Document:

Exhibit 10.1

 

COHEN & COMPANY INC.

2020 LONG-TERM INCENTIVE PLAN

 

Cohen & Company Inc., a Maryland corporation
(the “Company”), wishes to attract key employees, Directors, officers, advisors and consultants to the Company and
Subsidiaries, and induce key employees, Directors, officers, advisors, consultants and other personnel to remain with the Company
and Subsidiaries and encourage them to increase their efforts to make the Company’s business more successful whether directly
or through Subsidiaries or other Affiliates. In furtherance thereof, the Cohen & Company Inc. 2020 Long-Term Incentive Plan
(the “Plan”) is designed to provide equity-based incentives to certain Eligible Persons. Awards under the Plan may
be made to Eligible Persons in the form of Options (including Stock Appreciation Rights), Restricted Stock, Restricted Stock Units,
Dividend Equivalent Rights and other forms of equity based Awards as contemplated herein.

 

	1.	DEFINITIONS

 

Whenever used herein, the following terms
shall have the meanings set forth below:

 

“Affiliate” means any entity
other than a Subsidiary that is controlled by or under common control with the Company that is designated as an “Affiliate”
by the Committee in its discretion.

 

“Award” except where referring
to a particular category of grant under the Plan, shall include Options, Restricted Stock, RSUs, Dividend Equivalent Rights and
other equity-based Awards as contemplated herein.

 

“Award Agreement” means a written
agreement in a form approved by the Committee, as provided in Section 3. An Award Agreement may be, without limitation, an employment
or other similar agreement containing provisions governing grants hereunder, if approved by the Committee for use under the Plan.

 

“Board” means the Board of Directors
of the Company.

 

“Cause” means, unless
otherwise provided in the Participant’s Award Agreement (i) engaging in (A) willful or gross misconduct or (B) willful
or gross neglect; (ii) repeatedly failing to adhere to the directions of superiors or the Board or the written policies and
practices of the Company, Subsidiaries or Affiliates; (iii) the commission of a felony or a crime of moral turpitude,
dishonesty, breach of trust or unethical business conduct, or any crime involving the Company, Subsidiaries, or Affiliates;
(iv) fraud, misappropriation or embezzlement; (v) acts or omissions constituting a material failure to perform substantially
and adequately the duties assigned to the Participant; (vi) any illegal act detrimental to the Company, Subsidiaries or
Affiliates; (vii) repeated failure to devote substantially all of the Participant’s business time and efforts to the
Company, Subsidiaries, or Affiliates if required by the Participant’s employment agreement; or (viii) the
Participant’s failure to competently perform his duties after receiving notice from the Company, a Subsidiary, or
Affiliate, specifically identifying the manner in which the Participant has failed to perform; provided, however, that, if at
any particular time the Participant is subject to an effective employment agreement with the Company, a Subsidiary or
Affiliate, then, in lieu of the foregoing definition, “Cause” shall at that time have such meaning as may be
specified in such employment agreement.

 

     

     

    

 

“Change in Control” means the
happening of any of the following:

 

(i)              
any “person,” including a “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), but excluding Daniel G. Cohen, any member of Daniel G.
Cohen’s immediate family, the DGC Family Fintech Trust, the Company, Cohen & Company, LLC, any entity or person controlling,
controlled by or under common control with Daniel G. Cohen, any member of Daniel G. Cohen’s immediate family, the DGC Family
Fintech Trust, the Company, Cohen & Company, LLC, any employee benefit plan of the Company, Cohen & Company, LLC or any
such entity, and any “group” (as such term is used in Section 13(d)(3) of the Exchange Act) of which the any of the
foregoing persons or entities is a member), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of either (A) the combined voting
power of the Company’s then outstanding securities or (B) the then outstanding Common Stock (in either such case other than
as a result of an acquisition of securities directly from the Company, Cohen & Company, LLC or any of their respective subsidiaries);
provided, however, that, in no event shall a Change in Control be deemed to have occurred upon an initial public offering or a
subsequent public offering of the Common Stock under the Securities Act of 1933, as amended; or

 

(ii)             
any consolidation or merger of the Company where the stockholders of the Company, immediately prior to the consolidation
or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more of the combined voting power of the
securities of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation,
if any);

 

(iii)            
there shall occur (A) any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated
or arranged by any party as a single plan) of all or substantially all of the assets of the Company, other than a sale or disposition
by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined voting power
of the voting securities of which are owned by “persons” (as defined above) in substantially the same proportion as
their ownership of the Company immediately prior to such sale or (B) the approval by stockholders of the Company of any plan or
proposal for the liquidation or dissolution of the Company; or

 

(iv)            
the members of the Board of Directors of the Company at the beginning of any consecutive 24-calendar-month period (the “Incumbent
Directors”) cease for any reason other than due to death to constitute at least a majority of the members of the Board of
Directors of the Company; provided that any director whose election, or nomination for election by the Company’s stockholders,
was approved by a vote of at least a majority of the members of the Board of Directors of the Company then still in office who
were members of the Board of Directors of the Company at the beginning of such 24-calendar-month period, shall be deemed to be
an Incumbent Director.

 

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Notwithstanding the foregoing provisions
of this definition of Change in Control, if at any time the Participant is subject to an effective employment agreement with the
Company, a Subsidiary or Affiliate which expressly provides for the definition of a change in control of the Company, then, in
lieu of the foregoing definition, “Change in Control” shall at that time have such meaning as may be specified, in
such employment agreement, with respect to the Company.

 

Notwithstanding the foregoing, if an event
constitutes a Change in Control as described above but does not constitute a “change in the ownership”, “change
in effective control” or “change in the ownership of a substantial portion of the assets” of the Company, as
such terms are defined in Treasury Regulations § 1.409A-3 (or other applicable guidance issued under Section 409A of the Code)
then such event shall not be deemed a Change in Control to the extent that it would result in the imposition of the 20% excise
tax as set forth in Section 409A(a)(1)(B). Such event may however, continue to constitute a Change in Control to the extent possible
(e.g., vesting without an acceleration of distribution) without causing the imposition of such 20% tax.

 

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

 

“Committee” means the Compensation
Committee of the Board.

 

“Common Stock” means the Company’s
Common Stock, par value $.001 per share, either currently existing or authorized hereafter.

 

“Company” means Cohen &
Company Inc., a Maryland corporation.

 

“Director” means a non-employee
director of the Company or Subsidiary that is not an employee of the Company or a Subsidiary.

 

“Disability” means, unless otherwise
provided by the Committee in the Participant’s Award Agreement, a disability which renders the Participant incapable of performing
all of his or her duties for a period of at least 180 consecutive or non-consecutive days during any consecutive twelve-month period.
Notwithstanding the foregoing, no circumstances or condition shall constitute a Disability to the extent that, if it were, a 20%
tax would be imposed under Section 409A of the Code; provided that, in such a case, the event or condition shall continue to constitute
a Disability to the maximum extent possible (e.g., if applicable, in respect of vesting without an acceleration of distribution)
without causing the imposition of such 20% tax.

 

“Dividend Equivalent Right”
means a right awarded under Section 8 to receive (or have credited) the equivalent value of dividends paid on Common Stock.

 

“Eligible Person” means (i)
a key employee, Director, officer, advisor, consultant or other personnel of the Company or Subsidiaries or other person expected
to provide significant services (of a type expressly approved by the Committee as covered services for these purposes) to the Company
or Subsidiaries or (ii) joint venture affiliates of the Company or other entities designated in the discretion of the Committee,
or officers, directors, employees, members, or managers of the foregoing. In the case of grants directly or indirectly to employees
of entities described in clause (ii) of the foregoing sentence, the Committee may make arrangements with such entities as it may
consider appropriate in its discretion, in light of tax and other considerations.

 

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

 

“Fair Market Value” per Share
as of a particular date means (i) if Shares are then listed on a national securities exchange, the closing sales price per Share
on the exchange for the last preceding date on which there was a sale of Shares on such exchange, as determined by the Committee,
(ii) if Shares are not then listed on a national securities exchange but are then traded on an over-the-counter market, the average
of the closing bid and asked prices for the Shares in such over-the-counter market for the last preceding date on which there was
a sale of such Shares in such market, as determined by the Committee, or (iii) if Shares are not then listed on a national securities
exchange or traded on an over-the-counter market, such value as the Committee in its discretion may in good faith determine; provided
that, where the Shares are so listed or traded, the Committee may make such discretionary determinations where the Shares have
not been traded for 10 consecutive trading days.

 

“Grantee” means an Eligible
Person granted Restricted Stock, RSUs, Dividend Equivalent Rights or such other equity-based Awards (other than an Option) as may
be granted pursuant to Section 9.

 

“Incentive Stock Option” means
an “incentive stock option” within the meaning of Section 422(b) of the Code.

 

“Non-Qualified Stock Option”
means an Option which is not an Incentive Stock Option.

 

“Option” means the right to
purchase, at a price and for the term fixed by the Committee in accordance with the Plan, and subject to such other limitations
and restrictions in the Plan and the applicable Award Agreement, a number of Shares determined by the Committee.

 

“Optionee” means an Eligible
Person to whom an Option is granted, or the Successors of the Optionee, as the context so requires.

 

“Option Price” means the price
per Share, determined by the Board or the Committee, at which an Option may be exercised.

 

“Participant” means a Grantee
or Optionee.

 

“Performance Goals” has the
meaning set forth in Section 10.

 

“Plan” means the Company’s
2020 Long-Term Incentive Plan, as set forth herein and as the same may from time to time be amended.

 

“Restricted Stock” means an
award of Shares that are subject to restrictions hereunder.

 

“Restricted Stock Unit” or “RSU”
means a right, pursuant to the Plan, of the Grantee to payment of the RSU Value.

 

“RSU Value,” per RSU, means
the Fair Market Value of a Share or, if so provided by the Committee, such Fair Market Value to the extent in excess of a base
value established by the Committee at the time of grant.

 

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“Retirement” means, unless otherwise
provided by the Committee in the Participant’s Award Agreement, the Termination of Service (other than for Cause) of a Participant
on or after the Participant’s attainment of age 65 or on or after the Participant’s attainment of age 55 with five
consecutive years of service with the Company, Subsidiaries or Affiliates.

 

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

 

“Settlement Date” means the
date determined under Section 7.4(c).

 

“Shares” means shares of Common
Stock of the Company.

 

“Stock Appreciation Right” means
an Option described in Section 5.7.

 

“Subsidiary” means any corporation,
partnership or other entity of which at least 50% of the economic interest in the equity is owned (directly or indirectly) by the
Company or by another subsidiary of the Company. In the event the Company becomes such a subsidiary of another company (directly
or indirectly), the provisions hereof applicable to subsidiaries shall, unless otherwise determined by the Committee, also be applicable
to such parent company.

 

“Successor of the Optionee”
means the legal representative of the estate of a deceased Optionee or the person or persons who shall acquire the right to exercise
an Option by bequest or inheritance or by reason of the death of the Optionee.

 

“Termination Event” means a
Change in Control.

 

“Termination of Service” means
a Participant’s termination of employment or other service (as a consultant or otherwise), as applicable, with the Company,
Subsidiaries and Affiliates.

 

	2.	EFFECTIVE DATE AND TERMINATION OF PLAN

 

The effective date of the Plan is April
7, 2020. The Plan shall terminate on, and no Award shall be granted hereunder on or after, the 10-year anniversary of the earlier
of the approval of the Plan by (i) the Board or (ii) the stockholders of the Company; provided, however, that the Board may at
any time prior to that date terminate the Plan.

 

	3.	ADMINISTRATION OF PLAN

 

(a)               The
Plan shall be administered by the Committee. The Committee, upon and after such time as it is subject to Section 16 of the
Exchange Act, shall consist of at least two individuals each of whom shall be a “nonemployee director” as defined
in Rule 16b-3 as promulgated by the Securities and Exchange Commission (“Rule 16b-3”) under the Exchange Act and
shall, at such times as the Company is subject to Section 162(m) of the Code (to the extent relief from the limitation of
Section 162(m) of the Code is sought with respect to Awards), qualify as “outside directors” for purposes of
Section 162(m) of the Code; provided that no action taken by the Committee (including, without limitation, grants) shall be
invalidated because any or all of the members of the Committee fails to satisfy the foregoing requirements of this sentence.
The acts of a majority of the members present at any meeting of the Committee at which a quorum is present, or acts approved
in writing by a majority of the entire Committee, shall be the acts of the Committee for purposes of the Plan. If and to the
extent applicable, no member of the Committee may act as to matters under the Plan specifically relating to such member.
Notwithstanding the other foregoing provisions of this Section 3(a), any Award under the Plan to a person who is a member of
the Committee shall be made and administered by the Board. If no Committee is designated by the Board to act for these
purposes, the Board shall have the rights and responsibilities of the Committee hereunder and under the Award Agreements.

 

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(b)              
Subject to the provisions of the Plan, the Committee shall in its discretion as reflected by the terms of the Award
Agreements (i) authorize the granting of Awards to Eligible Persons and (ii) determine the eligibility of Eligible Persons to receive
an Award, as well as determine the number of Shares to be covered under any Award Agreement, considering the position and responsibilities
of the Eligible Persons, the nature and value to the Company of the Eligible Person’s present and potential contribution
to the success of the Company whether directly or through Subsidiaries or Affiliates and such other factors as the Committee may
deem relevant.

 

(c)              
The Award Agreement shall contain such other terms, provisions and conditions not inconsistent herewith as shall
be determined by the Committee. In the event that any Award Agreement or other agreement hereunder provides (without regard to
this sentence) for the obligation of the Company, Subsidiaries or Affiliates to purchase or repurchase Shares from a Participant
or any other person, then, notwithstanding the provisions of the Award Agreement or such other agreement, such obligation shall
not apply to the extent that the purchase or repurchase would not be permitted under governing state law. The Participant shall
take whatever additional actions and execute whatever additional documents the Committee may in its reasonable judgment deem necessary
or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on the Participant pursuant
to the express provisions of the Plan and the Award Agreement.

 

	4.	SHARES AND UNITS SUBJECT TO THE PLAN.

 

4.1             
In General.

 

(a)              
Subject to adjustments as provided in Section 14, the total number of Shares subject to Awards granted under the
Plan (including securities convertible into or exchangeable for Shares), in the aggregate, may not exceed 600,000. Shares distributed
under the Plan may be treasury Shares or authorized but unissued Shares. Any Shares that have been granted as Restricted Stock
or that have been reserved for distribution in payment for Options, RSUs or other equity-based Awards but are later forfeited or
for any other reason are not payable under the Plan may again be made the subject of Awards under the Plan.

 

(b)               Shares
subject to Dividend Equivalent Rights, other than Dividend Equivalent Rights based directly on the dividends payable with
respect to Shares subject to Options or the dividends payable on a number of Shares corresponding to the number of RSUs
awarded, shall be subject to the limitation of Section 4.1(a). Notwithstanding Section 4.1(a), except in the case of Awards
intended to qualify for relief from the limitations of Section 162(m) of the Code, there shall be no limit on the number of
RSUs or Dividend Equivalent Rights to the extent they are paid out in cash that may be granted under the Plan. If any RSUs,
Dividend Equivalent Rights or other equity-based Awards under Section 9 are paid out in cash, then, notwithstanding the first
sentence of Section 4.1(a) above (but subject to the second sentence thereof) the underlying Shares may again be made the
subject of Awards under the Plan.

 

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(c)              
The certificates for Shares issued hereunder may include any legend which the Committee deems appropriate to reflect
any rights of first refusal or restrictions on transfer hereunder or under the Award Agreement, or as the Committee may otherwise
deem appropriate.

 

4.2             
Options.

 

Subject to adjustments pursuant to Section
14, and subject to the last sentence of Section 4.1(a), Options with respect to an aggregate of no more than 600,000 Shares may
be granted under the Plan.

 

	5.	PROVISIONS APPLICABLE TO STOCK OPTIONS.

 

5.1             
Grant of Option.

 

Subject to the other terms of the Plan,
the Committee shall, in its discretion as reflected by the terms of the applicable Award Agreement: (i) determine and designate
from time to time those Eligible Persons to whom Options are to be granted and the number of Shares to be optioned to each Eligible
Person; (ii) determine whether to grant Options intended to be Incentive Stock Options, or to grant Non-Qualified Stock Options,
or both (to the extent that any Option does not qualify as an Incentive Stock Option, it shall constitute a separate Non-Qualified
Stock Option); provided that Incentive Stock Options may only be granted to employees of the Company, Subsidiaries or Affiliates;
(iii) determine the time or times when and the manner and condition in which each Option shall be exercisable and the duration
of the exercise period; (iv) designate each Option as one intended to be an Incentive Stock Option or as a Non-Qualified Stock
Option; and (v) determine or impose other conditions to the grant or exercise of Options under the Plan as it may deem appropriate.

 

5.2             
Option Price.

 

The Option Price shall be determined by
the Committee on the date the Option is granted and reflected in the Award Agreement, as the same may be amended from time to time.
Any particular Award Agreement may provide for different Option Prices for specified amounts of Shares subject to the Option; provided
that the Option Price shall not be less than 100% of the Fair Market Value of a Share on the day the Option is granted.

 

5.3             
Period of Option and Vesting.

 

(a)              
Unless earlier expired, forfeited or otherwise terminated, each Option shall expire in its entirety upon the 10th
anniversary of the date of grant or shall have such other term as is set forth in the applicable Award Agreement. The Option shall
also expire, be forfeited and terminate at such times and in such circumstances as otherwise provided hereunder or under the Award
Agreement.

 

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(b)              
Each Option, to the extent that the Optionee has not had a Termination of Service and the Option has not otherwise
lapsed, expired, terminated or been forfeited, shall first become exercisable according to the terms and conditions set forth in
the Award Agreement, as determined by the Committee at the time of grant. Unless otherwise provided in the Plan or the Award Agreement,
no Option (or portion thereof) shall ever be exercisable if the Optionee has a Termination of Service before the time at which
such Option (or portion thereof) would otherwise have become exercisable, and any Option that would otherwise become exercisable
after such Termination of Service shall not become exercisable and shall be forfeited upon such termination. Notwithstanding the
foregoing provisions of this Section 5.3(b), Options exercisable pursuant to the schedule set forth by the Committee at the time
of the grant may be fully or more rapidly exercisable or otherwise vested at any time in the discretion of the Committee. Upon
and after the death of an Optionee, such Optionee’s Options, if and to the extent otherwise exercisable hereunder or under
the applicable Award Agreement after the Optionee’s death, may be exercised by the Successors of the Optionee.

 

5.4             
Exercisability Upon and After Termination of Optionee.

 

(a)              
Subject to provisions of the Award Agreement, if an Optionee has a Termination of Service other than by the Company
or Subsidiaries for Cause, or other than by reason of death, Retirement or Disability, then no exercise of an Option may occur
after the expiration of the three-month period to follow the termination, or if earlier, the expiration of the term of the Option
as provided under Section 5.3(a); provided that, if the Optionee should die after the Termination of Service, but while the Option
is still in effect, the Option (if and to the extent otherwise exercisable by the Optionee at the time of death) may be exercised
until the earlier of (i) one year from the date of the Termination of Service of the Optionee, or (ii) the date on which the term
of the Option expires in accordance with Section 5.3(a).

 

(b)              
Subject to provisions of the Award Agreement, in the event the Optionee has a Termination of Service on account of
death, Disability or Retirement, the Option (whether or not otherwise exercisable) may be exercised until the earlier of (i) one
year from the date of the Termination of Service of the Optionee, or (ii) the date on which the term of the Option expires in accordance
with Section 5.3.

 

(c)              
Notwithstanding any other provision hereof, unless otherwise provided in the Award Agreement, if the Optionee has
a Termination of Service for Cause, the Optionee’s Options, to the extent then unexercised, shall thereupon cease to be exercisable
and shall be forfeited forthwith.

 

5.5             
Exercise of Options.

 

(a)              
Subject to vesting, restrictions on exercisability and other restrictions provided for hereunder or otherwise imposed
in accordance herewith, an Option may be exercised, and payment in full of the aggregate Option Price made, by an Optionee only
by written notice (in the form prescribed by the Committee) to the Company or its designee specifying the number of Shares to be
purchased.

 

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(b)              
Without limiting the scope of the Committee’s discretion hereunder, the Committee may impose such other restrictions
on the exercise of Options (whether or not in the nature of the foregoing restrictions) as it may deem necessary or appropriate.

 

5.6             
Payment.

 

(a)              
The aggregate Option Price shall be paid in full upon the exercise of the Option. Payment must be made by one of
the following methods:

 

(i)                
certified or bank cashier’s check;

 

(ii)             
subject to Section 12(e), the proceeds of a Company loan program or third-party sale program or a notice acceptable
to the Committee given as consideration under such a program, in each case if permitted by the Committee in its discretion, if
such a program has been established and the Optionee is eligible to participate therein;

 

(iii)           
if approved by the Committee in its discretion, Shares of previously owned Common Stock, which have been previously
owned for more than six months, having an aggregate Fair Market Value on the date of exercise equal to the aggregate Option Price;
or

 

(iv)            
if approved by the Committee in its discretion, through the written election of the Optionee to have Shares withheld
by the Company from the Shares otherwise to be received, with such withheld Shares having an aggregate Fair Market Value on the
date of exercise equal to the aggregate Option Price; or

 

(v)              
by any combination of such methods of payment or any other method acceptable to the Committee in its discretion.

 

(b)              
Except in the case of Options exercised by certified or bank cashier’s check, the Committee may impose limitations
and prohibitions on the exercise of Options as it deems appropriate, including, without limitation, any limitation or prohibition
designed to avoid accounting consequences which may result from the use of Common Stock as payment upon exercise of an Option.

 

(c)              
The Committee may provide that no Option may be exercised with respect to any fractional Share. Any fractional Shares
resulting from an Optionee’s exercise that is accepted by the Company shall in the discretion of the Committee be paid in
cash.

 

5.7             
Stock Appreciation Rights.

 

(a)              
The Committee, in its discretion, may also permit (taking into account, without limitation, the application of Section
409A of the Code, as the Committee may deem appropriate) the Optionee to elect to receive upon the exercise of an Option a combination
of Shares and cash, or, in the discretion of the Committee, either Shares or solely in cash, with an aggregate Fair Market Value
(or, to the extent of payment in cash, in an amount) equal to the excess of the Fair Market Value of the Shares with respect to
which the Option is being exercised over the aggregate Option Price, as determined as of the day the Option is exercised.

 

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(b)              
Upon the exercise of any Stock Appreciation Rights, the greater of (i) the number of shares subject to the Stock
Appreciation Rights so exercised, and (ii) the number of Shares, if any, that are issued in connection with such exercise, shall
be deducted from the number of Shares available for issuance under the Plan.

 

(c)              
In no event may a Stock Appreciation Right be transferred by a holder thereof for consideration without the prior
approval of the Company’s stockholders.

 

5.8             
Exercise by Successors.

 

An Option may be exercised, and payment
in full of the aggregate Option Price made, by the Successors of the Optionee only by written notice (in the form prescribed by
the Committee) to the Company specifying the number of Shares to be purchased. Such notice shall state that the aggregate Option
Price will be paid in full, or that the Option will be exercised as otherwise provided hereunder, in the discretion of the Company
or the Committee, if and as applicable.

 

5.9             
Nontransferability of Option.

 

Each Option granted under the Plan shall
be nontransferable by the Optionee except by will or the laws of descent and distribution of the state wherein the Optionee is
domiciled at the time of his death; provided, however, that the Committee may (but need not) permit other transfers, where the
Committee concludes that such transferability (i) does not result in accelerated U.S. federal income taxation, (ii) does not cause
any Option intended to be an Incentive Stock Option to fail to be described in Section 422(b) of the Code, (iii) complies with
applicable law, including securities laws, and (iv) is otherwise appropriate and desirable. In no event may an Option be transferred
by an Optionee for consideration without the prior approval of the Company’s stockholders.

 

5.10         
Deferral.

 

The Committee (taking into account, without
limitation, the possible application of Section 409A of the Code, as the Committee may deem appropriate) may establish a program
under which Participants will have RSUs subject to Section 7 credited upon their exercise of Options, rather than receiving Shares
at that time.

 

5.11         
Certain Incentive Stock Option Provisions.

 

(a)              
In no event may an Incentive Stock Option be granted other than to employees of the Company or a “subsidiary
corporation” or a “parent corporation,” as each is defined in Section 424(f) of the Code, with respect to the
Company. The aggregate Fair Market Value, determined as of the date an Option is granted, of the Common Stock for which any Optionee
may be awarded Incentive Stock Options which are first exercisable by the Optionee during any calendar year under the Plan (or
any other stock option plan required to be taken into account under Section 422(d) of the Code) shall not exceed $100,000. To the
extent the $100,000 limit referred to in the preceding sentence is exceeded, an Option will be treated as a Non-Qualified Stock
Option.

 

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(b)              
If Shares acquired upon exercise of an Incentive Stock Option are disposed of in a disqualifying disposition within
the meaning of Section 422 of the Code by an Optionee prior to the expiration of either two years from the date of grant of such
Option or one year from the transfer of Shares to the Optionee pursuant to the exercise of such Option, or in any other disqualifying
disposition within the meaning of Section 422 of the Code, such Optionee shall notify the Company in writing as soon as practicable
thereafter of the date and terms of such disposition and, if the Company (or an Affiliate) thereupon has a tax-withholding obligation,
shall pay to the Company (or such Affiliate) an amount equal to any withholding tax the Company (or Affiliate) is required to pay
as a result of the disqualifying disposition.

 

(c)              
The Option Price with respect to each Incentive Stock Option shall not be less than 100%, or 110% in the case of
an individual described in Section 422(b)(6) of the Code (relating to certain 10% owners), of the Fair Market Value of a Share
on the day the Option is granted. Also, in the case of such an individual who is granted an Incentive Stock Option, the term of
such Option shall be no more than five years from the date of grant.

 

	6.	PROVISIONS APPLICABLE TO RESTRICTED STOCK.

 

6.1             
Grant of Restricted Stock.

 

(a)              
In connection with the grant of Restricted Stock, whether or not performance goals (as provided for under Section
10) apply thereto, the Committee shall establish one or more vesting periods with respect to the shares of Restricted Stock granted,
the length of which shall be determined in the discretion of the Committee. Subject to the provisions of this Section 6, the applicable
Award Agreement and the other provisions of the Plan, restrictions on Restricted Stock shall lapse if the Grantee satisfies all
applicable employment or other service requirements through the end of the applicable vesting period.

 

(b)              
Subject to the other terms of the Plan, the Committee may, in its discretion as reflected by the terms of the applicable
Award Agreement: (i) authorize the granting of Restricted Stock to Eligible Persons; (ii) provide a specified purchase price for
the Restricted Stock (whether or not the payment of a purchase price is required by any state law applicable to the Company); (iii)
determine the restrictions applicable to Restricted Stock and (iv) determine or impose other conditions, including any applicable
Performance Goals, to the grant of Restricted Stock under the Plan as it may deem appropriate.

 

6.2             
Certificates/Book Entry.

 

(a)              
Unless otherwise provided by the Committee, a “book entry” (by computerized or manual entry) shall be
made in the records of the Company (or, if applicable, the Company’s transfer agent) to evidence an award of Shares of Restricted
Stock.

 

(b)               If
the Shares of Restricted Stock are not evidenced in “book entry” form in accordance with Section 6.2(a), each
Grantee of Restricted Stock shall be issued a stock certificate in respect of Shares of Restricted Stock awarded under the
Plan. Each such certificate shall be registered in the name of the Grantee. Without limiting the generality of Section
4.1(c), the certificates for Shares of Restricted Stock issued hereunder may include any legend which the Committee deems
appropriate to reflect any restrictions on transfer hereunder or under the Award Agreement, or as the Committee may otherwise
deem appropriate, and, without limiting the generality of the foregoing, shall bear a legend referring to the terms,
conditions, and restrictions applicable to such Award, substantially in the following form:

 

    11

     

    

 

THE TRANSFERABILITY OF THIS CERTIFICATE
AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF THE COHEN & COMPANY
INC. 2020 LONG-TERM INCENTIVE PLAN AND AN AWARD AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND COHEN & COMPANY INC.
COPIES OF SUCH PLAN AND AWARD AGREEMENT ARE ON FILE IN THE OFFICES OF COHEN & COMPANY INC. AT CIRA CENTRE, 2929 ARCH STREET,
SUITE 1703, PHILADELPHIA, PENNSYLVANIA 19104.

 

(c)              
The Committee shall require that any stock certificates evidencing such Shares be held in custody by the Company
or its designee until the restrictions hereunder shall have lapsed, and that, as a condition of any Award of Restricted Stock,
the Grantee shall have delivered to the Company or its designee a stock power, endorsed in blank, relating to the stock covered
by such Award. If and when such restrictions so lapse, the stock certificates shall be delivered by the Company to the Grantee
or his or her designee as provided in Section 6.3 (and the stock power shall cease to be of effect).

 

6.3             
Restrictions and Conditions.

 

Unless otherwise provided by the Committee,
the Shares of Restricted Stock awarded pursuant to the Plan shall be subject to the following restrictions and conditions:

 

(i)                
Subject to the provisions of the Plan and the Award Agreements, during a period commencing with the date of such
Award and ending on the date the period of forfeiture with respect to such Shares lapses, the Grantee shall not be permitted voluntarily
or involuntarily to sell, transfer, pledge, anticipate, alienate, encumber or assign Shares of Restricted Stock awarded under the
Plan (or have such Shares attached or garnished). Subject to the provisions of the Award Agreements and clause (iii) below, the
period of forfeiture with respect to Shares granted hereunder shall lapse as provided in the applicable Award Agreement. Notwithstanding
the foregoing, unless otherwise expressly provided by the Committee, the period of forfeiture with respect to such Shares shall
only lapse as to whole Shares.

 

(ii)              Except
as provided in the foregoing clause (i), below in this clause (ii), or as otherwise provided in the applicable Award
Agreement, the Grantee shall have, in respect of the Shares of Restricted Stock, all of the rights of a shareholder of the
Company, including the right to vote the Shares and the right to receive any cash dividends as and when such dividends are
declared and paid by the Company (or as soon as practicable thereafter); provided, however, that cash dividends on such
Shares shall, unless otherwise provided by the Committee, be held by the Company (unsegregated as a part of its general
assets) until the period of forfeiture lapses (and forfeited if the underlying Shares are forfeited), and paid over to the
Grantee (without interest) as soon as practicable after such period lapses (if not forfeited). Certificates for Shares (not
subject to restrictions) shall be delivered to the Grantee or his or her designee promptly after, and only after, the period
of forfeiture shall lapse without forfeiture in respect of such Shares of Restricted Stock.

 

    12

     

    

 

(iii)           
Except as otherwise provided in the applicable Award Agreement, and subject to clause (iv) below, if the Grantee
has a Termination of Service by the Company and Subsidiaries (or, if applicable, Affiliates) for Cause, or by the Grantee for any
reason during the applicable period of forfeiture, then (A) all Shares still subject to restriction shall thereupon, and with no
further action, be forfeited by the Grantee, and (B) the Company shall pay to the Grantee as soon as practicable (and in no event
more than 30 days) after such termination an amount, equal to the lesser of (x) the amount paid by the Grantee for such forfeited
Restricted Stock as contemplated by Section 6.1, and (y) the Fair Market Value on the date of termination of the forfeited Restricted
Stock.

 

(iv)            
Subject to the provisions of the Award Agreement, in the event the Grantee has a Termination of Service on account
of death, Disability or Retirement, or the Grantee has a Termination of Service by the Company and Subsidiaries for any reason
other than Cause, or in the event of a Termination Event (regardless of whether a termination follows thereafter), during the applicable
period of forfeiture, then restrictions under the Plan will immediately lapse on all Restricted Stock granted to the applicable
Grantee.

 

	7.	PROVISIONS APPLICABLE TO RESTRICTED STOCK UNITS.

 

7.1             
Grant of RSUs.

 

Subject to the other terms of the Plan,
the Committee shall, in its discretion as reflected by the terms of the applicable Award Agreement: (i) authorize the granting
of RSUs to Eligible Persons and (ii) determine or impose other conditions to the grant of RSUs under the Plan as it may deem appropriate.

 

7.2             
Term.

 

The Committee may provide in an Award Agreement
that any particular RSU shall expire at the end of a specified term.

 

7.3             
Vesting.

 

RSUs shall vest as provided in the applicable
Award Agreement.

 

7.4             
Settlement of RSUs.

 

(a)              
Each vested and outstanding RSU shall be settled by the transfer to the Grantee of one Share; provided that, the
Committee at the time of grant (or, in the appropriate case, as determined by the Committee, thereafter) may provide that, after
consideration of possible accounting issues, an RSU may be settled (i) in cash at the applicable RSU Value, (ii) in cash or by
transfer of Shares as elected by the Grantee in accordance with procedures established by the Committee or (iii) in cash or by
transfer of Shares as elected by the Company.

 

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(b)              
Payment (whether of cash or Shares) in respect of RSUs shall be made in a single sum by the Company; provided that,
with respect to RSUs of a Grantee which have a common Settlement Date, the Committee may permit the Grantee to elect in accordance
with procedures established by the Committee (taking into account, without limitation, Section 409A of the Code, as the Committee
may deem appropriate) to receive installment payments over a period not to exceed 10 years, rather than a single-sum payment.

 

(c)              
Unless otherwise provided in the applicable Award Agreement, the “Settlement Date” with respect to an
RSU is the first day of the month to follow the date on which the RSU vests; provided that a Grantee may elect, in accordance with
procedures to be established by the Committee, that such Settlement Date will be deferred as elected by the Grantee to the first
day of the month to follow the Grantee’s Termination of Service, or such other time as may be permitted by the Committee.
Unless otherwise determined by the Committee, elections under this Section 7.4(c) must, except as may otherwise be permitted under
the rules applicable under Section 409A of the Code, (A) be effective at least one year after they are made, or, in the case of
payments to commence at a specific time, be made at least one year before the first scheduled payment and (B) defer the commencement
of distributions (and each affected distribution) for at least five years.

 

(i)                
Notwithstanding Section 7.4(c), the Committee may provide that distributions of RSUs can be elected at any time in
those cases in which the RSU Value is determined by reference to Fair Market Value to the extent in excess of a base value, rather
than by reference to unreduced Fair Market Value.

 

(ii)             
Notwithstanding the foregoing, and unless otherwise provided in the applicable Award Agreement, the Settlement Date,
if not earlier pursuant to this Section 7.4(c), is the date of the Grantee’s death.

 

(d)              
Notwithstanding the other provisions of this Section 7, and unless otherwise provided in the applicable Award Agreement,
in the event of a Termination Event, the Settlement Date shall be the date of such Termination Event and all amounts due with respect
to RSUs to a Grantee hereunder shall be paid as soon as practicable (but in no event more than 30 days) after such Termination
Event, unless such Grantee elects otherwise in accordance with procedures established by the Committee.

 

(e)              
Notwithstanding any other provision of the Plan, a Grantee may receive any amounts to be paid in installments as
provided in Section 7.4(b) or deferred by the Grantee as provided in Section 7.4(c) in the event of an “Unforeseeable Emergency.”
For these purposes, an “Unforeseeable Emergency,” as determined by the Committee in its sole discretion, is a severe
financial hardship to the Grantee resulting from a sudden and unexpected illness or accident of the Grantee or “dependent,”
as defined in Section 152(a) of the Code, of the Grantee, loss of the Grantee’s property due to casualty, or other similar
extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Grantee. The circumstances
that will constitute an Unforeseeable Emergency will depend upon the facts of each case, but, in any case, payment may not be made
to the extent that such hardship is or may be relieved:

 

(i)                
through reimbursement or compensation by insurance or otherwise,

 

    14

     

    

 

(ii)             
by liquidation of the Grantee’s assets, to the extent the liquidation of such assets would not itself cause
severe financial hardship, or

 

(iii)           
by future cessation of the making of additional deferrals under Section 7.4(b) and 7.4(c).

 

Without limitation, the need to send a Grantee’s
child to college or the desire to purchase a home shall not constitute an Unforeseeable Emergency. Distributions of amounts because
of an Unforeseeable Emergency shall be permitted to the extent reasonably needed to satisfy the emergency need.

 

7.5             
Other RSUs Provisions.

 

(a)              
Rights to payments with respect to RSUs granted under the Plan shall not be subject in any manner to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, attachment, garnishment, levy, execution, or other legal or equitable
process, either voluntary or involuntary; and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, attach
or garnish, or levy or execute on any right to payments or other benefits payable hereunder, shall be void.

 

(b)              
(b) A Grantee may designate in writing, on forms to be prescribed by the Committee, a beneficiary or beneficiaries
to receive any payments payable after his or her death and may amend or revoke such designation at any time. If no beneficiary
designation is in effect at the time of a Grantee’s death, payments hereunder (if any) shall be made to the Grantee’s
estate. If a Grantee with a vested RSU dies, such RSU shall be settled and the RSU Value in respect of such RSUs paid, and any
payments deferred pursuant to an election under Section 7.4(c) shall be accelerated and paid, as soon as practicable (but no later
than 60 days) after the date of death to such Grantee’s beneficiary or estate, as applicable.

 

(c)              
The Committee may establish a program under which distributions with respect to RSUs may be deferred for periods
in addition to those otherwise contemplated by foregoing provisions of this Section 7. Such program may include, without limitation,
provisions for the crediting of earnings and losses on unpaid amounts, and, if permitted by the Committee, provisions under which
Participants may select from among hypothetical investment alternatives for such deferred amounts in accordance with procedures
established by the Committee.

 

(d)              
Notwithstanding any other provision of this Section 7, any fractional RSU will be paid out in cash at the RSU Value
as of the Settlement Date.

 

(e)              
No RSU shall be construed to give any Grantee any rights with respect to Shares or any ownership interest in the
Company. Except as may be provided in accordance with Section 8, no provision of the Plan shall be interpreted to confer upon any
Grantee any voting, dividend or derivative or other similar rights with respect to any RSU.

 

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	8.	PROVISIONS APPLICABLE TO DIVIDEND EQUIVALENT RIGHTS.

 

8.1             
Grant of Dividend Equivalent Rights.

 

Subject to the other terms of the Plan,
the Committee shall, in its discretion as reflected by the terms of the Award Agreements, authorize the granting of Dividend Equivalent
Rights to Eligible Persons based on the regular cash dividends declared on Common Stock, to be credited as of the dividend payment
dates, during the period between the date an Award is granted, and the date such Award is exercised, vests or expires, as determined
by the Committee. Such Dividend Equivalent Rights shall be converted to cash or additional Shares by such formula and at such time
and subject to such limitation as may be determined by the Committee. With respect to Dividend Equivalent Rights granted with respect
to Options intended to be qualified performance-based compensation for purposes of Section 162(m) of the Code, such Dividend Equivalent
Rights shall be payable regardless of whether such Option is exercised. If a Dividend Equivalent Right is granted in respect of
another Award hereunder, then, unless otherwise stated in the Award Agreement, in no event shall the Dividend Equivalent Right
be in effect for a period beyond the time during which the applicable portion of the underlying Award is in effect.

 

8.2             
Certain Terms.

 

(a)              
The term of a Dividend Equivalent Right shall be set by the Committee in its discretion.

 

(b)              
Unless otherwise determined by the Committee, except as contemplated by Section 8.4, a Dividend Equivalent Right
is exercisable or payable only while the Participant is an Eligible Person.

 

(c)              
Payment of the amount determined in accordance with Section 8.1 shall be in cash, in Common Stock or a combination
of the two, as determined by the Committee.

 

(d)              
The Committee may impose such employment-related conditions on the grant of a Dividend Equivalent Right as it deems
appropriate in its discretion.

 

8.3             
Other Types of Dividend Equivalent Rights.

 

The Committee may establish a program under
which Dividend Equivalent Rights of a type whether or not described in the foregoing provisions of this Section 8 may be granted
to Participants. For example, and without limitation, the Committee may grant a dividend equivalent right in respect of each Share
subject to an Option or with respect to an RSU, which right would consist of the right (subject to Section 8.4) to receive a cash
payment in an amount equal to the dividend distributions paid on a Share from time to time.

 

8.4             
Deferral.

 

The Committee may establish a program
(taking into account, without limitation, the possible application of Section 409A of the Code, as the Committee may deem
appropriate) under which Participants (i) will have RSUs credited, subject to the terms of Sections 7.4 and 7.5 as though
directly applicable with respect thereto, upon the granting of Dividend Equivalent Rights, or (ii) will have payments with
respect to Dividend Equivalent Rights deferred. In the case of the foregoing clause (ii), such program may include, without
limitation, provisions for the crediting of earnings and losses on unpaid amounts, and, if permitted by the Committee,
provisions under which Participants may select from among hypothetical investment alternatives for such deferred amounts in
accordance with procedures established by the Committee.

 

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	9.	OTHER EQUITY-BASED AWARDS.

 

The Committee shall have the right to grant
(i) other Awards based upon the Common Stock having such terms and conditions as the Committee may determine, including, without
limitation, the grant of Shares based upon certain conditions, the grant of securities convertible into Common Stock and the grant
of Stock Appreciation Rights and (ii) interests (which may be expressed as units or otherwise) in Subsidiaries, as applicable.

 

	10.	PERFORMANCE GOALS.

 

The Committee, in its discretion, may in
the case of Awards (including, in particular, Awards other than Options) (i) establish one or more performance goals (“Performance
Goals”) as a precondition to the issuance or vesting of Awards, and (ii) provide, in connection with the establishment of
the Performance Goals, for predetermined Awards to those Participants (who continue to meet all applicable eligibility requirements)
with respect to whom the applicable Performance Goals are satisfied. The Performance Goals shall be based upon the criteria set
forth in Exhibit A hereto which is hereby incorporated herein by reference as though set forth in full. Prior to the award or vesting,
as applicable, of affected Awards hereunder, the Committee shall have certified that any applicable Performance Goals, and other
material terms of the Award, have been satisfied.

 

	11.	TAX WITHHOLDING.

 

11.1         
In General.

 

The Company shall be entitled to withhold
from any payments or deemed payments any amount of tax withholding determined by the Committee to be required by law. Without limiting
the generality of the foregoing, the Committee may, in its discretion, require the Participant to pay to the Company at such time
as the Committee determines the amount that the Committee deems necessary to satisfy the Company’s obligation to withhold
federal, state or local income or other taxes incurred by reason of (i) the exercise of any Option, (ii) the lapsing of any restrictions
applicable to any Restricted Stock, (iii) the receipt of a distribution in respect of RSUs or Dividend Equivalent Rights or (iv)
any other applicable income-recognition event (for example, an election under Section 83(b) of the Code).

 

11.2         
Share Withholding.

 

(a)               Upon
exercise of an Option, the Optionee may, if approved by the Company in its discretion, make a written election to have Shares
then issued withheld by the Company from the Shares otherwise to be received, or to deliver previously owned Shares, in order
to satisfy the liability for such withholding taxes. In the event that the Optionee makes, and the Company permits, such an
election, the number of Shares so withheld or delivered shall have an aggregate Fair Market Value on the date of exercise
sufficient to satisfy the applicable withholding taxes. Where the exercise of an Option does not give rise to an obligation
by the Company to withhold federal, state or local income or other taxes on the date of exercise, but may give rise to such
an obligation in the future, the Company may, in its discretion, make such arrangements and impose such requirements as it
deems necessary or appropriate.

 

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(b)              
Upon lapsing of restrictions on Restricted Stock (or other income-recognition event), the Grantee may, if approved
by the Company in its discretion, make a written election to have Shares withheld by the Company from the Shares otherwise to be
released from restriction, or to deliver previously owned Shares (not subject to restrictions hereunder), in order to satisfy the
liability for such withholding taxes. In the event that the Grantee makes, and the Company permits, such an election, the number
of Shares so withheld or delivered shall have an aggregate Fair Market Value on the date of exercise sufficient to satisfy the
applicable withholding taxes.

 

(c)              
Upon the making of a distribution in respect of RSUs or Dividend Equivalent Rights, the Grantee may, if approved
by the Company in its discretion, make a written election to have amounts (which may include Shares) withheld by the Company from
the distribution otherwise to be made, or to deliver previously owned Shares (not subject to restrictions hereunder), in order
to satisfy the liability for such withholding taxes. In the event that the Grantee makes, and the Company permits, such an election,
any Shares so withheld or delivered shall have an aggregate Fair Market Value on the date of exercise sufficient to satisfy the
applicable withholding taxes.

 

11.3         
Withholding Required.

 

Notwithstanding anything contained in the
Plan or the Award Agreement to the contrary, the Participant’s satisfaction of any tax-withholding requirements imposed by
the Committee shall be a condition precedent to the Company’s obligation as may otherwise be provided hereunder to provide
Shares to the Participant and to the release of any restrictions as may otherwise be provided hereunder, as applicable; and the
applicable Option, Restricted Stock, RSUs or Dividend Equivalent Rights shall be forfeited upon the failure of the Participant
to satisfy such requirements with respect to, as applicable, (i) the exercise of the Option, (ii) the lapsing of restrictions on
the Restricted Stock (or other income-recognition event) or (iii) distributions in respect of any RSU or Dividend Equivalent Right.

 

	12.	REGULATIONS AND APPROVALS.

 

(a)              
The obligation of the Company to sell Shares with respect to an Award granted under the Plan shall be subject to
all applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all
such approvals by governmental agencies as may be deemed necessary or appropriate by the Committee.

 

(b)              
The Committee may make such changes to the Plan as may be necessary or appropriate to comply with the rules and regulations
of any government authority or to obtain tax benefits applicable to an Award.

 

    18

     

    

 

(c)              
Each grant of Options, Restricted Stock, RSU (or issuance of Shares in respect thereof) or Dividend Equivalent Rights
(or issuance of Shares in respect thereof), or other Award under Section 9 (or issuance of Shares in respect thereof), is subject
to the requirement that, if at any time the Committee determines, in its discretion, that the listing, registration or qualification
of Shares issuable pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent
or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issuance
of Options, Shares of Restricted Stock, RSUs, Dividend Equivalent Rights, other Awards or other Shares, no payment shall be made,
or RSUs or Shares issued or grant of Restricted Stock or other Award made, in whole or in part, unless listing, registration, qualification,
consent or approval has been effected or obtained free of any conditions in a manner acceptable to the Committee.

 

(d)              
In the event that the disposition of stock acquired pursuant to the Plan is not covered by a then current registration
statement under the Securities Act, and is not otherwise exempt from such registration, such Shares shall be restricted against
transfer to the extent required under the Securities Act, and the Committee may require any individual receiving Shares pursuant
to the Plan, as a condition precedent to receipt of such Shares, to represent to the Company in writing that such Shares are acquired
for investment only and not with a view to distribution and that such Shares will be disposed of only if registered for sale under
the Securities Act or if there is an available exemption for such disposition.

 

(e)              
Notwithstanding any other provision of the Plan, the Company shall not be required to take or permit any action under
the Plan or any Award Agreement which, in the good-faith determination of the Company, would result in a material risk of a violation
by the Company of Section 13(k) of the Exchange Act.

 

	13.	INTERPRETATION AND AMENDMENTS; OTHER RULES.

 

The Committee may make such rules and
regulations and establish such procedures for the administration of the Plan as it deems appropriate. Without limiting the
generality of the foregoing, the Committee may (i) determine the extent, if any, to which Options, RSUs or Shares (whether or
not Shares of Restricted Stock) or Dividend Equivalent Rights shall be forfeited (whether or not such forfeiture is expressly
contemplated hereunder); (ii) interpret the Plan and the Award Agreements hereunder, with such interpretations to be
conclusive and binding on all persons and otherwise accorded the maximum deference permitted by law, provided that the
Committee’s interpretation shall not be entitled to deference on and after a Termination Event except to the extent
that such interpretations are made exclusively by members of the Committee who are individuals who served as Committee
members before the Termination Event; and (iii) take any other actions and make any other determinations or decisions that it
deems necessary or appropriate in connection with the Plan or the administration or interpretation thereof. In the event of
any dispute or disagreement as to the interpretation of the Plan or of any rule, regulation or procedure, or as to any
question, right or obligation arising from or related to the Plan, the decision of the Committee, except as provided in
clause (ii) of the foregoing sentence, shall be final and binding upon all persons. Unless otherwise expressly provided
hereunder, the Committee, with respect to any grant, may exercise its discretion hereunder at the time of the Award or
thereafter. The Board may amend the Plan as it shall deem advisable, except that no amendment may adversely affect a
Participant with respect to an Award previously granted without such Participant’s written consent unless such
amendments are required in order to comply with applicable laws; provided, however, that the Plan may not be amended without
stockholder approval in any case in which amendment in the absence of stockholder approval would cause the Plan to fail to
comply with any applicable legal requirement or applicable exchange or similar rule.

 

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	14.	CHANGES IN CAPITAL STRUCTURE.

 

(a)              
If (i) the Company or Subsidiaries shall at any time be involved in a merger, consolidation, dissolution, liquidation,
reorganization, exchange of shares, sale of all or substantially all of the assets or stock of the Company or Subsidiaries or a
transaction similar thereto, (ii) any stock dividend, stock split, reverse stock split, stock combination, reclassification, recapitalization
or other similar change in the capital structure of the Company or Subsidiaries, or any distribution to holders of Common Stock
other than cash dividends, shall occur or (iii) any other event shall occur which in the judgment of the Committee necessitates
action by way of adjusting the terms of the outstanding Awards, then:

 

(i)                
the maximum aggregate number and kind of Shares which may be made subject to Options and Dividend Equivalent Rights
under the Plan, the maximum aggregate number and kind of Shares of Restricted Stock that may be granted under the Plan, the maximum
aggregate number of RSUs and other Awards which may be granted under the Plan may be appropriately adjusted by the Committee in
its discretion; and

 

(b)              
the Committee may take any such action as in its discretion shall be necessary to maintain each Participants’
rights hereunder (including under their Award Agreements) so that they are substantially in their respective Options, RSUs and
Dividend Equivalent Rights substantially proportionate to the rights existing in such Options, RSUs and Dividend Equivalent Rights
prior to such event, including, without limitation, adjustments in (A) the number of Options, RSUs and Dividend Equivalent Rights
(and other Awards under Section 9) granted, (B) the number and kind of shares or other property to be distributed in respect of
Options, RSUs and Dividend Equivalent Rights (and other Awards under Section 9 as applicable), (C) the Option Price and RSU Value,
and (D) performance-based criteria established in connection with Awards; provided that, in the discretion of the Committee, the
foregoing clause (D) may also be applied in the case of any event relating to a Subsidiary if the event would have been covered
under this Section 14(a) had the event related to the Company.

 

To the extent that such action shall include
an increase or decrease in the number of Shares (or units of other property then available) subject to all outstanding Awards,
the number of Shares (or units) available under Section 4 shall be increased or decreased, as the case may be, proportionately,
as may be determined by the Committee in its discretion.

 

(c)              
Any Shares or other securities distributed to a Grantee with respect to Restricted Stock or otherwise issued in substitution
of Restricted Stock shall be subject to the restrictions and requirements imposed by Section 6, including depositing the certificates
therefor with the Company together with a stock power and bearing a legend as provided in Section 6.2(c).

 

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(d)              
If the Company shall be consolidated or merged with another corporation or other entity, each Grantee who has received
Restricted Stock that is then subject to restrictions imposed by Section 6.3 may be required to deposit with the successor corporation
the certificates, if any, for the stock or securities, or the other property, that the Grantee is entitled to receive by reason
of ownership of Restricted Stock in a manner consistent with Section 6.2(c), and such stock, securities or other property shall
become subject to the restrictions and requirements imposed by Section 6.3, and the certificates therefor or other evidence thereof
shall bear a legend similar in form and substance to the legend set forth in Section 6.2(c).

 

(e)              
If a Termination Event shall occur, then the Committee, as constituted immediately before the Termination Event,
may make such adjustments as it, in its discretion, determines are necessary or appropriate in light of the Termination Event,
provided that the Committee determines that such adjustments do not have an adverse economic impact on the Participant as determined
at the time of the adjustments.

 

(f)               
The judgment of the Committee with respect to any matter referred to in this Section 14 shall be conclusive and binding
upon each Participant without the need for any amendment to the Plan.

 

(g)              
Other than as otherwise permitted under this Section 14, without the prior approval of the Company’s stockholders:
(i) the Option Price, with respect to an Option, or grant price, with respect to a Stock Appreciation Right, may not be reduced
below the price established at the time of grant thereof and (ii) an outstanding Option or Stock Appreciation Right may not be
cancelled and replaced with a new Award with a lower exercise or grant price.

 

	15.	MISCELLANEOUS.

 

15.1         
No Rights to Employment or Other Service.

 

Nothing in the Plan or in any grant made
pursuant to the Plan shall confer on any individual any right to continue in the employ or other service of the Company, the Subsidiaries
or Affiliates or interfere in any way with the right of the Company, the Subsidiaries or Affiliates and their stockholders to terminate
the individual’s employment or other service at any time.

 

15.2         
Right of First Refusal; Right of Repurchase.

 

At the time of grant, the Committee may
provide in connection with any grant made under the Plan that Shares received hereunder shall be subject to a right of first refusal
pursuant to which the Company shall be entitled to purchase such Shares in the event of a prospective sale of the Shares, subject
to such terms and conditions as the Committee may specify at the time of grant or (if permitted by the Award Agreement) thereafter,
and to a right of repurchase, pursuant to which the Company shall be entitled to purchase such Shares at a price determined by,
or under a formula set by, the Committee at the time of grant or (if permitted by the Award Agreement) thereafter.

 

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15.3         
No Fiduciary Relationship.

 

Nothing contained in the Plan (including
without limitation Sections 7.5(c) and 8.4), and no action taken pursuant to the provisions of the Plan, shall create or shall
be construed to create a trust of any kind, or a fiduciary relationship between the Company or Subsidiaries, or their, officers
or the Committee, on the one hand, and the Participant, the Company, Subsidiaries or any other person or entity, on the other.

 

15.4         
Section 409A.

 

This Plan is intended to comply and shall
be administered in a manner that is intended to comply with the requirement of Section 409A of the Code (including the Treasury
Department guidance and regulations issued thereunder), and shall be construed and interpreted in accordance with such intent.
If the Committee determines that an Award, Award document, payment, transaction or any other action or arrangement contemplated
by the provisions of this Plan would, if undertaken, cause a Participant to become subject to any additional taxes or other penalties
under Section 409A of the Code, then unless the Committee specifically provides otherwise, such Award, Award document, payment,
transaction or other Award documents will be deemed modified or, if necessary, suspended in order to comply with the requirements
of Section 409A of the Code to the extent determined appropriate by the Committee, in each case without the consent of the Participant.

 

15.5         
Claims Procedures.

 

(a)              
To the extent that the Plan is determined by the Committee to be subject to the Employee Retirement Income Security
Act of 1974, as amended, the Grantee, or his beneficiary hereunder or authorized representative, may file a claim for payments
with respect to RSUs under the Plan by written communication to the Committee or its designee. A claim is not considered filed
until such communication is actually received. Within 90 days (or, if special circumstances require an extension of time for processing,
180 days, in which case notice of such special circumstances should be provided within the initial 90-day period) after the filing
of the claim, the Committee will either:

 

(i)                
approve the claim and take appropriate steps for satisfaction of the claim; or

 

(ii)             
if the claim is wholly or partially denied, advise the claimant of such denial by furnishing to him a written notice
of such denial setting forth (A) the specific reason or reasons for the denial; (B) specific reference to pertinent provisions
of the Plan on which the denial is based and, if the denial is based in whole or in part on any rule of construction or interpretation
adopted by the Committee, a reference to such rule, a copy of which shall be provided to the claimant; (C) a description of any
additional material or information necessary for the claimant to perfect the claim and an explanation of the reasons why such material
or information is necessary; and (D) a reference to this Section 15.5 as the provision setting forth the claims procedure under
the Plan.

 

(b)              
The claimant may request a review of any denial of such claim by written application to the Committee within 60 days
after receipt of the notice of denial of such claim.

 

    22

     

    

 

Within 60 days (or, if special circumstances
require an extension of time for processing, 120 days, in which case notice of such special circumstances should be provided within
the initial 60-day period) after receipt of written application for review, the Committee will provide the claimant with its decision
in writing, including, if the claimant’s claim is not approved, specific reasons for the decision and specific references
to the Plan provisions on which the decision is based.

 

15.6         
No Fund Created.

 

Any and all payments hereunder to any Grantee
shall be made from the general funds of the Company, no special or separate fund shall be established or other segregation of assets
made to assure such payments, and the RSUs (including for purposes of this Section 15.6 any accounts established to facilitate
the implementation of Section 7.4(c)) and any other similar devices issued hereunder to account for Plan obligations do not constitute
Common Stock and shall not be treated as (or as giving rise to) property or as a trust fund of any kind; provided, however, that
the Company may establish a mere bookkeeping reserve to meet its obligations hereunder or a trust or other funding vehicle that
would not cause the Plan to be deemed to be funded for tax purposes or for purposes of Title I of the Employee Retirement Income
Security Act of 1974, as amended. The obligations of the Company under the Plan are unsecured and constitute a mere promise by
the Company to make benefit payments in the future and, to the extent that any person acquires a right to receive payments under
the Plan from the Company, such right shall be no greater than the right of a general unsecured creditor of the Company. (If any
Affiliate is or is made responsible with respect to any Awards, the foregoing sentence shall apply with respect to such Affiliate.)
Without limiting the foregoing, RSUs and any other similar devices issued hereunder to account for Plan obligations are solely
a device for the measurement and determination of the amounts to be paid to a Grantee under the Plan, and each Grantee’s
right in the RSUs and any such other devices is limited to the right to receive payment, if any, as may herein be provided.

 

15.7         
Notices.

 

All notices under the Plan shall be in writing,
and if to the Company, shall be delivered to the Board or mailed to its principal office, addressed to the attention of the Board;
and if to the Participant, shall be delivered personally, sent by facsimile transmission or mailed to the Participant at the address
appearing in the records of the Company. Such addresses may be changed at any time by written notice to the other party given in
accordance with this Section 15.7.

 

15.8         
Exculpation and Indemnification.

 

The Company shall indemnify and hold harmless
the members of the Board and the members of the Committee from and against any and all liabilities, costs and expenses incurred
by such persons as a result of any act or omission to act in connection with the performance of such person’s duties, responsibilities
and obligations under the Plan, to the maximum extent permitted by law, other than such liabilities, costs and expenses as may
result from the gross negligence, bad faith, willful misconduct or criminal acts of such persons.

 

    23

     

    

 

15.9         
Captions.

 

The use of captions in this Plan is for
convenience. The captions are not intended to provide substantive rights.

 

15.10     
Governing Law.

 

THE PLAN SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF MARYLAND WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH COULD CAUSE THE
APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF MARYLAND.

 

    24

     

    

 

EXHIBIT A

 

PERFORMANCE CRITERIA

 

Performance-Based Awards may be payable
upon the attainment of objective performance goals that are established by the Committee and relate to one or more Performance
Criteria, in each case on specified date or over any period, up to 10 years, as determined by the Committee. Performance Criteria
may (but need not) be based on the achievement of the specified levels of performance under one or more of the measures set out
below relative to the performance of one or more other corporations or indices.

 

Performance Goals shall be based on one
or more of the following business criteria (which may be determined for these purposes either by reference to the Company as a
whole or by reference to any one or more of its subsidiaries, operating divisions or other operating units): stock price, revenues,
pretax income, operating income, cash flow, earnings per share, return on equity, return on invested capital or assets, cost reductions
and savings, return on revenues, productivity, level of managed assets and near or long-term earnings potential, or any variation
or combination of the preceding business criteria.

 

The foregoing Performance Goals may be stated
in absolute terms or may be expressed relative to performance in a specified prior period or to the performance of other specified
enterprises. In addition, the Committee may utilize as an additional performance measure, the attainment by a Participant of one
or more personal objectives and/or goals that the Committee deems appropriate, including, but not limited to, implementation of
Company policies, negotiation of significant corporate transactions, development of long-term business goals or strategic plans
for the Company, or the exercise of specific areas of managerial responsibility. To the extent specified by the Committee in an
Award or by other action taken by the Committee at the time Performance Goals for a performance period are established, the measurement
of specified performance goals may be subject to adjustment to exclude items of gain, loss or expense that are determined to be
extraordinary or unusual in nature, infrequent in occurrence, related to a corporate transaction (including, without limitation,
a disposition or acquisition) or related to a change in accounting principles, all as determined in accordance with standards published
by the Financial Accounting Standards Board (or any predecessor or successor body) from time to time. In addition, equitable adjustments
will be made to any performance goal related to Company stock (e.g., earnings per share) to reflect changes in corporate capitalization,
including, without limitation, stock splits and reorganizations.

 

     

     

    

 

TABLE OF
CONTENTS

 

	 	 	Page
	 	 	 
	1.	DEFINITIONS	1
	 	 	 
	2.	EFFECTIVE DATE AND TERMINATION OF PLAN	5
	 	 	 
	3.	ADMINISTRATION OF PLAN	5
	 	 	 
	4.	SHARES AND UNITS SUBJECT TO THE PLAN	6
	 	 	 
	5.	PROVISIONS APPLICABLE TO STOCK OPTIONS	7
	 	 	 
	6.	PROVISIONS APPLICABLE TO RESTRICTED STOCK	11
	 	 	 
	7.	PROVISIONS APPLICABLE TO RESTRICTED STOCK UNITS	13
	 	 	 
	8.	PROVISIONS APPLICABLE TO DIVIDEND EQUIVALENT RIGHTS	16
	 	 	 
	9.	OTHER EQUITY-BASED AWARDS	17
	 	 	 
	10.	PERFORMANCE GOALS	17
	 	 	 
	11.	TAX WITHHOLDING	17
	 	 	 
	12.	REGULATIONS AND APPROVALS	18
	 	 	 
	13.	INTERPRETATION AND AMENDMENTS; OTHER RULES	19
	 	 	 
	14.	CHANGES IN CAPITAL STRUCTURE	20
	 	 	 
	15.	MISCELLANEOUS	21EX-4.2

    

Exhibit 4.2
 

	 

  

NEVRO CORP.
 
 AND
 
 WILMINGTON TRUST, NATIONAL ASSOCIATION
 
 as Trustee
 
 SECOND SUPPLEMENTAL INDENTURE 

 Dated as of April 6, 2020
 
 to 
 
 Indenture dated
as of June 13, 2016
  
 2.75% Convertible Senior Notes due
2025
 

	 

  
 

  

 

  

TABLE OF CONTENTS
  

 

  
 Page

 

	Article 1 
 Definitions
	 
	Section 1.01 .  Definitions and References	2
	Section 1.02 .  References to Interest	11
	 	 
	Article 2 
 Issue, Description, Execution, Registration and Exchange of Notes
	 
	Section 2.01 .  Scope of Supplemental Indenture	11
	Section 2.02 .  Designation and Amount	11
	Section 2.03 .  Form of Notes	12
	Section 2.04 .  Date and Denomination of Notes; Payments of Interest and Defaulted Amounts	12
	Section 2.05 .  Execution, Authentication and Delivery of Notes	14
	Section 2.06 .  Exchange and Registration of Transfer of Notes; Depositary	14
	Section 2.07 .  Mutilated, Destroyed, Lost or Stolen Notes	17
	Section 2.08 .  Temporary Notes	18
	Section 2.09 .  Cancellation of Notes Paid, Converted, Etc	18
	Section 2.10 .  CUSIP Numbers	18
	Section 2.11 .  Additional Notes; Purchases	19
	 	 
	Article 3 
 Satisfaction and Discharge
	 
	Section 3.01 .  Applicability of Article VIII of the Base Indenture	19
	Section 3.02 .  Satisfaction and Discharge	19
	 	 
	Article 4 
 Particular Covenants of the Company
	 
	Section 4.01 .  Payment of Principal and Interest	20
	Section 4.02 .  Maintenance of Office or Agency	20
	Section 4.03 .  Appointments to Fill Vacancies in Trustee’s Office	21
	Section 4.04 .  Provisions as to Paying Agent	21
	Section 4.05 .  Existence	22
	Section 4.06 .  Reports	22
	Section 4.07 .  Intentionally Omitted	23
	Section 4.08 .  Statement as to Defaults	23

  
 
 

i
 

  

  

	Article 5 
 Lists of Holders and Reports by the Company and the Trustee
	 
	Section 5.01 .  Lists of Holders	23
	Section 5.02 .  Preservation and Disclosure of Lists	23
	 	 
	Article 6 
 Defaults and Remedies
	 
	Section 6.01 .  Applicability of Article VI of the Base Indenture	23
	Section 6.02 .  Events of Default	23
	Section 6.03 .  Acceleration; Rescission and Annulment	25
	Section 6.04 .  Additional Interest	26
	Section 6.05 .  Payments of Notes on Default; Suit Therefor	27
	Section 6.06 .  Application of Monies Collected by Trustee	28
	Section 6.07 .  Proceedings by Holders	29
	Section 6.08 .  Proceedings by Trustee	30
	Section 6.09 .  Remedies Cumulative and Continuing	30
	Section 6.10 .  Direction of Proceedings and Waiver of Defaults by Majority of Holders	30
	Section 6.11 .  Notice of Defaults	31
	Section 6.12 .  Undertaking to Pay Costs	31
	 	 
	Article 7 
 Intentionally Ommitted
	 
	Article 8 
 Concerning the Holders
	 
	Section 8.01 .  Action by Holders	32
	Section 8.02 .  Proof of Execution by Holders	32
	Section 8.03 .  Who Are Deemed Absolute Owners	32
	Section 8.04 .  Company-Owned Notes Disregarded	33
	Section 8.05 .  Revocation of Consents; Future Holders Bound	33
	 	 
	Article 9 
 Holders’ Meetings
	 
	Section 9.01 .  Purpose of Meetings	34
	Section 9.02 .  Call of Meetings by Trustee	34
	Section 9.03 .  Call of Meetings by Company or Holders	34
	Section 9.04 .  Qualifications for Voting	35
	Section 9.05 .  Regulations	35
	Section 9.06 .  Voting	35
	Section 9.07 .  No Delay of Rights by Meeting	36

  
 
 

 
ii
 

  

  

	Article 10 
 Supplemental Indentures
	Section 10.01 .  Applicability of Article IX of the Base Indenture	36
	Section 10.02 .  Supplemental Indentures Without Consent of Holders	36
	Section 10.03 .  Supplemental Indentures with Consent of Holders	37
	Section 10.04 .  Effect of Supplemental Indentures	38
	Section 10.05 .  Notation on Notes	39
	Section 10.06 .  Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee	39
	 	 
	Article 11 
 Consolidation, Merger, Sale, Conveyance and Lease
	 
	Section 11.01 .  Applicability of Article V of the Base Indenture	39
	Section 11.02 .  Company May Consolidate, Etc. on Certain Terms	39
	Section 11.03 .  Successor Corporation to Be Substituted	40
	Section 11.04 .  Opinion of Counsel to Be Given to Trustee	40
	 	 
	Article 12 
 Immunity of Incorporators, Stockholders, Officers and Directors
	 
	Section 12.01 .  Indenture and Notes Solely Corporate Obligations	41
	 	 
	Article 13 
 Intentionally Omitted
	 
	Article 14 
 Conversion of Notes
	 
	Section 14.01 .  Conversion Privilege	41
	Section 14.02 .  Conversion Procedures; Settlement Upon Conversion	44
	Section 14.03 .  Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental
Changes	48
	Section 14.04 .  Adjustment of Conversion Rate	51
	Section 14.05 .  Adjustments of Prices	60
	Section 14.06 .  Shares to Be Fully Paid	61
	Section 14.07 .  Effect of Recapitalizations, Reclassifications and Changes of the Common Stock	61
	Section 14.08 .  Certain Covenants	63
	Section 14.09 .  Responsibility of Trustee	63
	Section 14.10 .  Intentionally Omitted	64
	Section 14.11 .  Stockholder Rights Plans	64
	Section 14.12 .  Exchange in Lieu of Conversion	64

  
 
 

 
iii
 

  

  

	Article 15 
 Purchase of Notes at Option of Holders
	 
	Section 15.01 .  Intentionally Omitted	65
	Section 15.02 .  Purchase at Option of Holders Upon a Fundamental Change	65
	Section 15.03 .  Withdrawal of Fundamental Change Repurchase Notice	68
	Section 15.04 .  Deposit of  Fundamental Change Repurchase Price	69
	Section 15.05 .  Covenant to Comply with Applicable Laws Upon Repurchase of Notes	69
	 	 
	Article 16 
 No Optional Redemption
	 
	Section 16.01 .  Applicability of Article III of the Base Indenture	70
	Section 16.02 .  No Optional Redemption	70
	 	 
	Article 17 
 Miscellaneous Provisions
	 
	Section 17.01 .  Provisions Binding on Company’s Successors	70
	Section 17.02 .  Official Acts by Successor Corporation	70
	Section 17.03 .  Addresses for Notices, Etc	70
	Section 17.04 .  Governing Law; Jurisdiction	71
	Section 17.05 .  Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	72
	Section 17.06 .  Legal Holidays	72
	Section 17.07 .  No Security Interest Created	73
	Section 17.08 .  Benefits of Indenture	73
	Section 17.09 .  Table of Contents, Headings, Etc	73
	Section 17.10 .  Authenticating Agent	73
	Section 17.11 .  Execution in Counterparts	74
	Section 17.12 .  Severability	74
	Section 17.13 .  Waiver of Jury Trial	74
	Section 17.14 .  Force Majeure	75
	Section 17.15 .  Calculations	75
	Section 17.16 .  USA PATRIOT Act	75
	Section 17.17 .  Withholding Taxes	75
	Section 17.18 .  Ratification of the Base Indenture	75
	 	 
	EXHIBIT	 
	 	 
	Exhibit A           Form of Note	A-1

  

 
 
  

 
iv
 

  

  

SECOND SUPPLEMENTAL INDENTURE dated as of April 6, 2020 (this “Supplemental Indenture”) between Nevro Corp., 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 organized under the laws of the United States of America, as trustee (the
“Trustee,” as more fully set forth in ‎Section 1.01), supplementing the Indenture dated as of June 13, 2016 between the Company and the Trustee (the “Base Indenture” and the Base Indenture, as amended and
supplemented by this Supplemental Indenture, and as it may be further amended or supplemented from time to time with respect to the Notes, the “Indenture”).

 
 W I T N E S S E T H:

 
 WHEREAS, the Company executed and delivered the Base Indenture
to the Trustee to provide, among other things, for the issuance, from time to time, of the Company’s Securities, in an unlimited aggregate principal amount, in one or more series to be established by the Company under, and authenticated and
delivered as provided in, the Base Indenture;
  
 WHEREAS,
Sections 2.1 and 2.2 of the Base Indenture provide for the Company to issue Securities thereunder in the form and on the terms set forth in one or more Board Resolutions (as defined in the Base Indenture) and Officer’s Certificates (as defined
in the Base Indenture) or indentures supplemental thereto;
  

WHEREAS, for its lawful corporate purposes, the Company has duly authorized the issuance of its 2.75% Convertible Senior Notes due 2025 (the
“Notes”), initially in an aggregate principal amount not to exceed $189,750,000, 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 Supplemental 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.
  

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 and
References. For all purposes of the Indenture, except as otherwise expressly provided or unless the context otherwise requires:
  

(a)       the terms defined in this
‎Article 1 shall have the respective meanings assigned to them in this ‎Article 1 and include the plural as well as the singular and, to the extent applicable, supersede the definitions thereof in the Base Indenture;

 
 (b)       all words, terms and phrases defined in the Base Indenture (but not otherwise defined herein) shall have the same meanings as in the
Base Indenture;
  
 (c)       the words “herein,” “hereof” and “hereunder” and other words of similar import (i) when used
with regard to any specified Article, Section or sub-division, refer to such Article, Section or sub-division of this Indenture and (ii) otherwise, refer to the Indenture as a whole and not to any particular Article, Section or other subdivision.
The term “or” is not exclusive; and
  
 (d)       references to “Sections” and “Articles” are to the Sections and Articles of the Supplemental Indenture.

 
 “Additional Shares” shall have the meaning
specified in ‎Section 14.03(a).
  
 “Bankruptcy
Law” means Title 11, U.S. Code, as amended, or any similar federal, state or foreign law for the relief of debtors.
  

“Base Indenture” has the meaning specified in the first paragraph of this Supplemental Indenture.

 
 “Bid Solicitation Agent” means 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 Trustee shall initially act as the Bid Solicitation Agent. The Company may appoint a replacement Bid Solicitation Agent
without prior notice to the Holders (but will provide notice thereof to the Trustee).
  

“Business Day” means, with respect to any Note, 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, notwithstanding anything in the Base Indenture to the contrary. “Cash Settlement” shall have the meaning specified in ‎Section 14.02(a).

 
 “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).
  

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

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

 
2

  

  

“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 $0.001 per share, at the date of this Supplemental Indenture, subject to
‎Section 14.07.
  

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

“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).
  

“Custodian” means, with respect to any Global Note, the Trustee, as custodian for The Depository therefor, with respect to the safekeeping of
such Global Notes.
  
 “Daily Conversion
Value” means, for each of the 30 consecutive Trading Days during the relevant Observation Period, 1/30th 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 30.
  
 “Daily
Settlement Amount,” for each of the 30 consecutive Trading Days during the relevant 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
30 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 “NVRO <equity> AQR” (or its equivalent
successor if
  
 
 

  
3

  

  

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.

 
 “Default Settlement Method” means, initially,
Combination Settlement with a Specified Dollar Amount of $1,000 per $1,000 principal amount of Notes; provided, however, the Default Settlement Method may be changed from time to time by the Company in accordance with Section
14.02(a)(iii).
  
 “Defaulted Amounts” means
any amounts on any Note (including, without limitation, the Fundamental Change Repurchase Price, principal and interest) that are payable but are not punctually paid or duly provided for.

 
 “Depositary” means, with respect to each
Global Note, the Depository Trust Company (or such other entity specified in the Company Order directing the Trustee to authenticate such Global Note), until a successor shall have been appointed and become such pursuant to the applicable provisions
of this Supplemental Indenture, and thereafter, “Depositary” shall mean or include such successor.
  

“Designated Institution” shall have the meaning specified in ‎Section 14.12.

 
 “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.
  

“Event of Default” shall have the meaning specified in Section 6.02.

 
 “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.
  

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 
 “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.
  

 

  
4

  

  

“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, files a
Schedule TO or any schedule, form or report under the Exchange Act that discloses that such person or group has become the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the Company’s
Common Equity representing more than 50% of the voting power of the Company’s Common Equity;
  

(b)       the consummation of (i) any recapitalization, reclassification or change of the Common Stock (other than
changes resulting from a subdivision or combination) as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets; (ii) any share exchange, consolidation or merger of the Company
pursuant to which the Common Stock will be converted into or exchanged for cash, securities or other property or assets; or (iii) 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 of the Company’s Wholly Owned Subsidiaries; provided, however, that a transaction described in subclause (ii) 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 as such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause (b);

 

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

(d)      the Common Stock (or other common stock 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);
  

provided, however, that a transaction or transactions described in clauses (a) or (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 pursuant to dissenters’ statutory appraisal rights, in connection

 
 
 

  
5

  

  
 with such transaction or transactions
consists of shares of common stock 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 the Notes become convertible into such consideration, excluding cash payments for fractional shares and cash payments made in respect
of dissenters’ statutory appraisal rights (subject to the provisions of ‎Section 14.02(a)). 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 the definition thereof, following the effective date of
such transaction) references to the Company in this definition shall instead be references to such other entity.
  

For purposes of the definition of “Fundamental Change,” any transaction that constitutes a Fundamental Change pursuant to both clause (a) and clause (b)
(excluding the proviso to such clause (b)) of such definition will be deemed to be a Fundamental Change solely under clause (b) of such definition (subject to such proviso).

 
 “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).

 
 The term “given,”
“mailed,” “notify” or “sent” with respect to any notice to be given to a Holder pursuant to this Supplemental Indenture, shall mean notice (x) given to the Depositary (or its designee)
pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices or procedures at the Depositary (in the case of a Global Note) or (y) mailed to such Holder by first class
mail, postage prepaid, at its address as it appears on the Note Register, in each case in accordance with ‎Section 17.03. Notice so “given” shall be deemed to include any notice to be “mailed” or “delivered,”
as applicable, under this Supplemental Indenture.
  

“Global Note” shall have the meaning specified in ‎Section 2.06(b).

 
 “Indenture” has the meaning specified in the
first paragraph of this Supplemental Indenture.
  

“Interest Payment Date” means each April 1 and October 1 of each year, beginning on October 1, 2020.

 
 
 

  
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“Last Reported Sale Price” of the Common Stock 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 is traded. If the Common Stock 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 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 is not so quoted, the “Last Reported Sale Price” shall be the average of
the mid-point of the last bid and last ask prices per share for the Common Stock on the relevant date from a nationally recognized independent investment banking firm selected by the Company for this purpose.

 
 “Make-Whole Fundamental Change” means any
transaction or event that constitutes a Fundamental Change (as defined above in this Article 1 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 relating to the Common Stock.
  

“Maturity Date” means April 1, 2025.
  

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

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

“Note” or “Notes” shall have the meaning specified in the third paragraph of the recitals of this Supplemental
Indenture.
  
 “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) if the relevant Conversion Date occurs prior to October 1,
2024, the 30 consecutive Trading Day period beginning on, and including, the second Trading Day immediately succeeding such Conversion Date; and (ii) if the relevant Conversion Date occurs on or after October 1, 2024, the

 
 
 

  
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30 consecutive Trading Days beginning on, and including, the 31st Scheduled Trading Day immediately preceding the Maturity Date.

 
 “Officer’s Certificate,” when used with
respect to the Company, means a certificate that is delivered to the Trustee and that is signed by an Officer of the Company. Each such certificate shall include the statements provided for in ‎Section 17.05 if and to the extent required by the
provisions of such Section. The Officer giving an Officer’s Certificate pursuant to ‎Section 4.08 shall be the principal executive, financial or accounting officer of the Company.

 
 “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, or other counsel acceptable to the Trustee, that is delivered to the Trustee, which opinion may contain customary exemptions and qualifications as to
the matters set forth therein. Each such opinion shall include the statements provided for in ‎Section 17.05 if and to the extent required by the provisions of such ‎Section 17.05.

 
 “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 Supplemental 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 2.07 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 2.07 unless proof satisfactory to the Trustee is presented that any such Notes are held by protected purchasers in due course;

 

(d)       Notes converted pursuant to ‎Article 14 and
required to be cancelled pursuant to ‎Section 2.09; and
  

(e)       Notes repurchased by the Company pursuant to the first paragraph of ‎Section 2.11 and delivered to the
Trustee for cancellation in accordance with the second paragraph of Section 2.11.
  

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

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

 

  
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“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 2.07 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.

 
 “Prospectus Supplement” means the preliminary
prospectus supplement dated April 1, 2020, as supplemented by the related pricing term sheet dated April 1, 2020, in each case, relating to the offering and sale of the Notes.

 
 “Record Date” means, with respect to any
dividend, distribution or other transaction or event in which the holders of Common Stock (or other applicable security) have the right to receive any cash, securities or other property or in which the Common Stock (or 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).
  

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

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

 
 “Reporting Obligations” shall have the
meaning specified in Section 6.04.
  
 “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.
  

“Settlement Amount” has the meaning specified in ‎Section
14.02(a)(iii)(B).
  
 “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(w) of Regulation S-X under the Exchange Act; provided, however, that, if a Subsidiary
meets the criteria of clause (3) of the definition of “significant subsidiary” in Rule 1-02(w) but not clause (1) or (2) thereof, then such Subsidiary will not be deemed not to be a Significant Subsidiary of that Person unless such
Subsidiary’s income from continuing operations before income taxes, exclusive of amounts attributable to any
  

 

  
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 non-controlling
interests, for the last completed fiscal year before the date of determination exceeds $30,000,000.
  

“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 related to any converted Notes or as the Company shall otherwise be deemed to have elected pursuant to the terms of this Supplemental Indenture.

 
 “Spin-Off” shall have the meaning specified
in ‎Section 14.04(c).
  
 “Stock Price”
shall have the meaning specified in ‎Section 14.03(c).
  

“Successor Company” shall have the meaning specified in ‎Section 11.02(a).

 
 “Supplemental Indenture” has the meaning
specified in the first paragraph of this Supplemental Indenture.
  

“Trading Day,” except for determining amounts due upon conversion pursuant to Section 14.02, 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 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 pursuant to Section 14.02 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” of the Notes on any date of
determination means, subject to Section 14.01(b), 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
  

 

  
10

  

  
 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.

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

“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 the Indenture, and thereafter “Trustee” shall mean or include each person who is then a Trustee hereunder.

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

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

 
 “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 the Indenture shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable
pursuant to ‎Section 6.04. 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. Scope of
Supplemental Indenture. This Supplemental Indenture amends and supplements the provisions of the Base Indenture, to which provisions reference is hereby made. The changes, modifications and supplements to the Base Indenture effected by this
Supplemental Indenture shall be applicable only with respect to, and shall only govern the terms of, the Notes, which may be issued from time to time in accordance herewith, and shall not apply to any other Securities that may be issued under the
Base Indenture unless a supplemental indenture with respect to such other Securities specifically incorporates such changes, modifications and supplements. For all purposes under the Base Indenture, the Notes shall constitute a single series of
Securities. The provisions of this Supplemental Indenture shall supersede any conflicting provisions in the Base Indenture.
  

Section 2.02. Designation and Amount. The Notes are hereby created and authorized as a single series of Securities under the Base Indenture. The Notes
shall be designated as the “2.75% Convertible Senior Notes due 2025.” The aggregate principal amount of Notes that may be authenticated and delivered under the Indenture is initially limited to $189,750,000, subject to ‎Section 2.11
and except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of other Notes to the extent expressly permitted hereunder.

 
 
 

  
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Section 2.03. Form of Notes. The Notes and the Trustee’s certificate of authentication to be borne by such Notes shall be substantially in the
respective forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly incorporated in and made a part of the Indenture. To the extent applicable, the Company and the Trustee, by their execution and
delivery of the Indenture, expressly agree to such terms and provisions and to be bound thereby. In the case of any conflict between the Indenture and a Note, the provisions of the 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 the 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 Officers executing the same
may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of the 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 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 the Indenture. Payment
of principal (including 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 2.04. 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 in $1,000 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.

 
 
 

  
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(b)            The person
in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of business on any Regular Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest
Payment Date. The principal amount (including any Fundamental Change Repurchase Price) of any Note (x) in the case of any Physical Note, shall be payable at the office or agency of the Company designated by the Company for such purposes in the
United States of America, 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 (containing the requisite
information for the Paying Agent to make such wire transfer) not later than the relevant Regular Record Date, by wire transfer in immediately available funds to that Holder’s account within the United States, which application shall remain in
effect until the Holder notifies, in writing, the Note Registrar to the contrary 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 at such time 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 the Trustee of such special record date and the Trustee, upon written request, 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

 
 
 

  
13

  

  

therefor to be delivered, to each Holder at its address as it appears in the Note Register, not less than 10 days prior to such special record date. Notice
of the proposed payment of such Defaulted Amounts and the special record date therefor having been 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 2.04‎(c).

 
 (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 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 2.05. Execution, Authentication and
Delivery of Notes. The Notes shall be signed in the name and on behalf of the Company by the manual or facsimile signature of its Chief Executive Officer, President, Chief Financial Officer, Treasurer, Secretary or any of its Executive or Senior
Vice Presidents.
  
 At any time and from time to time after the
execution and delivery of this Supplemental 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.
  

Notwithstanding anything in the Base Indenture to the contrary, 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 the
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 the 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 2.06. Exchange and Registration of Transfer of Notes;
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
  
 
 

  
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shall be in written form or in any form capable of being converted into written form within a reasonable period of time. The Trustee is hereby initially appointed the
“Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. The Company may appoint one or more co-Note Registrars in accordance with ‎Section 4.02.

 
 Upon surrender for registration of transfer of any Note to the
Note Registrar or any co-Note Registrar, and satisfaction of the requirements for such transfer set forth in this ‎Section 2.06, 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.
  

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

All Notes presented or surrendered for registration of transfer or for exchange, repurchase or conversion shall (if so required by the Company, the Trustee, the
Note Registrar or any co-Note Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company, the Trustee, the Note Registrar or any co-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 or (ii) any Notes, or a
portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with ‎Article 15.
  

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 the 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 2.06(c) all Notes shall be represented by one or more Notes in global form (each, a “Global Note”)
registered in the
  
 
 

  
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name of the Depositary or the nominee of the Depositary. The transfer and exchange of beneficial interests in a Global Note that does not involve the issuance of a
Physical Note shall be effected through the Depositary (but not the Trustee or the Custodian) in accordance with this Indenture and the procedures of the Depositary therefor.

 
 (c)            Notwithstanding any other provisions of this Indenture (other than the provisions set forth in this 2.06(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, (iii) an Event of Default with respect to the Notes has
occurred and is continuing and a Holder requests that such Note be issued as a Physical Note to the beneficial owner as directed by the Holder or (iv) the Company, and the Trustee otherwise so agree, 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 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 2.06(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 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

 
 
 

  
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for Physical Notes, converted, canceled, repurchased 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, by the Trustee or the Custodian, at the direction of the Trustee, to reflect such reduction or increase.
  

None of the Company, the Trustee or any agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to
or payments made on account of beneficial ownership interests of a Global Note or maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

 
 Section 2.07. Mutilated, Destroyed, Lost or Stolen Notes.
In case any Note shall become mutilated or be destroyed, lost or stolen, the Company in its discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver, a new
Note, bearing a registration number not contemporaneously outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every case the applicant for a substituted
Note shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be 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 shall, upon Company Order, 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 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 evidence of their
satisfaction of the destruction, loss or theft of such Note and of the ownership thereof.
  

 

  
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Every substitute Note issued pursuant to the provisions of this ‎Section 2.07 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, 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, conversion or repurchase of negotiable instruments or other securities without their surrender.
  

Section 2.08. 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 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
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 the Indenture as Physical Notes authenticated and delivered hereunder.

 
 Section 2.09. Cancellation of Notes Paid, Converted, Etc.
The Company shall cause all Notes surrendered for the purpose of payment at maturity, redemption, registration of transfer or exchange or conversion, if surrendered to any person other than the Trustee (including any of the Company’s agents,
Subsidiaries or Affiliates), to be surrendered to the Trustee for cancellation. All Notes delivered to the Trustee shall be canceled promptly by it in accordance with customary procedures, and no Notes shall be authenticated in exchange therefor
except as expressly permitted by any of the provisions of this Supplemental Indenture. The Trustee shall dispose of canceled Notes in accordance with its customary procedures and, upon request, shall deliver a certificate of cancellation to the
Company, at the Company’s written request in a Company Order.
  

Section 2.10. CUSIP Numbers. The Company in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall
use “CUSIP” numbers in all notices issued to Holders as a convenience to such Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or
on such notice and that reliance may be placed only on the other identification numbers
  

 

  
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printed on the Notes. The Company shall as soon as reasonably practicable notify the Trustee in writing of any change in any “CUSIP” numbers for the
Notes.
  
 Section 2.11. Additional Notes; Repurchases.
The Company may, without the consent of the Holders and notwithstanding ‎Section 2.01, reopen this Indenture and issue additional Notes hereunder with the same terms as the Notes initially issued hereunder (other than differences in the issue
date, the issue price and interest accrued prior to the issue date 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 one or more separate CUSIP numbers. 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, 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.
  

In addition, the Company may, at its option and to the extent permitted by applicable law, reissue, resell, hold or surrender to the Trustee for cancellation 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 upon such reissuance or resale. Any Notes that the Company may repurchase will be considered outstanding for
all purposes under this Supplemental Indenture (other than, at any time when such Notes are held by the Company, any of its Subsidiaries or its Affiliates or any Subsidiary of any of such Affiliates, for the purpose of determining whether Holders of
the requisite aggregate principal amount of Notes have concurred in any direction, consent, waiver or other action under this Supplemental Indenture) unless and until such time as the Company surrenders such Notes to the Trustee for cancellation
and, upon receipt of a Company Order, the Trustee will cancel all Notes so surrendered.
  

Article 3
 Satisfaction and Discharge

 
 Section 3.01. Applicability of
Article VIII of the Base Indenture. This Article 3 shall supersede Article VIII of the Base Indenture, and all references in the Base Indenture to Article VIII shall be deemed, for the purposes of the Notes, to be references to this Article
3.
  
 Section 3.02. Satisfaction and Discharge. The
Indenture 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 such instruments reasonably requested by the Company acknowledging
satisfaction and discharge of this Supplemental Indenture (other than the Company’s obligations with respect to certain surviving rights of the Trustee), when (a) (i) all Notes theretofore authenticated and delivered (other than (x) Notes
which have been destroyed, lost or stolen and which have been replaced, paid or converted as provided in ‎Section 2.07 and (y) Notes for whose payment money has theretofore been deposited
in trust or
  

 

  
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segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such
trust, as provided in Section 4.04(d)) have been irrevocably delivered to the Trustee for cancellation; or (ii) the Company shall have deposited with the Trustee or delivered to Holders, as applicable, at or after the Notes have become due
and payable, whether on the Maturity Date, any Fundamental Change Repurchase Date, upon conversion or otherwise, cash or cash, shares of Common Stock (or, if applicable, Reference Property) or a combination thereof, as applicable, solely to satisfy
the Company’s Conversion Obligation, sufficient to pay all of the outstanding Notes and all other sums due and payable under this Indenture by the Company; (b) the Company has paid all other sums payable hereunder and (c) 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 Supplemental Indenture, the obligations of the Company to the Trustee under Section 7.7 of the Base Indenture shall survive.

 
 Article 4
 Particular Covenants of the Company
  

Section 4.01. Payment of Principal and Interest. This Section 4.01 shall supersede Section 4.1 of the Base Indenture, and all references in the Base
Indenture to Section 4.1 shall be deemed, for the purposes of the Notes, to be references to this Section 4.01. The Company covenants and agrees that it will cause to be paid the principal (including the Fundamental Change Repurchase Price, if
applicable) of, 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 of America, 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 and demands to or upon the Company 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 (except if any such location is an office of the Trustee). 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 (if required), such presentations, surrenders, notices and demands may be made at the Corporate Trust Office or the office or agency of the Trustee in the United States of America so designated by the Trustee as a place where such
presentations, surrenders, notices and demands may be made.
  

The Company may also from time to time designate as co-Note Registrars 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 of
America 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.
  

 

  
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The Company hereby initially designates the Trustee as the Paying Agent, Note Registrar, Custodian and Conversion Agent and the Corporate Trust Office as the
office or agency in the United States of America where Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase or for conversion and where notices and demands to or upon the Company in respect
of the Notes and this Indenture may be made; provided, however, that the Corporate Trust Office shall not be an office or agency of the Company for the purpose of service of legal process on the Company.

 
 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 7.8 of the Base
Indenture, 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
Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes in trust for the benefit of the Holders of the Notes;

 
 (ii)           that it will give the Trustee prompt notice of any failure by the Company to make any payment of the
principal (including 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.
  

Notwithstanding anything in the Base Indenture to the contrary, the Company shall, on or before each due date of the principal (including 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 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 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.
  
 (b)            Notwithstanding anything in the Base Indenture to the contrary, if the Company shall act as its own Paying
Agent, it will, on or before each due date of the principal (including 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
of the Notes a sum sufficient to pay such principal (including the Fundamental Change Repurchase Price, if applicable) and accrued and unpaid interest so becoming due.

 
 
 

  
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(c)            Anything in
the Base Indenture or 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 Supplemental 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)            Notwithstanding anything in the Base Indenture to the contrary, any money deposited with the Trustee or any
Paying Agent, or then held by the Company, in trust for the payment of the principal (including the 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 Fundamental Change Repurchase Price, if applicable), interest or consideration due upon conversion has become due and payable shall, subject to applicable abandoned property law,
be paid to the Company on request of the Company contained in an Officer’s Certificate, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look
only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money or other consideration, as applicable, and all liability of the Company as trustee thereof, shall thereupon cease.

 
 (e)            Upon any Event of Default pursuant to ‎Section 6.02(h) or ‎Section 6.02(i), the Trustee shall
automatically be the Paying Agent.
  
 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. Reports. (a) 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 or any similar or successor grace period). For the avoidance of doubt, the Company need not so file or otherwise provide the Trustee or any Holder with any material or information
for which the Company has received, or has requested and not been denied, confidential treatment by 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 at the time such documents are filed via the EDGAR system or any successor thereto. The Trustee shall have no responsibility to determine if such filing has
occurred.
  
 (b)            Delivery of the reports and documents described in subsection (a) above to the Trustee is for informational
purposes only, and the Trustee’s receipt of such shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of
its covenants hereunder (as to which the Trustee is entitled to conclusively rely on an Officer’s Certificate).
  

 

  
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Section 4.07. Intentionally Omitted.
  

Section 4.08. Statement as to Defaults. The Company shall deliver to the Trustee, as soon as possible, and in any event within 30 days after 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.

 
 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 and the Paying Agent, upon the request of the Trustee, semi-annually, not more than 15 days after each March 15 and September 15 in each year
beginning with September 15, 2020 and at such other times as the Trustee may request in writing, within 30 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.

 
 Article 6
 Defaults and Remedies
  

Section 6.01. Applicability of Article VI of the Base Indenture. Article VI of the Base Indenture shall not apply to the Notes. Instead, the provisions set
forth in this Article 6 shall, with respect to the Notes, supersede in its entirety Article VI of the Base Indenture, and all references in the Base Indenture to Article VI thereof and the provisions therein, as the case may be, shall, with respect
to the Notes, be deemed to be references to this Article 6 and the applicable provisions set forth in this Article 6, respectively.
  

Section 6.02. 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 any
required repurchase, upon declaration of acceleration or otherwise;
  

 

  
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(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 five Business Days;

 
 (d)            failure by the Company to issue (i) a Fundamental Change Company Notice in accordance with ‎Section
15.02(c), (ii) notice of a Make-Whole Fundamental Change in accordance with Section 14.03(b) or (iii) or notice of a specified corporate event in accordance with Section 14.01(b)(ii) or
14.01(b)(iii) (as the case may be), in each case when due and (in the case of clause (i) or (ii) only) such failure continues for five 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 to comply with any of its other agreements contained in the Notes or this Supplemental 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 $30,000,000 (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 debt becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest of any such
indebtedness when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, in each case after the expiration of any applicable grace period, if such default is not cured or waived, or such
acceleration is not rescinded 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
Supplemental Indenture;
  
 (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 any such involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due;

 
 (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
  

 

  
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part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 30 consecutive days; or

 
 (j)            a final judgment or judgments for the payment of $30,000,000 (or its foreign currency equivalent) or more
(excluding any amounts covered by insurance) in the aggregate rendered against the Company or any Subsidiary of the Company, which judgment is not discharged, paid, bonded, waived or stayed within 60 days after (i) the date on which the right to
appeal thereof has expired if no such appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished.
  

Section 6.03. 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 6.02(h) or ‎Section 6.02(i) with respect to the Company and not involving solely one or more of the Company’s Subsidiaries), 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, 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 6.02(h) or ‎Section 6.02(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 and on such principal at the rate provided in
‎Section 2.04(c)) and amounts due to the Trustee pursuant to Section 7.7 of the Base Indenture, 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 Supplemental Indenture, other than the nonpayment of the principal of and accrued and unpaid interest, if any, on Notes that shall have become due solely by such
acceleration, shall have been cured or waived pursuant to ‎Section 6.10, 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 Supplemental Indenture; but no such waiver or rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall

 
 
 

  
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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 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 6.04. 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 (i) the failure by the Company to file with the Trustee pursuant to Section 314(a)(1) of the TIA any documents or reports that the company is required to file with the Commission pursuant to Section 13 or
Section 15(d) of the Exchange Act or (ii) the Company’s failure to comply with its obligations as set forth in ‎Section 4.06 (the obligations described in clauses (i) and (ii), the
“Reporting Obligations”) shall, for the first 365 days 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 the first 180 days during which such Event of Default has occurred and is continuing, beginning on, and including, the date on which such an Event of Default first occurs and (ii) 0.50% per annum of
the principal amount of the Notes outstanding for each day during the next 185-day period during which such Event of Default is continuing, beginning on, and including, the 181st day after such Event of Default first occurred.

 
 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. On the 366th day after such Event of Default (if the Event of Default relating to the Company’s failure to comply with the Reporting Obligations is
not cured or waived prior to such 366th day), the Notes shall be immediately subject to acceleration as provided in ‎Section 6.03. The provisions of this ‎Section 6.04 will not affect the rights of Holders of Notes 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 4.06. In the event the Company does not elect to pay Additional Interest following an Event of Default
relating to the Reporting Obligations in accordance with this ‎Section 6.04 or the Company 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 6.03.
  
 In order to elect to pay Additional
Interest as the sole remedy during the first 365 days after the occurrence of any Event of Default relating to the Company’s failure to comply with the Reporting Obligations, in accordance with this ‎Section 4.06 , the Company must provide
written notice to all Holders of the Notes, the Trustee and the Paying Agent of such election prior to the beginning of such 365-day period. Upon the failure to timely give such notice, the Notes shall be immediately subject to acceleration as
provided in ‎Section 6.03.
  
 Notwithstanding anything to
the contrary in this Indenture or the Notes, in no event shall Additional Interest accrue under the terms of this Indenture at a rate per year in excess of 0.50%, regardless of the number of events or circumstances giving rise to the requirement to
pay such Additional Interest.
  
 
 

  
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Section 6.05. 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 and be continuing, the Company shall, upon demand of the Trustee, unless such demand is prohibited by law, pay to the Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on the Notes for principal 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
7.7 of the Base Indenture. 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 under Bankruptcy Law 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 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 6.05, 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, reasonable 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 7.7 of the Base Indenture; 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,
reasonable expenses, advances and disbursements, including agents and counsel fees, and including any other amounts due to the Trustee under Section 7.7 of the Base Indenture, incurred
by it up to the date of such distribution. To the extent that such payment of reasonable compensation, reasonable expenses, advances and disbursements out of the estate in any such proceedings shall be denied for any reason, payment of the same
shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, monies, securities and other property that the Holders of the Notes may be entitled to receive in such proceedings, whether in liquidation or under any
plan of reorganization or arrangement or otherwise.
  
 

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

 
 All rights of action and of asserting claims under this
Supplemental 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, reasonable expenses, disbursements and advances of the Trustee, its
agents and counsel, be for the ratable benefit of the Holders of the Notes.
  

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

 
 In case the Trustee shall have proceeded to enforce any right
under this Indenture and such proceedings shall have been discontinued or abandoned because of any waiver pursuant to ‎Section 6.10 or any rescission and annulment pursuant to ‎Section 6.03 or for any other reason or shall have been
determined adversely to the Trustee, then and in every such case the Company, the Holders and the Trustee shall, subject to any determination in such proceeding, be restored respectively to their several positions and rights hereunder, and all
rights, remedies and powers of the Company, the Holders and the Trustee shall continue as though no such proceeding had been instituted.
  

Section 6.06. 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 under Section 7.7 of the Base Indenture;
  

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 (or, if
applicable, other property) due upon conversion of, the Notes in default in the order of the date due of the payments of such interest and cash (or, if applicable, other property) 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 provided in ‎Section 2.04(c), 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
  

 

  
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applicable, the payment of the Fundamental Change Repurchase Price and any cash (or, if applicable, other property) 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 as provided in ‎Section 2.04(c), 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 Fundamental Change Repurchase Price and the 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 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 6.07. Proceedings by Holders. Except to enforce
the right to receive payment of principal (including, if applicable, 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 the Notes, or for the appointment of a receiver,
trustee, liquidator, custodian or other similar official, or for any other remedy hereunder, unless:
  

(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 it 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 6.10,

 
 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 of such 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, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Supplemental Indenture, except in the manner herein provided and for the equal,
ratable and
  
 
 

  
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common benefit of all Holders (except as otherwise provided herein). For the protection and enforcement of this ‎Section 6.07, 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, the right of any Holder to receive payment or delivery, as the case may be,
of (x) the principal (including 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 Supplemental Indenture, or to institute suit for the enforcement of any such payment or delivery, as the case may be, on or after such respective dates against the Company shall not be impaired or affected
without the consent of such Holder.
  
 Section 6.08.
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 Supplemental Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.
  

Section 6.09. Remedies Cumulative and Continuing. Except as provided in the last paragraph of ‎Section 2.07, 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 other powers and remedies available to the Trustee or the Holders of the Notes, by judicial proceedings or
otherwise, to enforce the performance or observance of the covenants and agreements contained in this Supplemental 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 6.07, 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 6.10. Direction of Proceedings and Waiver of Defaults
by Majority of Holders. Subject to the Trustee’s right to receive indemnity or security satisfactory to it from the relevant Holders as described in this Supplemental Indenture, 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 the 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 conflicts with law or this Indenture or that it determines is unduly prejudicial to the rights of any other Holder (it being understood that
the Trustee does not have an affirmative duty to ascertain whether or not such direction is unduly prejudicial to such
  

 

  
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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) provided, however, that the Trustee may take any action it deems proper that is not inconsistent with any such direction received from Holders of Notes. 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 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 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. Upon any such waiver the Company, the Trustee and the Holders of the Notes 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 6.10, 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.

 
 Section 6.11. Notice of Defaults. The Trustee shall,
within 90 days after a Responsible Officer obtains actual knowledge of the occurrence and continuance of a Default, transmit or mail to all Holders as the names and addresses of such Holders appear upon the Note Register, notice of all Defaults
actually known to a Responsible Officer of the Trustee, 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
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 Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Holders. This ‎Section 6.12 shall supersede Section 7.5 of the Base Indenture, and any reference in the
Base Indenture to such Section 7.5 thereof shall be deemed to refer instead to this ‎Section 6.12. The proviso set forth in Section 315(b) of the TIA shall not apply with respect to the
Notes.
  
 Section 6.12. 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 Supplemental
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 6.12 (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 ‎
  
 

  
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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 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
 Intentionally 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 of the Notes, the Company or the Trustee may, but shall not be required to, fix in advance of such solicitation, a date as the record date for determining Holders entitled to take such action. The
record date if one is selected shall be not more than fifteen days prior to the date of commencement of solicitation of such action.
  

Section 8.02. Proof of Execution by Holders. Subject to the provisions of Sections 7.1 and 7.2 of
the Base Indenture and ‎Section 9.05, proof of the execution of any instrument by a Holder or its agent or proxy shall be sufficient if made in accordance with such
reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of 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 of and (subject to ‎Section 2.04) accrued and unpaid interest on such Note, for
conversion of such Note and for all other purposes; and neither the Company nor the Trustee nor any Paying Agent nor any Conversion Agent nor any Note Registrar shall be affected by any notice to the contrary. The sole registered holder of a Global
Note shall be the Depositary or its
  
 
 

  
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nominee. All such payments or deliveries so made to any Holder at such time, 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, (x) 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 Physical Note in accordance with the provisions of this Supplemental Indenture, and (y) with respect to any Global Note, nothing in this Indenture shall prevent the Company, the Trustee or any agent of the Company or the
Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depositary, as a Holder, with respect to such Global Notes or impair, as between such Depositary and owners of beneficial interests in such Global
Note, the operation of customary practices governing the exercise of the rights of such Depositary (or its nominee) as Holder of such Global Note.
  

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 Supplemental Indenture, Notes that are owned by the Company, by any Subsidiary thereof or by any Affiliate of the Company thereof (including, but not limited to, Notes held by the Company or
any of its Affiliates and not cancelled pursuant to Section 2.11) 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. 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 7.1 of the Base Indenture, the Trustee shall be entitled to accept such Officer’s Certificate as conclusive evidence of the facts therein set forth and of the fact that
all Notes not listed therein are outstanding for the purpose of any such determination.
  

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

  
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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 Supplemental Indenture, or to consent to the waiving of any Default or Event of Default hereunder (in each case, as permitted under this Supplemental 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 VII of the Base Indenture;

 
 (c)            to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of
‎Section 10.03; 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 sent to Holders of such Notes at their addresses as they shall appear on the Note Register. Such notice shall also be sent to the Company. Such notices shall be sent 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.

 
 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

 
 
 

  
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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 Supplemental 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 proxy holder 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 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

 
 
 

  
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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. Nothing contained in this ‎ ‎Article 9 shall be deemed or construed to limit any Holder’s
actions pursuant to the applicable procedures of the Depositary so long as the Notes are Global Notes.
  

Article 10
 Supplemental Indentures

 
 Section 10.01. Applicability of
Article IX of the Base Indenture. Article IX of the Base Indenture shall not apply to the Notes. Instead the provisions set forth in this Article 10 shall, with respect to the Notes, supersede in their entirety Article IX of the Base Indenture,
and all references in the Base Indenture to Article IX thereof and the provisions therein, as the case may be, shall, with respect to the Notes, be deemed to be references to this Article 10 or the applicable provisions set forth in this Article 10,
respectively.
  
 Section 10.02. Supplemental Indentures
Without Consent of Holders. Without the consent of any Holder, the Company 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, or amend 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 under this Indenture;
  

(f)            to make any
change that does not adversely affect the rights of any Holder in any material respect;
  

 

  
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(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 or
reasonably deemed necessary by the Company to provide that the Notes are convertible into Reference Property as required by this Supplemental Indenture;

 
 (h)         to comply with any requirement of the Commission in connection with the qualification of the Indenture under the
TIA;
  
 (i)          to appoint a successor Trustee with respect to the Notes;

 
 (j)          to conform the provisions of this Indenture or the Notes to the “Description of Notes” section of the
Prospectus Supplement;
  
 (k)         to comply with the rules of any applicable securities depositary, including the Depositary, so long as such amendment
does not adversely affect the rights of any Holder in any material respect;
  

(l)          to irrevocably
elect a Settlement Method or a Specified Dollar Amount, or eliminate the right of the Company to elect a Settlement Method; provided, however, that no such election or elimination will affect any Settlement Method theretofore elected
(or deemed to be elected) with respect to any Note pursuant to Section 14.02(a);
  

(m)        to provide for the issuance of
additional Notes in compliance with ‎Section 2.11; or
  

(n)         to increase the
Conversion Rate as provided for in this Supplemental Indenture.
  

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,
liabilities 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 any
Holder of any of the Notes at the time outstanding, notwithstanding any of the provisions of ‎Section 10.03.
  

Section 10.03. 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, the
Notes), the Company 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, or amend the Notes, for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or 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:
  

 

  
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(a)            reduce the
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;
  
 (d)            make any change that adversely affects the conversion rights of any Notes;

 
 (e)            reduce 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)            impair the right of any Holder to receive payment of principal and interest on such Holder’s Notes on
or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes; or
  

(i)            make any
change in this ‎Article 10 that requires each Holder’s consent or in the waiver provisions in ‎Section 6.03 or ‎Section 6.10.

 
 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 10.06, 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 10.03 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 provide 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 10.04. 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, liabilities 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.

 
 
 

  
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Section 10.05. 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 Company’s 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 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 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 10.06. Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee. In addition to the documents required by ‎Section 17.05,
the Trustee shall receive as conclusive evidence an Officer’s Certificate and an Opinion of Counsel stating to the effect that any supplemental indenture executed pursuant hereto complies with the requirements of this ‎Article 10 and is
permitted or authorized by this Indenture and is the legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms.

 
 Article 11
 Consolidation, Merger, Sale, Conveyance and Lease

 
 Section 11.01. Applicability of
Article V of the Base Indenture. Article V of the Base Indenture shall not apply to the Notes. Instead, the provisions of this Article 11 shall, with respect to the Notes, supersede in their entirety Article V of the Base Indenture, and all
references in the Base Indenture to Article V thereof and the provisions therein, as the case may be, shall, with respect to the Notes, be deemed to be references to this Article 11 or the applicable provisions set forth in this Article 11,
respectively.
  
 Section 11.02. Company May Consolidate,
Etc. on Certain Terms. Subject to the provisions of ‎Section 11.03, the Company shall not consolidate with, merge with or into, or sell, convey, transfer or lease all or substantially all of its properties and assets to another person,
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 Supplemental Indenture; and
  

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

For purposes of this ‎Section 11.01, the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of one or more
Subsidiaries of the Company to another person, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of the Company on a

 
 
 

  
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consolidated basis, shall be deemed to be the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Company to another
person.
  
 Section 11.03. 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 of the due and punctual payment of the
principal of and accrued and unpaid interest on all of the Notes, the due and punctual delivery 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 Company’s properties and assets, shall be
substituted for the Company, with the same effect as if it had originally been named herein as the “Company”. Such Successor Company thereupon may cause to be signed, and 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 upon receipt of Company Order 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
11.04. Opinion of Counsel to Be Given to Trustee. 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 and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, complies with the provisions of
this ‎Article 11.
  
 
 

  
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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 any consideration due in respect of the conversion of, any Note, nor for any claim based thereon or otherwise
in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental indenture or in any Note, nor because of the creation of any indebtedness represented thereby, shall be
had against any incorporator, stockholder, employee, agent, officer or director or Subsidiary, as such, past, present or future, of the Company or of any 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 a multiple thereof) of such Note (i) subject to satisfaction of one or more of the conditions described in ‎Section
14.01(b), at any time prior to the close of business on the Business Day immediately preceding October 1, 2024 and (ii) regardless of the conditions described in ‎Section 14.01(b), on or after October 1, 2024 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 9.5238 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)            (i) Prior
to the close of business on the Business Day immediately preceding October 1, 2024, 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 10 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 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. The Company shall determine the
Trading Price in
  
 
 

  
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accordance with the bids it receives from the Bid Solicitation Agent (if other than the Company). The Bid Solicitation Agent (if other than the Company) shall have no
obligation to solicit in the manner described above the Trading Price per $1,000 principal amount of Notes unless the Company has requested such solicitation in writing and provided the names and contact information of the three nationally
recognized securities dealers selected by the Company, and the Company shall have no obligation to make such request (or, if the Company is acting as Bid Solicitation Agent, the Company shall have no obligation to solicit the Trading Price per
$1,000 principal amount of Notes) unless a Holder of at least $5,000,000 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. The Company shall determine, the Trading Price per $1,000 principal amount of Notes, in accordance with the
bids solicited by the Bid Solicitation Agent, 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. If (x) the Company is not acting as Bid Solicitation Agent, and the Company does, when the Company is required to, not instruct the Bid Solicitation Agent to determine the Trading Price per $1,000
principal amount of Notes as provided in the preceding sentence, or if the Company gives such instructions to the Bid Solicitation Agent to obtain bids and the Bid Solicitation Agent fails to make such determination, or (y) the Company is acting as
Bid Solicitation Agent and the Company fails to make such determination 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 set forth above has been met, the Company shall so notify the Holders, the Trustee and the
Conversion Agent (if other than the Trustee) in writing. If, at any time after the Trading Price condition set forth above 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 date, the Company shall so notify the Holders of the Notes, the Trustee and the Conversion Agent (if other than the Trustee) in writing on or within one Business Day of
such Trading Day.
  
 (ii)            If, prior to the close of business on the Business Day immediately preceding October 1, 2024, 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 stockholder rights plan of the Company so long as such rights have not separated from the Common Stock) entitling them, for a period of not more than 35 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
  

 

  
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(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 stockholder rights plan of the Company so long as such rights
have not separated from 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 immediately preceding
the date of announcement for such distribution,
  
 then, in
either case, the Company shall notify all Holders of the Notes (with a copy to the Trustee and Conversion Agent), the Trustee and the Conversion Agent (if other than the Trustee) in writing at least 35 Scheduled Trading Days prior to the Ex-Dividend
Date for such issuance or distribution; provided, however, that if the Company is then otherwise permitted to settle conversions of Notes by Physical Settlement, then the Company may instead elect to provide such notice at least 10
Scheduled Trading Days before such Ex-Dividend Date. In that event, the Company shall be required to settle all conversions of Notes with a Conversion Date occurring on or after the date the Company provides such notice and before such Ex-Dividend
Date (or, if earlier, the date the Company announces that such issuance or distribution will not take place) by Physical Settlement, and the Company shall describe the same in the notice. Once the Company has given such notice, a Holder may
surrender all or any portion of its Notes (with a copy to the Trustee and Conversion Agent) 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, in each case, even if the Notes are not otherwise convertible at such time. A Holder may not exercise this right if such Holder
participates (other than in the case of a share split or share combination) at the same time and upon the same terms as holders of the Common Stock and solely as a result of holding the Notes, in any of the transactions described in this
‎Section 14.01(b)(ii) without having to convert its Notes as if such Holder held a number of shares of Common Stock equal to the applicable Conversion Rate multiplied by the principal amount (expressed in thousands) of Notes held by such
Holder.
  
 (iii)            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 October 1, 2024, 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
consolidation, merger, binding share exchange, or transfer or lease of all or substantially all of its assets, in each case, pursuant to which the Common Stock would be converted into cash, securities or other assets (other than any such transaction
to which the Company is a party solely for the purpose of changing its jurisdiction of incorporation that does not otherwise constitute a Fundamental Change or a Make-Whole Fundamental Change, 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 transaction until 35 Trading Days after such effective date or, if such transaction also constitutes a Fundamental Change, until the related Fundamental Change Repurchase
Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the
  

 

  
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Trustee) in writing no later than Business Day following the effective date of such transaction.

 
 (iv)            Prior to the close of business on the Business Day immediately preceding October 1, 2024, 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 June 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 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. The Company shall determine at the beginning of each calendar quarter commencing after June 30, 2020 whether the Notes may be surrendered for conversion in accordance with this clause ‎(iv) and shall notify in
writing the Holders, the Trustee and the Conversion Agent (if other than the Trustee) if the Notes become convertible in accordance with this clause (iv).

 
 Section 14.02. Conversion Procedures; 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)            Subject to Section 14.02(a)(iii)(B), all conversions for which the relevant Conversion Date occurs on or
after October 1, 2024 shall be settled using the same Settlement Method.
  

(ii)           
Subject to Section 14.02(a)(iii)(B), except for any conversions for which the relevant Conversion Date occurs on or after October 1, 2024, 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)           
(A) Subject to Section 14.02(a)(iii)(B), if the Company elects to deliver a written notice (the “Settlement Notice”) of the Settlement Method in respect of such Conversion Date (or such period, as the case may be), the
Company, shall deliver such Settlement Notice to converting Holders, the Trustee and the Conversation Agent (if other than the Trustee) no later than the close of business on the Trading Day immediately following the relevant Conversion Date (or, in
the case of any conversions for which the relevant Conversion Date occurs on or after October 1, 2024, no later than the Business Day immediately preceding October 1, 2024). If the Company does not

 
 
 

  
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elect a Settlement Method prior to the deadline set forth in the immediately preceding sentence and the Company has not previously made an irrevocable
Settlement Method election pursuant to Section 14.02(a)(iii)(B), the Company shall be deemed to have elected the Default Settlement Method in respect of its Conversion Obligation with respect to any conversion on such Conversion Date or during such
period. Such 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 elects Combination Settlement in respect of its Conversion Obligation but does not timely deliver a Settlement Notice to converting Holders, with a copy to the Trustee and the Conversion Agent (if other than the Trustee),
indicating the Specified Dollar Amount per $1,000 principal amount of Notes in such Settlement Notice, the Specified Dollar Amount per $1,000 principal amount of Notes to be converted shall be deemed to be $1,000. For the avoidance of doubt, the
Company’s failure to elect a Settlement Method or specify the applicable Specified Dollar Amount shall not constitute a Default or Event of Default under this Supplemental Indenture or the Notes. The Company may change the Default Settlement
Method by sending written notice of the new Default Settlement Method to the Holders, the Trustee and the Conversion Agent (if other than the Trustee).

 
 (B)             The Company may, by written notice to the Holders, irrevocably fix the Settlement Method to any Settlement
Method that the Company is then permitted to elect in accordance with this Supplemental Indenture that will apply to all conversions of Notes with a Conversion Date that is on or after the date the Company sends such notice. Notwithstanding the
foregoing or anything to the contrary in this Supplemental Indenture, no such change in the Default Settlement Method or irrevocable election will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note
pursuant to the provisions described in this Section 14.02(a). For the avoidance of doubt, such an irrevocable election, if made, will be effective without the need to amend this Supplemental Indenture or the Notes, including pursuant to Article 10.
However, the Company may nonetheless choose to execute such an amendment at its option.
  

(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 Physical Settlement with respect to the Company’s satisfaction of its
Conversion Obligation in respect of such conversion, 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;

 
 (B)            if the Company elects Cash Settlement with respect to the Company’s satisfaction of its Conversion
Obligation in respect of such conversion, the Company shall pay to the converting Holder in respect of each
  

 

  
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$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 30 consecutive Trading
Days during the related Observation Period; and
  

(C)           
if the Company elects (or is deemed to have elected) Combination Settlement with respect to the Company’s satisfaction of its Conversion Obligation in respect of such conversion, 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 30 consecutive Trading Days during the related Observation Period.

 
 (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. As soon as reasonably practicable 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) 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 procedures of the Depositary in effect at that time and, if required, pay funds equal to interest
payable on the next Interest Payment Date as set forth in ‎Section 14.02(h) 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 and (4) if required, pay funds equal to interest payable on the next Interest Payment
Date as set forth in Section ‎14.02(h). 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 15.02(g), in the case of Physical Notes, or through the applicable procedures of the Depositary,
in the case of Global Notes.
  
 Subject to any
applicable procedures of the Depositary with respect to any Global Notes, if more than one Note shall be surrendered for conversion at one time by the same Holder, the

 
 
 

  
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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, in the case the Company elects Physical Settlement (provided that, with respect to any
Conversion Date following the Regular Record Date immediately preceding the Maturity Date, the Company shall settle any such conversion on the Maturity Date), or on the second Business Day immediately following the last Trading Day of the
Observation Period, in the case of any other Settlement Method. If any shares of Common Stock are due to converting Holders, the Company shall issue or cause to be issued, and deliver (or cause to be delivered) to such Holder, or such Holder’s
nominee or nominees, certificates or a book-entry transfer through the Depositary for the full number of shares of Common Stock to which such Holder shall be entitled in satisfaction of the Company’s Conversion Obligation.

 
 (d)            In case any Physical Note shall be surrendered for partial conversion, the Company shall execute and the
Trustee, upon receipt of Company Order, 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 in a name other than the Holder’s name, in which case the Holder shall pay that tax. The
Company shall work directly with its stock transfer agent to effect any delivery of Common Stock in connection with a conversion.
  

(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 cause a reduction on such Global Note 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.

 
 
 

  
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(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 not including, the relevant Conversion Date. As a result, accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date shall be
deemed to be paid in full rather than 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 the corresponding Interest Payment Date notwithstanding the conversion. Notes surrendered for conversion during the period from the close of
business on any Regular Record Date to the open of business on the immediately following Interest Payment Date must be accompanied by funds equal to the amount of interest payable on the Notes so converted; provided that no such payment shall
be required (1) for conversions following the Regular Record Date immediately preceding the Maturity Date; (2) 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 (3) 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 shall receive the full interest payment due on the Maturity Date regardless of whether their Notes have been converted following such Regular Record Date.

 
 (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 (in the case of Physical Settlement) or the last Trading Day of the relevant Observation Period (in the case of 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. (a) If the Effective Date of a Make-Whole Fundamental Change occurs prior to the Maturity Date and a Holder elects to convert its

 
 
 

  
48

  

  

Notes in connection with such Make-Whole Fundamental Change, 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 conversion of the Notes is received by the Conversion Agent from, and including, the Effective Date of the Make-Whole Fundamental Change up to, and including, the Business Day immediately prior to the related
Fundamental Change Repurchase Date (or, in the case of a Make-Whole Fundamental Change that would have been a Fundamental Change but for the proviso in clause (b) of the definition thereof, the 35th Trading Day immediately following the
Effective Date of such Make-Whole Fundamental Change) (such period, the “Make-Whole Fundamental Change Period”).
  

(b)            Upon
surrender of Notes for conversion in connection with a Make-Whole Fundamental Change, 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 based on the Conversion Rate as adjusted to reflect the Additional Shares pursuant to the table below; 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 determined and 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 not the Trustee) 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 (the “Effective Date”) and the price (the “Stock Price”) paid (or deemed to be
paid) per share of the Common Stock in the Make-Whole Fundamental Change. 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.
  

(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
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
  

 

  
49

  

  

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	$84.00 	$90.00 	$95.00 	$105.00 	$120.00 	$180.00 	$250.00 	$325.00 	$400.00 	$500.00 	$600.00 	$700.00 	$800.00 	 
	April 6, 2020	2.3809	2.1057	1.9118	1.5981	1.2594	0.6264	0.3688	0.2433	0.1723	0.1137	0.0757	0.0487	0.0285	 
	April 1, 2021 	2.3809	2.0673	1.8549	1.5163	1.1598	0.5363	0.3081	0.2030	0.1445	0.0964	0.0650	0.0428	0.0261	 
	April 1, 2022 	2.3809	1.9988	1.7632	1.3946	1.0198	0.4242	0.2376	0.1572	0.1129	0.0761	0.0519	0.0347	0.0218	 
	April 1, 2023 	2.3809	1.9024	1.6328	1.2223	0.8273	0.2909	0.1608	0.1082	0.0786	0.0535	0.0369	0.0250	0.0161	 
	April 1, 2024 	2.3809	1.7499	1.4194	0.9408	0.5322	0.1403	0.0812	0.0562	0.0413	0.0284	0.0198	0.0136	0.0090	 
	April 1, 2025 	2.3809	1.5873	1.0025	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	 

  

The exact Stock Prices and Effective Dates 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, 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 $800.00 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 $84.00 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.

 
 Notwithstanding the foregoing, in no event shall the
Conversion Rate per $1,000 principal amount of Notes exceed 11.9047 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.
  

 

  
50

  

  
   

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

 

(a)       If the Company exclusively issues shares
of Common Stock as a dividend or distribution on 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:

 

	CR1 = CR0 ×	OS1 

	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 (before giving effect to any such
dividend, distribution, split or combination), as applicable; and

  
 

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

   

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

(b)       If the Company issues to all or
substantially all holders of the Common Stock any rights, options or warrants (other than pursuant to a stockholder rights plan so long as such rights have not separated from the Common Stock) entitling them, for a period of not more than 45
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

 
 
 

51
 

  

   

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:
  

	CR1 = 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 no such rights, options or warrants are
issued, or if no such rights, options or warrants are exercised prior to their expiration, 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)(ii)(A), in
determining whether any rights, options or warrants entitle the holders of the Common Stock to subscribe for or purchase shares of the Common Stock at less than such average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive
Trading Day period ending on, and including, the Trading Day immediately preceding the 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.

 

 

 
52
 

  

   

(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 of rights, options or warrants as to which an adjustment was effected (or would have been effected but for Section 14.04(j)) pursuant to Section 14.04(a) or Section 14.04(b), as applicable, (ii) rights issued pursuant to
stockholder rights plan (subject to Section 14.11), (iii) dividends or distributions paid exclusively in cash as to which the provision set forth in Section 14.04(d) shall apply, (iv) distributions of Reference Property in a Merger Event), and (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”), then the Conversion Rate shall be increased based on the following formula:
  

	CR1 = 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 the Ex- Dividend Date for such distribution;
	 	 	 
	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), then, in lieu of the foregoing increase, each Holder of a Note shall receive, in respect of each $1,000 principal amount of Notes it holds, 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 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 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.
  

 

 
53
 

  

   

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 any Subsidiaries or other business units 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:

 

	CR1 = 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 on the last Trading Day of the Valuation Period; provided that (x) in respect of any conversion of Notes for which Physical Settlement is applicable, if the relevant Conversion Date
occurs during the Valuation Period, the reference to “10” in the preceding paragraph shall be deemed replaced with such lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date for such Spin-Off to, and
including, such 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, subject to the immediately succeeding sentence, in respect of any
conversion of Notes for any Trading Day that falls within the relevant Observation Period for such conversion and within the Valuation Period, references in the preceding paragraph related to Spin-Offs with respect to “10” shall be
deemed to be replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date for such Spin-Off and such Trading Day in determining the Conversion Rate as of such Trading Day. Further, if the Ex-Dividend Date for such
Spin-Off is after the 10th Trading Day immediately preceding, and including, the end of the Observation Period in respect of a conversion of Notes, references to “10” or “10th” in this paragraph and the preceding paragraph of
this Section 14.04(c) related to Spin-Offs will be deemed to be replaced, solely in respect of that conversion of Notes, with such lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date for such Spin-Off to, and
including, the last Trading Day of such Observation Period. If the distribution constituting such Spin-Off is not paid or made, the Conversion Rate shall be
  
 
 

 
54
 

  

   

decreased to be the Conversion Rate that would then be in effect if such distribution had not been declared.

 
 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 Supplemental 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, subject to Section 14.11, 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”),
  
 
 

 
55
 

  

   

then, in either case, (1) such dividend or distribution, other than the Clause A
Distribution and the Clause B Distribution, as applicable, 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, as applicable, 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), as applicable, 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, as applicable, 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, as applicable, shall be deemed not to be
“outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date, as applicable” 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), as applicable.

 

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

	CR1 = 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), then, 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 immediately prior to the open of business on the Ex-Dividend Date for such cash dividend or
distribution.
  
 
 

 
56
 

  

   

(e)       If the Company or any of its Subsidiaries
makes a payment in respect of a tender or exchange offer for the Common Stock (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:
  

	CR1 = CR0 x 	AC +
(SP1 x OS1) 

	 	OS0 x SP1

  

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;
	 	 	 
	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
date such tender or exchange offer expires;
	 	 	 
	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 date such tender or exchange offer expires (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 date such tender or exchange offer expires (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 date such tender or exchange offer expires.

 
  
 The increase to the
Conversion Rate under this Section 14.04(e) will 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 from, and including, the expiration date of such tender or exchange
offer to, and including, such Conversion Date in determining the Conversion Rate and (y) in respect of any

 
 
 

 
57
 

  

   

conversion of Notes for which Cash Settlement or Combination Settlement is applicable, subject to the immediately succeeding
sentence, 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 this Section 14.04(e) shall be deemed replaced with such lesser number of Trading Days as have elapsed from, and including, the expiration date of such tender or exchange offer to, and
including, such Trading Day in determining the Conversion Rate as of such Trading Day. Further, if the Trading Day next succeeding the date such tender or exchange offer expires is after the 10th Trading Day immediately preceding, and including, the
end of any Observation Period in respect of a conversion of Notes, references to “10” or “10th” in the preceding paragraph and this paragraph shall be deemed to be replaced, solely in respect of that conversion, with such
lesser number of Trading Days as have elapsed from, and including, the Trading Day next succeeding the date such tender or exchange offer expires to, and including, the last Trading Day of such Observation Period.

 
 (f)       Notwithstanding this Section 14.04 or any other provision of this Indenture or the Notes, if (u) a Holder converts a Note, (v) Physical
Settlement or Combination Settlement applies to such conversion and: (w) a Conversion Rate adjustment described in subsections (a), (b), (c), (d) or (e) of this Section 14.04 becomes effective on any Ex-Dividend Date, (x) the Conversion Date (in the
case of Physical Settlement) or any Trading Day in the related Observation Period (in the case of Combination Settlement) occurs on or after such Ex-Dividend Date and on or prior to the related Record Date, (y) the Conversion Obligation for such
conversion (in the case of Physical Settlement) or the Daily Settlement Amount for such Trading Day (in the case of Combination Settlement) includes any whole shares of Common Stock and (z) the Holder of such Note would be treated, on such Record
Date, as the record holder of such shares of Common Stock (as set forth in Section 14.02(i) or otherwise) 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 with respect to such conversion (in the case of Physical Settlement) or for such Trading Day (in the case of Combination
Settlement). Instead, such Holder shall be treated as if such Holder were, as of such Record Date, the record owner of the shares of Common Stock on an unadjusted basis and will participate in the related dividend, distribution or other event giving
rise to such adjustment. In addition, notwithstanding this Section 14.04 or any other provision of this Indenture or the Notes, if a Holder converts a Note and: (x) as of the Conversion Date for such Note (in the case of Physical Settlement) or as
of any Trading Day in the related Observation Period (in the case of Combination Settlement), the Record Date or Effective Date for any event requiring an adjustment to the Conversion Rate required by this Section 14.04 has occurred but such
Conversion Rate adjustment has not yet become effective, (y) the Conversion Obligation for such conversion (in the case of Physical Settlement) or the Daily Settlement Amount for such Trading Day (in the case of Combination Settlement) includes any
whole shares of Common Stock and (z) such shares of Common Stock are not entitled to participate in such event (whether because the Holder of such Note would be not treated as the record holder of such shares of Common Stock as described under
Section 14.02(i) or otherwise), then, for purposes of such conversion, the Company shall, without duplication, give effect to such Conversion Rate adjustment on such Conversion Date (in the case of Physical Settlement) or on such Trading Day (in the
case of Combination Settlement).
  
 

 
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(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 subsections (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 any exchange on which any of the Company’s securities are then listed, the Company from time
to time may (but is not required to) 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 any exchange on which any of the Company’s securities are then listed, 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 send 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.

 

(i)       Except as set forth in this Article 14,
the Conversion Rate shall not be required to be adjusted for any transaction or event. Notwithstanding anything to the contrary in this Article 14, the Conversion Rate shall not be adjusted:

 

(i)           upon the
issuance of any shares of Common Stock below the Conversion Price or otherwise;
  
 (ii)          on account of share repurchases that are not tender offers referred to in Section 14.04(e) above, including
structured or derivative transactions, or pursuant to a share repurchase program approved by the Board of Directors or otherwise.
  
 (iii)         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;

 

(iv)         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;
  

(v)          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 (iv) of this subsection and outstanding as of the date the Notes were first
issued
  

(vi)         for a third-party
tender offer by any party other than a tender offer by one or more of the Company’s Subsidiaries as set forth in subsection (e) of this Section 14.04;

 

 

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

(viii)       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. Notwithstanding anything to the contrary in this Supplemental Indenture, the Company shall not be required to make an
adjustment pursuant to subsections (a), ‎(b), ‎(c), ‎(d) or ‎(e) of this ‎Section 14.04(c) unless such adjustment would result in a change of at least 1% of the Conversion Rate. However, the Company shall carry forward any
adjustments that are less than 1% of the Conversion Rate and make such carried forward adjustments with respect to the Notes immediately upon the earliest to occur of the following: (1) when all such deferred adjustments not yet made will result in
an aggregate change of at least 1% to the Conversion Rate, (2) (x) on the Conversion Date for any Notes (in the case of Physical Settlement) and (y) on any Trading Day of any Observation Period (in the case of Cash Settlement or Combination
Settlement), (3) on the effective date of any Fundamental Change or Effective Date of any Make-Whole Fundamental Change and (4) October 1, 2024.
  

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

(l)       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 an Observation Period and the period for determining the Stock
Price for purposes of a Make-Whole Fundamental Change), the Company shall make appropriate adjustments to each to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring

 
 
 

 
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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.

 

For the avoidance of doubt, the adjustments pursuant to this Section 14.05 shall be
made, solely to the extent that the Company in good faith determines that any such adjustment is necessary, without duplication of any adjustment to the Conversion Rate made pursuant to Section 14.04.

 

Section 14.06. Shares to Be Fully Paid. The Company shall provide, free from
preemptive rights, out of its authorized but unissued shares or shares held in treasury, sufficient 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 a change to par value, or from par value to no par value or from no par value to par value, or changes 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 the consolidated assets of the Company and the Company’s Subsidiaries substantially as an entirety 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 purchasing person, as the case may be, shall execute with the Trustee a supplemental indenture permitted under Section 10.02(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

 
 
 

 
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shall continue to have the right to elect Physical Settlement, Cash Settlement, or Combination Settlement,
with respect to conversions 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
been entitled to receive in such Merger Event, (III) the Daily VWAP shall be calculated based on the value of a unit of Reference Property and (IV) the conditions to conversion set forth in Section 14.01(b) will be determined as if each reference to
a share of Common Stock were instead a reference to 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 of stockholder election), then (i) the Reference Property 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. The Company
shall notify in writing Holders, the Trustee and the Conversion Agent (if other than the Trustee) of such weighted average as soon as reasonably practicable after such determination is made. If the holders 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 cash price paid per share of Common Stock in such Merger Event and (B) the
Company shall satisfy the Conversion Obligation by paying such cash to converting Holders on or before the second Business Day immediately following the relevant Conversion Date.

 

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 in a manner that the Company reasonably deems appropriate to preserve the economic interests
of Holders. If, in the case of any Merger Event, the Reference Property includes shares of stock, securities or other property or assets (including cash or any combination thereof) of a person other than the Company or 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 and shall contain such additional provisions to protect the interests of Holders of the Notes as the Company shall
reasonably consider 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 and in accordance with Section 10.06, 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

 
 
 

 
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complied with, and shall promptly deliver or cause to be delivered notice thereof to all Holders. 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 other Reference Property, if
applicable) or a combination of cash and shares of Common Stock (or other Reference Property, if applicable), as applicable, as set forth in Section 14.01 and Section 14.02 prior to the effective date of such Merger Event.

 

(d)       The above provisions of this Section shall
similarly apply to successive Merger Events.
  

(e)       For purposes of the definition of
“Fundamental Change,” upon the consummation of any Merger Event, references to “Common Stock” shall be deemed to refer to any Reference Property that constitutes Capital Stock after giving effect to such Merger
Event.
  

Section 14.08. Certain Covenants. (a) 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)       [Intentionally Omitted].

 

(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 use commercially reasonable efforts to list and keep listed, so long as the Common Stock shall be so listed on such exchange
or automated quotation system, any Common Stock issuable upon conversion of the Notes.
  

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
  

 

 
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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 7.1 of the Base Indenture, 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 until the Company
has delivered to the Trustee and the Conversion Agent the notices referred to in Section 14.01(b) with respect to the commencement or termination of such conversion rights, on which notices the Trustee and the Conversion Agent may conclusively rely,
and the Company agrees to deliver such notices to the Trustee and the Conversion Agent reasonably promptly after the occurrence of any such event or at such other times as shall be provided for in Section 14.01(b).

 

Section 14.10. Intentionally Omitted.

 

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, 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. (a) When a Holder surrenders its
Notes for conversion, the Company may, at its election, cause such Notes to be delivered, on or prior to the second Business Day following the relevant Conversion Date, to a financial institution designated by the Company (the “Designated
Institution”) for exchange in lieu of conversion. In order to accept any Notes surrendered for conversion for exchange in lieu of conversion, the Designated Institution must agree to timely deliver, in exchange for such Notes, the cash,
shares of Common Stock (or Reference Property, if applicable) or combination of cash and shares of Common Stock (or Reference Property, if applicable), at the Company’s election, that would otherwise be due upon conversion as set forth in
Section 14.02 above or such other amount agreed to by such Holder and the Designated Institution(s) and in respect of which the Company has notified converting Holders. If the Company makes the election described above, the Company shall, by the
close of business on the second Business Day following the relevant Conversion Date, notify in writing the Holder (with a copy to the Trustee and the Conversion Agent (if not the Trustee)) surrendering Notes for conversion that it has made such
election. In addition, the Company shall concurrently notify the Designated Institution of the relevant deadline for delivery of the consideration due upon conversion. The Company, the Holder

 
 
 

 
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surrendering Notes for conversion, the Designated Institution and the Conversion Agent shall cooperate to cause such Notes to
be delivered to the Designated Institution and the Conversion Agent shall be entitled to conclusively rely upon the Company’s instruction in connection with effecting any exchange election and shall no liability for such exchange election
outside of its control. Any Notes exchanged by the Designated Institution will remain outstanding notwithstanding the surrender of such Notes, and will be subject to applicable Depositary procedures.

 

(b)       If the Designated Institution agrees to
accept any Notes for exchange but does not timely deliver the related consideration due upon conversion to the Conversion Agent, or if the Designated Institution does not accept such Notes for exchange, the Company shall notify the Conversion Agent
and the Holders surrendering their Notes for conversion and the Company shall, within the time period specified in Section 14.02(c), convert such Notes into cash, shares of Common Stock (or Reference Property, if applicable) or combination of cash
and shares of Common Stock, at the Company’s election, in accordance with the provisions ofSection 14.02.
  

(c)       For the avoidance of doubt, in no event
will the Company’s designation of a Designated Institution pursuant to this Section 14.12 require the Designated Institution to accept any Notes for exchange.

 

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 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 thereof that is equal to a minimum denomination
of $1,000 or a multiple of $1,000 in excess thereof, on the date (the “Fundamental Change Repurchase Date”) specified by the Company that is not less than 20 calendar days or more than 35 calendar days following the date of the
Fundamental Change Company Notice at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest thereon to, but excluding, the Fundamental Change Repurchase Date (the
“Fundamental Change 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 the Holder 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 permit the Company to comply with applicable law as a result of changes to such applicable law occurring after the date of this
Supplemental Indenture.
  

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

 

 

 
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(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 Depositary’s 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 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 a minimum denomination 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 Supplemental Indenture;
  
 provided,
however, that if the Notes are Global Notes, the Fundamental Change Repurchase Notice must comply with appropriate Depositary 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 second Business Day
immediately preceding the Fundamental Change Repurchase Date by delivery of a written notice of withdrawal to the Paying Agent in accordance with (g).
  

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 calendar day after
the occurrence of the effective date of a Fundamental Change, the Company shall provide to all Holders of Notes and 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 written notice (the “Fundamental Change Company Notice”) of the occurrence of the effective date of the Fundamental Change and of the repurchase right at the option of the Holders arising as a result thereof. In the
case of Physical Notes, such notice shall be delivered by first class mail or, in the case of Global Notes, such notice shall be delivered in
  
 
 

 
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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 such Fundamental Change;
  
 (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 Supplemental 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 to the Trustee no less than seven days (or such shorter period as agreed by the Trustee) before the date on which such notice is to be sent, the Trustee shall give such notice in the Company’s name and at the
Company’s expense; provided, however, that, in all cases, the text of such Fundamental Change Company Notice shall be prepared by the Company.

 

(d)       Notwithstanding the foregoing, 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 above, 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 above.
  

 

 
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(e)       Notwithstanding the foregoing, the Company
shall not be required to give such notice or repurchase the Notes as described above upon a Fundamental Change pursuant to clause (b) of the definition thereof if (1) such Fundamental Change results in the Notes becoming convertible (pursuant to
Section 14.07) into an amount of cash per Note greater than the Fundamental Change Repurchase Price (assuming the maximum amount of accrued interest would be payable based on the latest possible Fundamental Change Repurchase Date) and (2) the
Company provides timely notice of the Holders’ right to convert their Notes based on such Fundamental Change as described in Section 14.01(b)(iii).

 

(f)       Notwithstanding the foregoing, no Notes
may be repurchased by the Company on any date at the option of the Holders upon a Fundamental Change if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date (except in the
case of an acceleration resulting from a Default by the Company in the payment of the Fundamental Change 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 procedures of the Depositary 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.
  

(g)       The Company shall be deemed to satisfy its
obligations to repurchase Notes pursuant to this Section 15.02 if one or more third parties conduct the repurchase offer and repurchase tendered Notes in a manner that would have satisfied the Company’s obligations to do the same if conducted
directly by the Company.
  

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 Corporate Trust Office of the Paying Agent in accordance with this Section 15.02(g) at any time prior to the
close of business on the second 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 $1,000
or a multiple 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 a multiple thereof;

 

provided, however, that if the Notes are Global Notes, the notice must comply with appropriate
procedures of the Depositary.
  
 
 

 
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Section 15.04. Deposit of Fundamental Change Repurchase Price. (a) The Company
will deposit with the Trustee (or other Paying Agent appointed by the Company, or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 4.04) at or prior to 11:00 a.m., New York City time, on
the Fundamental Change Repurchase Date 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 Trustee (or other Paying
Agent appointed by the Company), payment for Notes surrendered for repurchase (and not withdrawn prior to the close of business on the second 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 Trustee (or other Paying Agent appointed by the Company)
by the Holder thereof in the manner required by Section 15.02. The Trustee shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the Fundamental Change Repurchase Price.

 

(b)       If by 11:00 a.m. New York City time, on
the Fundamental Change Repurchase Date, the Trustee (or other Paying Agent appointed by the Company) holds money sufficient to make payment on all the Notes or portions thereof that are to be repurchased on such Fundamental Change Repurchase 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 (whether or not book-entry transfer
of the Notes has been made or the Notes have been delivered to the Trustee or Paying Agent) and (iii) all other rights of the Holders of such Notes will terminate (other than the right to receive the Fundamental Change Repurchase Price and, if
applicable, accrued and unpaid interest).
  

(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 Note in an authorized denomination equal in principal amount to the unrepurchased portion of the 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 provisions of Rule 13e-4,
Rule 14e-1 and any other tender offer rules under the Exchange Act;

 

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

(c)       otherwise comply with all federal and
state securities laws in connection with any offer by the Company to repurchase the Notes;
  
 in
each case, so as to permit the rights and obligations under this Article 15 to be exercised in the time and in the manner specified in this Article 15. Notwithstanding the foregoing, to the extent that the obligations of the Company to offer to
repurchase and to repurchase Notes under this Article 15 conflict with any law or regulation adopted after the date hereof and that is applicable
  
 
 

 
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to the Company, the Company’s compliance with such law or regulation shall not be considered to be a
default of such obligations.
  

Article
16
 No Optional Redemption
  

Section 16.01. Applicability of Article III of the Base Indenture. Article III of
the Base Indenture shall not apply to the Notes. Instead the provisions set forth in this Article 16 shall, with respect to the Notes, supersede in its entirety Article III of the Base Indenture, and all references in the Base Indenture to Article
III thereof and the provisions therein, as the case may be, shall, with respect to the Notes, be deemed to be references to this Article 16 or the applicable provisions set forth in this Article 16, respectively.

 

Section 16.02. No Optional Redemption. The Notes shall not be redeemable by the
Company prior to the Maturity Date, and no sinking fund is provided for the Notes.
  
 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 as 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 registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee) to Nevro Corp., 1800 Bridge Parkway, Redwood City, CA 94065, Attention: Andrew Galligan, cc: Mike Hall,
General Counsel, with a copy, which shall not constitute notice, to Latham & Watkins LLP, 140 Scott Drive, Menlo Park, CA 94025 (fax: (650) 463-2600), Attention: Brian Cuneo and 885 Third Avenue New York, NY 10022 (fax: (212) 751-4864)
Attention: Greg Rodgers. Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered or
certified mail in a post office letter box addressed to the Corporate Trust Office or sent electronically in PDF or any other widely used electronic format. The Trustee will not be deemed to have any knowledge of the contents of any notice not
actually received by it.
  

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

 

 

 
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The Trustee agrees to accept and act upon instructions or directions pursuant to this
Indenture sent by unsecured e-mail, PDF, facsimile transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have received an incumbency certificate listing persons designated to give such instructions or
directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee e-mail
or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall
not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written
instruction. The Company agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and
the risk or interception and misuse by third parties.
  

Any notice or communication mailed to a Holder 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; provided that notices given to Holders of Global Notes may be given through the facilities
of the Depositary, notwithstanding anything herein to the contrary.

 

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

 

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

 

Notwithstanding anything to the contrary in this Indenture or the Notes, whenever any
provision of this Indenture requires a party to send notice to another party, no such notice need be sent if the sending party and the recipient are the same person acting in different capacities.

 

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

 

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 Supplemental 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
  
 
 

 
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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 Supplemental Indenture or the Notes 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 Supplemental Indenture, the Company shall, if requested by the Trustee, furnish to the Trustee an
Officer’s Certificate and an Opinion of Counsel stating that such action is permitted by the terms of this Supplemental Indenture and that all conditions precedent thereto have been satisfied.

 

Each Officer’s Certificate and an 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 Supplemental 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 whether all
conditions precedent to such action have been satisfied; and (d) a statement as to whether or not, in the judgment of such person, such action is permitted by this Indenture and whether or not all conditions precedent to such action have been
satisfied.
  

Notwithstanding anything to the contrary in this Section 17.05, if any provision in this
Indenture specifically provides that the Trustee shall or may receive an Opinion of Counsel in connection with any action to be taken by the Trustee or the Company hereunder, the Trustee shall be entitled to, or entitled to request, such Opinion of
Counsel.
  

Section 17.06. Legal Holidays. In any case where any Interest Payment Date,
Fundamental Change Repurchase Date or Maturity Date is not a Business Day or is a day on which the banking institutions in the city of the office of the Paying Agent are authorized or obligated by law to close or be closed, then any action to be
taken on such date need not be taken on such date, but may be taken on the next succeeding day that is a Business Day and is not a day on which the banking institutions in the city of the office of the Paying Agent are authorized or obligated by law
to close or be closed with the same force and effect as if taken on such
  

 

 
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Interest Payment Date, Fundamental Change Repurchase Date or Maturity Date, and no interest shall accrue in respect of the
delay. Section 10.7 of the Base Indenture shall, with respect to the Notes, be superseded in its entirety by this Section 17.06, and any reference in the Base Indenture to such Section 10.7 shall, with respect to the Notes, be deemed to refer
instead to this Section 17.06.
  

Section 17.07. No Security Interest Created. Other than the Trustee’s lien
pursuant to Section 7.7 of the Base Indenture, nothing in this Supplemental 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 Supplemental 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 authenticating agent, any Note Registrar and their successors hereunder, any benefit or any legal
or equitable right, remedy or claim under this Supplemental 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 Supplemental 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
2.05, Section 2.06, Section 2.07, Section 2.08, Section 10.05 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 Supplemental 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 7.10 of the Base Indenture.
  

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.
  
 
 

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

 

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

 

The provisions of Sections 7.2 and 7.3 of the Base Indenture and Section 8.03 of the
Supplemental Indenture 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 Supplemental 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 Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture
as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

Section 17.12. Severability. In the event any provision of this Indenture or in
the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired.

 

Section 17.13. 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 SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED
HEREBY.
  

 

 
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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, directly or indirectly, forces beyond its control, including, without limitation, any act or provision of any present or future law or
regulation or governmental authority, epidemics, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities,
communications or computer (software and hardware) services or the unavailability of the Federal Reserve Bank wire or telex or other wire 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. Except as otherwise provided herein, 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 of Notes. The Company shall provide a schedule of its calculations to each of the Trustee, the Conversion Agent and the Paying Agent, and each of the Trustee, the Conversion Agent and the Paying Agent is entitled to rely conclusively upon
the accuracy of the Company’s calculations without independent verification. The Company will forward its calculations to any Holder of Notes upon the written request of that Holder at the sole cost and expense of the Company.

 

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 Supplemental 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. Withholding Taxes. If the Company or other applicable withholding
agent pays withholding taxes or backup withholding on behalf of the Holder or beneficial owner as a result of an adjustment to the Conversion Rate, the Company or other applicable withholding agent may, at its option, set off such payments against
payments of cash and shares of Common Stock on the Note.
  

Section 17.18. Ratification of the Base Indenture. Except as amended hereby with
respect to the Notes, the Base Indenture, as amended and supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the
extent herein and therein provided. The Base Indenture, as amended and supplemented by this Supplemental Indenture and the exhibits hereto sets forth the entire agreement and understanding of the parties related to this transaction and supersedes
all prior agreements and understandings, oral or written.
  

 

 
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[Remainder of Page Intentionally Left Blank]

 
 

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

	 	NEVRO CORP.	 
	 	 	 	 
	 	By:	/s/ Andrew H. Galligan	 
	 	 	Name: Andrew H. Galligan
	 	 	Title: Chief Financial Officer

 

 

 

  

 

   

	 	WILMINGTON TRUST, NATIONAL	 
	 	ASSOCIATION, as Trustee	 
	 	 	 	 
	 	By:	/s/ Halle E. Field	 
	 	 	Name: Hallie E. Field
	 	 	Title: Vice President

  
 
 

  

 

 
 

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.]

 
 

1
 

  

   

Nevro Corp.
 2.75% Convertible Senior Note due 2025

 

	No. 	[______]	[Initially]1 $	[______]

 

  

CUSIP No. [_________]
  

Nevro Corp. 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.]2
[_______]3., or registered assigns, the principal sum as set forth in the “Schedule of Exchanges of Notes” attached hereto, which amount, taken together with the principal amounts of all other outstanding Notes, shall not,
unless permitted by the Indenture, exceed $189,750,000, in accordance with the rules and procedures of the Depositary, on April 1, 2025, and interest thereon as set forth below.

 

This Note shall bear interest at the rate of 2.75% per year from April 6, 2020, or from
the most recent date to which interest has been paid or provided for to, but excluding, the next scheduled Interest Payment Date until April 1, 2025. Interest is payable semi-annually in arrears on each April 1 and October 1, commencing on October
1, 2020, to Holders of record at the close of business on the preceding March 15 and September 15 (whether or not such day is a Business Day), respectively. Accrued interest on this Note 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 actual days elapsed over a 30-day month. Additional Interest will be payable as set forth in Section 6.04 of the within-mentioned Supplemental 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 such Section 6.04, 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
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 2.04(c) of the Supplemental Indenture.

 

The Company shall 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 provided in and subject to the provisions of the Indenture, the Company shall pay the principal of
any Notes (other than Notes that are Global Notes) 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

 

 

 

1 Include if a global note.

2 Include if a global note.

3 Include if a physical note. 

 

 

 
2
 

  

   

of the Notes and its Corporate Trust Office 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.
  
 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]

 
 

 
3
 

  

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

	 	NEVRO CORP.
	 	 	 	 
	 	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 Signatory	 

 
   
 
 

 
4
 

  

   
 [Signature page to Note]
  
 

 
5
 

  

   

[FORM OF REVERSE OF NOTE]

 

Nevro Corp.
 2.75% Convertible Senior Note due 2025

 

This Note is one of a duly authorized issue of Notes of the Company, designated as its
2.75% Convertible Senior Notes due 2025 (the “Notes”), limited to the aggregate principal amount of $189,750,000 all issued or to be issued under and pursuant to an Indenture dated as of June 13, 2016 (the “Base
Indenture”), as amended and supplemented by the Second Supplemental Indenture dated as of April 6, 2020 (herein called the “Supplemental Indenture”; the Base Indenture, as amended and supplemented by the Supplemental
Indenture, and as it may be further amended or supplemented from time to time, the “Indenture”), between the Company and Wilmington Trust Bank, 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 of the Notes. 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 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 of the Notes, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, evidenced as in the
Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes as described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate
principal amount of the Notes at the time outstanding may on behalf of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences.

 

No reference herein to the Indenture and no provision of this Note or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay or deliver, as the case may be, the principal (including the Fundamental Change Repurchase

 
 
 

 
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Price, if applicable) of, accrued and unpaid interest on, and the consideration due upon conversion of, this Note at the place,
at the respective times, at the rate and in the lawful money or shares of Common Stock, as the case may be, herein prescribed.
  

The Notes are issuable in registered form without coupons in minimum denominations of
$1,000 principal amount and $1,000 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 are not subject to redemption through the operation of any sinking fund or
otherwise.
  

Upon the occurrence of a Fundamental Change, the Holder has the right, at such
Holder’s option exercised in the manner specified in the Indenture, to require the Company to repurchase for cash all of such Holder’s Notes or any portion thereof (in principal amounts of $1,000 or integral multiples in excess 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 a multiple thereof, into cash, shares of Common Stock or a combination of cash and shares of Common Stock, at the Company’s election, at the Conversion Rate specified in the Indenture, as adjusted from time to time as
provided in the Indenture.
  
 

 
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.

 
 

 
8
 

  

   

SCHEDULE A

 

SCHEDULE OF EXCHANGES OF NOTES
 
 Nevro Corp.
 2.75% Convertible Senior Notes
due 2025
  

The initial principal amount of this Global Note is ONE HUNDRED EIGHTY-NINE MILLION
SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($189,750,000). 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
 

  

   

ATTACHMENT 1

 

[FORM OF NOTICE OF CONVERSION]

 
 To: Nevro Corp.

 
 To: Wilmington Trust, National Association
 50 South Sixth Street, Suite 1290
 Minneapolis, MN 55402
 Attention: Nevro Corp. Administrator

 
 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 a multiple thereof) below
designated, into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, 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 Supplemental 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]

 

		To:	Nevro Corp.

  

		To:	Wilmington Trust, National Association
 50 South Sixth Street, Suite 1290
 Minneapolis, MN 55402
 Attention: Corporate Trust Division – Corporate Finance
Unit

  

The undersigned registered owner of this Note hereby acknowledges receipt of a notice
from Nevro Corp. (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 a 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 repurchased (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.
  
 

B-
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.

 
 

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

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