate delivered to the Trustee before the original issuance of such Notes.

 “Last Reported Sale Price” of the Common Stock (or other security for which a closing sale price must be determined) on
any date means the closing sale price per share (or if no closing sale price is reported, the average of the bid and 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 composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock (or such other security) is traded. If the Common Stock (or such other security) is not listed for trading on a U.S. national or
regional securities exchange on the relevant date, the “Last Reported Sale Price” shall be the last quoted bid price per share for the Common Stock (or such other security) in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock (or such other security) is not so quoted, the “Last Reported Sale
Price” shall be the average of the mid-point of the last bid and ask prices per share for the Common Stock (or such other security) on the relevant date from each of at least three nationally
recognized independent investment banking firms selected by the Company for this purpose. The “Last Reported Sale Price” shall be determined without regard to after-hours trading or any other trading outside of regular trading
session hours. 
 “Make-Whole Fundamental Change” means any transaction or event that constitutes a Fundamental Change (as
defined above and determined after giving effect to any exceptions to or exclusions from such definition, but without regard to the proviso in clause (b) of the definition thereof). 

“Make-Whole Fundamental Change Period” shall have the meaning specified in Section 14.03(a). 

“Market Disruption Event” means, for the purposes of determining amounts due upon conversion (a) a failure by the
primary U.S. national or regional securities exchange or market on which the Common Stock is listed or admitted for trading to open for trading during its regular trading session or (b) the occurrence or existence prior to 1:00 p.m., New York
City time, on any Scheduled Trading Day for the Common Stock for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits
permitted by the relevant stock exchange or otherwise) in the Common Stock or in any options contracts or futures contracts traded on any U.S. exchange relating to the Common Stock. 

  
 8 

 “Maturity Date” means June 15, 2025. 

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

“Merger Event” has the meaning specified in Section 14.07(a). 

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

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

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

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

“Observation Period” with respect to any Note surrendered for conversion means: (i) subject to clause (ii), if the
relevant Conversion Date occurs prior to March 15, 2025, the 40 consecutive Trading Day period beginning on, and including, the second Trading Day immediately succeeding such Conversion Date; (ii) with respect to any Notes called for
redemption (or deemed called for redemption pursuant to Section 14.01(b)(ii)), if the relevant Conversion Date occurs during a Redemption Period with respect to such Notes, the 40 consecutive Trading Days beginning on, and including, the 41st
Scheduled Trading Day immediately preceding the relevant Redemption Date; and (iii) subject to clause (ii), if the relevant Conversion Date occurs on or after March 15, 2025, the 40 consecutive Trading Days beginning on, and including, the
41st Scheduled Trading Day immediately preceding the Maturity Date. 
 “Offering Memorandum” means the preliminary offering
memorandum dated June 10, 2020, as supplemented by the related pricing term sheet dated June 11, 2020, relating to the offering and sale of the Notes. 

“Officer” means, with respect to the Company, the President, the Chief Executive Officer, the Chief Financial Officer, the
Chief Legal Officer, the Treasurer, the Secretary, any assistant Treasurer, any assistant Secretary, any Executive or Senior Vice President or any Vice President (whether or not designated by a number or numbers or word or words added before or
after the title “Vice President”). 
 “Officer’s Certificate,” when used with respect to the Company, means
a certificate that is delivered to the Trustee and that is signed on behalf of the Company by an Officer of the Company that meets the requirements of Section 17.05. 

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

“Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the
Company, that is delivered to the Trustee. 
 “Optional Redemption” shall have the meaning specified in Section 16.01.

  
 9 

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

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

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

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

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

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

 (f)    Notes redeemed pursuant to Article 16; and 

(g)    Notes repurchased by the Company pursuant to the last sentence of Section 2.10 after the
Company surrenders them to the Trustee for cancellation in accordance with Section 2.08. 
 “Paying Agent” shall have
the meaning specified in Section 4.02. 
 “Partial Redemption Limitation” shall have the meaning specified in
Section 16.02(d). 
 “Person” means an individual, a corporation, a limited liability company, an association, a
partnership, a joint venture, a joint stock company, a trust, an unincorporated organization or a government or an agency or a political subdivision thereof. 

“Physical Notes” means permanent certificated Notes in registered form issued in minimum denominations of $1,000 principal
amount and integral multiples in excess thereof. 
 “Physical Settlement” shall have the meaning specified in
Section 14.02(a). 
 “Predecessor Note” of any particular Note means every previous Note evidencing all or a portion
of the same debt as that evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.06 in lieu of or in exchange for a mutilated, lost, destroyed or stolen Note shall be
deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note that it replaces. 

  
 10 

 “Purchase Agreement” means that certain Purchase Agreement, dated as of
June 11, 2020, among the Company and the Initial Purchasers. 
 “Record Date” means, with respect to any dividend,
distribution or other transaction or event in which the holders of Common Stock (or other applicable security) have the right to receive any cash, securities or other property or in which the Common Stock (or such other security) is exchanged for or
converted into any combination of cash, securities or other property, the date fixed for determination of holders of the Common Stock (or such other security) entitled to receive such cash, securities or other property (whether such date is fixed by
the Board of Directors, by statute, by contract or otherwise). 
 “Redemption Date” shall have the meaning specified in
Section 16.02(a). 
 “Redemption Notice” shall have the meaning specified in Section 16.02(a). 

“Redemption Period” means the period from, and including, the relevant date on which the Company delivers a Redemption Notice
until the close of business on the second Business Day immediately preceding the related Redemption Date (or, if the Company defaults in the payment of the Redemption Price, such later date on which the Redemption Price has been paid or duly
provided for). 
 “Redemption Price” means, for any Notes to be redeemed pursuant to Section 16.01, 100% of the
principal amount of such Notes, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date (unless the Redemption Date falls after a Regular Record Date but on or prior to the immediately succeeding Interest Payment Date, in
which case interest accrued to the Interest Payment Date will be paid by the Company to Holders of record of such Notes as of the close of business on such Regular Record Date, and the Redemption Price will be equal to 100% of the principal amount
of such Notes). 
 “Reference Property” shall have the meaning specified in Section 14.07(a). 

“Regular Record Date,” with respect to any Interest Payment Date, means the June 1 or December 1 (whether or not
such day is a Business Day) immediately preceding the applicable June 15 or December 15 Interest Payment Date, respectively. 

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

“Responsible Officer” means, when used with respect to the Trustee, any officer within the Corporate Trust Office 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, in each case, who shall have direct
responsibility for the administration of this Indenture. 

  
 11 

 “Restricted Securities” shall have the meaning specified in
Section 2.05(c). 
 “Restrictive Legend” shall have the meaning specified in Section 2.05(c). 

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

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

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

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Settlement Amount” has the meaning specified in Section 14.02(a)(iv). 

“Settlement Method” means, with respect to any conversion of Notes, Physical Settlement, Cash Settlement or Combination
Settlement, as elected (or deemed to have been elected) by the Company. 
 “Settlement Notice” has the meaning specified in
Section 14.02(a)(iii). 
 “Significant Subsidiary” means a Subsidiary of the Company that meets the definition of
“significant subsidiary” in Article 1, Rule 1-02 of Regulation S-X under the Exchange Act as in effect on the date of this Indenture; provided that, in
the case of a Subsidiary of the Company that meets the criteria of clause (3) of such definition of “significant subsidiary” but not clause (1) or (2) thereof, such Subsidiary shall not be deemed to be a Significant Subsidiary
unless such Subsidiary’s income (or loss) from continuing operations before income taxes, exclusive of amounts attributable to any non-controlling interests, for the last completed fiscal year prior to
the date of such determination exceeds $40 million. For the avoidance of doubt, to the extent any such Subsidiary would not be deemed to be a “significant subsidiary” under the relevant definition set forth in Article 1, Rule 1-02 of Regulation S-X under the Exchange Act (or any successor rule) as in effect on the relevant date of determination, such Subsidiary shall not be deemed to be a
Significant Subsidiary under this Indenture irrespective of whether such Subsidiary would otherwise be deemed to be a Significant Subsidiary pursuant to the immediately preceding sentence. 

“Specified Dollar Amount” means the maximum cash amount per $1,000 principal amount of Notes to be received upon conversion
as specified in the Settlement Notice (or deemed specified as provided in Section 14.02(a)(iii)) related to any converted Notes. 

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

  
 12 

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

 “Subsidiary” means, with respect to any Person, any corporation, association, partnership or other business entity of
which more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general
partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person. 

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

“Trading Day” means a day on which (i) trading in the Common Stock (or other security for which a closing sale price
must be determined) generally occurs on The New York Stock Exchange or, if the Common Stock (or such other security) is not then listed on The New York Stock Exchange, on the principal other U.S. national or regional securities exchange on which the
Common Stock (or such other security) is then listed or, if the Common Stock (or such other security) is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock (or such other
security) is then traded and (ii) a Last Reported Sale Price for the Common Stock (or closing sale price for such other security) is available on such securities exchange or market; provided that if the Common Stock (or such other
security) is not so listed or traded, “Trading Day” means a Business Day; and provided, further, that for purposes of determining amounts due upon conversion only, “Trading Day” means a day on which
(x) there is no Market Disruption Event and (y) trading in the Common Stock generally occurs on The New York Stock Exchange or, if the Common Stock is not then listed on The New York Stock Exchange, on the principal other U.S. national or
regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then listed or admitted
for trading, except that if the Common Stock is not so listed or admitted for trading, “Trading Day” means a Business Day. 

“Trading Price” per $1,000 principal amount of the Notes on any date of determination means the average of the secondary
market bid quotations obtained by the Bid Solicitation Agent for $5,000,000 principal amount of Notes at approximately 3:30 p.m., New York City time, on such determination date from three independent nationally recognized securities dealers the
Company selects for this purpose; provided that if three such bids cannot reasonably be obtained by the Bid Solicitation Agent but two such bids are obtained, then the average of the two bids shall be used, and if only one such bid can
reasonably be obtained by the Bid Solicitation Agent, that one bid shall be used. If the Bid Solicitation Agent cannot reasonably obtain at least one bid for $5,000,000 principal amount of Notes from a nationally recognized securities dealer on any
determination date, then the Trading Price per $1,000 principal amount of Notes on such determination date shall be deemed to be less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate. Any such
determination will be conclusive absent manifest error. 
 “Trading Price Condition” shall have the meaning specified in
Section 14.01(b)(i). 

  
 13 

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

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

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this
Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after the date hereof, the term “Trust Indenture Act” shall mean, to the extent required by such amendment, the Trust Indenture Act of
1939, as so amended. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this
Indenture until a successor trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder. 

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

“Valid Payment Date” means any day other than a Saturday, a Sunday or a day on which banking institutions in the place of
payment are authorized or required by law or executive order to close or be closed. 
 “Valuation Period” shall have the
meaning specified in Section 14.04(c). 
 “Wholly Owned Subsidiary” means, with respect to any Person, any Subsidiary
of such Person, except that, solely for purposes of this definition, the reference to “more than 50%” in the definition of “Subsidiary” shall be deemed replaced by a reference to “100%”. 

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

ARTICLE 2 
 ISSUE,
DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES 

Section 2.01. Designation and Amount. The Notes shall be designated as the “0.625% Convertible Senior Notes due 2025.”
The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is initially limited to $1,150,000,000 subject to Section 2.10 and except for Notes authenticated and delivered upon registration or transfer
of, or in exchange for, or in lieu of other Notes to the extent expressly permitted hereunder. 
 Section 2.02. Form of Notes.
The Notes and the Trustee’s certificate of authentication to be borne by such Notes shall be substantially in the respective forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly incorporated
in and 

  
 14 

 
made a part of this Indenture. To the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be
bound thereby. In the case of any conflict between this Indenture and a Note, the provisions of this Indenture shall control and govern to the extent of such conflict. 

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

Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends or endorsements as the Officer
executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made
pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage or to indicate any special limitations or restrictions to
which any particular Notes are subject. 
 Each Global Note shall represent such principal amount of the outstanding Notes as shall be
specified therein and shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time
be increased or reduced to reflect redemptions, repurchases, cancellations, conversions, transfers or exchanges permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes
represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon instructions given by the Holder of such Notes in accordance with this Indenture. Payment of principal (including the
Redemption Price and/or the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, a Global Note shall be made to the Holder of such Note on the date of payment, unless a record date or other means of determining
Holders eligible to receive payment is provided for herein. 
 Section 2.03. Date and Denomination of Notes; Payments of Interest
and Defaulted Amounts. (a) The Notes shall be issuable in registered form without coupons in minimum denominations of $1,000 principal amount and integral multiples in excess thereof. Each Note shall be dated the date of its authentication
and shall bear interest from the date specified on the face of such Note. Accrued interest on the Notes shall be computed on the basis of a 360-day year composed of twelve
30-day months and, for partial months, on the basis of the number of days actually elapsed in a 30-day month. 

(b)    The Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of
business on any Regular Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date. 

  
 15 

 
The principal amount of any Note (x) in the case of any Physical Note, shall be payable at the office or agency of the Company maintained by the Company for such purposes in the United
States, which shall initially be the Corporate Trust Office and (y) in the case of any Global Note, shall be payable by wire transfer of immediately available funds to the account of the Depositary or its nominee. The Company shall pay, or
cause the Paying Agent to pay, interest (i) on any Physical Notes (A) to Holders holding Physical Notes having an aggregate principal amount of $5,000,000 or less, by check mailed to the Holders of these Notes at their address as it
appears in the Note Register and (B) to Holders holding Physical Notes having an aggregate principal amount of more than $5,000,000, either by check mailed to each Holder or, upon application by such a Holder to the Note Registrar not later
than the relevant Regular Record Date, by wire transfer in immediately available funds to that Holder’s account within the United States if such Holder has provided the Trustee or Paying Agent with the requisite information necessary to make
such wire transfer, which application shall remain in effect until the Holder notifies, in writing, the Note Registrar to the contrary or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depositary
or its nominee. 
 (c)    Any Defaulted Amounts shall forthwith cease to be payable to the Holder on the relevant
payment date but shall accrue interest per annum at the rate borne by the Notes, subject to the enforceability thereof under applicable law, from, and including, such relevant payment date, and such Defaulted Amounts together with such interest
thereon shall be paid by the Company, at its election in each case, as provided in clause (i) or (ii) below: 

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

  
 16 

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

Section 2.04. Execution, Authentication and Delivery of Notes. The Notes shall be signed in the name and on behalf of the
Company by the manual, facsimile or other electronic signature of one of its Officers. 
 At any time and from time to time after the
execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with
such Company Order shall authenticate and deliver such Notes, without any further action by the Company hereunder; provided, however, that the Trustee shall be entitled to receive an Officer’s Certificate and an Opinion of counsel with respect
to the issuance, authentication and delivery of such Notes. 
 Only such Notes as shall bear thereon a certificate of authentication
substantially in the form set forth on the Form of Note attached as Exhibit A hereto, executed manually by an authorized signatory of the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 17.10), shall be
entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee (or such an authenticating agent) upon any Note executed by the Company shall be conclusive evidence that the Note so authenticated
has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture. 
 In case any
Officer of the Company who shall have signed any of the Notes shall cease to be such Officer before the Notes so signed shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such Notes nevertheless may be
authenticated and delivered or disposed of as though the person who signed such Notes had not ceased to be such Officer of the Company; and any Note may be signed on behalf of the Company by such persons as, at the actual date of the execution of
such Note, shall be the Officers of the Company, although at the date of the execution of this Indenture any such person was not such an Officer. 

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

  
 17 

 
“Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. The Company may appoint one or more
co-Note Registrars in accordance with Section 4.02. 
 Upon surrender for registration of
transfer of any Note to the Note Registrar or any co-Note Registrar, and satisfaction of the requirements for such transfer set forth in this Section 2.05, the Company shall execute, and the Trustee shall
authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal amount and bearing such legends as may be required by this Indenture. 

Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes
to be exchanged at any such office or agency maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that the
Holder making the exchange is entitled to receive, bearing registration numbers not contemporaneously outstanding. 
 All Notes presented or
surrendered for registration of transfer or for exchange, repurchase or conversion shall (if so required by the Company, the Trustee, the Note Registrar or any co-Note Registrar) be duly endorsed, or be
accompanied by a written instrument or instruments of transfer in form satisfactory to the Note Registrar and duly executed, by the Holder thereof or its
attorney-in-fact duly authorized in writing. 
 No service
charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent for any exchange or registration of transfer of Notes, but the Company may require a Holder to
pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in connection therewith as a result of the name of the Holder of new Notes issued upon such exchange or registration of transfer being different from the
name of the Holder of the old Notes surrendered for exchange or registration of transfer. 
 None of the Company, the Trustee, the Note
Registrar or any co-Note Registrar shall be required to exchange or register a transfer of (i) any Notes surrendered for conversion or, if a portion of any Note is surrendered for conversion, such portion
thereof surrendered for conversion, (ii) any Notes, or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with Article 15 or (iii) any Notes selected for redemption in accordance with Article 16, except for
the portion, if any, of such Notes that has not been selected for redemption. 
 All Notes issued upon any registration of transfer or
exchange of Notes in accordance with this Indenture shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or
exchange. 
 (b)    So long as the Notes are eligible for book-entry settlement with the Depositary, unless otherwise
required by law, subject to the fourth paragraph from the end of Section 2.05(c) all Notes shall be represented by one or more Notes in global form (each, a “Global Note”) registered in the name of the Depositary or the nominee
of the Depositary. The transfer and 

  
 18 

 
exchange of beneficial interests in a Global Note that does not involve the issuance of a Physical Note shall be effected through the Depositary (but not the Trustee or the Custodian) in
accordance with this Indenture (including the restrictions on transfer set forth herein) and the Applicable Procedures. 

(c)    Every Note that bears or is required under this Section 2.05(c) to bear the legend set forth in this
Section 2.05(c) (together with any Common Stock issued upon conversion of the Notes that is required to bear the legend set forth in Section 2.05(d), collectively, the “Restricted Securities”) shall be subject to the
restrictions on transfer set forth in this Section 2.05(c) (including the legend set forth below), unless such restrictions on transfer shall be eliminated or otherwise waived by written consent of the Company, and the Holder of each such
Restricted Security, by such Holder’s acceptance thereof, agrees to be bound by all such restrictions on transfer. As used in this Section 2.05(c) and Section 2.05(d), the term “transfer” encompasses any sale, pledge,
transfer or other disposition whatsoever of any Restricted Security. 
 Until the date (the “Resale Restriction Termination
Date”) that is the later of (1) the date that is one year after the Last Date of Original Issuance of the Notes, or such shorter period of time as permitted by Rule 144 or any successor provision thereto, and (2) such later date,
if any, as may be required by applicable law, any certificate evidencing such Note (and all securities issued in exchange therefor or substitution thereof, other than Common Stock, if any, issued upon conversion thereof, which shall bear the legend
set forth in Section 2.05(d), if applicable) shall bear a legend in substantially the following form (the “Restrictive Legend”) (unless such Notes have been transferred pursuant to a registration statement that has become or
been declared effective under the Securities Act and that continues to be effective at the time of such transfer, or sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities
Act, or unless otherwise agreed by the Company in writing, with notice thereof to the Trustee): 
 THIS SECURITY AND THE COMMON STOCK, IF
ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH
THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 

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

(2)    AGREES FOR THE BENEFIT OF ZENDESK, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER,
SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE
SECURITIES ACT OR ANY SUCCESSOR 

  
 19 

 
PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: 

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

(B)    PURSUANT TO A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT AND IS
EFFECTIVE AT THE TIME OF SUCH TRANSFER, OR 
 (C)    TO A PERSON THAT YOU REASONABLY BELIEVE TO BE A
QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR 

(D)    PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY
OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN
ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS
BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

NO AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE COMPANY OR PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE 144
UNDER THE SECURITIES ACT) OF THE COMPANY DURING THE IMMEDIATELY PRECEDING THREE MONTHS MAY PURCHASE, OTHERWISE ACQUIRE OR HOLD THIS SECURITY OR A BENEFICIAL INTEREST HEREIN. 

No transfer of any Note prior to the Resale Restriction Termination Date will be registered by the Note Registrar unless the applicable box on
the Form of Assignment and Transfer has been checked. 
 Any Note (or security issued in exchange or substitution therefor) (i) as to
which such restrictions on transfer shall have expired in accordance with their terms, (ii) that has been transferred pursuant to a registration statement that has become effective or been declared effective under the Securities Act and that
continues to be effective at the time of such transfer or (iii) that has been sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, may, upon surrender of such
Note for exchange to the Note Registrar in accordance with the provisions of this Section 2.05, be exchanged for a new Note or Notes, of like tenor and aggregate principal amount, which shall not bear the Restrictive Legend required by this
Section 2.05(c) and shall not be assigned (or deemed assigned) a restricted CUSIP number. The Restrictive Legend set forth above and 

  
 20 

 
affixed on any Note will be deemed, in accordance with the terms of the certificate representing such Note, to be removed therefrom upon the Company’s delivery to the Trustee of written
notice to such effect, without further action by the Company, the Trustee, the Holder(s) thereof or any other Person; at such time, such Note will be deemed to be assigned an unrestricted CUSIP number as provided in the certificate representing such
Note, it being understood that the Depositary of any Global Note may require a mandatory exchange or other process to cause such Global Note to be identified by an unrestricted CUSIP number in the facilities of such Depositary. Without limiting the
generality of any other provision of this Indenture, the Trustee will be entitled to receive an instruction letter from the Company before taking any action with respect to effecting any such mandatory exchange or other process. The Company and the
Trustee reserve the right to require the delivery of such legal opinions, certifications or other evidence as may reasonably be required in order to determine that any proposed transfer of any Note is being made in compliance with the Securities Act
and applicable state securities laws. 
 The Company shall be entitled to instruct the Custodian in writing to so surrender any Global Note
as to which any of the conditions set forth in clause (i) through (iii) of the immediately preceding sentence have been satisfied, and, upon such instruction, the Custodian shall so surrender such Global Note for exchange; and any new Global
Note so exchanged therefor shall not bear the Restrictive Legend specified in this Section 2.05(c) and shall not be assigned (or deemed 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 Notes or any Common Stock issued upon conversion of the Notes has been declared effective under the Securities Act. 

Notwithstanding any other provisions of this Indenture (other than the provisions set forth in this Section 2.05(c)), a Global Note may
not be transferred as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary and (ii) for exchange of a Global Note or a portion thereof for one or more Physical Notes in accordance with the second immediately succeeding paragraph. 

The Depositary shall be a clearing agency registered under the Exchange Act. The Company initially appoints The Depository Trust Company to
act as Depositary with respect to each Global Note. Initially, each Global Note shall be issued to the Depositary, registered in the name of Cede & Co., as the nominee of the Depositary, and deposited with the Trustee as custodian for
Cede & Co. 
 If (i) the Depositary notifies the Company at any time that the Depositary is unwilling or unable to continue as
depositary for the Global Notes and a successor depositary is not appointed within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within 90 days or
(iii) an Event of Default with respect to the Notes has occurred and is continuing and a beneficial owner of any Note requests that its beneficial interest therein be issued as a Physical Note, the Company shall execute, and the Trustee, upon
receipt of an Officer’s Certificate and a Company Order for the authentication and delivery of Notes, shall authenticate and deliver (x) in the case of clause (iii), a Physical Note to such beneficial owner in a principal amount equal to
the principal amount of 

  
 21 

 
such Note corresponding to such beneficial owner’s beneficial interest and (y) in the case of clause (i) or (ii), Physical Notes to each beneficial owner of the related Global
Notes (or a portion thereof) in an aggregate principal amount equal to the aggregate principal amount of such Global Notes in exchange for such Global Notes, and upon delivery of the Global Notes to the Trustee such Global Notes shall be canceled.

 Physical Notes issued in exchange for all or a part of the Global Note pursuant to this Section 2.05(c) shall be registered in such
names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, or, in the case of clause (iii) of the immediately preceding paragraph, the relevant beneficial owner,
shall instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such Physical Notes to the Persons in whose names such Physical Notes are so registered. 

At such time as all interests in a Global Note have been converted, canceled, repurchased, redeemed or transferred, such Global Note shall be,
upon receipt thereof, canceled by the Trustee in accordance with standing procedures and existing instructions between the Depositary and the Custodian. At any time prior to such cancellation, if any interest in a Global Note is exchanged for
Physical Notes, converted, canceled, repurchased, redeemed or transferred to a transferee who receives Physical Notes therefor or any Physical Note is exchanged or transferred for part of such Global Note, the principal amount of such Global Note
shall, in accordance with the standing procedures and instructions existing between the Depositary and the Custodian, be appropriately reduced or increased, as the case may be, and an endorsement shall be made on such Global Note, by the Trustee or
the Custodian, at the direction of the Trustee, to reflect such reduction or increase. 
 None of the Company, the Trustee, the Paying
Agent, the Conversion Agent or any other agent of the Company or the Trustee shall have any responsibility or liability for the payment of amounts to owners of beneficial interest in a Global Note or any aspect of the records relating to or payments
made on account of beneficial ownership interests of a Global Note or maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

Neither the Company nor the Trustee shall have any responsibility or liability for any act or omission of the Depositary. All notices and
communications to be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given or made only to, or upon the order of, the registered Holder(s) (which shall be the Depositary or its nominee in the case of a
Global Note). 
 The rights of beneficial owners in any Global Note shall be exercised only through the Depositary subject to the Applicable
Procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners. 

(d)    Until the Resale Restriction Termination Date, any stock certificate representing Common Stock issued upon
conversion of a Note shall bear a legend in substantially the following form (unless such Common Stock has been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues
to be effective at the time of such transfer, or pursuant to the exemption from registration 

  
 22 

 
provided by Rule 144 or any similar provision then in force under the Securities Act, or such Common Stock has been issued upon conversion of a Note that has transferred pursuant to a
registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer, or pursuant to the exemption from registration provided by Rule 144 or any similar provision
then in force under the Securities Act, or unless otherwise agreed by the Company with written notice thereof to the Trustee and any transfer agent for the Common Stock): 

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

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

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

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

(B)    PURSUANT TO A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT AND IS
EFFECTIVE AT THE TIME OF SUCH TRANSFER, OR 
 (C)    TO A PERSON THAT YOU REASONABLY BELIEVE TO BE A
QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR 

(D)    PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY
OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN
ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRANSFER AGENT FOR THE COMPANY’S COMMON STOCK RESERVE THE RIGHT TO REQUIRE THE DELIVERY 

  
 23 

 
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. 

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

(e)    Any Note that is owned by any Affiliate of the Company (or any Person who was an Affiliate of the Company at any
time during the three months immediately preceding) may not be resold by such Affiliate (or such Person, as the case may be) unless registered under the Securities Act or resold pursuant to an exemption from the registration requirements of the
Securities Act in a transaction that results in such Note no longer being a “restricted security” (as defined under Rule 144). 

(f)    Notwithstanding anything contained herein to the contrary, neither the Trustee nor the Note Registrar shall be
responsible for ascertaining whether any transfer complies with the registration provisions of, or exemptions from, the Securities Act, applicable state securities laws or other applicable law. 

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

The Trustee or such authenticating agent may authenticate any such substituted Note and deliver the same upon the receipt of such security or
indemnity as the Trustee, the Company and, if applicable, such authenticating agent may require. No service charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note Registrar or the
Paying Agent upon the issuance of any substitute Note, but the Company may require a Holder to pay a sum sufficient to 

  
 24 

 
cover any documentary, stamp or similar issue or transfer tax required in connection therewith as a result of the name of the Holder of the new substitute Note being different from the name of
the Holder of the old Note that became mutilated or was destroyed, lost or stolen. In case any Note that has matured or is about to mature or has been surrendered for required repurchase or is about to be converted in accordance with Article 14
shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of issuing a substitute Note, pay or authorize the payment of or convert or authorize the conversion of the same (without surrender thereof
except in the case of a mutilated Note), as the case may be, if the applicant for such payment or conversion shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required
by them to save each of them harmless for any loss, liability, cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if applicable, any
Paying Agent or Conversion Agent of the destruction, loss or theft of such Note and of the ownership thereof. 
 Every substitute Note
issued pursuant to the provisions of this Section 2.06 by virtue of the fact that any Note is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note
shall be found at any time, and shall be entitled to all the benefits of (but shall be subject to all the limitations set forth in) this Indenture equally and proportionately with any and all other Notes duly issued hereunder. To the extent
permitted by law, all Notes shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement, payment, redemption, conversion or repurchase of mutilated, destroyed, lost or stolen Notes
and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement, payment, redemption, conversion or repurchase of negotiable instruments or
other securities without their surrender. 
 Section 2.07. Temporary Notes. Pending the preparation of Physical Notes, the
Company may execute and the Trustee or an authenticating agent appointed by the Trustee shall, upon receipt of a Company Order, authenticate and deliver temporary Notes (printed or lithographed). Temporary Notes shall be issuable in any authorized
denomination, and substantially in the form of the Physical Notes but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Company. Every such temporary Note shall be executed by
the Company and authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Physical Notes. Without unreasonable delay, the Company shall execute and
deliver to the Trustee or such authenticating agent Physical Notes (other than any Global Note) and thereupon any or all temporary Notes (other than any Global Note) may be surrendered in exchange therefor, at each office or agency maintained by the
Company pursuant to Section 4.02 and the Trustee or such authenticating agent shall, upon receipt of a Company Order, authenticate and deliver in exchange for such temporary Notes an equal aggregate principal amount of Physical Notes. Such
exchange shall be made by the Company at its own expense and without any charge therefor. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as
Physical Notes authenticated and delivered hereunder. 

  
 25 

 Section 2.08. Cancellation of Notes Paid, Converted, Etc. The Company shall
cause all Notes surrendered for the purpose of payment at maturity, registration of transfer or exchange or conversion, if surrendered to the Company or to any Person that the Company controls, to be surrendered to the Trustee for cancellation and
they will no longer be considered outstanding under this Indenture upon their payment at maturity, registration of transfer or exchange or conversion. All Notes delivered to the Trustee shall be canceled promptly by it. Except for any Notes
surrendered for registration of transfer or exchange, or as otherwise expressly permitted by any of the provisions of this Indenture, no Notes shall be authenticated in exchange for any Notes surrendered to the Trustee for cancellation. The Trustee
shall dispose of canceled Notes in accordance with its customary procedures. After such cancellation, the Trustee shall deliver a certificate of such cancellation to the Company, at the Company’s written request in a Company Order. 

Section 2.09. CUSIP Numbers. The Company in issuing the Notes may use CUSIP numbers (if then generally in use), and, if so, the
Trustee shall use CUSIP numbers in all notices issued to Holders as a convenience to such Holders; provided that the Trustee shall have no liability for any defect in the CUSIP numbers as they appear on any Note, notice or elsewhere and that
any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or on such notice and that reliance may be placed only on the other identification numbers printed on the Notes. The
Company shall promptly notify the Trustee in writing of any change in the CUSIP numbers. 
 Section 2.10. Additional Notes;
Repurchases. The Company may, without the consent of, or notice to, the Holders and notwithstanding Section 2.01, issue additional Notes hereunder with the same terms as the Notes initially issued hereunder (other than differences in the
issue date, the issue price, interest accrued prior to the issue date of such additional Notes and, if applicable, restrictions on transfer in respect of such additional Notes) in an unlimited aggregate principal amount; provided that
if any such additional Notes are not fungible with the Notes initially issued hereunder for U.S. federal income tax or securities law purposes, such additional Notes shall have a separate CUSIP number or no CUSIP number. Prior to the issuance of any
such additional Notes, the Company shall deliver to the Trustee a Company Order, an Officer’s Certificate and an Opinion of Counsel, such Officer’s Certificate and Opinion of Counsel to cover such matters, in addition to those required by
Section 17.05, as the Trustee shall reasonably request. In addition, the Company may, to the extent permitted by law and without the consent of Holders, and directly or indirectly (regardless of whether such Notes are surrendered to the
Company), repurchase Notes in the open market or otherwise, whether by the Company or its Subsidiaries or through a private or public tender or exchange offer or through counterparties to private agreements, including by cash-settled swaps or other
derivatives. The Company may, to the extent permitted by applicable law, reissue, resell or surrender to the Trustee for cancellation in accordance with Section 2.08 any Notes that the Company may repurchase, in the case of a reissuance or
resale, so long as such Notes do not constitute “restricted securities” (as defined under Rule 144) upon such resissuance or resale. Any Notes that the Company may repurchase shall be considered outstanding for all purposes under this
Indenture (for the avoidance of doubt, other than, at any time when such Notes are held by the Company, any of the Company’s Subsidiaries or Affiliates or any Subsidiary of any of the Company’s Affiliates, for the purpose of determining
whether Holders of the requisite aggregate 

  
 26 

 
principal amount of Notes have concurred in any direction, consent, waiver or other action under this Indenture) unless and until such time the Company surrenders them to the Trustee for
cancellation in accordance with Section 2.08 and, upon receipt of a written order from the Company, the Trustee shall cancel all Notes so surrendered. 

ARTICLE 3 

SATISFACTION AND DISCHARGE 

Section 3.01. Satisfaction and Discharge. This Indenture and the Notes shall upon request of the Company contained in an
Officer’s Certificate cease to be of further effect, and the Trustee, at the expense of the Company, shall execute proper instruments reasonably requested by the Company acknowledging satisfaction and discharge of this Indenture and the Notes
(except for certain surviving rights of the Trustee and the Company’s obligations with respect thereto pursuant to Article 7), when (a) (i) all Notes theretofore authenticated and delivered (other than Notes which have been destroyed, lost
or stolen and which have been replaced, paid or converted as provided in Section 2.06) have been delivered to the Trustee for cancellation; or (ii) after the Notes have (x) become due and payable, whether on the Maturity Date, on any
Redemption Date, on any Fundamental Change Repurchase Date or otherwise and/or (y) been converted (and the related consideration due upon conversion has been determined), the Company has deposited with the Trustee cash and/or has delivered to
Holders shares of Common Stock, as applicable, (in the case of Common Stock, solely to satisfy the Company’s Conversion Obligation) sufficient, without consideration of reinvestment, to pay all of the outstanding Notes and all other sums due
and payable under this Indenture by the Company; and (b) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture have been complied with. Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.06 shall survive. 

ARTICLE 4 

PARTICULAR COVENANTS OF THE COMPANY 

Section 4.01. Payment of Principal and Interest. The Company covenants and agrees that it will cause to be paid the principal
(including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, the Settlement Amounts owed upon conversion on, and accrued and unpaid interest on, each of the Notes at the places, at the respective times and in the
manner provided herein and in the Notes. 
 Section 4.02. Maintenance of Office or Agency. The Company will maintain in the
United States an office or agency where the Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase (“Paying Agent”) or for conversion (“Conversion Agent”) and
where notices in respect of the Notes and this Indenture may be made. 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 any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made at the Corporate Trust Office. 

  
 27 

 The Company may also from time to time designate a Paying Agent one or more other offices or
agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the Company of its
obligation to maintain an office or agency in the United States for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.
The terms “Paying Agent” and “Conversion Agent” include any such additional or other offices or agencies, as applicable. 

The Company hereby initially designates the Trustee as the Paying Agent, Note Registrar, Custodian and Conversion Agent and the Corporate
Trust Office as a place in the United States where Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase (if applicable) or for conversion and where notices in respect of the Notes and this
Indenture may be made; provided, that the Trustee shall not be considered an agent of the Company for service of legal process. 

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

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

(i)    that it will hold all sums held by it as such agent for the payment of the principal (including the
Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes in trust for the benefit of the Holders; 

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

(iii)    that at any time during the continuance of an Event of Default, upon request of the Trustee, it
will forthwith pay to the Trustee all sums so held in trust; 
 provided, that a Paying Agent appointed as contemplated under Section 15.02(g)
shall not be required to deliver any such instrument. 
 The Company shall, on or before each due date of the principal (including the
Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, the Notes, deposit with the Paying Agent a sum sufficient to pay such principal (including the Redemption Price and the Fundamental
Change Repurchase Price, if applicable) or accrued and unpaid interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee in writing of any failure to take such action; provided that if such deposit is
made on the due date, such deposit must be received by the Paying Agent by 11:00 a.m., New York City time, on such date. 

  
 28 

 (b)    If the Company shall act as its own Paying Agent, it will, on or
before each due date of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes, set aside, segregate and hold in trust for the benefit of the
Holders a sum sufficient to pay such principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) and accrued and unpaid interest so becoming due and will promptly notify the Trustee in writing of any failure
to take such action and of any failure by the Company to make any payment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, the Notes when the same
shall become due and payable. 
 (c)    Anything in this Section 4.04 to the contrary notwithstanding, the Company
may, at any time, for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held in trust by the Company or any Paying Agent hereunder as
required by this Section 4.04, such sums or amounts to be held by the Trustee upon the trusts herein contained and upon such payment or delivery by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall be
released from all further liability but only with respect to such sums or amounts. 
 (d)    Subject to applicable law,
any money deposited with the Trustee, the Conversion Agent or any Paying Agent, or any money and shares of Common Stock then held by the Company, in trust for the payment of the principal (including the Redemption Price and the Fundamental Change
Repurchase Price, if applicable) of, accrued and unpaid interest on and the consideration due upon conversion of any Note and remaining unclaimed for two years after such principal (including the Redemption Price and the Fundamental Change
Repurchase Price, if applicable), interest or consideration due upon conversion has become due and payable shall be paid to the Company on request of the Company contained in an Officer’s Certificate, or (if then held by the Company) shall be
discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee, the Conversion Agent or such Paying Agent with respect to
such trust money, and all liability of the Company as trustee with respect to such trust money and shares of Common Stock, shall thereupon cease; provided, however, that the Trustee, Conversion Agent or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The Borough of Manhattan,
The City of New York, notice that such money and shares of Common Stock remain unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money and shares
of Common Stock then remaining will be repaid or delivered to the Company. 
 Section 4.05. Existence. Subject to Article 11,
the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence. 

Section 4.06. Rule 144A Information Requirement and Annual Reports. (a) At any time the Company is not subject to
Section 13 or 15(d) of the Exchange Act, the Company shall, so 

  
 29 

 
long as any of the Notes or any shares of Common Stock issuable upon conversion thereof shall, at such time, constitute “restricted securities” within the meaning of Rule 144(a)(3)
under the Securities Act, promptly provide to the Trustee and, upon written request, any Holder, beneficial owner or prospective purchaser of such Notes or any shares of Common Stock issuable upon conversion of such Notes, the information required
to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes or shares of Common Stock pursuant to Rule 144A. 

(b)    The Company shall file with the Trustee, within 15 days after the same are required to be filed with the
Commission, copies of any documents or reports that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act (giving effect to any grace period provided by Rule
12b-25 under the Exchange Act). Notwithstanding the foregoing, the Company shall in no event be required to file with, or otherwise provide or disclose to, the Trustee or any Holder any information for which
the Company is requesting (assuming such request has not been denied), or has received, confidential treatment from the Commission, or any correspondence with the Commission. Any such document or report that the Company files with the Commission via
the Commission’s EDGAR system (or any successor thereto) shall be deemed to be filed with the Trustee for purposes of this Section 4.06(b) at the time such documents are filed via the EDGAR system (or any successor thereto);
provided that the Trustee shall have no obligation to determine whether such documents or reports have been filed via the EDGAR system. 

(c)    Delivery of the reports and documents described in subsection (b) above to the Trustee is for informational
purposes only, and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to conclusively rely on an Officer’s Certificate). 
 (d)    If, at
any time during the six-month period beginning on, and including, the date that is six months after the Last Date of Original Issuance of the Notes, the Company fails to timely file any document or report that
it is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder and other than reports on Form
8-K), or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the three
months immediately preceding (as a result of restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes), the Company shall pay Additional Interest on the Notes. Such Additional Interest shall accrue on the Notes at
the rate of 0.50% per annum of the principal amount of the Notes outstanding for each day during such period for which the Company’s failure to file has occurred and is continuing or the Notes are not otherwise freely tradable pursuant to Rule
144 by Holders other than the Company’s Affiliates (or Holders that were the Company’s Affiliates at any time during the three months immediately preceding). As used in this Section 4.06(d), documents or reports that the Company is
required to “file” with the Commission pursuant to Section 13 or 15(d) of the Exchange Act does not include documents or reports that the Company furnishes to the Commission pursuant to Section 13 or 15(d) of the Exchange Act.

  
 30 

 (e)    If, and for so long as, the Restrictive Legend on the Notes
specified in Section 2.05(c) has not been removed, the Notes are assigned a restricted CUSIP number or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than the Company’s Affiliates or Holders that were the
Company’s Affiliates at any time during the three months immediately preceding (without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes) as of the 380th day after the Last Date of Original Issuance of
the Notes, the Company shall pay Additional Interest on the Notes at a rate equal to 0.50% per annum of the principal amount of Notes outstanding until the Restrictive Legend on the Notes has been removed in accordance with Section 2.05(c), the
Notes are assigned an unrestricted CUSIP number and the Notes are freely tradable pursuant to Rule 144 by Holders other than the Company’s Affiliates (or Holders that were the Company’s Affiliates at any time during the three months
immediately preceding) without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes. The Restrictive Legend on the Notes shall be deemed removed pursuant to the terms of this Indenture as provided in
Section 2.05(c), and, at such time, the Notes will, pursuant to, and subject to the provisions of, such Section, be deemed assigned an unrestricted CUSIP number. However, for the avoidance of doubt, Global Notes will continue to bear Additional
Interest pursuant to this paragraph until such time as they are identified by an unrestricted CUSIP number in the facilities of the Depositary therefor, as a result of completion of such Depositary’s mandatory exchange process or otherwise.

 (f)    Additional Interest will be payable in arrears on each Interest Payment Date following accrual in the same
manner as regular interest on the Notes. 
 (g)    Subject to the immediately succeeding sentence, the Additional
Interest that is payable in accordance with Section 4.06(d) or Section 4.06(e) shall be in addition to, and not in lieu of, any Additional Interest that may be payable as a result of the Company’s election pursuant to
Section 6.03. However, in no event shall any Additional Interest that may accrue as a result of the Company’s failure to timely file any document or report that it is required to file with the Commission pursuant to Section 13 or
15(d) of the Exchange Act, as applicable, after giving effect to all applicable grace periods thereunder and other than reports on Form 8-K), as described in Section 4.06(d), together with any Additional
Interest payable at the Company’s election as the remedy for an Event of Default relating to the Company’s failure to comply with its obligations as set forth Section 4.06(b), accrue at a rate in excess of 0.50% per annum pursuant to
this Indenture, regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest. 

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

Section 4.07. Stay, Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it shall not
at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law that would prohibit or forgive the Company from paying all or any portion of the principal of

  
 31 

 
or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of this Indenture; and the Company
(to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but
will suffer and permit the execution of every such power as though no such law had been enacted. 
 Section 4.08. Compliance
Certificate; Statements as to Defaults. The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company (beginning with the fiscal year ending on December 31, 2020) an Officer’s Certificate
stating whether the signers thereof have knowledge of any failure by the Company to comply with all conditions and covenants then required to be performed under this Indenture and, if so, specifying each such failure and the nature thereof. 

In addition, the Company shall deliver to the Trustee within 30 days after an Officer of the Company obtains knowledge of the occurrence of
any Event of Default or Default, an Officer’s Certificate setting forth the details of such Event of Default or Default, its status and the action that the Company is taking or proposing to take in respect thereof; provided that the
Company is not required to deliver such notice if such Event of Default or Default has been cured. 
 Section 4.09. Further
Instruments and Acts. Upon request of the Trustee, Paying Agent or Conversion Agent, the Company will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively
the purposes of this Indenture. 
 ARTICLE 5 

LISTS OF HOLDERS AND REPORTS BY THE
COMPANY AND THE TRUSTEE 
 Section 5.01. Lists of Holders. The
Company covenants and agrees that it will furnish or cause to be furnished to the Trustee, semi-annually, no later than June 1 and December 1 in each year beginning with December 1, 2020, and at such other times as the Trustee may
request in writing, within 15 days after receipt by the Company of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such form as
the Trustee may reasonably require of the names and addresses of the Holders as of a date not more than 15 days (or such other date as the Trustee may reasonably request in order to so provide any such notices) prior to the time such information is
furnished, except that no such list need be furnished so long as the Trustee is acting as Note Registrar. 
 Section 5.02.
Preservation and Disclosure of Lists. The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the Holders contained in the most recent list furnished to it as provided in
Section 5.01 or maintained by the Trustee in its capacity as Note Registrar, if so acting. The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished. 

  
 32 

 ARTICLE 6 

DEFAULTS AND REMEDIES 

Section 6.01. Events of Default. Each of the following events shall be an “Event of Default” with respect to the
Notes: 
 (a)    default in any payment of interest on any Note when due and payable, and the default continues for a
period of 30 days; 
 (b)    default in the payment of principal of any Note when due and payable on the Maturity Date,
upon Optional Redemption, upon any required repurchase, upon declaration of acceleration or otherwise; 
 (c)    failure
by the Company to comply with its obligation to convert the Notes in accordance with this Indenture upon exercise of a Holder’s conversion right, and such failure continues for three Business Days; 

(d)    failure by the Company to issue (i) a Fundamental Change Company Notice in accordance with
Section 15.02(c) or notice of a Make-Whole Fundamental Change in accordance with Section 14.03, in either case when due, and such failure continues for five Business Days, or (ii) notice of a specified corporate event in accordance
with Section 14.01(b)(iii) or 14.01(b)(iv) when due, and such failure continues for two Business Days; 

(e)    failure by the Company to comply with its obligations under Article 11; 

(f)    failure by the Company for 60 days after written notice from the Trustee or the Holders of at least 25% in
principal amount of the Notes then outstanding has been received by the Company (and the Trustee, if given by the Holders) to comply with any of its other agreements contained in the Notes or this Indenture; 

(g)    default by the Company or any Significant Subsidiary of the Company with respect to any mortgage, agreement or
other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $85,000,000 (or its foreign currency equivalent) in the aggregate of the Company and/or any such
Significant Subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable prior to its stated maturity or (ii) constituting a failure to pay the
principal of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, in each case, after the expiration of any applicable grace period, in each case of the events described
in clause (i) or (ii) of this Section 6.01(g), as applicable, if such acceleration shall not have been rescinded or annulled or such failure to pay or default shall not have been cured or waived, or such indebtedness shall not have been
paid or discharged, as the case may be, within 30 days after written notice to the Company by the Trustee or to the Company and the Trustee by Holders of at least 25% in aggregate principal amount of Notes then outstanding in accordance with this
Indenture; 

  
 33 

 (h)    the Company or any Significant Subsidiary shall commence a
voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to the Company or any such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or
seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company or any such Significant Subsidiary or any substantial part of its property, or shall consent to any such relief or to the appointment of
or taking possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall publicly admit in writing that it generally is not paying, or is
unable to pay, its debts as they become due; or 
 (i)    an involuntary case or other proceeding shall be commenced
against the Company or any Significant Subsidiary seeking liquidation, reorganization or other relief with respect to the Company or such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in
effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company or such Significant Subsidiary or any substantial part of its property, and such involuntary case or other proceeding shall
remain undismissed and unstayed for a period of 60 consecutive days. 
 Section 6.02. Acceleration; Rescission and Annulment. If
one or more Events of Default shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of
any court or any order, rule or regulation of any administrative or governmental body), then, and in each and every such case (other than an Event of Default specified in Section 6.01(h) or Section 6.01(i) with respect to the Company),
unless the principal of all of the Notes shall have already become due and payable, either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding determined in accordance with Section 8.04, by
notice in writing to the Company (and to the Trustee if given by Holders), may declare 100% of the principal of, and accrued and unpaid interest on, all the Notes to be due and payable immediately, and upon any such declaration the same shall become
and shall automatically be immediately due and payable, anything contained in this Indenture or in the Notes to the contrary notwithstanding. If an Event of Default specified in Section 6.01(h) or Section 6.01(i) with respect to the
Company occurs and is continuing, 100% of the principal of, and accrued and unpaid interest, if any, on, all Notes shall become and shall automatically be immediately due and payable. 

The immediately preceding paragraph, however, is subject to the conditions that if, at any time after the principal of the Notes shall have
been so declared due and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay
installments of accrued and unpaid interest upon all Notes and the principal of any and all Notes that shall have become due otherwise than by acceleration (with interest on overdue installments of accrued and unpaid interest to the extent that
payment of such interest is enforceable under applicable law, and on such principal at the rate borne by the Notes at such time) and amounts due to the Trustee pursuant to Section 7.06, and if (1) rescission would not conflict with any
judgment or decree of a court of competent jurisdiction and (2) any and all existing Events of Default under this Indenture, other than any continuing Events of Default 

  
 34 

 
relating to the nonpayment of the principal of and accrued and unpaid interest, if any, on Notes that shall have become due solely by such acceleration, shall have been cured or waived pursuant
to Section 6.09, then and in every such case (except as provided in the immediately succeeding sentence) the Holders of a majority in aggregate principal amount of the Notes then outstanding, by written notice to the Company and to the Trustee,
may waive all Defaults or Events of Default with respect to the Notes and rescind and annul such declaration and its consequences and such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured
for every purpose of this Indenture; but no such waiver or rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall impair any right consequent thereon. Notwithstanding anything to the contrary
herein, no such waiver or rescission and annulment shall extend to or shall affect any Default or Event of Default resulting from (i) the nonpayment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price,
if applicable) of, or accrued and unpaid interest on, any Notes, (ii) a failure to repurchase any Notes when required or (iii) a failure to pay or deliver, as the case may be, the consideration due upon conversion of the Notes. 

Section 6.03. Additional Interest. Notwithstanding anything in this Indenture or in the Notes to the contrary, to the extent the
Company elects, the sole remedy for an Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) shall after the occurrence of such an Event of Default consist exclusively of the
right to receive Additional Interest on the Notes at a rate equal to: (i) 0.25% per annum of the principal amount of the Notes outstanding for each day during the period beginning on, and including, the date on which such Event of Default first
occurs and ending on the earlier of (x) the date on which such Event of Default is cured or validly waived in accordance with this Article 6 and (y) the 180th day immediately following, and including, the date on which such Event of
Default first occurs and (ii) if such Event of Default has not been cured or validly waived prior to the 181st day immediately following, and including, the date on which such Event of Default first occurs, 0.50% per annum of the principal
amount of Notes outstanding for each day during the period beginning on, and including, the 181st day immediately following, and including, the date on which such Event of Default first occurs and ending on the earlier of (x) the date on which
the Event of Default is cured or validly waived in accordance with this Article 6 and (y) the 360th day immediately following, and including, the date on which such Event of Default first occurs. Additional Interest payable pursuant to this
Section 6.03 shall be in addition to, not in lieu of, any Additional Interest payable pursuant to Section 4.06(d) or Section 4.06(e), subject to the second immediately succeeding paragraph. If the Company so elects, such Additional
Interest shall be payable in the same manner and on the same dates as the stated interest payable on the Notes and shall accrue on all outstanding Notes from, and including, the date on which the Event of Default relating to the Company’s
failure to comply with its obligations as set forth in Section 4.06(b) first occurs to, and including, the 360th day thereafter (or such earlier date on which such Event of Default is cured or validly waived in accordance with this Article 6).
On the 361st day after such Event of Default (if the Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) is not cured or validly waived in accordance with this Article 6 prior
to such 361st day), such Additional Interest shall cease to accrue and the Notes shall be immediately subject to acceleration as provided in Section 6.02. The provisions of this paragraph will not affect the rights of Holders in the event of
the occurrence of any Event of Default other than the Company’s failure to comply with its obligations as set forth in Section 

  
 35 

 
4.06(b). In the event the Company does not elect to pay Additional Interest following an Event of Default in accordance with this Section 6.03 or the Company has elected to make such payment
but does not pay the Additional Interest when due, the Notes shall be immediately subject to acceleration as provided in Section 6.02. 

In order to elect to pay Additional Interest as the sole remedy during the first 360 days after the occurrence of any Event of Default
described in the immediately preceding paragraph, the Company must notify all Holders, the Trustee and the Paying Agent in an Officer’s Certificate (consistent with Section 4.06(h)) of such election on or before the open of business on the
business day immediately succeeding the date on which such Event of Default first occurs. Upon the failure to timely give such notice, the Notes shall be immediately subject to acceleration as provided in Section 6.02. 

In no event shall Additional Interest payable at the Company’s election as the remedy for an Event of Default relating to the
Company’s failure to comply with its obligations as set forth in Section 4.06(b), together with any Additional Interest that may accrue as a result of the Company’s failure to timely file any document or report that it is required to
file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable, after giving effect to all applicable grace periods thereunder and other than reports on Form 8-K), pursuant to
Section 4.06(d), accrue at a rate in excess of 0.50% per annum pursuant to this Indenture, regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest. 

The Company shall send written notice to the Holder of each Note and the Trustee of the commencement and termination of any period on which
Additional Interest accrues on such Note under any provision of this Indenture. 
 Section 6.04. Payments of Notes on Default; Suit
Therefor. If an Event of Default described in clause (a) or (b) of Section 6.01 shall have occurred, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders, the whole amount then due and
payable on the Notes for principal and interest, if any, with interest on any overdue principal and interest, if any, at the rate borne by the Notes at such time, and, in addition thereto, such further amount as shall be sufficient to cover any
amounts due to the Trustee under Section 7.06. If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of
the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by
law out of the property of the Company or any other obligor upon the Notes, wherever situated. 
 In the event there shall be pending
proceedings for the bankruptcy or for the reorganization of the Company or any other obligor on the Notes under Title 11 of the United States Code, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Company or such other obligor, the property of the Company or such other obligor, or in the event of any other judicial proceedings
relative to the Company or such other obligor upon the Notes, or to the creditors or property of the Company or such other 

  
 36 

 
obligor, the Trustee, irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee
shall have made any demand pursuant to the provisions of this Section 6.04, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal and accrued and
unpaid interest, if any, in respect of the Notes, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents and to take such other actions as it may deem necessary or advisable in order to have the claims
of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceedings relative to the Company or any other obligor on
the Notes, its or their creditors, or its or their property, and to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute the same after the deduction of any amounts due to the Trustee under
Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Holders to make such payments to the Trustee, as administrative expenses, and, in
the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for reasonable compensation, expenses, advances and disbursements, including agents and counsel fees, and
including any other amounts due to the Trustee under Section 7.06, incurred by it up to the date of such distribution. To the extent that such payment of reasonable compensation, expenses, advances and disbursements out of the estate in any
such proceedings shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, monies, securities and other property that the Holders may be entitled to receive in
such proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise. 
 Nothing herein contained shall
be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting such Holder or the rights of any Holder thereof, or to authorize
the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 All rights of action and of asserting claims under this
Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for
the ratable benefit of the Holders. 
 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, and it shall not be necessary to make any Holders 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 to Section 6.09 or any rescission and annulment pursuant to Section 6.02 or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company,

  
 37 

 
the Holders and the Trustee shall, subject to any determination in such proceeding, be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers
of the Company, the Holders and the Trustee shall continue as though no such proceeding had been instituted. 
 Section 6.05.
Application of Monies Collected by Trustee. Any monies or property collected by the Trustee pursuant to this Article 6 with respect to the Notes shall be applied in the following order, at the date or dates fixed by the Trustee for the
distribution of such monies or property, upon presentation of the several Notes, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid: 

First, to the payment of all amounts due the Trustee, including its agents and counsel, under Section 7.06; 

Second, in case the principal of the outstanding Notes shall not have become due and be unpaid, to the payment of interest on, and any
cash due upon conversion of, the Notes in default in the order of the date due of the payments of such interest and cash due upon conversion, as the case may be, with interest (to the extent that such interest has been collected by the Trustee) upon
such overdue payments at the rate borne by the Notes at such time, such payments to be made ratably to the Persons entitled thereto; 

Third, in case the principal of the outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment
of the whole amount (including, if applicable, the payment of the Redemption Price, the Fundamental Change Repurchase Price and any cash due upon conversion) then owing and unpaid upon the Notes for principal and interest, if any, with interest on
the overdue principal and, to the extent that such interest has been collected by the Trustee, upon overdue installments of interest at the rate borne by the Notes at such time, and in case such monies shall be insufficient to pay in full the whole
amounts so due and unpaid upon the Notes, then to the payment of such principal (including, if applicable, the Redemption Price, the Fundamental Change Repurchase Price and any cash due upon conversion) and interest without preference or priority of
principal over interest, or of interest over principal or of any installment of interest over any other installment of interest, or of any Note over any other Note, ratably to the aggregate of such principal (including, if applicable, the Redemption
Price, the Fundamental Change Repurchase Price and any cash due upon conversion) and accrued and unpaid interest; and 
 Fourth, to
the payment of the remainder, if any, to the Company. 
 Section 6.06. Proceedings by Holders. Except to enforce the right to
receive payment of principal (including, if applicable, the Redemption Price and the Fundamental Change Repurchase Price) or interest when due, or the right to receive payment or delivery of the consideration due upon conversion, no Holder of any
Note shall have any right by virtue of or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment of a receiver, trustee,
liquidator, custodian or other similar official, or for any other remedy hereunder, unless: 

  
 38 

 (a)    such Holder previously shall have given to the Trustee written
notice of an Event of Default and of the continuance thereof, as herein provided; 
 (b)    Holders of at least 25% in
aggregate principal amount of the Notes then outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; 

(c)    such Holders shall have offered and, if requested, provided to the Trustee such security or indemnity satisfactory
to the Trustee against any loss, liability or expense to be incurred therein or thereby; 
 (d)    the Trustee for 60
days after its receipt of such notice, request and offer of such security or indemnity, shall have neglected or refused to institute any such action, suit or proceeding; and 

(e)    no direction that, in the opinion of the Trustee, is inconsistent with such written request shall have been given
to the Trustee by the Holders of a majority of the aggregate principal amount of the Notes then outstanding within such 60-day period pursuant to Section 6.09, 

it being understood and intended, and being expressly covenanted by the taker and Holder of every Note with every other taker and Holder and the Trustee that
no one or more Holders shall have any right in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other Holder (it being understood that the Trustee does not have an
affirmative duty to determine whether any direction is prejudicial to any Holder), or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Indenture, except in the manner herein
provided and for the equal, ratable and common benefit of all Holders (except as otherwise provided herein). For the protection and enforcement of this Section 6.06, each and every Holder and the Trustee shall be entitled to such relief as can
be given either at law or in equity. 
 Notwithstanding any other provision of this Indenture and any provision of any Note, each Holder
shall have the contractual right to receive payment or delivery, as the case may be, of (x) the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, (y) accrued and unpaid interest, if
any, on, and (z) the consideration due upon conversion of, such Note, on or after the respective due dates expressed or provided for in such Note or in this Indenture, and the contractual right to institute suit for the enforcement of any such
payment or delivery, as the case may be, on or after such respective dates, shall not be amended without the consent of each Holder. 

Section 6.07. Proceedings by Trustee. In case of an Event of Default, the Trustee may in its discretion proceed to protect and
enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether
for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by
law. The Trustee may maintain a proceeding even if it does not possess the Notes or does not produce the Notes in the proceeding. 

  
 39 

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

Section 6.09. Direction of Proceedings and Waiver of Defaults by Majority of Holders. The Holders of a majority of the aggregate
principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any
trust or power conferred on the Trustee with respect to the Notes; provided, however, that (a) such direction shall not be in conflict with any rule of law or with this Indenture, and (b) the Trustee may take any other action
deemed proper by the Trustee that is not inconsistent with such direction. The Trustee may refuse to follow any direction that it determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal
liability (it being understood that the Trustee does not have an affirmative duty to determine whether any direction is prejudicial to any Holder) or for which it has not received indemnity or security satisfactory to the Trustee against any loss,
liability or expense. The Holders of a majority in aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 may on behalf of the Holders of all of the Notes (x) waive any past Default or
Event of Default hereunder and its consequences except (i) a default in the payment of accrued and unpaid interest, if any, on, or the principal (including any Redemption Price and any Fundamental Change Repurchase Price) of, the Notes when due
that has not been cured pursuant to the provisions of Section 6.01, (ii) a failure by the Company to pay or deliver, as the case may be, the consideration due upon conversion of the Notes or (iii) a default in respect of a covenant or
provision hereof which under Article 10 cannot be modified or amended without the consent of each Holder of an outstanding Note affected; and (y) rescind any resulting acceleration of the Notes and its consequences if (i) such rescission
would not conflict with any judgment or decree of a court of competent jurisdiction and (ii) all existing Events of Default (other than nonpayment of the principal of, and interest on, the Notes that have become due solely by such acceleration)
have been cured or waived. Upon any such waiver the Company, the Trustee and the Holders shall be restored to their former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or Event of Default or
impair any right consequent thereon. Whenever any Default or Event of Default hereunder shall have been waived as permitted by this Section 6.09, said Default or Event of Default shall for all purposes of the Notes and this Indenture be deemed
to have been cured and to be not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. 

  
 40 

 Section 6.10. Notice of Defaults. The Trustee shall, after the occurrence and
continuance of a Default of which a Responsible Officer has actual knowledge, deliver to all Holders notice of such Default within 90 days after such Responsible Officer obtains such knowledge, unless such Defaults shall have been cured or waived
before the giving of such notice; provided that, except in the case of a Default in the payment of the principal of (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable), or accrued and unpaid interest
on, any of the Notes or a Default in the payment or delivery of the consideration due upon conversion, the Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Trustee in good faith determines that the
withholding of such notice is in the interests of the Holders. 
 Section 6.11. Undertaking to Pay Costs. All parties to this
Indenture agree, and each Holder of any Note by its acceptance thereof shall be deemed to have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided that the provisions of this
Section 6.11 (to the extent permitted by law) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Notes at the time
outstanding determined in accordance with Section 8.04, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or accrued and unpaid interest, if any, on any Note (including, but not limited to, the
Redemption Price and the Fundamental Change Repurchase Price, if applicable) on or after the due date expressed or provided for in such Note or to any suit for the enforcement of the right to convert any Note, or receive the consideration due upon
conversion, in accordance with the provisions of Article 14. 
 ARTICLE 7 

CONCERNING THE TRUSTEE 

Section 7.01. Duties and Responsibilities of Trustee. The Trustee, prior to the occurrence of an Event of Default and after the
curing or waiver of all Events of Default that may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. If an Event of Default has occurred and is continuing, the Trustee shall
exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the same circumstances in the conduct of such person’s own
affairs; provided that the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or
security satisfactory to the Trustee against any loss, liability or expense that might be incurred by it in compliance with such request or direction. 

  
 41 

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

(a)    prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Default that may
have occurred: 
 (i)    the duties and obligations of the Trustee shall be determined solely by the
express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and 
 (ii)    in the absence of gross negligence and willful misconduct
on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture; but, in the case of any such certificates or opinions that by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they
conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein); 

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

(c)    the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in
accordance with the direction of the Holders of not less than a majority of the aggregate principal amount of the Notes at the time outstanding determined as provided in Section 8.04 relating to the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; 

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

  
 42 

 (g)    in the absence of written investment direction from the Company,
all cash received by the Trustee shall be placed in a non-interest bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon
or for losses incurred as a result of the liquidation of any such investment prior to its maturity date or the failure of the party directing such investments prior to its maturity date or the failure of the party directing such investment to
provide timely written investment direction, and the Trustee shall have no obligation to invest or reinvest any amounts held hereunder in the absence of such written investment direction from the Company; and 

(h)    in the event that the Trustee is also acting as Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid
Solicitation Agent or transfer agent hereunder, the rights and protections afforded to the Trustee pursuant to this Article 7 shall also be afforded to such Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or
transfer agent. 
 None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers. 

Section 7.02. Reliance on Documents, Opinions, Etc. Except as otherwise provided in Section 7.01: 

(a)    The Trustee may conclusively rely and shall be fully protected in acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, judgment, bond, note, coupon or other paper or document (whether in original or facsimile form) believed by it in good faith to be genuine and to have been signed or presented
by the proper party or parties. 
 (b)    Any request, direction, order or demand of the Company mentioned herein shall
be sufficiently evidenced by an Officer’s Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee by a copy thereof certified by the Secretary or an
Assistant Secretary of the Company. Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good
faith in reliance on such Officer’s Certificate or Opinion of Counsel. 
 (c)    The Trustee may consult with
counsel and require an Opinion of Counsel and any advice of such counsel or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in reliance on such
advice or Opinion of Counsel. 
 (d)    The Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, judgment, bond, debenture or other paper or document, but the Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine in its reasonable judgment to make such further inquiry or investigation, it shall be entitled, at a reasonable time on any Business Day after

  
 43 

 
reasonable notice, to examine the books, records and premises of the Company, personally or by agent or attorney at the expense of the Company and shall incur no liability of any kind by reason
of such inquiry or investigation. 
 (e)    The Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents, custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, custodian, nominee or attorney appointed by it with due
care hereunder, and the permissive rights of the Trustee enumerated herein shall not be construed as duties. 

(f)    The Trustee shall not be required to give any bond or surety in respect of the execution of the trusts and powers
under this Indenture. 
 (g)    The Trustee may request that the Company deliver an Officer’s 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 Officer’s Certificate may be signed by any Person authorized to sign an Officer’s Certificate,
including any Person specified as so authorized in any such certificate previously delivered and not superseded. 

(h)    The Trustee shall not be deemed to have notice of any Default or Event of Default (except in the case of a Default
or Event of Default in payment of scheduled principal of, premium, if any, or interest on, any Note) unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default or
Event of Default (and stating the occurrence of a Default or Event of Default) is actually received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture and states that it is a notice
of Default or Event of Default. 
 (i)    The Trustee shall not be responsible or liable for any action it takes or
omits to take in good faith which it reasonably believes to be authorized or within its rights or powers. 
 (j)    The
Trustee shall not be responsible or liable for any action taken or omitted by it in good faith at the direction of the holders of not less than a majority in principal amount of the Notes as to the time, method and place of conducting any
proceedings for any remedy available to the Trustee or the exercising of any power conferred by this Indenture. 

(k)    Neither the Trustee nor any of its directors, officers, employees, agents or affiliates shall be responsible for
nor have any duty to monitor the performance or any action of the Company, or any of their respective directors, members, officers, agents, affiliates or employee, nor shall it have any liability in connection with the malfeasance or nonfeasance by
such party. The Trustee shall not be responsible for any inaccuracy in the information obtained from the Company or for any inaccuracy or omission in the records which may result from such information or any failure by the Trustee to perform its
duties as set forth herein as a result of any inaccuracy or incompleteness. 
 (l)    In no event shall the Trustee be
responsible or liable for punitive, special, indirect, incidental or any consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage
and 

  
 44 

 
regardless of the form of action. The Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Notes, unless either (1) a Responsible Officer shall
have actual knowledge of such Default or Event of Default or (2) written notice of such Default or Event of Default shall have been given to the Trustee by the Company or by any Holder of the Notes. 

(m)    Neither the Trustee nor any Agent shall have any responsibility or liability for any actions taken or not taken by
the Depositary. 
 (n)    The Trustee will be under no obligation to exercise any of the rights or powers under this
Indenture at the request or direction of the Holders unless such Holders have offered and, if requested, provided the Trustee indemnity or security satisfactory to the Trustee against any loss, liability or expense that might be incurred by it in
compliance with such request or direction. 
 Section 7.03. No Responsibility for Recitals, Etc. The recitals contained herein
and in the Notes (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the
validity or sufficiency of this Indenture or of the Notes or other transaction documents relating to the Notes and this Indenture. The Trustee shall not be accountable for the use or application by the Company of any Notes or the proceeds of any
Notes authenticated and delivered by the Trustee in conformity with the provisions of this Indenture or for any money paid to the Company or upon the Company’s direction under any provision of this Indenture. 

Section 7.04. Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes. The Trustee, any
Paying Agent, any Conversion Agent, Bid Solicitation Agent or Note Registrar (in each case, if other than an Affiliate of the Company), in its individual or any other capacity, may become the owner or pledgee of Notes with the same rights it would
have if it were not the Trustee, Paying Agent, Conversion Agent, Bid Solicitation Agent or Note Registrar. 
 Section 7.05. Monies
and Shares of Common Stock to Be Held in Trust. All monies and shares of Common Stock received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received. Money and shares of
Common Stock held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as may be agreed from
time to time by the Company and the Trustee. 
 Section 7.06. Compensation and Expenses of Trustee. The Company covenants and
agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust) as mutually agreed to in writing between the Trustee and the Company, and the Company will pay or reimburse the Trustee upon its request for all expenses, disbursements and advances incurred or made by the Trustee in
accordance with any of the provisions of this Indenture in any capacity 

  
 45 

 
hereunder (including the compensation and the reasonable expenses and disbursements of its agents and counsel and of all Persons not regularly in its employ) except any such expense, disbursement
or advance as shall have been caused by its gross negligence or willful misconduct. The Company also covenants to indemnify the Trustee in any capacity under this Indenture and any other document or transaction entered into in connection herewith
and its agents and any authenticating agent for, and to hold them harmless against, any loss, claim, damage, liability or expense (including attorneys’ fees) incurred without gross negligence or willful misconduct on the part of the Trustee,
its officers, directors, agents or employees, or such agent or authenticating agent, as the case may be as determined by a final order of a court of competent jurisdiction, and arising out of or in connection with the acceptance or administration of
this Indenture or in any other capacity hereunder (whether such claims arise by or against the Company or a third person), including the reasonable costs and expenses of defending themselves against any claim of liability in the premises or
enforcing the Company’s obligations hereunder, including under this Section 7.06. The obligations of the Company under this Section 7.06 to compensate or indemnify the Trustee and to pay or reimburse the Trustee for expenses,
disbursements and advances shall be secured by a senior claim to which the Notes are hereby made subordinate on all money or property held or collected by the Trustee, except, subject to the effect of Section 6.05, funds held in trust herewith
for the benefit of the Holders of particular Notes. The Trustee’s right to receive payment of any amounts due under this Section 7.06 shall not be subordinate to any other liability or indebtedness of the Company. The obligation of the
Company under this Section 7.06 shall survive the satisfaction and discharge of this Indenture, the payment or conversion of the Notes, and the earlier resignation or removal of the Trustee. The Company need not pay for any settlement made
without its consent, which consent shall not be unreasonably withheld. The indemnification provided in this Section 7.06 shall extend to the officers, directors, agents and employees of the Trustee. 

Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee and its agents and any authenticating
agent incur expenses or render services after an Event of Default specified in Section 6.01(h) or Section 6.01(i) occurs, the expenses and the compensation for the services are intended to constitute administrative expenses for purpose of
priority under any bankruptcy, insolvency or similar laws. 
 Section 7.07. Officer’s Certificate as Evidence.
Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action
hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of gross negligence or willful misconduct on the part of the Trustee, be deemed to be conclusively proved and established by an
Officer’s Certificate delivered to the Trustee, and such Officer’s Certificate, in the absence of gross negligence or willful misconduct on the part of the Trustee, shall be full warrant to the Trustee for any action taken or omitted by it
under the provisions of this Indenture upon the faith thereof. 
 Section 7.08. Eligibility of Trustee. There shall at all times
be a Trustee hereunder which shall be a Person that is eligible pursuant to the Trust Indenture Act (as if the Trust Indenture Act were applicable hereto) to act as such and has a combined capital and surplus of at least $50,000,000. If such Person
publishes reports of condition at least annually, pursuant to law or 

  
 46 

 
to the requirements of any supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Person shall be deemed to be its combined capital
and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article. 
 Section 7.09. Resignation or Removal of Trustee. (a) The Trustee may at any time
resign by giving written notice of such resignation to the Company. Upon receiving such notice of resignation, the Company shall promptly notify all Holders and appoint a successor trustee by written instrument, in duplicate, executed by order of
the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 60 days after the
giving of such notice of resignation to the Company, the resigning Trustee may, (at the expense of the Company) upon ten Business Days’ notice to the Company and the Holders, petition any court of competent jurisdiction for the appointment of a
successor trustee, or any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since the date of this Indenture) may, subject to the provisions of Section 6.11, on behalf of himself or herself and all others
similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 

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

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

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

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

(c)    The Holders of a majority in aggregate principal amount of the Notes at the time outstanding, as determined in
accordance with Section 8.04, may at any time upon 30 days’ prior written notice remove the Trustee and nominate a successor trustee that shall be deemed appointed as successor trustee unless within ten days after notice to the Company of
such nomination the Company objects thereto, in which case the Trustee so removed or any Holder, upon the terms and conditions and otherwise as in Section 7.09(a) provided, may petition any court of competent jurisdiction for an appointment of
a successor trustee. 

  
 47 

 (d)    Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section 7.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.10. 

Section 7.10. Acceptance by Successor Trustee. Any successor trustee appointed as provided in Section 7.09 shall execute,
acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without
any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Trustee herein; but, nevertheless, on the written request of the
Company or of the successor trustee, the trustee ceasing to act shall, upon payment of any amounts then due it pursuant to the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee all the rights
and powers of the trustee so ceasing to act. Upon request of any such successor trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights
and powers. Any trustee ceasing to act shall, nevertheless, retain a senior lien to which the Notes are hereby made subordinate on all money or property held or collected by such trustee as such, except for funds held in trust for the benefit of
Holders of particular Notes, to secure any amounts then due it pursuant to the provisions of Section 7.06. 
 No successor trustee
shall accept appointment as provided in this Section 7.10 unless at the time of such acceptance such successor trustee shall be eligible under the provisions of Section 7.08. 

Upon acceptance of appointment by a successor trustee as provided in this Section 7.10, each of the Company and the successor trustee, at
the written direction and at the expense of the Company shall deliver or cause to be delivered notice of the succession of such trustee hereunder to the Holders. If the Company fails to deliver such notice within ten days after acceptance of
appointment by the successor trustee, the successor trustee shall cause such notice to be delivered at the expense of the Company. 

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

In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been
authenticated but not delivered, any such successor 

  
 48 

 
to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed by such predecessor trustee, and deliver such Notes so authenticated; and
in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or an authenticating agent appointed by such successor trustee may authenticate such Notes either in the name of any predecessor trustee hereunder
or in the name of the successor trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have; provided,
however, that the right to adopt the certificate of authentication of any predecessor trustee or to authenticate Notes in the name of any predecessor trustee shall apply only to its successor or successors by merger, conversion or
consolidation. 
 Section 7.12. Trustee’s Application for Instructions from the Company. Any application by
the Trustee for written instructions from the Company (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders under this Indenture) may, at the option of the Trustee,
set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable to the Company for
any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than three Business Days after the date any officer that the
Company has indicated to the Trustee should receive such application actually receives such application, unless any such officer shall have consented in writing to any earlier date), unless, prior to taking any such action (or the effective date in
the case of any omission), the Trustee shall have received written instructions in accordance with this Indenture in response to such application specifying the action to be taken or omitted. 

ARTICLE 8 

CONCERNING THE HOLDERS 

Section 8.01. Action by Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage of the
aggregate principal amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action, the
Holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Holders in person or by agent or proxy appointed in writing, or (b) 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 9, or (c) 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, the Company or the Trustee may, but shall not be required to, fix in advance of such solicitation, a date as the record date for determining Holders entitled to
take such action. The record date if one is selected shall be not more than fifteen days prior to the date of commencement of solicitation of such action. 

Section 8.02. Proof of Execution by Holders. Subject to the provisions of Section 7.01, Section 7.02 and
Section 9.05, proof of the execution of any instrument by a Holder or its agent 

  
 49 

 
or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The
holding of Notes shall be proved by the Note Register or by a certificate of the Note Registrar. The record of any Holders’ meeting shall be proved in the manner provided in Section 9.06. 

Section 8.03. Who Are Deemed Absolute Owners. The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion
Agent and any Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation
of ownership or other writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on account of the principal (including any Redemption Price and any Fundamental Change Repurchase
Price) of and (subject to Section 2.03) accrued and unpaid interest on such Note, for conversion of such Note and for all other purposes; and neither the Company nor the Trustee nor any Paying Agent nor any Conversion Agent nor any Note
Registrar shall be affected by any notice to the contrary. All such payments or deliveries so made to any Holder for the time being, or upon its order, shall be valid, and, to the extent of the sums or shares of Common Stock so paid or delivered,
effectual to satisfy and discharge the liability for monies payable or shares deliverable upon any such Note. Notwithstanding anything to the contrary in this Indenture or the Notes following an Event of Default, any holder of a beneficial interest
in a Global Note may directly enforce against the Company, without the consent, solicitation, proxy, authorization or any other action of the Depositary or any other Person, such holder’s right to exchange such beneficial interest for a Note in
certificated form in accordance with the provisions of this Indenture. 
 Section 8.04. Company-Owned Notes Disregarded. In
determining whether the Holders of the requisite aggregate principal amount of Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company, by any Subsidiary thereof or by any
Affiliate of the Company or any Subsidiary thereof shall be disregarded and deemed not to be outstanding for the purpose of any such determination; provided that for the purposes of determining whether the Trustee shall be protected in
relying on any such direction, consent, waiver or other action only Notes that a Responsible Officer actually knows are so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as outstanding for the
purposes of this Section 8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to so act with respect to such Notes and that the pledgee is not the Company, a Subsidiary thereof or an Affiliate of the
Company or a Subsidiary thereof. In the case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the Trustee
promptly an Officer’s Certificate listing and identifying all Notes, if any, known by the Company to be owned or held by or for the account of any of the above described Persons; and, subject to Section 7.01, the Trustee shall be entitled
to accept such Officer’s Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination. 

Section 8.05. Revocation of Consents; Future Holders Bound. At any time prior to (but not after) the evidencing to the Trustee, as
provided in Section 8.01, of the taking of any action 

  
 50 

 
by the Holders of the percentage of the aggregate principal amount of the Notes specified in this Indenture in connection with such action, any Holder of a Note that is shown by the evidence to
be included in the Notes the Holders of which have consented to such action may, by filing written notice with the Trustee at the Corporate Trust Office and upon proof of holding as provided in Section 8.02, revoke such action so far as
concerns such Note. Except as aforesaid, any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Note and of any Notes issued in exchange or substitution
therefor or upon registration of transfer thereof, irrespective of whether any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor or upon registration of transfer thereof. 

ARTICLE 9 

HOLDERS’ MEETINGS 

Section 9.01. 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 9 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 (in each case, as permitted under this Indenture) 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 10.02; 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 Notes under any other provision of this Indenture or under applicable law. 

Section 9.02. Call of Meetings by Trustee. The Trustee may at any time call a meeting of Holders to take any action specified in
Section 9.01, 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 8.01, shall be delivered to Holders of such Notes. Such notice shall also be delivered to the Company. Such notices shall be delivered not less than 20 nor more than 90 days
prior to the date fixed for the meeting. 
 Any meeting of Holders shall be valid without notice if the Holders of all Notes then
outstanding are present in person or by proxy or if notice is waived before or after the meeting by the Holders of all Notes then outstanding, and if the Company and the Trustee are either present by duly authorized representatives or have, before
or after the meeting, waived notice. 

  
 51 

 Section 9.03. 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 10% of the aggregate principal amount of the Notes 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 delivered the notice of such meeting within 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 9.01, by delivering notice thereof as provided in Section 9.02. 

Section 9.04. Qualifications for Voting. To be entitled to vote at any meeting of Holders a Person shall (a) be a Holder of
one or more Notes 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 Notes 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 9.05. Regulations. Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable
regulations as it may deem advisable for any meeting of Holders, in regard to proof of the holding of Notes 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 9.03, 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 Notes represented at the meeting and entitled to vote at the meeting. 

Subject to the provisions of Section 8.04, at any meeting of Holders each Holder or proxyholder shall be entitled to one vote for each
$1,000 principal amount of Notes held or represented by him or her; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note 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 Notes 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 9.02 or Section 9.03 may be adjourned from time to time by the Holders of a majority of the aggregate principal amount of Notes represented at the meeting, whether or not
constituting a quorum, and the meeting may be held as so adjourned without further notice. 
 Section 9.06. 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 aggregate principal amount of the Notes 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 

  
 52 

 
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 delivered as provided in Section 9.02. The record shall show the aggregate principal amount of the Notes voting in favor of or against any resolution. The record
shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have
attached thereto the ballots voted at the meeting. 
 Any record so signed and verified shall be conclusive evidence of the matters therein
stated. 
 Section 9.07. No Delay of Rights by Meeting. Nothing contained in this Article 9 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 Notes. 
 ARTICLE 10 

SUPPLEMENTAL INDENTURES 

Section 10.01. Supplemental Indentures Without Consent of Holders. The Company, when authorized by the resolutions of the Board of
Directors and the Trustee, at the Company’s expense, may from time to time and at any time amend or supplement this Indenture or the Notes for one or more of the following purposes: 

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

(b)    to provide for the assumption by a Successor Company of the obligations of the Company under this Indenture
pursuant to Article 11; 
 (c)    to add guarantees with respect to the Notes; 

(d)    to secure the Notes; 

(e)    to add to the covenants or Events of Default of the Company for the benefit of the Holders or surrender any right
or power conferred upon the Company; 
 (f)    to make any change that does not adversely affect the rights of any
Holder other than as permitted or required by this Indenture; 
 (g)    in connection with any Merger Event, to provide
that the notes are convertible into Reference Property, subject to the provisions of Section 14.02, and make such related changes to the terms of the Notes to the extent expressly required by Section 14.07; 

  
 53 

 (h)    comply with any requirement of the Commission in connection with
the qualification of this Indenture under the Trust Indenture Act to the extent this Indenture is qualified thereunder; 

(i)    provide for the issuance of additional Notes; 

(j)    provide for the appointment of a successor Trustee, Note Registrar, Paying Agent, Bid Solicitation Agent or
Conversion Agent; 
 (k)    comply with the rules of any applicable securities depositary in a manner that does not
adversely affect the rights of any Holder; 
 (l)    irrevocably elect or eliminate one of the Settlement Methods and/or
irrevocably elect a Specified Dollar Amount; 
 (m)    increase the Conversion Rate as provided in this Indenture; or

 (n)    to conform the provisions of this Indenture or the Notes to the “Description of Notes” section of
the Offering Memorandum. 
 Upon the written request of the Company, the Trustee is hereby authorized to join with the Company in the
execution of any such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental indenture that
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 Any supplemental indenture authorized by
the provisions of this Section 10.01 may be executed by the Company and the Trustee without the consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 10.02. 

Section 10.02. Supplemental Indentures with Consent of Holders. With the consent (evidenced as provided in Article 8) of the
Holders of at least a majority of the aggregate principal amount of the Notes then outstanding (determined in accordance with Article 8 and including, without limitation, consents obtained in connection with a repurchase of, or tender or exchange
offer for, Notes), the Company, when authorized by the resolutions of the Board of Directors and the Trustee, at the Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture, any supplemental indenture or the Notes or of modifying in any manner the rights of the Holders; provided, however,
that, without the consent of each Holder of an outstanding Note affected, no such supplemental indenture shall: 

(a)    reduce the principal amount of Notes whose Holders must consent to an amendment; 

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

(c)    reduce the principal of or extend the Maturity Date of any Note; 

  
 54 

 (d)    make any change that adversely affects the conversion rights of
any Notes other than as permitted or required by this Indenture; 
 (e)    reduce the Redemption Price or the
Fundamental Change Repurchase Price of any Note or amend or modify in any manner adverse to the Holders the Company’s obligation to make such payments, whether through an amendment or waiver of provisions in the covenants, definitions or
otherwise; 
 (f)    make any Note payable in a currency, or at a place of payment, other than that stated in the Note;

 (g)    change the ranking of the Notes; 

(h)    eliminate the contractual right of any Holder to institute suit for the enforcement right to receive payment or
delivery, as the case may be, of the principal (including the Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest, if any, on, and the consideration due upon conversion of, its Notes, on or after the respective due
dates expressed or provided for in the Notes or this Indenture; or 
 (i)    make any change in this Article 10 that
requires each Holder’s consent or in the waiver provisions in Section 6.02 or Section 6.09. 
 Upon the written request of
the Company, and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid and subject to Section 10.05, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental
indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 

Holders do not need under this Section 10.02 to approve the particular form of any proposed supplemental indenture. It shall be
sufficient if such Holders approve the substance thereof. After any such supplemental indenture becomes effective, the Company shall deliver to the Holders a notice briefly describing such supplemental indenture. However, the failure to give such
notice to all the Holders, or any defect in the notice, will not impair or affect the validity of the supplemental indenture. 

Section 10.03. Effect of Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to the provisions of
this Article 10, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the
Holders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms
and conditions of this Indenture for any and all purposes. 
 Section 10.04. Notation on Notes. Notes authenticated and
delivered after the execution of any supplemental indenture pursuant to the provisions of this Article 10 may, at the 

  
 55 

 
Company’s request and expense, bear a notation as to any matter provided for in such supplemental indenture. If the Company or the Trustee shall so determine, new Notes so modified as to
conform, in the opinion of the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may, at the Company’s expense, be prepared and executed by the Company, authenticated, upon receipt of a
Company Order, by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 17.10) and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then outstanding. 

Section 10.05. Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee. In addition to the documents required by
Section 17.05, the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant hereto complies with the requirements of this Article 10 and is permitted
or authorized by this Indenture and such Opinion of Counsel shall include a customary legal opinion stating that such supplemental indenture is the valid and binding obligation of the Company, subject to customary exceptions and qualifications. 

ARTICLE 11 

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE 

Section 11.01. Company May Consolidate, Etc. on Certain Terms. Subject to the provisions of Section 11.02, the Company shall
not consolidate with, merge with or into, or sell, convey, transfer or lease all or substantially all of the consolidated assets of the Company and the Company’s Subsidiaries, taken as a whole, to another Person (other than any such sale,
conveyance, transfer or lease to one or more of the Company’s direct or indirect Wholly Owned Subsidiaries), unless: 

(a)    the resulting, surviving or transferee Person (the “Successor Company”), if not the Company, shall
be a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the Successor Company (if not the Company) shall expressly assume, by supplemental indenture all of the
obligations of the Company under the Notes and this Indenture; 
 (b)    immediately after giving effect to such
transaction, no Default or Event of Default shall have occurred and be continuing under this Indenture; and 
 (c)    if
the Company is not the Successor Company, the Successor Company shall have delivered to the Trustee an Officer’s Certificate and Opinion of Counsel, each stating that such consolidation, merger, sale, conveyance, transfer or lease complies with
this Indenture and that such supplemental indenture is authorized or permitted by this Indenture and an opinion of counsel stating that the supplemental indenture is the valid and binding obligation of the Successor Company, subject to customary
exceptions and qualifications. 
 Section 11.02. Successor Corporation to Be Substituted. In case of any such consolidation,
merger, sale, conveyance, transfer or lease and upon the assumption by the Successor Company, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal
of and 

  
 56 

 
accrued and unpaid interest on all of the Notes, the due and punctual delivery and/or payment, as the case may be, of any consideration due upon conversion of the Notes and the due and punctual
performance of all of the covenants and conditions of this Indenture to be performed by the Company, such Successor Company (if not the Company) shall succeed to and, except in the case of a lease of all or substantially all of the consolidated
assets of the Company and the Company’s Subsidiaries, taken as a whole, shall be substituted for the Company, with the same effect as if it had been named herein as the party of the first part, and the Company shall be discharged from its
obligations under the Notes and this Indenture (except in the case of a lease of all or substantially all of the consolidated assets of the Company and the Company’s Subsidiaries, taken as a whole). Such Successor Company thereupon may cause to
be signed, and may issue either in its own name or in the name of the Company any or all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such Successor
Company instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver, or cause to be authenticated and delivered, any Notes that previously shall have
been signed and delivered by the Officers of the Company to the Trustee for authentication, and any Notes that such Successor Company thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall in
all respects have the same legal rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Notes had been issued at the date of the execution hereof. In
the event of any such consolidation, merger, sale, conveyance or transfer (but not in the case of a lease), upon compliance with this Article 11 the Person named as the “Company” in the first paragraph of this Indenture (or any successor
that shall thereafter have become such in the manner prescribed in this Article 11) may be dissolved, wound up and liquidated at any time thereafter and, except in the case of a lease, such Person shall be released from its liabilities as obligor
and maker of the Notes and from its obligations under this Indenture and the Notes. 
 In case of any such consolidation, merger, sale,
conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate. 

Section 11.03. Opinion of Counsel to Be Given to Trustee. If a supplemental indenture is required pursuant to this Article 11, no
such consolidation, merger, sale, conveyance, transfer or lease shall be effective unless the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance,
transfer or lease and any such assumption complies with the provisions of this Article 11. 
 ARTICLE 12 

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND
DIRECTORS 
 Section 12.01. Indenture and Notes Solely Corporate Obligations. No recourse for the payment of the
principal of or accrued and unpaid interest on, or the payment or delivery of consideration due upon conversion of, any Note, nor for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or
agreement of the Company in this Indenture or in any supplemental indenture or in any Note, nor because of the 

  
 57 

 
creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, employee, agent, Officer or director or Subsidiary, as such, past, present or future, of the
Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being
expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue of the Notes. 

ARTICLE 13 

[INTENTIONALLY OMITTED] 

ARTICLE 14 

CONVERSION OF NOTES 

Section 14.01. Conversion Privilege. (a) Subject to and upon compliance with the provisions of this Article 14, each Holder
of a Note shall have the right, at such Holder’s option, to convert all or any portion (if the portion to be converted is $1,000 principal amount or an integral multiple thereof) of such Note (i) subject to satisfaction of the conditions
described in Section 14.01(b), at any time prior to the close of business on the Business Day immediately preceding March 15, 2025 under the circumstances and during the periods set forth in Section 14.01(b), and (ii) regardless
of the conditions described in Section 14.01(b), on or after March 15, 2025 and prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, in each case, at an initial conversion rate of
9.1944 shares of Common Stock (subject to adjustment as provided in this Article 14, the “Conversion Rate”) per $1,000 principal amount of Notes (subject to, and in accordance with, the settlement provisions of Section 14.02,
the “Conversion Obligation”). 
 (b)    1(i) Prior
to the close of business on the Business Day immediately preceding March 15, 2025, a Holder may surrender all or any portion of its Notes for conversion at any time during the five Business Day period immediately after any ten consecutive
Trading Day period (the “Measurement Period”) in which the Trading Price per $1,000 principal amount of Notes, as determined following a request by a Holder of Notes in accordance with this subsection (b)(i), for each Trading Day of
the Measurement Period was less than 98% of the product of the Last Reported Sale Price of the Common Stock on each such Trading Day and the Conversion Rate on each such Trading Day (the “Trading Price Condition”). The Trading
Prices shall be determined by the Bid Solicitation Agent pursuant to this subsection (b)(i) and the definition of Trading Price set forth in this Indenture. The Company shall provide written notice to the Bid Solicitation Agent (if other than the
Company) of the three independent nationally recognized securities dealers selected by the Company pursuant to the definition of Trading Price, along with appropriate contact information for each, and shall direct those security dealers to provide
bids to the Bid Solicitation Agent. The Bid Solicitation Agent (if other than the Company) shall have no obligation to solicit the Trading Price per $1,000 principal amount of Notes unless the Company has requested such solicitation, and the Company
shall have no obligation to make 
  

	1 	 NTD: Deleted comment duplicative of existing language.

  
 58 

 
such request (or, if the Company is acting as Bid Solicitation Agent, the Company shall have no obligation to determine the Trading Price per $1,000 principal amount of Notes) unless a Holder of
at least $3,000,000 aggregate principal amount of Notes provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes on any Trading Day would be less than 98% of the product of the Last Reported Sale
Price of the Common Stock on such Trading Day and the Conversion Rate on such Trading Day, at which time the Company shall instruct, in writing, the Bid Solicitation Agent (if other than the Company) to solicit, or if the Company is acting as Bid
Solicitation Agent, the Company shall solicit, such bids beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Notes is greater than or equal to 98% of the product of the Last
Reported Sale Price of the Common Stock and the Conversion Rate. The Company shall determine the Trading Price per $1,000 amount of Notes in accordance with the bids solicited by the Bid Solicitation Agent. If (x) the Company is not acting as
Bid Solicitation Agent, and the Company does not instruct the Bid Solicitation Agent to solicit bids when obligated as provided in the preceding sentence, or if the Company instructs the Bid Solicitation Agent to obtain bids and the Bid Solicitation
Agent fails to make such solicitation, or (y) the Company is acting as Bid Solicitation Agent and the Company fails to make such solicitation when obligated as provided in the preceding sentence, then, in either case, the Trading Price per
$1,000 principal amount of Notes shall be deemed to be less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate on each Trading Day of such failure. If the Trading Price Condition has been met on any
Trading Day, the Company shall so notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing on or within one Business Day of such Trading Day. If, at any time after the Trading Price Condition has been met, the
Trading Price per $1,000 principal amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate for such Trading Day, the Company shall so notify the Holders, the Trustee
and the Conversion Agent (if other than the Trustee) in writing that the Trading Price Condition is no longer met and thereafter neither the Company nor the Bid Solicitation Agent (if other than the Company) shall be required to solicit bids again
until another qualifying request is made as provided above. Neither the Trustee nor the Conversion Agent shall have any duty to determine or verify the determination of whether the Trading Price Condition has been met. 

(ii)    If the Company calls any Notes for redemption pursuant to Article 16 prior to the close of business
on the Business Day immediately preceding March 15, 2025, then a Holder may surrender all or any portion of its Called Notes for conversion at any time prior to the close of business on the second Business Day immediately prior to the
applicable Redemption Date, even if the Called Notes are not otherwise convertible at such time. After that time, the right to convert such Called Notes on account of such Redemption Notice shall expire, unless the Company defaults in the payment of
the Redemption Price, in which case a Holder of such Called Notes may convert all or a portion of its Called Notes until the Redemption Price has been paid or duly provided for. If the Company elects to redeem less than all of the outstanding Notes
for redemption pursuant to Article 16, and the Holder of any Note (or any owner of a beneficial interest in any Global Note) is reasonably not able to determine, before the close of business on the 42nd Scheduled Trading Day immediately before the
relevant Redemption Date, whether such Note or beneficial interest, as applicable, is to be redeemed pursuant to such 

  
 59 

 
redemption, then such Holder or owner, as applicable, shall be entitled to convert such Note or beneficial interest, as applicable, at any time before the close of business on the second Business
Day immediately prior to such Redemption Date, unless the Company defaults in the payment of the Redemption Price, in which case such Holder or owner, as applicable, shall be entitled to convert such Note (or any such beneficial interest in any
Global Note), as applicable, until the Redemption Price has been paid or duly provided for, and each such conversion shall be deemed to be of a Note called for redemption (including, without limitation, for purposes of Section 14.03) (a
“Deemed Redemption”). 
 If a Holder elects to convert Called Notes pursuant to this
Section 14.01(b)(ii) during the related Redemption Period, the Company will, under certain circumstances, increase the Conversion Rate for such Called Notes pursuant to Section 14.03. Accordingly, if the Company elects to redeem fewer than
all of the outstanding Notes pursuant to Article 16, Holders of Notes that are not Called Notes will not be entitled to convert such Notes pursuant to this Section 14.01(b)(ii) and will not be entitled to an increased Conversion Rate on account
of the Redemption Notice for conversions of such Notes during the related Redemption Period if such Notes are otherwise convertible. 

(iii)    If, prior to the close of business on the Business Day immediately preceding March 15, 2025,
the Company elects to: 
 (A)    issue to all or substantially all holders of the Common Stock any
rights, options or warrants (other than pursuant to a stockholders rights plan, so long as such rights have not separated from the shares of the Common Stock) entitling them, for a period of not more than 60 calendar days after the announcement date
of such issuance, to subscribe for or purchase shares of the Common Stock at a price per share that is less than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the
Trading Day immediately preceding the date of announcement of such issuance; or 
 (B)    distribute to
all or substantially all holders of the Common Stock the Company’s assets, securities or rights to purchase securities of the Company (other than pursuant to a stockholders rights plan, so long as such rights have not separated from the shares
of the Common Stock), which distribution has a per share value, as reasonably determined by the Company in good faith, exceeding 10% of the Last Reported Sale Price of the Common Stock on the Trading Day preceding the date of announcement for such
distribution, 
 then, in either case, the Company shall notify all Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing
(such notification, the “Certain Distributions Notification”) (x) at least 50 Scheduled Trading Days prior to or (y) if in the Certain Distributions Notification the Company irrevocably elects Physical Settlement in respect of
any conversions with Conversion Dates that occur after delivery to the Holders of the Certain Distributions Notification until the Certain Distributions Conversion Period End Date, at least 10 Scheduled Trading Days prior to, in either case, the Ex-Dividend Date for such issuance or 

  
 60 

 
distribution. Once the Company has given such notice, a Holder may surrender all or any portion of its Notes for conversion at any time until the earlier of (1) the close of business on the
Business Day immediately preceding the Ex-Dividend Date for such issuance or distribution and (2) the Company’s announcement that such issuance or distribution will not take place (such earlier date
and time, the “Certain Distributions Conversion Period End Date”). 
 Holders may not convert their Notes pursuant to this
Section 14.01(b)(iii) if they participate (other than in the case of a share split or share combination), at the same time and upon the same terms as holders of the Common Stock and solely as a result of holding the Notes, in any of the
transactions described above without having to convert their Notes as if they held a number of shares of Common Stock equal to the applicable Conversion Rate as of the Record Date for such issuance or distribution, multiplied by the principal
amount (expressed in thousands) of Notes held by such Holder. 
 (iv)    If a transaction or event that
constitutes a Fundamental Change or a Make-Whole Fundamental Change occurs prior to the close of business on the Business Day immediately preceding March 15, 2025, regardless of whether a Holder has the right to require the Company to
repurchase the Notes pursuant to Section 15.02, or if the Company is a party to a Merger Event (other than a Merger Event that is solely for the purpose of changing the Company’s jurisdiction of organization that (x) does not
constitute a Fundamental Change or a Make-Whole Fundamental Change and (y) results in a reclassification, conversion or exchange of outstanding shares of the Common Stock solely into shares of common stock of the surviving entity and such
common stock becomes Reference Property for the Notes) that occurs prior to the close of business on the Business Day immediately preceding March 15, 2025 (each such Fundamental Change, Make-Whole Fundamental Change or Merger Event, a
“Corporate Event”), all or any portion of a Holder’s Notes may be surrendered for conversion at any time from or after the effective date of the Corporate Event until the earlier of (x) 35 Trading Days after the effective date
of such Corporate Event (or, if the Company gives notice after the effective date of such Corporate Event until 35 Trading Days after the date of such notice) or, if such Corporate Event also constitutes a Fundamental Change (other than an Exempted
Fundamental Change), until the close of business on the Business Day immediately preceding the related Fundamental Change Repurchase Date and (y) the second Scheduled Trading Day immediately preceding the Maturity Date. The Company shall notify
Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing as promptly as practicable following the date the Company publicly announces the effective date of such Corporate Event, but in no event later than the effective
date of such Corporate Event. 
 (v)    Prior to the close of business on the Business Day immediately
preceding March 15, 2025, a Holder may surrender all or any portion of its Notes for conversion at any time during any calendar quarter commencing after the calendar quarter ending on September 30, 2020 (and only during such calendar
quarter), if the Last Reported Sale Price of the Common Stock for at least 20 Trading Days (whether or not consecutive) during the period of 30 consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding
calendar quarter is greater than or equal to 130% of the Conversion Price on each applicable Trading Day. 

  
 61 

 Section 14.02. Conversion Procedure; Settlement Upon Conversion. 

(a)    Subject to this Section 14.02, Section 14.03(b) and Section 14.07(a), upon conversion of any Note,
the Company shall pay or deliver, as the case may be, to the converting Holder, in respect of each $1,000 principal amount of Notes being converted, cash (“Cash Settlement”), shares of Common Stock, together with cash, if
applicable, in lieu of delivering any fractional share of Common Stock in accordance with subsection (j) of this Section 14.02 (“Physical Settlement”) or a combination of cash and shares of Common Stock, together with
cash, if applicable, in lieu of delivering any fractional share of Common Stock in accordance with subsection (j) of this Section 14.02 (“Combination Settlement”), at its election, as set forth in this Section 14.02.

 (i)    All conversions of Notes called for redemption (or deemed called for redemption pursuant to
Section 14.01(b)(ii)) for which the relevant Conversion Date occurs during the related Redemption Period shall be settled using the same Settlement Method, and all conversions for which the relevant Conversion Date occurs on or after
March 15, 2025 shall be settled using the same Settlement Method. 
 (ii)    Except for any
conversions for which the relevant Conversion Date occurs during a Redemption Period and any conversions for which the relevant Conversion Date occurs on or after March 15, 2025, the Company shall use the same Settlement Method for all
conversions with the same Conversion Date, but the Company shall not have any obligation to use the same Settlement Method with respect to conversions with different Conversion Dates. 

(iii)    If, in respect of any Conversion Date (or the period described in the fourth
immediately succeeding set of parentheses, as the case may be), the Company elects to deliver a notice (the “Settlement Notice”) of the relevant Settlement Method in respect of such Conversion Date (or such period, as the case may
be), the Company shall deliver in writing such Settlement Notice to the Trustee, the Conversion Agent (if other than the Trustee) and converting Holders no later than the close of business on the first Trading Day immediately following the relevant
Conversion Date (or, in the case of (x) any conversions of Notes called for redemption (or deemed called for redemption pursuant to Section 14.01(b)(ii)) for which the relevant Conversion Date occurs during the related Redemption Period,
in the relevant Redemption Notice, or (y) any conversions of Notes for which the relevant Conversion Date occurs on or after March 15, 2025, no later than March 15, 2025). If the Company does not elect a Settlement Method prior to the
deadline set forth in the immediately preceding sentence, the Company shall no longer have the right to elect its choice of Settlement Method and the Company shall be deemed to have elected the Default Settlement Method with respect to such
conversion. Any Settlement Notice shall specify the relevant Settlement Method and in the case of an election of Combination Settlement, the relevant Settlement Notice shall indicate the Specified Dollar Amount per $1,000 principal amount of Notes.
If the Company timely delivers a Settlement Notice electing Combination Settlement in respect of its Conversion 

  
 62 

 
Obligation but does not indicate a Specified Dollar Amount, then the Specified Dollar Amount for such conversion will be deemed to be $1,000 per $1,000 principal amount of Notes. For the
avoidance of doubt, the Company’s failure to timely elect a Settlement Method or specify the applicable Specified Dollar Amount shall not constitute a default under this Indenture. Notwithstanding anything to the contrary in the foregoing, the
Company shall be permitted to irrevocably elect Physical Settlement in any Certain Distributions Notification and any such election shall be applicable to all conversions with Conversion Dates that occur after delivery to the Holders of the Certain
Distributions Notification until the Certain Distributions Conversion Period End Date. 
 The Company may, by notice to the Holders, the
Trustee and the Conversion Agent (if other than the Trustee), prior to March 15, 2025, elect to irrevocably fix the Settlement Method, to any Settlement Method that the Company is then permitted to elect, including Combination Settlement with a
Specified Dollar Amount per $1,000 principal amount of Notes of $1,000 or with an ability to continue to set the Specified Dollar Amount per $1,000 principal amount of Notes at or above any specific amount set forth in such election notice that will
apply to all conversions with a Conversion Date that is on or after the date the Company sends such election notice. Concurrently with providing notice to all Holders, the Trustee and the Conversion Agent (if other than the Trustee) of a change in
the Default Settlement Method or an election to irrevocably fix the Settlement Method, the Company shall promptly issue a report on Form 8-K or issue a press release announcing that the Company has made such
change to the Default Settlement Method or elected to irrevocably fix the Settlement Method, as the case may be. Notwithstanding the foregoing, no such change in the Default Settlement Method or irrevocable election shall affect any Settlement
Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to this Section 14.02. For the avoidance of doubt, such an irrevocable election, if made, shall be effective without the need to amend this Indenture or the
Notes, including pursuant to the provisions described in Section 10.01(l). However, the Company may nonetheless choose to execute such an amendment at the Company’s option. If the Company changes the Default Settlement Method or elects to
irrevocably fix the Settlement Method, in either case, to Combination Settlement with an ability to continue to set the Specified Dollar Amount per $1,000 principal amount of Notes at or above a specified amount, the Company shall, after the date of
such change or election, as the case may be, inform Holders converting their Notes through the Trustee of such Specified Dollar Amount no later than the close of business on the Trading Day immediately following the related Conversion Date (or in
the case of any conversions for which the relevant Conversion Date occurs during a Redemption Period, in the relevant Redemption Notice), or, if the Company does not timely inform the Holders, the Trustee and the Conversion Agent (if other than the
Trustee) of the Specified Dollar Amount, such Specified Dollar Amount will be the specific amount set forth in the change or election notice or, if no Specified Dollar Amount was set forth in the election notice, such Specified Dollar Amount will be
$1,000 per $1,000 principal amount of Notes. 

  
 63 

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

(A)    if the Company elects to satisfy its Conversion Obligation in respect of such conversion by Physical
Settlement, the Company shall deliver to the converting Holder in respect of each $1,000 principal amount of Notes being converted a number of shares of Common Stock equal to the Conversion Rate in effect on the Conversion Date (plus cash in lieu of
any fractional share of Common Stock issuable upon conversion); 
 (B)    if the Company elects to
satisfy its Conversion Obligation in respect of such conversion by Cash Settlement, the Company shall pay to the converting Holder in respect of each $1,000 principal amount of Notes being converted cash in an amount equal to the sum of the Daily
Conversion Values for each of the 40 consecutive Trading Days during the related Observation Period; and 

(C)    if the Company elects (or is deemed to have elected) to satisfy its Conversion Obligation in respect
of such conversion by Combination Settlement, the Company shall pay or deliver, as the case may be, in respect of each $1,000 principal amount of Notes being converted, a Settlement Amount equal to the sum of the Daily Settlement Amounts for each of
the 40 consecutive Trading Days during the related Observation Period (plus cash in lieu of any fractional share of Common Stock issuable upon conversion). 

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

(b)    Subject to Section 14.02(e), before any Holder of a Note shall be entitled to convert a Note as set forth
above, such Holder shall (i) in the case of a Global Note, comply with the Applicable Procedures of the Depositary in effect at that time and, if required, pay funds equal to the interest payable on the next Interest Payment Date to which such
Holder is not entitled as set forth in Section 14.02(h) and, if required, pay all transfer or similar taxes, if any, pursuant to Section 14.02(e) and (ii) in the case of a Physical Note (1) complete, manually sign and deliver an
irrevocable notice to the Conversion Agent as set forth in the Form of Notice of Conversion (or a facsimile thereof) (a “Notice of Conversion”) at the office of the Conversion Agent and state in writing therein the principal amount
of Notes to be converted and the name or names (with addresses) in which such Holder wishes the certificate or certificates for any shares of Common Stock to be delivered upon settlement of the Conversion Obligation to be registered,
(2) surrender such Notes, duly endorsed to the Company or in blank (and accompanied by appropriate endorsement and transfer documents), at the office of the Conversion Agent, (3) if required, furnish appropriate endorsements and transfer
documents, (4) if required, pay funds 

  
 64 

 
equal to interest payable on the next Interest Payment Date to which such Holder is not entitled as set forth in Section 14.02(h) and (5) if required, pay all transfer or similar taxes,
if any, pursuant to Section 14.02(e). The Trustee (and if different, the Conversion Agent) shall notify the Company of any conversion pursuant to this Article 14 on the Conversion Date for such conversion. No Notice of Conversion with respect
to any Notes may be surrendered by a Holder thereof if such Holder has also delivered a Fundamental Change Repurchase Notice to the Company in respect of such Notes and has not validly withdrawn such Fundamental Change Repurchase Notice in
accordance with Section 15.03. 
 If more than one Note shall be surrendered for conversion at one time by the same Holder, the
Conversion Obligation with respect to such Notes shall be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered. 

(c)    A Note shall be deemed to have been converted immediately prior to the close of business on the date (the
“Conversion Date”) that the Holder has complied with the requirements set forth in subsection (b) above. Except as set forth in Section 14.03(b) and Section 14.07(a), the Company shall pay or deliver, as the case may
be, the consideration due in respect of the Conversion Obligation on the second Business Day immediately following the relevant Conversion Date, if the Company elects to satisfy its Conversion Obligation through Physical Settlement (provided that,
with respect to any Conversion Date following the Regular Record Date immediately preceding the Maturity Date where Physical Settlement applies to the related conversion, the Company will settle any such conversion on the Maturity Date (or, if the
Maturity Date is not a Business Day, the next Business Day), and, for purposes of calculating the consideration due upon such conversion, the Conversion Date thereof will be deemed to occur on the second Scheduled Trading Day preceding the Maturity
Date), or on the second Business Day immediately following the last Trading Day of the Observation Period, if the Company elects to satisfy its Conversion Obligation through any other Settlement Method. If any shares of Common Stock are due to a
converting Holder, the Company shall issue or cause to be issued, and deliver (if applicable) to the Conversion Agent or to such Holder, or such Holder’s nominee or nominees, the full number of shares of Common Stock to which such Holder shall
be entitled, in book-entry format through the Depositary, in satisfaction of the Company’s Conversion Obligation. 

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

(e)    If a Holder submits a Note for conversion, the Company shall pay any documentary, stamp or similar issue or
transfer tax due on the issue of any shares of Common Stock upon conversion, unless the tax is due because the Holder requests such shares to be issued 

  
 65 

 
in a name other than the Holder’s name, in which case the Holder shall pay that tax. The Conversion Agent may refuse to deliver the certificates representing the shares of Common Stock being
issued in a name other than the Holder’s name until the Trustee receives a sum sufficient to pay any tax that is due by such Holder in accordance with the immediately preceding sentence. 

(f)    Except as provided in Section 14.04, no adjustment shall be made for dividends on any shares of Common Stock
issued upon the conversion of any Note as provided in this Article 14. 
 (g)    Upon the conversion of an interest in a
Global Note, the Trustee, or the Custodian at the direction of the Trustee, shall make a notation on such Global Note as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any conversion
of Notes effected through any Conversion Agent other than the Trustee. 
 (h)    Upon conversion, a Holder shall not
receive any separate cash payment for accrued and unpaid interest, if any, except as set forth below. 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 Note and accrued and unpaid interest, if any, to, but excluding, the relevant Conversion Date. As a result, accrued and unpaid interest, if any, to, but excluding, the relevant Conversion Date shall be deemed to be paid in full rather than
cancelled, extinguished or forfeited. Upon a conversion of Notes into a combination of cash and shares of Common Stock, accrued and unpaid interest will be deemed to be paid first out of the cash paid upon such conversion. Notwithstanding the
foregoing, if Notes are converted after the close of business on a Regular Record Date but prior to the open of business on the immediately following Interest Payment Date, Holders of such Notes as of the close of business on such Regular Record
Date will receive the full amount of interest payable on such Notes on such Interest Payment Date notwithstanding the conversion. However, Notes surrendered for conversion during the period from the close of business on any Regular Record Date to
the open of business on the immediately following Interest Payment Date must be accompanied by funds equal to the amount of interest payable on the Notes so converted on the corresponding Interest Payment Date (regardless of whether the converting
Holder was the Holder of record on the corresponding Regular Record Date); provided that no such payment shall be required (1) for conversions following the close of business on the Regular Record Date immediately preceding the Maturity
Date; (2) if the Company has specified a Redemption Date that is after a Regular Record Date and on or prior to the second Business Day immediately following the corresponding Interest Payment Date; (3) if the Company has specified a
Fundamental Change Repurchase Date that is after a Regular Record Date and on or prior to the Business Day immediately following the corresponding Interest Payment Date; or (4) to the extent of any Defaulted Amounts, if any Defaulted Amounts
exists at the time of conversion with respect to such Note. Therefore, for the avoidance of doubt, all Holders of record on the Regular Record Date immediately preceding the Maturity Date, any Redemption Date described in clause (2) above, and
any Fundamental Change Repurchase Date described in clause (3) above shall receive the full interest payment due on the Maturity Date, or other applicable Interest Payment Date in cash regardless of whether their Notes have been converted,
redeemed and/or repurchased, as applicable, following such Regular Record Date. 

  
 66 

 (i)    The Person in whose name the shares of Common Stock shall be
issuable upon conversion shall be treated as a stockholder of record as of the close of business on the relevant Conversion Date (if the Company elects to satisfy the related Conversion Obligation by Physical Settlement) or the last Trading Day of
the relevant Observation Period (if the Company elects to satisfy the related Conversion Obligation by Combination Settlement), as the case may be. Upon a conversion of Notes, such Person shall no longer be a Holder of such Notes surrendered for
conversion. 
 (j)    The Company shall not issue any fractional share of Common Stock upon conversion of the Notes and
shall instead pay cash in lieu of delivering any fractional share of Common Stock issuable upon conversion based on the Daily VWAP for the relevant Conversion Date (or, if such Conversion Date is not a Trading Day, the immediately preceding Trading
Day) in the case of Physical Settlement, or based on the Daily VWAP for the last Trading Day of the relevant Observation Period, in the case of Combination Settlement. For each Note surrendered for conversion, if the Company has elected (or is
deemed to have elected) Combination Settlement, the full number of shares that shall be issued upon conversion thereof shall be computed on the basis of the aggregate Daily Settlement Amounts for the relevant Observation Period and any fractional
shares remaining after such computation shall be paid in cash. 
 Section 14.03. Increased Conversion Rate Applicable to Certain
Notes Surrendered in Connection with Make-Whole Fundamental Changes or Redemption Notice. (a) (i) If the Effective Date of a Make-Whole Fundamental Change occurs prior to the Maturity Date or (ii) the Company gives a Redemption Notice
with respect to any or all of the Notes in accordance with Section 16.02 and, in each case, a Holder elects to convert its Notes in connection with such Make-Whole Fundamental Change or Redemption Notice, as the case may be, the Company shall,
under the circumstances described below, increase the Conversion Rate for the Notes so surrendered for conversion by a number of additional shares of Common Stock (the “Additional Shares”), as described below. A conversion of Notes
shall be deemed for these purposes to be “in connection with” such Make-Whole Fundamental Change if the relevant Conversion Date occurs during the period from, and including, the Effective Date of the Make-Whole Fundamental Change up to,
and including, the close of business on the Business Day immediately prior to the related Fundamental Change Repurchase Date (or, in the case of an Exempted Fundamental Change or a Make-Whole Fundamental Change that would have been a Fundamental
Change but for the proviso in clause (b) of the definition thereof, the 35th Trading Day immediately following the Effective Date of such Make-Whole Fundamental Change) (such period, the “Make-Whole Fundamental Change Period”).
A conversion of Notes called for redemption (or deemed called for redemption pursuant to Section 14.01(b)(ii)) shall be deemed for these purposes to be “in connection with” a Redemption Notice if the relevant Conversion Date for
conversions of Called Notes occurs during the related Redemption Period. For the avoidance of doubt, the Company shall increase the Conversion Rate in connection with a Redemption Notice only with respect to conversions of Notes called for
redemption (or deemed called for redemption pursuant to Section 14.01(b)(ii)), and not of Notes not called for redemption. Accordingly, if the Company elects to redeem less than all of the outstanding Notes as described under Article 16,
Holders of Notes that are not Called Notes will not be entitled to convert such Notes pursuant to Section 14.01(b)(ii) and will not be entitled to an increased Conversion Rate for conversions of such Notes on account of the Redemption Notice
during the related Redemption Period if such Notes are otherwise convertible and are converted during the related Redemption Period. 

  
 67 

 (b)    Upon surrender of Notes for conversion in connection with a
Make-Whole Fundamental Change or upon surrender of Called Notes during a Redemption Period, the Company shall, at its option, satisfy the related Conversion Obligation by Physical Settlement, Cash Settlement or Combination Settlement in accordance
with Section 14.02; provided, however, that if, at the effective time of a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Reference Property following such Make-Whole
Fundamental Change is composed entirely of cash, for any conversion of Notes following the Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation shall be calculated based solely on the Stock Price for the transaction and
shall be deemed to be an amount of cash per $1,000 principal amount of converted Notes equal to the Conversion Rate (including any adjustment for Additional Shares), multiplied by such Stock Price. In such event, the Conversion Obligation
shall be paid to Holders in cash on the second Business Day following the Conversion Date. The Company shall notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing of the Effective Date of any Make-Whole
Fundamental Change no later than five Business Days after such Effective Date. 
 (c)    The number of Additional
Shares, if any, by which the Conversion Rate shall be increased shall be determined by reference to the table below, based on the date on which the Make-Whole Fundamental Change occurs or becomes effective or the date the Company delivers the
Redemption Notice, as the case may be, (in each case, the “Effective Date”) and the price paid (or deemed to be paid) per share of the Common Stock in the Make-Whole Fundamental Change or with respect to the Redemption Notice, as
the case may be (in each case, the “Stock Price”). If the holders of the Common Stock receive in exchange for their Common Stock only cash in a Make-Whole Fundamental Change described in clause (b) of the definition of
Fundamental Change, the Stock Price shall be the cash amount paid per share. Otherwise, the Stock Price shall be the average of the Last Reported Sale Prices of the Common Stock over the five consecutive Trading Day period ending on, and including,
the Trading Day immediately preceding the Effective Date of the Make-Whole Fundamental Change or the date the Company delivers the Redemption Notice, as the case may be. In the event that a conversion of Called Notes in connection with a Redemption
Notice would also be deemed to be in connection with a Make-Whole Fundamental Change, a Holder of the Notes to be converted shall be entitled to a single increase to the Conversion Rate with respect to the first to occur of the date of the
applicable Redemption Notice or the Effective Date of the applicable Make-Whole Fundamental Change, and the later event shall be deemed not to have occurred for purposes of such conversion and this Section 14.03. The Board of Directors shall
make appropriate adjustments to the Stock Price, in its good faith determination, to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, Effective Date (as such term is used in Section 14.04) or Expiration Date of the event occurs during such five consecutive Trading Day period. 

(d)    The Stock Prices set forth in the column headings of the table below shall be adjusted as of any date on which the
Conversion Rate of the Notes is otherwise adjusted. The adjusted Stock Prices shall equal the Stock Prices applicable immediately prior to such 

  
 68 

 
adjustment, multiplied by a fraction, the numerator of which is the Conversion Rate immediately prior to such adjustment giving rise to the Stock Price adjustment and the denominator of
which is the Conversion Rate as so adjusted. The number of Additional Shares set forth in the table below shall be adjusted in the same manner and at the same time as the Conversion Rate as set forth in Section 14.04. 

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

																																																									
	 	 	Stock Price	 
	 Effective Date
	 	$82.0842	 	 	$95.00	 	 	$108.7619	 	 	$120.00	 	 	$141.39	 	 	$175.00	 	 	$200.00	 	 	$225.00	 	 	$250.00	 	 	$300.00	 	 	$350.00	 	 	$400.00	 	 	$450.00	 	 	$500.00	 
	 June 16, 2020
	 	 	2.9882	 	 	 	2.3019	 	 	 	1.7109	 	 	 	1.3632	 	 	 	0.9119	 	 	 	0.5154	 	 	 	0.3493	 	 	 	0.2418	 	 	 	0.1698	 	 	 	0.0855	 	 	 	0.0422	 	 	 	0.0189	 	 	 	0.0061	 	 	 	0.0000	 
	 June 15, 2021
	 	 	2.9882	 	 	 	2.2635	 	 	 	1.6385	 	 	 	1.2774	 	 	 	0.8200	 	 	 	0.4354	 	 	 	0.2822	 	 	 	0.1871	 	 	 	0.1259	 	 	 	0.0579	 	 	 	0.0257	 	 	 	0.0098	 	 	 	0.0023	 	 	 	0.0000	 
	 June 15, 2022
	 	 	2.9882	 	 	 	2.1786	 	 	 	1.5181	 	 	 	1.1461	 	 	 	0.6916	 	 	 	0.3340	 	 	 	0.2024	 	 	 	0.1256	 	 	 	0.0792	 	 	 	0.0315	 	 	 	0.0113	 	 	 	0.0027	 	 	 	0.0000	 	 	 	0.0000	 
	 June 15, 2023
	 	 	2.9882	 	 	 	2.0306	 	 	 	1.3286	 	 	 	0.9496	 	 	 	0.5149	 	 	 	0.2113	 	 	 	0.1145	 	 	 	0.0640	 	 	 	0.0363	 	 	 	0.0111	 	 	 	0.0022	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	 June 15, 2024
	 	 	2.9882	 	 	 	1.7733	 	 	 	1.0089	 	 	 	0.6345	 	 	 	0.2681	 	 	 	0.0779	 	 	 	0.0345	 	 	 	0.0163	 	 	 	0.0078	 	 	 	0.0012	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	 June 15, 2025
	 	 	2.9882	 	 	 	1.3319	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

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

(i)    if the Stock Price is between two Stock Prices in the table above or the Effective Date is between
two Effective Dates in the table above, the number of Additional Shares shall be determined by a straight-line interpolation between the number of Additional Shares set forth for the higher and lower Stock Prices and the earlier and later Effective
Dates, as applicable, based on a 365-day year; 
 (ii)    if the
Stock Price is greater than $500.00 per share (subject to adjustment in the same manner as the Stock Prices set forth in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the
Conversion Rate; and 
 (iii)    if the Stock Price is less than $82.0842 per share (subject to
adjustment in the same manner as the Stock Prices set forth in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate. 

Notwithstanding the foregoing, in no event shall the Conversion Rate per $1,000 principal amount of Notes exceed 12.1826 shares of Common Stock, subject to
adjustment in the same manner as the Conversion Rate pursuant to Section 14.04. 
 (f)    Nothing in this
Section 14.03 shall prevent an adjustment to the Conversion Rate pursuant to Section 14.04 in respect of a Make-Whole Fundamental Change. 

Section 14.04. Adjustment of Conversion Rate. The Conversion Rate shall be adjusted from time to time by the Company if any of the
following events occurs, except that the Company shall not make any adjustments to the Conversion Rate if Holders participate (other than in the case of (x) a share split or share combination or (y) a tender or exchange offer), at the

  
 69 

 
same time and upon the same terms as holders of the Common Stock and solely as a result of holding the Notes, in any of the transactions described in this Section 14.04, without having to
convert their Notes, as if they held a number of shares of Common Stock equal to the Conversion Rate, multiplied by the principal amount (expressed in thousands) of Notes held by such Holder. Neither the Trustee nor the Conversion Agent shall
have any responsibility to verify the accuracy of any adjustment to the Conversion Rate pursuant to this Section 14.04 or Section 14.11. 

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

			
	CR’ = CR0 ×	 	OS’
	 	OS0

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date of such dividend or distribution, or immediately prior to the open of business on the
Effective Date of such share split or share combination, as applicable;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date or Effective Date, as applicable;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date, as applicable, before giving effect to such dividend,
distribution, share split or share combination; and
			
	 OS’
	  	=	  	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share combination.

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

  
 70 

 (b)    If the Company issues to all or substantially all holders of the
Common Stock any rights, options or warrants (other than pursuant to a stockholders rights plan) entitling them, for a period of not more than 60 calendar days after the announcement date of such issuance, to subscribe for or purchase shares of the
Common Stock at a price per share that is less than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement
of such issuance, 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-Dividend Date for such issuance;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date;
			
	X	  	=	  	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
			
	Y	  	=	  	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading
Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

 Any increase made under this Section 14.04(b) shall be made successively whenever any such rights, options or warrants
are issued and shall become effective immediately after the open of business on the Ex-Dividend Date for such issuance. To the extent that shares of the Common Stock are not delivered after the expiration of
such rights, options or warrants, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect had the increase with respect to the issuance 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 issued, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect if such
Ex-Dividend Date for such issuance had not occurred. 
 For purposes of this Section 14.04(b)
and for the purpose of Section 14.01(b)(iii)(A), in determining whether any rights, options or warrants entitle the holders to subscribe for or purchase shares of the Common Stock at a price per share that is less than such average of the Last
Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement for such issuance, and in determining the aggregate offering price of such
shares of Common Stock, there shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash,
to be determined by the Company in good faith. 

  
 71 

 (c)    If the Company distributes shares of its Capital Stock, evidences
of its indebtedness, other assets or property of the Company or rights, options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the Common Stock, excluding (i) dividends, distributions or
issuances (including share splits) as to which an adjustment was effected (or would be effected, disregarding the 1% Provision) pursuant to Section 14.04(a) or Section 14.04(b), (ii) except as otherwise described in Section 14.11,
rights issued pursuant to any stockholders rights plan of the Company then in effect, (iii)dividends or distributions paid exclusively in cash as to which the provisions set forth in Section 14.04(d) shall apply, (iv) dividends or
distributions of Reference Property in exchange for or upon conversion of the Common Stock in a Merger Event, (v) Spin-Offs as to which the provisions set forth below in this Section 14.04(c) shall apply (any of such shares of Capital
Stock, evidences of indebtedness, other assets or property or rights, options or warrants to acquire Capital Stock or other securities, the “Distributed Property”), and (vi) tender offers and exchange offers as to which an
adjustment is effected (or would be effected, disregarding the 1% Provision) pursuant to Section 14.04(e), then the Conversion Rate shall be increased based on the following formula: 

 

			
	CR’ = CR0 ×	 	     SP0     
	 	SP0 – FMV

 where, 
  

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

 Any increase made under the portion of this Section 14.04(c) above shall become effective immediately after the open of
business on the Ex-Dividend Date for such distribution. If such distribution is not so paid or made, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect if such
distribution had not been declared. Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing
increase, each Holder of a Note shall receive, in respect of each $1,000 principal amount thereof, at the same time and upon the same terms as holders of the Common Stock receive the Distributed Property, the amount and kind of Distributed Property
such Holder would have received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect on the Ex-Dividend Date for the distribution. If the Company determines the
“FMV” (as defined above) of any distribution for purposes of this Section 

  
 72 

 
14.04(c) by reference to the actual or when-issued trading market for any securities, it shall in doing so consider the prices in such market over the same period used in computing the Last
Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution. 

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

			
	CR’ = CR0 ×	 	FMV0 + MP0
	 	       MP0        

 where, 
  

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

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

  
 73 

 For purposes of this Section 14.04(c) (and subject in all respect to
Section 14.11), rights, options or warrants distributed by the Company to all holders of the Common Stock entitling them to subscribe for or purchase shares of the Company’s Capital Stock, including Common Stock (either initially or under
certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events (“Trigger Event”): (i) are deemed to be transferred with such shares of the Common Stock; (ii) are not exercisable;
and (iii) are also issued in respect of future issuances of the Common Stock, shall be deemed not to have been distributed for purposes of this Section 14.04(c) (and no adjustment to the Conversion Rate under this Section 14.04(c)
will be required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate shall be made under
this Section 14.04(c). If any such right, option or warrant, including any such existing rights, options or warrants distributed prior to the date of this Indenture, are subject to events, upon the occurrence of which such rights, options or
warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and
Ex-Dividend Date with respect to new rights, options or warrants with such rights (in which case the existing rights, options or warrants shall be deemed to terminate and expire on such date without exercise
by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately preceding sentence) with respect
thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Rate under this Section 14.04(c) was made, (1) in the case of any such rights, options or warrants that shall all have
been redeemed or purchased without exercise by any holders thereof, upon such final redemption or purchase (x) the Conversion Rate shall be readjusted as if such rights, options or warrants had not been issued and (y) the Conversion Rate
shall then again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or purchase price received by a holder or holders
of 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 purchase, 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 and warrants had not been issued. 

For purposes of Section 14.04(a), Section 14.04(b) and this Section 14.04(c), if any dividend or distribution to which this
Section 14.04(c) is applicable also includes one or both of: 
 (A)    a dividend or distribution of shares of
Common Stock to which Section 14.04(a) is applicable (the “Clause A Distribution”); or 
 (B)    a
dividend or distribution of rights, options or warrants to which Section 14.04(b) is applicable (the “Clause B Distribution”), 

  
 74 

 then, in either case, (1) such dividend or distribution, other than the Clause A Distribution and the
Clause B Distribution, shall be deemed to be a dividend or distribution to which this Section 14.04(c) is applicable (the “Clause C Distribution”) and any Conversion Rate adjustment required by this Section 14.04(c) with
respect to such Clause C Distribution shall then be made, and (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 14.04(a) and Section 14.04(b) with respect thereto shall then be made, except that, if determined by the Company (I) the “Ex-Dividend Date” of the Clause A Distribution and the
Clause B Distribution shall be deemed to be the Ex-Dividend Date of the Clause C Distribution and (II) any shares of Common Stock included in the Clause A Distribution or Clause B Distribution shall be
deemed not to be “outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date” within the meaning of Section 14.04(a) or “outstanding immediately prior
to the open of business on such Ex-Dividend Date” within the meaning of Section 14.04(b). 

(d)    If the Company pays or makes any cash dividend or distribution to all or substantially all holders of the Common
Stock, the Conversion Rate shall be adjusted based on the following formula: 
  

			
	CR’ = CR0 ×	 	    SP0    
	 	SP0 – C

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;
			
	SP0	  	=	  	the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and
			
	C	  	=	  	the amount in cash per share the Company distributes to all or substantially all holders of the Common Stock.

 Any increase pursuant to this Section 14.04(d) shall become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution. If such dividend or distribution is not so paid, the Conversion Rate shall be decreased, effective as of the date the Board of Directors determines not to make or
pay such dividend or distribution, to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, for each $1,000 principal amount of Notes it holds, at the same time and upon the same terms as
holders of shares of the Common Stock, the amount of cash that such Holder would have received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate on the Ex-Dividend Date for
such cash dividend or distribution. 

  
 75 

 (e)    If the Company or any of its Subsidiaries make a payment in
respect of a tender or exchange offer for the Common Stock that is subject to the then-applicable tender offer rules under the Exchange Act (other than an odd lot tender offer), to the extent that the cash and value of any other consideration
included in the payment per share of the Common Stock exceeds the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the last date on
which tenders or exchanges may be made pursuant to such tender or exchange offer, the Conversion Rate shall be increased based on the following formula: 
  

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

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires (the date such
tender offer or exchange offer expires, the “Expiration Date”);
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the Expiration Date;
			
	AC	  	=	  	the aggregate value of all cash and any other consideration (as determined by the Company in good faith) 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 Expiration Date (prior to giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange
offer);
			
	OS’	  	=	  	the number of shares of Common Stock outstanding immediately after the Expiration Date (after giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer);
and
			
	SP’	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the Expiration Date.

 The increase to the Conversion Rate under this Section 14.04(e) shall occur at the close of business on
the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires; provided that (x) in respect of any conversion of Notes for which Physical Settlement is
applicable, if the relevant Conversion Date occurs during the 10 Trading Days immediately following, and including, the Trading Day next succeeding the Expiration Date of any tender or exchange offer, references to “10” or “10th”
in the preceding paragraph shall be deemed replaced with such lesser number of Trading Days as have elapsed between the Expiration Date of such tender or exchange offer and the Conversion 

  
 76 

 
Date in determining the Conversion Rate and (y) in respect of any conversion of Notes for which Cash Settlement or Combination Settlement is applicable, for any Trading Day that falls within
the relevant Observation Period for such conversion and within the 10 Trading Days immediately following, and including, the Trading Day next succeeding the Expiration Date of any tender or exchange offer, references to “10” or
“10th” in the preceding paragraph shall be deemed replaced with such lesser number of Trading Days as have elapsed between the Expiration Date of such tender or exchange offer and such Trading Day in determining the Conversion Rate as of
such Trading Day. 
 In the event that the Company or one of its Subsidiaries is obligated to purchase shares of Common Stock pursuant to
any such tender offer or exchange offer, but the Company is, or such Subsidiary is, permanently prevented by applicable law from consummating any such purchases, or all such purchases are rescinded, then the Conversion Rate shall be decreased to be
the Conversion Rate that would then be in effect if such tender offer or exchange offer had not been made or had been made only in respect of the purchases that have been consummated. 

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

(g)    Except as stated herein, the Company shall not adjust the Conversion Rate for the issuance of shares of the Common
Stock or any securities convertible into or exchangeable for shares of the Common Stock or the right to purchase shares of the Common Stock or such convertible or exchangeable securities. 

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

  
 77 

 (i)    Except as stated in this Indenture, the Company shall not adjust
the Conversion Rate for the issuance of shares of Common Stock or any securities convertible into or exchangeable for shares of Common Stock or the right to purchase shares of Common Stock or such convertible or exchangeable securities. For
illustrative purposes only and without limiting the generality of the preceding sentence, the Conversion Rate shall not be adjusted: 

(i)    upon the issuance of shares of Common Stock at a price below the Conversion Price or otherwise,
other than any such issuance described in Section 14.04(a), Section 14.04(b), Section 14.04(c) or Section 14.04(e); 

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

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

(iv)    upon the issuance of any shares of the Common Stock pursuant to any option, warrant, right or
exercisable, exchangeable or convertible security not described in clause (iii) of this subsection and outstanding as of the date the Notes were first issued; 

(v)    upon the repurchase of any shares of Common Stock pursuant to an open market share repurchase
program or other buy-back transaction, including structured or derivative transactions, that is not a tender or exchange offer described in Section 14.04(e); 

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

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

(j)    All calculations and other determinations under this Article 14 shall be made by the Company and shall be made to
the nearest one-ten thousandth (1/10,000th) of a share. 
 (k)    If an
adjustment to the Conversion Rate otherwise required by the provisions of this Section 14.04 would result in a change of less than 1% to the Conversion Rate, then, notwithstanding the foregoing, the Company may, at its election, defer and carry
forward such adjustment, except that all such deferred adjustments must be given effect immediately upon the earliest to occur of the following: 

(i)    when all such deferred adjustments would result in an aggregate change of at least 1% to the
Conversion Rate; 
 (ii)    on the Conversion Date for any Notes (in the case of Physical Settlement);

  
 78 

 (iii)    on each Trading Day of any Observation Period
related to any conversion of Notes (in the case of Cash Settlement or Combination Settlement); 

(iv)    on any date on which the Company delivers a Redemption Notice; 

(v)    on the effective date of any Fundamental Change and/or the Effective Date of any Make-Whole
Fundamental Change, in each case, unless the adjustment has already been made; and 
 (vi)    March 15,
2025. 
 The provisions of this Section 14.04(k) are referred to herein as the “1% Provision.” 

(l)    Whenever the Conversion Rate is adjusted as herein provided, the Company shall promptly file with the Trustee (and
the Conversion Agent if not the Trustee) an Officer’s Certificate setting forth the Conversion Rate after such adjustment and setting forth a brief statement of the facts requiring such adjustment. Neither the Trustee nor the Conversion Agent
shall have any responsibility to verify the accuracy of any adjustment to the Conversion Rate. Unless and until a Responsible Officer of the Trustee shall have received such Officer’s Certificate, the Trustee shall not be deemed to have
knowledge of any adjustment of the Conversion Rate and may assume without inquiry that the last Conversion Rate of which it has knowledge is still in effect. Promptly after delivery of such certificate, the Company shall prepare a written notice of
such adjustment of the Conversion Rate setting forth the adjusted Conversion Rate and the date on which each adjustment becomes effective and shall deliver such notice of such adjustment of the Conversion Rate to each Holder (with a copy to the
Trustee). Failure to deliver such notice shall not affect the legality or validity of any such adjustment. 
 (m)    For
purposes of this Section 14.04, the number of shares of Common Stock at any time outstanding shall not include shares of Common Stock held in the treasury of the Company so long as the Company does not pay any dividend or make any distribution
on shares of Common Stock held in the treasury of the Company, but shall include shares of Common Stock issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock. 

Section 14.05. Adjustments of Prices. Whenever any provision of this Indenture requires the Company to calculate the Last Reported
Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts over a span of multiple days (including, without limitation, an Observation Period and the period, if any, for determining the Stock Price for purposes of a
Make-Whole Fundamental Change or Redemption Notice), the Company shall make appropriate adjustments in good faith (without duplication in respect of any adjustment made pursuant to Section 14.04) to each to account for any adjustment to the
Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, Effective Date or Expiration Date, as the case may be, of the event occurs, at
any time during the period when the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts are to be calculated. 

Section 14.06. Shares to Be Fully Paid. The Company shall reserve, free from preemptive rights, out of its authorized but unissued
shares or shares held in treasury, sufficient 

  
 79 

 
shares of Common Stock to provide for conversion of the Notes from time to time as such Notes are presented for conversion (assuming delivery of the maximum number of Additional Shares pursuant
to Section 14.03 and that at the time of computation of such number of shares, all such Notes would be converted by a single Holder and that Physical Settlement were applicable). 

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

(a)    In the case of: 

(i)    any recapitalization, reclassification or change of the Common Stock (other than changes in par
value or resulting from a subdivision or combination), 
 (ii)    any consolidation, merger or
combination involving the Company, 
 (iii)    any sale, lease or other transfer to a third party of all
or substantially all of the consolidated assets of the Company and the Company’s Subsidiaries, taken as a whole, or 

(iv)    any statutory share exchange, 

in each case, as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets (including
cash or any combination thereof) (any such event, a “Merger Event”), then at and after the effective time of such Merger Event, the right to convert each $1,000 principal amount of Notes shall be changed into a right to convert such
principal amount of Notes into the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number of shares of Common Stock equal to the Conversion Rate
immediately prior to such Merger Event would have owned or been entitled to receive (the “Reference Property,” with each “unit of Reference Property” meaning the kind and amount of Reference Property that a holder
of one share of Common Stock is entitled to receive) upon such Merger Event and, prior to or at the effective time of such Merger Event, the Company or the successor or acquiring Person, as the case may be, shall execute with the Trustee a
supplemental indenture permitted under Section 10.01(g) providing for such change in the right to convert each $1,000 principal amount of Notes; provided, however, that at and after the effective time of the Merger Event
(A) the Company or the successor or acquiring company, as the case may be, shall continue to have the right to determine the form of consideration to be paid or delivered, as the case may be, upon conversion of Notes in accordance with
Section 14.02 and (B) (I) any amount payable in cash upon conversion of the Notes in accordance with Section 14.02 shall continue to be payable in cash, (II) any shares of Common Stock that the Company would have been required to
deliver upon conversion of the Notes in accordance with Section 14.02 shall instead be deliverable in the 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
(III) the Daily VWAP shall be calculated based on the value of 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 part upon any form 

  
 80 

 
of stockholder election), then (i) the Reference Property into which the Notes will be convertible shall be deemed to be the weighted average of the types and amounts of consideration
actually received by the holders of Common Stock, 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. If the holders of the Common Stock receive only cash in such Merger Event, then for all conversions for which the relevant Conversion Date occurs after the effective date of such Merger Event (A) the consideration due upon conversion of
each $1,000 principal amount of Notes shall be solely cash in an amount equal to the Conversion Rate in effect on the Conversion Date (as may be increased by any Additional Shares pursuant to Section 14.03), multiplied by the price paid
per share of Common Stock in such Merger Event and (B) the Company shall satisfy the Conversion Obligation by paying such cash amount to converting Holders on the second Business Day immediately following the relevant Conversion Date. The
Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing of such weighted average as soon as reasonably practicable after such determination is made. 

If the Reference Property in respect of any Merger Event includes, in whole or in part, shares of common equity, such supplemental indenture
described in the second immediately preceding paragraph shall provide for anti-dilution and other adjustments that shall be as nearly equivalent as is possible to the adjustments provided for in this Article 14 with respect to the portion of the
Reference Property consisting of such common equity. If, in the case of any Merger Event, the Reference Property includes shares of stock, securities or other property or assets (other than cash and/or cash equivalents) of a Person 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 Person, if such other Person is an affiliate of the Company or the successor or acquiring company,
and shall contain such additional provisions to protect the interests of the Holders as the Company in good faith reasonably considers necessary by reason of the foregoing, including the provisions providing for the purchase rights set forth in
Article 15. 
 (b)    When the Company executes a supplemental indenture pursuant to subsection (a) of this
Section 14.07, the Company shall promptly file with the Trustee an Officer’s Certificate briefly stating the reasons therefor, the kind or amount of cash, securities or property or asset that will comprise a unit of Reference Property
after any such Merger Event, any adjustment to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly deliver notice thereof to all Holders. The Company shall cause notice of the execution of such
supplemental indenture to be delivered to each Holder within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture. 

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

  
 81 

 (d)    The above provisions of this Section shall similarly apply to
successive Merger Events. 
 Section 14.08. Certain Covenants. (a) Subject to Sections 14.02(d) and 14.02(e), the Company
covenants that all shares of Common Stock issued upon conversion of Notes will be fully paid and non-assessable by the Company and free from all taxes, liens and charges with respect to the issue thereof. 

(b)    The Company covenants that, if any shares of Common Stock to be provided for the purpose of conversion of Notes
hereunder require registration with or approval of any governmental authority under any federal or state law before such shares of Common Stock may be validly issued upon conversion, the Company will, to the extent then permitted by the rules and
interpretations of the Commission, secure such registration or approval, as the case may be. 
 (c)    The Company
further covenants that if at any time the Common Stock shall be listed on any national securities exchange or automated quotation system the Company will list and use its commercially reasonable efforts to keep listed, so long as the Common Stock
shall be so listed on such exchange or automated quotation system, any Common Stock issuable upon conversion of the Notes. 

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

  
 82 

 
commencement or termination of such conversion rights, and the Company agrees to deliver such notices to the Trustee and the Conversion Agent immediately after the occurrence of any such event or
at such other times as shall be provided for in Section 14.01(b). Neither the Trustee nor any agent acting under this Indenture (other than the Company, if acting in such capacity) shall have any obligation to make any calculation or determine
whether the Notes may be surrendered for conversion pursuant to this Indenture, or to notify the Company or the Depositary or any Holders if the Notes have become convertible pursuant to the terms of this Indenture. 

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

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

(c)    voluntary or involuntary dissolution, liquidation or winding-up of the
Company; 
 then, in each case (unless notice of such event is otherwise required pursuant to another provision of this Indenture) and to the extent
applicable, the Company shall cause to be delivered to the Trustee and the Conversion Agent (if other than the Trustee) and to be delivered to each Holder, a notice stating the date on which a record is to be taken for the purpose of such action by
the Company or one of its Subsidiaries or, if a record is not to be taken, the date as of which the holders of Common Stock of record are to be determined for the purposes of such action by the Company or one of its Subsidiaries no later than the
earlier of the date notice of such date is required to be provided under Rule 10b-17 of the Exchange Act, other applicable Commission rule or applicable rules of the principal U.S. national or regional
securities exchange on which the Common Stock is then listed or admitted for trading and such date is publicly announced by the Company. 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. Such notice shall be conclusive and binding, absent manifest error. 

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

Section 14.12. Exchange in Lieu of Conversion. When a Holder surrenders its Notes for conversion, the Company may, at its election
(an “Exchange Election”), cause such Notes to be delivered, on or prior to the first Trading Day following the Conversion Date, to a financial 

  
 83 

 
institution designated by the Company for exchange in lieu of conversion. In order to accept any Notes surrendered for conversion, the designated financial institution must agree to timely
deliver, in exchange for such Notes, the cash, shares of Common Stock or combination thereof due upon conversion as described in Section 14.02. If the Company makes an Exchange Election, the Company shall, by the close of business on the first
Trading Day following the relevant Conversion Date, notify in writing the Trustee, the Conversion Agent (if other than the Trustee) and the Holder surrendering its Notes for conversion that it has made the Exchange Election, and the Company shall
notify the designated financial institution of the Settlement Method it has elected with respect to such conversion and the relevant deadline for payment and/or delivery of cash, shares of Common Stock or a combination thereof due upon conversion.
The Company and the Conversion Agent shall cooperate to cause such Notes to be delivered to such designated financial institution and the Conversion Agent shall be entitled to conclusively rely upon the Company’s instruction in connection with
effecting any such Exchange Election and shall have no liability in respect of such Exchange Election outside of its control. 
 Any Notes
exchanged by the designated financial institution shall remain outstanding, notwithstanding the surrender thereof by the Holder of such Notes and will be subject to the procedures of the Depositary. If the designated financial institution agrees to
accept any Notes for exchange but does not timely pay and/or deliver the required cash, shares of Common Stock or a combination thereof due upon conversion, or if such designated financial institution does not accept the Notes for exchange, the
Company shall notify in writing the Trustee, the Conversion Agent (if other than the Trustee) and the Holder surrendering its Notes for conversion, and pay and/or deliver the required cash, shares of Common Stock or a combination thereof due upon
conversion to the converting Holder at the time and in the manner required under this Indenture as if the Company had not made an Exchange Election. 

The Company’s designation of a financial institution to which the Notes may be submitted for exchange does not require that financial
institution to accept any Notes (unless the financial institution has separately made an agreement with the Company). The Company may, but shall not be obligated to, enter into a separate agreement with any designated financial institution that
would compensate it for any such transaction. 
 ARTICLE 15 

REPURCHASE OF NOTES AT OPTION OF
HOLDERS 
 Section 15.01. [Intentionally Omitted].  

Section 15.02. Repurchase at Option of Holders Upon a Fundamental Change. (a) If a Fundamental Change (other than an
Exempted Fundamental Change) occurs at any time, each Holder shall have the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s Notes, or any portion of the principal amount thereof that is
equal to $1,000 or an integral multiple of $1,000, on the date (the “Fundamental Change Repurchase Date”) specified by the Company that is not less than 20 Business Days or more than 35 Business Days following the date of the
Fundamental Change Company Notice at a repurchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to, but excluding, the Fundamental Change Repurchase Date (the “Fundamental
Change  

  
 84 

 
Repurchase Price”), unless the Fundamental Change Repurchase Date falls after a Regular Record Date but on or prior to the Interest Payment Date to which such Regular Record Date
relates, in which case the Company shall instead pay the full amount of accrued and unpaid interest (to, but excluding, such Interest Payment Date) to Holders of record as of such Regular Record Date, and the Fundamental Change Repurchase Price
shall be equal to 100% of the principal amount of Notes to be repurchased pursuant to this Article 15. The Fundamental Change Repurchase Date shall be subject to postponement in order to allow the Company to comply with applicable law. 

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

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

(ii)    delivery of the Notes, if the Notes are Physical Notes, to the Paying Agent at any time after
delivery of the Fundamental Change Repurchase Notice (together with all necessary endorsements for transfer) at the office of the Paying Agent, or book-entry transfer of the Notes, if the Notes are Global Notes, in compliance with the Applicable
Procedures of the Depositary, in each case such delivery being a condition to receipt by the Holder of the Fundamental Change Repurchase Price therefor. 

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

(i)    in the case of Physical Notes, the certificate numbers of the Notes to be delivered for repurchase;

 (ii)    the portion of the principal amount of Notes to be repurchased, which must be in minimum
denominations of $1,000 or an integral multiple in excess thereof; and 
 (iii)    that the Notes are to
be repurchased by the Company pursuant to the applicable provisions of the Notes and this Indenture; 
 provided, however, that if the Notes
are Global Notes, the Fundamental Change Repurchase Notice must comply with the Applicable Procedures. 
 Notwithstanding anything herein to
the contrary, any Holder delivering to the Paying Agent the Fundamental Change Repurchase Notice contemplated by this Section 15.02 shall have the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time
prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 15.03. 

  
 85 

 The Paying Agent shall promptly notify the Company of the receipt by it of any Fundamental
Change Repurchase Notice or written notice of withdrawal thereof. 
 (c)    On or before the 20th Business Day after the
occurrence of the effective date of a Fundamental Change, the Company shall provide to all Holders, the Trustee, the Conversion Agent (if other than the Trustee) and the Paying Agent (in the case of a Paying Agent other than the Trustee) a notice
(the “Fundamental Change Company Notice”) of the occurrence of the effective date of the Fundamental Change and of the resulting repurchase right at the option of the Holders arising as a result thereof. In the case of Physical
Notes, such notice shall be by first class mail or, in the case of Global Notes, such notice shall be delivered in accordance with the Applicable Procedures of the Depositary. Each Fundamental Change Company Notice shall specify: 

(i)    the events causing the Fundamental Change; 

(ii)    the effective date of the Fundamental Change; 

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

 (iv)    the Fundamental Change Repurchase Price; 

(v)    the Fundamental Change Repurchase Date; 

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

(vii)    if applicable, the Conversion Rate and any adjustments to the Conversion Rate as a result of the
related Make-Whole Fundamental Change and/or the 1% Provision; 
 (viii)    that the Notes with respect
to which a Fundamental Change Repurchase Notice has been delivered by a Holder may be converted only if the Holder withdraws the Fundamental Change Repurchase Notice in accordance with the terms of this Indenture; and 

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

No failure of the Company to give the foregoing notices and no defect therein shall limit the Holders’ repurchase rights or affect the
validity of the proceedings for the repurchase of the Notes pursuant to this Section 15.02. 
 At the Company’s request given at
least five days prior to the date the Fundamental Change Company Notice is to be sent, the Paying Agent shall give such notice in the Company’s name and at the Company’s expense; provided, however, that, in all cases, the
text of such Fundamental Change Company Notice shall be prepared by the Company. 

  
 86 

 (d)    Notwithstanding the foregoing, no Notes may be repurchased by the
Company on any date at the option of the Holders in connection with a Fundamental Change if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date (except in the case of an
acceleration resulting from a Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes). The Paying Agent will promptly return to the respective Holders thereof any Physical Notes held by it during
the acceleration of the Notes (except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes), or any instructions for book-entry transfer of the
Notes in compliance with the Applicable Procedures shall be deemed to have been cancelled, and, upon such return or cancellation, as the case may be, the Fundamental Change Repurchase Notice with respect thereto shall be deemed to have been
withdrawn. 
 (e)    Notwithstanding anything to the contrary in this Indenture, the Company shall not be required to
repurchase, or to make an offer to repurchase, the Notes upon a Fundamental Change if a third party makes such an offer in the same manner, at the same time and otherwise in compliance with the requirements for an offer made by the Company as set
forth in this Article 15, and such third party purchases all Notes properly surrendered and not validly withdrawn under its offer in the same manner, at the same time and otherwise in compliance with the requirements for an offer made by the Company
as set forth in this Article 15. 
 (f)    Notwithstanding anything to the contrary in this Article 15, the Company will
not be required to send a Fundamental Change Company Notice, or offer to repurchase or repurchase Notes in connection with a Fundamental Change occurring pursuant to clause (b)(A) or (b)(B) (or pursuant to clause (a) that also constitutes a
Fundamental Change occurring pursuant to clause (b)(A) or (b)(B)) of the definition thereof, if: 

(i)    such Fundamental Change constitutes a Merger Event for which the Reference Property consists
entirely of cash in U.S. dollars; 
 (ii)    immediately after such Fundamental Change, the Notes become
convertible (pursuant to the provisions described in Section 14.07 and, if applicable, Section 14.03) into consideration that consists solely of U.S. dollars in an amount per $1,000 principal amount of Notes that equals or exceeds the
Fundamental Change Repurchase Price per $1,000 principal amount of the Notes (calculated assuming that the same includes the maximum amount of accrued but unpaid interest payable as part of the Fundamental Change Repurchase Price for such
Fundamental Change); and 
 (iii)    the Company timely sends notice of such Fundamental Change pursuant
to Section 14.01(b)(iv); 
 (g)    For purposes of this Article 15, the Paying Agent may be any agent, depositary,
tender agent, paying agent or other agent appointed by the Company to accomplish the purposes set forth herein. 

  
 87 

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

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

(ii)    if Physical Notes have been issued, the certificate number of the Note in respect of which such
notice of withdrawal is being submitted, and 
 (iii)    the principal amount, if any, of such Note that
remains subject to the original Fundamental Change Repurchase Notice, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000; 

provided, however, that if the Notes are Global Notes, the notice of withdrawal must comply with appropriate Applicable Procedures of the
Depositary. 
 Section 15.04. Deposit of Fundamental Change Repurchase Price. (a) The Company will deposit with the Paying
Agent, or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 4.04) on or prior to 11:00 a.m., New York City time, on the Fundamental Change Repurchase Date (subject to extension in
order to allow the Company to comply with applicable law) an amount of money sufficient to repurchase all of the Notes to be repurchased at the appropriate Fundamental Change Repurchase Price. Subject to receipt of funds and/or Notes by the Paying
Agent, payment for Notes surrendered for repurchase (and not withdrawn prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date) will be made on the later of (i) the Fundamental Change
Repurchase Date (provided the Holder has satisfied the conditions in Section 15.02) and (ii) the time of book-entry transfer or the delivery of such Note to the Paying Agent by the Holder thereof in the manner required by
Section 15.02 by mailing checks for the amount payable to the Holders of such Notes entitled thereto as they shall appear in the Note Register; provided, however, that payments to the Depositary shall be made by wire transfer of
immediately available funds to the account of the Depositary or its nominee. The Paying Agent shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the Fundamental Change Repurchase
Price. 
 (b)    If by 11:00 a.m. New York City time, on the Fundamental Change Repurchase Date (subject to extension in
order to allow the Company to comply with applicable law), the Paying Agent holds money sufficient to make payment on all the Notes or portions thereof that are to be repurchased on such Fundamental Change Repurchase Date, or, if extended in order
to allow the Company to comply with applicable law, such later date, then, with respect to the Notes that have been properly surrendered for repurchase and have not been validly withdrawn, (i) such Notes will cease to be outstanding,
(ii) interest will cease to accrue on such Notes on the Fundamental Change Repurchase Date or, if extended in order to allow the Company to comply with applicable law, such later date (whether or not book-entry transfer of the Notes has been

  
 88 

 
made or the Notes have been delivered to the Paying Agent) and (iii) all other rights of the Holders of such Notes with respect to the Notes will terminate on the Fundamental Change
Repurchase Date or, if extended in order to allow the Company to comply with applicable law, such later date (other than (x) the right to receive the Fundamental Change Repurchase Price and (y) if the Fundamental Change Repurchase Date
falls after a Regular Record Date but on or prior to the related Interest Payment Date, the right of the Holder of record on such Regular Record Date to receive the full amount of accrued and unpaid interest to, but excluding, such Interest Payment
Date). 
 (c)    Upon surrender of a Physical Note that is to be repurchased in part pursuant to Section 15.02, the
Company shall execute and the Trustee shall authenticate and deliver to the Holder a new Physical Note in an authorized denomination equal in principal amount to the unrepurchased portion of the Physical Note surrendered. 

Section 15.05. Covenant to Comply with Applicable Laws Upon Repurchase of Notes. In connection with any repurchase offer, the
Company will, if required: 
 (a)    comply with the tender offer rules under the Exchange Act that may then be
applicable; 
 (b)    file a Schedule TO or any other required schedule under the Exchange Act; and 

(c)    otherwise comply in all material respects with all federal and state securities laws in connection with any offer
by the Company to repurchase the Notes; 
 in each case, so as to permit the rights and obligations under this Article 15 to be exercised in the time and in
the manner specified in this Article 15 subject to postponement in order to allow the Company to comply with applicable law. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture
relating to the Company’s obligations to purchase the Notes upon a Fundamental Change, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached the Company’s obligations under such
provisions of this Indenture by virtue of such conflict. 
 ARTICLE 16 

OPTIONAL REDEMPTION 

Section 16.01 Optional Redemption. The Notes shall not be redeemable by the Company prior to June 20, 2023. On or
after June 20, 2023 and prior to the 41st scheduled trading day immediately preceding the Maturity Date, the Company may redeem (an “Optional Redemption”) for cash all or any portion of the Notes (subject to the Partial Redemption
Limitation in Section 16.02(d)), at the Redemption Price, if the Last Reported Sale Price of the Common Stock has been at least 130% of the Conversion Price then in effect for at least 20 Trading Days (whether or not consecutive), including the
Trading Day immediately preceding the date on which the Company provides the Redemption Notice in accordance with Section 16.02, during any 30 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the
date on which the Company provides the Redemption Notice in accordance with Section 16.02. 

  
 89 

 Section 16.02. Notice of Optional Redemption; Selection of Notes. (a) In
case the Company exercises its Optional Redemption right to redeem all or, as the case may be, any part of the Notes pursuant to Section 16.01, it shall fix a date for redemption (each, a “Redemption Date”) and it or, at its written
request received by the Trustee not less than five Business Days prior to the date such Redemption Notice is to be sent (or such shorter period of time as may be acceptable to the Trustee), the Trustee, in the name of and at the expense of the
Company, shall deliver or cause to be delivered a notice of such Optional Redemption (a “Redemption Notice”) not less than 45 nor more than 60 Scheduled Trading Days prior to the Redemption Date (provided that if, in accordance with
the provisions described in Section 14.02, the Company elects to settle all conversions of Notes called for redemption (or deemed called for redemption as described in Section 14.01(b)(ii)) with a Conversion Date that occurs during the
related Redemption Period by Physical Settlement, then the Company shall provide not less than 15 nor more than 60 calendar days’ written notice before the Redemption Date) to the Trustee, the Conversion Agent (if other than the Trustee), the
Paying Agent and each Holder of Notes. The Redemption Date must be a Business Day. 
 (b)    The Redemption Notice, if
delivered in the manner herein provided, shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such Redemption Notice by mail or any defect in the Redemption Notice to
the Holder of any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. 

(c)    Each Redemption Notice shall specify 

(i)    the Redemption Date; 

(ii)    the Redemption Price; 

(iii)    that on the Redemption Date, the Redemption Price will become due and payable upon each Note to be
redeemed, and that interest thereon, if any, shall cease to accrue on and after the Redemption Date; 

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

 (v)    that Holders of Called Notes may surrender their Notes for conversion at any time prior to the
close of business on the Scheduled Trading Day immediately preceding the Redemption Date; 
 (vi)    the
procedures a converting Holder must follow to convert its Notes and the Settlement Method and Specified Dollar Amount, if applicable; 

(vii)    the Conversion Rate and, if applicable, the number of Additional Shares added to the Conversion
Rate in accordance with Section 14.03; 
 (viii)    the CUSIP, ISIN or other similar numbers, if
any, assigned to such Notes; and 

  
 90 

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

A Redemption Notice shall be irrevocable 

(d)    If fewer than all of the outstanding Notes are to be redeemed, at least $200 million aggregate principal
amount of Notes must be outstanding and not subject to redemption as of the date of the relevant Redemption Notice (such requirement, the “Partial Redemption Limitation”). If fewer than all of the outstanding Notes are to be
redeemed and the Notes to be redeemed are Global Notes, the Notes to be redeemed will be selected by the Depositary in accordance with the Applicable Procedures. If fewer than all of the outstanding Notes are to be redeemed and the Notes to be
redeemed are not Global Notes, the Trustee shall select the Notes or portions thereof to be redeemed (in principal amounts of $1,000 or multiples thereof) by lot, on a pro rata basis or by another method the Trustee considers to be fair and
appropriate. If the Trustee selects any Note for partial redemption and a Holder submits a portion of that Note after such selection, the portion of the Note submitted for conversion shall be deemed (so far as may be possible) to be the portion
selected for redemption. 
 Section 16.03 Payment of Notes Called for Redemption. (a) If any Redemption Notice has been
given in respect of the Notes in accordance with Section 16.02, the Notes shall become due and payable on the Redemption Date at the place or places stated in the Redemption Notice and at the applicable Redemption Price. On presentation and
surrender of the Notes at the place or places stated in the Redemption Notice, the Notes shall be paid and redeemed by the Company at the applicable Redemption Price. 

(b) Prior to the open of business on the Redemption Date, the Company shall deposit with the Paying Agent or, if the Company or a Subsidiary
of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 7.05 an amount of cash (in immediately available funds if deposited on the Redemption Date), sufficient to pay the Redemption Price of all of
the Notes to be redeemed on such Redemption Date. Subject to receipt of funds by the Paying Agent, payment for the Notes to be redeemed shall be made on the Redemption Date for such Notes. The Paying Agent shall, promptly after such payment and upon
written demand by the Company, return to the Company any funds in excess of the Redemption Price. 
 Section 16.04 Restrictions on
Redemption. The Company may not redeem any Notes on any date if the principal amount of the Notes has been accelerated in accordance with the terms of this Indenture, and such acceleration has not been rescinded, on or prior to the Redemption
Date (except in the case of an acceleration resulting from a Default by the Company in the payment of the Redemption Price with respect to such Notes). 

  
 91 

 ARTICLE 17 

MISCELLANEOUS PROVISIONS 

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

Section 17.02. Official Acts by Successor Corporation. Any act or proceeding by any provision of this Indenture authorized or
required to be done or performed by any board, committee or Officer of the Company shall and may be done and performed with like force and effect by the like board, committee or officer of any corporation or other entity that shall at the time be
the lawful sole successor of the Company. 
 Section 17.03. Addresses for Notices, Etc. Any notice or demand that by any
provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders on the Company shall be deemed to have been sufficiently given or made, for all purposes if given or served by being deposited postage
prepaid by overnight courier or sent electronically in PDF format or via registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee) to Zendesk, Inc., 1019 Market Street, San
Francisco, CA 94103, Attention: Secretary; Email: secretary@zendesk.com, with a copy sent to Goodwin Procter LLP, 100 Northern Avenue, Boston, MA 02210, Attention: James Barri. Any notice, direction, request or demand hereunder to or upon the
Trustee shall be deemed to have been sufficiently given or made or filed with, for all purposes, if it is in writing and actually received by the Trustee (including electronically or in PDF Format) or if given or served by being deposited postage
prepaid by registered or certified mail in a post office letter box addressed to the Corporate Trust Office. In no event shall the Trustee or Conversion Agent be obligated to monitor any website maintained by the Company or any press releases issued
by the Company. 
 The Trustee, by notice to the Company, may designate additional or different addresses for subsequent notices or
communications. 
 Any notice or communication delivered or to be delivered to a Holder of Physical Notes shall be mailed to it by first
class mail, postage prepaid, at its address as it appears on the Note Register and shall be sufficiently given to it if so mailed within the time prescribed. Any notice or communication delivered or to be delivered to a Holder of Global Notes shall
be delivered in accordance with the Applicable Procedures of the Depositary and shall be sufficiently given to it if so delivered within the time prescribed. 

Failure to mail or deliver a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other
Holders. If a notice or communication is mailed or delivered, as the case may be, in the manner provided above, it is duly given, whether or not the addressee receives it. 

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

  
 92 

 Section 17.04. Governing Law; Jurisdiction. THIS INDENTURE AND EACH NOTE, AND
ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE AND EACH NOTE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF). 

The Company irrevocably consents and agrees, for the benefit of the Holders from time to time of the Notes and the Trustee, that any legal
action, suit or proceeding against it with respect to obligations, liabilities or any other matter arising out of or in connection with this Indenture or the Notes may be brought in the courts of the State of New York or the courts of the United
States located in the Borough of Manhattan, New York City, New York and, until amounts due and to become due in respect of the Notes have been paid, hereby irrevocably consents and submits to the non-exclusive
jurisdiction of each such court in personam, generally and unconditionally with respect to any action, suit or proceeding for itself in respect of its properties, assets and revenues. 

The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which it may now or hereafter have
to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Indenture brought in the courts of the State of New York or the courts of the United States located in the Borough of Manhattan,
New York City, New York and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

Section 17.05. Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee. Upon any
application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall, if requested by the Trustee, furnish to the Trustee an Officer’s Certificate and/or an Opinion of Counsel,
in form and substance reasonably satisfactory to the Trustee, stating that such action is permitted by the terms of this Indenture and that all conditions precedent to such action have been complied with. 

Each Officer’s Certificate and Opinion of Counsel provided for, by or on behalf of the Company in this Indenture and delivered to the
Trustee with respect to compliance with this Indenture (other than the Officer’s Certificates provided for in Section 4.08) shall include (a) a statement that the person signing such certificate is familiar with the requested action
and this Indenture; (b) a brief statement as to the nature and scope of the examination or investigation upon which the statement contained in such certificate is based; (c) a statement that, in the judgment of such person, he or she has
made such examination or investigation as is necessary to enable him or her to express an informed judgment as to whether or not such action is permitted by this Indenture; and (d) a statement as to whether or not, in the judgment of such
person, such action is permitted by this Indenture and that all conditions precedent to such action have been complied with. 

  
 93 

 Section 17.06. Legal Holidays. In any case where any Interest Payment Date, any
Redemption Date, any Fundamental Change Repurchase Date or the Maturity Date is not a Business Day or is not a Valid Payment Date, then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding
Business Day that is a Valid Payment Date with the same force and effect as if taken on such date, and no interest shall accrue on any such payment in respect of the delay. 

Section 17.07. No Security Interest Created. Nothing in this Indenture or in the Notes, expressed or implied, shall be construed
to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction. 

Section 17.08. Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person,
other than the Holders, the parties hereto, any Paying Agent, any Conversion Agent, any Bid Solicitation Agent, any Custodian, any authenticating agent, any Note Registrar and their successors hereunder, any benefit or any legal or equitable right,
remedy or claim under this Indenture. 
 Section 17.09. Table of Contents, Headings, Etc. The table of contents and the titles
and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 17.10. Authenticating Agent. The Trustee may appoint an authenticating agent that shall be authorized to act on its behalf
and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes hereunder, including under Section 2.04, Section 2.05, Section 2.06,
Section 2.07, Section 10.04 and Section 15.04 as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes. For all
purposes of this Indenture, the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the Trustee” and a certificate of authentication executed on behalf of the
Trustee by an authenticating agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such authenticating agent shall at all times be a Person eligible to serve as trustee
hereunder pursuant to Section 7.08. 
 Any corporation or other entity into which any authenticating agent may be merged or converted
or with which it may be consolidated, or any corporation or other entity resulting from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity succeeding to the corporate trust
business of any authenticating agent, shall be the successor of the authenticating agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section 17.10, without the execution or filing of any paper or
any further act on the part of the parties hereto or the authenticating agent or such successor corporation or other entity. 
 Any
authenticating agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any 

  
 94 

 
authenticating agent by giving written notice of termination to such authenticating agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at
any time any authenticating agent shall cease to be eligible under this Section, the Trustee may appoint a successor authenticating agent (which may be the Trustee), shall give written notice of such appointment to the Company and shall deliver
notice of such appointment to all Holders. 
 The Company agrees to pay to the authenticating agent from time to time reasonable
compensation for its services although the Company may terminate the authenticating agent, if it determines such agent’s fees to be unreasonable. 

The provisions of Section 7.02, Section 7.03, Section 7.04, Section 8.03 and this Section 17.10 shall be applicable
to any authenticating agent. 
 If an authenticating agent is appointed pursuant to this Section 17.10, the Notes may have endorsed
thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 

                          
                          , 

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

in the within-named Indenture. 
 By:
                                        

 Authorized Signatory 

Section 17.11. Execution in Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an
original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF or other electronic 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 or other electronic means shall be deemed to be their original
signatures for all purposes. 
 Section 17.12. Severability; Entire Agreement. In the event any provision of this Indenture or
in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired. This Indenture and the exhibits hereto
set forth the entire agreement and understanding of the parties related to the transactions contemplated hereby and supersedes all prior agreements and understandings, oral or written. 

Section 17.13. Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 17.14. 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, 

  
 95 

 
directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, pandemics, epidemics, 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 or the unavailability of the Federal Reserve Bank wire or telex or other
wire or communication facility; it being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 17.15. Calculations. The Company shall be responsible for making all calculations called for under the Notes. These
calculations include, but are not limited to, determinations of the Last Reported Sale Prices of the Common Stock, the Daily VWAPs, the Daily Conversion Values, the Daily Settlement Amounts, accrued interest payable on the Notes and the Conversion
Rate of the Notes. The Company shall make all these calculations in good faith and, absent manifest error, the Company’s calculations shall be final and binding on Holders. The Company shall provide a schedule of its calculations to each of the
Trustee and the Conversion Agent, and each of the Trustee and Conversion Agent is entitled to rely conclusively upon the accuracy of the Company’s calculations without independent verification. The Trustee will forward the Company’s
calculations to any Holder of Notes upon the written request of that Holder at the sole cost and expense of the Company. Neither the Trustee nor the Conversion Agent will have any responsibility to make calculations under this Indenture, nor will
either of them have any responsibility to monitor the Company’s stock or trading price, determine whether the conditions to convertibility of the Notes have been met or determine whether the circumstances requiring changes to the Conversion
Rate have occurred. 
 Section 17.16. USA PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326
of the USA PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that
establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the USA PATRIOT
Act. 
 Section 17.17. Tax Withholding. Any applicable withholding taxes (including backup withholding) may be withheld from
interest and payments upon conversion, redemption, repurchase or maturity of the Notes, or if any withholding taxes (including backup withholding) are paid on behalf of a Holder or beneficial owner of Notes, those withholding taxes may be set off
against payments of cash or the delivery of shares of Common Stock, if any, in respect of the Notes (or, in some circumstances, any payments on the Common Stock) or sales proceeds received by or other funds or assets of the Holder or beneficial
owner. 
 Section 17.18 Electronic Signatures. The words “execution,” “signed,” “signature,” and
words of similar import in this Indenture and the Notes shall be deemed to include electronic or digital signatures or the keeping of records in electronic form, each of which shall be of the same effect, validity, and enforceability as manually
executed signatures or a paper-based recordkeeping system, as the case may be, to the extent and as provided for under applicable law, including the Electronic Signatures in Global and National Commerce Act of 2000 (15 U.S.C.

  
 96 

 
§§7001-7006), the Electronic Signatures and Records Act of 1999 (N.Y. State Tech. §§ 301-309), or any other similar state laws based on
the Uniform Electronic Transactions Act; provided that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the
Trustee pursuant to procedures approved by the Trustee. 
 [Remainder of page intentionally left blank] 

  
 97 

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

			
	ZENDESK, INC.
		
	By:	 	 /s/ Elena Gomez

		 	Name: Elena Gomez
		 	Title: Chief Financial Officer

 
			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee

		
	By:	 	 /s/ Quinton M. DePompolo

		 	Name: Quinton M. DePompolo
		 	Title: Banking Officer

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 [INCLUDE
FOLLOWING LEGEND IF A GLOBAL NOTE] 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREUNDER IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 [INCLUDE FOLLOWING LEGEND IF A
RESTRICTED SECURITY] 
 [THIS SECURITY AND THE COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST
HEREIN, THE ACQUIRER: 
 (1) REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL
BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 

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

  
 A-1 

 (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE
SECURITIES ACT AND IS EFFECTIVE AT THE TIME OF SUCH TRANSFER, OR 
 (C) TO A PERSON THAT YOU REASONABLY BELIEVE TO BE A
QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR 
 (D) PURSUANT TO AN EXEMPTION FROM
REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE
DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO
REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 NO AFFILIATE (AS
DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE COMPANY OR PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE COMPANY DURING THE IMMEDIATELY PRECEDING THREE MONTHS MAY PURCHASE, OTHERWISE ACQUIRE OR HOLD
THIS SECURITY OR A BENEFICIAL INTEREST HEREIN.]2 
  

 

	2 	 The Restrictive Legend shall be deemed removed from the face of this Note without further action by the
Company, Trustee or the Holders of this Note at such time and in the manner provided under Section 2.05 of the Indenture. 

  
 A-2 

 Zendesk, Inc. 

0.625% Convertible Senior Note due 2025 
 No.
[                ]                        
                                         
                                         
      [Initially]3 $[            ] 

CUSIP No. [                ]4 
 Zendesk, Inc., a corporation duly organized and validly existing under the laws of the
State of Delaware (the “Company,” which term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE & CO.]5 [                ]6, or registered assigns, the principal
sum [as set forth in the “Schedule of Exchanges of Notes” attached hereto7 [of $[            ]]8, which amount, taken together with the principal amounts of all other outstanding Notes, shall not, unless permitted by the Indenture, exceed $1,150,000,000 in accordance with the rules and
procedures of the Depositary, on June 15, 2025, and interest thereon as set forth below. 
 This Note shall bear interest at the rate
of 0.625% per year from June 16, 2020, or from the most recent date to which interest had been paid or provided for to, but excluding, the next scheduled Interest Payment Date until June 15, 2025. Accrued interest on the Notes shall be
computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of the number of days actually elapsed in a 30-day month. Interest is payable semi-annually in arrears on each June 15 and December 15, commencing on December 15, 2020, to Holders of record at the close of business on the preceding June 1
and December 1 (whether or not such day is a Business Day), respectively. Additional Interest will be payable as set forth in Section 4.06(d), Section 4.06(e) and Section 6.03 of the within-mentioned Indenture, and any reference
to interest on, or in respect of, any Note therein shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to any of such Section 4.06(d), Section 4.06(e) or
Section 6.03, and any express mention of the payment of Additional Interest in any provision therein shall not be construed as excluding Additional Interest in those provisions thereof where such express mention is not made. 

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

The Company shall pay, or cause the Paying Agent to pay, the principal of and interest on this Note, if and so long as such Note is a Global
Note, in immediately available funds to the Depositary or its nominee, as the case may be, as the registered Holder of such Note. As 
  

 

	3 	 Include if a global note. 

	4 	 At such time as the Company notifies the Trustee that the Restrictive Legend is to be removed in accordance
with the Indenture, the CUSIP number for this Note shall be deemed to be [                ]. 

	5 	 Include if a global note. 

	6 	 Include if a physical note. 

	7 	 Include if a global note. 

	8 	 Include if a physical note. 

  
 A-3 

 
provided in and subject to the provisions of the Indenture, the Company shall pay, or cause the Paying Agent to pay, the principal of any Notes (other than Notes that are Global Notes) at the
office or agency designated by the Company for that purpose. The Company has initially designated the Trustee as its Paying Agent and Note Registrar in respect of the Notes and the Corporate Trust Office located in the United States of America as a
place where Notes may be presented for payment or for registration of transfer and exchange. 
 Reference is made to the further provisions
of this Note set forth on the reverse hereof, including, without limitation, provisions giving the Holder of this Note the right to convert this Note into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as
applicable, on the terms and subject to the limitations set forth in the Indenture. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Note, and any claim, controversy or dispute arising under or related to this Note, shall be construed in accordance with and governed
by the laws of the State of New York (without regard to the conflicts of laws provisions thereof). 
 In the case of any conflict
between this Note and the Indenture, the provisions of the Indenture shall control and govern. 
 This Note shall not be valid or become
obligatory for any purpose until the certificate of authentication hereon shall have been signed manually by the Trustee or a duly authorized authenticating agent under the Indenture. 

[Remainder of page intentionally left blank] 

  
 A-4 

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

 

			
	ZENDESK, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: 
 TRUSTEE’S
CERTIFICATE OF AUTHENTICATION 
 WILMINGTON TRUST, NATIONAL ASSOCIATION 

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

			
	By:	 	  

		 	Authorized Officer

  
 A-5 

 [FORM OF REVERSE OF NOTE] 

Zendesk, Inc. 
 0.625% Convertible
Senior Note due 2025 
 This Note is one of a duly authorized issue of Notes of the Company, designated as its 0.625% Convertible Senior
Notes due 2025 (the “Notes”), limited to the aggregate principal amount of $1,150,000,000, all issued or to be issued under and pursuant to an Indenture dated as of June 16, 2020 (the “Indenture”), between the
Company and Wilmington Trust, National Association, as trustee (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations,
duties and immunities thereunder of the Trustee, the Company and the Holders. Additional Notes may be issued in an unlimited aggregate principal amount, subject to certain conditions specified in the Indenture. Capitalized terms used in this Note
and not defined in this Note shall have the respective meanings set forth in the Indenture. 
 In case certain Events of Default shall have
occurred and be continuing, the principal of, and interest on, all Notes may be declared, by either the Trustee or Holders of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and
payable, in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture. 
 Subject to the
terms and conditions of the Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental Change Repurchase Date, the Redemption Price on any Redemption Date and the principal
amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to a Paying Agent to collect such payments in respect of the Note. The Company will pay cash amounts in money of the United States that at the time of payment is
legal tender for payment of public and private debts. 
 The Indenture contains provisions permitting the Company and the Trustee in certain
circumstances, without the consent of the Holders, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, evidenced as in the Indenture
provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes as described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate principal amount
of the Notes at the time outstanding may on behalf of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences. 

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

  
 A-6 

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

The Notes shall be redeemable at the Company’s option on or after June 20, 2023 and prior to the 41st scheduled trading day
immediately preceding the Maturity Date in accordance with the terms and subject to the conditions specified in the Indenture. No sinking fund is provided for the Notes. 

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

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

  
 A-7 

 ABBREVIATIONS 

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

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act 
 CUST =
Custodian 
 TEN ENT = as tenants by the entireties     

JT TEN = joint tenants with right of survivorship and not as tenants in common      

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

  
 A-8 

 SCHEDULE A9 

SCHEDULE OF EXCHANGES OF NOTES 

Zendesk, Inc. 
 0.625% Convertible
Senior Notes due 2025 
 The initial principal amount of this Global Note is
                 DOLLARS ($[                ]). The following increases or
decreases in this Global Note have been made: 
  

									
	 Date of exchange
	  	 Amount of decrease in principal
amount of this Global
Note
	  	 Amount of increase in principal
amount of this Global
Note
	  	 Principal amount
of this Global
Note following
such
decrease or
increase
	  	 Signature of authorized
signatory of Trustee
or
Custodian

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

  
  

	9	 Include if a global note. 

  
 A-9 

 ATTACHMENT 1 

[FORM OF NOTICE OF CONVERSION] 

Zendesk, Inc. 
 0.625% Convertible
Senior Note due 2025 
  

	To:	 Wilmington Trust, National Association 

50 South Sixth Street, Suite 1290 

Minneapolis, MN 55402 
 Attention:
Zendesk, Inc. Account Manager 
 The undersigned registered owner of this Note hereby exercises the option to convert this Note, or the
portion hereof (that is $1,000 principal amount or an integral multiple thereof) below designated, into cash, shares of Common Stock or a combination of cash and shares of Common Stock, at the Company’s election, in accordance with the terms of
the Indenture referred to in this Note, and directs that any cash payable and any shares of Common Stock issuable and deliverable upon such conversion, together with any cash for any fractional share, and any Notes representing any unconverted
principal amount hereof, be issued and delivered to the registered Holder hereof unless a different name has been indicated below. If any shares of Common Stock or any portion of this Note not converted are to be issued in the name of a Person other
than the undersigned, the undersigned will pay all documentary, stamp or similar issue or transfer taxes, if any in accordance with Section 14.02(d) and Section 14.02(e) of the Indenture. Any amount required to be paid to the undersigned
on account of interest accompanies this Note. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the Indenture. 
  

									
	Dated:
                                        
	  				 	  
	  	
				
		  				 	  
 Signature(s)
	  	

  

	
	  
 Signature Guarantee

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

  
 1 

			
	Commission Rule 17Ad-15 if shares of Common Stock are to be issued, or Notes are to be delivered, other than to and in the name of the registered holder.	 	
		
	Fill in for registration of shares if to be issued, and Notes if to be delivered, other than to and in the name of the registered holder:	 	
		 	
	                                      
  	 	
	(Name)	 	
		 	
	                                      
  	 	
	(Street Address)	 	
		 	
	                                      
  	 	
	(City, State and Zip Code)	 	
	Please print name and address	 	
		 	Principal amount to be converted (if less than all): $            ,000
		
		 	NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.
		 	
		 	                                     
   
		 	 Social Security or Other Taxpayer

Identification Number

  
 2 

 ATTACHMENT 2 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE] 

Zendesk, Inc. 
 0.625% Convertible
Senior Note due 2025 
 To: Paying Agent 
 Cc: Trustee (if
other than the Paying Agent) 
 The undersigned registered owner of this Note hereby acknowledges receipt of a notice from Zendesk, Inc.
(the “Company”) as to the occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs the Company to pay to the registered holder hereof in
accordance with Section 15.02 of the Indenture referred to in this Note (1) the entire principal amount of this Note, or the portion thereof (that is $1,000 principal amount or an integral multiple thereof) below designated, and
(2) if such Fundamental Change Repurchase Date does not fall during the period after a Regular Record Date and on or prior to the corresponding Interest Payment Date, accrued and unpaid interest, if any, thereon to, but excluding, such
Fundamental Change Repurchase Date. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the Indenture. 

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

Dated:
                                     

 

	
	  

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

  
 1 

 ATTACHMENT 3 

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

☐    To Zendesk, Inc. or a subsidiary thereof; or 

☐    Pursuant to a registration statement that has become or been declared effective under the Securities Act of 1933, as amended;
or 
 ☐    Pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended; or 

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

  
 1 

	
	Dated:
                                         
       
	    
	  

	
	  

	Signature(s)
	
	  

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

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

  
 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}]]