Document:

EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 

SIXTH SUPPLEMENTAL INDENTURE 

SIXTH SUPPLEMENTAL INDENTURE, dated as of August 20, 2020, between HOST HOTELS & RESORTS, L.P., a Delaware limited partnership
(the “Company”), and THE BANK OF NEW YORK MELLON, as Trustee (the “Trustee”), to the Indenture, dated as of May 15, 2015, as amended and supplemented through the date of this Sixth Supplemental Indenture (the
“Indenture”). 
 RECITALS 

WHEREAS, the Company and the Trustee executed and delivered the Indenture substantially in the form of Indenture previously filed as Exhibit
4.1 to the Registration Statement (No. 333-224247) filed with the Securities and Exchange Commission (the “Commission”) on Form S-3 by the Company; 

WHEREAS, the Company desires to create a series of Securities to be issued under the Indenture, as hereby supplemented, to be known as the
3.500% Series I Senior Notes due 2030 (hereinafter, the “Series I Notes”); 
 WHEREAS, Section 9.1(i) of the
Indenture provides that the Company and the Trustee may amend or supplement the Indenture without the written consent of the Holders of the outstanding Securities to provide for the issuance of and establish the form and terms and conditions of
Securities of any Series as permitted by the Indenture; 
 WHEREAS, all acts and things prescribed by the Indenture, by law and by the
organizational documents of the Company and the Trustee necessary to make this Sixth Supplemental Indenture a valid instrument legally binding on the Company and the Trustee, in accordance with its terms, have been duly done and performed; and 

WHEREAS, all conditions precedent to amend or supplement the Indenture have been met. 

NOW, THEREFORE, to comply with the provisions of the Indenture, and in consideration of the above premises, the Company and the Trustee
covenant and agree as follows: 
 ARTICLE 1 

Section 1.01 Nature of Supplemental Indenture. This Sixth Supplemental Indenture supplements the Indenture and does and shall be
deemed to form a part of, and shall be construed in connection with and as part of, the Indenture for any and all purposes. 

Section 1.02 Establishment of New Series. Pursuant to Section 2.2 of the Indenture, there is hereby established the Series I
Notes having the terms, in addition to those set forth in the Indenture and this Sixth Supplemental Indenture, set forth in the form of Series I Note, attached to this Sixth Supplemental Indenture as Exhibit A, which is incorporated herein as
a part of this Sixth Supplemental Indenture. In addition to the initial aggregate principal amount of Series I Notes issued on the Series Issue Date, the Company may issue additional Series I Notes under the Indenture and this Sixth Supplemental
Indenture in accordance with Section 2.2 of the Indenture. 

 Section 1.03 Redemption. (a) Prior to 90 days before their Stated Maturity (the
“Par Call Date”), upon not less than 15 nor more than 60 days’ notice, the Company may redeem the Series I Notes at any time in whole or in part, at a redemption price equal to 100% of the principal amount thereof plus the
Make-Whole Premium, together with accrued and unpaid interest thereon, if any, to, but not including, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest
payment date that is on or prior to the applicable redemption date). 
 (b) Notwithstanding the foregoing, within the period beginning on or after the Par
Call Date, upon not less than 15 nor more than 60 days’ notice, the Company may redeem the Series I Notes in whole or in part, at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest
thereon, if any, to, but not including, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the applicable redemption date).

 (c) In connection with any redemption of the Series I Notes, any such redemption may, in the Company’s discretion, be subject to one or more
conditions precedent. In addition, if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Company’s discretion, the redemption date may be delayed beyond such 60-day period until such time as any or all such conditions shall be satisfied (or waived by the Company in its sole discretion), or such redemption may not occur and such notice may be rescinded in the event that
any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date so delayed. In addition, the Company may provide in such notice that payment of the redemption price and performance of its obligations with
respect to such redemption may be performed by another person. 
 (d) The Series I Notes will not have the benefit of any sinking fund. 

(e) Notice of a redemption of the Series I Notes made pursuant to this Section 1.03 shall be given in the manner set forth in Section 3.3 of the
Indenture; provided, however, that any such notice need not set forth the redemption price but need only set forth the calculation thereof as described in subsection (a) of this Section 1.03. The redemption price, calculated
as aforesaid, shall be set forth in an Officer’s Certificate delivered by the Company to the Trustee no later than one Business Day prior to the redemption date. 

Section 1.04 Interest. 
 (a) The
interest rate payable on the Series I Notes will be subject to adjustment from time to time if either Moody’s or S&P (or, in either case, a Substitute Rating Agency) downgrades (or subsequently upgrades) its rating assigned to the Series I
Notes, as set forth in this Section 1.04. If the rating of the Series I Notes from one or both of Moody’s or S&P (or, if applicable, any Substitute Rating Agency) is decreased to a rating set forth in either of the
immediately following tables, the interest rate on the Series I Notes will 

  
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increase from the interest rate set forth in the form of Series I Note, attached to this Sixth Supplemental Indenture as Exhibit A, by an amount equal to the sum of the percentages per
annum set forth in the following tables opposite those ratings: 
  

			
	Moody’s Rating*	  	Percentage
	Ba1	  	0.25%
	Ba2	  	0.50%
	Ba3	  	0.75%
	B1 or below	  	1.00%

 

			
	S&P Rating*	  	Percentage
	BB+	  	0.25%
	BB	  	0.50%
	BB-	  	0.75%
	B+ or below	  	1.00%

  

	*	 Including the equivalent ratings of any Substitute Rating Agency. 

(b) For purposes of making adjustments to the interest rate on the Series I Notes, the following rules of interpretation will apply: 

(i) if at any time less than two Rating Agencies provide a rating on the Series I Notes for reasons not within the
Company’s control (A) the Company shall use commercially reasonable efforts to obtain a rating on the Series I Notes from a Substitute Rating Agency for purposes of determining any increase or decrease in the interest rate on the Series I
Notes pursuant to the tables set forth in Section 1.04(a), (B) such Substitute Rating Agency shall be substituted for the last Rating Agency to provide a rating on the Series I Notes but which has since ceased to provide
such rating, (C) the relative ratings scale used by such Substitute Rating Agency to assign ratings to senior unsecured debt shall be determined in good faith by an independent investment banking institution of national standing appointed by
the Company and, for purposes of determining the applicable ratings included in the applicable table in Section 1.04(a) with respect to such Substitute Rating Agency, such ratings shall be deemed to be the equivalent
ratings used by Moody’s or S&P, as applicable, in such table, and (D) the interest rate on the Series I Notes shall increase or decrease, as the case may be, from the interest rate set forth in the form of Series I Note, attached to
this Sixth Supplemental Indenture as Exhibit A, by an amount equal to the sum of the percentages per annum set forth in the equivalent table to the tables above with respect to such Substitute Rating Agency (taking into account the provisions
of clause (C) above) (plus any applicable percentage resulting from a decreased rating by the other Rating Agency); 

(ii) for so long as only one Rating Agency (or Substitute Rating Agency, if applicable) provides a rating on the Series I
Notes, any increase or decrease in the interest rate on the Series I Notes necessitated by a reduction or increase in the rating by that Rating Agency shall be twice the applicable percentage set forth in the applicable table above; 

(iii) if both Rating Agencies cease to provide a rating of the Series I Notes for any reason, and no Substitute Rating Agency
has provided a rating on the Series I Notes, the interest rate on the Series I Notes will increase to, or remain at, as the case may be, 2.00% per annum above the interest rate set forth in the form of Series I Note, attached to this Sixth
Supplemental Indenture as Exhibit A; 

  
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 (iv) if Moody’s or S&P ceases to rate the Series I Notes or make a
rating of the Series I Notes publicly available for reasons within the Company’s control, the Company shall not be entitled to obtain a rating from a Substitute Rating Agency and the increase or decrease in the interest rate on the Series I
Notes shall be determined in the manner described in this Section 1.04 as if either only one or no Rating Agency provides a rating on the Series I Notes, as the case may be; 

(v) each interest rate adjustment required by any decrease or increase in a rating as set forth above, whether occasioned by
the action of Moody’s or S&P (or, in either case, any Substitute Rating Agency), shall be made independently of (and in addition to) any and all other interest rate adjustments occasioned by the action of the other Rating Agency; 

(vi) in no event will (i) the interest rate on the Series I Notes be reduced to below the interest rate set forth in the
form of Series I Note, attached to this Sixth Supplemental Indenture as Exhibit A or (ii) the total increase in the interest rate on the Series I Notes exceed 2.00% above the interest rate set forth in the form of Series I Note, attached
to this Sixth Supplemental Indenture as Exhibit A; and 
 (vii) subject to clauses (iii) and (iv) above, no
adjustment in the interest rate on the Series I Notes shall be made solely as a result of a Rating Agency ceasing to provide a rating of the Series I Notes. 

(c) If at any time the interest rate on the Series I Notes has been adjusted upward and either of the Rating Agencies subsequently increases its rating of the
Series I Notes, the interest rate on the Series I Notes will again be adjusted downwards, if applicable, such that the interest rate on the Series I Notes equals the interest rate payable on the Series I Notes set forth in the form of Series I Note,
attached to this Sixth Supplemental Indenture as Exhibit A, plus (if applicable) an amount equal to the sum of the percentages per annum set forth opposite the ratings in the tables above with respect to the ratings assigned to the Series I
Notes (or deemed assigned) at that time, all calculated in accordance with the rules of interpretation set forth above. If Moody’s or any Substitute Rating Agency subsequently increases its rating on the Series I Notes to “Baa3” (or
its equivalent if with respect to any Substitute Rating Agency) or higher and S&P or any Substitute Rating Agency subsequently increases its rating on the Series I Notes to “BBB-” (or its
equivalent if with respect to any Substitute Rating Agency) or higher, the interest rate on the Series I Notes will be as set forth in the form of Series I Note, attached to this Sixth Supplemental Indenture as Exhibit A. 

(d) Any interest rate increase or decrease described above shall take effect from the first day of the interest period following the period in which a rating
change occurs requiring an adjustment in the interest rate. If either Rating Agency changes its rating of the Series I Notes more than once during any particular interest period, the last such change by such Rating Agency to occur will control in
the event of a conflict for purposes of any increase or decrease in the interest rate with respect to the Series I Notes. 

  
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 (e) The interest rate on the Series I Notes will permanently cease to be subject to any adjustment described
above (notwithstanding any subsequent decrease in the ratings by either Rating Agency) if the Series I Notes become rated “Baa1” or higher by Moody’s (or its equivalent if with respect to any Substitute Rating Agency) and
“BBB+” or higher by S&P (or its equivalent if with respect to any Substitute Rating Agency), in each case with a stable or positive outlook. 

(f) If the interest rate on the Series I Notes is increased as described above, the term “interest,” as used with respect to the Series I Notes,
will be deemed to include any such additional interest unless the context otherwise requires. 
 (g) The Trustee shall have no obligation to monitor the
rating assigned by Moody’s, S&P or any Substitute Rating Agency on the Series I Notes nor to determine the increase or decrease in the Series I Notes interest rate. The Company shall deliver notice to the Trustee of (i) any such
adjustment in the rating on the Series I Notes (but only to the extent such adjustment requires a change in the interest rate on the Series I Notes pursuant to the terms hereof) and (ii) the new interest rate and its effective date. The Trustee
may rely conclusively on such notice. 
 ARTICLE 2 

Section 2.01 For all purposes of this Sixth Supplemental Indenture, except as otherwise expressly provided or unless the context
requires otherwise: 
 (a) A term defined in the Indenture and not otherwise defined herein has the same meaning when used in this Sixth Supplemental
Indenture; and 
 (b) The following terms have the meanings given to them in this Section 2.01 and shall have the meaning set forth below for the
purposes of this Sixth Supplemental Indenture and the Indenture solely with respect to the Series I Notes: 
 “Acquired
Indebtedness” means Indebtedness of a person (1) existing at the time such person is merged or consolidated with or into, or becomes a Subsidiary of the Company or (2) assumed by the Company or any of its Subsidiaries in
connection with the acquisition of assets from that person; provided that Indebtedness of such person which is redeemed, defeased (including the deposit of funds in a valid trust for the exclusive benefit of Holders and the Trustee thereof,
sufficient to repay such Indebtedness in accordance with its terms), retired or otherwise repaid at the time of or immediately upon consummation of the transactions by which such person is acquired shall not be included as Acquired Indebtedness.
Acquired Indebtedness shall be deemed to be incurred on the date the acquired person is merged or consolidated with or into, or becomes a Subsidiary of, the Company or the date of the related acquisition, as the case may be. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note,
the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange at the relevant time. 

“Capitalized Lease” means, as applied to any person, any lease of any property (whether real, personal or mixed) of which the
discounted present value of the rental obligations of such person as lessee, in conformity with GAAP, is required to be capitalized on the balance sheet of such person. 

  
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 “Capitalized Lease Obligations” means the discounted present value of the
rental obligations under a Capitalized Lease as reflected on the balance sheet of such person in accordance with GAAP. 

“Certificated Note” means a certificated Series I Note registered in the name of the Holder thereof and issued in accordance
with Section 4.01 of this Sixth Supplemental Indenture, in the form of Exhibit A to this Sixth Supplemental Indenture, except that such Certificated Note shall not include the information called for by footnotes 1, 2 and 3 thereof. 

“Clearstream” means Clearstream Banking S.A., or its successors. 

“Consolidated EBITDA” for any period means the Company’s Consolidated Net Income and the Consolidated Net Income of its
Subsidiaries for such period, plus amounts which have been deducted and minus amounts which have been added for, without duplication: (1) interest expense on Indebtedness; (2) provision for taxes based on income; (3) amortization of
debt discount and deferred financing costs; (4) gains and losses on sales or other dispositions of depreciable properties and other investments, other than from (i) sales of inventory and (ii) timeshare assets held for sale, in each
case, in the ordinary course of business; (5) property depreciation and amortization, including any impairment charges; (6) the effect of any non-cash items; and (7) amortization of deferred
charges, all determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Net Income” for any period means
the amount of net income, or loss, for the Company and its Subsidiaries for such period, excluding, without duplication, (1) extraordinary items, (2) the portion of net income for the Company and its Subsidiaries allocable to non-controlling interests in unconsolidated persons to the extent that cumulative cash dividends or distributions have not actually been received by the Company or one of its Subsidiaries and (3) the portion of
net losses for the Company and its Subsidiaries allocable to non-controlling interests in unconsolidated persons, all determined on a consolidated basis in accordance with GAAP. 

“Credit Facility” means the credit facility established pursuant to the Fifth Amended and Restated Credit Agreement, dated as
of August 1, 2019, as amended by the First Amendment thereto dated June 26, 2020, among the Company, Bank of America, N.A., as Administrative Agent, and other agents and lenders party thereto, together with all other agreements,
instruments and documents executed or delivered pursuant thereto or in connection therewith, in each case as such agreements, instruments or documents may be amended, supplemented, extended, renewed, replaced or otherwise modified or restructured
from time to time (including by way of adding Subsidiaries of the Company as additional borrowers or guarantors thereof), whether by the same or any other agent, lender or group of lenders (including by means of sales of debt securities). 

“Depositary” means, with respect to the Series I Notes issuable or issued in whole or in part in global form, The Depository
Trust Company (“DTC”), and any and all successors thereto appointed as depositary by the Company. 

  
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 “Euroclear” means Euroclear Bank S.A./N.V., or its successor, as operator
of the Euroclear system. 
 “Existing Senior Notes” means amounts outstanding from time to time of (i) the 43⁄4% Senior Notes due 2023; (ii) the 33⁄4% Senior Notes due 2023; (iii) the 4%
Senior Notes due 2025; (iv) the 41⁄2% Senior Notes due 2026; (v) the 37⁄8%
Senior Notes due 2024; and (vi) the 33⁄8% Senior Notes due 2029, in each case, not in excess of amounts outstanding immediately following the date hereof of
the Series I Notes, less amounts retired from time to time. 
 “Global Note” means a Series I Note that includes the
information referred to in footnotes 1, 2 and 3 to the form of Series I Note, attached to this Sixth Supplemental Indenture as Exhibit A, issued under the Indenture, that is deposited with or on behalf of and registered in the name of the
Depositary or a nominee of the Depositary. 
 “Global Note Legend” means the legend set forth in Section 4.01(f) of
this Sixth Supplemental Indenture, which is required to be placed on all Global Notes issued under the Indenture. 
 “Indirect
Participant” means an entity that, with respect to DTC, clears through or maintains a direct or indirect custodial relationship with a Participant. 

“Interest Expense” means, for any period, the Company’s interest expense and the interest expense of its Subsidiaries
for such period, including, without duplication, (1) all amortization of debt discount, but excluding the amortization of fees or expenses incurred in order to consummate the sale of debt securities or to establish the Credit Facility,
(2) all accrued interest, (3) all capitalized interest, and (4) the interest component of Capitalized Lease Obligations, all determined on a consolidated basis in accordance with GAAP. 

“Make-Whole Premium” means, with respect to any Series I Note at any redemption date, the amount calculated by the Company of
the excess, if any, of (a) the present value of the sum of the principal amount of the Series I Note being redeemed and all remaining interest payments thereon up to the Par Call Date (not including any portion of such payments of interest
accrued as of the redemption date), discounted on a semi-annual bond equivalent basis from the Par Call Date to the redemption date at a per annum interest rate equal to the sum of the Treasury Yield (determined on the Business Day immediately
preceding the date the notice of redemption is given), plus 45 basis points, over (b) the principal amount of the Series I Note being redeemed. 

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream, respectively (and, with respect to The Depository Trust Company, shall include Euroclear and Clearstream). 

“Paying Agent” means, until otherwise designated, the Trustee. 

“S&P” means Standard & Poor’s Financial Services LLC, a division of S&P Global, Inc., and its
successors. 

  
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 “Secured Indebtedness” means any Indebtedness, including, without
limitation, Acquired Indebtedness, secured by any Lien on any of the Company’s property or assets or any of the property or assets of its Subsidiaries, whether owned on the date hereof or thereafter acquired. 

“Series Issue Date” means August 20, 2020. 

“Substitute Rating Agency” means a “nationally recognized statistical rating organization” within the meaning of
Section 3(a)(62) under the Exchange Act selected by the Company as a replacement agency for Moody’s or S&P, or both, as the case may be. 

“Total Assets” means, the sum of, without duplication, Undepreciated Real Estate Assets and all other assets, excluding
intangibles, of the Company and its Subsidiaries, all determined on a consolidated basis in accordance with GAAP. 
 “Total
Unencumbered Assets” means, the sum of, without duplication, those Undepreciated Real Estate Assets which are not subject to a Lien securing Indebtedness and all other assets, excluding intangibles, of the Company and its Subsidiaries not
subject to a Lien securing Indebtedness, all determined on a consolidated basis in accordance with GAAP; provided, however, that, in determining Total Unencumbered Assets as a percentage of outstanding Unsecured Debt for purposes of
the covenant set forth in Section 3.01(d), all investments by the Company and its Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities
shall be excluded from Total Unencumbered Assets to the extent that such investments would have otherwise been included. 

“Treasury Yield” means the yield to maturity at the time of computation of United States Treasury securities with a constant
maturity (as compiled by and published in the most recent Federal Reserve Statistical Release H.15 which has become publicly available at least two Business Days prior to the date the notice of redemption is given (or, if such Statistical
Release is no longer published, any publicly available source of similar data)) most nearly equal to the then remaining average life of the Series I Notes, provided that if the average life of the Series I Notes is not equal to the constant
maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Yield shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the
weekly average yields of United States Treasury securities for which such yields are given, except that if the average life of the Series I Notes is less than one year, the weekly average yield on actually traded United States Treasury securities
adjusted to a constant maturity of one year shall be used. 
 “Undepreciated Real Estate Assets” means, as of any date, the
cost (being the original cost plus capital improvements) of the Company’s real estate assets and the real estate assets of its Subsidiaries on such date, before depreciation and amortization and impairments, all determined on a consolidated
basis in accordance with GAAP. 
 “Unsecured Debt” means, Indebtedness of the Company or any of its Subsidiaries which is
not secured by a Lien on any property or assets of the Company or any of its Subsidiaries. 

  
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 ARTICLE 3 

The covenants set forth in this Section 3 shall apply to the Series I Notes. Except as otherwise expressly provided below, the covenants
set forth in the Indenture are in all respects ratified and confirmed and shall remain in full force and effect. 
 Section 3.01
Limitation on Incurrence of Indebtedness. (a) Aggregate Debt Test. The Company will not, and will not cause or permit any of its Subsidiaries to, incur any Indebtedness, including, without limitation, Acquired Indebtedness,
if, immediately after giving effect to the incurrence of that Indebtedness and the application of the proceeds therefrom on a pro forma basis, the aggregate principal amount of all of the Company’s outstanding Indebtedness and all of the
outstanding Indebtedness of its Subsidiaries, determined on a consolidated basis in accordance with GAAP, is greater than 65% of the sum of, without duplication: 

(1) the Total Assets of the Company and its Subsidiaries as of the last day of the then most recently ended fiscal quarter; and 

(2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds
received, to the extent the proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Indebtedness, by the Company or any of its Subsidiaries since the end of that fiscal quarter, including the proceeds obtained
from the incurrence of that additional Indebtedness, determined on a consolidated basis in accordance with GAAP. 
 (b) Debt Service Test. The
Company will not, and will not cause or permit any of its Subsidiaries to, incur any Indebtedness, including, without limitation, Acquired Indebtedness, if the ratio of Consolidated EBITDA to the Interest Expense for the period consisting of the
four consecutive fiscal quarters most recently ended for which financial statements have been filed by the Company with the Securities and Exchange Commission prior to the date on which the additional Indebtedness is to be incurred shall have been
less than 1.5:1 on a pro forma basis after giving effect to the incurrence of that Indebtedness and the application of the proceeds therefrom (determined on a consolidated basis in accordance with GAAP), and calculated on the assumption that: 

(1) the Indebtedness and any other Indebtedness, including, without limitation, Acquired Indebtedness, incurred by the Company or any of its Subsidiaries
since the first day of the relevant four-quarter period had been incurred, and the application of the proceeds therefrom, including to repay or retire other Indebtedness, had occurred, on the first day of the period; 

(2) the repayment or retirement of any of the Company’s other Indebtedness (other than Indebtedness repaid or retired with the proceeds of any other
Indebtedness, which repayment or retirement shall be calculated pursuant to clause (1) of this Section) or any other Indebtedness of the Company’s Subsidiaries since the first day of the relevant four-quarter period had occurred on the
first day of the period; and 
 (3) in the case of any acquisition or disposition by the Company or any of its Subsidiaries of any asset or group of assets,
in any such case with a fair market value in excess of $1 million, since the first day of the relevant four-quarter period, whether by merger, stock purchase or sale or asset purchase or sale or otherwise, that acquisition or disposition had
occurred as of the first day of the period with the appropriate adjustments with respect to the acquisition or disposition being included in the pro forma calculation. 

  
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 If the Indebtedness giving rise to the need to make the calculation set forth in this Section 3.01(b)
or any other Indebtedness incurred after the first day of the relevant four-quarter period bears interest at a floating rate then, for purposes of calculating the Interest Expense, the interest rate on that Indebtedness shall be computed on a pro
forma basis as if the average rate which would have been in effect during the entire relevant four-quarter period had been the applicable rate for the entire period. 

(c) Secured Debt Test. The Company will not, and will not cause or permit any of its Subsidiaries to, incur Secured Indebtedness, if, immediately after
giving effect to the incurrence of the Secured Indebtedness and the application of the proceeds from the Secured Indebtedness on a pro forma basis, the aggregate principal amount, determined on a consolidated basis in accordance with GAAP, of all of
the Company’s outstanding Secured Indebtedness and all outstanding Secured Indebtedness of its Subsidiaries is greater than 40% of the sum of, without duplication: 

(1) the Total Assets of the Company and its Subsidiaries as of the last day of the then most recently ended fiscal quarter; and 

(2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds
received, to the extent those proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Indebtedness, by the Company or any of its Subsidiaries since the end of the relevant fiscal quarter, including the proceeds
obtained from the incurrence of that additional Indebtedness, determined on a consolidated basis in accordance with GAAP. 
 (d) Maintenance of Total
Unencumbered Assets. The Company will have at all times Total Unencumbered Assets of not less than 150% of the aggregate principal amount of all of its outstanding Unsecured Debt and the outstanding Unsecured Debt of the Company’s
Subsidiaries, determined on a consolidated basis in accordance with GAAP. 
 The calculation of the ratios set forth in this Section 3.01 shall be
undertaken by the Company. 
 Section 3.02 Future Guarantees. The Company shall cause each Subsidiary (including
each Subsidiary that the Company acquires or creates after the date hereof) that subsequent to the date hereof guarantees any Indebtedness of the Company (hereinafter such Subsidiary, a “Future Subsidiary Guarantor” and such
guarantees, the “Guaranteed Indebtedness”) to fully and unconditionally guarantee the Company’s obligations under the Indenture and this Sixth Supplemental Indenture with respect to payment and performance of the Series I Notes
to the same extent that such Guaranteed Indebtedness is guaranteed by the Future Subsidiary Guarantors. Within 60 days of the date of such occurrence, such Future Subsidiary Guarantor shall execute or deliver to the Trustee a supplemental indenture
making such Future Subsidiary Guarantor a party to the Indenture for such purpose. If the Guaranteed Indebtedness is (A) pari passu in right of payment with the Series I Notes, then the guarantee of such Guaranteed Indebtedness shall be
pari passu in right of payment with, or subordinated in right of 

  
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payment to, the guarantee of the Series I Notes required hereby or (B) subordinated in right of payment to the Series I Notes, then the guarantee of such Guaranteed Indebtedness shall be
subordinated in right of payment to the guarantee of the Series I Notes required hereby at least to the extent that the Guaranteed Indebtedness is subordinated in right of payment to the Series I Notes. Upon the complete and unconditional release of
the Future Subsidiary Guarantor from its guarantee of the Guaranteed Indebtedness, such Future Subsidiary Guarantor’s guarantee of the Series I Notes shall be automatically released. 

Section 3.03 Limitation on Liens. Neither the Company nor any Subsidiary shall secure any Indebtedness under the Credit
Facility or the Existing Senior Notes by a Lien or suffer to exist any Lien on their respective properties or assets securing Indebtedness under the Credit Facility or the Existing Senior Notes unless effective provision is made to secure the Series
I Notes equally and ratably with the Lien securing such Indebtedness for so long as Indebtedness under the Credit Facility or Existing Senior Notes is secured by such Lien. 

Section 3.04 Events of Default. For purposes of the Series I Notes, the following clause shall be added as
Section 6.1(g) of the Indenture: 
 “(g) a default in (a) Secured Indebtedness of the Company or any of its Subsidiaries with an aggregate
principal amount in excess of 5% of Total Assets, or (b) other Indebtedness of the Company or any of its Subsidiaries with an aggregate principal amount in excess of $150 million, in either case, (A) resulting from the failure to pay
principal or interest when due (after giving effect to any applicable extensions or grace or cure periods) or (B) as a result of which the maturity of such Indebtedness has been accelerated prior to its final stated maturity.” 

Section 3.05 Amendments to the Indenture. For purposes of the Series I Notes, Section 10.8
of the Indenture is deleted in its entirety and replaced with the following text: 
 “No recourse for the payment of the principal of, premium, if any,
or interest on the Securities or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company or any Subsidiary that becomes a guarantor of the Securities, if
applicable, in the Indenture, or in the Securities or because of the creation of any Indebtedness represented thereby, shall be had against any incorporator, partner, stockholder, officer, director, employee or controlling person of the Company or
any Subsidiary that becomes a guarantor of the Securities, if applicable, or of any successor person thereof, except as an obligor or guarantor of the Securities pursuant to this Indenture. Each Holder, by accepting the Securities, waives and
releases all such liability.” 
 ARTICLE 4 

Section 4.01 For purposes of the Series I Notes, Section 2.7 of the Indenture is hereby supplemented with, and where inconsistent
replaced by, the following provisions: 
 (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole
except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor
Depositary. All Global Notes will be exchanged by the Company for Certificated Notes if: 

  
 11 

 (1) the Company delivers to the Trustee notice from the Depositary (A) that it is unwilling or unable
to continue to act as Depositary and a successor Depositary is not appointed by the Company within 90 days after the date of such notice from the Depositary or (B) that it is no longer a clearing agency registered under the Exchange Act and a
successor Depositary is not appointed by the Company within 90 days after the date of such notice from the Depositary; 
 (2) the Company, at its option,
notifies the Trustee in writing that it elects to cause the issuance of Certificated Notes; or 
 (3) upon request of the Trustee or Holders of a majority
of the principal amount of outstanding Series I Notes if there shall have occurred and be continuing a Default or Event of Default with respect to the Series I Notes. 

Upon the occurrence of any of the preceding events in (1), (2) or (3) above, Certificated Notes shall be issued in such
names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.8 and 2.11 of the Indenture. A Global Note may not be exchanged for another Series I Note other than
as provided in this Section 4.01(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 4.01(b) or (c) hereof. 

(b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes will be
effected through the Depositary, in accordance with the provisions of the Indenture and the Applicable Procedures. Beneficial interests in the Global Notes will be subject to restrictions on transfer comparable to those set forth herein. Transfers
of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred to persons who take delivery
thereof in the form of a beneficial interest in the same Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 4.01(b)(1). 

(2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests
that are not subject to Section 4.01(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: (A)(1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with
the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and (2) instructions given in
accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or (B)(1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with
the Applicable Procedures directing the Depositary to cause to be issued a Certificated Note in an amount equal to the beneficial interest to be transferred or exchanged; and (2) instructions given by the Depositary to the Registrar containing
information regarding the person in whose name such Certificated Note shall be registered to effect the transfer or exchange referred to in (B)(1) above; 

  
 12 

 (c) Transfer or Exchange of Beneficial Interests in Global Notes for Certificated Notes. If any
holder of a beneficial interest in a Global Note proposes to exchange such beneficial interest for a Certificated Note or to transfer such beneficial interest to a person who takes delivery thereof in the form of a Certificated Note, then, if the
exchange or transfer complies with the requirements of Section 4.01(a) of this Sixth Supplemental Indenture and upon satisfaction of the conditions set forth in Section 4.01(b)(2) of this Sixth Supplemental Indenture, the Trustee shall
cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 4.01(f) hereof, and the Company shall execute and, upon receipt of a Company Order pursuant to Section 2.3 of the Indenture,
the Trustee shall authenticate and deliver to the person designated in the instructions a Certificated Note in the appropriate principal amount. Any Certificated Note issued in exchange for a beneficial interest pursuant to this Section 4.01(c)
shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect
Participant. The Trustee shall deliver such Certificated Notes to the persons in whose names such Series I Notes are so registered. 
 (d) Transfer and
Exchange of Certificated Notes for Beneficial Interests in Global Notes. A Holder of a Certificated Note may exchange such Certificated Note for a beneficial interest in a Global Note or transfer such Certificated Notes to a person who takes
delivery thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt of a request for such an exchange or registration of transfer, the Trustee shall cancel the applicable Certificated Note and increase or cause to be
increased the aggregate principal amount of one of the Global Notes. If any such exchange or registration of transfer from a Certificated Note to a beneficial interest in a Global Note is effected pursuant to this Section 4.01(d) at a time when
a Global Note has not yet been issued, the Company shall issue and, upon receipt of a Company Order in accordance with Section 2.3 of the Indenture, the Trustee shall authenticate one or more Global Notes in an aggregate principal amount equal
to the principal amount of Certificated Notes so transferred. 
 (e) Transfer and Exchange of Certificated Notes for Certificated Notes. A Holder of
Certificated Notes may transfer such Certificated Notes to a person who takes delivery thereof in the form of a Certificated Note. Upon request by a Holder of Certificated Notes and such Holder’s compliance with the provisions of this
Section 4.01(e), the Registrar shall register the transfer or exchange of Certificated Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Certificated Notes duly
endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. Upon receipt of a request to register such a transfer, the Registrar
shall register the Certificated Notes pursuant to the instructions from the Holder thereof. 
 (f) Global Note Legend. To the extent required by the
Depositary, each Global Note shall bear a legend in substantially the following form: 
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE
INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE
REQUIRED PURSUANT TO SECTION 4.01 

  
 13 

 
OF THE SIXTH SUPPLEMENTAL INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 4.01 OF THE SIXTH SUPPLEMENTAL INDENTURE, (3) THIS GLOBAL NOTE
MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE 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. UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“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 SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.” 

(g) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for
Certificated Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.12 of the
Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Certificated
Notes, the principal amount of Series I Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such
reduction; and if the beneficial interest is being exchanged for or transferred to a person who shall take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an
endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 
 (h)
General Provisions Relating to Transfers and Exchanges. 
 (1) To permit registrations of transfers and exchanges, the Company shall
execute and the Trustee shall authenticate Global Notes and Certificated Notes upon receipt of a Company Order. 
 (2) No service charge
shall be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Certificated Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11 and 3.6 of the Indenture). 

  
 14 

 (3) The Registrar shall not be required to register the transfer of or exchange of any Note
selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 (4) All Global Notes and
Certificated Notes issued upon any registration of transfer or exchange of Global Notes or Certificated Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under the Indenture, as the
Global Notes or Certificated Notes surrendered upon such registration of transfer or exchange. 
 (5) Neither the Registrar nor the Company
will be required: 
 (A) to issue, to register the transfer of or to exchange any Series I Notes during a period beginning at the opening of
business on the 15th Business Day before the day of any selection of Series I Notes for redemption and ending at the close of business on the day of selection; 

(B) to register the transfer of or to exchange any Series I Note selected for redemption in whole or in part, except the unredeemed portion of
any Series I Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Series I Note between a record date and the
next succeeding interest payment date. 
 (6) Prior to due presentment for the registration of a transfer of any Series I Note, the Trustee,
any Agent and the Company may deem and treat the person in whose name any Note is registered as the absolute owner of such Series I Note for the purpose of receiving payment of principal of and interest on such Series I Notes and for all other
purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
 (7) The Trustee shall
authenticate Global Notes and Certificated Notes in accordance with the provisions of Section 2.3 of the Indenture. 
 Notwithstanding
anything herein to the contrary, as to any certifications and certificates delivered to the Registrar pursuant to this Section 4.01 of this Sixth Supplemental Indenture, the Registrar’s duties shall be limited to confirming that any such
certifications and certificates delivered to it are substantially in the form of Exhibit A attached to this Sixth Supplemental Indenture. The Registrar shall not be responsible for confirming the truth or accuracy of representations made in any such
certifications or certificates. 
 Section 4.02 For purposes of the Series I Notes, Section 2.3 of the Indenture is hereby
supplemented to permit the authentication of the Series I Notes by manual, facsimile or electronic signature, provided any electronic signature is a true representation of the signer’s actual signature. 

  
 15 

 ARTICLE 5 

Section 5.01 Except as specifically modified herein, the Indenture is in all respects ratified and confirmed and shall remain in full
force and effect in accordance with its terms. 
 Section 5.02 Except as otherwise expressly provided herein, no duties,
responsibilities or liabilities are assumed or shall be construed to be assumed by the Trustee by reason of this Sixth Supplemental Indenture. This Sixth Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and
conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect to this Sixth Supplemental Indenture. 

Section 5.03 The Trustee shall not be responsible in any manner whatsoever for or in respect of the recitals contained herein, all of
which recitals are made solely by the Company. The Trustee makes no representations as to the validity or sufficiency of this Sixth Supplemental Indenture. 

Section 5.04 THIS SIXTH SUPPLEMENTAL INDENTURE AND THE SERIES I NOTES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO
THIS SIXTH SUPPLEMENTAL INDENTURE OR THE SERIES I NOTES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY, THE TRUSTEE, THE PAYING AGENT AND THE REGISTRAR HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE GENERAL JURISDICTION OF
ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE
INDENTURE AND THE SECURITIES, AND IRREVOCABLY ACCEPTS FOR ITSELF AND (IN THE CASE OF THE COMPANY) IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH OF THE COMPANY, THE TRUSTEE, THE PAYING AGENT
AND THE REGISTRAR IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION WHICH THEY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT
AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

Section 5.05 EACH OF THE COMPANY, THE TRUSTEE, THE PAYING AGENT AND THE REGISTRAR 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 SIXTH SUPPLEMENTAL INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 

  
 16 

 Section 5.06 The parties may sign any number of copies of this Sixth Supplemental
Indenture. Each signed copy shall be an original, but all of such executed copies together shall represent the same agreement. 

Section 5.07 All capitalized terms used in this Sixth Supplemental Indenture which are not otherwise defined herein, shall have the
respective meanings specified in the Indenture, unless the context otherwise requires. 
 Section 5.08 The Series I Notes may be
issued in whole or in part in the form of one or more Global Securities, registered in the name of Cede & Co., as nominee of DTC. 

Section 5.09 The Trustee makes no representation or warranty as to the validity or sufficiency of this Sixth Supplemental Indenture.

 [Signature Pages Follow] 

  
 17 

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

					
	 COMPANY

	
	 HOST HOTELS & RESORTS, L.P., a Delaware limited

	 partnership

		
	 BY:
	 	 HOST HOTELS & RESORTS, INC.,

		 	 its general partner

		
	 By:
	 	 /s/ Brian G. Macnamara

		 	 Name:
	 	 Brian G. Macnamara

		 	 Title:
	 	Senior Vice President, Principal Financial Officer and Corporate Controller

 Signature Page to Sixth Supplemental Indenture 

					
	 TRUSTEE

	
	 THE BANK OF NEW YORK MELLON,

	 as Trustee

		
	 By:
	 	 /s/ Shannon Matthews

		 	 Name:
	 	 Shannon Matthews

		 	 Title:
	 	 Agent

 Signature Page to Sixth Supplemental Indenture 

 EXHIBIT A 

FORM OF 3.500% SERIES I SENIOR NOTE 

Unless and until it is exchanged in whole or in part for 3.500% Series I Notes in definitive form, this Security may not be transferred
except as a whole 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. Unless this certificate is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) (“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 such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or 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 
 HOST HOTELS & RESORTS, L.P. 

3.500% SERIES I SENIOR NOTE DUE 2030 

CUSIP: 44107T AZ9 
 ISIN: US44107TAZ93 

No.                         
                                $ 

Host Hotels & Resorts, L.P., a Delaware limited partnership (hereinafter called the “Company,” which term includes any
successors under the Indenture hereinafter referred to), for value received, hereby promises to pay to __________, or registered assigns, the principal sum of $__________, on September 15, 2030. The Security is one of the 3.500% Series I Senior
Notes due 2030 referred to in such Indenture (hereinafter referred to for purposes of this 3.500% Senior Note collectively as the “Series I Securities”). 

Interest Payment Dates:     March 15 and September 15 

Record Dates:                     
March 1 and September 1 
 Reference is made to the further provisions of this Security on the reverse side, which will,
for all purposes, have the same effect as if set forth at this place. 
  

	1 	 To be used only if the Security is issued as a Global Note. 

  
 A-1 

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

Dated: 
  

					
	 HOST HOTELS & RESORTS, L.P.,

	 a Delaware limited partnership

	
	 By its general partner,

	 HOST HOTELS & RESORTS, INC.,

	 a Maryland corporation

		
	 By:
	 	 
		 	 Name:
	 	 Brian G. Macnamara

		 	 Title:
	 	 Senior Vice President, Principal

		 		 	 Financial Officer and Corporate

		 		 	 Controller

  

					
	 Attest:
	 	 
		 	 Name:
	 	 William Kelso

		 	 Title:
	 	Assistant General Counsel of Host Hotels & Resorts, Inc. the general partner of the Company

  
 A-2 

 FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Series I Securities of the Series designated therein referred to in the within mentioned Indenture. 

 

			
	THE BANK OF NEW YORK MELLON,
as Trustee
		
	 By:
	 	 
		 	 Authorized Signatory

  
 A-3 

 HOST HOTELS & RESORTS, L.P. 

3.500% Series I Senior Notes due 2030 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF
THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 4.01 OF THE SIXTH SUPPLEMENTAL INDENTURE,
(2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 4.01 OF THE SIXTH SUPPLEMENTAL INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE
AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE 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. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET,
NEW YORK, NEW YORK) (“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 SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.2 
  

	1.	 Interest. 

Host Hotels & Resorts, L.P., a Delaware limited partnership (hereinafter called the “Company,” which term includes any
successors under the Indenture hereinafter referred to), promises to pay interest on the principal amount of this Security at the rate of 3.500% per annum from August 20, 2020 or the most recently occurred Interest Payment Date from the date of
issuance of additional Series I Securities, until maturity. To the extent it is lawful, the Company promises to pay interest on any interest payment due on such principal amount but unpaid at a rate of 3.500% per annum compounded semi-annually.

  

	2 	 To be included only on Global Notes deposited with DTC as Depositary.

  
 A-4 

 The Company will pay interest semi-annually on March 15 and September 15 of
each year (each, an “Interest Payment Date”), commencing March 15, 2021. Interest on the Series I Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid on the Series I
Securities, from the date of the original issuance. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. 

The interest rate payable on the Series I Securities will be subject to adjustment from time to time if either Moody’s or S&P (or, in either case,
a Substitute Rating Agency) downgrades (or subsequently upgrades) its rating assigned to the Series I Securities, as set forth below. 
 If the
rating of the Series I Securities from one or both of Moody’s or S&P (or, if applicable, any Substitute Rating Agency) is decreased to a rating set forth in either of the immediately following tables, the interest rate on the Series I
Securities will increase from the interest rate set forth on the face hereof by an amount equal to the sum of the percentages per annum set forth in the following tables opposite those ratings: 

 

			
	 Moody’s Rating*
	  	Percentage
	 Ba1
	  	0.25%
	 Ba2
	  	0.50%
	 Ba3
	  	0.75%
	 B1 or below
	  	1.00%

  

			
	 S&P Rating*
	  	Percentage
	 BB+
	  	0.25%
	 BB
	  	0.50%
	 BB-
	  	0.75%
	 B+ or below
	  	1.00%

  

	*	 Including the equivalent ratings of any Substitute Rating Agency. 

For purposes of making adjustments to the interest rate on the Series I Securities, the following rules of interpretation will apply: 

(i) if at any time less than two Rating Agencies provide a rating on the Series I Securities for reasons not within the
Company’s control (A) the Company shall use commercially reasonable efforts to obtain a rating on the Series I Securities from a Substitute Rating Agency for purposes of determining any increase or decrease in the interest rate on the
Series I Securities pursuant to the tables set forth above, (B) such Substitute Rating Agency shall be substituted for the last Rating Agency to provide a rating on the Series I Securities but which has since ceased to provide such rating,
(C) the relative ratings scale used by such Substitute Rating Agency to assign ratings to senior unsecured debt shall be determined in good faith by an independent investment banking institution of national standing appointed by the Company
and, for purposes of determining the applicable ratings included in the applicable table above with respect to such Substitute Rating Agency, such ratings shall be deemed to be the equivalent ratings used by Moody’s or S&P, as applicable,

  
 A-5 

 
in such table, and (D) the interest rate on the Series I Securities shall increase or decrease, as the case may be, from the interest rate set forth on the face hereof by an amount equal to
the sum of the percentages per annum set forth in the equivalent table to the tables above with respect to such Substitute Rating Agency (taking into account the provisions of clause (C) above) (plus any applicable percentage resulting from a
decreased rating by the other Rating Agency); 
 (ii) for so long as only one Rating Agency (or Substitute Rating
Agency, if applicable) provides a rating on the Series I Securities, any increase or decrease in the interest rate on the Series I Securities necessitated by a reduction or increase in the rating by that Rating Agency shall be twice the applicable
percentage set forth in the applicable table above; 
 (iii) if both Rating Agencies cease to provide a rating of the
Series I Securities for any reason, and no Substitute Rating Agency has provided a rating on the Series I Securities, the interest rate on the Series I Securities will increase to, or remain at, as the case may be, 2.00% per annum above the interest
rate set forth on the face hereof; 
 (iv) if Moody’s or S&P ceases to rate the Series I Securities or make a
rating of the Series I Securities publicly available for reasons within the Company’s control, the Company shall not be entitled to obtain a rating from a Substitute Rating Agency and the increase or decrease in the interest rate on the Series
I Securities shall be determined in the manner described herein as if either only one or no Rating Agency provides a rating on the Series I Securities, as the case may be; 

(v) each interest rate adjustment required by any decrease or increase in a rating as set forth above, whether occasioned by
the action of Moody’s or S&P (or, in either case, any Substitute Rating Agency), shall be made independently of (and in addition to) any and all other interest rate adjustments occasioned by the action of the other Rating Agency; 

(vi) in no event will (i) the interest rate on the Series I Securities be reduced to below the interest rate set forth
on the face hereof or (ii) the total increase in the interest rate on the Series I Securities exceed 2.00% above the interest rate set forth on the face hereof; and 

(vii) subject to clauses (iii) and (iv) above, no adjustment in the interest rate on the Series I Securities shall be
made solely as a result of a Rating Agency ceasing to provide a rating of the Series I Securities. 
 (viii) The
Trustee shall have no obligation to monitor the rating assigned by Moody’s, S&P or any Substitute Rating Agency on the Series I Securities nor to determine the increase or decrease in the Series I Securities interest rate. The Company shall
deliver notice to the Trustee of (i) any such adjustment in the rating on the Series I Securities (but only to the extent such adjustment requires a change in the interest rate on the Series I Securities pursuant to the terms hereof) and (ii)
the new interest rate and its effective date. The Trustee may rely conclusively on such notice. 

  
 A-6 

 If at any time the interest rate on the Series I Securities has been adjusted upward and
either of the Rating Agencies subsequently increases its rating of the Series I Securities, the interest rate on the Series I Securities will again be adjusted downwards, if applicable, such that the interest rate on the Series I Securities equals
the interest rate payable on the Series I Securities set forth on the face hereof, plus (if applicable) an amount equal to the sum of the percentages per annum set forth opposite the ratings in the tables above with respect to the ratings assigned
to the Series I Securities (or deemed assigned) at that time, all calculated in accordance with the rules of interpretation set forth above. If Moody’s or any Substitute Rating Agency subsequently increases its rating on the Series I Securities
to “Baa3” (or its equivalent if with respect to any Substitute Rating Agency) or higher and S&P or any Substitute Rating Agency subsequently increases its rating on the Series I Securities to
“BBB-” (or its equivalent if with respect to any Substitute Rating Agency) or higher, the interest rate on the Series I Securities will be as set forth on the face hereof. 

Any interest rate increase or decrease described above shall take effect from the first day of the interest period following the period in
which a rating change occurs requiring an adjustment in the interest rate. If either Rating Agency changes its rating of the Series I Securities more than once during any particular interest period, the last such change by such Rating Agency to
occur will control in the event of a conflict for purposes of any increase or decrease in the interest rate with respect to the Series I Securities. 

The interest rate on the Series I Securities will permanently cease to be subject to any adjustment described above (notwithstanding any
subsequent decrease in the ratings by either Rating Agency) if the Series I Securities become rated “Baa1” or higher by Moody’s (or its equivalent if with respect to any Substitute Rating Agency) and “BBB+” or higher by
S&P (or its equivalent if with respect to any Substitute Rating Agency), in each case with a stable or positive outlook. 
 If
the interest rate on the Series I Securities is increased as described above, the term “interest,” as used with respect to the Series I Securities, will be deemed to include any such additional interest unless the context otherwise
requires. 
  

	2.	 Method of Payment. 

The Company shall pay interest on the Series I Securities (except defaulted interest) to the persons who are the registered Holders at the
close of business on the Record Date immediately preceding the Interest Payment Date. Holders must surrender Securities to a Paying Agent to collect principal payments. Principal of, premium, if any, and interest on the Series I Securities will be
payable in United States Dollars at the office or agency of the Company maintained for such purpose, in the Borough of Manhattan, The City of New York or at the option of the Company, payment of interest may be made by check mailed to the Holders of
the Series I Securities at the addresses set forth upon the registry books of the Company; provided, however, Holders of Global Securities will be entitled to receive interest

  
 A-7 

 
payments (other than at maturity) by wire transfer of immediately available funds, if appropriate wire transfer instructions have been received in writing by the Trustee not fewer than 15 days
prior to the applicable Interest Payment Date. Such wire instructions, upon receipt by the Trustee, shall remain in effect until revoked by such Holder. No service charge will be made for any registration of transfer or exchange of Series I
Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
  

	3.	 Paying Agent and Registrar. 

Initially, The Bank of New York Mellon will act as Paying Agent and Registrar. The Company may change any Paying Agent, Registrar or co-Registrar without notice to the Holders. The Company or any of its Subsidiaries may, subject to certain exceptions, act as Paying Agent, Registrar or co-Registrar. 

 

	4.	 Indenture. 

The Company issued the Series I Securities under an Indenture, dated as of May 15, 2015, as supplemented (the “Indenture”),
between the Company and the Trustee. Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein. The Series I Securities are unlimited in aggregate principal amount. The terms of the Series I Securities include
those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as in effect on the date of the Indenture. The Series I Securities are subject to all such terms, and Holders of the Series I
Securities are referred to the Indenture and said Act for a statement of them. The Series I Securities are senior, general obligations of the Company. Each Holder of this Security, by accepting the same, (a) agrees to and shall be bound by the
provisions of the Indenture, (b) authorizes and directs the Trustee on his behalf to take such action as may be provided in the Indenture and (c) appoints the Trustee as his
attorney-in-fact for such purpose. 
  

	5.	 Redemption. 

Prior to 90 days before their Stated Maturity (the “Par Call Date”), upon not less than 15 nor more than 60 days’ notice,
the Company may redeem the Series I Securities in whole or in part at any time at a redemption price equal to 100% of the principal amount thereof plus the Make-Whole Premium, together with accrued and unpaid interest thereon, if any, to, but not
including, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the applicable redemption date). Notice of a redemption of
the Series I Securities made pursuant to this paragraph 5 shall be given in the manner set forth in Section 3.3 of the Indenture; provided however, that any such notice need not set forth the redemption price but need only
set forth the calculation thereof as described in the immediately preceding sentence of this paragraph 5. The redemption price, calculated as aforesaid, shall be set forth in an Officer’s Certificate delivered by the Company to the Trustee no
later than one Business Day prior to the redemption date. 

  
 A-8 

 Notwithstanding the foregoing, within the period beginning on or after the Par Call
Date, upon not less than 15 nor more than 60 days’ notice, the Company may redeem the Series I Securities in whole or in part, at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest
thereon, if any, to, but not including, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the applicable redemption date).

 In connection with any redemption of the Series I Securities, any such redemption may, in the Company’s discretion, be
subject to one or more conditions precedent. In addition, if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Company’s discretion, the redemption date may be delayed
beyond such 60-day period until such time as any or all such conditions shall be satisfied (or waived by the Company in its sole discretion), or such redemption may not occur and such notice may be rescinded
in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date so delayed. In addition, the Company may provide in such notice that payment of the redemption price and performance of its
obligations with respect to such redemption may be performed by another person. 
 The Company is not prohibited from acquiring the
Series I Securities by means other than a redemption, whether pursuant to an issuer tender offer, in open market transactions, or otherwise, assuming such acquisition does not otherwise violate the terms of the Indenture. 

The Series I Securities will not have the benefit of a sinking fund. 

 

	6.	 Denominations; Transfer; Exchange. 

The Series I Securities are in registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000. A Holder may
register the transfer of, or exchange Series I Securities in accordance with, the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by
law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Series I Securities (a) selected for redemption except the unredeemed portion of any Series I Security being redeemed in part or (b) for a
period beginning 15 Business Days before the mailing of a notice of an offer to repurchase or redemption and ending at the close of business on the day of such mailing. 
  

	7.	 Persons Deemed Owners. 

The registered Holder of a Series I Security may be treated as the owner of it for all purposes. 

 

	8.	 Unclaimed Money. 

If money for the payment of principal or interest remains unclaimed for two years, the Trustee and the Paying Agent(s) will pay the money
back to the Company at its written request. After that, all liability of the Trustee and such Paying Agent(s) with respect to such money shall cease. 

  
 A-9 

	9.	 Discharge Prior to Redemption or Maturity. 

Except as set forth in the Indenture, if the Company irrevocably deposits with the Trustee, in trust, for the benefit of the Holders, U.S.
legal tender, U.S. Government Obligations or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, and interest on
such Series I Securities on the stated date for payment thereof or on the redemption date of such principal or installment of principal of, premium, if any, or interest on such Series I Securities, the Company will be discharged from certain
provisions of the Indenture and the Series I Securities (including the restrictive covenants described in paragraph 11 below, but excluding its obligation to pay the principal of, premium, if any, and interest on the Series I Securities). Upon
satisfaction of certain additional conditions set forth in the Indenture, the Company may elect to have its obligations and the obligations of any Subsidiary that becomes a guarantor, if applicable, discharged with respect to outstanding Series I
Securities. 
  

	10.	 Amendment; Supplement; Waiver. 

The Company, any Subsidiary that becomes a guarantor, if applicable, and the Trustee may enter into a supplemental indenture for certain
limited purposes without the consent of the Holders. Subject to certain exceptions, the Indenture or the Series I Securities may be amended or supplemented with the written consent of the Holders of not less than a majority in aggregate principal
amount of the Series I Securities then outstanding, and any existing Default or Event of Default or compliance with any provision may be waived with the consent of the Holders of a majority in aggregate principal amount of the Series I Securities
then outstanding. Without notice to or consent of any Holder, the parties thereto may under certain circumstances amend or supplement the Indenture or the Series I Securities to, among other things, cure any ambiguity, defect or inconsistency, or
make any other change that does not adversely affect the rights of any Holder of a Series I Security. 
  

	11.	 Restrictive Covenants. 

The Indenture imposes certain limitations on the ability of the Company and any Subsidiary to, among other things, incur additional
Indebtedness, incur Liens, merge or consolidate with any other person or transfer (by lease, assignment or otherwise) substantially all of the properties and assets of the Company. The limitations are subject to a number of important qualifications
and exceptions. The Company must periodically report to the Trustee on compliance with such limitations. 
  

	12.	 Successor. 

When a successor assumes all the obligations of its predecessor under the Series I Securities and the Indenture, the predecessor will be
released from those obligations. 

  
 A-10 

	13.	 Defaults and Remedies. 

If an Event of Default with respect to the Series I Securities occurs and is continuing (other than an Event of Default relating to
bankruptcy, insolvency or reorganization of the Company), then either the Trustee or the Holders of 25% in aggregate principal amount of the Series I Securities then outstanding may declare all Series I Securities to be due and payable immediately
in the manner and with the effect provided in the Indenture. Holders of the Series I Securities may not enforce the Indenture or the Series I Securities, except as provided in the Indenture. The Trustee may require indemnity satisfactory to it
before it enforces the Indenture or the Series I Securities. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Series I Securities may direct the Trustee in its exercise of any trust or power with
respect to such Series I Securities. The Trustee may withhold from Holders of the Series I Securities notice of any continuing Default or Event of Default (except a Default in payment of principal or interest) if it determines that withholding
notice is in their interest. 
  

	14.	 Trustee and Agent Dealings with Company. 

The Trustee and each Agent under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and
perform services for the Company or any Subsidiary that becomes a guarantor of the Series I Securities, if applicable, or any of their Subsidiaries or any of their respective Affiliates, and may otherwise deal with such persons as if it were not the
Trustee or such agent. 
  

	15.	 No Recourse Against Others. 

No recourse for the payment of the principal of, premium, if any, or interest on the Series I Securities or for any claim based thereon or
otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company or any Subsidiary that becomes a guarantor of the Series I Securities, if applicable, in the Indenture, or in the Series I Securities or
because of the creation of any Indebtedness represented thereby, shall be had against any incorporator, partner, stockholder, officer, director, employee or controlling person of the Company or any Subsidiary that becomes a guarantor of the Series I
Securities, if applicable, or of any successor person thereof, except as an obligor or guarantor of the Series I Securities pursuant to the Indenture. Each Holder, by accepting the Series I Securities, waives and releases all such liability.

  

	16.	 Authentication. 

This Series I Security shall not be valid until the Trustee or authenticating agent signs the certificate of authentication on the other
side of this Series I Security. 
  

	17.	 Abbreviations and Defined Terms. 

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

  
 A-11 

	18.	 CUSIP Numbers. 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company will cause CUSIP
numbers to be printed on the Series I Securities as a convenience to the Holders of the Series I Securities. No representation is made as to the accuracy of such numbers as printed on the Series I Securities and reliance may be placed only on the
other identification numbers printed hereon. 
  

	19.	 Governing Law. 

THE INDENTURE AND THE SERIES I SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE SERIES I SECURITIES, SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

  
 A-12 

 [FORM OF ASSIGNMENT] 

I or we assign this Security to 
  

	
	
                          
                                         
                                         
                                    

 

                          
                                         
                                         
                                    

 

                          
                                         
                                         
                                    

 (Print or type name, address and zip code of assignee) 

Please insert Social Security or other identifying number of assignee 
  

	
	                                      
                  

 and irrevocably appoint __________ agent to transfer this Security on the books of the Company. The agent may substitute
another to act for him. 
  

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

 Signature
Guarantee**                              
               
  

 

	** 	 NOTICE: The Signature must be guaranteed by an Institution which is a member of one of the following recognized
signature Guarantee Programs: (i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) in such other guarantee
program acceptable to the Trustee. 

  
 A-13 

 SCHEDULE OF EXCHANGES3 

The following exchanges of a part of this Global Security 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 officer of

Trustee or Note
Custodian

  

 

	3 	 This should be included only if the Security is issued in global form. 

  
 A-14EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
 Hannon
Armstrong Sustainable Infrastructure Capital, Inc. 
 as Issuer 

U.S. Bank National Association 

as Trustee 
 Second
Supplemental Indenture 
 Dated as of August 21, 2020 

to the Indenture 
 Dated
as of August 22, 2017 
 0% Convertible Senior Notes due 2023 

							
	ARTICLE 1	  

	
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  

			
	 Section 1.01
	 	 Scope of Supplemental Indenture
	  	 	1	 
			
	 Section 1.02
	 	 Definitions
	  	 	2	 
			
	 Section 1.03
	 	 References to Special Interest
	  	 	9	 
	
	ARTICLE 2	  

	
	THE SECURITIES	  

			
	 Section 2.01
	 	 Title and Terms; Payments
	  	 	10	 
			
	 Section 2.02
	 	 Forms
	  	 	10	 
			
	 Section 2.03
	 	 Transfer and Exchange
	  	 	12	 
			
	 Section 2.04
	 	 Payments on the Securities
	  	 	14	 
	
	ARTICLE 3	  

	
	REPURCHASE OF SECURITIES AT OPTION OF HOLDERS	  

			
	 Section 3.01
	 	 Amendments to the Base Indenture
	  	 	15	 
			
	 Section 3.02
	 	 Purchase at Option of Holders upon a Fundamental Change
	  	 	15	 
			
	 Section 3.03
	 	 Effect of Fundamental Change Purchase Notice
	  	 	18	 
			
	 Section 3.04
	 	 Withdrawal of Fundamental Change Purchase Notice
	  	 	18	 
			
	 Section 3.05
	 	 Deposit of Fundamental Change Purchase Price
	  	 	18	 
			
	 Section 3.06
	 	 Securities Purchased in Whole or in Part
	  	 	19	 
			
	 Section 3.07
	 	 Covenant To Comply with Applicable Laws upon Purchase of Securities
	  	 	19	 
			
	 Section 3.08
	 	 Repayment to the Company
	  	 	19	 
	
	ARTICLE 4	  

	
	CONVERSION	  

			
	 Section 4.01
	 	 Right To Convert
	  	 	19	 
			
	 Section 4.02
	 	 Conversion Procedures
	  	 	20	 
			
	 Section 4.03
	 	 Settlement Upon Conversion
	  	 	22	 
			
	 Section 4.04
	 	 Adjustment of Conversion Rate
	  	 	23	 

  
 i 

							
	 Section 4.05
	 	 Adjustments of Prices and Voluntary Adjustments
	  	 	31	 
			
	 Section 4.06
	 	 Adjustment to Conversion Rate Upon Conversion in Connection with a Make-Whole Fundamental
Change
	  	 	32	 
			
	 Section 4.07
	 	 Effect of Recapitalization, Reclassification, Consolidation, Merger or Sale
	  	 	33	 
			
	 Section 4.08
	 	 Stock Issued Upon Conversion
	  	 	35	 
			
	 Section 4.09
	 	 Responsibility of Trustee
	  	 	35	 
			
	 Section 4.10
	 	 Notice to Holders
	  	 	35	 
	
	ARTICLE 5	  

	
	PARTICULAR COVENANTS OF THE COMPANY	  

			
	 Section 5.01
	 	 Payment of Principal, Special Interest, Fundamental Change Purchase Price and REIT Redemption
Price
	  	 	37	 
			
	 Section 5.02
	 	 Maintenance of Office or Agency
	  	 	37	 
			
	 Section 5.03
	 	 Appointments to Fill Vacancies in Trustee’s Office
	  	 	37	 
			
	 Section 5.04
	 	 Provisions as to Paying Agent
	  	 	38	 
			
	 Section 5.05
	 	 Reports
	  	 	38	 
			
	 Section 5.06
	 	 Statements as to Defaults
	  	 	39	 
			
	 Section 5.07
	 	 Special Interest Notice
	  	 	39	 
			
	 Section 5.08
	 	 Covenant to Take Certain Actions
	  	 	39	 
	
	ARTICLE 6	  

	
	REMEDIES	  

			
	 Section 6.01
	 	 Amendments to the Base Indenture
	  	 	39	 
			
	 Section 6.02
	 	 Events of Default
	  	 	40	 
			
	 Section 6.03
	 	 Acceleration; Rescission and Annulment
	  	 	41	 
			
	 Section 6.04
	 	 Special Interest
	  	 	41	 
			
	 Section 6.05
	 	 Waiver of Past Defaults
	  	 	42	 
			
	 Section 6.06
	 	 Control by Majority
	  	 	42	 
			
	 Section 6.07
	 	 Limitation on Suits
	  	 	42	 
			
	 Section 6.08
	 	 Rights of Holders to Receive Payment and to Convert
	  	 	43	 

  
 ii 

							
	 Section 6.09
	 	 Collection of Indebtedness; Suit for Enforcement by Trustee
	  	 	43	 
			
	 Section 6.10
	 	 Trustee May Enforce Claims Without Possession of Securities
	  	 	43	 
			
	 Section 6.11
	 	 Trustee May File Proofs of Claim
	  	 	43	 
			
	 Section 6.12
	 	 Restoration of Rights and Remedies
	  	 	44	 
			
	 Section 6.13
	 	 Rights and Remedies Cumulative
	  	 	44	 
			
	 Section 6.14
	 	 Delay or Omission Not a Waiver
	  	 	44	 
			
	 Section 6.15
	 	 Priorities
	  	 	44	 
			
	 Section 6.16
	 	 Undertaking for Costs
	  	 	45	 
			
	 Section 6.17
	 	 Waiver of Stay, Extension and Usury Laws
	  	 	45	 
			
	 Section 6.18
	 	 Notices from the Trustee
	  	 	45	 
	
	ARTICLE 7	  

	
	SATISFACTION AND DISCHARGE	  

			
	 Section 7.01
	 	 Inapplicability of Provisions of Base Indenture; Satisfaction and Discharge of the
Indenture
	  	 	45	 
			
	 Section 7.02
	 	 Deposited Monies to Be Held in Trust by Trustee
	  	 	46	 
			
	 Section 7.03
	 	 Paying Agent to Repay Monies Held
	  	 	46	 
			
	 Section 7.04
	 	 Return of Unclaimed Monies
	  	 	46	 
			
	 Section 7.05
	 	 Reinstatement
	  	 	47	 
	
	ARTICLE 8	  

	
	SUPPLEMENTAL INDENTURES	  

			
	 Section 8.01
	 	 Supplemental Indentures
	  	 	47	 
			
	 Section 8.02
	 	 Supplemental Indentures With Consent of Holders
	  	 	48	 
			
	 Section 8.03
	 	 Notice of Amendment or Supplement
	  	 	49	 
	
	ARTICLE 9	  

	
	SUCCESSOR COMPANY	  

			
	 Section 9.01
	 	 Consolidation, Merger and Sale of Assets
	  	 	49	 
			
	 Section 9.02
	 	 Company May Consolidate, Etc. on Certain Terms
	  	 	49	 
			
	 Section 9.03
	 	 Successor Corporation to Be Substituted
	  	 	50	 
			
	 Section 9.04
	 	 Opinion of Counsel to Be Given to Trustee
	  	 	50	 

  
 iii 

							
	 	 	ARTICLE 10	  	 	 
			
	 	 	MEETING OF HOLDERS OF SECURITIES	  	 	 
			
	 Section 10.01
	 	 Purposes for Which Meetings May Be Called
	  	 	51	 
			
	 Section 10.02
	 	 Call, Notice and Place of Meetings
	  	 	51	 
			
	 Section 10.03
	 	 Persons Entitled to Vote at Meetings
	  	 	51	 
			
	 Section 10.04
	 	 Quorum; Action
	  	 	51	 
			
	 Section 10.05
	 	 Determination of Voting Rights; Conduct and Adjournment of Meetings
	  	 	52	 
			
	 Section 10.06
	 	 Counting Votes and Recording Action of Meetings
	  	 	53	 
	
	ARTICLE 11	  

	
	REDEMPTION	  

			
	 Section 11.01
	 	 Redemption
	  	 	53	 
			
	 Section 11.02
	 	 Notice of Redemption; Selection of Securities
	  	 	54	 
			
	 Section 11.03
	 	 Payment of Securities Called for Redemption
	  	 	55	 
			
	 Section 11.04
	 	 Restrictions on Redemption
	  	 	55	 
	
	ARTICLE 12	  

	
	MISCELLANEOUS	  

			
	 Section 12.01
	 	 Effect on Successors and Assigns
	  	 	56	 
			
	 Section 12.02
	 	 Governing Law; Jurisdiction; Waiver of Jury Trial
	  	 	56	 
			
	 Section 12.03
	 	 No Security Interest Created
	  	 	56	 
			
	 Section 12.04
	 	 TIA
	  	 	56	 
			
	 Section 12.05
	 	 Benefits of Supplemental Indenture
	  	 	56	 
			
	 Section 12.06
	 	 Calculations
	  	 	56	 
			
	 Section 12.07
	 	 Execution in Counterparts
	  	 	57	 
			
	 Section 12.08
	 	 Notices
	  	 	57	 
			
	 Section 12.09
	 	 Ratification of Base Indenture
	  	 	57	 
			
	 Section 12.10
	 	 The Trustee
	  	 	57	 
			
	 Section 12.11
	 	 No Recourse Against Others
	  	 	57	 

					
	  
 SCHEDULE A
	  			
	 Additional Shares
	  	 	Schedule A-1	 
		
	 EXHIBIT A
	  	 	Exhibit A-1	 

  

  
 iv 

 SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
August 21, 2020, between Hannon Armstrong Sustainable Infrastructure Capital, Inc., a Maryland corporation (the “Company”), and U.S. Bank National Association (the “Trustee”), as trustee under the Indenture
dated as of August 22, 2017, between the Company and the Trustee (as amended or supplemented from time to time in accordance with the terms thereof, the “Base Indenture”). 

RECITALS OF THE COMPANY 

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 unsecured debt 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, Section 9.01(c) of the Base Indenture provides for the Company and the Trustee to enter into supplemental indentures to the Base
Indenture to establish the form and terms of Securities of any series as contemplated by Article II of the Base Indenture; 
 WHEREAS, the
Board of Directors has duly adopted resolutions authorizing the Company to execute and deliver this Supplemental Indenture; 
 WHEREAS,
pursuant to the terms of the Base Indenture, the Company has authorized the creation and issuance under this Supplemental Indenture of its 0% Convertible Senior Notes due 2023 (the “Securities”), the form and substance of such
Securities and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and this Supplemental Indenture; and 

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture, and that all requirements necessary to
make (i) this Supplemental Indenture a valid instrument in accordance with its terms, and (ii) the Securities, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company have been
performed, and the execution and delivery of this Supplemental Indenture have been duly authorized in all respects. 
 NOW, THEREFORE, THIS
SUPPLEMENTAL INDENTURE WITNESSETH, for and in consideration of the premises and the purchases of the Securities by the Holders thereof, it is mutually agreed, for the benefit of the Company and the equal and proportionate benefit of all Holders, as
follows: 
 ARTICLE 1 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.01    Scope of Supplemental Indenture. The changes, modifications and supplements to the Base
Indenture effected by this Supplemental Indenture shall be applicable only with respect to, and shall govern only the terms of (and only the rights of the Holders and the obligations of the Company with respect to), the Securities, which may be
issued from time to time, and shall not apply to any other securities that may be issued under the Base Indenture (or govern the rights of the Holders or the obligations of the Company with respect to any such other securities) unless a supplemental
indenture with respect to such other securities specifically incorporates such changes, modifications and supplements. The 

  
 1 

 
provisions of this Supplemental Indenture shall, with respect to the Securities, supersede any corresponding provisions in the Base Indenture. Subject to the preceding sentence, and except as
otherwise provided herein, the provisions of the Base Indenture shall apply to the Securities and govern the rights of the Holders of the Securities and the obligations of the Company and the Trustee with respect thereto. 

Section 1.02    Definitions. For all purposes of the Indenture, except as otherwise expressly provided
or unless the context otherwise requires: 
 (i)    the terms defined in this Article 1 shall have
the meanings assigned to them in this Article 1 and include the plural as well as the singular; and 

(ii)    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. 
 “Additional Shares” has the meaning specified in
Section 4.06(a) hereof. 
 “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agent Members” has the meaning specified in Section 2.02(c) hereof. 

“Applicable Procedures” means, with respect to any matter at any time, the policies and procedures of the Depository, if any,
that are applicable to such matter at such time. 
 “Base Indenture” has the meaning specified in the first paragraph of
this Supplemental Indenture, as such instrument may be supplemented from time to time by one or more indentures supplemental thereto, including this Supplemental Indenture, entered into pursuant to the applicable provisions of the Base Indenture,
including, for all purposes of the Base Indenture, this Supplemental Indenture and any such other supplemental indenture, the provisions of the TIA that are deemed to be a part of and govern the Base Indenture, this Supplemental Indenture and any
other such supplemental indenture, respectively. 
 “Board of Directors” means (i) the board of directors of the
Company, (ii) any duly authorized committee of such board, (iii) any committee of officers of the Company or (iv) any officer of the Company acting, in the case of clauses (iii) or (iv), pursuant to authority granted by the board
of directors of the Company or any committee of such board. 
 “Business Day” means, notwithstanding anything to the
contrary in Section 1.01 of the Base Indenture, 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, regulation or executive order to close or to be closed. 

“Capital Stock” means, for any Person, any and all shares, interests, rights to purchase, warrants, options, participations
or other equivalents of or interests in (however designated) the equity of such Person, but excluding any debt securities convertible into such equity. 

  
 2 

 “Clause A Distribution” has the meaning specified in Section 4.04(c)
hereof. 
 “Clause B Distribution” has the meaning specified in Section 4.04(c) hereof. 

“Clause C Distribution” has the meaning specified in Section 4.04(c) hereof. 

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

“Common Equity” of any Person means the 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, subject to Section 4.07, the shares of common stock, par value $0.01 per share, of the
Company authorized at the date of this instrument as originally executed or shares of any class or classes of common stock resulting from any reclassification or reclassifications thereof; provided, however, that if at any time there
shall be more than one such resulting class, the shares so issuable on conversion of Securities shall include shares of all such classes, and the shares of each such class then so issuable shall be substantially in the proportion which the total
number of shares of such class resulting from all such reclassifications bears to the total number of shares of all such classes resulting from all such reclassifications. “Common Stock” includes any stock of any class of Capital Stock
which has no preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding up of the issuer thereof and which is not subject to redemption by the issuer thereof. 

“Company” has the meaning specified in the first paragraph of this Supplemental Indenture, and subject to the provisions of
Section 9.02, shall include its successors and assigns. 
 “Company Request” and “Company Order” mean
a written request or order, as applicable, signed in the name of the Company by its Chairman of the Board of Directors, President, Chief Executive Officer, Chief Financial Officer, Treasurer, Controller, General Counsel, Secretary or any Vice
President, and delivered to the Trustee. 
 “Continuing Director” means a director who either was a member of the
Company’s board of directors on the date of the Preliminary Prospectus Supplement or who becomes a member of the Company’s board of directors subsequent to that date and whose election, appointment or nomination for election by the
Company’s stockholders is duly approved by a majority of the “Continuing Directors” on the Company’s board of directors at the time of such approval, either by a specific vote or by approval of the proxy statement issued by the
Company on behalf of the Company’s entire board of directors in which such individual is named as nominee for election as a director, and whose election is recommended by the board of directors. 

“Conversion Agent” means the office or agency designated by the Company where Securities may be presented for conversion as
specified in Section 5.02. 

  
 3 

 “Conversion Date” has the meaning specified in Section 4.02(b) hereof.

 “Conversion Notice” has the meaning specified in Section 4.02(b)(1) hereof. 

“Conversion Obligation” has the meaning specified in Section 4.03(a) hereof. 

“Conversion Price” means, in respect of each Security, as of any date, $1,000 divided by the Conversion Rate in effect
on such date. 
 “Conversion Rate” means initially 20.6779 shares of Common Stock per $1,000 principal amount of
Securities, subject to adjustment as set forth herein. 
 “Custodian” means the Trustee, as custodian with respect to the
Securities (so long as the Securities constitute Global Securities), or any successor entity. 
 “Default” means any event
that is, or with the passage of time or the giving of notice or both would be, an Event of Default. 
 “Depository” means,
unless otherwise specified by the Company, with respect to Securities issued as a Global Security, The Depository Trust Company, New York, New York, or any successor thereto registered as a clearing agency under the Exchange Act, as amended, or
other applicable statute or regulation. 
 “DTA” has the meaning specified in Section 4.04(d) hereof. 

“Effective Date” has the meaning specified in Section 4.06(c) hereof. 

“Event of Default” has the meaning specified in Section 6.02 hereof. 

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

“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. 

“Form of Assignment and Transfer” means the “Form of Assignment and Transfer” attached as Attachment 3 to
the Form of Security attached hereto as Exhibit A. 
 “Form of Fundamental Change Purchase Notice” means the
“Form of Fundamental Change Purchase Notice” attached as Attachment 2 to the Form of Security 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 Security attached hereto as Exhibit A. 
 “Fundamental Change” shall be deemed to have occurred at the time after
the Securities are originally issued if any of the following occurs: 
 (1)    any “person” or
“group” (within the meaning of Section 13(d) of the Exchange Act) other than the Company or its subsidiaries files a Schedule TO or any schedule, form or report under the Exchange Act disclosing that such person or group has become
the direct or indirect ultimate “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the Company’s Common Stock representing more than 50% of the voting power of the
Company’s Common Stock; 

  
 4 

 (2)    the consummation of (x) any consolidation, merger,
amalgamation, scheme of arrangement or other binding share exchange or reclassification or similar transaction between the Company and another person (other than any of the Company’s Subsidiaries), in each case pursuant to which the outstanding
Common Stock shall be converted into, or exchanged for, cash, securities or other property or assets, other than a transaction (i) that results in the holders of all classes of the Company’s Common Equity immediately prior to such
transaction owning, directly or indirectly, as a result of such transaction, more than 50% of all classes of Common Equity of the surviving corporation or transferee or the parent thereof immediately after such event, or (ii) effected solely to
change the Company’s jurisdiction of incorporation or to form a holding company for the Company and that results in a share exchange or reclassification or similar exchange of the outstanding Common Stock solely into common shares of the
surviving entity or (y) any sale, lease or other disposition in one transaction or a series of transactions of all or substantially all of the assets of the Company and its Subsidiaries, on a consolidated basis, to another person (other than
any of the Company’s Subsidiaries); 
 (3)    Continuing Directors cease to constitute at least a majority of the
Company’s Board of Directors; 
 (4)    the Company’s stockholders approve any plan or proposal for the
liquidation or dissolution of the Company (other than in a transaction described in clause (2) above); or 

(5)    the Common Stock ceases to be listed on The New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq
Global Market (or any of their respective successors; 
 provided, however, that in the case of a transaction or event described in clause
(1) or (2) above, if at least 90% of the consideration received or to be received by holders of the Common Stock (excluding cash payments for fractional shares) in the transaction or transactions that would otherwise constitute a
“Fundamental Change” consists of shares of common stock or common equity interests that are traded on The New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of their respective successors) or that
will be so traded when issued or exchanged in connection with the transaction that would otherwise constitute a “Fundamental Change” under clause (1) or (2) above (“Publicly Traded Securities”), and as a result of
such transaction or transactions, the Securities become convertible into or by reference to such Publicly Traded Securities, excluding cash payments for fractional shares (subject to settlement in accordance with the provisions of Sections 4.03,
4.04 and 4.06 hereof), such event shall not be a “Fundamental Change.” 
 “Fundamental Change Company Notice” has
the meaning specified in Section 3.02(b) hereof. 
 “Fundamental Change Expiration Time” has the meaning specified in
Section 3.02(a)(1) hereof. 
 “Fundamental Change Purchase Date” has the meaning specified in Section 3.02(a)
hereof. 

  
 5 

 “Fundamental Change Purchase Notice” has the meaning specified in
Section 3.02(a)(1) hereof. 
 “Fundamental Change Purchase Price” has the meaning specified in Section 3.02(a)
hereof. 
 “Global Security” means a Security which is executed by the Company and authenticated and delivered to the
Depository or its nominee, all in accordance with the Indenture and pursuant to a Company Order, which shall be registered in the name of the Depository or its nominee and which shall represent the amount of uncertificated Securities as specified
therein. 
 “Holder” means, notwithstanding anything to the contrary in Section 1.01 of the Base Indenture, the Person
in whose name a Security is registered in the Register. 
 “Indenture” means, notwithstanding anything to the contrary in
Section 1.01 of the Base Indenture, the Base Indenture, as originally executed and as supplemented by this Supplemental Indenture, each as may be amended or supplemented from time to time. 

“Issue Date” means, with respect to the Securities, August 21, 2020. 

“Last Reported Sale Price” of the Common Stock for any Trading Day means the closing sale price per share (or, if no closing
sale price is reported, the average of the last bid and last ask prices or, if more than one in either case, the average of the average last bid and the average last ask prices) on that Trading Day 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 Trading Day, the “Last Reported Sale
Price” will be the last quoted bid price 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” will be the average of the mid-point of the last bid and last ask prices for the Common Stock on the relevant
Trading Day from each of at least three nationally recognized independent investment banking firms selected by the Company for this purpose. Any such determination will be conclusive absent manifest error. 

“Make-Whole Fundamental Change” means any event that (i) is a Fundamental Change or (ii) would be a Fundamental
Change, but for the exclusion in section (x)(i) of clause (2) of the definition thereof. 
 “Market Disruption Event”
means (1) a failure by the primary exchange or quotation system on which the Common Stock trades or is quoted to open for trading during its regular trading session or (2) the occurrence or existence, prior to 1:00 p.m., New York City
time, on any Trading Day for the Common Stock, of an aggregate one half-hour period of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the stock exchange or otherwise) in the Common
Stock or in any options, contracts or future contracts relating to the Common Stock. 
 “Maturity Date” means, with respect
to any Security and the payment of the principal amount thereof, unless earlier repurchased, redeemed or converted, August 15, 2023. 

  
 6 

 “Merger Event” has the meaning specified in Section 4.07(a) hereof.

 “Non-Recourse Indebtedness” means indebtedness of a Subsidiary, with respect to
which (a) recourse for payment is limited to assets of such Subsidiary encumbered by a lien securing such indebtedness and/or the general credit of such Subsidiary but for which recourse shall not extend to the general credit of the Company or
the general credit of any of other Subsidiary, it being understood that the instruments governing such indebtedness may include customary carve-outs to such limited recourse such as, for example, personal recourse to the Company or its Subsidiaries
for breach of representations, fraud, misapplication or misappropriation of cash, voluntary or involuntary bankruptcy filings, violation of loan document prohibitions against transfer of assets or ownership interests therein, environmental
liabilities, tax indemnities and liabilities and other circumstances customarily excluded by lenders from exculpation provisions and/or included in separate indemnification and/or guaranty agreements in project financing transactions. 

“Notice of Default” has the meaning specified in Section 6.02(f) hereof. 

“Offer Expiration Date” has the meaning specified in Section 4.04(e) hereof. 

“Open of Business” means 9:00 a.m., New York City time. 

“Outstanding” means, with respect to the Securities, any Securities authenticated by the Trustee except (i) Securities
cancelled by it, (ii) Securities delivered to it for cancellation and (iii)(A) Securities replaced pursuant to Section 2.09 of the Base Indenture, on and after the time such Security is replaced (unless the Trustee and the Company receive
proof satisfactory to them that such Security is held by a bona fide purchaser), (B) Securities converted pursuant to Article 4 hereof, on and after their Conversion Date, (C) any and all Securities, as of the Maturity Date, if the Paying Agent
holds, in accordance with the Indenture, money sufficient to pay all of the Securities then payable, (D) Securities redeemed by the Company in accordance with Section 11.01(a) or (b), and (E) any and all Securities owned by the
Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor, except that in determining whether the Trustee shall be protected in relying upon any request, demand, authorization, direction, notice
consent or waiver or other action that is to be made by a requisite principal amount of Outstanding Securities, for purposes of clause (E) only those Securities identified to the Trustee pursuant to an Officers’ Certificate shall be
disregarded and deemed not to be Outstanding. 
 “Paying Agent” has the meaning set forth in the Base Indenture and shall
be the Person authorized by the Company to pay the principal amount of, any Special Interest on, or Fundamental Change Purchase Price or REIT Redemption Price of, any Securities on behalf of the Company. 

“Physical Securities” means any non-Global Security issued pursuant to
Section 2.03 that is in definitive, fully registered form, without interest coupons. 
 “Place of Payment”
means the city or political subdivision so designated with respect to the Securities in accordance with the provisions of Section 5.02. 

  
 7 

 “Preliminary Prospectus Supplement” means the Preliminary Prospectus
Supplement of the Company, dated August 18, 2020, to the Prospectus of the Company dated March 27, 2019, relating to the offering and sale of the Securities. 

“Publicly Traded Securities” has the meaning specified in the definition of “Fundamental Change” in this
Section 1.02. 
 “Record Date” means, with respect to any dividend, distribution or other transaction or event in
which the holders of the 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 or a duly
authorized committee thereof, statute, contract or otherwise). 
 “Redemption Date” has the meaning specified in
Section 11.02(a) hereof. 
 “Redemption Notice” has the meaning specified in Section 11.02(a) hereof. 

“Reference Property” has the meaning specified in Section 4.07(a) hereof. 

“Register” shall mean the register for the Securities maintained by the Registrar in accordance with Section 2.05 of the
Base Indenture. 
 “REIT Redemption” has the meaning specified in Section 11.01(a) hereof. 

“REIT Redemption Price” has the meaning specified in Section 11.01(a) hereof. 

“Reporting Event of Default” has the meaning specified in Section 6.04(a) hereof. 

“Responsible Officer” means any officer of the Trustee with direct responsibility for the administration of the Indenture and
also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 

“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. 

“Security” or “Securities” has the meaning specified in the fourth paragraph of the Recitals of this
Supplemental Indenture, notwithstanding anything to the contrary in Section 1.01 of the Base Indenture. 
 “Securities
Act” means the Securities Act of 1933, as amended. 
 “Securityholder” means a Person in whose name a Security is
registered in the Register. 
 “Significant Subsidiary” means, with respect to any Person, a Subsidiary of such Person that
would constitute a “significant subsidiary” as such term is defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as
in effect on the original date of issuance of the Securities. 

  
 8 

 “Special Interest” has the meaning specified in Section 6.04(a)
hereof. 
 “Special Interest Payment Date” means, with respect to the payment of Special Interest, if any, on the
Securities and notwithstanding anything to the contrary in Section 1.01 of the Base Indenture, each February 15 and August 15 of each year, beginning on February 15, 2021. 

“Special Interest Record Date” means, with respect to any Special Interest Payment Date, the February 1 (whether or not
a Business Day) or the August 1 (whether or not a Business Day), as the case may be, immediately preceding such Special Interest Payment Date. 

“Spin-Off” has the meaning specified in Section 4.04(c) hereof. 

“Stock Price” has the meaning specified in Section 4.06(c) hereof. 

“Successor Company” has the meaning specified in Section 9.02(a) hereof. 

“Supplemental Indenture” has the meaning specified in the first paragraph hereof, as such instrument may be supplemented from
time to time by one or more indentures supplemental hereto, entered into pursuant to the applicable provisions of the Base Indenture and the Supplemental Indenture, including, for all purposes of this Supplemental Indenture and any such other
supplemental indenture, the provisions of the TIA that are deemed to be a part of and govern the Base Indenture, this Supplemental Indenture and any other such supplemental indenture, respectively. 

“Trading Day” means a day during which (i) trading in the Common Stock generally occurs on the primary exchange or
quotation system on which the Common Stock then trades or is quoted and (ii) there is no Market Disruption Event. If the Common Stock is not so listed or traded, “Trading Day” means a Business Day. 

“Trigger Event” has the meaning specified in Section 4.04(c) hereof. 

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

“Unit of Reference Property” has the meaning specified in Section 4.07(a) hereof. 

“U.S.” or “United States” means the United States of America. 

“Valuation Period” has the meaning specified in Section 4.04(c)(3) hereof. 

Section 1.03    References to Special Interest. Any reference to Special Interest on, or in respect of,
any Security in the Indenture shall be deemed to refer to Special Interest if, in such context, Special Interest is, was or would be payable pursuant to Section 6.04. 

  
 9 

 ARTICLE 2 

THE SECURITIES 

Section 2.01    Title and Terms; Payments. 

(a)    Establishment; Designation. Pursuant to Section 2.02 of the Base Indenture, there is hereby established
and authorized a new series of Securities under the Indenture, which series of Securities shall be designated the “0% Convertible Senior Notes due 2023.” 

(b)    Initial Issuance. Subject to Section 2.01(c) hereof, the aggregate principal amount of Securities that
may initially be authenticated and delivered under the Indenture is limited to $143,750,000. In addition, the Company may execute, and the Trustee may authenticate and deliver, in each case, in accordance with Section 2.04 of the Base
Indenture, an unlimited aggregate principal amount of additional Securities upon the transfer, exchange, purchase or conversion of Securities pursuant to Sections 2.08, 2.09 and 2.11 of the Base Indenture and Sections 3.06 and 4.02 hereof. 

(c)    Further Issues. The Company may, without notice to or the consent of the Holders, issue additional
Securities under the Indenture with the same terms and the same CUSIP number as the Securities initially issued under the Indenture in an unlimited aggregate principal amount; provided, that the Company may issue such additional Securities
only if they are part of the same issue (and part of the same series) as the Securities initially issued hereunder for United States federal income tax purposes. Any such additional Securities will, for all purposes of the Indenture, including
waivers, amendments and offers to purchase, be treated as part of the same series as the Securities initially issued under the Indenture. 

(d)    Purchases. The Company and its Subsidiaries may from time to time purchase Securities in open market
purchases or negotiated transactions at the same or differing prices without giving prior notice to or obtaining any consent of the Holders. Any Securities purchased by the Company or any of its Subsidiaries pursuant to the foregoing sentence or
otherwise will be retired and will no longer be Outstanding under the Indenture. 
 (e)    Denominations.
Pursuant to Sections 2.02 and 2.03 of the Base Indenture, the Securities will be issued only in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof. 

Section 2.02    Forms. 

(a)    In General. Pursuant to Section 2.01 of the Base Indenture, the Securities will be substantially in the
forms set forth in Exhibit A hereto, and may include such insertions, omissions, substitutions and other variations as are required or permitted by the Indenture, and may have such letters, numbers or other marks of identification and such legends
or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution of the Securities. 

Notwithstanding Section 2.08 of the Base Indenture, each Security will bear a Trustee’s certificate of authentication substantially
in the form included in Exhibit A hereto. Each Security will also bear the Form of Notice of Conversion, the Form of Fundamental Change Purchase Notice and the Form of Assignment and Transfer. 

  
 10 

 Any Security that is a Global Security will bear a legend substantially in the form of the
legend set forth in Exhibit A hereto and shall also bear the “Schedule of Increases and Decreases of Global Security” set forth in Annex A to Exhibit A hereto. 

The terms and provisions contained in the Securities will constitute, and are hereby expressly made, a part of the Indenture and, to the
extent applicable, the Company and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent that any provision of any Security conflicts
with the express provisions of the Indenture, the provisions of this Supplemental Indenture will govern and control. 

(b)    Initial and Subsequent Form of Securities. The Company hereby initially appoints The Depository Trust
Company as the Depository for the Securities, which initially shall be issued in the form of one or more Global Securities without interest coupons (i) registered in the name of Cede & Co., as nominee of the Depository, and
(ii) delivered to the Trustee as custodian for the Depository. 
 So long as the Securities are eligible for book-entry settlement with
the Depository, unless otherwise required by law, and except to the extent provided in Section 2.03(c)(1) through (3) hereof, all Securities will be represented by one or more Global Securities. 

(c)    Global Securities. Each Global Security will represent the aggregate principal amount of the then
Outstanding Securities endorsed thereon and provide that it represents such aggregate principal amount of the then Outstanding Securities, which aggregate principal amount may, from time to time, be reduced or increased to reflect transfers,
exchanges, conversions or purchases by the Company. 
 Only the Trustee, or the Custodian holding such Global Security for the Depository,
at the direction of the Trustee, may endorse a Global Security to reflect the amount of any increase or decrease in the aggregate principal amount of the then Outstanding Securities represented thereby, and whenever the Holder of a Global Security
delivers instructions to the Trustee to increase or decrease the aggregate principal amount of the then Outstanding Securities represented by a Global Security in accordance with the Indenture and the Applicable Procedures, the Trustee, or the
Custodian holding such Global Security for the Depository, at the direction of the Trustee, will endorse such Global Security to reflect such increase or decrease in the aggregate principal amount of the then Outstanding Securities represented
thereby. None of the Trustee, the Company or any agent of the Trustee or the Company will have any responsibility or bear any liability for any aspect of the records relating to or payments made on account of the ownership of any beneficial interest
in a Global Security or with respect to maintaining, supervising or reviewing any records relating to such beneficial interest. 
 Members
of, or participants in, the Depository (“Agent Members”) shall have no rights under the Indenture with respect to any Global Security held on their behalf by the Depository, or the Trustee as its custodian, or under the Global
Security, and Cede & Co., or such other Persons designated by the Depository as its nominee, may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of the Global Security for all
purposes whatsoever. Notwithstanding the foregoing, nothing herein 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 the
Depository or impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise of the rights of any Holder. 

  
 11 

 Section 2.03    Transfer and Exchange. 

(a)    In General. Notwithstanding anything to the contrary in Article II of the Base Indenture, the Company is not
required to transfer or exchange any Securities or portions thereof that have been surrendered for purchase in accordance with Article 3 hereof (unless the related Fundamental Change Purchase Notice is withdrawn in accordance with the provisions of
Section 3.04) or for conversion in accordance with Article 4 hereof, and a written form of transfer substantially in the form of the Form of Assignment and Transfer will be deemed to be written instrument of transfer satisfactory to the Company
and the Registrar. 
 At such time as all interests in a Global Security have been purchased, converted, redeemed, cancelled or exchanged
for Securities in certificated form, such Global Security shall, upon receipt thereof, be canceled by the Trustee in accordance with standing procedures and instructions existing between the Depository and the Custodian for the Global Security. At
any time prior to such cancellation, if any interest in a Global Security is purchased, converted, redeemed, cancelled or exchanged for Securities in certificated form, the principal amount of such Global Security shall, in accordance with the
standing procedures and instructions existing between the Depository and the Custodian for the Global Security, be appropriately reduced, and an endorsement shall be made on such Global Security, by the Trustee or the Custodian for the Global
Security, at the direction of the Trustee, to reflect such reduction. 
 (b)    Global Securities.
Notwithstanding anything to the contrary in Section 2.08 of the Base Indenture, every transfer and exchange of a beneficial interest in a Global Security will be effected through the Depository in accordance with the Applicable Procedures and
the provisions of the Indenture, and each Global Security may be transferred only as a whole and only (A) by the Depository to a nominee of the Depository, (B) by a nominee of the Depository to the Depository or to another nominee of the
Depository, or (C) by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository. 

(c)    Holders Deemed Owners. Prior to due presentment of a Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any Special Interest (subject to
Section 2.13 of the Base Indenture) on such Security at the Maturity Date, in connection with a Fundamental Change, REIT Redemption, upon any conversion and for all other purposes whatsoever, including delivery of shares of Common Stock on
conversion, for distribution of notices to such Holders or solicitations of their consent, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the
contrary. 
 Notwithstanding anything to the contrary in Section 2.08 of the Base Indenture: 

(1)    Each Global Security will be exchanged for Physical Securities if the Depository delivers notice to the Company
that the Depository is unwilling, unable or no longer permitted under applicable law to continue to act as Depository, and, in each case, the Company promptly delivers a copy of such notice to the Trustee and the Company fails to appoint a successor
Depository within 90 days after receiving notice from the Depository. 

  
 12 

 (2)    If an Event of Default has occurred and is continuing, any owner
of a beneficial interest in a Global Security may exchange such beneficial interest for Physical Securities by delivering a written request to the Registrar. 

(3)    If the Company notifies the Trustee that it wishes to terminate and exchange all or part of a Global Security for
Physical Securities and the beneficial owners of the majority of the principal amount of such Global Security (or portion thereof) to be exchanged consent to such exchange, the Company may exchange all beneficial interests in such Global Security
(or portion thereof) for Physical Securities by delivering a written request to the Registrar. 
 In the case of an exchange for Physical
Securities under clause (1) above: 
 (A)    each Global Security will be deemed surrendered to the Trustee for
cancellation; 
 (B)    the Trustee will cause each Global Security to be cancelled in accordance with the Applicable
Procedures; and 
 (C)    the Company, in accordance with Section 2.04 of the Base Indenture, will promptly
execute, and, upon receipt of a Company Request, the Trustee, in accordance with Section 2.04 of the Base Indenture, will promptly authenticate and deliver, for each beneficial interest in each Global Security so exchanged, an aggregate
principal amount of Physical Securities equal to the aggregate principal amount of such beneficial interest, registered in such names and in such authorized denominations as the Depository specifies, and bearing any legends that such Physical
Securities are required to bear under the Indenture. 
 In the case of an exchange for Physical Securities under clause (2) above: 

(A)    the Registrar will deliver notice of such request to the Company and the Trustee, which notice will identify the
owner of the beneficial interest to be exchanged, the aggregate principal amount of such beneficial interest and the CUSIP of the relevant Global Security, in each case if and as such information is provided to the Registrar by the Depository; 

(B)    the Company, in accordance with Section 2.04 of the Base Indenture, will promptly execute, and, upon receipt
of a Company Request, the Trustee, in accordance with Section 2.04 of the Base Indenture, will promptly authenticate and deliver to such owner, for the beneficial interest so exchanged by such owner, Physical Securities registered in such
owner’s name having an aggregate principal amount equal to the aggregate principal amount of such beneficial interest and bearing any legends that such Physical Securities are required to bear under the Indenture; and 

(C)    the Registrar, in accordance with the Applicable Procedures, will cause the principal amount of such Global
Security to be decreased by the aggregate principal amount of the beneficial interest so exchanged. If all of the beneficial interests in a Global Security are so exchanged, such Global Security will be deemed surrendered to the Trustee for
cancellation, and the Trustee will cause such Global Security to be cancelled in accordance with the Applicable Procedures. 

  
 13 

 In the case of an exchange for Physical Securities under clause (3) above: 

(A)    the Company will deliver notice of such request to the Registrar and the Trustee, which notice will identify each
owner of a beneficial interest to be exchanged, the aggregate principal amount of each such beneficial interest and the CUSIP of the relevant Global Security; 

(B)    the Company, in accordance with Section 2.04 of the Base Indenture, will promptly execute, and, upon receipt
of a Company Request, the Trustee, in accordance with Section 2.04 of the Base Indenture, will promptly authenticate and deliver to each such beneficial owner, Physical Securities registered in such beneficial owner’s name having an
aggregate principal amount equal to the aggregate principal amount of its exchanged beneficial interest and bearing any legends that such Physical Securities are required to bear under the Indenture and any applicable law; and 

(C)    the Registrar, in accordance with the Applicable Procedures, will cause the principal amount of each relevant
Global Security to be decreased by the aggregate principal amount of the beneficial interests so exchanged. If all of the beneficial interests in a Global Security are so exchanged, such Global Security will be deemed surrendered to the Trustee for
cancellation, and the Trustee will cause such Global Security to be cancelled in accordance with the Applicable Procedures. 
 In each of
the cases described in clauses (1), (2) and (3) above, the Company may rely on the Depository to provide all names of beneficial owners and their respective principal amounts beneficially owned and may issue Physical Securities registered in
the names and amounts so provided by the Depository. 
 (d)    Physical Securities. Except to the extent
otherwise provided in Section 2.03(a) hereof, Physical Securities may be transferred or exchanged in accordance with Section 2.08 of the Base Indenture. 

Section 2.04    Payments on the Securities. 

(a)    In General. Each Security shall not bear regular interest and the principal amount of such Security shall not
accrete. Special Interest on a Security, if any, will cease to accrue upon the earliest of the Maturity Date, subject to the provisions of Article 3 hereof, any Fundamental Change Purchase Date or Redemption Date for such Security, and subject to
the provisions of Article 4 hereof, any Conversion Date for such Security. Special Interest on any Security, if any, will be payable semi-annually in arrears on each Special Interest Payment Date, beginning February 15, 2021, to the Holder of
such Security as of the Close of Business on the Special Interest Record Date immediately preceding the applicable Special Interest Payment Date. Special Interest, if any, will be computed on the basis of a
360-day year comprised of twelve 30-day months. 
 The
Securities will mature on the Maturity Date, and on the Maturity Date, each Holder of a then Outstanding Security will be entitled on such date to receive $1,000 in cash for each $1,000 in principal amount of then Outstanding Securities held,
together with any accrued and unpaid Special Interest to, but not including, the Maturity Date on such then Outstanding Securities. 

  
 14 

 Notwithstanding anything to the contrary, if the Maturity Date or any Special Interest
Payment Date, Fundamental Change Purchase Date, Redemption Date or any Conversion Date falls, or if any payment, delivery, notice or other action by the Company is otherwise due, on a day that is not a Business Day, then any action to be taken on
such date need not be taken on such date, but may be taken on the immediately following Business Day with the same force and effect as if taken on such date, and no additional Special Interest will accrue and no Default shall occur on account of
such delay. 
 (b)    Method of Payment. The Company will pay the principal of, the Fundamental Change Purchase
Price, REIT Redemption Price for, and any cash in lieu of fractional shares of Common Stock upon the conversion of, any Physical Security to the Holder of such Security in cash at the designated office of the Paying Agent in the borough of Manhattan
in The City of New York, New York, prior to 10:00 a.m. on the relevant payment or settlement date, as the case may be. The Company will pay any Special Interest on any Physical Security to the Holder of such Security (i) if such Holder holds
$2,000,000 or less aggregate principal amount of Securities, by check mailed to such Holder’s registered address, and (ii) if such Holder holds more than $2,000,000 aggregate principal amount of Securities, (A) by check mailed to such
Holder’s registered address or, (B) if such Holder delivers to the Registrar a written request that the Company make such payments by wire transfer to an account of such Holder within the United States, for each Special Interest payment
corresponding to each Special Interest Record Date occurring during the period beginning on the date on which such Holder delivered such request and ending on the date, if any, on which such Holder delivers to the Registrar a written instruction to
the contrary, by wire transfer of immediately available funds to the account specified by such Holder. The Company will pay the principal of, any Special Interest on, the Fundamental Change Purchase Price, REIT Redemption Price for, and any cash in
lieu of fractional shares of Common Stock upon the conversion of, any Global Security to the Depository by wire transfer of immediately available funds on the relevant payment date in accordance with Applicable Procedures. 

(c)    Defaulted Payments. The Company shall pay any Special Interest on the Securities that is payable, but is not
punctually paid or duly provided for, on the applicable Special Interest Payment Date, in accordance with Section 2.13 of the Base Indenture. 

ARTICLE 3 
 REPURCHASE
OF SECURITIES AT OPTION OF HOLDERS 
 Section 3.01    Amendments to the Base Indenture. 

(a)    No Redemption. Article III of the Base Indenture shall not apply with respect to the Securities. 

Section 3.02    Purchase at Option of Holders upon a Fundamental Change. (a) If a Fundamental Change
occurs, then each Holder shall have the right, at such Holder’s option, to require the Company to purchase for cash all of such Holder’s Securities, or any portion thereof such that the remaining principal amount of each Security that is
not purchased in full equals $1,000 or an integral multiple of $1,000 in excess thereof, on a date (the “Fundamental Change Purchase Date”) specified by the Company that is not less than 20 calendar days or more than 35 calendar
days following the date on which the Company 

  
 15 

 
delivers the Fundamental Change Company Notice, at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid Special Interest thereon, if any, to, but excluding, the
Fundamental Change Purchase Date (the “Fundamental Change Purchase Price”); provided, however, that if the Company purchases a Security on a Fundamental Change Purchase Date that is after a Special Interest Record Date and on
or prior to the Special Interest Payment Date corresponding to such Special Interest Record Date, the Company shall instead pay such accrued and unpaid Special Interest, if any, on such Security on the Special Interest Payment Date to the Holder of
record of such Security as of such Special Interest Record Date. 
 Purchases of Securities under this Section 3.02 shall be made, at
the option of the Holder thereof, upon: 
 (1)    if the Securities to be purchased are Physical Securities, delivery
to the Paying Agent by the Holder of a duly completed notice (the “Fundamental Change Purchase Notice”) in the form set forth in Attachment 2 to the Form of Security attached hereto as Exhibit A and of the Securities,
duly endorsed for transfer, on or before the Close of Business on the Business Day immediately preceding the Fundamental Change Purchase Date, subject to extensions to comply with applicable law (the “Fundamental Change Expiration
Time”); and 
 (2)    if the Securities to be purchased are Global Securities, delivery of the Securities, by
book-entry transfer, in compliance with the Applicable Procedures of the Depository and the satisfaction of any other requirements of the Depository in connection with tendering beneficial interests in a Global Security for purchase, by the
Fundamental Change Expiration Time. 
 The Fundamental Change Purchase Notice in respect of any Securities to be purchased shall state: 

(1)    if certificated, the certificate numbers of such Securities; 

(2)    the portion of the principal amount of such Securities, which must be such that the principal amount that is not
to be purchased of each Security that is not to be purchased in full equals $1,000 or an integral multiple of $1,000 in excess thereof; and 

(3)    that such Securities are to be purchased by the Company pursuant to the applicable provisions of the Securities
and the Indenture. 
 Notwithstanding anything herein to the contrary, any Holder delivering to the Paying Agent the Fundamental Change
Purchase Notice contemplated by this Section 3.02 shall have the right to withdraw, in whole or in part, such Fundamental Change Purchase Notice at any time prior to the Fundamental Change Expiration Time by delivery of a written notice of
withdrawal to the Paying Agent in accordance with Section 3.04. 
 The Paying Agent shall promptly notify the Company of the receipt by
it of any Fundamental Change Purchase Notice or written notice of withdrawal thereof. 
 (b)    On or before the 20th
calendar day after the occurrence of a Fundamental Change, the Company shall provide to all Holders of the Securities, the Trustee and the Paying Agent (in the case of any Paying Agent other than the Trustee) a notice (the

  
 16 

 
“Fundamental Change Company Notice”) of the occurrence of such Fundamental Change and of the purchase right at the option of the Holders arising as a result thereof. Such notice
shall be sent by first class mail or, in the case of any Global Securities, in accordance with the procedures of the Depository for providing notices. Simultaneously with providing such Fundamental Change Company Notice, the Company shall publish
this information in a newspaper of general circulation in The City of New York or publish the information on the Company’s website or through such other public medium as the Company may use at that time. 

Each Fundamental Change Company Notice shall specify: 

(1)    the events causing the Fundamental Change; 

(2)    the date of the Fundamental Change; 

(3)    the last date on which a Holder of Securities may exercise the purchase right pursuant to this Article 3; 

(4)    the Fundamental Change Purchase Price; 

(5)    the Fundamental Change Purchase Date; 

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

(7)    the applicable Conversion Rate and any adjustments to the applicable Conversion Rate; 

(8)    that the Securities with respect to which a Fundamental Change Purchase Notice has been delivered by a Holder may
be converted only if the Holder withdraws the Fundamental Change Purchase Notice in accordance with the Indenture; 

(9)    that the Holder shall have the right to withdraw any Securities surrendered for purchase prior to the Fundamental
Change Expiration Time; and 
 (10)    the procedures that Holders must follow to require the Company to purchase their
Securities. 
 No failure of the Company to give the foregoing notices and no defect therein shall limit the purchase rights of the Holders
of Securities or affect the validity of the proceedings for the purchase of the Securities pursuant to this Section 3.02. 

(c)    Notwithstanding the foregoing, there shall be no purchase of any Securities pursuant to this Section 3.02 if
the principal amount of the Securities has been accelerated, and such acceleration has not been rescinded, on or prior to the Fundamental Change Purchase Date (except in the case of an acceleration resulting from a Default by the Company in the
payment of the Fundamental Change Purchase Price with respect to such Securities). The Paying Agent will promptly return to the respective Holders thereof any Physical Securities held by it during the acceleration of the Securities (except in the
case of an acceleration resulting from a Default by the Company in the payment of the Fundamental Change Purchase Price with respect to such Securities) and shall deem to be cancelled any instructions for book-entry transfer of the Securities in
compliance with the procedures of the Depository, in which case, upon such return or cancellation, as the case may be, the Fundamental Change Purchase Notice with respect thereto shall be deemed to have been withdrawn. 

  
 17 

 (d)    Notwithstanding the other provisions of this Article 3, the
Company will not be required to make an offer to purchase the Securities upon a Fundamental Change if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements in the Indenture and such third
party purchases all Securities properly tendered and not validly withdrawn under its offer. 

Section 3.03    Effect of Fundamental Change Purchase Notice. Upon receipt by the Paying Agent of a
Fundamental Change Purchase Notice specified in Section 3.02, the Holder of the Security in respect of which such Fundamental Change Purchase Notice was given shall (unless such Fundamental Change Purchase Notice is withdrawn in accordance with
Section 3.04) thereafter be entitled to receive solely the Fundamental Change Purchase Price in cash with respect to such Security (and any previously accrued and unpaid Special Interest, if any, on such Security). Such Fundamental Change
Purchase Price shall be paid to such Holder, subject to receipt of funds by the Paying Agent, on the later of (x) the applicable Fundamental Change Purchase Date (provided the conditions in Section 3.02 have been satisfied) and
(y) the time of delivery or book-entry transfer of such Security to the Paying Agent by the Holder thereof in the manner required by Section 3.02, subject in each case to extensions to comply with applicable law. 

Section 3.04    Withdrawal of Fundamental Change Purchase Notice. A Fundamental Change Purchase Notice
may be withdrawn (in whole or in part) by means of a written notice of withdrawal delivered to the Paying Agent in accordance with the Fundamental Change Company Notice at any time prior to the Fundamental Change Expiration Time, specifying: 

(1)    the principal amount of the Securities with respect to which such notice of withdrawal is being submitted; 

(2)    if Physical Securities have been issued, the certificate numbers of the withdrawn Securities; and 

(3)    the principal amount, if any, of each Security that remains subject to the Fundamental Change Purchase Notice,
which must be such that the principal amount not to be purchased equals $1,000 or an integral multiple of $1,000 in excess thereof; 
 provided,
however, that if the Securities are Global Securities, the notice must comply with Applicable Procedures of the Depository. 
 The
Paying Agent will promptly return to the respective Holders thereof any Physical Securities with respect to which a Fundamental Change Purchase Notice has been withdrawn in compliance with the provisions of this Section 3.04. 

Section 3.05    Deposit of Fundamental Change Purchase Price. Prior to 10:00 a.m., New York City time,
on the Fundamental Change Purchase Date, the Company shall deposit with the Paying Agent (or, if the Company or a Subsidiary or an Affiliate of either of them is acting as the Paying Agent, shall segregate and hold in trust as provided herein) an
amount of money (in immediately available funds if deposited on such Business Day) sufficient to pay the Fundamental Change Purchase Price of all the Securities or portions thereof that are to be purchased as of the Fundamental Change Purchase Date.
If the Paying Agent holds cash 

  
 18 

 
sufficient to pay the Fundamental Change Purchase Price of the Securities for which a Fundamental Change Purchase Notice has been tendered and not withdrawn in accordance with the Indenture on
the Fundamental Change Purchase Date, then as of such Fundamental Change Purchase Date, (a) such Securities will cease to be Outstanding and any Special Interest will cease to accrue thereon (whether or not book-entry transfer of such
Securities is made or such Securities have been delivered to the Paying Agent) and (b) all other rights of the Holders in respect thereof will terminate (other than the right to receive the Fundamental Change Purchase Price upon delivery or
book-entry transfer of such Securities). 
 Section 3.06    Securities Purchased in Whole or in Part.
Any Security that is to be purchased, whether in whole or in part, shall be surrendered at the office of the Paying Agent (with, if the Company or the Trustee so requires in the case of Physical Securities, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing) and the Company shall execute and the Trustee shall authenticate and deliver
to the Holder of such Security, without service charge, a new Security or Securities, of any authorized denomination as requested by such Holder in aggregate principal amount equal to, and in exchange for, the portion of the principal amount of the
Security so surrendered that is not purchased. 
 Section 3.07    Covenant To Comply with Applicable Laws upon
Purchase of Securities. In connection with any offer to purchase Securities under Section 3.02, the Company shall, in each case if required by law, (i) comply with Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act that may then be applicable, (ii) file a Schedule TO or any other required schedule under the Exchange Act and (iii) otherwise comply with all
federal and state securities laws applicable to the Company in connection with such purchase offer, in each case, so as to permit the rights and obligations under Section 3.02 to be exercised in the time and in the manner specified in
Section 3.02. 
 Section 3.08    Repayment to the Company. To the extent that the aggregate
amount of cash deposited by the Company pursuant to Section 3.05 exceeds the aggregate Fundamental Change Purchase Price of the Securities or portions thereof that the Company is obligated to purchase as of the Fundamental Change Purchase Date,
then, following the Fundamental Change Purchase Date, the Paying Agent shall promptly return any such excess to the Company. 
 ARTICLE 4

 CONVERSION 

Section 4.01    Right To Convert. (a) Upon compliance with the provisions of the Indenture, at any
time prior to the Close of Business on the second Scheduled Trading Day immediately preceding the Maturity Date, unless such securities have been redeemed in accordance with Sections 3.02 or 11.01(a), or repurchased by the Company, the Holder of any
Securities not previously repurchased or redeemed shall have the right, at such Holder’s option, to convert its Securities, or any portion thereof which is a multiple of $1,000, into Common Stock, as provided in Section 4.03, by surrender
of such Securities so to be converted in whole or in part, together with any required funds, under the circumstances and in the manner described in this Article 4. 

(b)    Notwithstanding any other provision of the Securities or the Indenture, no Holder of Securities will be entitled to
receive Common Stock following conversion of such 

  
 19 

 
Securities to the extent that receipt of such Common Stock would cause such Holder (either directly or after application of certain constructive ownership rules) to exceed the ownership limits
contained in the Company’s charter. Any purported delivery of shares of Common Stock upon conversion of Securities shall be void and have no effect to the extent (but only to the extent) that such delivery would result in the converting holder
violating the restrictions on ownership and transfer of the Common Stock contained in the Company’s charter. Any attempted conversion of Securities that would result in the issuance of shares of Common Stock in violation of these charter
restrictions shall be void to the extent of the number of shares of Common Stock that would cause such violation, and the related Securities, or portions, thereof shall be returned to the Holder as promptly as practical. The Company shall not have
any further obligation to the Holder with respect to such voided conversion and such Securities shall be treated as if they had not been submitted for conversion. 

(c)    A Security in respect of which a Holder has delivered a Fundamental Change Purchase Notice exercising such
Holder’s right to require the Company to purchase such Security pursuant to Section 3.02 may be converted only if such Fundamental Change Purchase Notice is properly withdrawn in accordance with, and within the time periods set forth in,
Section 3.04. 
 (d)    If the Company delivers a Redemption Notice, a Holder may convert all or any portion of its
Securities called for REIT Redemption on or after the date of such Redemption Notice at any time prior to the Close of Business on the Business Day immediately preceding the Redemption Date. 

Section 4.02    Conversion Procedures. 

(a)    Each Security shall be convertible at the office of the Conversion Agent and, if applicable, in accordance with the
Applicable Procedures of the Depository. 
 (b)    To exercise the conversion privilege with respect to a beneficial
interest in a Global Security, the Holder must complete the appropriate instruction form for conversion pursuant to the Depository’s book-entry conversion program, furnish appropriate endorsements and transfer documents if required by the
Company or the Conversion Agent, and pay the funds, if any, required by Section 4.02(f) and any taxes or duties if required pursuant to Section 4.02(h), and the Conversion Agent must be informed of the conversion in accordance with the
customary practice of the Depository. 
 To exercise the conversion privilege with respect to any Physical Securities, the Holder of such
Physical Securities shall: 
 (1)    complete and manually sign a conversion notice in the form set forth in the Form
of Notice of Conversion (the “Conversion Notice”) or a facsimile of the Conversion Notice; 

(2)    deliver the Conversion Notice, which is irrevocable, and the Security to the Conversion Agent; 

(3)    if required, furnish appropriate endorsements and transfer documents, 

(4)    if required, make any payment required under Section 4.02(f); and 

  
 20 

 (5)    if required, pay all transfer or similar taxes as set forth in
Section 4.02(g). 
 If, upon conversion of a Security, any shares of Common Stock are to be issued to a person other than the Holder of
such Security, the related Conversion Notice shall include such other person’s name and address. 
 If a Security is subject to a
Fundamental Change Purchase Notice, such Security may not be converted unless such Fundamental Change Purchase Notice is withdrawn in accordance with Section 3.04 hereof prior to the relevant Fundamental Change Expiration Time. 

For any Security, the first Business Day on which the Holder of such Security satisfies all of the applicable requirements set forth above
with respect to such Security and on which conversion of such Security is not otherwise prohibited under the Indenture shall be the “Conversion Date” with respect to such Security. 

Each conversion shall be deemed to have been effected as to any such Securities (or portion thereof) surrendered for conversion at the Close
of Business on the applicable Conversion Date, and the person in whose name the certificate for any shares of Common Stock delivered upon conversion is registered shall be treated as a stockholder of record as of the Close of Business on such
Conversion Date. 
 (c)    Endorsement. Any Securities surrendered for conversion shall, unless shares of Common
Stock issuable on conversion are to be issued in the same name as the registration of such Securities, be duly endorsed by, or be accompanied by instruments of transfer in form satisfactory to the Company duly executed by, the Holder or its duly
authorized attorney. 
 (d)    Physical Securities. If any Securities in a denomination greater than $1,000 shall
be surrendered for partial conversion, the Company shall execute and the Trustee shall authenticate and deliver to the Holder of the Securities so surrendered, without charge, new Securities in authorized denominations in an aggregate principal
amount equal to the unconverted portion of the surrendered Securities. 
 (e)    Global Securities. Upon the
conversion of a beneficial interest in Global Securities, the Conversion Agent shall make a notation in its records as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any conversions
of Securities effected through any Conversion Agent other than the Trustee. 
 (f)    Special Interest Due Upon
Conversion. If a Holder converts a Security after the Close of Business on a Special Interest Record Date but prior to the Open of Business on the Special Interest Payment Date corresponding to such Special Interest Record Date, such Holder must
accompany such Security with an amount of cash equal to the amount of any Special Interest that will be payable on such Security on the corresponding Special Interest Payment Date; provided, however, that a Holder need not make such payment
(1) if the Conversion Date follows the Special Interest Record Date immediately preceding the Maturity Date; (2) if the Company has specified a Redemption Date that occurs following a Special Interest Record Date but occurs on or prior to
the corresponding Special Interest Payment Date; (3) if the Company has specified a Fundamental Change Purchase Date that is after a Special Interest Record Date and on or prior to the corresponding Special Interest

  
 21 

 
Payment Date and the Holder converts its Security after the Close of Business on such Special Interest Record Date and on or prior to the Open of Business on such Special Interest Payment Date;
or (4) to the extent of any overdue Special Interest, if any overdue Special Interest exists at the time of conversion with respect to such Security. 

(g)    [Reserved.] 

(h)    Taxes Due Upon Conversion. If a Holder converts a Security, the Company will pay any documentary, stamp or
similar issue or transfer tax due on the issue of any shares of the Common Stock upon the conversion, unless the tax is due because the Holder requests that any shares be issued in a name other than the Holder’s name, in which case the Holder
will pay that tax. 
 (i)    Cash Payments in Lieu of Fractional Shares. No fractional shares of Common Stock or
scrip certificates representing fractional shares shall be issued upon conversion of Securities. If more than one Security shall be surrendered for conversion at one time by the same Holder, the number of full shares that shall be issuable upon
conversion shall be computed on the basis of the aggregate principal amount of the Securities (or specified portions thereof to the extent permitted hereby) so surrendered. If any fractional share of Common Stock would be issuable upon the
conversion of any Security or Securities, the Company shall make a payment therefor in cash to the Holder of Securities equal to the product of (i) such fraction of a share and (ii) the Last Reported Sale Price of the Common Stock on the
relevant Scheduled Trading Day (or, if the Scheduled Trading Day is not a Trading Day, the next following Trading Day). 

Section 4.03    Settlement Upon Conversion. 

(a)    Upon conversion of any Securities, subject to Sections 4.01, 4.02 and this Section 4.03, the Company shall
satisfy its obligation upon conversion (the “Conversion Obligation”) by delivery of the shares (and, if applicable, payment of the cash) described under Section 4.03(b) below. 

(b)    Upon conversion of Securities, the Company shall deliver, in respect of each $1,000 principal amount of Securities
tendered for conversion in accordance with their terms: 
 (1)    a number of shares of Common Stock equal to
(a) (i) the aggregate principal amount of Securities to be converted divided by (ii) $1,000, multiplied by (b) the applicable Conversion Rate on the date the converting Holder is treated as a record owner of the Common Stock pursuant to
the last paragraph of Section 4.02(b); and 
 (2)    an amount in cash in lieu of any fractional shares of Common
Stock as provided in Section 4.02(i). 
 (c)    Delivery of the shares of Common Stock (and, if applicable, payment
of the cash) pursuant to Section 4.03(b) shall be made by the Company on or prior to the second Business Day immediately following the Conversion Date to the holder of a Security surrendered for conversion, or such holder’s nominee or
nominees, and the Company shall deliver to the Conversion Agent or to such holder, or such holder’s nominee or nominees, certificates or a book-entry transfer through the Depository for the number of full shares of Common Stock to which such
holder shall be entitled as part of such Conversion Obligation. Notwithstanding the foregoing, delivery of the shares of Common Stock (and, if applicable, 

  
 22 

 
payment of the cash) pursuant to Section 4.03(b) with respect to any Conversion Date that occurs on or after the Special Interest Record Date immediately preceding the Maturity Date shall be
made by the Company on the Maturity Date. 
 (d)    Settlement of Accrued Special Interest and Deemed Payment of
Principal. If a Holder converts a Security, the Company will not adjust the Conversion Rate to account for any accrued and unpaid Special Interest, if any, on such Security, and the Company’s delivery of shares of Common Stock (and cash in
lieu of fractional shares, if any) into which a Security is convertible will be deemed to satisfy and discharge in full the Company’s obligation to pay the principal of, and accrued and unpaid Special Interest, if any, on, such Security to, but
excluding, the Conversion Date; provided, however, that if a Holder converts a Security after a Special Interest Record Date and prior to the Open of Business on the corresponding Special Interest Payment Date, the Company will still be
obligated to pay any Special Interest due on such Special Interest Payment Date to the Holder of such Security on such Special Interest Record Date (provided the Holder makes the Special Interest payment upon conversion if so required by
Section 4.02(f)). 
 As a result, except as otherwise provided in the proviso to the immediately preceding sentence, any accrued and
unpaid Special Interest with respect to a converted Security will be deemed to be paid in full rather than cancelled, extinguished or forfeited. In no event will a Holder be entitled to receive any dividend or other distribution with respect to any
Common Stock issued on conversion of such Holder’s Securities if the applicable Conversion Date is after the Special Interest Record Date for such dividend or distribution. 

(e)    Notices. Whenever a Conversion Date occurs with respect to a Security, the Conversion Agent will, as
promptly as possible, and in no event later than the Business Day immediately following such Conversion Date, deliver to the Company and the Trustee, if it is not then the Conversion Agent, notice that a Conversion Date has occurred, which notice
will state such Conversion Date, the principal amount of Securities converted on such Conversion Date and the names of the Holders that converted Securities on such Conversion Date. 

Section 4.04    Adjustment of Conversion Rate. The Conversion Rate will be adjusted as
described in this Section 4.04, except that the Company shall not make any adjustment to the Conversion Rate if Holders participate (other than in the case of (x) a share split or share combination or (y) a tender or exchange offer), at the same
time and upon the same terms as holders of the Common Stock and as a result of holding the Securities, in any of the transactions described below without having to convert their Securities, as if they held a number of shares of Common Stock equal to
the applicable Conversion Rate, multiplied by the principal amount (expressed in thousands) of Securities held by such Holder. 

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

											
	        	 	CR1	 	  =  	  	CR0	 	  ×  	 	  OS1  
		 		 		  		 		 	  

		 		 		  		 		 	OS0

  
 23 

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the Close of Business on the record date of such dividend or distribution, or immediately prior to the Open of Business on the effective date of such share split or share
combination, as applicable;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Close of Business on such record date or immediately after the Open of Business on such effective date;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the Close of Business on such record date or immediately prior to the Open of Business on such effective date, as applicable, before giving effect to such
dividend, distribution, share split or share combination; and
			
	OS1	  	=	  	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 pursuant to this Section 4.04(a) shall become effective immediately after the Close
of Business on the record date for such dividend or distribution, or immediately after the Open of Business on the effective date for such share split or share combination. If any dividend or distribution of the type described in this
Section 4.04(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 outstanding Common Stock any rights, options or warrants entitling them, for a period of not more than forty-five (45) calendar days after the record date of such issuance, to subscribe for or purchase shares of
the Common Stock, at a price per share less than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of
such issuance, the Conversion Rate will be increased based on the following formula: 
  

											
	        	 	CR1	 	  =  	 	CR0	 	  ×  	 	    OS0+ X    
		 		 		 		 		 	  

		 		 		 		 		 	OS0 + Y

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the Close of Business on the record date for such issuance;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Close of Business on such record date;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the Close of Business on such record date;

  
 24 

					
	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 4.04(b) will be made successively whenever any such rights, options
or warrants are issued and shall become effective immediately after the Open of Business on the record date for such issuance. To the extent that such rights, options or warrants are not exercised prior to their expiration or shares of Common Stock
are not delivered upon the expiration of such rights, options or warrants, the Conversion Rate shall be readjusted to the Conversion Rate that would then be in effect had the increase with respect to the issuance of such rights, options or warrants
been made on the basis of delivery of only the number of shares of Common Stock actually delivered. If such rights, options or warrants are not so issued, or if such rights, options or warrants are not exercised prior to their expiration, the
Conversion Rate shall be decreased to be the Conversion Rate that would then be in effect if such record date for such issuance had not occurred. 

For purposes of this Section 4.04(b), 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 a price per share less than such average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on the Trading Day immediately preceding the date
of announcement for such issuance, and in determining the aggregate offering price of such shares of the Common Stock, there shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount
payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Board of Directors. 

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

(1)    dividends or distributions, rights options or warrants as to which an adjustment was effected pursuant to
Section 4.04(a) hereof or Section 4.04(b) hereof; 
 (2)    dividends or distributions paid exclusively in
cash as to which the provisions set forth in Section 4.04(d) shall apply; and 
 (3)    Spin-Offs described in
Section 4.04(c); 
 then the Conversion Rate shall be increased based on the following formula: 

 

											
		 	        CR1	 	  =  	  	CR0	 	  ×  	 	SP0
		 		 		  		 		 	  

		 		 		  		 		 	    SP0 – FMV    

  
 25 

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the Close of Business on the record date for such distribution;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Close of Business on such record date;
			
	SP0	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date
for such distribution; and
			
	FMV	  	=	  	the fair market value (as determined by the Board of Directors) of the shares of the Company’s Capital Stock, evidences the Company’s indebtedness, other assets, or property of the Company or rights, options or warrants to
acquire the Company’s Capital Stock or other securities distributed with respect to each outstanding share of the Common Stock on the Ex-Dividend Date for such distribution.

 provided that 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 Security shall receive, in respect of each $1,000 principal amount of a Security it holds, at the same time and
upon the same terms as holders of the Common Stock, the amount and kind of the Company’s Capital Stock, evidences of the Company’s indebtedness, other assets or property of the Company or rights, options or warrants to acquire the
Company’s Capital Stock or other securities that such Holder would have received as if such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect on the record date for the distribution. 

Any increase made under this portion of this Section 4.04(c) will become effective immediately after the Close of Business on the record
date for such distribution. If such distribution is not so paid or made, the Conversion Rate shall be decreased to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. 

With respect to an adjustment pursuant to this Section 4.04(c) where there has been a payment of a dividend or other distribution on the
Common Stock of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary of the Company or other business unit of the Company, and such Capital Stock or similar equity interest is listed or quoted
(or will be listed or quoted upon the consummation of the distribution) on a United States national securities exchange (a “Spin-Off”), the Conversion Rate will be increased based on the
following formula: 
  

											
	      	 	CR1	 	  =  	  	CR0	 	  ×  	 	  FMV0 + MP0  
		 		 		  		 		 	  

		 		 		  		 		 	MP0

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the Close of Business on the record date for such Spin-Off;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Close of Business on the record date for such Spin-Off;

  
 26 

					
	FMV0	  	=	  	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of outstanding Common Stock applicable to one share of Common Stock over the first ten 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 Common Stock over the Valuation Period.

 The adjustment to the applicable Conversion Rate under the preceding paragraph of this Section 4.04(c)
will be made immediately after the Open of Business on the day after the last Trading Day of the Valuation Period, but will be given effect as of the Open of Business on the record date for the Spin-Off. For
purposes of determining the applicable Conversion Rate, in respect of any conversion during the ten Trading Days commencing on the Ex-Dividend Date for any Spin-Off,
references within the portion of this Section 4.04(c) related to “Spin-Offs” to ten Trading Days 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, the relevant Conversion Date. 

For purposes of the second adjustment set forth in this Section 4.04(c), (i) the Last Reported Sale Price of any Capital Stock or similar
equity interest shall be calculated in a manner analogous to that used to calculate the Last Reported Sale Price of the Common Stock in the definition of “Last Reported Sale Price” set forth in Section 1.01 hereof, (ii) whether a
day is a Trading Day (and whether a day is a Scheduled Trading Day and whether a Market Disruption Event has occurred) for such Capital Stock or similar equity interest shall be determined in a manner analogous to that used to determine whether a
day is a Trading Day (or whether a day is a Scheduled Trading Day and whether a Market Disruption Event has occurred) for the Common Stock, and (iii) whether a day is a Trading Day to be included in a Valuation Period will be determined based
on whether a day is a Trading Day for both the Common Stock and such Capital Stock or similar equity interest. 
 Subject to
Section 4.04(f), for the purposes of this Section 4.04(c), 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
(either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events (a “Trigger Event”): (1) are deemed to be transferred with such shares of Common Stock;
(2) are not exercisable; and (3) are also issued in respect of future issuances of Common Stock, shall be deemed not to have been distributed for purposes of this Section 4.04(c), (and no adjustment to the Conversion Rate under this
Section 4.04(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 4.04(c). If any such right, option or warrant, distributed prior to the Issue Date is 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 record date of such deemed distribution (in which case the original rights, options
or warrants shall be deemed to terminate and expire on such date without exercise by any of the holders). In addition, in the event of any distribution or deemed distribution of rights, options or warrants, or any Trigger Event or other event (of
the type described in the preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to 

  
 27 

 
the Conversion Rate under this Section 4.04(c) was made, (1) in the case of any such rights, options or warrants which 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 holders of Common Stock with respect to such rights, options or
warrants (assuming each 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 which shall have
expired or been terminated without exercise by any holders thereof, the Conversion Rate shall be readjusted as if such rights and warrants had not been issued. 

For purposes of Section 4.04(a) hereof, Section 4.04(b) hereof and this Section 4.04(c), if any dividend or distribution to
which this Section 4.04(c) applies includes one or both of: 
 (1)    a dividend or distribution of shares of
Common Stock to which Section 4.04(a) hereof also applies (the “Clause A Distribution”); or 

(2)    a dividend or distribution of rights, options or warrants to which Section 4.04(b) hereof also applies (the
“Clause B Distribution”), 
 then (i) such dividend or distribution, other than the Clause A Distribution and the
Clause B Distribution, shall be deemed to be a dividend or distribution to which this Section 4.04(c) applies (the “Clause C Distribution”) and any Conversion Rate adjustment required to be made under this Section 4.04(c)
with respect to such Clause C Distribution shall be made, (ii) the Clause B Distribution, if any, shall be deemed to immediately follow the Clause C Distribution and any Conversion Rate adjustment required by Section 4.04(b) hereof with
respect thereto shall then be made, except that, if determined by the Company, (A) the “record date” of the Clause B Distribution and the Clause A Distribution, if any, shall be deemed to be the record date of the Clause C
Distribution and (B) any shares of Common Stock included in the Clause A Distribution or the Clause B Distribution shall not be deemed to be “outstanding immediately prior to the Open of Business on such record date” within the
meaning of Section 4.04(b) hereof, and (iii) the Clause A Distribution, if any, shall be deemed to immediately follow the Clause C Distribution or the Clause B Distribution, as the case may be, except that, if determined by the Company,
(A) the “record date” of the Clause A Distribution and the Clause B Distribution, if any, shall be deemed to be the record date of the Clause C Distribution, and (B) any shares of Common Stock included in the Clause A
distribution shall not be deemed to be “outstanding immediately prior to the Open of Business on such record date or such effective date” within the meaning of Section 4.04(a) hereof. 

(d)    If any cash dividend or distribution is made to all or substantially all holders of the outstanding Common Stock to
the extent that the aggregate of all such cash dividends or distributions paid in any quarter exceeds the dividends threshold amount (the “DTA”) for such quarter, the Conversion Rate shall be adjusted based on the following formula:

  

											
	          	 	CR1	 	  =  	  	CR0	 	   ×   	  	    SP0 - DTA    
		 		 		  		 		  	  

		 		 		  		 		  	 SP0 - C 

  
 28 

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the Close of Business on the record date for such dividend or distribution;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Close of Business on the record 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;
			
	DTA	  	=	  	the dividend threshold amount, which shall initially be $0.34 per quarter provided, however, that the DTA with respect to any date shall be reduced by the aggregate per share cash dividends or distributions that were paid to
all or substantially all holders of the outstanding Common Stock during the applicable dividend period prior to such payment and provided further that if the result of such reduction is a negative number, the DTA shall be deemed to be zero;
and
			
	C	  	=	  	the amount in cash per share that the Company distributes to holders of the outstanding Common Stock.

 The DTA is subject to adjustment on an inversely proportional basis whenever the Conversion Rate is adjusted,
other than adjustments made pursuant to this Section 4.04(d). 
 If “C” (as defined above) is equal to or greater than
“SP0” (as defined above), in lieu of the foregoing increase, each Holder shall receive, for each $1,000 principal amount of Securities it holds, at the same time and upon the same
terms as holders of shares of the outstanding Common Stock, the amount of cash that such Holder would have received if such Holder had owned a number of shares of Common Stock equal to the Conversion Rate on the record date for such cash dividend or
distribution. Such increase shall become effective immediately after the Close of Business on the record date for such dividend or distribution. If such dividend or distribution is not so paid, the Conversion Rate shall be decreased to be the
Conversion Rate that would then be in effect if such dividend or distribution had not been declared. 
 (e)    If the
Company or any of its Subsidiaries make a payment in respect of a tender offer or exchange offer for the Common Stock, to the extent that the cash and value of any other consideration included in the payment per share of the Common Stock exceeds the
Last Reported Sale Price of the Common Stock on the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer (the “Offer Expiration Date”), the Conversion Rate
shall be increased based on the following formula: 
  

											
	      	 	CR1	  	  =  	  	CR0	 	   ×   	 	    AC + (SP1 × OS1)    
		 		  		  		 		 	  

		 		  		  		 		 	OS0 × SP1

  
 29 

 where, 
  

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

 The adjustment to the applicable Conversion Rate under the preceding paragraph of this Section 4.04(e)
will be given effect at the Open of Business on the Trading Day next succeeding the Offer Expiration Date. For purposes of determining the applicable Conversion Rate, in respect of any conversion during the ten Trading Days commencing on the Trading
Day next succeeding the Offer Expiration Date, references within this Section 4.04(e) to ten Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed from, and including, the Trading Day next succeeding the
Offer Expiration Date to, and including, the relevant Conversion Date. 
 (f)    Poison Pill. Whenever a Holder
converts a Security, to the extent that the Company has a rights plan in effect, the Holder converting such Security will receive, in addition to any shares of Common Stock otherwise received in connection with such conversion, the rights under the
rights plan unless, prior to conversion the rights have expired, terminated or been redeemed or unless the rights have separated from the Common Stock, in which case, and only in such case, the Conversion Rate will be adjusted at the time of
separation (and not at the time of the issuance of the rights) as if the Company distributed to all holders of the Common Stock, shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants as described in
Section 4.04(c) hereof, subject to readjustment in the event of the expiration, termination or redemption of such rights. 

(g)    Limitation on Adjustments. Except as stated in this Section 4.04, the Company will not adjust the
Conversion Rate for the issuance of shares of Common Stock or any securities convertible into or exchangeable for shares of Common Stock or the right to purchase shares of the Common Stock or such convertible or exchangeable securities. If, however,
the application of the formulas in Sections 4.04(a) through (e) hereof would result in a decrease in the Conversion Rate, then, except to the extent of any readjustment to the Conversion Rate, no adjustment to the Conversion Rate will be made
(other than as a result of a reverse share split, share combination or readjustment). 

  
 30 

 In addition, notwithstanding anything to the contrary herein, the Conversion Rate will not
be adjusted: 
 (1)    on account of stock repurchases that are not tender offers referred to in Section 4.04(e)
hereof, including structured or derivative transactions, or transactions pursuant to a stock repurchase program approved by the Board of Directors or otherwise; 

(2)    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; 

(3)    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, program or agreement (including issuances to the personnel of the Company’s external manager pursuant to any such plan, program or agreement) of or assumed by the Company or any
of its Subsidiaries; 
 (4)    upon the issuance of any shares of Common Stock pursuant to any option, warrant, right
or exercisable, exchangeable or convertible security not described in the preceding clause (3) and outstanding as of the date the Securities were first issued; 

(5)    for a change in the par value of the Common Stock; 

(6)    for accrued and unpaid Special Interest on the Securities, if any; or 

(7)    for an event otherwise requiring an adjustment under the Indenture if such event is not consummated. 

(h)    For purposes of this Section 4.04, the number of shares of Common Stock at any time outstanding shall not
include shares held in the treasury of the Company so long as the Company does not pay any dividend or make any distribution on shares of Common Stock held in the treasury of the Company, but shall include shares issuable in respect of scrip
certificates issued in lieu of fractions of shares of Common Stock. 
 (i)    Withholding on Adjustments. If, in
connection with any adjustment to the Conversion Rate as set forth in this Section 4.04 a Holder shall be deemed for U.S. federal tax purposes to have received a distribution, the Company may set off any withholding tax it reasonably believes
it is required to collect with respect to any such deemed distribution against cash payments of any Special Interest in accordance with the provisions of Section 2.04 hereof or from cash and Common Stock, if any, otherwise deliverable to a
Holder upon a conversion of Securities in accordance with the provisions of Section 4.03 hereof, a repurchase of a Security in accordance with the provisions of Article 3 hereof or a redemption of a Security in accordance with the provisions of
Article 11 hereof. 
 Section 4.05    Adjustments of Prices and Voluntary Adjustments. 

(a)    Adjustments of Prices. Whenever any provision of the Indenture requires the Company to calculate the Last
Reported Sale Prices or any function thereof over a span of 

  
 31 

 
multiple days, the Company will make appropriate adjustments to each to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the
Conversion Rate where the Effective Date, Record Date or Offer Expiration Date of the event occurs, at any time during the period when such Last Reported Sale Prices or function thereof is to be calculated. 

(b)    Voluntary Adjustments. To the extent permitted by applicable law and the rules of the New York Stock
Exchange or any other securities exchange or market on which the Common Stock is then listed, the Company is permitted to increase the Conversion Rate of the Securities 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. The Company may also (but is not required to) increase the Conversion Rate to avoid or diminish income tax to holders of Common Stock or rights to purchase shares
of Common Stock in connection with a dividend or distribution of shares (or rights to acquire shares) or similar event. 

Section 4.06    Adjustment to Conversion Rate Upon Conversion in Connection with a Make-Whole Fundamental
Change. 
 (a)    Increase in the Conversion Rate. If a Make-Whole Fundamental Change occurs and a Holder
elects to convert its Securities in connection with such Make-Whole Fundamental Change, the Company shall, under certain circumstances, increase the Conversion Rate for the Securities so surrendered for conversion by a number of additional shares of
Common Stock (the “Additional Shares”), as described in this Section 4.06. A conversion of Securities shall be deemed for these purposes to be “in connection with” a Make-Whole Fundamental Change if the relevant
Conversion Notice is received by the Conversion Agent during the period from, and including, the Effective Date of the Make-Whole Fundamental Change up to, and including, the Close of Business on the Business Day immediately prior to the related
Fundamental Change Purchase Date or, if such Make-Whole Fundamental Change is not a Fundamental Change, the 35th Business Day immediately following the Effective Date for such Make-Whole Fundamental Change. 

(b)    Determining the Number of Additional Shares. The number of Additional Shares, if any, by which the
Conversion Rate will be increased for a Holder that converts its Securities in connection with a Make-Whole Fundamental Change shall be determined by reference to the table attached as Schedule A hereto, 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 paid) per share of the Common Stock in the Make-Whole Fundamental Change. If the
holders of the Common Stock receive only cash in a Make-Whole Fundamental Change described in clause (2) 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 ten consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Effective Date of the Make-Whole Fundamental Change. 

(c)    Interpolation and Limits. The exact Stock Prices and Effective Dates may not be set forth in the table in
Schedule A, in which case: 
 (1)    If the Stock Price is between two Stock Prices in the table or the Effective Date
is between two Effective Dates in the table, the number of Additional Shares 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. 

  
 32 

 (2)    If the Stock Price is greater 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 in Schedule A pursuant to Section 4.06(d)(4) hereof), the Conversion Rate shall not be increased. 

(3)    If the Stock Price is less than $37.93 per share (subject to adjustments in the same manner as the Stock Prices
set forth in the column headings of the table in Schedule A pursuant to Section 4.06(d)(4) hereof), the Conversion Rate shall not be increased. 

Notwithstanding the foregoing, in no event will the Conversion Rate be increased on account of a Make-Whole Fundamental Change to exceed
26.3643 shares of Common Stock per $1,000 principal amount of Securities, subject to adjustments in the same manner as the Conversion Rate is required to be adjusted as set forth in Section 4.04 hereof. 

(4)    The Stock Prices set forth in the column headings of the table in Schedule A hereto shall be adjusted as of
any date on which the Conversion Rate of the Securities is otherwise required to be 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 such table shall be adjusted
in the same manner and at the same time as the Conversion Rate is required to be adjusted as set forth in Section 4.04. 

(d)    Notices. The Company shall notify the Trustee and the Holders of the Effective Date of any Make Whole
Fundamental Change announcing such Effective Date no later than five Business Days after such Effective Date. Such notice shall be sent by first class mail or, in the case of any Global Securities, in accordance with the procedures of the Depository
for providing notices. Simultaneously with providing such notice, the Company shall publish this information in a newspaper of general circulation in The City of New York or publish the information on the Company’s website or through such other
public medium as the Company may use at that time. 
 Section 4.07    Effect of Recapitalization,
Reclassification, Consolidation, Merger or Sale.  
 (a)    Merger Events. In the case of: 

(1)    any recapitalization, reclassification or change of the outstanding Common Stock (other than a change in par
value, or from par value to no par value, or from no par value to par value, or as a result of a split, subdivision or combination for which an adjustment was made pursuant to Section 4.04(a) hereof); 

(2)    any consolidation, merger or combination involving the Company; 

(3)    any sale, lease or other transfer to a third party of the consolidated assets of the Company and its Subsidiaries
substantially as an entirety; or 

  
 33 

 (4)    any statutory share exchange; 

and, in each case, as a result of which the outstanding 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,” any such stock, other securities, other property or assets, “Reference Property,” and the amount of kind of Reference Property
that a holder of one share of Common Stock (i) is entitled to receive in the applicable Merger Event or (ii) if as a result of the applicable Merger Event, each share of Common Stock is converted into the right to receive more than a
single type of consideration (determined based in part upon any form of stockholder election), the per-share of Common Stock weighted average of the types and amounts of Reference Property received by the
holders of Common Stock that affirmatively make such an election, a “Unit of Reference Property”) then, at the effective time of such Merger Event, the right to convert each $1,000 principal amount of Securities into a number of
shares of the Common Stock equal to the applicable Conversion Rate will, without the consent of the Holders, be changed into a right to convert each $1,000 principal amount of Securities into a number of Units of Reference Property equal to the
applicable Conversion Rate 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 (which shall comply with the TIA
as in force at the date of execution of such supplemental indenture) providing for such change in the right to convert each $1,000 principal amount of Securities. With respect to any such Reference Property, the Last Reported Sale Price will, to the
extent reasonably possible, be calculated based on the value of a Unit of Reference Property and the definitions of Trading Day and Market Disruption Event shall be determined by reference to the components of a Unit of Reference Property. 

If the Merger Event causes the outstanding 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) as contemplated by the preceding paragraph such that a Unit of Reference Property is comprised of the per-share of Common Stock
weighted average of the types and amounts of consideration received by the holders of the Common Stock in the Merger Event that affirmatively make such an election, the Company shall notify Holders of the weighted average as soon as practicable
after such determination is made. 
 The Company shall not become a party to any Merger Event unless its terms are consistent with this
Section 4.07. Such supplemental indenture described in the second immediately preceding paragraph shall provide for adjustments which shall be as nearly equivalent to the adjustments provided for in this Article 4 in the judgment of the Board
of Directors or the board of directors of the successor Person. If, in the case of any such Merger Event, the Reference Property receivable thereupon by a holder of Common Stock includes shares of stock, securities or other property or assets
(including cash or any combination thereof) of a Person other than the successor or purchasing Person, 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 the Holders of the Securities as the Board of Directors shall reasonably consider necessary. 

(b)    Notice of Supplemental Indentures. The Company shall cause notice of the execution of such supplemental
indenture to be mailed to each Holder, at the address of such Holder as it appears on the register of the Securities maintained by the Registrar, within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or

  
 34 

 
validity of such supplemental indenture. The above provisions of this Section 4.07 shall similarly apply to successive Merger Events and the provisions of this Section 4.07 and Article
IX of the Base Indenture (as modified by Article 8 of this Supplemental Indenture) shall apply to any such successive Merger Events. 

Section 4.08    Stock Issued Upon Conversion. 

(a)    Reservation of Shares. To the extent necessary to satisfy its obligations under the Indenture, prior to
issuing any shares of Common Stock, the Company will reserve out of its authorized but unissued shares of Common Stock a sufficient number of shares of Common Stock to permit the conversion of the Securities. 

(b)    Certain other Covenants. The Company covenants that all shares of Common Stock that may be issued upon
conversion of Securities shall be newly issued shares or treasury shares, shall be duly authorized, validly issued, fully paid and non-assessable and shall be free from preemptive rights and free from any tax,
lien or charge (other than those created by the Holder or due to a change in registered owner). 
 (c)    Stock
Transfer Agent. American Stock Transfer & Trust Company is, as of the date of the this Supplemental Indenture, the Stock Transfer Agent for the Common Stock and the Company shall notify the Trustee if the Stock Transfer Agent for the
Common Stock is changed. The Company and the Trustee (as Conversion Agent) agree to cooperate with the Stock Transfer Agent for the Common Stock in connection with any conversions of the Securities. 

The Company shall list or cause to have quoted any shares of Common Stock to be issued upon conversion of Securities on each national
securities exchange or over-the-counter or other domestic market on which the Common Stock is then listed or quoted. 

Section 4.09    Responsibility of Trustee. The Trustee and any Conversion Agent shall not at any time
be under any duty or responsibility to any Holder of Securities to determine or calculate the Conversion Rate (or any adjustments thereto), to determine whether any facts exist which may require any adjustment of the Conversion Rate, or to confirm
the accuracy of any such adjustment when made or the appropriateness of 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 other securities or property that may at any time be issued or delivered upon the conversion of any Securities; and the Trustee and the 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 Securities for the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article 4. The rights, privileges, protections, immunities and
benefits given to the Trustee, including without limitation its right to be compensated, reimbursed, and indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, including its capacity as Conversion
Agent. 
 Section 4.10    Notice to Holders. 

(a)    Notice to Holders Prior to Certain Actions. The Company shall deliver notices of the events specified below
at the times specified below and containing the information specified below unless, in each case, (i) pursuant to the Indenture, the Company 

  
 35 

 
is already required to deliver notice of such event containing at least the information specified below at an earlier time or, (ii) the Company, at the time it is required to deliver a
notice, does not have knowledge of all of the information required to be included in such notice, in which case, the Company shall (A) deliver notice at such time containing only the information that it has knowledge of at such time (if it has
knowledge of any such information at such time), and (B) promptly upon obtaining knowledge of any such information not already included in a notice delivered by the Company, deliver notice to each Holder containing such information. In each
case, the failure by the Company to give such notice, or any defect therein, shall not affect the legality or validity of such event. Any notices sent to Holders shall also be sent to the Trustee. 

(b)    Issuances, Distributions, and Dividends and Distributions. If the Company (A) announces any issuance of
any rights, options or warrants that would require an adjustment in the Conversion Rate pursuant to Section 4.04(b) hereof; (B) authorizes any distribution that would require an adjustment in the Conversion Rate pursuant to
Section 4.04(c) hereof (including any separation of rights from the Common Stock described in Section 4.04(g) hereof); or (C) announces any dividend or distribution that would require an adjustment in the Conversion Rate pursuant to
Section 4.04(d) hereof, then the Company shall deliver to the Holders, as promptly as possible, but in any event at least 15 calendar days prior to the applicable record date, notice describing such issuance, distribution, dividend or
distribution, as the case may be, and stating the expected Ex-Dividend Date and record date for such issuance, distribution, dividend or distribution, as the case may be. In addition, the Company shall deliver
to the Holders notice if the consideration included in such issuance, distribution, dividend or distribution, or the Ex-Dividend Date or record date of such issuance, distribution, dividend or distribution, as
the case may be, changes. 
 (c)    Voluntary Increases. If the Company increases the Conversion Rate pursuant to
Section 4.05(b), the Company shall deliver notice to the Holders at least 15 calendar days prior to the date on which such increase will become effective, which notice shall state the date on which such increase will become effective and the
amount by which the Conversion Rate will be increased. 
 (d)    Dissolutions, Liquidations and Winding-Ups. If there is a voluntary or involuntary dissolution, liquidation or winding-up of the Company, the Company shall deliver notice to the Holders at promptly as
possible, but in any event at least 15 calendar days prior to the earlier of (i) the date on which such dissolution, liquidation or winding-up, as the case may be, is expected to become effective or
occur, and (ii) the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for securities or other property deliverable upon such dissolution, liquidation or winding-up, as the case may be, which notice shall state the expected effective date and record date for such event, as applicable, and the amount and kind of property that a holder of one share of the Common Stock
is expected to be entitled, or may elect, to receive in such event. The Company shall deliver an additional notice to Holders, as promptly as practicable, whenever the expected effective date or record date, as applicable, or the amount and kind of
property that a holder of one share of the Common Stock is expect to be entitled to receive in such event, changes. 

(e)    Notices After Certain Actions and Events. Whenever an adjustment to the Conversion Rate becomes effective
pursuant to Sections 4.04, 4.05 or 4.06 hereof, the Company will (i) file with the Trustee an Officers’ Certificate stating that such adjustment has become effective, the Conversion Rate, and the manner in which the adjustment was

  
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computed and (ii) deliver notice to the Holders stating that such adjustment has become effective and the Conversion Rate or conversion privilege as adjusted. Failure to give any such
notice, or any defect therein, shall not affect the validity of any such adjustment. 
 ARTICLE 5 

PARTICULAR COVENANTS OF THE COMPANY 

Section 5.01    Payment of Principal, Special Interest, Fundamental Change Purchase Price and REIT Redemption
Price. This Section 5.01 shall replace Section 4.01 of the Base Indenture in its entirety. 
 The Company covenants and
agrees that it will cause to be paid the principal of (including any of the Fundamental Change Purchase Price or the REIT Redemption Price, if applicable), and accrued and unpaid Special Interest, if any, on each of the Securities at the places, at
the respective times and in the manner provided herein and in the Securities. 
 Section 5.02    Maintenance of
Office or Agency. The Company will maintain an office of the Paying Agent, an office of the Registrar and an office or agency where Securities may be surrendered for conversion (“Conversion Agent”) and where notices and
demands to or upon the Company in respect of the Securities and the Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the
Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office or the office or
agency of the Trustee. 
 The Company may also from time to time designate coregistrars one or more other offices or agencies where the
Securities may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain
an office or agency for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. The terms “Paying Agent” and
“Conversion Agent” include any such additional or other offices or agencies, as applicable. 
 The Company hereby initially
designates the Trustee as the Paying Agent, Registrar, Custodian, Conversion Agent and the Corporate Trust Office, which shall be in the continental United States, shall be considered as one such office or agency of the Company for each of the
aforesaid purposes. 
 With respect to any Global Security, the Corporate Trust Office of the Trustee or any Paying Agent shall be the Place
of Payment where such Global Security may be presented or surrendered for payment or conversion or for registration of transfer or exchange, or where successor Securities may be delivered in exchange therefor; provided, however, that
any such payment, conversion, presentation, surrender or delivery effected pursuant to the Applicable Procedures of the Depository for such Global Security shall be deemed to have been effected at the Place of Payment for such Global Security in
accordance with the provisions of the Indenture. 
 Section 5.03    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 7.08 of the Base Indenture, a Trustee, so that there shall at
all times be a Trustee hereunder. 

  
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 Section 5.04    Provisions as to Paying Agent. (a) If the
Company shall appoint a Paying Agent other than the Trustee, the Company shall cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this
Section 5.04: 
 (1)    that it will hold all sums held by it as such agent for the payment of the principal of,
accrued and unpaid Special Interest, if any, on, and the Fundamental Change Purchase Price, REIT Redemption Price for, the Securities in trust for the benefit of the holders of the Securities; 

(2)    that it will give the Trustee prompt notice of any failure by the Company to make any payment of the principal of,
accrued and unpaid Special Interest, if any, on, or the Fundamental Change Purchase Price, REIT Redemption Price for, the Securities when the same shall be due and payable; and 

(3)    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. 
 The Company shall, on or before each due date of the principal of, accrued and unpaid Special
Interest, if any, on, and the Fundamental Change Purchase Price, the REIT Redemption Price for, the Securities, deposit with the Paying Agent a sum sufficient to pay such principal, accrued and unpaid Special Interest, the Fundamental Change
Purchase Price or the REIT Redemption Price, 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 10:00 a.m., New York City time, on such date. 
 (b)    If the Company shall act as its
own Paying Agent, it will, on or before each due date of the principal of, accrued and unpaid Special Interest, if any, on, or Fundamental Change Purchase Price, REIT Redemption Price for, the Securities, set aside, segregate and hold in trust for
the benefit of the holders of the Securities a sum sufficient to pay such principal, accrued and unpaid Special Interest, if any, Fundamental Change Purchase Price or REIT Redemption Price so becoming due and will promptly notify the Trustee in
writing of any failure to take such action and of any failure by the Company to make any payment of the principal of, accrued and unpaid Special Interest on, or Fundamental Change Purchase Price, REIT Redemption Price for, the Securities when the
same shall become due and payable. 
 (c)    Anything in this Section 5.04 to the contrary notwithstanding, but
subject to Article 7, the Company may, at anytime, for the purpose of obtaining a satisfaction and discharge of the Indenture, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by the Company or any Paying Agent
hereunder as required by this Section 5.04, such sums to be held by the Trustee upon the trusts herein contained and upon such payment by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall be released from
all further liability with respect to such sums. 
 Section 5.05    Reports. This Section 5.05
will replace Section 4.02 of the Base Indenture in its entirety. 

  
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 The Company will file with the Trustee, within 15 days after it is required to file the same
with the SEC, copies of the quarterly and annual reports and of the information, documents and other reports, if any, that it is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, and to otherwise comply with
Section 314(a) of the TIA. Any such report, information or document that the Company files with the SEC through the EDGAR system (or any successor thereto) will be deemed to be delivered to the Trustee for the purposes of this Section 5.05
at the time of such filing through the EDGAR system (or such successor thereto). 
 Delivery of any such reports, information and documents
to the Trustee shall be for informational purposes only, and the Trustee’s receipt of such reports, information and documents shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

Section 5.06    Statements as to Defaults. The Company shall deliver to the Trustee, as soon as
possible, and in any event within thirty days after the Company becomes aware of the occurrence of any Default or Event of Default, an Officers’ Certificate setting forth the details of such Default or Event of Default, its status and the
action that the Company proposes to take with respect thereto. Such Officers’ Certificate shall also comply with any additional requirements set forth in Section 12.05 of the Base Indenture. 

Section 5.07    Special Interest Notice. If Special Interest is payable by the Company pursuant to
Section 6.04 hereof, the Company shall deliver to the Trustee an Officers’ Certificate to that effect stating (a) the amount of such Special Interest (in aggregate and per $1,000 principal amount of Securities) and (b) the date
on which such Special Interest is payable. Unless and until a Responsible Officer of the Trustee receives at the Corporate Trust Office such a certificate, the Trustee may assume without inquiry that no such Special Interest is payable. If the
Company has paid Special Interest directly to the Persons entitled to them, the Company shall deliver to the Trustee an Officers’ Certificate setting forth the particulars of such payment. 

Section 5.08    Covenant to Take Certain Actions. Before taking any action which would cause an
adjustment to the Conversion Rate such that the Conversion Price per share of Common Stock issuable upon conversion of the Securities would be less than the par value of the Common Stock, the Company shall take all corporate actions that may, in the
opinion of its counsel, be necessary so it may validly and legally issue shares of Common Stock at such adjusted Conversion Rate. 

ARTICLE 6 
 REMEDIES

 Section 6.01    Amendments to the Base Indenture. 

(a)    The Holders shall not have the benefit of Article VI of the Base Indenture and, with respect to the Securities, this
Article 6 supersedes Article VI of the Base Indenture in its entirety. 

  
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 (b)    The references to Section 6.05 in Section 7.01(c)(i)
and (g) of the Base Indenture are, with respect to the Securities, hereby deemed replaced by references to Section 6.06 of this Supplemental Indenture. 

(c)    The references to Section 6.01(d) and (e) in the third paragraph of Section 7.07 of the Base
Indenture are, with respect to the Securities, hereby deemed replaced by references to Section 6.02(h) and (i) of this Supplemental Indenture. 

(d)    The reference to Section 6.04 in Section 9.02 of the Base Indenture is, with respect to the Securities,
hereby deemed replaced by reference to Section 6.05 of this Supplemental Indenture. 
 (e)    The reference to
Section 6.08 in Section 9.02 of the Base Indenture is, with respect to the Securities, hereby deemed replaced by a reference to Section 6.08 of this Supplemental Indenture. 

Section 6.02    Events of Default. Each of the following events (and only the following events) shall
be an “Event of Default” wherever used with respect to the Securities: 
 (a)    default in any payment
of Special Interest on any Security when due and payable, and the default continues for a period of 30 days; 

(b)    default in the payment of the principal of any Security (including the Fundamental Change Purchase Price or REIT
Redemption Price) when due and payable on the Maturity Date, upon required repurchase, upon declaration of acceleration or otherwise; 

(c)    failure by the Company to comply with its obligations under Article 4 hereof to convert the Securities into shares
of Common Stock determined in accordance with Article 4 hereof upon exercise of a Holder’s conversion right and that failure continues for three Business Days; 

(d)    failure by the Company to comply with its obligations under Article 9 hereof; 

(e)    failure by the Company to issue a notice in accordance with the provisions of Section 3.02(b) hereof or a
notice of a Make-Whole Fundamental Change in accordance with the provisions of Section 4.06(d) hereof, in each case when due; 

(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 Securities then Outstanding (a copy of which notice, if given by Holders, must also be given to the Trustee) has been received by the Company to comply with any of its other agreements contained in the Securities or the
Indenture (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section 6.02 specifically provided for or that is not applicable to the Securities), which notice shall state that it is a
“Notice of Default” hereunder; 
 (g)    failure by the Company to pay beyond any applicable grace
period, or the acceleration of, indebtedness (other than Non-Recourse Indebtedness) of the Company or any of the Company’s Subsidiaries in an aggregate principal amount with respect to which the default
has occurred is greater than $50,000,000 (or its foreign currency equivalent at the time); 

  
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 (h)    the Company or any Significant Subsidiary of the Company shall
commence a voluntary case or other proceeding seeking the 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 of the Company or any substantial part of the Company’s or such Significant Subsidiary of
the Company’s property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit
of creditors, or shall fail generally to pay its debts as they become due; or 
 (i)    an involuntary case or other
proceeding shall be commenced against the Company or any Significant Subsidiary of the Company seeking liquidation, reorganization or other relief with respect to the Company or such Significant Subsidiary of the Company 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 of the Company or any substantial
part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of thirty consecutive days. 

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)), unless the principal of all of the Securities shall have already become
due and payable, either the Trustee or the holders of at least 25% in aggregate principal amount of the Securities then Outstanding, by notice in writing to the Company (and to the Trustee if given by the Holders), may declare 100% of the principal
of, and accrued and unpaid Special Interest, if any, on all the Securities to be due and payable immediately. If an Event of Default specified in Section 6.02(h) or Section 6.02(i) occurs and is continuing, the principal of, and accrued
and unpaid Special Interest, if any, on all Securities shall be immediately due and payable. 

Section 6.04    Special Interest. 

(a)    Notwithstanding any provisions of the Indenture to the contrary, if the Company so elects, the sole remedy for an
Event of Default relating to (i) the Company’s failure to file with the Trustee pursuant to Section 314(a)(1) of the TIA any documents or reports that it is required to file with the SEC pursuant to Section 13 or 15(d) of the
Exchange Act, or (ii) the Company’s failure to comply with Section 5.06 hereof (a “Reporting Event of Default”), will consist exclusively of the right to receive additional interest on the Securities (the
“Special Interest”) at a rate per year equal to 0.50% per annum of the Outstanding principal amount of the Securities for each day during such 180-day period as long as such Event of Default
is continuing (and neither waived nor cured). If the Company so elects, such Special Interest will be payable in the manner and on the dates as set forth in Section 2.04. On the 181st day after such Event of Default (if the Reporting Event of
Default is not cured or waived prior to such 181st day), the Securities will be subject to acceleration pursuant to Section 6.03. The provisions of this Section 6.04 will not affect the rights of Holders of Securities in the event of the
occurrence of any Event of Default that is not a Reporting Event of Default. In the event the Company does not elect to pay the Special 

  
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Interest following an Event of Default in accordance with this Section 6.04 or the Company elects to make such payment but does not pay the Special Interest when due, the Securities will be
immediately subject to acceleration as provided in Section 6.03. 
 (b)    In order to elect to pay the Special
Interest as the sole remedy during the first 180 days after the occurrence of a Reporting Event of Default, the Company must notify all Holders of Securities, the Trustee and the Paying Agent of such election prior to the beginning of such 180-day period. Upon the Company’s failure to timely give such notice, the Securities will be immediately subject to acceleration as provided in Section 6.03. 

Section 6.05    Waiver of Past Defaults. The Holders of a majority in aggregate principal amount of the
Securities then Outstanding, by written notice to the Company and to the Trustee, may waive (including by way of consents obtained in connection with a repurchase of, or tender or exchange offer for, the Securities) all past Defaults or Events of
Default with respect to the Securities (other than a Default or an Event of Default resulting from nonpayment of principal or any Special Interest, a failure to deliver consideration due upon conversion or any other provisions that requires the
consent of each affected Holder to amend) and rescind any such acceleration with respect to the Securities and its consequences if (i) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and
(ii) all existing Events of Default, other than the nonpayment of the principal of, and any Special Interest on, the Securities that have become due solely by such declaration of acceleration have been cured or waived. 

Section 6.06    Control by Majority. At anytime, the Holders of a majority of the aggregate principal
amount of the then Outstanding Securities may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or for exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to
follow any direction that conflicts with law or the Indenture or, subject to the Trustee’s duties under Article VII of the Base Indenture and the TIA, that the Trustee determines to be unduly prejudicial (it being understood that the Trustee
does not have an affirmative duty to ascertain whether or not any such directions are unduly prejudicial) to the rights of a Holder or to the Trustee, or that would potentially involve the Trustee in personal liability unless the Trustee is offered
indemnity and/or security satisfactory to it against any loss, liability or expense to the Trustee that may result from the Trustee’s instituting such proceeding as the Trustee. Prior to taking any action hereunder, the Trustee will be entitled
to indemnification and/or security satisfactory to it against all losses and expenses caused by taking or not taking such action. 

Section 6.07    Limitation on Suits. Subject to Section 6.08 hereof, no Holder may pursue a remedy
with respect to the Indenture or the Securities unless: 
 (a)    such Holder has previously delivered to the Trustee
written notice that an Event of Default is continuing; 
 (b)    the Holders of at least 25% of the aggregate principal
amount of the then Outstanding Securities request that the Trustee pursue a remedy with respect to such Event of Default; 

(c)    such Holder or Holders have offered and, if requested, provided to the Trustee indemnity and/or security
satisfactory to the Trustee against any loss, liability or other expense of compliance with such written request; 

  
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 (d)    the Trustee has not complied with such request within 60 days
after receipt of such written request and offer of security or indemnity; and 
 (e)    during such 60-day period, the Holders of a majority of the aggregate principal amount of the then Outstanding Securities did not deliver to the Trustee a direction inconsistent with such request. 

Section 6.08    Rights of Holders to Receive Payment and to Convert. Notwithstanding anything to the
contrary elsewhere in the Indenture, the right of any Holder to receive payment of the principal of, any Special Interest on, Fundamental Change Purchase Price, REIT Redemption Price for, its Securities, on or after the respective due date, and to
convert its Securities and receive payment or delivery of the consideration due with respect to such Securities in accordance with Article 4 hereof, or to bring suit for the enforcement of any such payment or conversion rights, will not be impaired
or affected without the consent of such Holder and will not be subject to the requirements of Section 6.07 hereof. 

Section 6.09    Collection of Indebtedness; Suit for Enforcement by Trustee. If an Event of Default
specified in Section 6.02(a), 6.02(b) or 6.02(c) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of, any
Special Interest on, Fundamental Change Purchase Price, REIT Redemption Price for, and the consideration due upon the conversion of, the Securities, as the case may be, and such further amount as is sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, as well as any other amounts that may be due under Section 7.07 of the Base Indenture. 

Section 6.10    Trustee May Enforce Claims Without Possession of Securities. All rights of action and
claims under the Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
be for the ratable benefit of the Holders in respect of which such judgment has been recovered. 

Section 6.11    Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of
claim and other papers or documents as may be necessary or advisable to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Company, its creditors or its property and, unless prohibited by law or
applicable regulations, will be entitled to collect, receive and distribute any money or other property payable or deliverable on any such claims, and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such
payments to the Trustee, and, in the event that the Trustee consents to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under the Base Indenture (including Section 7.07 of the Base Indenture) and this Supplemental Indenture. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 of the Base Indenture out of the estate in any such proceeding, will be denied for any reason, payment of the same will
be secured by a lien on, and is paid out of, any and all distributions, dividends, money, securities and other properties that the Holders 

  
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may be entitled to receive in such proceeding, whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained will be deemed to authorize the
Trustee to authorize or consent to, or to accept or to adopt on behalf of any Holder, any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder, or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding. 
 Section 6.12    Restoration of Rights and
Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under the Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee
or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and
remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 

Section 6.13    Rights and Remedies Cumulative. Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.09 of the Base Indenture, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other
right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 6.14    Delay or Omission Not a Waiver. No delay or omission of the Trustee or of any Holder to
exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right 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 may be deemed expedient by the Trustee (subject to the limitations contained in the Indenture) or by the Holders, as the case may be. 

Section 6.15    Priorities. If the Trustee collects any money pursuant to this Article 6, it will pay
out the money in the following order: 
 FIRST: to the Trustee, its agents and attorneys for amounts due under Section 7.07 of the Base
Indenture and this Supplemental Indenture, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

SECOND: to the Holders, for any amounts due and unpaid on the principal of, accrued and unpaid Special Interest on, Fundamental Change
Purchase Price, REIT Redemption Price for, and any cash due upon conversion of, any Security, without preference or priority of any kind, according to such amounts due and payable on all of the Securities; and 

THIRD: the balance, if any, to the Company or to such other party as a court of competent jurisdiction directs. 

  
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 The Trustee may fix a record date and payment date for any payment to the Holders pursuant
to this Section 6.15. If the Trustee so fixes a record date and a payment date, at least 15 days prior to such record date, the Company will deliver to each Holder and the Trustee a written notice, which notice will state such record date, such
payment date and the amount of such payment. 
 Section 6.16    Undertaking for Costs. All parties to
the Indenture agree, and each Holder, by such Holder’s acceptance of a Security, 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 the 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, 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, however, that the provisions of this
Section 6.16 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 aggregate principal amount of the Securities then Outstanding, or to any
suit instituted by any Holder for the enforcement of the payment of the principal of, accrued and unpaid Special Interest, if any, on, or Fundamental Change Purchase Price, REIT Redemption Price for, any Security on or after the due date expressed
or provided for in the Indenture or to any suit for the enforcement of the right to convert any Security in accordance with the provisions of Article 4 hereof. 

Section 6.17    Waiver of Stay, Extension and Usury Laws. The Company covenants that, to the extent
that it may lawfully do so, it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect
the covenants or the performance of the Indenture; and the Company, to the extent that it may lawfully do so, hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay
or impede the execution of any power herein granted to the Trustee, but will instead suffer and permit the execution of every such power as though no such law has been enacted. 

Section 6.18    Notices from the Trustee. Notwithstanding anything to the contrary in the Base
Indenture, whenever a Default occurs and is continuing and a Responsible Officer of the Trustee has received written notice of such Default, the Trustee must deliver notice of such Default to the Holders within 90 days after the date on which such
Default first occurred. Except in the case of a Default in the payment of the principal of, any Special Interest on, or Fundamental Change Purchase Price, REIT Redemption Price for, any Security or of a Default in the payment or delivery, as the
case may be, of the consideration due upon conversion of a Security, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible
Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Holders. 
 ARTICLE 7

 SATISFACTION AND DISCHARGE 

Section 7.01    Inapplicability of Provisions of Base Indenture; Satisfaction and Discharge of the
Indenture. Article VIII of the Base Indenture shall not apply with respect to the Securities. The provisions set forth in this Article 7 shall, with respect to the Securities, supersede in their entirety Article VIII of the Base
Indenture. 

  
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 When (a) the Company shall deliver to the Registrar for cancellation all Securities
theretofore authenticated (other than any Securities that have been destroyed, lost or stolen and in lieu of or in substitution for which other Securities shall have been authenticated and delivered) and not theretofore canceled, or (b) all the
Securities not theretofore canceled or delivered to the Trustee for cancellation shall have become due and payable (whether on the Maturity Date, on any Fundamental Change Purchase Date or REIT Redemption Price, upon conversion or otherwise) and the
Company shall deposit with the Trustee, in trust, or deliver to the Holders, as applicable, an amount of cash and shares of Common Stock, if any, as the case may be (solely to settle amounts due with respect to outstanding conversions), sufficient
to pay all amounts due on all of such Securities (other than any Securities that shall have been mutilated, destroyed, lost or stolen and in lieu of or in substitution for which other Securities shall have been authenticated and delivered) not
theretofore canceled or delivered to the Trustee for cancellation, including principal and any Special Interest due, accompanied, except in the event the Securities are due and payable solely in cash at the Maturity Date or upon an earlier
Fundamental Change Purchase Date or REIT Redemption Price, by a verification report as to the sufficiency of the deposited amount from an independent certified accountant or other financial professional reasonably satisfactory to the Trustee, and if
the Company shall also pay or cause to be paid all other sums payable hereunder by the Company, then the Indenture shall cease to be of further effect (except as to (i) rights hereunder of Holders to receive all amounts owing upon the
Securities and the other rights, duties and obligations of Holders, as beneficiaries hereof with respect to the amounts, if any, so deposited with the Trustee and (ii) the rights, obligations and immunities of the Trustee hereunder), and the
Trustee, on written demand of the Company accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of the Indenture;
the Company, however, hereby agrees to reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred by the Trustee, including the fees and expenses of its counsel, and to compensate the Trustee for any services
thereafter reasonably and properly rendered by the Trustee in connection with the Indenture or the Securities. 

Section 7.02    Deposited Monies to Be Held in Trust by Trustee. Subject to Section 7.04 hereof,
all monies and shares of Common Stock, if any, deposited with the Trustee pursuant to Section 7.01 hereof shall be held in trust for the sole benefit of the Holders of the Securities, and such monies and shares of Common Stock shall be applied
by the Trustee to the payment, either directly or through any Paying Agent (including the Company if acting as its own Paying Agent), to the Holders of the particular Securities for the payment or settlement of which such monies or shares of Common
Stock have been deposited with the Trustee, of all sums or amounts due and to become due thereon for principal and Special Interest, if any. 

Section 7.03    Paying Agent to Repay Monies Held. Upon the satisfaction and discharge of the
Indenture, all monies and shares of Common Stock, if any, then held by any Paying Agent (if other than the Trustee) shall, upon written request of the Company, be repaid to it or paid to the Trustee, and thereupon such Paying Agent shall be released
from all further liability with respect to such monies and shares of Common Stock. 
 Section 7.04    Return of
Unclaimed Monies. Subject to the requirements of applicable law, any monies and shares of Common Stock deposited with or paid to the 

  
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Trustee for payment of the principal of or Special Interest, if any, on the Securities and not applied but remaining unclaimed by the Holders of the Securities for two years after the date upon
which the principal of or Special Interest, if any, on such Securities, as the case may be, shall have become due and payable, shall be repaid to the Company by the Trustee on written demand, and all liability of the Trustee shall thereupon cease
with respect to such monies and shares of Common Stock; and the Holder shall thereafter look only to the Company for any payment or delivery that such Holder may be entitled to collect unless an applicable abandoned property law designates another
Person. 
 Section 7.05    Reinstatement. If the Trustee or the Paying Agent is unable to apply any
money or shares of Common Stock in accordance with Section 7.02 by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under the
Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to Section 7.01 until such time as the Trustee or the Paying Agent is permitted to apply all such money and shares of Common Stock in
accordance with Section 7.02; provided, however, that if the Company makes any payment of Special Interest on, principal of or payment or delivery in respect of any Security following the reinstatement of its obligations, the Company
shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or shares of Common Stock, if any, held by the Trustee or Paying Agent. 

ARTICLE 8 
 SUPPLEMENTAL
INDENTURES 
 Section 8.01    Supplemental Indentures Without Consent of Holders.
Section 9.01 of the Base Indenture shall not apply with respect to the Securities, and this Section 8.01 shall replace Section 9.01 of the Base Indenture in its entirety. 

Without the consent of any Holder, the Company (when authorized by a Board Resolution) and the Trustee, at any time and from time to time, may
enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

(a)    to conform the terms of the Indenture or the Securities to the description thereof in the Preliminary Prospectus
Supplement, as supplemented by the issuer free writing prospectus related to the offering of the Securities filed by the Company with the SEC pursuant to Rule 433 under the Securities Act on August 19, 2020; 

(b)    to evidence the succession by a Successor Company and to provide for the assumption by a Successor Company of the
Company’s obligations under the Indenture; 
 (c)    to add guarantees with respect to the Securities; 

(d)    to secure the Securities; 

(e)    to issue additional Securities pursuant to Section 2.01(c); 

(f)    to add to the Company’s covenants such further covenants, restrictions or conditions for the benefit of the
Holders (or any other holders) or surrender any right or power conferred upon the Company by the Indenture; 

  
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 (g)    to cure any ambiguity, defect or inconsistency in the Indenture
or the Securities, including to eliminate any conflict with the TIA, or to make any other change that does not adversely affect the rights of any Holder in any material respect; 

(h)    to provide for a successor Trustee; 

(i)    to comply with the Applicable Procedures of the Depository; or 

(j)    to comply with any requirement of the SEC in connection with the qualification of the Indenture under the TIA. 

Section 8.02    Supplemental Indentures With Consent of Holders. Section 9.02 of the Base
Indenture shall not apply with respect to the Securities, and this Section 8.02 shall replace Section 9.02 of the Base Indenture in its entirety. 

With the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities affected by such supplemental
indenture, including without limitation, consents obtained in connection with a purchase of, or tender or exchange offer for, Securities and by consent of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board
Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the
rights of the Holders under the Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby: 

(a)    reduce the percentage in aggregate principal amount of Securities Outstanding necessary to waive any past Default
or Event of Default; 
 (b)    reduce the rate of Special Interest on any Security or change the time for payment of
Special Interest on any Security; 
 (c)    reduce the principal of any Security or change the Maturity Date; 

(d)    change the place or currency of payment on any Security; 

(e)    make any change that impairs or adversely affects the conversion rights of any Securities; 

(f)    reduce the Fundamental Change Purchase Price or REIT Redemption Price of any Security or amend or modify in any
manner adverse to the rights of the Holders of the Securities the Company’s obligation to pay the Fundamental Change Purchase Price or REIT Redemption Price, whether through an amendment or waiver of provisions in the covenants, definitions
related thereto or otherwise; 
 (g)    impair the right of any Holder of Securities to receive payment of principal of,
and Special Interest, if any, on, its Securities, or the right to receive the consideration due upon conversion of its Securities on or after the due dates therefore or to institute suit for the enforcement of any such payment or delivery, as the
case may be, with respect to such Holder’s Securities; 

  
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 (h)    modify the ranking provisions of the Indenture in a manner that
is adverse to the rights of the Holders of the Securities; or 
 (i)    make any change to the provisions of this
Article 8 that requires each Holder’s consent or in the waiver provisions in Section 6.05 of this Supplemental Indenture if such change is adverse to the rights of Holders of the Securities. 

It shall not be necessary for the consent of Holders under this Section 8.02 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the substance thereof. The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Persons entitled to consent to any indenture supplemental
hereto. If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to consent to such supplemental indenture, whether or not such Holders remain Holders after such record
date; provided that, unless such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date which is 90 days after such record date, any such consent previously given shall
automatically and without further action by any Holder be cancelled and of no further effect. 
 For the avoidance of doubt, the provisions
of Article IX of the Base Indenture other than Sections 9.01 and 9.02 shall remain in effect and continue to apply with respect to the Securities. 

Section 8.03    Notice of Amendment or Supplement. After an amendment or supplement under this Article
8 becomes effective, the Company shall mail to the Holders a notice briefly describing such amendment or supplement. However, the failure to give such notice to all the Holders, or any defect in the notice, shall not impair or affect the validity of
the amendment or supplement. 
 ARTICLE 9 

SUCCESSOR COMPANY 

Section 9.01    Consolidation, Merger and Sale of Assets. 

(a)    The provisions in Article V of the Base Indenture shall not apply with respect to the Securities, and this Article 9
supersedes the entirety thereof. 
 (b)    In addition, the reference to Article V in Section 4.03 of the Base
Indenture is, with respect to the Securities, deemed replaced with a reference to this Article 9. 

Section 9.02    Company May Consolidate, Etc. on Certain Terms. Subject to the provisions of
Section 9.04, the Company shall not amalgamate or consolidate with, merge with or into or convey, transfer or lease its properties and assets substantially as an entirety to another Person, unless: 

(a)    the Company shall be the surviving Person or 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, executed and delivered to the Trustee, in form satisfactory to the Trustee, all of the obligations of the Company under the Securities and the Indenture as applicable to the Securities; and 

  
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 (b)    immediately after giving effect to such transaction, no Default
or Event of Default shall have occurred and be continuing under the Indenture. 
 Section 9.03    Successor
Corporation to Be Substituted. In case of any such amalgamation, consolidation, merger, conveyance, transfer or lease and upon the assumption by the Successor Company, by supplemental indenture, executed and delivered to the Trustee and
satisfactory in form to the Trustee, of the due and punctual payment of the principal of (including any Fundamental Change Purchase Price or REIT Redemption Price), accrued and unpaid Special Interest, if any, on all of the Securities, the due and
punctual delivery or payment, as the case may be, of any consideration due upon conversion of the Securities and the due and punctual performance of all of the covenants and conditions of the Indenture to be performed by the Company under the
Indenture, such Successor Company shall succeed to and be substituted for, and may exercise every right and power of, the Company under the Indenture, with the same effect as if it had been named herein as the party of the first part. Such Successor
Company thereupon may cause to be signed, and may issue either in its own name or in the name of the Company any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee;
and, upon the order of such Successor Company instead of the Company and subject to all the terms, conditions and limitations in the Indenture prescribed, the Trustee shall authenticate and shall deliver, or cause to be authenticated and delivered,
any Securities that previously shall have been signed and delivered by the officers of the Company to the Trustee for authentication, and any Securities that such Successor Company thereafter shall cause to be signed and delivered to the Trustee for
that purpose. All the Securities so issued shall in all respects have the same legal rank and benefit under the Indenture as the Securities theretofore or thereafter issued in accordance with the terms of the Indenture as though all of such
Securities had been issued at the date of the execution hereof. In the event of any such amalgamation, consolidation, merger, conveyance or transfer (but not in the case of a lease), the Person named as the “Company” in the first paragraph
of this Supplemental Indenture or any successor that shall thereafter have become such in the manner prescribed in this Article 9 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 Securities and from its obligations under the Indenture. 
 In case of
any such amalgamation, consolidation, merger, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate. 

Section 9.04    Opinion of Counsel to Be Given to Trustee. In the case of an such amalgamation, merger,
consolidation, conveyance, transfer or lease the Trustee shall receive an Officers’ Certificate and an Opinion of Counsel stating that any such amalgamation, consolidation, merger, 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 9 and constitutes the legal, valid and binding obligations of the Company (subject to customary
exceptions and assumptions). 

  
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 ARTICLE 10 

MEETING OF HOLDERS OF SECURITIES 

Section 10.01    Purposes for Which Meetings May Be Called. 

(a)    A meeting of Holders of Securities may be called at any time and from time to time pursuant to this Article 10 to
make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by the Indenture to be made, given or taken by Holders of Securities. 

Section 10.02    Call, Notice and Place of Meetings. 

(a)    The Trustee may at any time call a meeting of Holders of Securities for any purpose specified in Section 10.01,
to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of Holders of Securities, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting,
shall be given, in the manner provided in Section 12.03 of the Base Indenture, not less than 20 nor more than 180 days prior to the date fixed for the meeting. 

(b)    In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 25% in principal amount
of the outstanding Securities shall have requested the Trustee to call a meeting of the Holders of Securities for any purpose specified in Section 10.01, by written request setting forth in reasonable detail the action proposed to be taken at
the meeting, and the Trustee shall not have made the first publication of the notice of such meeting within 20 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company or
the Holders of Securities in the amount above specified, as the case may be, may determine the time and the place for such meeting and may call such meeting for such purposes by giving notice thereof as provided in subsection (a) of this
Section 10.02. 
 Section 10.03    Persons Entitled to Vote at Meetings 

(a)    To be entitled to vote at any meeting of Holders of Securities, a Person shall be 

(1)    a Holder of one or more outstanding Securities, or 

(2)    a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more outstanding
Securities by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Securities shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the
Trustee and its counsel and any representatives of the Company and their respective counsel. 

Section 10.04    Quorum; Action. 

(a)    The Persons entitled to vote a majority in principal amount of the outstanding Securities shall constitute a quorum
for a meeting of Holders of Securities; provided, however, that if any action is to be taken at such meeting with respect to a consent or waiver which the Indenture expressly provides may be given by the Holders of not less than a specified
percentage in principal amount of the outstanding Securities, the Persons entitled to 

  
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vote such specified percentage in principal amount of the outstanding Securities shall constitute a quorum. In the absence of a quorum within 30 minutes after the time appointed for any such
meeting, the meeting shall, if convened at the request of Holders of Securities, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment
of such meeting. In the absence of a quorum at the reconvening of any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days; at the reconvening of any meeting adjourned or further adjourned for
lack of a quorum, the Persons entitled to vote 25% in aggregate principal amount of the then outstanding Securities shall constitute a quorum for the taking of any action set forth in the notice of the original meeting. Notice of the reconvening of
any adjourned meeting shall be given as provided in Section 10.02(a), except that such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. 

(b)    Except as limited by the proviso to Section 8.02, any resolution presented to a meeting or adjourned meeting
duly reconvened at which a quorum is present as aforesaid may be adopted by the affirmative vote of the Persons entitled to vote a majority in aggregate principal amount of the outstanding Securities; provided, however, that, except
as limited by the proviso to Section 8.02, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which the Indenture expressly provides may be made, given or taken by the
Holders of a specified percentage, which is less than a majority in principal amount of the outstanding Securities may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative
vote of the Holders of such specified percentage in principal amount of the outstanding Securities. 
 Any resolution passed or decision
taken at any meeting of Holders of Securities duly held in accordance with this Section 10.04 shall be binding on all the Holders of Securities, whether or not present or represented at the meeting. 

Notwithstanding the foregoing provisions of this Section 10.04, if any action is to be taken at a meeting of Holders of Securities with
respect to any request, demand, authorization, direction, notice, consent, waiver or other action that the Indenture expressly provides may be made, given or taken by the Holders of a specified percentage in principal amount of all outstanding
Securities affected thereby: 
 (1)    there shall be no minimum quorum requirement for such meeting; and 

(2)    the principal amount of the outstanding Securities that vote in favor of such request, demand, authorization,
direction, notice, consent, waiver or other action shall be taken into account in determining whether such request, demand, authorization, direction, notice, consent, waiver or other action has been made, given or taken under the Indenture. 

Section 10.05    Determination of Voting Rights; Conduct and Adjournment of Meetings. 

(a)    Notwithstanding any provisions of the Indenture, the Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Holders of Securities in regard to proof of the holding of Securities and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies,
certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. 

  
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 (b)    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 of Securities as provided in Section 10.02(b), in which case the Company or the Holders of Securities 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 Persons entitled to vote a majority in principal amount of the outstanding Securities represented at
the meeting. 
 (c)    At any meeting each Holder of such Securities or proxy shall be entitled to one vote for each
$1,000 principal amount of the outstanding Securities held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not outstanding and ruled by the
chairman of the meeting to be not outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of Securities or proxy. 

(d)    Any meeting of Holders of Securities duly called pursuant to Section 10.02 at which a quorum is present may be
adjourned from time to time by Persons entitled to vote a majority in principal amount of the outstanding Securities represented at the meeting, and the meeting may be held as so adjourned without further notice. 

Section 10.06    Counting Votes and Recording Action of Meetings. 

The vote upon any resolution submitted to any meeting of Holders of Securities shall be by written ballots on which shall be subscribed the
signatures of the Holders of Securities or of their representatives by proxy and the principal amounts and serial numbers of the outstanding Securities held or represented by them. The permanent chairman of the meeting shall appoint two inspectors
of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record, at least in
duplicate, of the proceedings of each meeting of Holders of Securities 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 fact, setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 10.02 and, if applicable, Section 10.04. Each copy shall be
signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company and another 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. 
 ARTICLE 11

 REDEMPTION 

Section 11.01    Redemption. 

(a)    The Company may redeem the Securities (a “REIT Redemption”) in a principal amount that is an
integral multiple of $1,000, for cash, in whole or from time to time in part, at the Company’s option, at a redemption price (the “REIT Redemption Price”) 

  
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equal to the sum of (i) 100% of the principal amount of the Securities to be redeemed and (ii) any accrued and unpaid Special Interest thereon to, but excluding, the Redemption Date, to the
extent the Board of Directors determines such REIT Redemption is reasonably necessary to preserve the Company’s qualification as a real estate investment trust for U.S. federal income tax purposes. 

(b)    If the Redemption Date falls after a Special Interest Record Date and on or prior to the Special Interest Payment
Date to which such Special Interest Record Date relates, the Company will pay, on or before such Special Interest Payment Date, the full amount of accrued and unpaid Special Interest, if any, to the Holder of record on such Special Interest Record
Date and the REIT Redemption Price will instead be equal to 100% of the principal amount of the Securities to be redeemed. 

Section 11.02    Notice of Redemption; Selection of Securities. 

(a)    If the Company wishes to exercise its right to redeem all or, as the case may be, any part of the Securities
pursuant to Section 11.01(a), it shall fix a date for Redemption (each, a “Redemption Date”), and it or, at its written request received by the Trustee at least five Business Days prior to the date such notice is to be
sent to Holders (unless a shorter period shall be acceptable to the Trustee), the Trustee, in the name of and at the expense of the Company, shall provide notice specifying whether the Company is effecting a REIT Redemption (a
“Redemption Notice”) not less than 15 nor more than 30 calendar days prior to the Redemption Date to each Holder of Securities so to be redeemed as a whole or in part at its last address as the same appears on the Register.
The Redemption Date must be a Business Day. 
 (b)    The Redemption Notice, if mailed in the manner herein provided,
shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such Redemption Notice by mail to the Holder of any Security designated for a REIT Redemption, as a whole or in
part, or any defect in the Redemption Notice, shall not affect the validity of the proceedings for the redemption of any other Security. 

(c)    Each Redemption Notice shall specify: 

(1)    the Redemption Date; 

(2)    the REIT Redemption Price; 

(3)    that on the Redemption Date, the REIT Redemption Price will become due and payable upon each Security to be
redeemed, and that, unless the Company defaults in the payment of the REIT Redemption Price, Special Interest thereon, if any, shall cease to accrue on and after the Redemption Date; 

(4)    the place or places where such Securities are to be surrendered for payment of the REIT Redemption Price; 

(5)    that Holders may surrender their Securities for conversion at any time prior to the Close of Business on the
Business Day immediately preceding the Redemption Date; 

  
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 (6)    the procedures a converting Holder must follow to convert its
Securities; 
 (7)    the then-current Conversion Rate; 

(8)    the CUSIP and ISIN or other similar numbers, if any, assigned to such Securities; and 

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

(d)    A Redemption Notice shall be irrevocable. 

(e)    If fewer than all of the outstanding Securities are to be redeemed, the Securities shall be selected for REIT
Redemption (in principal amounts of $1,000 or multiples thereof) in accordance with the applicable procedures of DTC, in the case of Global Securities, and by lot, in the case of Physical Securities. 

(f)    If a Holder converts a Security a portion of which has been selected for REIT Redemption, the converted portion
will be deemed to be from the portion selected for REIT Redemption. 
 (g)    In the event of any REIT Redemption in
part, the Company shall not be required to register the transfer of or exchange any Security so selected for REIT Redemption, in whole or in part, except the unredeemed portion of any Security being redeemed in part. 

Section 11.03    Payment of Securities Called for Redemption. 

(a)    If any Redemption Notice has been given in respect of the Securities in accordance with Section 11.02, the
Securities shall become due and payable on the Redemption Date at the place or places stated in the Redemption Notice and at the REIT Redemption Price. On presentation and surrender of the Securities at the place or places stated in the Redemption
Notice, the Securities shall be paid and redeemed by the Company at the REIT Redemption Price. 
 (b)    Prior to the
Open of Business on the Redemption Date, the Company shall deposit with the Paying Agent or, if the Company or a Subsidiary of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 2.06 of the Base
Indenture an amount of cash (in immediately available funds if deposited on the Redemption Date), sufficient to pay the REIT Redemption Price of all of the Securities to be redeemed on such Redemption Date. Subject to receipt of funds by the Paying
Agent, payment for the Securities to be redeemed shall be made on the Redemption Date for such Securities. The Paying Agent shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the
REIT Redemption Price. 
 Section 11.04    Restrictions on Redemption. 

(a)    The Company may not redeem any Securities on any date if the principal amount of the Securities has been accelerated
in accordance with the terms of the Indenture, 

  
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and such acceleration has not been rescinded, on or prior to the Redemption Date (except in the case of an acceleration resulting from a Default by the Company in the payment of the REIT
Redemption Price with respect to such Securities). 
 ARTICLE 12 

MISCELLANEOUS 

Section 12.01    Effect on Successors and Assigns. All agreements of the Company, the Trustee, the
Registrar, the Paying Agent and the Conversion Agent in the Indenture and the Securities will bind their respective successors. 

Section 12.02    Governing Law; Jurisdiction; Waiver of Jury Trial. THE INTERNAL LAWS OF THE STATE OF
NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE AND THE SECURITIES, INCLUDING WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW AND NEW YORK CIVIL PRACTICE LAWS AND RULES 327(B). 
 The Company, the Trustee and, by acceptance of the Securities, each
Holder agrees that any suit, action or proceeding arising out of or based upon this Supplemental Indenture or the transactions contemplated hereby may be instituted in any State or Federal court in The City of New York, New York, and waives any
objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the nonexclusive jurisdiction of such courts in any suit, action or proceeding. 

THE COMPANY, THE TRUSTEE AND EACH HOLDER OF THE SECURITIES BY HIS ACCEPTANCE THEREOF HEREBY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 12.03    No Security Interest Created. Nothing in the Indenture or in the Securities, expressed
or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction. 

Section 12.04    TIA. If any provision hereof limits, qualifies or conflicts with a provision of the
TIA that is required under such act to be a part of and govern the Indenture, the latter provision shall control. If any provision of the Indenture modifies or excludes any provision of the TIA that may be so modified or excluded, the latter
provision shall be deemed to apply to the Indenture as so modified or to be excluded, as the case may be. 

Section 12.05    Benefits of Supplemental Indenture. Nothing in this Supplemental Indenture or in the
Securities, expressed or implied, will give to any Person, other than the parties hereto, any Paying Agent, any Conversion Agent, any Registrar or their successors hereunder or the Holders of the Securities, any benefit or any legal or equitable
right, remedy or claim under this Supplemental Indenture. 
 Section 12.06    Calculations. Except as
otherwise provided in the Indenture, the Company shall be responsible for making all calculations called for under the Securities. These calculations include, but are not limited to, determinations of the Stock Price, the Last Reported Sale Prices
of the Common Stock, any accrued Special Interest payable on the Securities and the Conversion Rate (including adjustments thereto). The Company shall make 

  
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all these calculations in good faith and, absent manifest error, the Company’s calculations shall be final and binding on Holders of Securities. The Company shall provide a schedule of its
calculations to each of the Trustee and the Conversion Agent, and each of the Trustee and Conversion Agent is entitled to rely conclusively upon the accuracy of the Company’s calculations without independent verification. The Trustee will
forward the Company’s calculations to any Holder upon the request of that Holder at the sole cost and expense of the Company. 

Whenever the Company is required to calculate the Conversion Rate, or any adjustment thereto, the Company will do so to the nearest 1/10,000th
of a share of Common Stock. 
 Section 12.07    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. 

Section 12.08    Notices. The Company or the Trustee, by notice given to the other in the manner
provided in Section 12.03 of the Base Indenture, may designate additional or different addresses for subsequent notices or communications. 

Notwithstanding anything to the contrary in Section 12.03 of the Base Indenture, whenever the Company is required to deliver notice to
the Holders, the Company will, by the date it is required to deliver such notice to the Holders, deliver a copy of such notice to the Trustee, the Paying Agent, the Registrar and the Conversion Agent. Each notice to the Trustee, the Paying Agent,
the Registrar and the Conversion Agent shall be sufficiently given if in writing and mailed, first-class postage prepaid to the address most recently sent by the Trustee, the Paying Agent, the Registrar or the Conversion Agent, as the case may be,
to the Company. 
 Section 12.09    Ratification of Base Indenture. The Base Indenture, as
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 provided. For the avoidance of doubt, each of
the Company and each Holder of Securities, by its acceptance of such Securities, acknowledges and agrees that all of the rights, privileges, protections, immunities and benefits afforded to the Trustee under the Base Indenture, including, without
limitation, its right to be indemnified, are deemed to be incorporated herein, and shall be enforceable by the Trustee hereunder, in each of its capacities hereunder as if set forth herein in full. 

Section 12.10    The Trustee. The recitals in this Supplemental Indenture are made by the Company only
and not by the Trustee, and all of the provisions contained in the Base Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of the Securities and of this Supplemental Indenture
as fully and with like effect as set forth in full herein. 
 Section 12.11    No Recourse Against
Others. No director, officer, employee, incorporator or stockholder of the Company shall have any liability for any obligations of the Company under the Securities, the Indenture or any claim based on, in respect of, or by reason of, such
obligations or their creation. Each Holder, by accepting a Security, waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Securities. 

  
 57 

 Section 12.12     Use of Electronic Communications.
For the avoidance of doubt, all notices, approvals, consents, requests and any communications hereunder or with respect to the Notes must be in writing (provided that any communication sent to Trustee hereunder must be in the form of a document that
is signed manually or by way of a digital signature provided by DocuSign or Adobe (or such other digital signature provider as specified in writing to Trustee by the authorized representative), in English. The Company agrees to assume all risks
arising out of the use of using digital signatures and electronic methods to submit communications to Trustee, including without limitation the risk of Trustee acting on unauthorized instructions, and the risk of interception and misuse by third
parties. 
 [Remainder of the page intentionally left blank] 

  
 58 

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

			
	HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.
		
	By:	 	 /s/ Jeffrey W. Eckel

	Name:	 	Jeffrey W. Eckel
	Title:	 	President and Chief Executive Officer
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Philip G. Kane, Jr.

	Name:	 	Philip G. Kane, Jr.
	Title:	 	Vice President

 [Signature Page to First Supplemental Indenture] 

 SCHEDULE A 

The following table sets forth the number of Additional Shares by which the Conversion Rate shall be increased pursuant to Section 4.06
based on the Stock Price and Effective Date set forth below. 
 Share Price and Additional Shares 

 

																																																					
	 Date
	  	$37.93	 	  	$42.00	 	  	$45.00	 	  	$48.36	 	  	$52.00	 	  	$55.00	 	  	$58.00	 	  	$63.00	 	  	$67.00	 	  	$71.00	 	  	$75.00	 	  	$79.00	 	  	$84.00	 
	 August 21, 2020
	  	 	5.6864	 	  	 	4.1248	 	  	 	3.2342	 	  	 	2.4398	 	  	 	1.7706	 	  	 	1.3378	 	  	 	0.9917	 	  	 	0.5670	 	  	 	0.3337	 	  	 	0.1732	 	  	 	0.0707	 	  	 	0.0154	 	  	 	0.0000	 
	 August 15, 2021
	  	 	5.6864	 	  	 	4.1200	 	  	 	3.1607	 	  	 	2.3189	 	  	 	1.6250	 	  	 	1.1876	 	  	 	0.8471	 	  	 	0.4468	 	  	 	0.2401	 	  	 	0.1086	 	  	 	0.0337	 	  	 	0.0027	 	  	 	0.0000	 
	 August 15, 2022
	  	 	5.6864	 	  	 	3.8012	 	  	 	2.7564	 	  	 	1.8741	 	  	 	1.1873	 	  	 	0.7838	 	  	 	0.4928	 	  	 	0.1914	 	  	 	0.0658	 	  	 	0.0097	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 
	 August 15, 2023
	  	 	5.6864	 	  	 	3.1316	 	  	 	1.5443	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 

  
 Schedule A - 1 

 EXHIBIT A 

[FORM OF FACE OF SECURITY] 
 [For
Global Securities, include the following legend: 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAYBE REGISTERED, IN THE NAME OF ANY PERSON
OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.] 
 No: [●] 

CUSIP: 41068X AD2 
 ISIN: US41068XAD21 

Principal Amount $[        ] 

[as revised by the Schedule of Increases 

and Decreases in the Global Security attached hereto]1 

Hannon Armstrong Sustainable Infrastructure Capital, Inc. 

0% Convertible Senior Notes due 2023 

Hannon Armstrong Sustainable Infrastructure Capital, Inc., a Maryland corporation, promises to pay to
[        ] [include “Cede & Co.” for Global Security] or registered assigns, the principal amount of $[        ] on
August 15, 2023 (the “Maturity Date”). 
 Special Interest Payment Dates: February 15 and August 15,
beginning on February 15, 2021. 
 Special Interest Record Dates: February 1 and August 1. 

Additional provisions of this Security are set forth on the other side of this Security. 

 
  

	1 	 Include for Global Securities only. 

  
 Exhibit A - 1 

 IN WITNESS WHEREOF, HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. has caused this
instrument to be duly signed. 
  

			
	HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.
		
	By:	 	  

		 	Name:
		 	Title:

Dated:                         
                 

  
 Exhibit A - 2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

U.S. Bank National Association, as Trustee, certifies that this is one of the Securities referred to in the within-mentioned Indenture. 

U.S. BANK NATIONAL ASSOCIATION, as Trustee 
  

			
	By:	 	  

		 	Authorized Signatory

Dated:                         
                 

  
 Exhibit A - 3 

 [FORM OF REVERSE OF SECURITY] 

HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. 

0% Convertible Senior Notes due 2023 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued under a
Indenture dated as of August 22, 2017 (herein called the “Base Indenture”), and as further supplemented by the Second Supplemental Indenture, dated as of August 21, 2020 (herein called the “Supplemental Indenture”
and the Base Indenture, as supplemented by the Supplemental Indenture, the “Indenture”) by and between the Company and U.S. Bank National Association, herein called the “Trustee”, and reference is hereby made to the
Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated
and delivered. This Security does not benefit from a sinking fund. 
 This Security is subject to redemption in accordance with
Section 11.01(a) of the Supplemental Indenture. 
 As provided in and subject to the provisions of the Indenture, upon the occurrence
of a Fundamental Change, the Holder of this Security will have the right, at such Holder’s option, to require the Company to purchase this Security, or any portion of this Security such that the principal amount of this Security that is not
purchased equals $1,000 or an integral multiple of $1,000 in excess thereof, on the Fundamental Change Purchase Date at a price equal to the Fundamental Change Purchase Price for such Fundamental Change Purchase Date. 

As provided in and subject to the provisions of the Indenture, the Holder hereof has the right, at any time prior to the Close of Business on
the second Scheduled Trading Day immediately preceding the Maturity Date, to convert this Security or a portion of this Security unless earlier repurchased or redeemed by the Company, such that the principal amount of this Security that is not
converted equals $1,000 or an integral multiple of $1,000 in excess thereof, into shares of Common Stock in accordance with Article 4 of the Supplemental Indenture. 

As provided in and subject to the provisions of the Indenture, the Company will make all payments in respect of the Fundamental Change
Purchase Price, the REIT Redemption Price, and the principal amount of, this Security to the Holder that surrenders this Security to the Paying Agent to collect such payments in respect of this Security. 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 permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities to be effected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities at the
time Outstanding, on behalf of the Holders of all Securities, to waive compliance by the Company 

  
 Exhibit A - 4 

 
with certain provisions of the Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to
institute any proceeding with respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default
with respect to the Security, the Holders of not less than 25% in principal amount of the Securities at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and
offered the Trustee indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such
proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or Special Interest
hereon, if any, or amounts due upon conversion on or after the respective due dates expressed herein. 
 No reference herein to the
Indenture and no provision of this Security 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 of (including the Fundamental Change
Purchase Price or the REIT Redemption Price, if applicable), any Special Interest on and the consideration due upon conversion of, this Security at the time, place and rate, and in the coin and currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any Special Interest on this Security are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Registrar duly executed by, the Holder hereof or its attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities are
issuable only in registered form without coupons in denominations of $1,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Securities are exchangeable for a
like aggregate principal amount of Securities and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or Trustee may
treat the Person in whose name the Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

  
 Exhibit A - 5 

 No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 All
defined terms used in this Security that are defined in the Indenture shall have the meanings assigned to them in the Indenture. If any provision of this Security limits, qualifies or conflicts with a provision of the Indenture, such provision of
the Indenture shall control. 

  
 Exhibit A - 6 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription of the face of this Security, shall be construed as though they were written out in
full. 
  

			
	TEN COM - as tenants in common	  	UNIF GIFT MIN ACT         Custodian 
(Cust)
		
	TEN ENT - as tenants by the entireties	  	
		
		  	(Minor)
		
	JT TEN - as joint tenants with right of Survivorship and not as tenants in common	  	Uniform Gifts to Minors

Act                                        
    (State)
		
	Additional abbreviations may also be used though not in the above list.	  	

  
 Exhibit A - 7 

 ANNEX A 

[Include for Global Security] 

SCHEDULE OF INCREASES AND DECREASES OF GLOBAL SECURITY 

Initial principal amount of Global Security: 
  

																	
	 Date
	  	Amount of
Increase in
principal
amount of
Global Security	 	  	Amount of
Decrease in
Principal
amount of
Global Security	 	  	Principal
amount of
Global Security
after Increase or
Decrease	 	  	Notation by
Security
Registrar or
Custodian	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

  
 Annex A - 1 

 ATTACHMENT 1 

[FORM OF NOTICE OF CONVERSION] 
 To:
Hannon Armstrong Sustainable Infrastructure Capital, Inc. 
 The undersigned Holder of this Security hereby irrevocably exercises the option to convert this
Security, or a portion hereof (which is such that the principal amount of the portion of this Security that will not be converted equals $1,000 or an integral multiple of $1,000 in excess thereof) below designated shares of Common Stock (and cash in
lieu of fractional shares of Common Stock) in accordance with the terms of the Indenture referred to in this Security, and directs that any cash payable and any shares of Common Stock issuable and deliverable upon conversion, together with any
Securities representing any unconverted principal amount hereof, be paid and/or issued and/or delivered, as the case may be, to the registered Holder hereof unless a different name is indicated below. 

Subject to certain exceptions set forth in the Indenture, if this notice is being delivered on a date after the Close of Business on a Special Interest Record
Date and prior to the Open of Business on the Special Interest Payment Date corresponding to such Special Interest Record Date, this notice must be accompanied by payment of an amount equal to the Special Interest payable on such Special Interest
Payment Date, if any, on the principal amount of this Security to be converted. If any shares of Common Stock are to be issued in the name of a Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect to
such issuance and transfer as set forth in the Indenture. 
 Principal amount to be converted (in an integral multiple of $1,000, if less than all): 

 

	
	  

	
	  

	Signature(s)
	
	Signature(s) must be guaranteed by an institution which is a member of one of the following recognized signature Guarantee Programs:
	
	(i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) another guarantee program acceptable to the
Trustee.
	
	  

	
	  

	Signature Guarantee

  
 Annex A - 2 

 The following information must be provided to complete the conversion of your Securities to Common Stock.

  

	
	                                      
                                         
 
	(Name)
	
	                                      
                                         
 
	(Address)
	
	Please print Name and Address
	(including zip code number)
	Social Security or other Taxpayer
	
	Identifying
Number                                        
         

  
 Annex A - 3 

 ATTACHMENT 2 

[FORM OF FUNDAMENTAL CHANGE PURCHASE NOTICE] 

To: Hannon Armstrong Sustainable Infrastructure Capital, Inc. 

The undersigned registered owner of this Security hereby acknowledges receipt of a notice from Hannon Armstrong Sustainable Infrastructure Capital, Inc. (the
“Company”) as to the occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Purchase Date and requests and instructs the Company to pay to the registered holder hereof in accordance with
the applicable provisions of the Indenture referred to in this Security (i) the entire principal amount of this Security, or the portion thereof (that is such that the portion not to be purchased has a principal amount equal to $1,000 or an
integral multiple of $1,000 in excess thereof) below designated, and (ii) if such Fundamental Change Purchase Date does not occur during the period after a Special Interest Record Date and on or prior to the Special Interest Payment Date
corresponding to such Special Interest Record Date, accrued and unpaid Special Interest, if any, thereon to, but excluding, such Fundamental Change Purchase Date. 

In the case of certificated Securities, the certificate numbers of the Securities to be purchased are as set forth below: 

Dated:                         
                        
  

	
	Signature(s)
	
	  
 Social Security or Other Taxpayer
Identification Number 

	
	principal amount to be repaid (if less than all):
	
	$ ,000
	NOTICE: The signature on the Fundamental Change Purchase Notice must correspond with the name as written upon the face of the Security in every particular without alteration or enlargement or any change whatever.

  
 Annex A - 4 

 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 Security, and hereby irrevocably
constitutes and appoints                      to transfer the said Security on the books of the Company, with full power of substitution in the
premises. 
  

	
	  

	
	  
 Signature(s)

	
	Signature(s) must be guaranteed by an institution which is a member of one of the following recognized signature Guarantee Programs:
	
	(i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) another guarantee program

  
 Annex A - 5

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