Document:

Exhibit 10.1

 

 

 

PURCHASE
AGREEMENT

 

Between

 

MEIER
PROPERTIES, SERIES LLC,

 

as
Seller

 

and

 

ERNEST
M. CHERRY, JR. REVOCABLE TRUST and

CAROLE A. CHERRY REVOCABLE TRUST

 

as
Buyer

 

 

 

    	 

     

    

 

PURCHASE
AGREEMENT

 

This
Purchase Agreement (this “Agreement”) is between MEIER PROPERTIES, SERIES LLC, a Utah limited liability company
(“Seller”), and ERNEST M. CHERRY, JR. REVOCABLE TRUST and CAROLE A. CHERRY REVOCABLE TRUST (collectively, “Buyer”),
to be effective as of the Effective Date (as defined in Section 34 below).

 

RECITALS:

 

A.
As of the Effective Date, Seller owns that certain tract or parcel of land containing approximately 6.57 acres of land located
in Uintah County, Utah, commonly known as 1540-1586 S. 1700 E., Vernal, UT 84078, as more particularly described on Exhibit
A attached hereto (the “Real Property”).

 

B.
Buyer desires to purchase from Seller all of the Property (as hereinafter defined), and Seller desires to sell to Buyer all of
the Property, all as more particularly set forth in this Agreement.

 

AGREEMENTS:

 

NOW
THEREFORE, in consideration of the promises set forth in this Agreement and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, Seller and Buyer (the “Parties” or a “Party”)
hereby agree as follows:

 

1.
BINDING AGREEMENT. This Agreement constitutes a binding agreement between Seller and Buyer for the sale and purchase of
the Property subject to the terms set forth in this Agreement. Subject to the limitations set forth in this Agreement, this Agreement
shall bind and inure to the benefit of the Parties and their respective successors and assigns and no other person or entity shall
be entitled to rely hereon, receive any benefit herefrom or enforce against any Party hereto any provision hereof, whether as
a third party beneficiary or otherwise, it being specifically intended that there shall be no third party beneficiaries hereto
or any third party reliance hereon. This Agreement supersedes all other written or verbal agreements between the Parties concerning
the transaction embodied in this Agreement. No claim of waiver, modification or amendment concerning the provisions of this Agreement
shall be made against a Party unless based upon a written instrument signed by such Party.

 

2.
INCLUSIONS IN PROPERTY.

 

(a)
The Property. The term “Property” shall mean the following:

 

(1)
the Real Property;

 

(2)
all buildings, structures and improvements located on the Real Property, together with any and all fixtures of any kind owned
by Seller and attached to the Real Property or improvements located thereon, together with all rights, title and interest appurtenant
thereto, including, without limitation, those items indicated as being included on Exhibit G attached hereto but
excluding those items specifically listed as being excluded on such Exhibit G (collectively, the “Improvements”);

 

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(3)
all rights, privileges, easements, tenements, hereditaments and appurtenances pertaining to the Real Property;

 

(4)
all development, utility, water, irrigation, solar and air rights running with or otherwise pertaining to the Real Property;

 

(5)
all of Seller’s right, title and interest in and to all minerals, oil, gas and other hydrocarbon substances located on or
under the Real Property;

 

(6)
all of Seller’s right, title and interest in and to any road, street or alley adjoining the Real Property to the center
line thereof and all rights in and to any strips and gores of land adjoining the Real Property;

 

(7)
all of Seller’s right, title and interest in and to any award made or to be made or settlement in lieu thereof for damage
to the Property by reason of condemnation, eminent domain or exercise of police power;

 

(8)
any and all rights to the present or future use of wastewater, wastewater capacity, drainage, water or other utility facilities
to the extent same pertain to or benefit the Real Property, including all reservations of or commitments or letters covering any
such use in the future, whether now owned or hereafter acquired, all deposits, charges and fees paid by Seller and all refunds,
reimbursements and distributions therefor to which Seller is entitled;

 

(9)
all of Seller’s right, title and interest in and to any reversionary interests in and to the Real Property;

 

(10)
all of Seller’s right, title and interest in and to all site plans, surveys, soil and substrata studies, architectural drawings,
plans and specifications, engineering plans and studies, environmental tests, studies and reports and other technical reports
related to the Property; and

 

(11)
all tangible personal property owned by Seller and located on or attached to the Real Property or the Improvements (collectively,
the “Personal Property”).

 

(b)
The Transfer Documents. The Property will be transferred and conveyed by Seller to Buyer by the execution and delivery
of (i) a Special Warranty Deed, a specimen of which is attached hereto as Exhibit B (the “Deed”),
conveying good and indefeasible fee simple title to the Property in equal and undivided interests to both trusts comprising Buyer,
subject only to the Permitted Exceptions (as defined below), (ii) a General Assignment, a specimen of which is attached hereto
as Exhibit C (the “General Assignment”), and (iii) a Bill of Sale, a specimen of which is attached
hereto as Exhibit D (the “Bill of Sale”). The Deed, the General Assignment, the Bill of Sale
and all other documents, agreements, notices and certificates to be delivered by the Parties at the Closing (as defined below)
are hereinafter collectively referred to as the “Transfer Documents”.

 

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3.
PURCHASE PRICE; DEPOSIT.

 

(a)
Purchase Price. The aggregate price to be paid by Buyer to Seller for the Property is Four Million Four Hundred Forty-Eight
Thousand Five Hundred Dollars ($4,448,500.00) (the “Purchase Price”).

 

(b)
Deposit. Within five (5) business days after the Effective Date, Buyer shall deposit in cash or other immediately available
funds the sum of Five Hundred Thousand and No/100 Dollars ($500,000.00) (the “Initial Deposit”) in escrow with
Advanced Title Company, Inc., 71 North 100 West, Vernal, UT 84078, Attention: Del Brady (“Escrow Agent”). On
or prior to the expiration of the Study Period, as defined in Section 6(a) hereof, provided Buyer has not terminated this Agreement
on or as of such the date of the expiration of the Study Period pursuant to Section 6(d) hereof, Buyer shall deposit in cash or
other immediately available funds an additional sum of Five Hundred Thousand and No/100 Dollars ($500,000.00) (the “Second
Deposit” and collectively with the Initial Deposit, the “Deposit”), which Deposit is to be held by
Escrow Agent until released to Seller or Buyer as provided herein or paid to Seller at the closing of the transaction contemplated
by this Agreement (the “Closing”).

 

4.
DISPOSITION OF DEPOSIT. Seller and Buyer hereby instruct Escrow Agent to place the Deposit in a federally insured account
on behalf of Seller and Buyer. The Deposit (together with any interest earned on any such deposit) is hereinafter collectively
referred to as the “Earnest Money Deposit”. The Earnest Money Deposit shall be applied as follows:

 

(a)
if Buyer terminates this Agreement as Buyer is so entitled to do as provided in this Agreement, the Earnest Money Deposit, less
the Independent Consideration, as defined in Section 6(d) hereof, shall be paid immediately to Buyer; or

 

(b)
if Seller terminates this Agreement as a result of a default by Buyer, the Earnest Money Deposit shall be deemed forfeited by
Buyer pursuant to this Agreement, with such Earnest Money Deposit to be paid to Seller as Seller’s agreed and total liquidated
damages, it being acknowledged and agreed that it would be difficult or impossible to determine Seller’s exact damages;
or

 

(c)
at Closing, the Earnest Money Deposit, including the Independent Consideration, shall be credited to Buyer, automatically applied
against the Purchase Price and paid to Seller at the Closing.

 

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5.
PRELIMINARY TITLE COMMITMENT AND SURVEY AND OBJECTIONS.

 

(a)
Title Commitment and Objections. Within ten (10) days after the Effective Date, Seller, at Seller’s sole cost and
expense, shall cause Escrow Agent to deliver to Buyer and Seller a Commitment for Title Insurance issued by Escrow Agent or its
underwriter (the “Commitment”) for an owner’s policy of title insurance respecting the Real Property
(the “Owner’s Policy”). Within fifteen (15) days after the Effective Date, Buyer, at Buyer’s sole
cost and expense, shall have the right to have Seller’s existing survey of the Property updated, or have a new survey of
the Property completed by a duly-licensed Utah land surveyor (such updated or new survey, the “Survey”), which
Survey shall be certified to Buyer, Seller and Escrow Agent. The Commitment shall show the status of title to the Real Property
as of the date of the Commitment and shall be accompanied by legible copies of all exception documents referred to therein. The
Commitment shall also describe the requirements of Escrow Agent for the issuance of the Owner’s Policy. If Buyer desires
to raise any objection to title or the Survey, Buyer shall notify Seller, in writing, of such objections within five (5) days
after Buyer’s receipt of the Commitment (together with legible copies of all exception documents referred to therein). Seller
shall have no obligation to take any steps or bring any action or proceeding or otherwise to incur any effort or expense whatsoever
to eliminate or modify any of Buyer’s objections to the Commitment; provided, that notwithstanding any other provision of
this Agreement to the contrary, Seller shall in all events be obligated at or prior to the Closing, and regardless of whether
Buyer makes objection thereto, to obtain a release of any lien, mortgage or security interest encumbering the Property, to satisfy
all items on the Commitment required to be satisfied by Seller and satisfy any matter placed against the Real Property on or after
the Effective Date (collectively, the “Seller Cure Items”). If Seller is unable or unwilling to cure all of
the objections to the Commitment (other than the Seller Cure Items) within ten (10) days after the date of Buyer’s notice
of such objections by providing Buyer a revised Commitment or other documents reflecting that such objections have been cured
or will be cured at the Closing, then Buyer, as its sole and exclusive remedy, may terminate this Agreement by providing written
notice to Seller within five (5) days after the expiration of Seller’s applicable 10-day cure period. Upon any such termination,
the Earnest Money Deposit shall be immediately released by Escrow Agent to Buyer, without the need for obtaining any further consent
or instruction from Seller, and thereafter all obligations hereunder shall terminate, except as otherwise provided herein. If
Buyer fails to timely terminate this Agreement pursuant to the terms of this Section 5(a), then Buyer shall be deemed to have
waived any such uncured objections to the Commitment and the Survey and (other than the Seller Cure Items) and to have agreed
to accept the Property subject to the uncured objections (other than the Seller Cure Items), and the uncured objections (other
than the Seller Cure Items) shall thereafter be “Permitted Exceptions”. Further, Permitted Exceptions shall
also include all matters disclosed on the Commitment not objected to by Buyer (other than the Seller Cure Items) or to which Buyer
has no right under this Agreement to object (other than the Seller Cure Items).

 

(b)
Amended Commitment. In the event the Commitment is amended to include new exceptions that are not set forth in a prior
Commitment, Buyer shall have five (5) days after Buyer’s receipt of the amended Commitment within which to notify Seller
of any such exceptions to which it objects, provided such new exceptions have not been created by Buyer or its contractors or
agents. If Buyer objects to any such exceptions, Seller shall have five (5) days from receipt of Buyer’s objection(s) to
remedy such exceptions by waiver or endorsement to the Commitment acceptable to Buyer; provided, however, that Seller shall have
no obligation to cure any such new objections unless such are any of the Seller Cure Items or otherwise are the result of the
acts of omissions of Seller (which shall also be deemed to be Seller Cure Items under this Agreement). If Seller is unable or
unwilling to cure any new objections that Seller is not otherwise under this Agreement obligated to cure within five (5) days
after the date of Buyer’s notice of such new objections, then Buyer may, as its sole and exclusive remedy, (i) not more
than five (5) days after the expiration of Seller’s 5-day cure period, terminate this Agreement and receive the Earnest
Money Deposit immediately from Escrow Agent without the need for obtaining further consent or instruction from Seller, and thereafter
all obligations hereunder shall terminate, except as otherwise provided herein or (ii) waive such objections to any uncured new
matter and the transaction contemplated by this Agreement shall close as scheduled. If written notice of objection under this
Section 5(b) is not timely given by Buyer to Seller, then Buyer shall be deemed to have approved of the condition of the title
of the Real Property as shown by the amended Commitment (other than the Seller Cure Items) and such uncured new matters (other
than the Seller Cure Items) shall be part of the Permitted Exceptions.

 

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6.
BUYER’S STUDY PERIOD; BUYER’S EVALUATION OF THE PROPERTY.

 

(a)
The Study Period. Buyer, at its sole cost and expense, shall have until 5:00 p.m. Vernal Utah time on the date that is
twenty-one (21) days after the Effective Date (such period, the “Study Period”) in which to, in Buyer’s
sole discretion, determine the feasibility of acquiring the Property.

 

(b)
Right of Entry. Subject to Section 6(c) below, Seller hereby grants to Buyer and Buyer’s agents, employees, contractors
and consultants (all of such persons being referred to as the “Consultants”) the right to enter upon the Property
prior to the expiration or earlier termination of this Agreement, at any time or times and upon reasonable notice to Seller (which
may be oral), to conduct investigations, studies and tests deemed necessary by Buyer, in Buyer’s sole discretion, to assist
Buyer in determining whether to acquire the Property (collectively, the “Studies”). Seller shall cooperate
with Buyer in connection with the Studies, including Seller’s providing to Buyer or its Consultants any plans, soil surveys,
engineering studies and environmental studies related to the Property, to the extent such are in Seller’s possession or
control. Buyer shall and does hereby agree to indemnify and hold Seller harmless from any and all liabilities, claims, losses
or damages, including court costs and attorneys’ fees, arising out of or resulting from Buyer’s exercise of its rights
under this Section 6; provided, however, Buyer shall not be responsible for any diminution of value of the Property as a result
of Buyer’s discovering any existing conditions at the Property. Buyer’s indemnity and hold harmless obligation shall
survive cancellation of this Agreement or the Closing.

 

(c)
Reasonable Entry, Insurance, Etc. Notwithstanding anything to the contrary contained herein, Buyer’s activities at
the Property shall be conducted in compliance with all applicable laws. If buyer elects to do any invasive testing, he will hire
a company with general liability insurance in an amount to cover any personal injuries or property damage. No insurance will be
required for the buyer and/or his Consultants to tour and conduct a non-invasive inspection of the property.

 

(d)
Cancellation. If during the Study Period, Buyer shall, for any reason or no reason, in Buyer’s sole discretion, disapprove
or be dissatisfied with any aspect of the Property or any item examined by Buyer, then Buyer shall be entitled to terminate this
Agreement by giving written notice thereof to Seller prior to the expiration of the Study Period and thereafter, the Earnest Money
Deposit, less One Hundred and 00/100 Dollars ($100.00), as independent consideration (the “Independent Consideration”)
to be paid to Seller by Buyer in exchange for Buyer’s termination right granted herein, shall be immediately returned to
Buyer, without further consent or instruction from Seller, and Seller and Buyer shall have no further obligations or liabilities
to each other hereunder, except as otherwise provided in this Agreement.

 

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7.
DELIVERY OF INFORMATION.

 

(a)
Deliveries to Buyer. Within fifteen (15) days after the Effective Date, Seller agrees to deliver to Buyer, for Buyer’s
review, all information pertaining to the Property, including the information listed on Exhibit F attached hereto,
to the extent such items are in Seller’s possession or control and relate to the Property.

 

(b)
Return of Information. In the event the transaction contemplated hereby shall fail to close for any reason, Buyer shall,
at its expense, promptly deliver to Seller (i) all existing originals and copies of the written information and materials supplied
to Buyer by Seller or its agents and (ii) upon the written request of Seller and so long as not prohibited by any written agreement
to which Buyer is a party, true and complete copies of any environmental and geotechnical reports concerning the Property prepared
by third parties on behalf of Buyer in connection with the Studies. Seller shall not hold Buyer responsible for the accuracy of
any information prepared by third parties which is delivered to Seller in connection with this Section. The terms of this Section
shall survive the termination of this Agreement.

 

8.
IRS SECTION 1445. Seller shall furnish to Escrow Agent on or before the Closing Date a sworn affidavit (the “Non-Foreign
Affidavit”) stating under penalty of perjury that Seller is not a “foreign person” as such term is defined
in Section 1445 of the Internal Revenue Code of 1986, as amended (the “Code”). If Seller does not timely furnish
the Non-Foreign Affidavit, Buyer may direct Escrow Agent to withhold from the Earnest Money Deposit, an amount equal to the amount
required to be so withheld pursuant to Section 1445(a) of the Code, and such withheld funds shall be deposited with the Internal
Revenue Service as required by such Section 1445(a) and the regulations promulgated thereunder. The amount withheld, if any, shall
nevertheless be deemed to be part of the Purchase Price paid to Seller.

 

9.
DELIVERY OF POSSESSION. Provided Buyer has satisfied in full its obligations hereunder, Seller shall deliver possession
of the Property to Buyer at the Closing, subject only to the rights of parties under the Permitted Exceptions, if any.

 

10.
CONDITIONS PRECEDENT.

 

(a)
Conditions to Buyer’s Obligations. In addition to all other conditions precedent set forth in this Agreement, Buyer’s
obligations to perform under this Agreement and to close the transaction contemplated by this Agreement are expressly subject
to the following:

 

(1)
The delivery by Seller to Escrow Agent, for delivery to Buyer at the Closing, of a certificate of Seller stating that all representations
and warranties made by Seller in this Agreement are true and correct in all material respects on and as of the Closing Date as
if restated in full on and as of the Closing Date, and all of the representations and warranties of Seller made in this Agreement
shall be true and correct in all material respects on the Closing Date.

 

(2)
The timely performance by Seller in all material respects all of the obligations, covenants and deliveries required of Seller
hereunder.

 

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(3)
The delivery by Seller to Escrow Agent, for delivery to Buyer at the Closing, of the Deed, the General Assignment and the Bill
of Sale, each executed by Seller and acknowledged, if applicable.

 

(4)
The delivery by Seller to Escrow Agent, for delivery to Buyer at the Closing, of a counterpart of the Leaseback Agreement, as
defined in Section 14 hereof, executed by Seller.

 

(5)
The delivery by Seller to Escrow Agent, for delivery to Buyer at the Closing, of an executed guaranty with respect to the Leaseback
Agreement executed by Superior Drilling Products, Inc., a Utah corporation.

 

(6)
The issuance of the Owner’s Policy (or a written commitment therefor) in the amount of the Purchase Price, together with
all endorsements requested by Buyer, insuring Buyer as the owner in fee simple of the Real Property subject only to those matters
approved, deemed approved, waived or deemed waived by Buyer pursuant to this Agreement.

 

(7)
The delivery by Seller to Escrow Agent, for delivery to Buyer at the Closing, of all keys or other access devises to the Property.

 

(8)
The delivery by Seller to Escrow Agent, for delivery to Buyer at the Closing, of the Non-Foreign Affidavit and any additional
documents and affidavits Buyer or Escrow Agent may reasonably require for the proper consummation of the transaction contemplated
by this Agreement or that may be usual and customary in closing similar transactions, including evidence satisfactory to Escrow
Agent of the authority of Seller to sell the Property in accordance with the terms of this Agreement and that the person(s) executing
and delivering this Agreement, the Transaction Documents and all other documents with respect to the transaction contemplated
by this Agreement on behalf of Seller has the full right, power and authority to do so.

 

If
the foregoing conditions have not been satisfied by the Closing, then Buyer shall have the right, as Buyer’s sole and exclusive
remedy, by giving written notice to Seller and Escrow Agent, to exercise the remedies available to Buyer in Section 19(a) of this
Agreement.

 

(b)
Conditions to Seller’s Obligations. In addition to all other conditions precedent set forth in this Agreement, Seller’s
obligations to perform under this Agreement and to close the transaction contemplated by this Agreement are expressly subject
to the following:

 

(1)
The delivery by Buyer to Escrow Agent, for delivery to Seller at the Closing, of the General Assignment and the Bill of Sale,
each executed by Buyer and acknowledged, if applicable.

 

(2)
The delivery by Buyer to Escrow Agent, for delivery to Seller at the Closing, of the Purchase Price (due credit being given for
the Earnest Money Deposit and subject to increase or decrease pursuant to the prorations and other provisions of this Agreement)
in cash or other immediately available funds, and the delivery of authorization to Escrow Agent to release to Seller the Purchase
Price (including the Earnest Money Deposit) at the Closing.

 

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(3)
The delivery by Buyer to Escrow Agent, for delivery to Seller at the Closing, of any additional documents and affidavits Seller
or Escrow Agent may reasonably require for the proper consummation of the transaction contemplated by this Agreement or that may
be usual and customary in closing similar transactions.

 

(4)
The delivery by Buyer to Escrow Agent, for delivery to Seller at the Closing, of a counterpart of the Leaseback Agreement executed
by Buyer.

 

If
the foregoing conditions have not been satisfied by the Closing, then Seller shall have the right, at Seller’s sole and
exclusive remedy, by giving written notice to Buyer and Escrow Agent, to exercise the remedies available to Seller in Section
19(b) of this Agreement.

 

11.
SELLER’S WARRANTIES.

 

(a)
Warranties. Seller hereby represents and warrants to Buyer as of the Effective Date and again as of the Closing Date that:

 

(1)
Except for Superior Drilling Solutions, LLC, Hard Rock Solutions, LLC and Extreme Technologies, LLC, there are no parties in possession
of any part of the Property. There are no rental agreements or other leases, licenses, subleases, use or occupancy agreements
affecting any part of the Property.

 

(2)
To Seller’s knowledge, there are no unrecorded liens which affect title to the Property. No labor has been performed or
materials furnished for the Property or any part thereof at the direction of Seller, nor is any such work or material to be performed
at the Property for which a mechanics’ or materialmen’s lien or liens or any other lien can be claimed by any person.

 

(3)
Seller has not received written notice of any uncured violation with regard to any applicable regulation, ordinance, requirement,
covenant, condition or restriction relating to the use or occupancy of the Property from any person, authority or agency having
jurisdiction thereover.

 

(4)
Seller has not received written notice of any intended public improvements which will or could result in any charges being assessed
against the Property or which will or could result in a lien upon the Property.

 

(5)
Seller has not received written notice of any impending or contemplated condemnation or taking of the Property, or any portion
thereof, by any governmental authorities.

 

(6)
Seller has not received written notice of any suits or claims pending or threatened with respect to or in any manner adversely
affecting the Property, nor has Seller received written notice of any circumstances which should or could reasonably form the
basis for any such suits or claims which have not otherwise been disclosed in writing to Buyer by Seller.

 

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(7)
Seller has not entered into, and there is not existing, any agreement (other than this Agreement), written or oral, under which
Seller is or could become obligated to sell the Property, or any portion thereof, to a third party, which would or could prevent
it from completing the transfer of the Property under this Agreement.

 

(8)
Seller has not entered into, and there is not existing, any agreement, written or oral, which would bind Buyer or the Property
subsequent to the Closing.

 

(9)
Seller has not taken any action, the object of which would be to change the present zoning of or other land-use limitations upon
the Property, or any portion thereof, or its potential use, and Seller has not received written notice of any pending proceedings,
the object of which would be to change the present zoning or other land-use limitations applicable to the Property.

 

(10)
To Seller’s knowledge, the consummation of the transaction contemplated by this Agreement will not cause a breach under
any agreement, law or court order to which Seller is a party or may be bound.

 

(11)
Seller has been duly organized and is validly existing as a limited liability company under the laws of the State of Utah and
is not a disregarded entity as defined in §1.1445-2(b)(2)(iii) of the Internal Revenue Code and Tax Income Regulations. Seller
has full power and authority to execute and deliver this Agreement and the Transfer Documents and perform its obligations hereunder
and thereunder.

 

(12)
There are no actions or proceedings pending or to Seller’s knowledge, threatened against Seller which may in any manner
whatsoever affect the validity or enforceability of this Agreement or any of the Transfer Documents.

 

(13)
The execution, delivery and performance of this Agreement and the Transfer Documents have not and will not constitute a breach
or default under any other agreement, law or court order under which Seller is a party or may be bound.

 

(14)
There are no contracts encumbering any part of the Property.

 

(15)
No consent of any third party is required in order for Seller to enter into this Agreement and the Transfer Documents and perform
Seller’s obligations hereunder and thereunder.

 

(16)
To Seller’s knowledge, all information internally produced by Seller and delivered pursuant to the terms of this Agreement
to Buyer with respect to the Property is true, correct and complete in all material respects.

 

(17)
Seller (i) is not in receivership or dissolution, (ii) has not made any assignment for the benefit of creditors, (iii) has not
admitted in writing its inability to pay its debts as they mature, (iv) has not been adjudicated a bankrupt, (v) has not filed
a petition in voluntary bankruptcy, a petition or answer seeking reorganization, or an arrangement with creditors under the federal
bankruptcy law, or any other similar law or statute of the United States or any state, or (vi) does not have any such petition
described in (v) filed against Seller.

 

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(18)
(i) To Seller’s knowledge, no Hazardous Substance (as defined below) is located on the Property, except for amounts permitted
by Environmental Laws (as defined below) and (ii) Seller has not received a written notice from a governmental authority alleging
a violation of any Environmental Law, which has not been addressed in accordance with Environmental Laws. “Hazardous
Substance” shall mean any substance, material or waste which is regulated, or governed by any Environmental Law, including
(a) any substance, material or waste defined, used or listed as “hazardous waste”, “extremely hazardous waste”,
“restricted hazardous waste”, “hazardous substance”, “hazardous material”, “toxic substance”
or similar or related term as defined, used or listed in any Environmental Laws, (b) any asbestos or asbestos containing materials,
(c) any underground storage tanks or similar facilities, (d) petroleum, petroleum-based substances or polychlorinated biphenyl
and (e) oil and petroleum products and natural gas, natural gas liquids, liquefied natural gas and synthetic gas usable for fuel.
“Environmental Laws” shall mean the Comprehensive Environmental Response Compensation and Liability Act of
1980 (CERCLA), as amended by the Superfund Amendments and Reauthorization Act of 1986 (SARA), 42 U.S.C. 9601 et seq.; the
Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act of 1976 (RCRA), 42 U.S.C. 6901 et seq.;
the Federal Water Pollution Control Act, 33 U.S.C. 1251 et seq.; the Toxic Substances Control Act, 15 U.S.C. § 2601
et seq.; the Clean Air Act, 42 U.S.C. 7401 et seq.; the Safe Drinking Water Act, 42 U.S.C. § 300f et seq.;
the Hazardous Materials Transportation Act, 49 U.S.C. § 1801 et seq. and similar state laws and regulations designed
to protect human health and the environment.

 

(19)
Seller is not an entity with whom U.S. persons or entities are restricted from doing business under regulations of the Office
of Foreign Asset Control (“OFAC”) of the Department of the Treasury (including those named on OFAC’s
Specially Designated and Blocked Persons List) or under any statute, executive order (including the September 24, 2001, Executive
Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), regulation,
or other governmental action and is not and will not engage in any dealings or transactions or be otherwise associated with such
persons or entities.

 

(b)
Knowledge. When used in this Agreement, the term “to Seller’s knowledge” or words of similar import shall
mean and be limited to the actual (and not imputed, implied or constructive) current knowledge of Troy Meier and Chris Cashion.
Notwithstanding anything to the contrary set forth in this Agreement, none of the foregoing individuals shall have any personal
liability whatsoever with respect to any matters set forth in this Agreement or any of Seller’s representations and/or warranties
herein being or becoming untrue, inaccurate or incomplete. Seller represents and warrants that the foregoing individuals are knowledgeable
as to the operation and condition of the Property.

 

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(c)
New Information. Notwithstanding the foregoing provisions of this Section 11, in the event that (i) any of Seller’s
representations is made “to the knowledge of Seller” or words of similar import and (ii) subsequent to the Effective
Date information (collectively, the “New Information”) is discovered and presented to Seller, which New Information,
if in the possession of Seller on the date hereof, would have rendered such Seller’s representation false in a material
respect (i.e., if Seller had actual knowledge of the New Information on the Effective Date then such Seller’s representation,
as made by Seller, would have been false in a material respect) then, provided that Seller discloses such New Information to Buyer
prior to the Closing Date: (1) such Seller’s representation shall be deemed to have been remade as of the date such disclosure
is made to take such New Information into account and (2) such remaking of such Seller’s representation shall not be deemed
a breach of such Seller’s representation by Seller; provided, however, that such remaking of such Seller’s representation
shall give Buyer the right to terminate this Agreement, so long as written notice of the same is delivered within five (5) days
after Buyer’s receipt of the New Information and, in such event, Buyer shall be entitled to a refund of the Earnest Money
Deposit as its sole and exclusive remedy.

 

(d)
Survival. The representations and warranties set forth in this Section 11 shall survive the Closing Date and the delivery
of the Transfer Documents. Seller shall and does hereby indemnify and hold Buyer harmless from and against any loss, damage, liability
and expense, together with all court costs and attorneys’ fees, by reason of any breach of any of Seller’s representations
and warranties set out in this Section 11. Seller’s indemnity and hold harmless obligations shall also survive the Closing
Date and the delivery of the Transfer Documents.

 

12.
SELLER’S COVENANTS. Seller agrees that, between the Effective Date and the Closing or any earlier termination of
this Agreement (or during such other period as may be expressly set forth below), Seller shall, at its sole cost and expense:

 

(a)
except as Buyer may otherwise consent in writing, (i) carry on the business of the Property in the ordinary course and in a manner
consistent with Seller’s prior practices, (ii) maintain the Property in its present condition and not modify, or permit
the modification of, the physical condition of the Property (except as may be required by applicable law) and (iii) maintain the
existing insurance policies for the Property and the operation thereof and any replacement thereof in full force and effect;

 

(b)
pay, at or prior to the Closing Date, all bills or invoices arising out of or in connection with or resulting from the use, ownership
or operation of the Property up to the Closing Date. Notwithstanding the foregoing, Seller will remain obligated, after the Closing,
for the payment of all bills and invoices arising out of or in connection with or resulting from the use, ownership, or operation
of the Property prior to the Closing Date;

 

(c)
use commercially reasonable efforts to comply with, or cause the compliance with, all governmental requirements applicable to
the Property;

 

(d)
without Buyer’s prior written consent, not restrict, rezone, file or modify any development plan or zoning plan or establish
or participate in the establishment of any improvement district with respect to all or any portion of the Property;

 

(e)
without Buyer’s prior written consent, not, by voluntary or intentional act or omission to act, further cause or create
any new easement, encumbrance or mechanic’s or materialmen liens and/or any other liens or encumbrances to arise or to be
imposed upon the Property or any portion thereof;

 

    	11

     

    

 

(f)
without Buyer’s prior written consent, not enter into any new contract that will not be fully performable by Seller on or
before the Closing;

 

(g)
without Buyer’s prior written consent, not grant to any third party any interest in, or agree to any amendment or modification
of any agreement with any third party relating to, the Property or any part thereof, with such prohibition including a prohibition
on entering into any rental agreements with respect to the Property;

 

(h)
in the event Seller receives written notice of a violation with regard to any applicable regulation, ordinance, requirement, covenant,
condition or restriction relating to the present use or occupancy of the Property by any person, authority or agency having jurisdiction,
immediately notify Buyer of such notice, and properly undertake the curing of such violation; and

 

(i)
to the extent Seller receives written notice of any information regarding any of the matters set forth in this Section 12, immediately
notify Buyer of the same in writing.

 

The
terms of this Section 12 shall survive the Closing.

 

13.
BUYER’S WARRANTIES AND COVENANTS.

 

(a)
Warranties. Buyer hereby represents to Seller as of the Effective Date and again as of the Closing Date that:

 

(1)
Buyer has full power and authority to execute and deliver this Agreement and the Transfer Documents to which it is a party and
perform its obligations hereunder and thereunder.

 

(2)
There are no actions or proceedings pending or to Buyer’s knowledge, threatened against Buyer which may in any manner whatsoever
affect the validity or enforceability of this Agreement or any of the Transfer Documents to which Buyer is a party.

 

(3)
The execution, delivery and performance of this Agreement and the Transfer Documents to which Buyer is a party have not and will
not constitute a breach or default under any agreement, law or court order to which Buyer is a party or may be bound.

 

(4)
No consent of any third party is required in order for Buyer to enter into this Agreement and the Transfer Documents and perform
Buyer’s obligations hereunder or thereunder.

 

(5)
Buyer (i) is not in receivership or dissolution, (ii) has not made any assignment for the benefit of creditors, (iii) has not
admitted in writing its inability to pay its debts as they mature, (iv) has not been adjudicated a bankrupt, (v) has not filed
a petition in voluntary bankruptcy, a petition or answer seeking reorganization, or an arrangement with creditors under the federal
bankruptcy law, or any other similar law or statute of the United States or any state, or (vi) does not have any such petition
described in (v) filed against Buyer.

 

    	12

     

    

 

(6)
Neither Buyer nor to Buyer’s knowledge any of its affiliates, nor to Buyer’s knowledge any of their respective partners,
members, shareholders or other equity owners, and none of its respective employees, officers, directors, representatives or agents
is, nor will they knowingly become, (i) a person or entity with whom U.S. persons or entities are restricted from doing business
under regulations of the OFAC of the Department of the Treasury (including those named on OFAC’s Specially Designated and
Blocked Persons List) or under any statute, executive order (including the September 24, 2001, Executive Order Blocking Property
and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), regulation, or other governmental
action and is not and will not engage in any dealings or transactions or be otherwise associated with such persons or entities,
(ii) a “specially designated global terrorist” or other person listed in Appendix A to Chapter V of 31 C.F.R., as
the same has been from time to time updated and amended, or (iii) a person either (a) included within the term “designated
national” as defined in the Cuban Assets Control Regulations, 31 C.F.R Part 515 or (b) designated under Sections 1(a), 1(b),
1(c) or 1(d) of Executive Order No. 13224, 66 Fed. Reg. 49079 (published September 25, 2001) or a person similarly designated
under any related enabling legislation or any other similar executive orders.

 

(7)
Buyer has taken measures as required by law to assure that (i) funds to be used to pay the Purchase Price and (ii) with respect
to each holder of a direct interest in Buyer, funds invested by such holders in Buyer, are derived from legal sources and such
measures have been undertaken in accordance with the Bank Secrecy Act, 31 U.S.C §§ 5311 et seq., and all applicable
laws, regulations and government guidance on compliance therewith and on the prevention and detection of money laundering violations
under 18 U.S.C. §§ 1956 and 1957.

 

(b)
Survival. The representations and warranties set forth in this Section 13 shall survive the Closing Date and the delivery
of the Transfer Documents. Buyer shall and does hereby indemnify and hold Seller harmless from and against any loss, damage, liability
and expense, together with all court costs and attorneys’ fees, by reason of any breach of any of Buyer’s representations
and warranties set out in this Section 13. Buyer’s indemnity and hold harmless obligations shall also survive the Closing
Date and the delivery of the Transfer Documents.

 

14.
LEASEBACK. Upon the Closing, Buyer and Seller shall enter into a lease agreement with respect to the Property in the form
set forth in Exhibit E hereto (the “Leaseback Agreement”).

 

15.
BROKER’S COMMISSION. Concerning any brokerage commission, the Parties warrant to one another that they have not dealt
with any finder, broker or realtor in connection with this Agreement other than Stream Capital (“Seller’s Broker”)
and Horvath & Tremblay (“Buyer’s Broker”). Seller shall pay Seller’s Broker a commission with
respect to the sale of the Property pursuant to a separate written agreement between Seller and Seller’s Broker. Any commission
payable to Buyer’s Broker in connection herewith shall be payable pursuant to a separate written agreement between Seller’s
Broker and Buyer’s Broker. If any other person or entity except Seller’s Broker or Buyer’s Broker shall assert
a claim to a finder’s fee or brokerage commission on account of alleged employment as a finder or broker in connection with
this Agreement, the Party under whom the finder or broker is claiming shall indemnify and hold the other Party harmless from and
against any such claim and all costs, expenses and liabilities incurred in connection with such claim or any action or proceeding
brought on such claim, including counsel and witness fees and court costs in defending against such claim. The indemnification
provisions of this Section shall survive termination of this Agreement or the Closing.

 

    	13

     

    

 

16.
CLOSING. The Closing shall occur on or before 3:00 p.m. Vernal, Utah time on the date that ten (10) days following the
expiration of the Study Period, or such earlier date as Buyer may designate in writing delivered to Seller not less than five
(5) business days’ in advance.

 

17.
ASSIGNMENT. This Agreement may not be, directly or indirectly, assigned by Seller without the prior written consent of
Buyer. Buyer may assign this Agreement without the need of obtaining Seller’s prior written consent provided that Buyer
delivers advance written notice to Seller of Buyer’s election to assign this Agreement.

 

18.
CONDEMNATION; RISK OF LOSS.

 

(a)
In the event all or any portion of the Real Property is taken by eminent domain or becomes subject to a taking by eminent domain
or a deed in lieu of condemnation (or Seller obtains actual knowledge that such a taking may be contemplated) prior to the Closing
Date, Seller shall immediately notify Buyer in writing of the same (“Eminent Domain Notice”) and Buyer may,
at its option to be exercised within five (5) days of receipt of the Eminent Domain Notice, either terminate this Agreement or
proceed with the Closing as set forth herein and accept title to the Property subject to such taking or proceeding together with
an assignment of all of Seller’s rights and interest in and to any proceeds or compensation which remain unpaid to Seller
in connection with such taking and a credit against the Purchase Price for any amounts previously paid to Seller as condemnation
proceeds or compensation in connection therewith. If Buyer elects to terminate this Agreement by delivering written notice thereof
to Seller, then this Agreement shall terminate, the Earnest Money Deposit shall be returned to Buyer, without the need for obtaining
any further consent or instruction from Seller, and neither Party shall have any further rights or obligations hereunder except
as otherwise provided herein.

 

(b)
Risk of loss for damage to the Property, or any part thereof, from the Effective Date through the Closing Date will be on Seller.
In the event that any portion of the Property is destroyed or rendered not leaseable by fire or other casualty or damage to the
Property then the following shall apply: (i) if the cost to repair the damage to the Property, as determined by the insurance
adjuster approved by Buyer, is not more than $250,000, Buyer shall complete the transaction hereunder and all insurance proceeds
shall be assigned to and paid to Buyer, and in such instance, Seller shall pay to Buyer on the Closing Date the full amount of
any deductible under Seller’s fire and extended coverage insurance policy; or (ii) if the cost to repair the damage to the
Property, as determined by the insurance adjuster approved by Buyer, is more than $250,000, Buyer shall have the option to (A)
complete the transaction hereunder and collect all insurance proceeds, and in such instance, Seller shall pay to Buyer on the
Closing Date the full amount of any deductible under Seller’s fire and extended coverage insurance policy or (B) terminate
this Agreement by providing written notice to Seller and Escrow Agent, and upon such termination, the Earnest Money Deposit shall
be immediately released by Escrow Agent to Buyer, without the need for obtaining any further consent or instruction from Seller,
and thereafter all obligations hereunder shall terminate, except as otherwise provided herein. Seller warrants that it will maintain
until the Closing Date its current insurance covering the Property.

 

    	14

     

    

 

19.
REMEDIES.

 

(a)
Seller’s Breach. If Seller shall fail or refuse to consummate the transaction in accordance with the terms of this
Agreement (and Buyer is not in breach hereof), Buyer may, at Buyer’s sole option and as Buyer’s sole and exclusive
remedy, either: (i) by written notice to Seller and Escrow Agent, terminate this Agreement whereupon the Earnest Money Deposit
shall be paid immediately by Escrow Agent to Buyer, and, except as otherwise provided in this Agreement, neither of the Parties
shall have any further liability or obligation hereunder, (ii) seek specific performance against Seller or (iii) any and all other
remedies available at law or in equity. Buyer specifically waives any and all right to seek punitive, speculative or consequential
damages. Notwithstanding anything to the contrary contained in this Section 19(a), if Seller brings an action against Buyer for
an alleged breach or default by Buyer of its obligations under this Agreement or refuses to consent to or instruct the release
of the Earnest Money Deposit to Buyer if required by the terms of this Agreement or Escrow Agent (each, a “Seller’s
Action”), Buyer shall not be restricted by the provisions of this Section 19(a) from bringing an action against Seller
seeking injunction or other restraint, and/or recovering fees, costs, expenses and damages (including attorneys’ fees) which
Buyer may suffer or incur as a result of any Seller’s action but only to the extent that Buyer is the prevailing party;
and the amount of any such fees, costs, expenses and damages awarded to Buyer shall be in addition to the other remedies in favor
of Buyer set forth herein.

 

(b)
Buyer’s Breach. If Buyer shall fail or refuse to consummate the transaction in accordance with the terms of this
Agreement (and Seller is not in breach hereof), Seller may, at Seller’s sole option and as Seller’s sole and exclusive
remedy, by written notice to Buyer and Escrow Agent, terminate this Agreement whereupon the Earnest Money Deposit shall be paid
immediately by Escrow Agent to Seller as liquidated damages and, except as otherwise provided in this Agreement, neither of the
Parties shall have any further liability or obligation hereunder. Seller specifically waives any and all right to seek actual,
consequential, speculative, punitive or other damages and the right to seek specific performance of Buyer’s obligations
hereunder. Buyer shall have no other responsibility or liability of any kind to Seller by virtue of such breach, except in connection
with liabilities or indemnification obligations that survive the termination of this Agreement. Seller and Buyer hereby acknowledge
and agree that they have included the provision for payment of liquidated damages in this Section 19(b) because, in the event
of a breach by Buyer, the actual damages to be incurred by Seller can reasonably be expected to approximate the amount of liquidated
damages called for herein and because the actual amount of such damages would be difficult if not impossible to accurately measure.

 

(c)
Exclusive Remedies. Seller and Buyer agree that except with respect to breach of obligations that survive the termination
of this Agreement or the Closing, and except for attorneys’ fees under Section 20 below, the remedies provided in this Section
19 shall be the sole and exclusive remedies to which the Parties shall be entitled, and Seller and Buyer expressly waive and release
any other remedies to which they may otherwise be entitled, at law or in equity.

 

    	15

     

    

 

(d)
Notice and Cure. Neither Seller nor Buyer shall avail itself of any remedy granted to it hereunder based upon an alleged
default of the other Party hereunder unless and until written notice of the alleged default, in reasonable detail, has been delivered
to the allegedly defaulting Party by the nondefaulting Party and the alleged default has not been cured on or before 5:00 p.m.
Vernal, Utah time, on the fifth (5th) day following delivery of said notice of default.

 

20.
ATTORNEYS’ FEES. In the event of any litigation between the Parties as a result of or arising out of this Agreement,
the prevailing Party shall be entitled to recover all costs and expenses of such litigation, including reasonable attorneys’
fees, from the non-prevailing Party.

 

21.
NOTICES.

 

(a)
Addresses. Except as otherwise required by law, any notice required or permitted hereunder shall be in writing and shall
be given by personal delivery, or by deposit in the U.S. Mail, certified or registered, return receipt requested, postage prepaid,
addressed to the Parties at the addresses set forth below, or at such other address as a Party may designate in writing pursuant
hereto or email address (with a copy to follow by overnight courier), or any express or overnight delivery service (e.g.,
Federal Express), delivery charges prepaid:

 

	 	if
        to Seller:

         
	 	Meier
        Properties, Series LLC

        1583
        South 1700 East

        Vernal,
        UT 84078

        Attn:
        Troy Meier

        Tel:
        435-789-0594

        Email:
        Troy@teamsdp.com

	 	 	 	 
	 	with
        a required copy to (which shall not be considered notice):

         
	 	Ewing
        & Jones, PLLC

        6363
        Woodway, Suite 1000

        Houston,
        TX 77057

        Attn:
        Benjamin H. Hughes

        Tel:
        713-899-8385

        Email:
        bhughes@ewingjones.com

	 	 	 	 
	 	if
    to Buyer:	 	Ernest
        M. Cherry, Jr. Revocable Trust and

        Carole
        A. Cherry Revocable Trust

        PO
        Box 181

        Hampton
        Falls, New Hampshire 03844

        Email:
        echerry@tiac.net

 

    	16

     

    

  

	 	if
    to Escrow Agent:	 	Advanced
                                         Title Company, Inc.

        71
        North 100 West

        Vernal,
        UT 84078

        Attn:
        Del Brady

        Tel:
        435-789-4944

 

Notices
hereunder may be given by counsel.

 

(b) Effective
Date of Notices. Notice shall be deemed to have been given on the date on which such notice is actually delivered or such
delivery is rejected.

 

22.
ESCROW INSTRUCTIONS; REPORTING PERSON. This Agreement shall constitute the “Escrow Instructions”. Escrow Agent
is hereby designated as the “real estate reporting person” for purposes of Section 6045 of Title 20 of the United
States Code and Treasury Regulation 1.6045-4 and any instructions or settlement statement prepared by Escrow Agent shall so provide.
Upon consummation of the transaction contemplated by this Agreement, Escrow Agent shall file the Form 1099 informational return
and send the statement to Seller as negotiated under the aforementioned statute and regulation. 

 

23. CLOSING
COSTS. 

 

(a)
Prorations. Buyer and Seller hereby acknowledge and agree that no real estate taxes or any other state, county or local
taxes or assessments for the then current year relating to the Property will be prorated as of the Closing and instead, Seller
shall retain responsibility for the payment of such taxes pursuant to the Leaseback Agreement.

 

(b)
Closing Costs. Seller and Buyer agree to pay closing costs as indicated in this Agreement. At the Closing, Seller shall
pay (i) the costs of releasing all liens, judgments, and other encumbrances that are to be released and of recording such releases,
(ii) one-half of the fees and costs due Escrow Agent for its services, and (iii) all other costs to be paid by Seller under this
Agreement. At the Closing, Buyer shall pay (i) one-half of the fees and costs due Escrow Agent for its services, (ii) the cost
of the Survey, (iii) recording fees for the Transfer Documents and (iv) all other costs to be paid by Buyer under this Agreement.
Further, the cost of a basic Owner’s Policy will be paid for by Seller, with the Buyer to pay for any costs incurred in
connection with the modification to the “areas and boundaries” exception and any other endorsement required by Buyer.
Except as otherwise provided for in this Agreement, Seller and Buyer will each be solely responsible for and bear all of their
own respective expenses, including, expenses of legal counsel, accountants, and other advisors incurred at any time in connection
with pursuing or consummating the transaction contemplated herein. Any other closing costs not specifically designated as the
responsibility of either Party in the Escrow Instructions or in this Agreement shall be paid by Seller and Buyer according to
the usual and customary allocation of the same by Escrow Agent.

 

(c)
Post-Closing Adjustment. If after the Closing, the Parties discover any errors in adjustments and apportionments or additional
information becomes available which would render the closing prorations materially inaccurate, the same shall be corrected as
soon after their discovery as possible; provided, however, no adjustment (except as to taxes) shall be made later than eighteen
(18) months after the Closing Date unless prior to such date the Party seeking the adjustment shall have delivered a written notice
to the other Party specifying the nature and basis for such claim. In the event that such claim is valid, the Party against whom
the claim is sought shall have ten (10) days in which to remit any adjustment due.

 

    	17

     

    

 

(d)
Tax Appeal Proceedings. Seller shall be entitled to receive and retain the proceeds from any tax appeals or protests for
tax fiscal years prior to the tax fiscal year in which the Closing occurs. In the event an application to reduce real estate taxes
is filed for the period during which Seller was the owner of the Real Property, Seller shall be entitled to a reproration of real
estate taxes upon receipt of and based upon the reduction. Seller shall continue to process any pending appeals or protests with
respect to the tax fiscal year in which the Closing occurs, and the net proceeds from any such proceedings, after payment of attorneys’
fees and other costs associated with such process, will be prorated between the parties, when received, as of the Closing.

 

(e)
Survival. The terms and provisions of this Section 23 shall survive the Closing.

 

24.
ESCROW CANCELLATION CHARGES. In the event the transaction contemplated by this Agreement fails to close because of Seller’s
default (and Buyer is not in default), Seller shall be liable for any cancellation of Escrow Agent charges. If the Closing fails
to occur because of Buyer’s default (and Seller is not in default), Buyer shall be liable for any cancellation charges of
Escrow Agent. If the Closing fails to occur for any other reason, Seller and Buyer shall each be liable for one-half of any cancellation
charges of Escrow Agent. The provisions of this Section 24 shall survive cancellation of this Agreement. 

25.
APPROVALS. Concerning all matters in this Agreement requiring the consent or approval of any Party, the Parties agree that
any such consent or approval shall not be unreasonably withheld unless otherwise provided in this Agreement. 

26.
ADDITIONAL ACTS/FURTHER ASSURANCES. In order to give effect to the transactions provided for and contemplated by this Agreement,
each Party shall, whenever and as often as it is requested reasonably to do so by the other Party, execute, acknowledge and deliver
and shall cause to be executed, acknowledged or delivered, any and all such further conveyances, maps, applications, assignments,
confirmations, satisfactions, releases, powers of attorney, instruments of further assurance, approvals, consents, any and all
further assurance and such documents and instruments as may be necessary, expedient and proper, in the opinion of the Party requesting
same, in order to complete any and all conveyances, transfers and assignments provided for in this Agreement and to do any and
all such other acts and to execute and acknowledge and deliver any and all such documents as required in order to cause the completion
of the transactions provided for in this Agreement. 

 

    	18

     

    

 

27.
GOVERNING LAW/JURISDICTION/VENUE. This Agreement shall be construed and the rights and obligations of Seller and Buyer
hereunder determined in accordance with the internal laws of the State of Utah without regard to the principles of choice of law
or conflicts of law. The venue for any such dispute shall be the state and federal courts located in Uintah County, Utah and each
party waives any claims with respect to non conveniens regarding such location. In recognition of the benefits of having any disputes
with respect to this Agreement resolved by an experienced and expert person, Seller and Buyer hereby agree that any suit, action,
or proceeding, whether claim or counterclaim, brought or instituted by any Party on or with respect to this Agreement or which
in any way relates, directly or indirectly, to this Agreement or any event, transaction, or occurrence arising out of or in any
way connected with this Agreement or the Property, or the dealings of the Parties with respect thereto, shall be tried only by
a court and not by a jury. EACH PARTY HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION, OR PROCEEDING. 

 

28.
CONSTRUCTION. The terms and provisions of this Agreement represent the results of negotiations among the Parties, each
of which has been represented by counsel of its own choosing, and neither of which has acted under any duress or compulsion, whether
legal, economic or otherwise. Consequently, the terms and provisions of this Agreement shall be interpreted and construed in accordance
with their usual and customary meanings, and the Parties each hereby waive the application of any rule of law which would otherwise
be applicable in connection with the interpretation and construction of this Agreement that ambiguous or conflicting terms or
provisions contained in this Agreement shall be interpreted or construed against the Party whose attorney prepared the executed
Agreement or any earlier draft of the same. 

 

29.
TIME OF ESSENCE. Time is of the essence of this Agreement. However, if this Agreement requires any act to be done or action
to be taken on a date which is a Saturday, Sunday, legal holiday, the Friday after Thanksgiving or Christmas Eve, such act or
action shall be deemed to have been validly done or taken if done or taken on the next succeeding day which is not a Saturday,
Sunday, legal holiday, the Friday after Thanksgiving or Christmas Eve, and the successive periods shall be deemed extended accordingly.
The term “business day” excludes Saturdays, Sundays, legal holidays, the Friday after Thanksgiving and Christmas
Eve. 

 

30.
INTERPRETATION. If there is any specific and direct conflict between, or any ambiguity resulting from, the terms and provisions
of this Agreement and the terms and provisions of any document, instrument or other agreement executed in connection herewith
or in furtherance hereof, including any Exhibits hereto, the same shall be consistently interpreted in such manner as to give
effect to the general purposes and intention as expressed in this Agreement which shall be deemed to prevail and control. It is
also agreed that both Parties participated in the drafting of this Agreement. 

 

31.
HEADINGS; COUNTERPARTS; EMAIL. The headings of this Agreement are for reference only and shall not limit or define the
meaning of any provision of this Agreement. This Agreement may be executed in any number of counterparts, each of which shall
be an original but all of which shall constitute one and the same instrument. All signed notices and documents, including this
Agreement, delivered by electronic mail shall be sufficient for binding the sending Party. 

 

    	19

     

    

 

32.
INCORPORATION OF EXHIBITS BY REFERENCE; RULES OF USAGE. All Exhibits to this Agreement are fully incorporated herein as
though set forth at length herein. All Exhibits to this Agreement are fully incorporated herein as though set forth at length
herein. “Include”, “includes” and “including” shall be deemed to be followed by “, but
not limited to,” whether or not they are in fact followed by such words or words of like import. “Hereof”, “herein”,
“hereunder” and comparable terms refer, unless otherwise expressly indicated, to the entire agreement or instrument
in which such terms are used and not to any particular article, section or other subdivision thereof or attachment thereto. References
in an instrument to “Article”, “Section”, “Subsection” or another subdivision or to an attachment
are, unless the context otherwise requires, to an article, section, subsection or subdivision of or an attachment to such agreement
or instrument. 

 

33.
SEVERABILITY. If any provision of this Agreement is unenforceable, the remaining provisions shall nevertheless be kept
in effect. 

 

34.
ACCEPTANCE; EFFECTIVE DATE. The date this Agreement, executed by Seller and Buyer, is delivered to Escrow Agent, as evidenced
by its acknowledgment of receipt as set forth below shall be the “Effective Date” of this Agreement; provided, however,
Buyer’s failure to deposit the Deposit as and when provided in Section 3(b) above shall be a default by Buyer and permit
Seller to terminate this Agreement. 

 

35.
SECTION 1031 EXCHANGE. 

 

(a)
Buyer may structure the disposition of the Property as a like-kind exchange under Internal Revenue Code Section 1031 at Buyer’s
sole cost and expense. Seller shall reasonably cooperate therein, provided that Seller shall incur no material costs, expenses
or liabilities in connection with Buyer’s exchange. Buyer shall indemnify, defend and hold Seller harmless therefrom and
Seller shall not be required to take title to or contract for purchase of any other property. If Buyer uses a qualified intermediary
to effectuate the exchange, any assignment of the rights or obligations of Buyer hereunder shall not relieve, release or absolve
Buyer of its obligations to Seller.

 

(b)
The terms and provisions of this Section 35 shall survive the Closing.

 

36.
ENTIRE AGREEMENT. This Agreement contains the entire agreement between the Parties and supersedes all prior agreements,
oral or written, with respect to the subject matter hereof. The provisions of this Agreement shall be construed as a whole and
not strictly for or against any Party. 

 

    	20

     

    

 

37.
AS-IS; DISCLAIMER. 

 

(a)
EXCEPT AS EXPRESSLY SET FORTH IN SECTIONS 11 AND 12 OF THIS AGREEMENT AND IN THE DEED AND OTHER DOCUMENTS EXECUTED AND DELIVERED
BY SELLER AT THE CLOSING, SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES,
COVENANTS, AGREEMENTS OR GUARANTEES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT
OR FUTURE, OF, AS TO, CONCERNING OR WITH RESPECT TO: (I) THE NATURE, QUALITY OR CONDITION OF THE PROPERTY, INCLUDING THE WATER,
SOIL AND GEOLOGY; (II) THE SUITABILITY OF THE PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH BUYER MAY CONDUCT THEREON; (III)
THE COMPLIANCE OF OR BY THE PROPERTY OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY APPLICABLE GOVERNMENTAL
AUTHORITY OR BODY; (IV) THE HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY; (V) THE PRESENCE
OF ANY ENDANGERED OR THREATENED SPECIES ON THE PROPERTY, AS WELL AS THE SUITABILITY OF THE PROPERTY AS HABITAT FOR ANY OF THOSE
SPECIES; (VI) THE ACCURACY OR COMPLETENESS OF ANY MATERIALS GENERATED BY THIRD PARTIES FOR SELLER WHICH ARE PROVIDED TO BUYER
UNDER THE PROVISIONS OF THIS AGREEMENT OR OTHERWISE; (VII) THE ENFORCEABILITY OR EFFECT OF ANY LEGAL, CONTRACTUAL OR OTHER RIGHTS
OR OBLIGATIONS PERTAINING TO THE PROPERTY; OR (VIII) ANY OTHER MATTER WITH RESPECT TO THE PROPERTY. WITHOUT LIMITING THE FOREGOING,
EXCEPT AS EXPRESSLY SET FORTH IN SECTIONS 11 AND 12 OF THIS AGREEMENT AND IN THE DEED AND OTHER DOCUMENTS EXECUTED AND DELIVERED
BY SELLER AT THE CLOSING, SELLER DOES NOT MAKE AND HAS NOT MADE ANY REPRESENTATION OR WARRANTY REGARDING THE PRESENCE OR ABSENCE
OF ANY HAZARDOUS MATERIAL ON, UNDER OR ABOUT THE PROPERTY OR THE COMPLIANCE OR NON-COMPLIANCE OF THE PROPERTY WITH ANY AND ALL
FEDERAL, STATE OR LOCAL ENVIRONMENTAL LAWS, ORDINANCES, REGULATIONS, ORDERS, DECREES OR RULES REGULATING, RELATING TO OR IMPOSING
LIABILITY OR STANDARDS OF CONDUCT CONCERNING ANY HAZARDOUS MATERIAL.

 

(b)
BUYER HEREBY ACKNOWLEDGES AND AGREES THAT, BEING GIVEN THE OPPORTUNITY TO INSPECT THE PROPERTY, IF THIS TRANSACTION IS CONSUMMATED,
BUYER WILL BE PURCHASING THE PROPERTY PURSUANT TO SELLER’S REPRESENTATIONS, WARRANTIES AND COVENANTS SET FORTH IN SECTIONS
11 AND 12 OF THIS AGREEMENT AND BUYER’S INDEPENDENT EXAMINATION, STUDY, INSPECTION AND KNOWLEDGE OF THE PROPERTY AND BUYER
IS RELYING UPON SUCH REPRESENTATIONS, WARRANTIES AND COVENANTS AND ITS OWN DETERMINATION OF THE VALUE AND CONDITION OF THE PROPERTY
AND NOT ON ANY OTHER INFORMATION PROVIDED OR TO BE PROVIDED BY SELLER. BUYER FURTHER ACKNOWLEDGES AND AGREES THAT ANY INFORMATION
PROVIDED OR TO BE PROVIDED WITH RESPECT TO THE PROPERTY WAS OR WILL BE OBTAINED FROM A VARIETY OF SOURCES AND THAT SELLER HAS
NOT MADE AND WILL NOT BE OBLIGATED TO MAKE ANY INDEPENDENT INVESTIGATION OR VERIFICATION OF SUCH INFORMATION AND SELLER MAKES
NO REPRESENTATIONS OR WARRANTIES OF ANY KIND AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION TO THE EXTENT GENERATED BY
THIRD PARTIES FOR SELLER. BUYER IS RELYING UPON SELLER’S REPRESENTATIONS, WARRANTIES AND COVENANTS SET FORTH IN SECTIONS
11 AND 12 OF THIS AGREEMENT, AND ITS OWN INSPECTIONS, INVESTIGATIONS, RESEARCH AND ANALYSES IN ENTERING INTO THIS AGREEMENT AND
IS NOT RELYING IN ANY WAY UPON ANY OTHER REPRESENTATIONS, WARRANTIES, STATEMENTS, PLANS, SPECIFICATIONS, COST ESTIMATES, STUDIES,
REPORTS, DESCRIPTIONS, GUIDELINES OR OTHER INFORMATION OR MATERIAL FURNISHED BY SELLER OR ITS REPRESENTATIVES TO BUYER OR ITS
REPRESENTATIVES, WHETHER ORAL OR WRITTEN, EXPRESS OR IMPLIED, OF ANY NATURE WHATSOEVER REGARDING ANY SUCH MATTERS. SELLER SHALL
HAVE NO LIABILITY WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF SUCH DELIVERED INFORMATION.

 

    	21

     

    

 

(c)
THE OCCURRENCE OF THE CLOSING WILL CONSTITUTE AN ACKNOWLEDGEMENT BY BUYER THAT THE PROPERTY WAS ACCEPTED WITHOUT REPRESENTATION
OR WARRANTY, STATUTORY, EXPRESS OR IMPLIED (EXCEPT AS EXPRESSLY SET FORTH IN SECTIONS 11 AND 12 OF THIS AGREEMENT AND IN THE DEED
AND OTHER DOCUMENTS EXECUTED AND DELIVERED BY SELLER AT THE CLOSING) AND OTHERWISE IN AN “AS IS, WHERE IS, AND WITH ALL
FAULTS” CONDITION BASED ON BUYER’S OWN INSPECTION THEREOF. BUYER FURTHER ACKNOWLEDGES AND AGREES THAT THERE ARE NO
ORAL AGREEMENTS, WARRANTIES OR REPRESENTATIONS COLLATERAL TO OR AFFECTING THE PROPERTY BY SELLER, ANY AGENT OF SELLER OR ANY THIRD
PARTY. SELLER IS FURTHER NOT LIABLE OR BOUND IN ANY MANNER BY ANY ORAL OR WRITTEN STATEMENTS, REPRESENTATIONS, OR INFORMATION
PERTAINING TO THE PROPERTY FURNISHED BY ANY REAL ESTATE BROKER, AGENT, EMPLOYEE, SERVANT OR OTHER PERSON, UNLESS THE SAME ARE
EXPRESSLY SET FORTH OR REFERRED TO HEREIN.

 

(d)
TO THE EXTENT REQUIRED TO BE OPERATIVE, THE DISCLAIMERS, RELEASES AND/OR WARRANTIES CONTAINED IN THIS SECTION ARE “CONSPICUOUS”
FOR PURPOSES OF ANY APPLICABLE LAW, RULE, REGULATION OR ORDER.

 

(e)
The terms set forth in this Section 37 will survive the Closing Date and will not merge into the Transfer Documents.

 

38.
PROHIBITION AGAINST RECORDATION. This Agreement is not to be recorded except in connection with any suit permitted hereunder. 

 

39.
CONFIDENTIALITY. 

 

(a)
Buyer and Seller shall each maintain as confidential any and all material obtained by one about the other, the terms of this Agreement,
the identity of the Parties, and, in the case of Buyer only prior to the Closing and in the case of Seller only after the Closing,
any information about the Property, and shall not disclose such information to any third party. Notwithstanding the foregoing,
Buyer and Seller shall each have the right to disclose such information as required by applicable law and to its respective investors,
officers, directors, employees, attorneys, accountants, environmental auditors, appraisers, engineers, potential lenders, and
permitted assignees under this Agreement provided that all such persons are told that such information is confidential and agree
to keep such information confidential. The foregoing restrictions shall not apply to information that was in Buyer’s possession
prior to disclosure by Seller or is generally available to the public (other than as a result of Buyer’s wrongful disclosure
thereof).

 

    	22

     

    

 

(b)
Seller and Buyer shall not at any time announce the sale, issue a press release or otherwise communicate with media representatives
regarding the transaction contemplated by this Agreement unless such release or communication has received the prior approval
of both Seller and Buyer.

 

(c)
The provisions of this Section 39 shall survive the Closing or any termination of this Agreement.

 

40.
NOTICE REGARDING POSSIBLE LIABILITY FOR ADDITIONAL TAXES. If for the current ad valorem tax year, the taxable value
of the land that is the subject of this Agreement is determined by a special appraisal method that allows for appraisal of the
land at less than its market value, the person to whom the land is transferred may not be allowed to qualify the land for that
special appraisal in a subsequent tax year and the land may then be appraised at its full market value. In addition, the transfer
of the land or a subsequent change in the use of the land may result in the imposition of an additional tax plus interest as a
penalty for the transfer or the change in the use of the land. The taxable value of the land and the applicable method of appraisal
for the current tax year is public information and may be obtained from the tax appraisal district established for the county
in which the land is located. 

 

[Signature
Page Follows]

 

    	23

     

    

 

 

    	24

     

    

 

EXHIBIT
A

 

LEGAL
DESCRIPTION

 

Tracts
1-7:

 

 

Tracts
8-9:

 

 

    	Exhibit A-1

     

    

 

EXHIBIT
B

 

FORM
OF SPECIAL WARRANTY DEED

 

	STATE
    OF UTAH	 	§
	 	 	§
	county
    of UINTAH	 	§

 

KNOW
ALL MEN BY THESE PRESENTS:

 

THAT
THE UNDERSIGNED,

 

MEIER
PROPERTIES, SERIES LLC, a Utah limited liability company (“Grantor”), for and in consideration of Ten and No/100
Dollars ($10.00) and other valuable consideration in hand paid by the Grantee, defined below, the receipt and sufficiency of which
is hereby fully acknowledged and confessed, has GRANTED, SOLD, and CONVEYED, and by these presents does hereby GRANT, SELL, and
CONVEY, unto ERNEST M. CHERRY, JR. REVOCABLE TRUST an undivided 50% interest and CAROLE A. CHERRY REVOCABLE TRUST an
undivided 50% interest, as co-tenants (collectively, “Grantee”), with an address of _______________, the following
real property situated in Uintah County, Utah:

 

See
EXHIBIT A attached hereto and incorporated herein by this reference (the “Property”).

 

This
conveyance, however, is made and accepted subject to any and all validly existing encumbrances, conditions, restrictions, covenants,
conditions, exceptions, reservations, easements, rights-of-way, conflicts, encroachments, area and boundary discrepancies, taxes,
liens, assessments, charges, and claims, if any, applicable to and enforceable against the above described property as shown by
the records of the county clerk of said county and all zoning laws, regulations, and ordinances of municipal and/or other governmental
agencies and authorities relating to the Property.

 

TO
HAVE AND TO HOLD the above described premises, together with all the rights and appurtenances lawfully accompanying it, by the
Grantee and Grantee’s heirs, successors, and assigns forever. Grantor does bind Grantor and Grantor’s heirs, successors,
and assigns to WARRANT AND DEFEND, all the said Property unto the said Grantee and Grantee’s heirs, successors, and assigns,
against every person whomsoever, lawfully claiming or to claim the same, or any part thereof, by, through, or under Grantor, but
not otherwise.

 

    	Exhibit B-1

     

    

 

EXECUTED
this ___ day of ____________, 2020.

 

	 	GRANTOR:
	 	 	 
	 	MEIER
    PROPERTIES, SERIES LLC, 
	 	a
    Utah limited liability company
	 	 	 
	 	By:
    	                 
	 	Name:	 
	 	Title:
    	 

 

    	Exhibit B-2

     

    

 

EXHIBIT
C

 

GENERAL
ASSIGNMENT

 

THAT
__________________________________, a _______________ (“Assignor”), for and in consideration of the sum of
Ten and No/100 Dollars ($10.00) cash and other good and valuable consideration to it paid by ________________________________________________,
a ___________________________ (“Assignee”), the receipt and sufficiency of which consideration are hereby acknowledged,
hereby assigns, transfers and sets over
unto Assignee, its successors and assigns, all the right, title and interest of Assignor in and to any and all of the following
property (collectively, the “Assigned Property”) owned by Assignor and used in connection with the real property
described on Exhibit A attached hereto and made a part hereof, and any buildings and improvements located thereon (the
“Premises”):

 

1.
All permits, licenses, certificates of occupancy, warranties, books, records, governmental approvals, and any other intangible
rights which relate to the Premises or the personal property located thereon or related thereto; and

 

2.
All site plans, surveys, soil and substrata studies, architectural drawings, plans and specifications, engineering plans and studies,
environmental tests, studies and reports and other technical reports related to the Premises.

 

TO
HAVE AND TO HOLD the above rights and interests unto Assignee, its successors and assigns, forever and Assignor does hereby bind
itself and its successors and assigns, to warrant and forever defend, all and singular the rights of Assignor under the Assigned
Property unto Assignee, its successors and assigns, against every person whomsoever lawfully claiming or to claim same or any
part thereof by, through or under Assignor, but not otherwise.

 

Assignee
hereby assumes and agrees to pay all sums, and perform, fulfill and comply with all covenants and obligations, which are to be
paid, performed, fulfilled and complied with by the Assignor respecting the Assigned Property from and after the effective date
of this General Assignment.

 

EXCEPT
FOR THOSE REPRESENTATIONS AND WARRANTIES MADE BY ASSIGNOR TO ASSIGNEE IN THAT CERTAIN PURCHASE AGREEMENT DATED EFFECTIVE AS OF
______________, 20___, AS MAY BE AMENDED FROM TIME TO TIME, and any other representation
or warranty expressly set forth in this GENERAL ASSIGNMENT, ASSIGNEE ACKNOWLEDGES AND AGREES THAT THE ASSIGNED PROPERTY
IS CONVEYED “AS IS, WHERE IS” AND IN ITS PRESENT CONDITION WITH ALL FAULTS, AND THAT ASSIGNOR HAS NOT MADE, DOES NOT
MAKE AND SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR
CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, WITH RESPECT TO THE NATURE, QUALITY
OR CONDITION OF THE ASSIGNED PROPERTY, THE INCOME TO BE DERIVED THEREFROM, OR THE QUALITY, ENFORCEABILITY, MERCHANTABILITY OR
FITNESS FOR ANY PARTICULAR PURPOSE OF THE ASSIGNED PROPERTY.

 

The
parties agree that this General Assignment may be executed by the parties in one or more counterparts (by facsimile, electronic
mail or otherwise) and each of which shall be deemed an original, but all of which together shall constitute one and the same
instrument.

 

[END
OF TEXT]

 

    	Exhibit C-1

     

    

 

IN
WITNESS WHEREOF, this General Assignment has been executed by Assignor and Assignee to be effective as of the _____ day of ____________,
20__.

 

	ASSIGNOR:	___________________________________,
	 	a	                                                                                          
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	ASSIGNEE:	___________________________________,
	 	a	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	Exhibit C-2

     

    

 

EXHIBIT
D

 

BILL
OF SALE

 

THAT
_________________________, a ____________________ (“Seller”), for and in consideration of the sum of Ten Dollars
($10.00) and other good and valuable consideration to Seller in hand paid by __________________, a _______________ (“Buyer”),
the receipt of which is hereby acknowledged, has sold, delivered and assigned,
and by these presents does sell, deliver and assign,
unto Buyer, its successors and assigns, all of Seller’s right, title and interest in and to the following described property
(collectively, the “Personal Property”):

 

All
tangible personal property owned by Seller and located on, attached to or used in connection with the management, operation or
repair of the real property described on Exhibit A attached hereto.

 

TO
HAVE AND TO HOLD the Personal Property unto Buyer and Buyer’s successors and assigns forever.

 

BUYER
ACKNOWLEDGES AND AGREES THAT THE PERSONAL PROPERTY IS CONVEYED “AS IS, WHERE IS” AND IN ITS PRESENT CONDITION WITH
ALL FAULTS, AND THAT SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES,
COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT
OR FUTURE, WITH RESPECT TO THE NATURE, QUALITY OR CONDITION OF THE PERSONAL PROPERTY, THE INCOME TO BE DERIVED THEREFROM, OR THE
QUALITY, ENFORCEABILITY, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF THE PERSONAL PROPERTY, except
for a Warranty of Title and those representations and warranties made by Seller to Buyer in that certain Purchase Agreement dated
effective as of __________________, 20____, as may be amended from time to time, and any other representation or warranty expressly
set forth in this Bill of Sale.

 

Notwithstanding
the foregoing to the contrary, Seller warrants that, as of the execution date of this Bill of Sale, (i) Seller is the owner of
the Personal Property, (ii) the Personal Property is free from all liens and encumbrances, and (iii) Seller has the right to transfer
title and deliver possession of the Personal Property to Buyer.

 

[END
OF TEXT]

 

    	Exhibit D-1

     

    

 

EXECUTED
by Seller and Buyer to be effective as of the _____ day of ______________, 20___.

 

	SELLER:	___________________________________,
	 	a	 
	 	 	                                                                                      
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	BUYER:	___________________________________,
	 	a	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	Exhibit D-2

     

    

 

EXHIBIT
E

 

LEASEBACK

 

COMMERCIAL
LEASE

 

between

 

ERNEST
M. CHERRY, JR. REVOCABLE TRUST

and

CAROLE
A. CHERRY REVOCABLE TRUST

(“Landlord”)

 

and

 

MEIER
PROPERTIES, SERIES LLC (“Tenant”).

 

Dated:
_______________, 2020

 

PROPERTY

 

1540-1586
S. 1700 E.

Vernal,
UT 84078

 

    	Exhibit E-1

     

    

 

COMMERCIAL
LEASE

 

This
COMMERCIAL LEASE (this “Lease”) is made and entered into this ____ day of _______________, 2020 (the
“Effective Date”), by and between ERNEST M. CHERRY, JR. REVOCABLE TRUST and CAROLE A. CHERRY REVOCABLE
TRUST (collectively, “Landlord”) and MEIER PROPERTIES, SERIES LLC, a Utah limited liability company
(“Tenant”).

 

Section
1

 

PREMISES
AND TERM

 

1.01
Premises Description. For and in consideration of Tenant’s covenant to pay the rent and other sums provided for herein,
and the performance of the other obligations of Tenant hereunder, Landlord leases to Tenant, and Tenant leases from Landlord,
for the Term (hereinafter defined) the area containing approximately 6.57 acres of land depicted on Exhibit A-1 and legally
described on Exhibit A-2 attached hereto and incorporated herein by this reference (the “Premises”).
The Premises contain the buildings depicted on such Exhibit A (the “Buildings”).

 

1.02
Term. This Lease shall constitute a legally binding and enforceable agreement between the Landlord and the Tenant as of
the Effective Date. The initial term of this Lease (the “Initial Term”) shall commence on the Effective
date and continue for a period of one hundred eighty (180) months.

 

1.03
Renewal Options. Provided that Tenant is not in default under this Lease, this Lease may be extended at the option Tenant
as set forth herein. Tenant, upon giving Landlord written notice of Tenant’s unconditional exercise of such option not less
than six (6) months (nor more than twelve (12) months) prior to the expiration of the then-existing term of this Lease in each
instance, shall have the right to renew this Lease (“Renewal Options”) for up to four (4) additional
periods of sixty (60) months each (each a “Renewal Term” and collectively with the Initial Term, the
“Term”) pursuant to the terms set forth on such Exhibit B attached hereto and incorporated herein
for all purposes.

 

1.04
Use. The Premises shall be used only for the purposes permitted by applicable laws and for no other purposes. Tenant shall
at all times during the Term, at Tenant’s sole cost and expense, perform and comply with all laws, rules, orders, codes,
ordinances, regulations, restrictions and requirements now or hereafter enacted or promulgated which are applicable to the Premises
(including any such laws, rules, orders, codes, ordinances, regulations or requirements which require modifications or alterations
of the Premises) or to the business of Tenant conducted at the Premises. Such laws, rules, orders, codes, ordinances, regulations,
requirements are collectively called the “Legal Requirements”.

 

1.05
Net Lease. This Lease is a net lease. It is the intention of Landlord and Tenant that the Rent (hereinafter defined) and
other sums and charges provided herein shall be absolutely net to Landlord and that such amounts shall be paid without notice,
demand, setoff, counterclaim, recoupment, abatement, suspension, deferment, diminution, deduction, reduction or defense, except
as otherwise expressly permitted by this Lease. It is further the intent of Landlord and Tenant that all costs and expenses (other
than depreciation, interest on and amortization of debt incurred by Landlord, and costs incurred by Landlord in financing or refinancing
the Premises) and other obligations of every kind and nature whatsoever relating to the Premises and the appurtenances thereto
and the use and occupancy thereof which may arise or become due and payable prior to the expiration or earlier termination of
the Term (whether or not the same shall become payable during the Term or thereafter) shall be paid by Tenant except as expressly
set forth herein. All obligations to be performed by Tenant under this Lease shall be performed at the sole cost and expense of
Tenant and without reimbursement or contribution by Landlord, unless otherwise expressly provided in this Lease.

 

    	PAGE-1

     

    

 

Section
2

 

RENTAL

 

2.01
Rent. Tenant covenants and agrees to pay Landlord monthly Base Rent (herein so called), in advance on or before the first
day of each calendar month commencing on the Effective Date. During the initial twelve (12) month period following the Effective
Date, the Base Rent payable hereunder shall be Three Hundred Eleven Thousand Three Hundred Ninety-Five and 00/100 Dollars ($311,395.00)
per annum payable in equal monthly installments of Twenty-Five Thousand Nine Hundred Forty-Nine and 58/100 Dollars ($25,949.58)
pursuant to this Section 2.01 (“Base Rent”). On each annual anniversary of the Effective Date during
the Initial Term, the annual amount of Base Rent payable hereunder in equal monthly installments shall be increased by one and
a half percent (1.5%) of the previous year’s annual Base Rent. Base Rent and all other sums required to be paid by Tenant
to Landlord under this Lease are collectively referred to herein as “Rent”.

 

2.02
Rent Payments. Rent and other sums to be paid by Tenant shall be payable in lawful money of the United States of America.
All payments shall be made by Tenant to Landlord without notice or demand, deduction or offset, except as otherwise expressly
provided herein, at the address of Landlord set forth below or at such other address as may be designated by Landlord from time
to time.

 

2.03
Pro Rata Portions of a Month or Year. If the Effective Date or the first day of any Renewal Term occurs on a date other
than the first day of a month or a calendar year, the Rent for such month or year shall be prorated on the basis of the actual
days in such month or year.

 

2.04
Late Payments. If any installment of Rent is not paid within five (5) days of the date on which such Rent becomes due,
Tenant shall pay Landlord interest on such past due payment at the Default Rate (hereinafter defined) accruing from the due date
of such payment until the same is paid in full. The “Default Rate” shall mean the sum of (i) the prime
rate of interest from time to time as published in the Wall Street Journal, plus (ii) six percent (6%) per annum, provided that
in no event shall such rate exceed the maximum rate of interest permitted by applicable law.

 

Section
3

 

UTILITIES
AND TAXES

 

3.01
Utilities. Tenant has, prior to the Effective Date, and from and after the Effective Date, shall continue to, contract
directly with all applicable utility providers and pay or cause to be paid when due all charges for all public or private utility
services to or for the Premises during the Term, including, without limiting the generality of the foregoing, all charges for
heat, light, electricity, water, gas, telephone service, cable service, garbage collection and sewage and drainage service.

 

3.02
Taxes.

 

(a)
Tenant has, prior to the Effective Date, and from and after the Effective Date, shall continue to, directly pay all Taxes incurred
with respect to the Premises during the Term. If the expiration or earlier termination of the Term occurs on a date other than
the last day of an applicable monthly or yearly period with respect to any Tax, such Taxes for such calendar year shall be prorated
between Landlord or Tenant on the basis of the actual days in such monthly or yearly period.

 

(b)
The term “Taxes” shall mean all taxes of every kind and nature (including, without limitation, real
estate, ad valorem and personal property taxes), all charges and other amounts payable pursuant to any easement, declaration
or other agreement which encumbers the title to the Premises, all general and special assessments, levies, permits, inspection
and license fees, all ground rents, and all other public charges and/or taxes whether of a like or different nature, even if unforeseen
or extraordinary, imposed upon or assessed, prior to or during the Term, against Landlord, Tenant or any of the Premises as a
result of or arising in respect of the ownership, occupancy, leasing, use, maintenance, operation, management, repair or possession
thereof, or any activity conducted on the Premises or the Rent, including without limitation, any margin tax, gross income tax,
franchise tax, sales tax, use tax, occupancy tax or excise tax levied by any governmental body on or with respect to such Rent.

 

    	PAGE-2

     

    

 

(c)
Tenant may protest the real estate tax rate assessed against the Premises and/or the appraised value of the Premises determined
by any appraisal review board or other taxing entity with authority to determine tax rates and/or appraised values (each a “Taxing
Authority”). Tenant may (i) file or otherwise protest before any Taxing Authority any such rate or value determination
even though Landlord may elect not to file any such protest and (ii) appeal any order of a Taxing Authority which determines any
such protest. Tenant shall pay or otherwise reimburse Landlord for all costs, charges and expenses incurred by, or otherwise asserted
against, Landlord as a result of any tax protest or appeal by Tenant, including, appraisal costs, tax consultant charges and attorneys’
fees.

 

(d)
Notwithstanding the foregoing, if any of the following are imposed on Landlord, they shall be excluded from Taxes and shall be
paid by Landlord (except to the extent they are imposed in substitution for any Tax which would otherwise be payable by Tenant
as provided hereunder): revenue, inheritance, estate, succession, transfer, gift, corporation, withholding, income, profits, gross
receipts, mortgage, or capital stock tax.

 

Section
4

 

REPAIRS
AND ALTERATIONS TO PREMISES

 

4.01
Repair and Maintenance Obligations.

 

(a)
Tenant, at its own cost and expense, shall (i) maintain all parts of the Premises in good condition, (ii) promptly make all necessary
repairs and replacements, including, but not limited to, windows, glass and plate glass, exterior doors, interior walls and finish
work, interior doors and floor covering, utility connections, downspouts, gutters, heating and air conditioning systems, light
bulbs and ballasts, truck doors, dock bumpers, dock lights, dock levelers, plumbing work and fixtures, termite and pest extermination,
regular removal of trash and debris, and dedicated sewer lines, and (iii) keep the parking areas, driveways, truck aprons, and
grounds surrounding the Premises in a clean and sanitary condition; provided, however, notwithstanding the foregoing, Tenant shall
not have any obligation with respect to repairs or maintenance obligations expressly assumed by Landlord herein.

 

(b)
Tenant shall, at its own cost and expense, enter into a regularly scheduled preventive maintenance/service contract with a maintenance
contractor for servicing all air conditioning systems and equipment within the Premises.

 

(c)
Landlord’s repair obligations hereunder are limited to any repair or replacement that is necessitated by the acts or omissions
of Landlord or its officers, directors, employees, agents, licensees, assignees or subtenants.

 

EXCEPT
AS OTHERWISE SPECIFICALLY PROVIDED FOR HEREIN, TENANT ACKNOWLEDGES THAT LANDLORD IS NOT OBLIGATED TO MAKE ANY REPAIRS OR PROVIDE
ANY SERVICES WHATSOEVER TO THE PREMISES OR TO REPLACE ANY COMPONENT OF THE PREMISES.

 

4.02
Alterations to Premises. Any additions, improvements, alterations, and replacements to the Premises shall require the prior
written consent of Landlord, not to be unreasonably withheld, conditioned or delayed; provided, however, any interior, non-structural
additions, improvements, alterations, and replacements that do not affect the Building Systems (hereinafter defined) and which
cost in the aggregate less than $100,000 during any 12-month period during the Term shall not require the prior written consent
of Landlord. “Building Systems” means the Buildings’ HVAC, life-safety, plumbing, electrical,
and mechanical systems. Approval by Landlord of any of Tenant’s drawings and plans and specifications prepared in connection
with any additions, improvements, alterations, and replacements to the Premises shall not constitute a representation or warranty
of Landlord as to the adequacy or sufficiency of such drawings, plans and specifications, or the improvements to which they relate,
for any use, purpose, or condition, but such approval shall merely be the consent of Landlord as required hereunder. All such
additions, improvements, alterations, and replacements shall be performed in a good and workmanlike manner and in accordance with
the Legal Requirements. At the expiration or earlier termination of this Lease, all additions, improvements, alterations, and
replacements to the Premises and all fixtures installed therein shall become the property of Landlord.

 

    	PAGE-3

     

    

 

4.03
Surrender Upon Termination. Upon the expiration or earlier termination of this Lease, Tenant shall deliver the Premises
to Landlord in good repair and condition, ordinary wear and tear and casualty loss excepted, subject to Landlord’s repair
obligations set forth in Section 4.01.

 

Section
5

 

DAMAGE
OR DESTRUCTION

 

5.01
Notice of Damage. If the Premises shall be damaged or destroyed by fire or other casualty, Tenant shall deliver prompt
written notice thereof to Landlord. Landlord shall, within sixty (60) days after such notice from Tenant is delivered to Landlord,
deliver to Tenant a good faith estimate (the “Damage Notice”) of the time needed to repair the damage
caused by such fire or other casualty.

 

5.02
Obligation to Repair; Termination. In the event of damage or destruction to the Premises to an extent reasonably preventing
Tenant’s continued use of the Premises and in the event the Damage Notice delivered by Landlord to Tenant indicates that
Landlord’s reconstruction or repairs of the Premises will require in excess of one hundred eighty (180) days to complete,
then either Landlord or Tenant may terminate this Lease by written notice delivered to other within thirty (30) days following
Tenant’s receipt of the Damage Notice from Landlord. In the event neither Landlord nor Tenant elect to terminate this Lease
as provided in the immediately preceding sentence or in the event of partial damage or destruction of the Premises by fire or
other cause to an extent not reasonably preventing Tenant’s continued use of the Premises, Landlord shall be obligated to
reconstruct and repair the Premises to a condition comparable to that existing prior to the casualty (excluding any additions,
improvements, alterations, and replacements to the Premises made by Tenant). Rent payable hereunder shall abate during the time
and to the extent the Premises (or portion thereof) is unfit for occupancy; provided, however, notwithstanding anything herein
to the contrary, if Tenant receives the proceeds of any business interruption insurance with respect to the fire or other casualty
event giving rise to the damage or destruction to the Premises, Rent shall not abate to the extent of Tenant’s receipt of
such business interruption insurance proceeds, with Tenant, upon the receipt of any such business interruption insurance proceeds,
being obligated to pay Landlord amounts of Rent payable hereunder, including amounts Rent previously abated hereunder, up to the
full amount of the proceeds of any such business interruption insurance.

 

Section
6

 

INSURANCE

 

6.01
Insurance Maintained by Tenant. Tenant shall maintain, provide or cause to be provided, at its own cost and expense the
following insurance, including, without limitation, the deductible amount payable pursuant to any such insurance policy (the “Insurance”):

 

(a)
Insurance covering the Buildings and the Premises in an amount not less than the full replacement cost thereof and including endorsements
as Lender (hereinafter defined) may require, with such policy to name Landlord and Lender as loss payees as their interests may
appear;

 

(b)
Insurance against loss or damage to Tenant’s improvements, additions, alterations and replacements in the Premises and Tenant’s
personal property, including trade fixtures, supplies and furniture and equipment located in the Premises, written at replacement
cost value and with a replacement cost endorsement, covering the Premises and providing for a deductible not to exceed $100,000,
with such policy to contain a replacement cost endorsement and name Landlord and Lender as loss payees as their interests may
appear; and

 

(c)
Commercial general liability insurance against claims of personal injury or death and property damage caused by an occurrence
upon, in or about the Premises, affording protection, on an occurrence basis, with a combined single limit of not less than $5,000,000
and naming Landlord and any Lender as “additional insureds”.

 

    	PAGE-4

     

    

 

All
insurance policies required to be maintained by Tenant hereunder shall be with responsible insurance companies with an A.M. Best’s
rating of A-X or better, authorized to do business in the State of Utah.

 

6.02
Certificates. Tenant shall deliver to Landlord and any Lender certificates evidencing such coverage within ten (10) days
of the Effective Date of this Lease. Each such certificate shall provide that the insurance company will give Landlord and Lender
at least thirty (30) days’ written notice prior to the termination or cancellation of, or changes to, the policy. Each policy
required to be carried by Tenant shall also provide that any loss otherwise payable thereunder shall be payable notwithstanding
any act or omission of Landlord or Tenant which might, absent such provision, result in a forfeiture of all or a part of such
insurance payment.

 

6.03
Landlord’s Acquisition of Insurance. If Tenant at any time during the Term fails to procure or maintain any insurance
required hereunder or to pay the premiums therefor, Landlord shall have the right, but not any obligation, to procure the same
and to pay any and all premiums thereon, and any amounts paid by Landlord in connection with the acquisition of insurance shall
be immediately due and payable as Rent, and Tenant shall pay to Landlord upon demand the full amount so paid and expended by Landlord,
together with interest thereon at the Default Rate from the date of such expenditure by Landlord until repayment in full by Tenant.

 

6.04
Waiver of Subrogation. Notwithstanding anything to the contrary contained in this Lease, Landlord and Tenant each waive
any and all rights to recover against the other, or against the officers, directors, shareholders, partners, joint venturers,
employees, agents, customers, invitees or business visitors of such other party, for any loss or damage to such waiving party
arising from any cause covered by any insurance required to be carried pursuant to this Lease, or any other insurance actually
carried by such party, EVEN IF SUCH LOSS OR DAMAGE SHALL HAVE BEEN CAUSED BY, IN WHOLE OR IN PART, THE FAULT OR NEGLIGENCE
OF THE OTHER PARTY OR ANYONE FOR WHOM SUCH PARTY MAY BE RESPONSIBLE. Landlord and Tenant, from time to time, will cause their
respective insurers to issue appropriate waiver of subrogation rights endorsements to all insurance policies carried in connection
with the Premises or the contents of same.

 

Section
7

 

CONDEMNATION

 

7.01
Total or Substantial Taking. If twenty percent (20%) or more of the Premises should be permanently taken for any public
or quasi-public use under any governmental law, ordinance or regulation or by right of eminent domain or by private purchase in
lieu thereof, this Lease shall, at either Tenant or Landlord’s option, terminate and the Rent shall be abated during the
unexpired portion of this Lease, effective on the date physical possession is taken by the condemning authority. Tenant or Landlord’s
election to terminate this Lease in accordance with this Section 7.01 shall be evidenced by a written notice of termination
delivered to the other within thirty (30) days after the date physical possession of the Premises, as the case may be, is taken
by the condemning authority.

 

7.02
Partial Taking. If this Lease is not terminated as provided in Section 7.01, then (a) the Rent payable hereunder
during the unexpired portion of this Lease shall be reduced in proportion to the area taken, effective on the date physical possession
is taken by the condemning authority, and (b) following such partial taking, Landlord shall make all necessary repairs or alterations
to the remaining portions of the Premises as may be required, as reasonably determined by Landlord, to make the remaining portions
of the Premises an architectural whole; provided, however, Landlord will not be required to spend in excess of the amount actually
received by Landlord as compensation for such taking. Notwithstanding the foregoing, in the event Landlord shall be unable to
repair the Premises to an architectural whole within one hundred eighty (180) days following the date physical possession is taken
by the condemning authority, then Tenant shall have the right to terminate this Lease by written notice delivered to Landlord
prior to the date Landlord substantially completes such repairs and Rent shall be abated during the unexpired portion of the Term
of this Lease, effective as of the date of such notice to Landlord.

 

    	PAGE-5

     

    

 

7.03
Proceeds. All compensation awarded for any taking (or the proceeds of private sale in lieu thereof) of the Premises shall
be paid to Landlord, and subject to the remaining provisions of this Section 7.03, Tenant hereby assigns its interest in
any such award to Landlord; provided, however, Landlord shall have no interest in any separate award made to Tenant for Tenant’s
moving and relocation expenses, or for the loss of Tenant’s fixtures and other tangible personal property if a separate
award for such items is made to Tenant (and Tenant may seek awards for such items).

 

7.04
Temporary Taking. If the whole or any part of the Premises or of Tenant’s interest under this Lease be taken or condemned
by any competent authority (or conveyed in lieu thereof) for temporary use or occupancy, Tenant shall continue to pay, in the
manner and at the times herein specified, the full amounts of the Rent and this Lease shall continue and, except only to the extent
that Tenant may be prevented from so doing pursuant to the terms of the order of the condemning authority, Tenant shall perform
and observe all of the other terms, covenants, conditions and obligations hereof upon the part of Tenant to be performed and observed,
as though such taking or condemnation had not occurred and in such event, any taking or condemnation award with respect to the
Premises corresponding to any periods occurring during the Term shall due to Tenant, so long as any such award does not reduce
any award due to Landlord in connection with such temporary condemnation.

 

Section
8

 

INSPECTION
BY LANDLORD

 

8.01
Inspection of Premises. Landlord and Landlord’s agents and representatives shall be entitled, from time to time,
upon twenty-four (24) hours’ prior notice to Tenant (except in the event of an emergency, in which no notice is required),
to enter upon and into the Premises for the purpose of inspecting the same and for purposes consistent with this Lease (and permitting
prospective lenders and purchasers to inspect the Premises) and during the last six (6) months of the Term of this Lease, for
the purpose of showing the Premises to prospective tenants.

 

Section
9

 

INDEMNIFICATION

 

9.01
Tenant Indemnity. Without limitation of the other indemnity provisions set forth in this Lease, Tenant hereby agrees to
indemnify, defend (with counsel reasonably approved by Landlord), hold harmless and reimburse Landlord, and its members, officers,
partners and agents from and against and for any and all actions, causes of action, claims, damages, demands, fines, liabilities,
losses, obligations, penalties, costs and expenses of any kind or nature (including, without limitation, reasonable attorneys’
fees) which may be imposed upon, asserted against or suffered or incurred by Landlord by reason of (a) any breach, violation or
non-performance by Tenant of any covenant or agreement in this Lease (including any failure of Tenant to maintain or renew any
insurance policy required by the terms of this Lease) regardless of whether Tenant has received notice of such breach, violation
or nonperformance, (b) any accident, injury or damage to person and/or property which occurs on the Premises during the Term except
to the extent arising due to the gross negligence or willful misconduct of Landlord or its agents, contractors or employees, (c)
any actual or alleged violation of any Legal Requirement by Tenant or any of Tenant’s agents, contractors or employees,
and (d) the gross negligence or willful misconduct of Tenant or its agents, contractors, or employees (acting within the scope
of their office, contract, agency or employment).

 

9.02
Landlord Indemnity. Landlord hereby agrees to indemnify, defend, hold harmless and reimburse Tenant, and its members, partners,
officers and agents from and against and for any and all actions, causes of action, claims, damages, demands, fines, liabilities,
losses, obligations, penalties, costs and expenses of any kind or nature (including, without limitation, reasonable attorneys’
fees) which may be imposed upon, asserted against or suffered or incurred by Tenant by reason of (a) any breach, violation or
non-performance by Landlord of any covenant or agreement in this Lease, or (b) the gross negligence or willful misconduct of Landlord
or its agents, contractors, or employees.

 

    	PAGE-6

     

    

 

Section
10

 

ASSIGNMENT,
SUBLETTING AND LENDERS

 

10.01
Consent Required. Tenant shall not have the right to assign this Lease in whole or in part or to sublease all or any part
of the Premises without Landlord’s prior written consent, which consent may not be unreasonably be withheld, conditioned
or delayed. Tenant may not mortgage, pledge or allow a lien on its leasehold interest in the Premises. Any attempted assignment,
sublease or other transfer of this Lease or any part of the Premises without Landlord’s prior written consent is void. No
such assignment or sublease shall operate to release Tenant from liability under this Lease or to reduce any of its liabilities
hereunder. Landlord’s consent to any assignment, subletting, or other transfer is not a waiver of Landlord’s right
to approve or disapprove any subsequent assignment, subletting or other transfer. Notwithstanding anything herein to the contrary,
if Tenant is not then in default or breach of this Lease beyond any applicable notice or cure periods, Tenant may effect an assignment
of this Lease to a Permitted Transferee without Landlord’s prior consent, but with notice to Landlord prior to the Permitted
Transferee’s occupancy. “Permitted Transferee” means any person or entity that either (1) controls,
is controlled by, or is under common control with Tenant (for purposes hereof, “control” shall mean ownership of not
less than fifty percent (50%) of all of the voting stock or legal and equitable interest in the entity in question), (2) results
from the merger or consolidation of Tenant, or (3) acquires all or substantially all of the stock and/or assets of Tenant as a
going concern.

 

10.02
Assignment by Landlord. In the event of the transfer and assignment by Landlord of its interest in this Lease to a person
assuming Landlord’s obligations under this Lease, Landlord shall thereby be released from any further obligations hereunder,
and Tenant agrees to look solely to such successor in interest of Landlord for performance of such obligations. Any security given
by Tenant to secure performance of Tenant’s obligations hereunder shall be assigned and transferred by Landlord to such
successor in interest and Landlord shall thereby be discharged of any further obligation relating thereto.

 

10.03
Subordination. This Lease and Tenant’s interest herein shall be subject and subordinate to any deed of trust, mortgage,
or other security instrument, or any ground lease, master lease, or primary lease (collectively, a “Deed of Trust”),
that now or hereafter covers all or any part of Landlord’s interest in the Premises, and Tenant agrees, upon demand, without
cost, to execute such instruments as may be required to further effectuate or confirm such subordination. Landlord hereby agrees
to use its commercially reasonable efforts to obtain for Tenant a non-disturbance and attornment agreement with any Lender on
such Lender’s form of non-disturbance and attornment agreement, pursuant to which, Tenant shall attorn to any party succeeding
to Landlord’s interest in the Premises, whether by purchase, foreclosure, deed in lieu of foreclosure, power of sale, termination
of lease, or otherwise.

 

10.04
Landlord’s Lender.

 

(a)
If Landlord delivers written notice to Tenant which includes the name and address of any lender or landlord (collectively, a “Lender”)
who holds a Deed of Trust, then as long as such Deed of Trust is still in effect, Tenant agrees to deliver to such Lender written
notice of any default by Landlord hereunder of which Tenant delivers notice to Landlord, and further agrees that any such Lender
shall have the same period to cure (or cause to be cured) a default by Landlord after delivery of such notice as Landlord is allowed
under this Lease after delivery of notice.

 

(b)
Any Lender shall be indemnified by Tenant to the same extent and in the same manner as Tenant indemnifies Landlord pursuant to
the terms of this Lease.

 

(c)
Any Lender will be bound by any Rent which Tenant might have paid in advance to any prior landlord (including Landlord).

 

    	PAGE-7

     

    

 

Section
11

 

TENANT
ESTOPPELS AND STATEMENTS

 

11.01
Tenant Estoppel. Tenant agrees that it will from time to time upon request by Landlord execute and deliver to Landlord
a written statement addressed to Landlord (or to a party designated by Landlord, including without limitation, any Lender), which
statement shall identify Tenant and this Lease, shall certify that this Lease is unmodified and in full force and effect (or if
there have been modifications, stating that this Lease is in full force and effect as so modified and identifying the modifications),
shall confirm (if true, to Tenant’s actual knowledge) that Landlord is not in default as to any obligations of Landlord
under this Lease (or if Landlord is in default, specifying any default), and shall contain such other factual information or confirmations
as Landlord or any Lender may reasonably require.

 

11.02
Failure to Furnish. Upon the failure of Tenant to furnish any statements described above within ten (10) days after a request
for any such statement, it shall be conclusively presumed that this Lease is in full force and effect and that there are no defaults
hereunder by Landlord.

 

Section
12

 

DEFAULT

 

12.01
Event of Default. The occurrence of any of the following shall constitute an Event of Default (herein so called):

 

(a)
Tenant shall fail to pay when due any installment of Rent owing to Landlord or any other obligation under this Lease involving
the payment of money to Landlord and such failure shall continue unremedied for a period of five (5) days after Tenant’s
receipt of written notice from Landlord with respect to such failure.

 

(b)
Tenant shall fail to comply with any provision of this Lease, other than as described in subsection (a) above, and shall not cure
such failure within thirty (30) days after receipt of written notice thereof from Landlord (except that this 30-day period shall
be extended for a reasonable period of time if the failure is not reasonably capable of cure within said thirty (30) day period
and Tenant promptly commences efforts to cure such failure and continues diligently thereafter efforts necessary to cure such
failure).

 

(c)
Tenant shall become insolvent, or shall make a transfer in fraud of creditors, or shall make an assignment for the benefit of
creditors.

 

(d)
Tenant shall file a petition under any section or chapter of the federal Bankruptcy Code, as amended, or under any similar law
or statute of the United States or any state thereof (“Debtor Relief Laws”); or Tenant shall be the
subject of proceedings filed against Tenant under Debtor Relief Laws, and such proceedings are not discharged within sixty (60)
days after commencement.

 

(e)
A receiver or trustee shall be appointed for all or substantially all of the assets of Tenant and such receiver or trustee is
not discharged within sixty (60) days following the date of appointment.

 

(f)
Tenant shall do or permit to be done anything which creates a lien upon the Premises or upon all or any part of the Premises and
such lien is not removed (or bonded around pursuant to the applicable requirements of Utah law) within thirty (30) days after
Tenant becomes aware of such lien.

 

(g)
The seizure, sequestration or impounding by virtue or under authority of any legal proceeding of all or substantially all of the
personal property or fixtures of Tenant used in or incident to the operation of the Premises.

 

    	PAGE-8

     

    

 

12.02
Remedies. Upon the occurrence of any Event of Default, Landlord shall have the option to pursue any one or more of the
following remedies (in addition to any other remedies available to Landlord at law or in equity):

 

(a)
Without any further notice or demand whatsoever, Landlord may take any one or more of the actions permissible at law to insure
performance by Tenant of Tenant’s covenants and obligations under this Lease. It is further agreed in this regard that in
the event of any default described in subsection (b) of Section 12.01 of this Lease, Landlord shall have the right to enter
upon the Premises without being liable for prosecution or any claim for damages therefor (except for damages resulting from Landlord’s
gross negligence or willful misconduct), and do whatever Tenant is obligated to do under the terms of this Lease and Tenant agrees
to reimburse Landlord on demand for any reasonable expenses which Landlord may incur in thus effecting compliance with Tenant’s
obligations under this Lease. Finally, it is agreed that in the event of any default described in subsection (f) of Section
12.01 of this Lease, Landlord may bond around such lien and in such event Tenant agrees to reimburse Landlord on demand for
all reasonable costs and expenses incurred in connection with any such action, with Tenant further agreeing that Landlord shall
in no event be liable for any damages or claims resulting from such action (except for damages or claims resulting from Landlord’s
gross negligence or willful misconduct).

 

(b)
Landlord may terminate this Lease, in which event Tenant shall immediately surrender the Premises to Landlord, and if Tenant fails
to do so, Landlord may, without prejudice to any other remedy which Landlord may have for possession or arrearages in Rent, enter
upon and take possession of the Premises and expel or remove Tenant and any other person who may be occupying the Premises or
any part thereof, by force if necessary, without being liable for prosecution or any claim for damages therefor.

 

12.03
Expenses. In addition to all other amounts and other obligations for which Tenant is liable upon an Event of Default, Tenant
shall compensate Landlord for all expenses incurred by Landlord in taking possession of the Premises (including, among other expenses,
any increase in insurance premiums caused by the vacancy of the Premises), all expenses incurred by Landlord in enforcing its
remedies (including, without limitation, reasonable attorneys’ fees), and all expenses incurred by Landlord for repairs
and brokerage fees in reletting the Premises.

 

12.04
Injunctive Relief. Landlord may restrain or enjoin any breach or threatened breach of any covenant, duty or obligation
of Tenant herein contained. The remedies of Landlord hereunder shall be deemed cumulative and not exclusive of each other.

 

12.05
Bankruptcy. In the event of any default described in subsection (d) of Section 12.01 of this Lease, any assumption
and assignment of this Lease must conform with the requirements of the Bankruptcy Code and any assignee must comply with all of
the Legal Requirements as required under this Lease.

 

12.06
No Waivers. No failure by any party hereto to insist upon the strict performance of any provision of this Lease or to exercise
any right, power or remedy consequent to any breach thereof, and no waiver of any such breach, or the acceptance of full or partial
rent during the continuance thereof, shall constitute a waiver of any such breach or of any such provision. No waiver of any breach
shall affect or alter this Lease, which shall continue in full force and effect, or the rights of any party hereto with respect
to any other then existing or subsequent breach.

 

12.07
No Offsets. Tenant shall not assert any breach of an obligation, warranty or duty of Landlord as, and no such breach shall
constitute, a defense, offset, excuse or counterclaim to any obligation of Tenant hereunder, but Tenant may, subject to the other
provisions of this Lease, pursue independent remedies for any such breach by Landlord.

 

    	PAGE-9

     

    

 

12.08
Mitigation of Damages. For purposes of determining any recovery of Rent or damages by Landlord that depends upon what Landlord
could collect by using reasonable efforts to relet the Premises, it is understood and agreed that:

 

(a)
Landlord may reasonably elect to lease other available space on or in any other property owned by Landlord, if any, before reletting
the Premises.

 

(b)
Landlord may reasonably decline to incur out-of-pocket costs to relet the Premises, other than customary leasing commissions and
legal fees for the negotiation of a lease with a new tenant.

 

(c)
Landlord may reasonably decline to relet the Premises at rental rates below then prevailing market rental rates, because of the
negative impact lower rental rates would have on the value of the Premises and because of the uncertainty of actually receiving
from Tenant the greater damages that Landlord would suffer from and after reletting at the lower rates.

 

(d)
Landlord may reasonably decline to relet the Premises for a use or to a tenant which Landlord reasonably believes would have a
negative impact upon the value of the Premises.

 

12.09
Default By Landlord. Landlord shall not be in default unless Landlord fails to perform obligations required of Landlord
within a reasonable time, but in no event later than thirty (30) days after written notice by Tenant to Landlord; provided, however,
that if the nature of Landlord’s obligation is such that more than thirty (30) days are required for performance then Landlord
shall not be in default if Landlord commences performance within such thirty (30) day period and thereafter diligently prosecutes
the same to completion. Notwithstanding anything in this Lease to the contrary, Landlord shall not be liable for consequential,
punitive or incidental damages (including, without limitation, any claims for lost profits and/or lost business opportunity) arising
under or in connection with this Lease.

 

Section
13

 

MISCELLANEOUS

 

13.01
No Partnership. Nothing contained herein or in any instrument relating hereto shall be construed as creating a partnership
or joint venture between Landlord and Tenant or between Landlord and any other party, or cause Landlord to be responsible in any
way for debts or obligations of Tenant or any other party.

 

13.02
Time of the Essence. Time is hereby expressly declared to be of the essence of this Lease and of each and every term, covenant,
agreement, condition and provision hereof.

 

13.03
Captions. The captions of this Lease are for convenience and reference only, and are not a part of this Lease, and in no
way amplify, define, limit or describe the scope or intent of this Lease, nor in any way affect this Lease.

 

13.04
Meaning of Terms. Words of any gender in this Lease shall be held to include any other gender and words in the singular
number shall be held to include the plural when the sense requires.

 

13.05
Lease Construed as a Whole. The language in all parts of this Lease shall in all cases be construed as a whole according
to its fair meaning and neither strictly for nor against Landlord or Tenant.

 

13.06
Severability. If any provision of this Lease (other than those relating to payment of Rent) or the application thereof
to any person or circumstances shall to any extent be invalid or unenforceable, the remainder of this Lease, or the application
of such provision to persons or circumstances other than those as to which it is invalid or unenforceable, shall not be affected
thereby, and each provision of this Lease shall be valid and be enforced to the fullest extent permitted by law.

 

13.07
Survival. Each provision of this Lease which may require the payment of money by, to or on behalf of Landlord or Tenant
or third parties after the expiration of the Term hereof or its earlier termination shall survive such expiration or earlier termination.
In addition, all indemnity obligations of Landlord and Tenant under this Lease arising during the Term of this Lease shall survive
the termination of this Lease.

 

    	PAGE-10

     

    

 

13.08
Amendment. This Lease may be amended only in writing, signed by both Landlord and Tenant.

 

13.09
Brokers. Tenant represents and warrants to Landlord that it has not dealt with any real estate broker in connection with
this Lease other than Steam Capital and Landlord represents and warrants to Tenant that it has not dealt with any real estate
broker in connection with the lease other than Horvath & Tremblay. No commissions shall be payable with respect to this Lease
or the lease of the Premises hereunder and each party hereby agrees to indemnify the other party and to hold and defend the other
party harmless from and against any claims or demands from any real estate broker claiming to represent the indemnifying party
in connection with this Lease.

 

13.10
Notices. Any notice to be given or to be served upon any party hereto, in connection with this Lease, must be in writing,
and may be given by FedEx or other nationally recognized courier which provides evidence of delivery and shall be deemed to have
been given and received on the next business day after any such notice, properly addressed, with overnight, priority service prepaid,
is delivered to FedEx or such other courier. If given otherwise than as provided in the preceding sentence, any such notice shall
be deemed to have been given when delivered to and received by the party to whom it is addressed. Such notices shall be given
to the parties hereto at the following addresses:

 

	 	Landlord:	Ernest
    M. Cherry, Jr. Revocable Trust and
	 	 	Carole
    A. Cherry Revocable Trust
	 	 	PO
    Box 181
	 	 	Hampton
    Falls, New Hampshire 03844
	 	 	Email:
    echerry@tiac.net

 

	 	Tenant:	Meier
    Properties, Series LLC
	 	 	1583
    South 1700 East
	 	 	Vernal,
    UT 84078
	 	 	Attn:
    Troy Meier
	 	 	Tel:
    435-789-0594
		 	Email:
    Troy@teamsdp.com

 

	 	with
    a copy to:	Ewing
    & Jones, PLLC
	 	 	6363
    Woodway, Suite 1000
	 	 	Houston,
    Texas 77057
	 	 	Attn:
    Benjamin H. Hughes
	 	 	Email:
    bhughes@ewingjones.com

 

or
to such other address as either party may from time to time designate by written notice to the other.

 

13.11
Attorneys’ Fees. In any proceeding or controversy associated with or arising out of this Lease or a claimed or actual
breach thereof, or in any proceeding to recover the possession of the Premises, or in any bankruptcy proceeding or appeal involving
this Lease or the Premises, the prevailing party shall be entitled to recover from the other party as a part of prevailing party’s
costs, reasonable attorney’s fees, the amount of which shall be fixed by the court and shall be made a part of any judgment
rendered.

 

13.12
Governing Law; Venue. This Lease shall be construed according to and governed by the internal laws (without regard to conflict
of laws principles) of the State of Utah. The venue for any dispute shall hereunder be the state and federal courts located in
Uintah County, Utah and both Landlord and Tenant waive any claims with respect to non conveniens regarding such location.

 

    	PAGE-11

     

    

 

13.13
Successors and Assigns. All of the covenants, agreements, terms and conditions contained in this Lease shall inure to and
be binding upon Landlord and Tenant and their respective heirs, executors, administrators, successors and assigns.

 

13.14
Entire Agreement. This Lease contains the final and complete expression of the parties relating in any manner to the leasing,
use and occupancy of the Premises and other matters set forth in this Lease. No prior agreements or understanding pertaining to
the same shall be valid or of any force or effect and the covenants and agreements of this Lease shall not be altered, modified
or added to except in writing signed by Landlord and Tenant.

 

13.15
No Waiver Implied. No waiver of any default hereunder shall be implied from any omission by either party to take any action
on account of such default if such default persists or is repeated and no express waiver shall affect any default other than the
default specified in the express waiver and that only for the time and to the extent therein stated. The acceptance by Landlord
of Rent with knowledge of the breach of any of the covenants of this Lease by Tenant shall not be deemed a waiver of any such
breach. One or more waivers of any breach of any covenant, term or condition of this Lease shall not be construed as a waiver
of any subsequent breach of the same covenant, term or condition. The consent or approval, by Landlord or Tenant, as the case
may be, to or of any act by the other party requiring consent or approval, shall not be deemed to waive or render unnecessary
Landlord’s or Tenant’s consent or approval, as the case may be, to or of any subsequent similar acts by the other
party.

 

13.16
Holding Over. If Tenant shall hold over in the Premises after expiration of the Term, Tenant’s hold over shall be
deemed to be that of a tenancy at sufferance and in no event from month to month or from year to year, and it shall be subject
to all of the terms, covenants and conditions of this Lease applicable thereto, except the Base Rent for any such holdover period
shall be 150% of the amount of Base Rent last applicable during the Term. Tenant shall indemnify Landlord against all claims for
all losses, costs and expenses, including reasonable attorneys’ fees, incurred by Landlord by reason of such holding over.

 

13.17
Force Majeure Event. When this Lease prescribes a period of time for action to be taken by either Landlord or Tenant (except
for any monetary obligations), such party shall not be liable or responsible for, and there shall be excluded from the computation
for the period of time, any delays due to strikes, acts of God, non-availability or shortages of labor or materials, local strikes,
lockouts, inclement weather, war, governmental laws, regulations, restrictions, a moratorium on construction, delays in transportation,
governmental delays in granting permits or approvals, unknown and unanticipated soil or other underground conditions or any other
cause of any kind that is beyond the control of such party, so long as such party is using all reasonable means to minimize or
avoid such delays and the economic impact thereof (collectively, a “Force Majeure Event”).

 

13.18
Purchase Option. Landlord hereby grants Tenant the option to purchase the Premises in accordance with the provisions of
Exhibit C attached hereto and incorporated herein for all purposes.

 

13.19
Build Out Option. Landlord hereby grants Tenant the build out option with respect to the Premises as set forth in Exhibit
D attached hereto and incorporated herein for all purposes.

 

13.20
Guaranty. Contemporaneously with Tenant’s execution of this Lease, Tenant shall deliver Landlord an executed copy
of the Lease Guaranty in the form set forth in Exhibit E attached hereto and incorporated herein for all purposes executed
by Superior Drilling Products, Inc., a Utah corporation.

 

13.21
Counterparts. This Lease may be signed in multiple counterparts, including by electronic signature, scanned and delivered
by e-mail, each of which counterparts shall be deemed an original instrument.

 

[Signatures
on following page]

 

    	PAGE-12

     

    

 

 

    	PAGE-13

     

    

 

EXHIBIT
A-1

 

DEPICTION
OF THE PREMISES

 

 

    	Exhibit A-1

     

    

 

EXHIBIT
A-2

 

LEGAL
DESCRIPTION OF THE PREMISES

 

Tracts
1-7:

 

 

Tracts
8-9:

 

 

    	Exhibit A-2

     

    

 

EXHIBIT B

 

Renewal
Options

 

A.
Tenant shall have the right to extend the Term for four (4) additional periods of five (5) years each (each, a “Renewal
Option” with the term of any such extension, a “Renewal Term”), with any Renewal Term,
if properly and timely exercised, commencing on the first day following the expiration of the Initial Term or the preceding Renewal
Term, as applicable, if:

 

	 	1.	Landlord
    receives notice of exercise of the Renewal Option (“Initial Renewal Notice”) not less than six (6)
    full calendar months prior to the expiration of the Initial Term or the last day of any Renewal Term, as applicable, and not
    more than twelve (12) full calendar months prior to the expiration of the Initial Term or any applicable Renewal Term; and
	 	 	 
	 	2.	There
    is no outstanding Event of Default under the Lease beyond any applicable cure periods at the time that Tenant delivers its
    Initial Renewal Notice or at the time Tenant delivers its Binding Renewal Notice; and
	 	 	 
	 	3.	Tenant
    executes and returns a mutually acceptable Renewal Amendment (hereinafter defined) within fifteen (15) days after its submission
    to Tenant.

 

B.
All terms applicable with respect to the Lease immediately prior to the commencement of any Renewal Term shall be applicable with
respect to such Renewal Term; provided, however, the initial Base Rent payable during such Renewal Term shall equal the Market
Rate (hereinafter defined).

 

C.
Within thirty (30) days after receipt of Tenant’s Initial Renewal Notice, Landlord shall advise Tenant of the applicable
Base Rent for the Premises for the Renewal Term. Tenant, within fifteen (15) days after the date on which Landlord advises Tenant
of the applicable Base Rent for the Renewal Term, shall either (i) give Landlord final binding written notice (“Binding
Notice”) of Tenant’s exercise of its option, or (ii) if Tenant disagrees with Landlord’s determination,
provide Landlord with written notice of rejection (the “Rejection Notice”). If Tenant fails to provide
Landlord with either a Binding Notice or Rejection Notice within such fifteen (15) day period, Tenant’s Renewal Option shall
be null and void and of no further force and effect. If Tenant provides Landlord with a Binding Notice, Landlord and Tenant shall
enter into an amendment to this Lease (the “Renewal Amendment”) upon the terms and conditions set forth
herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall work together in good faith to agree upon
the Market Rate for the Premises during the Renewal Term. Upon agreement, Tenant shall provide Landlord with Binding Notice and
Landlord and Tenant shall enter into the Renewal Amendment in accordance with the terms and conditions hereof. Notwithstanding
the foregoing, if Landlord and Tenant are unable to agree upon the Market Rate for the Premises within thirty (30) days after
the date on which Tenant provides Landlord with a Rejection Notice, then both parties shall agree to enter into “baseball
style” arbitration, as outlined herein, in order to establish the Market Rate for the Renewal Term:

 

(1)
Each party shall submit a “determination” of the Market Rate to arbitration within five (5) days of determining an
entity to serve as the Arbitrator, and the Arbitrator may only select that one of the determinations submitted by a party to be
the more accurate determination of the Market Rate, and the Arbitrator may not add to, subtract from, reform or otherwise modify
the provisions of the Lease or of either of the submitted Market Rates. The Market Rate that the Arbitrator determines to be more
accurate shall be binding on both parties and shall be used as the Base Rent for the Renewal Term and incorporated into a formal
Renewal Amendment;

 

    	Exhibit B-1

     

    

 

(2)
The Arbitrator shall be a real estate broker licensed by the State of Utah who is active in representing industrial tenants in
the Vernal, Utah market area. The Arbitrator shall not have any interest in or conflict with either Landlord or Tenant. The Arbitrator
shall be mutually agreed upon by both Landlord and Tenant within ten (10) days of the date that the obligation arises hereunder
to use arbitration in determining the Market Rate; provided, however, if Landlord or Tenant are unable to agree on a single Arbitrator
within such ten (10) day period, each party will, within five (5) days of the expiration of such ten (10) day period, select a
real estate broker licensed by the State of Utah who is active in representing industrial tenants in the Vernal, Utah market area
(each broker, a “Party Selection”) and within ten (10) days of being selected, those two Party Selections
shall select a third a real estate broker licensed by the State of Utah who is active in representing industrial tenants in the
Vernal, Utah market area, which third person shall be the single Arbitrator. Each party shall pay its own counsel fees and expenses,
if any, in connection with any arbitration under this Exhibit B, and the parties shall share equally all other expenses and fees
of any such arbitration.

 

D.
If Tenant is entitled to and properly exercises its Renewal Option, Landlord shall prepare the Renewal Amendment to reflect changes
in the Base Rent, the Term and other appropriate terms. The Renewal Amendment shall be:

 

1.
sent to Tenant within fifteen (15) days after receipt of the Binding Notice or the determination of the Market Rate by the Arbitrator;
and

 

2.
executed by Tenant and returned to Landlord in accordance with Paragraph A.3 above.

 

E.
With respect to the exercising of the renewal options, “Market Rate” shall be the then-prevailing fair
market value rental rate (determined on a fully “net” lease basis) as of the exercising of the respective provision
by Tenant charged to renewing, for tenants of similar financial standing, for property of comparable size and conditions and with
comparable improvements within a five (5) mile radius of the Premises (“Comparable Buildings”), taking
into consideration the following: (i) the location, quality and age of the Buildings and other improvements; (ii) the use, location
and size of the Premises; (iii) the distinction between full-service “gross” leases and “net” leases;
(iv) any other adjustments (including by way of indexes) to base rental; (v) the credit standing and financial stature of (a)
Tenant and (b) the tenants being considered hereunder in the Comparable Buildings; (vi) the term or length of lease; (vii) the
payment of a leasing commission and/or fees/bonuses in lieu thereof; and (viii) any other concession or inducement and/or relevant
term or condition in making the Market Rate determination.

 

    	Exhibit B-2

     

    

 

EXHIBIT
C

 

Purchase
Option

 

Landlord
hereby grants to Tenant an option to purchase the Premises (including the real estate and improvements) from Landlord for a purchase
price which shall be determined in accordance with Paragraph C hereof, payable in cash or certified funds.

 

A.
During the thirty (30) day period immediately preceding each five (5) year anniversary of the Effective Date, including, without
limitation, during any extensions of the Term with respect to any Renewal Terms, and ending on the expiration of the Term or earlier
termination of this Lease, if there is then no outstanding Event of Default under the Lease beyond any applicable cure period,
Tenant shall have the right to purchase the Premises under the terms and conditions set forth in this Exhibit C. Tenant shall
not have any right whatsoever to exercise this option after the expiration of the Term or the earlier termination of this Lease.

 

B.
Subject to the provisions of this Exhibit C, Tenant may exercise the option granted herein by delivering to Landlord a written
notice stating Tenant’s intent to exercise this option (the “Exercise Notice”). The sale and purchase
of the Premises shall be at a mutually agreeable time no more than one hundred twenty (120) days and no less than thirty (30)
days from the date the Purchase Price is determined pursuant to Paragraph C hereunder, which time can be beyond the Term, in which
case, the Term shall be deemed to extend until the closing of the purchase and sale of the Premises hereunder under the same terms
as applicable immediately prior to the date that the Term would have otherwise expired. The exercise of this option shall ripen
this instrument into a contract for the sale and purchase of the Premises without the necessity of any further instrument in writing
except as provided herein.

 

C.
Within thirty (30) days after receipt of Tenant’s Exercise Notice, Landlord shall advise Tenant of the applicable purchase
price for the Premises (the “Purchase Price”). Tenant, within fifteen (15) days after the date on which
Landlord advises Tenant of the applicable Purchase Price, shall either (i) give Landlord written notice of the acceptance of such
price (“Acceptance Notice”), or (ii) if Tenant disagrees with Landlord’s determination, provide
Landlord with written notice of rejection (the “Rejection Notice”). If Tenant fails to provide Landlord
with either an Acceptance Notice or Rejection Notice within such fifteen (15) day period, Tenant’s Exercise Notice shall
be deemed to be rescinded and of no further force and effect. If Tenant provides Landlord with a Rejection Notice, Landlord and
Tenant shall work together in good faith to agree upon the Purchase Price. Upon agreement, Tenant shall provide Landlord with
an Acceptance Notice. Notwithstanding the foregoing, if Landlord and Tenant are unable to agree upon the Purchase Price within
thirty (30) days after the date on which Tenant provides Landlord with a Rejection Notice, then both parties shall agree to enter
into “baseball style” arbitration, as outlined herein, in order to establish the Purchase Price:

 

(1)
Each party shall submit a “determination” of the Purchase Price to arbitration within five (5) days of determining
an entity to serve as the Arbitrator, and the Arbitrator may only select that one of the determinations submitted by a party to
be the more accurate determination of the Purchase Price, and the Arbitrator may not add to, subtract from, reform or otherwise
modify the submitted Purchase Price. The Purchase Price that the Arbitrator determines to be more accurate shall be binding on
both parties and shall be used as the Purchase Price;

 

    	Exhibit C-1

     

    

 

(2)
The Arbitrator shall be a real estate broker licensed by the State of Utah who is active in representing industrial tenants in
the Vernal, Utah market area. The Arbitrator shall not have any interest in or conflict with either Landlord or Tenant. The Arbitrator
shall be mutually agreed upon by both Landlord and Tenant within ten (10) days of the date that the obligation arises hereunder
to use arbitration in determining the Purchase Price; provided, however, if Landlord or Tenant are unable to agree on a single
Arbitrator within such ten (10) day period, each party will, within five (5) days of the expiration of such ten (10) day period,
select a real estate broker licensed by the State of Utah who is active in representing industrial tenants in the Vernal, Utah
market area (each broker, a “Party Selection”) and within ten (10) days of being selected, those two
Party Selections shall select a third a real estate broker licensed by the State of Utah who is active in representing industrial
tenants in the Vernal, Utah market area, which third person shall be the single Arbitrator. Each party shall pay its own counsel
fees and expenses, if any, in connection with any arbitration under this Exhibit C, and the parties shall share equally all other
expenses and fees of any such arbitration.

 

(3)
Notwithstanding anything herein to the contrary, under no circumstances will Landlord be obligated to sell the Premises pursuant
to this Exhibit C for less than the amount paid by Landlord for the Premises, including all related expenses associated with the
acquisition of the Premises by Landlord.

 

D.
Landlord covenants that, upon the exercise of this option by Tenant, and upon payment of the Purchase Price, Landlord shall convey,
and cause to be conveyed to Tenant, unencumbered, marketable title to the Premises, in fee simple, and that Landlord will warrant
the title to the Premises, by special warranty deed, against the claims and demands of all persons claiming by, through or under
Landlord, subject only to the lien of ad valorem taxes for the year in which the sale is closed and any liens or encumbrances
caused or created by Tenant. Taxes for the year in which the sale is closed shall not be prorated between the parties, as Tenant
is obligated to pay such taxes under this Lease. Tenant shall pay all costs of preparing the special warranty deed, any transfer
tax, title examination, title insurance, escrow fees, Tenant’s attorney’s fees and all other costs associated with
the closing, except that Landlord shall pay the costs of curing any title objections caused by Landlord, Landlord’s attorney’s
fees and the cost of paying and satisfying any liens or encumbrances created by Landlord.

 

E.
Tenant shall not receive a credit at closing or otherwise for any rental payments made hereunder except with respect to any Rent
paid in advance with respect to periods on or after the closing date of the purchase and sale hereunder, which will be prorated
on a daily basis.

 

F.
Tenant shall purchase the Premises in “as is” condition “with all faults” and specifically and expressly
without any warranties, representations or guaranties, of any kind, oral or written, expressed or implied, concerning the Premises
from or on behalf of Landlord, except as expressly provided herein. Landlord shall not under any circumstances be required to
repair or modify any condition of the Premises.

 

G.
This option shall permit Tenant to purchase all of the tracts, parcels, improvements and appurtenances constituting the Premises
in one transaction, and Tenant shall not be entitled under any circumstances to purchase less than all of the tracts, parcels
and improvements constituting the Premises.

 

H.
The exercise by Tenant of the option granted herein shall not terminate this Lease or modify or reduce Tenant’s obligations
under this Lease. Upon closing of the purchase of the Premises pursuant to this option, however, this Lease shall terminate and
be of no further force and effect.

 

    	Exhibit C-2

     

    

 

EXHIBIT
D

 

Build-Out
Option

 

Landlord,
upon receiving written notice from Tenant, with such notice to be provided by Tenant at Tenant’s sole discretion, shall
complete a build out (the “Build Out”) of additional space or buildings within the Premises (such additional
space, the “Build Out Space”) in accordance with plans mutually approved by Landlord and Tenant, with
both acting reasonably with regard to the approval of such plans. From the commencement of the construction of the Build Out until
its Substantial Completion, as such term is defined below, Rent and other charges due from Tenant to Landlord under this Lease
will remain the same and Tenant shall continue to pay all other sums due as required under the terms of this Lease. Tenant agrees
that during any period of the construction of the Build Out, Tenant will continue the operation of its business within the Premises
to the extent practicable and that Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the
business of Tenant resulting in any way from the Build Out; provided, however, Landlord shall take all commercially reasonable
and appropriate steps so as not to unreasonably interfere with Tenant’s operations in the Premises and shall coordinate
with Tenant with regard to the timing and construction procedures of such Build Out so as to minimize any possible interference
with Tenant’s operations in the Premises. The Build Out will be considered to have achieved “Substantial Completion”
for purposes of this Exhibit D when (a) Landlord’s contractor certifies in writing to Landlord and Tenant that Landlord
is able to provide Tenant with reasonable access to the portion of the Premises subject to the Build Out, (b) the contractor has
substantially performed all of the Build Out, other than decoration and minor “punch-list” type items and adjustments
which do not materially interfere with Tenant’s access to or use of the Build Out Space and (c) the contractor has obtained
a temporary certificate of occupancy or other required equivalent approval from the local governmental authority permitting occupancy
of the Build Out Space. Upon the Substantial Completion of the Build Out, the Premises shall include the Build Out Space and the
Rent payable under this Lease shall include the Base Rent payable with respect to the Premises (excluding the Build Out) as set
forth herein, as well as the Build Out Fair Market Value (as defined herein); provided, however, with respect to the Base Rent
payable upon any Renewal Term commencing after the date of the Substantial Completion of the Build Out, the Base Rent payable
during such Renewal Term shall be determined based on the Market Rate of the Premises, including the Build Out, as determined
pursuant to Exhibit B.

 

Upon
the commencement of any Build Out, Landlord and Tenant shall negotiate in good faith to determine the fair market rent for the
Build Out Space upon the Substantial Completion of the Build Out (such rate, the “Market Rate”). If
Landlord and Tenant shall fail to agree upon a final and binding fair Market Rate within thirty (30) days after Landlord and Tenant
commence negotiations to determine such Market Rate, then both parties shall agree to enter into “baseball style”
arbitration, as outlined herein, in order to establish the Market Rate:

 

(1)
Each party shall submit a “determination” of the Market Rate to arbitration within five (5) days of determining an
entity to serve as the Arbitrator, and the Arbitrator may only select that one of the determinations submitted by a party to be
the more accurate determination of the Market Rate, and the Arbitrator may not add to, subtract from, reform or otherwise modify
the provisions of the Lease or of either of the submitted Market Rates. The Market Rate that the Arbitrator determines to be more
accurate shall be binding on both parties and shall be used as the Market Rate;

 

(2)
The Arbitrator shall be a real estate broker licensed by the State of Utah who is active in representing industrial tenants in
the Vernal, Utah market area. The Arbitrator shall not have any interest in or conflict with either Landlord or Tenant. The Arbitrator
shall be mutually agreed upon by both Landlord and Tenant within ten (10) days of the date that the obligation arises hereunder
to use arbitration in determining the Market Rate; provided, however, if Landlord or Tenant are unable to agree on a single Arbitrator
within such ten (10) day period, each party will, within five (5) days of the expiration of such ten (10) day period, select a
real estate broker licensed by the State of Utah who is active in representing industrial tenants in the Vernal, Utah market area
(each broker, a “Party Selection”) and within ten (10) days of being selected, those two Party Selections
shall select a third a real estate broker licensed by the State of Utah who is active in representing industrial tenants in the
Vernal, Utah market area, which third person shall be the single Arbitrator. Each party shall pay its own counsel fees and expenses,
if any, in connection with any arbitration under this Exhibit D, and the parties shall share equally all other expenses and fees
of any such arbitration.

 

    	Exhibit D-1

     

    

 

EXHIBIT
E

 

FORM
OF LEASE GUARANTY

 

This
Guaranty of Lease (this “Guaranty”), dated November___, 2020, is attached to and made part of that certain
Commercial Lease (the “Lease”) dated on or about the date hereof, by and between ERNEST M. CHERRY, JR.
REVOCABLE TRUST and CAROLE A. CHERRY REVOCABLE TRUST collectively, as Landlord, and MEIER PROPERTIES, SERIES LLC, a Utah limited
liability company, as Tenant, with respect to the lease of approximately 6.57 acres of land and improvements thereto commonly
known as 1540-1586 S. 1700 E., Vernal, UT 84078, as described therein. Unless otherwise defined herein, the terms used in this
Guaranty shall have the same definitions as set forth in the Lease. In order to induce Landlord to enter into the Lease with Tenant,
Superior Drilling products, Inc., a Utah corporation (“Guarantor”),
has agreed to execute and deliver this Guaranty to Landlord. Guarantor acknowledges that Landlord would not enter into the Lease
if Guarantor did not execute and deliver this Guaranty to Landlord.

 

1.
Guaranty. In consideration of the execution of the Lease by Landlord and as a material inducement to Landlord to execute
the Lease, Guarantor hereby irrevocably and unconditionally guarantees the full, timely and complete (a) payment of all rent and
other sums payable by Tenant to Landlord under the Lease, and any amendments or modifications thereto and (b) performance of all
covenants, representations and warranties made by Tenant and all obligations to be performed by Tenant pursuant to the Lease,
and any amendments or modifications thereto (collectively, the “Lease Obligations”). The payment and
performance of the Lease Obligations shall be conducted in accordance with all terms, covenants and conditions set forth in the
Lease, without deduction, offset, counterclaim or excuse of any nature (except as otherwise expressly provided therein). It is
understood that Landlord, without impairing this Guaranty, may apply payments from Tenant to the Lease Obligations or to such
other obligations owed by Tenant to Landlord in such amounts and in such order as Landlord in its complete discretion determines.

 

2.
Landlord’s Rights. Landlord may perform any of the following acts at any time during the Term of the Lease, without
notice to or assent of Guarantor and without in any way releasing, affecting or impairing any of Guarantor’s obligations
or liabilities under this Guaranty: (a) alter, modify or amend the Lease, (b) grant extensions or renewals to the Term of the
Lease, (c) assign or otherwise transfer its interest in the Lease, the Premises or this Guaranty, (d) consent to any transfer
or assignment of Tenant’s or any future tenant’s interest under the Lease and (e) foreclose upon any such security
by judicial or nonjudicial sale, without affecting or impairing in any way the liability of Guarantor under this Guaranty, except
to the extent the indebtedness has been paid.

 

3.
Tenant’s Default. This Guaranty is a guaranty of payment and performance, and not of collection. Upon any breach
or default by Tenant under the Lease, Landlord may proceed immediately against Tenant and/or Guarantor to enforce any of Landlord’s
rights or remedies against Tenant or Guarantor pursuant to this Guaranty, the Lease, or at law or in equity without notice to
or demand upon either Tenant or Guarantor. This Guaranty shall not be released, modified or affected by any failure or delay by
Landlord to enforce any of its rights or remedies under the Lease or this Guaranty, or at law or in equity.

 

4.
Guarantor’s Waivers. Guarantor hereby waives (a) presentment, demand for payment and protest of non-performance under
the Lease, (b) notice of any kind, including, without limitation, notice of protest, presentment, demand for payment, default,
nonpayment, or the creation or incurring of new or additional obligations of Tenant to Landlord, (c) any right to require Landlord
to enforce its rights or remedies against Tenant under the Lease, or otherwise, (d) any right to require Landlord to proceed against
any security held from Tenant or any other person or entity, (e) any right of subrogation and (f) any defense arising out of the
absence, impairment or loss of any right of reimbursement or subrogation or other right or remedy of Guarantor against Landlord,
whether resulting from an election by Landlord, or otherwise. Any part payment by Tenant or other circumstance which operates
to toll any statute of limitations as to Tenant, shall operate to toll the statute of limitations as to Guarantor.

 

    	E-1

     

    

 

5.
Separate and Distinct Obligations. Guarantor acknowledges and agrees that Guarantor’s obligations to Landlord under
this Guaranty are separate and distinct from Tenant’s obligations to Landlord under the Lease. The occurrence of any of
the following events shall not have any effect whatsoever on Guarantor’s obligations to Landlord hereunder, each of which
obligations shall continue in full force or effect as though such event had not occurred: (a) the commencement by Tenant of a
voluntary case under the federal bankruptcy laws, as now constituted or hereafter amended or replaced, or any other applicable
federal or state bankruptcy, insolvency or other similar law (collectively, “Bankruptcy Laws”), (b)
the consent by Tenant to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator
or similar official of Tenant or for any substantial part of its property, (c) any assignment by Tenant for the benefit of creditors,
(d) the failure of Tenant generally to pay its debts as such debts become due, (e) the taking of corporate action by Tenant in
the furtherance of any of the foregoing or (f) the entry of a decree or order for relief by a court having jurisdiction in respect
of Tenant in any involuntary case under applicable Bankruptcy Laws, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of Tenant or for any substantial part of its property, or ordering the winding-up
or liquidation of any of its affairs and the continuance of any such decree or order unstayed and in effect for a period of sixty
(60) consecutive days. The liability of Guarantor under this Guaranty is not, and shall not be, affected or impaired by any payment
made to Landlord under or related to the Lease for which Landlord is required to reimburse Tenant pursuant to any court order
or in settlement of any dispute, controversy or litigation in any bankruptcy, reorganization, arrangement, moratorium or other
federal or state debtor relief proceeding. If, during any such proceeding, the Lease is assumed by Tenant or any trustee, or thereafter
assigned by Tenant or any trustee to a third party, this Guaranty shall remain in full force and effect with respect to the full
performance of Tenant, any such trustee or any such third party’s obligations under the Lease. If the Lease is terminated
or rejected during any such proceeding, or if any of the events described in Subparagraphs (a) through (f) of this Paragraph 5
occur, as between Landlord and Guarantor, Landlord shall have the right to accelerate all of Tenant’s obligations under
the Lease and Guarantor’s obligations under this Guaranty. In such event, all such obligations shall become immediately
due and payable by Guarantor to Landlord. Guarantor waives any defense arising by reason of any disability or other defense of
Tenant or by reason of the cessation from any cause whatsoever of the liability of Tenant.

 

6.
Subordination. All existing and future debts of Tenant to Guarantor, if any, shall be subordinated to all obligations owed
to Landlord under the Lease and this Guaranty.

 

7.
Successors and Assigns. This Guaranty binds Guarantor’s successors and assigns.

 

8.
Encumbrances. If Landlord’s interest in the Property or the Lease, or the rents, issues or profits therefrom, are
subject to any deed of trust, mortgage or assignment for security, any such encumbrances shall not affect any of Guarantor’s
obligations under this Guaranty. In such event, this Guaranty shall nevertheless continue in full force and effect for the benefit
of any mortgagee, beneficiary, trustee or assignee’ or any purchaser at any sale by judicial foreclosure or under any private
power of sale, and their successors and assigns.

 

9.
Guarantor’s Duty. Guarantor assumes the responsibility to remain informed of the financial condition of Tenant and
of all other circumstances bearing upon the risk of Tenant’s default, which reasonable inquiry would reveal, and agrees
that Landlord shall have no duty to advise Guarantor of information known to it regarding such condition or any such circumstance.

 

10.
Governing Law; Venue. This Guaranty shall be construed according to and governed by the internal laws (without regard to
conflict of laws principles) of the State of Utah. The venue for any dispute shall hereunder be the state and federal courts located
in Uintah County, Utah.

 

[Signature
Page Follows]

 

    	E-2

     

    

 

IN
WITNESS WHEREOF, Guarantor hereby executes this Guaranty as of the date first above written.

 

	 	Guarantor:
	 	 	 
	 	Superior Drilling products, Inc.,
	 	a Utah corporation
	 	 	 
	 	By:	             
	 	Name:	 
	 	Title:	 

 

	 	Guarantor’s
    Address:
	 	 
	 	1583
    South 1700 East
	 	Vernal,
    UT 84078
	 	Attn:	Troy
    Meier
	 	Tel:	435-789-0594
	 	Email:	Troy@teamsdp.com

 

    	E-3

     

    

 

EXHIBIT
F

 

DUE
DILIGENCE REQUIREMENTS

 

	1.	Environmental
    reports
	2.	Engineering
    reports
	3.	Soils/geotechnical
    reports
	4.	Site
    plans or plats
	5.	Maps
    and surveys
	6.	Written
    notices, reports, citations, orders, decisions, correspondence and memoranda from any governmental authority
	7.	Agreements,
    studies, reports, correspondence and other documents relating to the presence or absence of any endangered species or environmentally
    sensitive areas on the Property
	8.	Insurance
    certificates and statements detailing coverage at the Property

 

    	Exhibit F-1

     

    

 

EXHIBIT
G

 

Included
and Excluded Fixtures, Equipment and Personal Property

 

Included
Fixtures, Equipment and Personal Property:

 

	1.	Buildings
    identified in that certain Appraisal Report with respect to the Property by Van Drimmelen & Associates, Inc. dated effective
    March 20, 2020 as Roper #1 - #4 and the Cowboy Building;
	2.	Cranes
    and hoists;
	3.	Attached
    heating and cooling equipment;
	4.	Attached
    Torit systems (used for air filtration);
	5.	Fence
    & landscaping surrounding properties; and
	6.	Attached
    fixtures for lighting, plumbing, electric outlets, phone outlets and sprinkler systems.

 

Excluded
Fixtures, Equipment and Personal Property:

 

	1.	Machinery
    & equipment (CNC machines, lathes, grinders, shop tools, work benches, air compressors, etc.);
	2.	Sheds
    or containers used as stand-alone structures;
	3.	Networking
    & internet equipment;
	4.	Artwork
    in the offices;
	5.	Above
    ground holding tanks (Primary use is for R&D testing near the Cowboy Building);
	6.	Repair
    center improvements for painting and brazing;
	7.	Racks
    holding inventory; and
	8.	The
    research and development tri-plex pump system located at the Cowboy Building.

 

Any
electrical equipment or electrical adaptor specifically associated with an item of equipment or machinery within the Property,
is hereby deemed to be a component of such equipment and not a fixture, regardless of whether attached to the Property or Improvements.

 

    	Exhibit G-1EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
 CLOVIS
ONCOLOGY, INC. 
 AND 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

as Trustee 
 INDENTURE

 Dated as of November 17, 2020 

4.50% Convertible Senior Notes due 2024 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I    DEFINITIONS
	  	 	1	 
			
	 Section 1.01
	 	 Definitions
	  	 	1	 
	 Section 1.02
	 	 References to Interest
	  	 	10	 
		
	 ARTICLE II    ISSUE, DESCRIPTION, EXECUTION, REGISTRATION
AND EXCHANGE OF NOTES
	  	 	10	 
			
	 Section 2.01
	 	 Designation and Amount
	  	 	10	 
	 Section 2.02
	 	 Form of Notes
	  	 	10	 
	 Section 2.03
	 	 Date and Denomination of Notes; Payments of Interest and Defaulted Amounts
	  	 	11	 
	 Section 2.04
	 	 Execution, Authentication and Delivery of Notes
	  	 	12	 
	 Section 2.05
	 	 Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary
	  	 	13	 
	 Section 2.06
	 	 Removal of Transfer Restrictions
	  	 	19	 
	 Section 2.07
	 	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	19	 
	 Section 2.08
	 	 Temporary Notes
	  	 	20	 
	 Section 2.09
	 	 Cancellation of Notes Paid, Converted, Etc
	  	 	20	 
	 Section 2.10
	 	 CUSIP Numbers
	  	 	21	 
	 Section 2.11
	 	 Additional Notes; Repurchases
	  	 	21	 
		
	 ARTICLE III  SATISFACTION AND DISCHARGE
	  	 	21	 
			
	 Section 3.01
	 	 Satisfaction and Discharge
	  	 	21	 
		
	 ARTICLE IV    PARTICULAR COVENANTS OF THE
COMPANY
	  	 	22	 
			
	 Section 4.01
	 	 Payment of Principal and Interest
	  	 	22	 
	 Section 4.02
	 	 Maintenance of Office or Agency
	  	 	22	 
	 Section 4.03
	 	 Appointments to Fill Vacancies in Trustee’s Office
	  	 	22	 
	 Section 4.04
	 	 Provisions as to Paying Agent
	  	 	23	 
	 Section 4.05
	 	 Existence
	  	 	24	 
	 Section 4.06
	 	 Rule 144A Information Requirement and Annual Reports
	  	 	24	 
	 Section 4.07
	 	 Stay, Extension and Usury Laws
	  	 	26	 
	 Section 4.08
	 	 Compliance Certificate; Statements as to Defaults
	  	 	26	 
	 Section 4.09
	 	 Further Instruments and Acts
	  	 	26	 
		
	 ARTICLE V    LISTS OF HOLDERS AND REPORTS BY THE COMPANY
AND THE TRUSTEE
	  	 	26	 
			
	 Section 5.01
	 	 Lists of Holders
	  	 	26	 
	 Section 5.02
	 	 Preservation and Disclosure of Lists
	  	 	27	 

  
 i 

							
	 ARTICLE VI    DEFAULTS AND REMEDIES
	  	 	27	 
			
	 Section 6.01
	 	 Events of Default
	  	 	27	 
	 Section 6.02
	 	 Acceleration: Rescission and Annulment
	  	 	28	 
	 Section 6.03
	 	 Additional Interest
	  	 	29	 
	 Section 6.04
	 	 Payments of Notes on Default; Suit Therefor
	  	 	30	 
	 Section 6.05
	 	 Application of Monies Collected by Trustee
	  	 	31	 
	 Section 6.06
	 	 Proceedings by Holders
	  	 	32	 
	 Section 6.07
	 	 Proceedings by Trustee
	  	 	33	 
	 Section 6.08
	 	 Remedies Cumulative and Continuing
	  	 	33	 
	 Section 6.09
	 	 Direction of Proceedings and Waiver of Defaults by Majority of Holders
	  	 	33	 
	 Section 6.10
	 	 Notice of Defaults
	  	 	34	 
	 Section 6.11
	 	 Undertaking to Pay Costs
	  	 	34	 
		
	 ARTICLE VII   CONCERNING THE TRUSTEE
	  	 	34	 
			
	 Section 7.01
	 	 Duties and Responsibilities of Trustee
	  	 	34	 
	 Section 7.02
	 	 Reliance on Documents, Opinions, Etc
	  	 	36	 
	 Section 7.03
	 	 No Responsibility for Recitals, Etc
	  	 	37	 
	 Section 7.04
	 	 Trustee, Paying Agents, Conversion Agents or Note Registrar May Own Notes
	  	 	37	 
	 Section 7.05
	 	 Monies and Property to Be Held in Trust
	  	 	37	 
	 Section 7.06
	 	 Compensation and Expenses of Trustee
	  	 	38	 
	 Section 7.07
	 	 Officer’s Certificate as Evidence
	  	 	38	 
	 Section 7.08
	 	 Eligibility of Trustee
	  	 	39	 
	 Section 7.09
	 	 Resignation or Removal of Trustee
	  	 	39	 
	 Section 7.10
	 	 Acceptance by Successor Trustee
	  	 	40	 
	 Section 7.11
	 	 Succession by Merger, Etc
	  	 	40	 
	 Section 7.12
	 	 Trustee’s Application for Instructions from the Company
	  	 	41	 
		
	 ARTICLE VIII   CONCERNING THE HOLDERS
	  	 	41	 
			
	 Section 8.01
	 	 Action by Holders
	  	 	41	 
	 Section 8.02
	 	 Proof of Execution by Holders
	  	 	42	 
	 Section 8.03
	 	 Who Are Deemed Absolute Owners
	  	 	42	 
	 Section 8.04
	 	 Company-Owned Notes Disregarded
	  	 	42	 
	 Section 8.05
	 	 Revocation of Consents; Future Holders Bound
	  	 	43	 
		
	 ARTICLE IX    HOLDERS’ MEETINGS
	  	 	43	 
			
	 Section 9.01
	 	 Purpose of Meetings
	  	 	43	 
	 Section 9.02
	 	 Call of Meetings by Trustee
	  	 	43	 
	 Section 9.03
	 	 Call of Meetings by Company or Holders
	  	 	44	 
	 Section 9.04
	 	 Qualifications for Voting
	  	 	44	 
	 Section 9.05
	 	 Regulations
	  	 	44	 
	 Section 9.06
	 	 Voting
	  	 	45	 
	 Section 9.07
	 	 No Delay of Rights by Meeting
	  	 	45	 

  
 ii 

							
	 ARTICLE X    SUPPLEMENTAL INDENTURES
	  	 	45	 
			
	 Section 10.01
	 	 Supplemental Indentures Without Consent of Holders
	  	 	45	 
	 Section 10.02
	 	 Supplemental Indentures with Consent of Holders
	  	 	46	 
	 Section 10.03
	 	 Effect of Supplemental Indentures
	  	 	47	 
	 Section 10.04
	 	 Notation on Notes
	  	 	48	 
	 Section 10.05
	 	 Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee
	  	 	48	 
		
	 ARTICLE XI    CONSOLIDATION, MERGER, SALE AND
LEASE
	  	 	48	 
			
	 Section 11.01
	 	 Company May Consolidate, Etc
	  	 	48	 
	 Section 11.02
	 	 Successor Corporation to Be Substituted
	  	 	48	 
	 Section 11.03
	 	 Opinion of Counsel to Be Given to Trustee
	  	 	49	 
		
	 ARTICLE XII   IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS
AND DIRECTORS
	  	 	49	 
			
	 Section 12.01
	 	 Indenture and Notes Solely Corporate Obligations
	  	 	49	 
		
	 ARTICLE XIII   CONVERSION OF NOTES
	  	 	50	 
			
	 Section 13.01
	 	 Conversion Privilege
	  	 	50	 
	 Section 13.02
	 	 Conversion Procedure; Settlement Upon Conversion
	  	 	50	 
	 Section 13.03
	 	 Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole
Fundamental Changes
	  	 	52	 
	 Section 13.04
	 	 Adjustment of Conversion Rate
	  	 	54	 
	 Section 13.05
	 	 Adjustments of Prices
	  	 	62	 
	 Section 13.06
	 	 Shares to Be Fully Paid
	  	 	62	 
	 Section 13.07
	 	 Effect of Recapitalizations, Reclassifications and Changes of the Common Stock
	  	 	62	 
	 Section 13.08
	 	 Certain Covenants
	  	 	64	 
	 Section 13.09
	 	 Responsibility of Trustee
	  	 	64	 
	 Section 13.10
	 	 Stockholder Rights Plans
	  	 	64	 
	 Section 13.11
	 	 Exchange in Lieu of Conversion
	  	 	65	 
	 Section 13.12
	 	 Limits Upon Issuance of Shares of Common Stock Upon Conversion
	  	 	65	 
		
	 ARTICLE XIV  REPURCHASE OF NOTES AT OPTION OF HOLDERS
	  	 	67	 
			
	 Section 14.01
	 	 Repurchase at Option of Holders Upon a Fundamental Change
	  	 	67	 
	 Section 14.02
	 	 Withdrawal of Fundamental Change Repurchase Notice
	  	 	70	 
	 Section 14.03
	 	 Deposit of Fundamental Change Repurchase Price
	  	 	70	 
	 Section 14.04
	 	 Covenant to Comply with Applicable Laws Upon Repurchase of Notes
	  	 	71	 
	 Section 14.05
	 	 Repurchase of Notes by Third Party
	  	 	71	 

  
 iii 

							
	 ARTICLE XV  NO OPTIONAL REDEMPTION
	  	 	71	 
			
	 Section 15.01
	 	 No Optional Redemption
	  	 	71	 
		
	 ARTICLE XVI  MISCELLANEOUS PROVISIONS
	  	 	72	 
			
	 Section 16.01
	 	 Provisions Binding on Company’s Successors
	  	 	72	 
	 Section 16.02
	 	 Official Acts by Successor Corporation
	  	 	72	 
	 Section 16.03
	 	 Addresses for Notices, Etc
	  	 	72	 
	 Section 16.04
	 	 Governing Law; Jurisdiction
	  	 	73	 
	 Section 16.05
	 	 Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to
Trustee
	  	 	73	 
	 Section 16.06
	 	 Legal Holidays
	  	 	74	 
	 Section 16.07
	 	 No Security Interest Created
	  	 	74	 
	 Section 16.08
	 	 Benefits of Indenture
	  	 	74	 
	 Section 16.09
	 	 Table of Contents, Headings, Etc
	  	 	74	 
	 Section 16.10
	 	 Authenticating Agent
	  	 	74	 
	 Section 16.11
	 	 Execution in Counterparts
	  	 	75	 
	 Section 16.12
	 	 Severability
	  	 	75	 
	 Section 16.13
	 	 Waiver of Jury Trial
	  	 	76	 
	 Section 16.14
	 	 Force Majeure
	  	 	76	 
	 Section 16.15
	 	 Calculations
	  	 	76	 
	 Section 16.16
	 	 U.S.A. Patriot Act
	  	 	76	 
	 Section 16.17
	 	 Tax Compliance
	  	 	76	 
	 Section 16.18
	 	 Withholding Tax
	  	 	77	 

 EXHIBIT A – FORM OF NOTE 

  
 iv 

 INDENTURE, dated as of November 17, 2020, between CLOVIS ONCOLOGY, INC.,
a Delaware corporation, as issuer (the “Company”, as more fully set forth in Section 1.01), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (the “Trustee”,
as more fully set forth in Section 1.01). 
 WITNESSETH: 

WHEREAS, for its lawful corporate purposes, the Company has duly authorized the issuance of its 4.50% Convertible Senior Notes due 2024 (the
“Notes”), initially in an aggregate principal amount not to exceed $50,000,000 (or up to $70,000,000, if the Initial Purchasers exercise their Option), and in order to provide the terms and conditions upon which the Notes are to be
authenticated, issued and delivered, the Company has duly authorized the execution and delivery of this Indenture; and 
 WHEREAS, the Form
of Note, the certificate of authentication to be borne by each Note, the Form of Notice of Conversion, the Form of Fundamental Change Repurchase Notice and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the
forms provided in this Indenture; and 
 WHEREAS, all acts and things necessary to make the Notes, when executed by the Company and
authenticated and delivered by the Trustee or a duly authorized authenticating agent, as in this Indenture provided, the valid, binding and legal obligations of the Company, and this Indenture a valid agreement according to its terms, have been done
and performed, and the execution of this Indenture and the issuance under this Indenture of the Notes have in all respects been duly authorized. 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

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

DEFINITIONS 

Section 1.01 Definitions. The terms defined in this Section 1.01 (except as otherwise expressly
provided in this Indenture or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental to this Indenture shall have the respective meanings specified in this Section 1.01. The terms defined in
this Article include the plural as well as the singular. 
 “Additional Interest” means all amounts, if any, payable
pursuant to Section 4.06(d), Section 4.06(e) and Section 6.03, as applicable. 
 “Additional Shares” shall
have the meaning specified in Section 13.03(a). 

  
 1 

 “Affiliate” of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person means the power to direct or
cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing. 
 “Applicable Law” shall have the meaning specified in Section 16.17. 

“Board of Directors” means the board of directors of the Company or a committee of such board duly authorized to act for it
under this Indenture. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant
Secretary of the Company to have been duly adopted by the Board of Directors, and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day” means any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is
authorized or required by law or executive order to close or be closed. 
 “Capital Stock” means, for any entity, any and
all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) stock issued by that entity. 

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

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

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

“Common Stock” means the common stock of the Company, par value $0.001 per share, at the date of this Indenture, subject to
Section 13.07. 
 “Common Stock Change Event” shall have the meaning specified in Section 13.07(a). 

“Company” shall have the meaning specified in the first paragraph of this Indenture, and subject to the provisions of Article
XI, shall include its successors and assigns. 
 “Company Order” means a written order of the Company, signed by
(a) the Company’s Chief Executive Officer, Chief Financial Officer, President or any Executive Vice President and (b) any such other Officer designated in clause (a) of this definition or the Company’s Treasurer or Assistant
Treasurer or Secretary or any Assistant Secretary, and delivered to the Trustee. 
 “Conversion Agent” shall have the
meaning specified in Section 4.02. 

  
 2 

 “Conversion Date” shall have the meaning specified in
Section 13.02(c). 
 “Conversion Obligation” shall have the meaning specified in Section 13.01. 

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

“Conversion Rate” shall have the meaning specified in Section 13.01. 

“Corporate Trust Office” means the designated office of the Trustee at which at any time its corporate trust business shall
be administered, which office at the date of this Indenture is located at The Bank of New York Mellon Trust Company, N.A. 2 North LaSalle Street, Suite 700, Chicago, IL 60602, Tel (312) 827-8617, Attention:
Corporate Unit, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the designated corporate trust office of any successor trustee (or such other address as such successor trustee may
designate from time to time by notice to the Holders and the Company). 
 “Default” means any event that is, or after
notice or passage of time, or both, would be, an Event of Default. 
 “Defaulted Amounts” means any amounts on any Note
(including, without limitation, the Fundamental Change Repurchase Price, principal and interest) that are payable but are not punctually paid or duly provided for. 

“Deferral Exception” means the provisions set forth in Section 13.04(j). 

“Depositary” means, with respect to each Global Note, The Depository Trust Company, a New York corporation, until a successor
shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary” shall mean or include such successor. 

“Distributed Property” shall have the meaning specified in Section 13.04(c). 

“Effective Date” shall have the meaning specified in Section 13.03(b), except that, as used in Section 13.04,
“Effective Date” means the first date on which shares of the Common Stock trade on the applicable exchange or in the applicable market, regular way, reflecting the relevant share split or share combination, as applicable. 

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

“Ex-Dividend Date” means the first date on which shares of the Common Stock trade on the applicable exchange or
in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of Common Stock on such exchange or market (in the form of due bills or
otherwise) as determined by such exchange or market. For the avoidance of doubt, any alternative trading convention on the applicable exchange or market in respect of the Common Stock under a separate ticker symbol or CUSIP number will not be
considered “regular way” for purposes of the preceding sentence. 

  
 3 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder. 
 “Form of Assignment and Transfer” shall mean the “Form of
Assignment and Transfer” attached as Attachment 3 to the Form of Note attached to this Indenture as Exhibit A. 
 “Form of
Fundamental Change Repurchase Notice” shall mean the “Form of Fundamental Change Repurchase Notice” attached as Attachment 2 to the Form of Note attached to this Indenture as Exhibit A. 

“Form of Note” shall mean the “Form of Note” attached to this Indenture as Exhibit A. 

“Form of Notice of Conversion” shall mean the “Form of Notice of Conversion” attached as Attachment 1 to the Form
of Note attached to this Indenture as Exhibit A. 
 “Fundamental Change” shall be deemed to have occurred at the time after
the Notes are originally issued if any of the following occurs: 
 (a) a “person” or “group” within the meaning of
Section 13(d) of the Exchange Act, other than the Company or its Wholly Owned 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
“beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the Company’s Common Equity representing more than 50% of the voting power of the Company’s Common Equity; 

(b) the consummation of (A) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a
subdivision or combination) as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets; (B) any share exchange, consolidation or merger of the Company pursuant to which the
Common Stock will be converted into or exchanged for cash, securities or other property or assets; or (C) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of
the Company and its Subsidiaries, taken as a whole, to any Person other than one of the Company’s Wholly Owned Subsidiaries; provided, however, that a transaction described in clause (B) in which the holders of all classes of
the Company’s Common Equity immediately prior to such transaction own, directly or indirectly, more than 50% of all classes of Common Equity of the continuing or surviving corporation or transferee or the parent thereof immediately after such
transaction in substantially the same proportions as such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause (b); 

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

(d) the Common Stock ceases to be listed or quoted on any of The New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global
Market (or any of their respective successors); 

  
 4 

 provided, however, that any transaction that constitutes a Fundamental Change pursuant to both
clause (a) and clause (b) above (without regarding to the proviso to such clause (b)) shall be deemed a Fundamental Change solely under clause (b) above (subject to such proviso); and provided, further that a transaction
or transactions described in clauses (a) or (b) above shall not constitute a Fundamental Change if at least 90% of the consideration received or to be received by the common stockholders of the Company, excluding cash payments for fractional
shares or pursuant to stockholders’ statutory appraisal rights, in connection with such transaction or transactions consists of shares of common stock that are listed or quoted on any of The New York Stock Exchange, The Nasdaq Global Select
Market or The Nasdaq Global Market (or any of their respective successors) or will be so listed or quoted when issued or exchanged in connection with such transaction or transactions and such transaction constitutes a Common Stock Change Event whose
Reference Property consists of such consideration. 
 “Fundamental Change Company Notice” shall have the meaning specified
in Section 14.01(c). 
 “Fundamental Change Repurchase Date” shall have the meaning specified in
Section 14.01(a). 
 “Fundamental Change Repurchase Notice” shall have the meaning specified in
Section 14.01(b)(i). 
 “Fundamental Change Repurchase Price” shall have the meaning specified in
Section 14.01(a). 
 “Global Note” shall have the meaning specified in Section 2.05(a). 

“Holder” shall mean any Person in whose name at the time a particular Note is registered on the Note Register. 

“Indenture” means this instrument as originally executed or, if amended or supplemented as provided in this Indenture, as so
amended or supplemented. 
 “Initial Purchasers” means Highbridge Tactical Credit Master Fund, L.P. and Highbridge
Convertible Dislocation Fund, L.P. 
 “Interest Payment Date” means each February 1 and August 1 of each year,
beginning on February 1, 2021 (or beginning on such other date as may be set forth in the certificate representing the applicable Note). 

“Last Original Issue Date” means (a) with respect to any Notes issued pursuant to the Purchase Agreement (including any
Notes issued pursuant to the exercise of the Option by the Initial Purchasers), and any Notes issued in exchange therefor or in substitution thereof, the later of (i) the date of this Indenture and (ii) the last date any Notes are
originally issued pursuant to the exercise of the Option; and (b) with respect to any Notes issued pursuant to the first sentence of Section 2.11, and any Notes issued in exchange therefor or in substitution thereof, either (i) the
later of (x) the date such Notes are originally issued and (y) the last date any Notes are originally issued as part of the same offering pursuant to the exercise of an option granted to the

  
 5 

 
initial purchaser(s) of such Notes to purchase additional Notes; or (ii) such other date as is specified in an Officer’s Certificate delivered to the Trustee before the original
issuance of such Notes. 
 “Last Reported Sale Price” of the Common Stock on any date means the closing sale price per
share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions for The Nasdaq
Global Select Market or, if the Common Stock is not listed on The Nasdaq Global Select Market, then such other principal U.S. national or regional securities exchange on which the Common Stock is traded. If the Common Stock is not listed for trading
on a U.S. national or regional securities exchange on the relevant date, the “Last Reported Sale Price” shall be the last quoted bid price for the Common Stock in the over-the-counter market on the relevant date as reported by OTC
Markets Group Inc. or a similar organization. If the Common Stock is not so quoted, the “Last Reported Sale Price” shall be the average of the mid-point of the last bid and ask prices for the
Common Stock on the relevant date from each of at least three nationally recognized independent investment banking firms selected by the Company for this purpose. 

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

“Market Disruption Event” means, with respect to any date, the occurrence or existence, during the one-half hour period ending at the scheduled close of trading on such date on the principal U.S. national or regional securities exchange or other market on which the Common Stock is listed for trading or trades, of
any material suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating to the Common
Stock. 
 “Maturity Date” means August 1, 2024. 

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

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

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

“Notice of Conversion” shall have the meaning specified in Section 13.02(b). 

“Officer” means, with respect to the Company, the President, the Chief Executive Officer, the Chief Financial Officer, the
Treasurer, the Secretary or any Executive Vice President. 
 “Officer’s Certificate,” when used with
respect to the Company, means a certificate that is delivered to the Trustee and that is signed by an Officer of the Company. Each such certificate 

  
 6 

 
shall include the statements provided for in Section 16.05 if and to the extent required by the provisions of such Section. The Officer giving an Officer’s Certificate pursuant to
Section 4.09 shall be the principal executive, financial or accounting officer of the Company. 
 The term “open of
business” means 9:00 a.m. (New York City time). 
 “Opinion of Counsel” means an opinion in writing signed by
legal counsel, who may be an employee of or counsel to the Company, that is delivered to the Trustee, which opinion may contain customary exceptions and qualifications as to the matters set forth therein. Each such opinion shall include the
statements provided for in Section 16.05 if and to the extent required by the provisions of such Section 16.05. 

“Option” means the option, granted to the Initial Purchasers pursuant to the Purchase Agreement to purchase up to an
additional $20,000,000 principal amount of Notes. 
 The term “outstanding,” when used with reference to Notes, shall,
subject to the provisions of Section 8.04, mean, as of any particular time, all Notes authenticated and delivered by the Trustee under this Indenture, except: 

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

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

(c) Notes that have been paid pursuant to Section 2.07 or Notes in lieu of which, or in substitution for which, other Notes shall have
been authenticated and delivered pursuant to the terms of Section 2.07 unless proof satisfactory to the Trustee is presented that any such Notes are held by protected purchasers in due course; 

(d) Notes converted pursuant to Article XIII and required to be canceled pursuant to Section 2.09; and 

(e) Notes repurchased by the Company pursuant to the penultimate sentence of Section 2.11. 

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

“Person” means an individual, a corporation, a limited liability company, an association, a partnership, a joint venture, a
joint stock company, a trust, an unincorporated organization or a government or an agency or a political subdivision thereof. 

“Physical Notes” means any Note that is not a Global Note. 

“Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that
evidenced by such particular Note; and, for the purposes of this 

  
 7 

 
definition, any Note authenticated and delivered under Section 2.07 in lieu of or in exchange for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note that it replaces. 
 “Purchase Agreement” means the Exchange and Purchase
Agreements, dated November 4, 2020, between the Company and each of the Initial Purchasers. 
 “Record Date” means,
with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock (or other applicable security) have the right to receive any cash, securities or other property or in which the Common Stock (or such other
security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of holders of the Common Stock (or such other security) entitled to receive such cash, securities or other property
(whether such date is fixed by the Board of Directors, by statute, by contract or otherwise). 
 “Reference Property” shall
have the meaning specified in Section 13.07(a). 
 “Reference Property Unit” shall have the meaning specified in
Section 13.07(a). 
 “Regular Record Date,” with respect to any Interest Payment Date, shall mean the January 15
or July 15 (whether or not such day is a Business Day) immediately preceding the applicable February 1 or August 1 Interest Payment Date, respectively. 

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

“Responsible Officer” means, when used with respect to the Trustee, any officer or employee within the corporate trust
department of the Trustee, including any vice president, assistant vice president, trust officer or any other employee of the Corporate Trust Office of the Trustee who customarily performs functions similar to those performed by the persons who at
the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration
of this Indenture. 
 “Restricted Note Legend” shall have the meaning specified in Section 2.05(a). 

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

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

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

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

“Significant Subsidiary” means a Subsidiary of the Company that meets the definition of “significant subsidiary” in
Article 1, Rule 1-02 of Regulation S-X under the Exchange Act. 

  
 8 

 “Spin-Off” shall have the meaning specified in
Section 13.04(c). 
 “Spin-Off Valuation Period” shall have the meaning
specified in Section 13.04(c). 
 “Stock Price” shall have the meaning specified in Section 13.03(c). 

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

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

“Successor Person” shall have the meaning specified in Section 13.07(a). 

“Tender/Exchange Offer Valuation Period” shall have the meaning specified in Section 13.04(e). 

“Trading Day” means any day on which (a) trading in the Common Stock generally occurs on the principal U.S. national or
regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded; and
(b) there is no Market Disruption Event. If the Common Stock is not so listed or traded, then “Trading Day” means a Business Day. 

The term “transfer” shall have the meaning specified in Section 2.05(a). 

“Transfer Agent” means the Continental Stock Transfer & Trust Company. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this
Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after the date of this Indenture, the term “Trust Indenture Act” shall mean, to the extent required by such amendment, the Trust
Indenture Act of 1939, as so amended (assuming that the Trust Indenture Act applies to this Indenture). 
 “Trustee” means
the Person named as the “Trustee” in the first paragraph of this Indenture until a successor trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include
each Person who is then a Trustee under this Indenture. 
 “Wholly Owned Subsidiary” means, with respect to any Person, any
Subsidiary of such Person, except that, solely for purposes of this definition, the reference to “50%” in the definition of “Subsidiary” shall be deemed replaced by a reference to “100%”. 

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

ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES 

Section 2.01 Designation and Amount. The Notes shall be designated as the “4.50% Convertible
Senior Notes due 2024.” The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is initially limited to $50,000,000 (or up to $70,000,000, if the Initial Purchasers exercise their Option), subject to
Section 2.11 and except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of other Notes pursuant to Section 2.05, Section 2.07, Section 2.08, Section 10.04,
Section 13.02 and Section 14.03. 
 Section 2.02 Form of Notes. The Notes and the
Trustee’s certificate of authentication to be borne by such Notes shall be substantially in the respective forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly incorporated in and made a
part of this Indenture. To the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 

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

Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends or endorsements as the Officers
executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made
pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage or to indicate any special limitations or restrictions to
which any particular Notes are subject. 
 Each Global Note shall represent such principal amount of the outstanding Notes as shall be
specified therein and shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time
be increased or reduced to reflect 

  
 10 

 
repurchases, cancellations, conversions, transfers or exchanges permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding
Notes represented thereby shall be made by the Trustee, in such manner and upon instructions given by the Holder of such Notes in accordance with this Indenture. Payment of principal (including the Fundamental Change Repurchase Price, if applicable)
of, and accrued and unpaid interest on, a Global Note shall be made to the Holder of such Note on the date of payment, unless a record date or other means of determining Holders eligible to receive payment is provided for in this Indenture. 

Section 2.03 Date and Denomination of Notes; Payments of Interest and Defaulted Amounts.
(a) The Notes shall be issuable in registered form without coupons in denominations of $1,000 principal amount and integral multiples thereof. Each Note shall be dated the date of its authentication and shall bear interest from the date
specified on the face of such Note. Accrued interest on the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of actual days elapsed over a 30-day month. The Company shall
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. 
 (b)
The Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of business on any Regular Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such
Interest Payment Date. Interest shall be payable at the office or agency of the Company maintained by the Company for such purposes, which shall initially be the office of the Trustee located in Chicago, IL or any other office or agency located in
the United States of America so designated by the Trustee. The Company shall pay interest (i) on any Physical Notes (A) to Holders holding Physical Notes having an aggregate principal amount of $5,000,000 or less, by check sent to the
Holders and (B) to Holders holding Physical Notes having an aggregate principal amount of more than $5,000,000, either by check sent to each such Holder or, upon written application by such a Holder to the Note Registrar not later than the
relevant Regular Record Date, by wire transfer in immediately available funds to that Holder’s account within the United States, which application shall remain in effect until the Holder notifies, in writing, the Note Registrar to the contrary
or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee. 
 (c) Any
Defaulted Amounts shall forthwith cease to be payable to the Holder on the relevant payment date but shall accrue interest per annum at the rate borne by the Notes, subject to the enforceability thereof under applicable law, from, and including,
such relevant payment date, and such Defaulted Amounts together with such interest thereon shall be paid by the Company, at its election in each case, as provided in clause (i) or (ii) below: 

(i) The Company may elect to make payment of any Defaulted Amounts to the Persons in whose names the Notes (or their respective
Predecessor Notes) are registered at the close of business on a special record date for the payment of such Defaulted Amounts, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of the
Defaulted Amounts proposed to be paid on each Note and the date of the proposed payment (which shall be not less than 25 days after the receipt by the Trustee of such notice, unless the Trustee shall

  
 11 

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

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

Section 2.04 Execution, Authentication and Delivery of Notes. The Notes shall be signed in the name
and on behalf of the Company by the manual or facsimile signature of its Chief Executive Officer, President, Chief Financial Officer, Treasurer, Secretary or any of its Executive Vice Presidents. 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to
the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company Order shall authenticate and deliver such Notes. The Trustee shall also receive an
Opinion of Counsel as to the enforceability of the Indenture and the Notes. 
 Only such Notes as shall bear thereon a certificate of
authentication substantially in the form set forth on the form of Note attached as Exhibit A to this Indenture, executed electronically or manually by an authorized signatory of the Trustee (or an authenticating agent appointed by the Trustee as
provided by Section 16.10), shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate of the Trustee (or such an authenticating agent) upon any Note executed by the Company shall be
conclusive evidence that the Note so authenticated has been duly authenticated and delivered under this Indenture and that the Holder is entitled to the benefits of this Indenture. 

  
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 In case any Officer of the Company who shall have signed any of the Notes shall cease to be
such Officer before the Notes so signed shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such Notes nevertheless may be authenticated and delivered or disposed of as though the Person who signed such Notes
had not ceased to be such Officer of the Company; and any Note may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Note, shall be the Officers of the Company, although at the date of the execution
of this Indenture any such Person was not such an Officer. 
 Section 2.05 Exchange and Registration of
Transfer of Notes; Restrictions on Transfer; Depositary. (a) The Company shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office or in any other office or agency of the Company
designated pursuant to Section 4.02, the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and of transfers of Notes. Such register
shall be in written form or in any form capable of being converted into written form within a reasonable period of time. The Trustee is hereby initially appointed the “Note Registrar” for the purpose of registering Notes and transfers of
Notes as provided in this Indenture. The Company may appoint one or more co-Note Registrars in accordance with Section 4.02. 

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

Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes
to be exchanged at any such office or agency maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that the
Holder making the exchange is entitled to receive, bearing registration numbers not contemporaneously outstanding. 
 All Notes presented or
surrendered for registration of transfer or for exchange, repurchase or conversion shall (if so required by the Company, the Trustee, the Note Registrar or any co-Note Registrar) be duly endorsed, or be
accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and duly executed, by the Holder thereof or its attorney-in-fact duly
authorized in writing. 
 No service charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent for any exchange or registration of transfer of Notes, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer
tax required in connection therewith as a result of the name of the Holder of new Notes issued upon such exchange or registration of transfer being different from the name of the Holder of the old Notes surrendered for exchange or registration of
transfer. 

  
 13 

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

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

So long as the Notes are eligible for book-entry settlement with the Depositary, unless otherwise required by law, subject to the fourth
paragraph from the end of this Section 2.05(a), all Notes shall be represented by one or more Notes in global form (each, a “Global Note”) registered in the name of the Depositary or the nominee of the Depositary. The transfer
and exchange of beneficial interests in a Global Note that does not involve the issuance of a Physical Note shall be effected through the Depositary (but not the Trustee) in accordance with this Indenture (including the restrictions on transfer set
forth in this Indenture) and the procedures of the Depositary therefor. 
 Every Note that bears or is required under this
Section 2.05(a) to bear the legend set forth in this Section 2.05(a) (together with any Common Stock issued upon conversion of the Notes that is required to bear the legend set forth in Section 2.05(b), collectively, the
“Restricted Securities”) shall be subject to the restrictions on transfer set forth in this Section 2.05(a) (including those contained in the legend set forth below) or Section 2.05(b) (including the legend set forth
therein), as applicable, unless such restrictions on transfer shall be eliminated or otherwise waived by written consent of the Company, and the Holder of each such Restricted Security, by such Holder’s acceptance thereof, agrees to be bound by
all such restrictions on transfer. As used in this Section 2.05(a) and Section 2.05(b), the term “transfer” encompasses any sale, pledge, transfer or other disposition whatsoever of any Restricted Security. 

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

  
 14 

 THIS SECURITY AND THE COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A
BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 
 (1) REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A
“QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 

(2) AGREES FOR THE BENEFIT OF CLOVIS ONCOLOGY, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE
TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY
SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW EXCEPT: 
 (A) TO THE
COMPANY OR ANY SUBSIDIARY THEREOF, OR 
 (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE
SECURITIES ACT, OR 
 (C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR 

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

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

  
 15 

 Without limiting the application of Section 2.06, (x) any Note (or security issued in
exchange or substitution therefor) as to which such restrictions on transfer shall have expired in accordance with their terms may, upon surrender of such Note for exchange to the Note Registrar in accordance with the provisions of this
Section 2.05, be exchanged for a new Note or Notes, of like tenor and aggregate principal amount, which shall not bear the restrictive legend required by this Section 2.05(a) and shall not be assigned a restricted CUSIP number; and
(y) the Company shall be entitled to instruct the Trustee in writing to so surrender any Global Note as to which such restrictions on transfer shall have expired in accordance with their terms for exchange, and, upon such instruction, the
Trustee shall so surrender such Global Note for exchange; and any new Global Note so exchanged therefor shall not bear the restrictive legend specified in this Section 2.05(a) and shall not be assigned a restricted CUSIP number. The Company
shall promptly notify the Trustee upon the occurrence of the Resale Restriction Termination Date and promptly after a registration statement, if any, with respect to the Notes or any Common Stock issued upon conversion of the Notes has been declared
effective under the Securities Act. 
 Notwithstanding any other provisions of this Indenture (other than the provisions set forth in this
Section 2.05(a)), a Global Note may not be transferred as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the
Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary and (ii) for transfers of portions of a Global Note in certificated form made upon request of a member of, or a participant in, the Depositary
(for itself or on behalf of a beneficial owner) by written notice given to the Trustee by or on behalf of the Depositary in accordance with customary procedures of the Depositary and in compliance with this Section 2.05(a). 

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

  
 16 

 Physical Notes issued in exchange for all or a part of the Global Note pursuant to this
Section 2.05(a) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. Upon execution and
authentication, the Trustee shall deliver such Physical Notes to the Persons in whose names such Physical Notes are so registered. 
 At
such time as all interests in a Global Note have been converted, canceled, repurchased or transferred, such Global Note shall be, upon receipt thereof, canceled by the Trustee in accordance with standing procedures and existing instructions between
the Depositary and the Trustee. At any time prior to such cancellation, if any interest in a Global Note is exchanged for Physical Notes, converted, canceled, repurchased or transferred to a transferee who receives Physical Notes therefor or any
Physical Note is exchanged or transferred for part of such Global Note, the principal amount of such Global Note shall, in accordance with the standing procedures and instructions existing between the Depositary and the Trustee, be appropriately
reduced or increased, as the case may be, and an endorsement shall be made on such Global Note by the Trustee to reflect such reduction or increase. 

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

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

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

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

  
 17 

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

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

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

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

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

Any such Common Stock as to which such restrictions on transfer shall have expired in accordance with their terms may, upon surrender of the
certificates representing such shares of Common Stock for exchange in accordance with the procedures of the transfer agent for the Common Stock, be exchanged for a new certificate or certificates for a like aggregate number of shares of Common
Stock, which shall not bear the restrictive legend required by this Section 2.05(b). 
 (c) Any Note or Common Stock issued upon the
conversion or exchange of a Note that is repurchased or owned by any Affiliate of the Company (or any Person who was an Affiliate of the Company at any time during the three months preceding) may not be resold by such Affiliate (or such Person, as
the case may be) unless registered under the Securities Act or resold pursuant to an exemption from the registration requirements of the Securities Act in a transaction that results in such Note or Common Stock, as the case may be, no longer being a
“restricted security” (as defined under Rule 144 under the Securities Act). The Company shall cause any Note that is repurchased or owned by it to be surrendered to the Trustee for cancellation in accordance with Section 2.09. 

  
 18 

 Section 2.06 Removal of Transfer Restrictions.
Without limiting the generality of any other provision of this Indenture (including, without limitation, Section 4.06(d) and Section 4.06(e)), the Restricted Note Legend affixed to any Note will be deemed, pursuant to this
Section 2.06 and the footnote to such Restricted Note Legend, to be removed therefrom upon the Company’s delivery to the Trustee of notice, signed on behalf of the Company by one of its Officers, to such effect (and, for the avoidance of
doubt, such notice need not be accompanied by an Officer’s Certificate or an Opinion of Counsel in order to be effective to cause such Restricted Note Legend to be deemed to be removed from such Note). If such Note bears a
“restricted” CUSIP or ISIN number at the time of such delivery, then, upon such delivery, such Note will be deemed, pursuant to this Section 2.06 and the footnotes to the CUSIP and ISIN numbers set forth on the face of the certificate
representing such Note, to thereafter bear the “unrestricted” CUSIP and ISIN numbers identified in such footnotes; provided, however, that if such Note is a Global Note and the Depositary thereof requires a mandatory exchange
or other procedure to cause such Global Note to be identified by “unrestricted” CUSIP and ISIN numbers in the facilities of such Depositary, then (i) the Company will effect such exchange or procedure as soon as reasonably
practicable; and (ii) for purposes of Section 4.06(e), such Global Note will not be deemed to be identified by “unrestricted” CUSIP and ISIN numbers until such time as such exchange or procedure is effected. 

Section 2.07 Mutilated, Destroyed, Lost or Stolen Notes. In case any Note shall become mutilated or be
destroyed, lost or stolen, the Company in its discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver, a new Note, bearing a registration number not
contemporaneously outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every case the applicant for a substituted Note shall furnish to the Company, to the
Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless from any loss, liability, cost or expense caused by or connected with such substitution, and, in every case
of destruction, loss or theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership
thereof. 
 The Trustee or such authenticating agent may authenticate any such substituted Note and deliver the same upon the receipt of
such security or indemnity as the Trustee, the Company and, if applicable, such authenticating agent may require. No service charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note
Registrar or the Paying Agent upon the issuance of any substitute Note, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in connection therewith as a result of the
name of the Holder of the new substitute Note being different from the name of the Holder of the old Note that became mutilated or was destroyed, lost or stolen. In case any Note that has matured or is about to mature or has been surrendered for
required repurchase or is about to be converted in accordance with Article XIII shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of issuing a substitute Note, pay or authorize the payment of or
convert or authorize the conversion of the same (without 

  
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surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment or conversion shall furnish to the Company, to the Trustee, to the Conversion
Agent, to the Paying Agent and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or connected with such substitution,
and, in every case of destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if applicable, any Paying Agent or Conversion Agent of the destruction, loss or theft of such Note and of the ownership thereof. 

Every substitute Note issued pursuant to the provisions of this Section 2.07 by virtue of the fact that any Note is destroyed, lost or
stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be entitled to all the benefits of (but shall be subject to all the limitations set
forth in) this Indenture equally and proportionately with any and all other Notes duly issued under this Indenture. To the extent permitted by law, all Notes shall be held and owned upon the express condition that the foregoing provisions are
exclusive with respect to the replacement, payment conversion or repurchase of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the
contrary with respect to the replacement or payment, conversion or repurchase of negotiable instruments or other securities without their surrender. 

Section 2.08 Temporary Notes. Pending the preparation of Physical Notes, the Company may execute and
the Trustee or an authenticating agent appointed by the Trustee shall, upon written request of the Company, authenticate and deliver temporary Notes (printed or lithographed). Temporary Notes shall be issuable in any authorized denomination, and
substantially in the form of the Physical Notes but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Company. Every such temporary Note shall be executed by the Company and
authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Physical Notes. Without unreasonable delay, the Company shall execute and deliver to the
Trustee or such authenticating agent Physical Notes (other than any Global Note) and thereupon any or all temporary Notes (other than any Global Note) may be surrendered in exchange therefor, at each office or agency maintained by the Company
pursuant to Section 4.02 and the Trustee or such authenticating agent shall authenticate and deliver in exchange for such temporary Notes an equal aggregate principal amount of Physical Notes. Such exchange shall be made by the Company at its
own expense and without any charge therefor. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as Physical Notes authenticated and delivered under
this Indenture. 
 Section 2.09 Cancellation of Notes Paid, Converted, Etc. The Company shall cause
all Notes surrendered for the purpose of payment, repurchase, registration of transfer or exchange or conversion, if surrendered to any Person other than the Trustee (including any of the Company’s agents, Subsidiaries or Affiliates), to be
surrendered to the Trustee for cancellation. All Notes delivered to the Trustee shall be canceled promptly by it, and no Notes shall be authenticated in exchange therefor except as expressly permitted by any of the provisions of this Indenture. The
Trustee shall dispose of canceled Notes in accordance with its customary procedures and, after such disposition, shall deliver a certificate of such disposition to the Company, at the Company’s 

  
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written request in a Company Order. If the Company shall acquire any of the Notes, such acquisition shall not operate as a repurchase or satisfaction of the indebtedness represented by such Notes
unless and until the same are delivered to the Trustee for cancellation. 
 Section 2.10 CUSIP
Numbers. The Company in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in all notices issued to Holders as a convenience to such Holders;
provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or on such notice and that reliance may be placed only on the other identification numbers printed on
the Notes. The Company shall promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 

Section 2.11 Additional Notes; Repurchases. The Company may, without the consent of the Holders
and notwithstanding Section 2.01, reopen this Indenture and issue additional Notes under this Indenture with the same terms as the Notes initially issued under this Indenture (other than differences in the issue date, issue price and interest
accrued prior to the issue date of such additional Notes) in an unlimited aggregate principal amount; provided that if any such additional Notes are not fungible with the Notes initially issued under this Indenture for U.S. federal income tax
purposes, such additional Notes shall have one or more separate CUSIP numbers. Prior to the issuance of any such additional Notes, the Company shall deliver to the Trustee a Company Order, an Officer’s Certificate and an Opinion of Counsel,
such Officer’s Certificate and Opinion of Counsel to cover such matters required by Section 16.05. Nothing in this Indenture or the Notes shall prohibit or limit the right of the Company or any Affiliate of the Company to repurchase the
Notes from time to time at any price in open market purchases or private transactions at negotiated prices, by private or public tender or exchange offer or otherwise, including cash-settled swaps or cash-settled derivatives, in each case without
any notice to or consent by the Holders. The Company shall cause any Notes repurchased in the open market or otherwise, whether by the Company or its Subsidiaries or through a private or public tender or exchange offer or through counterparties to
private agreements (other than Notes effectively repurchased pursuant to cash-settled swaps or other cash-settled derivatives) to be surrendered to the Trustee for cancellation in accordance with Section 2.09. 

ARTICLE III 
 SATISFACTION AND
DISCHARGE 
 Section 3.01 Satisfaction and Discharge. This Indenture shall upon request of the
Company contained in an Officer’s Certificate cease to be of further effect, and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when (a) (i) all
Notes theretofore authenticated and delivered (other than (x) Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.07 and (y) Notes for whose payment money has theretofore been
deposited in trust or segregated and held in trust for the benefit of the Holders and thereafter repaid to the Company or discharged from such trust, as provided in Section 4.04(d)) have been delivered to the Trustee for cancellation; or
(ii) the Company has deposited with the Trustee or delivered to Holders, as applicable, after the Notes have become due and payable, whether on the Maturity Date, any Fundamental Change Repurchase Date, upon conversion or otherwise, cash or
cash and shares of Common Stock or other Reference Property (if applicable), if any (solely to satisfy 

  
 21 

 
the Company’s Conversion Obligation, if applicable) sufficient to pay all of the outstanding Notes and all other sums due and payable under this Indenture by the Company; and (b) the
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent in this Indenture provided for relating to the satisfaction and discharge of this Indenture have been complied
with. Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.06 shall survive. 

ARTICLE IV 
 PARTICULAR COVENANTS
OF THE COMPANY 
 Section 4.01 Payment of Principal and Interest. The Company covenants and agrees
that it will cause to be paid the principal (including the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, each of the Notes at the places, at the respective times and in the manner provided in this
Indenture and in the Notes. 
 Section 4.02 Maintenance of Office or Agency. The Company will
maintain in the State of New York, an office or agency where the Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase (“Paying Agent”) or for conversion (“Conversion
Agent”) and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be 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 in Los Angeles, CA, as a place where Notes may be presented for payment or for registration of transfer. 

The Company may also from time to time designate as co-Note Registrars one or more other offices or agencies where the Notes may be presented
or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the
United States of America for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. The terms “Paying Agent” and
“Conversion Agent” include any such additional or other offices or agencies, as applicable. 
 The Company hereby initially
designates the Trustee as the Paying Agent, Note Registrar and Conversion Agent and the Corporate Trust Office as the office or agency in the United States of America where Notes may be surrendered for registration of transfer or exchange or for
presentation for payment or repurchase or for conversion and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. 

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

  
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 Section 4.04 Provisions as to Paying Agent.
(a) If the Company shall appoint a Paying Agent other than the Trustee, the Company will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of
this Section 4.04: 
 (i) that it will hold all sums held by it as such agent for the payment of the principal
(including the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes in trust for the benefit of the Holders of the Notes; 

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

(iii) that at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the
Trustee all sums so held in trust. 
 The Company shall, on or before each due date of the principal (including the Fundamental Change
Repurchase Price, if applicable) of, or accrued and unpaid interest on, the Notes, deposit with the Paying Agent a sum sufficient to pay such principal (including the Fundamental Change Repurchase Price, if applicable) or accrued and unpaid
interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of any failure to take such action; provided that if such deposit is made on the due date, such deposit must be received by the Paying Agent
by 11:00 a.m., New York City time, on such date. 
 (b) If the Company shall act as its own Paying Agent, it will, on or before each due
date of the principal (including the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes, set aside, segregate and hold in trust for the benefit of the Holders of the Notes a sum sufficient to pay
such principal (including the Fundamental Change Repurchase Price, if applicable) and accrued and unpaid interest so becoming due and will promptly notify the Trustee in writing of any failure to take such action and of any failure by the Company to
make any payment of the principal (including the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, the Notes when the same shall become due and payable. 

(c) Anything in this Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a
satisfaction and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held in trust by the Company or any Paying Agent under this Indenture as required by this Section 4.04,
such sums or amounts to be held by the Trustee upon the trusts contained in this Indenture and upon such payment or delivery by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall be released from all further
liability but only with respect to such sums or amounts. 
 (d) Any money or property deposited with the Trustee, Conversion Agent or any
Paying Agent, or then held by the Company, in trust for the payment of the principal (including the Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest on and 

  
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the consideration due upon conversion of any Note and remaining unclaimed for two years after such principal (including the Fundamental Change Repurchase Price, if applicable), interest or
consideration due upon conversion has become due and payable shall be paid to the Company on request of the Company contained in an Officer’s Certificate, or (if then held by the Company) shall be discharged from such trust; and the Holder of
such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money and property, and all liability of the Company as
trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper published
in the English language, customarily published on each Business Day and of general circulation in The Borough of Manhattan, The City of New York, notice that such money and property remains unclaimed and that, after a date specified therein, which
shall not be less than 30 days from the date of such publication, any unclaimed balance of such money and property then remaining will be repaid or delivered to the Company. 

Section 4.05 Existence. Subject to Article XI, the Company shall do or cause to be done all things
necessary to preserve and keep in full force and effect its corporate existence. 
 Section 4.06 Rule 144A
Information Requirement and Annual Reports. (a) At any time the Company is not subject to Section 13 or 15(d) of the Exchange Act, the Company shall, so long as any of the Notes or the shares of Common Stock issuable upon
conversion thereof shall, at such time, constitute “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, promptly provide to the Trustee and shall, upon written request, provide to any Holder, beneficial
owner or prospective purchaser of such Notes or the shares of Common Stock issuable upon conversion of such Notes, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes
or shares of Common Stock pursuant to Rule 144A. 
 (b) The Company shall file with the Trustee, within 15 days after the same are required
to be filed with the Commission (giving effect to any grace period provided by Rule 12b-25 under the Exchange Act), copies of any documents or reports that the Company is required to file with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act (excluding any such information, documents or reports, or portions thereof, subject to confidential treatment and any correspondence with the Commission). Any such document or report that the
Company files with the Commission via the Commission’s EDGAR system shall be deemed to be filed with the Trustee for purposes of this Section 4.06(b) at the time such documents are filed via the EDGAR system, it being understood that the
Trustee shall not be responsible for determining whether such filings have been made. 
 (c) Delivery of the reports and documents described
in subsection (b) above to the Trustee is for informational purposes only, and the Trustee’s receipt of such shall not constitute actual or constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of its covenants under this Indenture (as to which the Trustee is entitled to conclusively rely on an Officer’s Certificate). 

  
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 (d) If, at any time during the six-month period beginning on, and including, the date that
is six months after the Last Original Issue Date of any Note, the Company fails to timely file any document or report that it is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after
giving effect to all applicable grace periods thereunder and other than reports on Form 8-K), or such Note is not otherwise freely tradable by Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any
time during the preceding three months (as a result of restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes), then the Company shall pay Additional Interest on such Note. Such Additional Interest shall accrue on
such Note at the rate of 0.50% per annum of the outstanding principal amount of such Note for each day during such period for which the Company’s failure to file continues or such Note is not otherwise freely tradable during such period as
provided in the preceding sentence. As used in this Section 4.06(d), documents or reports that the Company is required to “file” with the Commission pursuant to Section 13 or 15(d) of the Exchange Act does not include documents
or reports that the Company furnishes to the Commission pursuant to Section 13 or 15(d) of the Exchange Act. 
 (e) If the restrictive
legend on any Note specified in Section 2.05(b), or any similar legend, has not been removed (or deemed removed pursuant to Section 2.06), any Note is assigned a restricted CUSIP number or any Note is not otherwise freely tradable by
Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the preceding three months (without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes) as
of the 375th day after the Last Original Issue Date of such Note, then the Company shall pay Additional Interest on such Note at a rate equal to 0.50% per annum of the outstanding principal amount of such Note for each day from, and including, such
375th day until the restrictive legend on such Note has been removed (or deemed removed pursuant to Section 2.06) in accordance with this Indenture, such Note is assigned an unrestricted CUSIP number and such Note is freely tradable as provided
above in this sentence. 
 (f) Additional Interest will be payable in arrears on each Interest Payment Date following accrual in the same
manner as regular interest on the Notes. 
 (g) The Additional Interest that is payable in accordance with Section 4.06(d) or
Section 4.06(e) shall be in addition to, and not in lieu of, any Additional Interest that may be payable as a result of the Company’s election pursuant to Section 6.03; provided, however, in no event shall Additional
Interest accrue under the terms of this Indenture (aggregating any Additional Interest payable pursuant to Section 4.06(d) or Section 4.06(e) with any Additional Interest payable pursuant to Section 6.03) at a rate per year in excess
of 0.50%, regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest. 
 (h) If
Additional Interest is payable by the Company pursuant to Section 4.06(d) or Section 4.06(e), the Company shall deliver to the Trustee an Officer’s Certificate to that effect stating (i) the amount of such Additional Interest
that is payable, (ii) the amount of Additional Interest that is payable per $1000 principal amount of Notes and (iii) the date on which such Additional Interest is payable. Unless and until a Responsible Officer of the Trustee receives at
the Corporate Trust Office such a certificate, the Trustee may assume without inquiry that no such Additional Interest is payable. If the Company has paid Additional Interest directly to the Persons entitled to it, the Company shall deliver to the
Trustee an Officer’s Certificate setting 

  
 25 

 
forth the particulars of such payment. The Trustee shall not at any time be under any duty or responsibility to any Holder to determine the Additional Interest or calculate the amount of
Additional Interest owed, or the method employed in such calculation of Additional Interest. 
 Section 4.07
Stay, Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay,
extension or usury law or other law that would prohibit or forgive the Company from paying all or any portion of the principal of or interest on the Notes as contemplated in this Indenture, wherever enacted, now or at any time hereafter in force, or
that may affect the covenants or the performance of this Indenture; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law,
hinder, delay or impede the execution of any power in this Indenture granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 4.08 Compliance Certificate; Statements as to Defaults. The Company shall deliver to
the Trustee within 120 days after the end of each fiscal year of the Company (beginning with the fiscal year ending on December 31, 2020) an Officer’s Certificate stating whether the signers thereof have knowledge of any failure by the
Company to comply with all conditions and covenants then required to be performed under this Indenture and, if so, specifying each such failure and the nature thereof. 

In addition, the Company shall deliver to the Trustee, as soon as possible, and in any event within 30 days after the Company becomes aware of
the occurrence of any Event of Default or Default, an Officer’s Certificate setting forth the details of such Event of Default or Default, its status and the action that the Company is taking or proposing to take in respect thereof. 

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

ARTICLE V 
 LISTS OF HOLDERS AND
REPORTS BY THE COMPANY AND THE TRUSTEE 
 Section 5.01 Lists of Holders. The Company covenants and
agrees that it will furnish or cause to be furnished to the Trustee, semi-annually, not more than 13 days after each January 15 or July 15 in each year beginning with January 15, 2021, and at such other times as the Trustee may
request in writing, within 30 days after receipt by the Company of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it under this Indenture), a list in
such form as the Trustee may reasonably require of the names and addresses of the Holders as of a date not more than 15 days (or such other date as the Trustee may reasonably request in order to so provide any such notices) prior to the time such
information is furnished, except that no such list need be furnished so long as the Trustee is acting as Note Registrar. 

  
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 Section 5.02 Preservation and Disclosure of Lists.
The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the Holders contained in the most recent list furnished to it as provided in Section 5.01 or maintained by the
Trustee in its capacity as Note Registrar, if so acting. The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished. 

ARTICLE VI 
 DEFAULTS AND REMEDIES

 Section 6.01 Events of Default. Each of the following events shall be an “Event of
Default” with respect to the Notes: 
 (a) default in any payment of interest on any Note when due and payable, and the default
continues for a period of 30 days; 
 (b) default in the payment of principal of any Note when due and payable on the Maturity Date, upon
any required repurchase, upon declaration of acceleration or otherwise; 
 (c) subject to the ownership limitations set forth in
Section 13.12, failure by the Company to comply with its obligation to convert the Notes in accordance with this Indenture upon exercise of a Holder’s conversion right and such failure continues for a period of three
Business Days; 
 (d) failure by the Company to issue a Fundamental Change Company Notice in accordance with Section 14.01(c) or notice
of a Make-Whole Fundamental Change in accordance with Section 13.03(a), in each case when due; 
 (e) failure by the Company to comply
with its obligations under Article XI; 
 (f) failure by the Company for 60 days after written notice from the Trustee or the Holders of at
least 25% in principal amount of the Notes then outstanding has been received by the Company to comply with any of its other agreements contained in the Notes or this Indenture; 

(g) default by the Company or any Significant Subsidiary with respect to any mortgage, agreement or other instrument under which there may be
outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $25,000,000 (or its foreign currency equivalent) in the aggregate of the Company and/or any such Significant Subsidiary, whether such
indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable at
its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise and such default continues for a period of 30 days without such default having been cured or waived, such acceleration having been rescinded or annulled (if
applicable) and such indebtedness not having been paid or discharged, as the case may be; 
 (h) the Company or any Significant Subsidiary
shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to the Company 

  
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or any such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator,
custodian or other similar official of the Company or any such Significant Subsidiary or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary
case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall 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 seeking liquidation,
reorganization or other relief with respect to the Company or such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator,
custodian or other similar official of the Company or such Significant Subsidiary or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 30 consecutive days. 

Section 6.02 Acceleration: Rescission and Annulment. If one or more Events of Default shall
have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body), then, and in each and every such case (other than an Event of Default specified in Section 6.01(h) or Section 6.01(i) with respect to the Company), unless the principal of all of the
Notes shall have already become due and payable, either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding determined in accordance with Section 8.04, by notice in writing to the Company (and
to the Trustee if given by Holders), may declare 100% of the principal of, and accrued and unpaid interest on, all the Notes to be due and payable immediately, and upon any such declaration, the same shall become and shall automatically be
immediately due and payable, anything in this Indenture or in the Notes contained to the contrary notwithstanding. However, if an Event of Default specified in Section 6.01(h) or Section 6.01(i) with respect to the Company (and not solely
involving one or more Significant Subsidiaries) occurs and is continuing, 100% of the principal of, and accrued and unpaid interest, if any, on, all Notes shall become and shall automatically be immediately due and payable. 

At any time after the principal of the Notes shall have become due and payable, and before any judgment or decree for the payment of the
monies due shall have been obtained or entered as provided in this Indenture, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay installments of accrued and unpaid interest upon all Notes and the principal of any and all
Notes that shall have become due otherwise than by acceleration (with interest on overdue installments of accrued and unpaid interest to the extent that payment of such interest is enforceable under applicable law, and on such principal at the rate
borne by the Notes at such time) and amounts due to the Trustee pursuant to Section 7.06, and if (1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all existing Events of
Default under this Indenture, other than the nonpayment of the principal of, and accrued and unpaid interest, if any, on Notes that shall have become due solely by such acceleration, shall have been cured or waived pursuant to Section 6.09,
then and in every such case (except as provided in the immediately succeeding sentence) the Holders of a majority in 

  
 28 

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

Section 6.03 Additional Interest. Notwithstanding anything in this Indenture or in the Notes to the
contrary, to the extent the Company elects, the sole remedy for an Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) shall, for the first 180 days after the occurrence of such
an Event of Default (and, for the avoidance of doubt, giving effect to the 60-day period set forth in Section 6.01(f)), consist exclusively of the right to receive Additional Interest on the Notes at a rate equal to (i) 0.25% per annum of the
principal amount of the Notes outstanding for each day during the first 90 calendar days after the occurrence of such an Event of Default during which such Event of Default is continuing (or, if earlier, the date on which such Event of Default is
cured or waived as provided for in this Indenture) and (ii) 0.50% per annum of the principal amount of the Notes outstanding for each day from, and including, the 91st calendar day to, and including, the 180th calendar day after the occurrence of
such an Event of Default during which such Event of Default is continuing (or, if earlier, the date on which such Event of Default is cured or waived as provided for in this Indenture). Subject to the last sentence of this Section 6.03,
Additional Interest payable pursuant to this Section 6.03 shall be in addition to, not in lieu of, any Additional Interest payable pursuant to Section 4.06(d) or Section 4.06(e). If the Company so elects, such Additional Interest
shall be payable in the same manner and on the same dates as regular interest on the Notes. On the 181st day after such Event of Default (if the Event of Default relating to the Company’s failure to comply with its obligations as set forth in
Section 4.06(b) is not cured or waived prior to such 181st day), the Notes shall be immediately subject to acceleration as provided in Section 6.02. In the event the Company does not elect to pay Additional Interest following an Event of
Default in accordance with this Section 6.03 or the Company elected to make such payment but does not pay the Additional Interest when due, the Notes shall be immediately subject to acceleration as provided in Section 6.02. 

In order to elect to pay Additional Interest as the sole remedy during the first 180 days after the occurrence of any Event of Default
described in the immediately preceding paragraph, the Company must notify all Holders of the Notes, the Trustee and the Paying Agent of such election prior to the occurrence of such Event of Default. Upon the failure to timely give such notice, the
Notes shall be immediately subject to acceleration as provided in Section 6.02. 
 In no event shall Additional Interest accrue under
the terms of this Indenture (aggregating any Additional Interest payable pursuant to this Section 6.03 with any Additional Interest payable pursuant to Section 4.06(d) or Section 4.06(e)) at a rate per year in excess of 0.50%,
regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest. 

  
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 Section 6.04 Payments of Notes on Default; Suit
Therefor. If an Event of Default described in clause (a) or (b) of Section 6.01 shall have occurred, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of the Notes, the whole
amount then due and payable on the Notes for principal and interest, if any, with interest on any overdue principal and interest, if any, at the rate borne by the Notes at such time, and, in addition thereto, such further amount as shall be
sufficient to cover any amounts due to the Trustee under Section 7.06. If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial
proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be
payable in the manner provided by law out of the property of the Company or any other obligor upon the Notes, wherever situated. 
 In the
event there shall be pending proceedings for the bankruptcy or for the reorganization of the Company or any other obligor on the Notes under Title 11 of the United States Code, or any other applicable law, or in case a receiver, assignee or trustee
in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Company or such other obligor, the property of the Company or such other obligor, or in the event of any other
judicial proceedings relative to the Company or such other obligor upon the Notes, or to the creditors or property of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Notes shall then be due and payable as
therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section 6.04, shall be entitled and empowered, by intervention in such proceedings or
otherwise, to file and prove a claim or claims for the whole amount of principal and accrued and unpaid interest, if any, in respect of the Notes, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents
and to take such other actions as it may deem necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of
the Holders allowed in such judicial proceedings relative to the Company or any other obligor on the Notes, distribute the same after the deduction of any amounts due to the Trustee under Section 7.06; and any receiver, assignee or trustee in
bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Holders to make such payments to the Trustee, as administrative expenses, and, in the event that the Trustee shall consent to the making of
such payments directly to the Holders, to pay to the Trustee any amount due it for reasonable compensation, expenses, advances and disbursements, including agents and counsel fees, and including any other amounts due to the Trustee under
Section 7.06, incurred by it up to the date of such distribution. To the extent that such payment of reasonable compensation, expenses, advances and disbursements out of the estate in any such proceedings shall be denied for any reason, payment
of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, monies, securities and other property that the Holders may be entitled to receive in such proceedings, whether in liquidation or under any
plan of reorganization or arrangement or otherwise. 

  
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 Nothing contained in this Indenture shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting such Holder or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any
Holder in any such proceeding. 
 All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be
enforced by the Trustee without the possession of any of the Notes, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of
an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders. 

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

In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or
abandoned because of any waiver pursuant to Section 6.09 or any rescission and annulment pursuant to Section 6.02 or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the
Holders and the Trustee shall, subject to any determination in such proceeding, be restored respectively to their several positions and rights under this Indenture, and all rights, remedies and powers of the Company, the Holders and the Trustee
shall continue as though no such proceeding had been instituted. 
 Section 6.05 Application of Monies
Collected by Trustee. Any monies collected by the Trustee pursuant to this Article VI with respect to the Notes shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution of such monies, upon
presentation of the several Notes, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid: 

First, to the payment of all amounts due the Trustee under Section 7.06; 

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

Third, in case the principal of the outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment
of the whole amount (including, if applicable, the payment of the Fundamental Change Repurchase Price and any cash for any fractional shares due upon conversion) then owing and unpaid upon the Notes for principal and interest, if any, with interest
on the overdue principal and, to the extent that such interest has 

  
 31 

 
been collected by the Trustee, upon overdue installments of interest at the rate borne by the Notes at such time, and in case such monies shall be insufficient to pay in full the whole amounts so
due and unpaid upon the Notes, then to the payment of such principal (including, if applicable, the Fundamental Change Repurchase Price and the cash for any fractional shares due upon conversion) and interest without preference or priority of
principal over interest, or of interest over principal or of any installment of interest over any other installment of interest, or of any Note over any other Note, ratably to the aggregate of such principal (including, if applicable, the
Fundamental Change Repurchase Price and any cash due for any fractional shares upon conversion) and accrued and unpaid interest; and 

Fourth, to the payment of the remainder, if any, to the Company. 

Section 6.06 Proceedings by Holders. Except to enforce the right to receive payment of principal
(including, if applicable, the Fundamental Change Repurchase Price) or interest when due, or the right to receive payment or delivery of the consideration due upon conversion, no Holder shall have any right by virtue of or by availing of any
provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or the Notes, or for the appointment of a receiver, trustee, liquidator, custodian or other similar official,
or for any other remedy with respect to this Indenture or the Notes, unless: 
 (a) such Holder previously shall have given to the Trustee
written notice of an Event of Default and of the continuance thereof, as provided in this Indenture; 
 (b) Holders of at least 25% in
aggregate principal amount of the Notes then outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee under this Indenture; 

(c) such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against any loss, liability or expense
to be incurred therein or thereby; 
 (d) the Trustee for 60 days after its receipt of such notice, written request and offer of security or
indemnity shall have neglected or refused to institute any such action, suit or proceeding; and 
 (e) no direction that, in the opinion of
the Trustee, is inconsistent with such written request shall have been given to the Trustee by the Holders of a majority of the aggregate principal amount of the Notes then outstanding within such 60-day period pursuant to Section 6.09, it
being understood and intended, and being expressly covenanted by the taker and Holder of every Note with every other taker and Holder and the Trustee that no one or more Holders shall have any right in any manner whatever by virtue of or by availing
of any provision of this Indenture to affect, disturb or prejudice the rights of any other Holder, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Indenture, except in the
manner provided in this Indenture and for the equal, ratable and common benefit of all Holders (except as otherwise provided in this Indenture). For the protection and enforcement of this Section 6.06, each and every Holder and the Trustee
shall be entitled to such relief as can be given either at law or in equity. 

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

Section 6.07 Proceedings by Trustee. In case of an Event of Default, the Trustee may in its discretion
proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy
or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by
this Indenture or by law. 
 Section 6.08 Remedies Cumulative and Continuing. Except as provided in
the last paragraph of Section 2.07, all powers and remedies given by this Article VI to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other powers and
remedies available to the Trustee or the Holders, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of the Trustee or of any Holder to
exercise any right or power accruing upon any Default or Event of Default shall impair any such right or power, or shall be construed to be a waiver of any such Default or Event of Default or any acquiescence therein; and, subject to the provisions
of Section 6.06, every power and remedy given by this Article VI or by law to the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Holders. 

Section 6.09 Direction of Proceedings and Waiver of Defaults by Majority of Holders. The Holders of a
majority of the aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the
Trustee or exercising any trust or power conferred on the Trustee with respect to the Notes; provided, however, that (a) such direction shall not be in conflict with any rule of law or with this Indenture, and (b) the Trustee
may take any other action deemed proper by the Trustee that is not inconsistent with such direction. The Trustee may refuse to follow any direction that it determines is unduly prejudicial to the rights of any other Holder or that would involve the
Trustee in personal liability. The Holders of a majority in aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 may on behalf of all of the Holders waive any past Default or Event of
Default with respect to the Notes and its consequences except (i) a default in the payment of accrued and unpaid interest, if any, on, or the principal (including any Fundamental Change Repurchase Price) of, the Notes when due that has not been
cured pursuant to the provisions of Section 6.01, (ii) a failure by the Company to pay or deliver, as the case may be, the consideration due upon conversion of the Notes or (iii) a default in respect of a covenant or provision of this
Indenture which under Article X cannot be modified or amended without the consent of each Holder of an outstanding Note affected. Upon any such waiver the 

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

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

CONCERNING THE TRUSTEE 

Section 7.01 Duties and Responsibilities of Trustee. The Trustee, prior to the occurrence of an Event
of Default and after the curing or waiver of all Events of Default that may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. If an Event of Default has occurred and is continuing,
the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such
person’s own affairs; provided that if an Event of Default occurs and is 

  
 34 

 
continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders unless such Holders have offered
to the Trustee indemnity or security satisfactory to it against any loss, liability or expense that might be incurred by it in compliance with such request or direction. 

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

(b) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the Trustee, unless
it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts; 
 (c) the Trustee shall not be liable with
respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than a majority of the aggregate principal amount of the Notes at the time outstanding determined as provided in
Section 8.04 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture 

(d) whether or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording
protection to, the Trustee shall be subject to the provisions of this Section; 
 (e) the Trustee shall not be liable in respect of any
payment (as to the correctness of amount, entitlement to receive or any other matters relating to payment) or notice effected by the Company or any Paying Agent or any records maintained by any co-Note
Registrar with respect to the Notes; 

  
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 (f) if any party fails to deliver a notice relating to an event the fact of which, pursuant
to this Indenture, requires notice to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless a Responsible Officer of the Trustee had actual knowledge of
such event; 
 (g) in the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a non-interest bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon or for losses incurred as a result of the liquidation of any
such investment prior to its maturity date or the failure of the party directing such investments prior to its maturity date or the failure of the party directing such investment to provide timely written investment direction, and the Trustee shall
have no obligation to invest or reinvest any amounts held under this Indenture in the absence of such written investment direction from the Company; and 

(h) in the event that the Trustee is also acting as Note Registrar, Paying Agent, Conversion Agent or transfer agent under this Indenture, the
rights and protections afforded to the Trustee pursuant to this Article VII shall also be afforded to such Note Registrar, Paying Agent, Conversion Agent or transfer agent. 

None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal
financial liability in the performance of any of its duties or in the exercise of any of its rights or powers. 

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

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

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

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

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

  
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 (e) the Trustee may execute any of the trusts or powers under this Indenture or perform any
duties under this Indenture either directly or by or through agents, custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, custodian, nominee or attorney appointed by it
with due care under this Indenture; and 
 (f) the permissive rights of the Trustee enumerated in this Indenture shall not be construed as
duties; 
 (g) in no event shall the Trustee be liable for any special, indirect, consequential or punitive loss or damage of any kind
whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; 

(h) the Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Notes, unless written notice of
such Default or Event of Default shall have been given to a Responsible Officer of the Trustee by the Company or by any Holder of the Notes; 

(i) the Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed
with due care; and 
 (j) the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or
titles of officers authorized at such time to take specified actions pursuant to this Indenture. 
 Section 7.03
No Responsibility for Recitals, Etc. The recitals contained in this Indenture and in the Notes (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no
responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Company of any Notes or
the proceeds of any Notes authenticated and delivered by the Trustee in conformity with the provisions of this Indenture. 

Section 7.04 Trustee, Paying Agents, Conversion Agents or Note Registrar May Own Notes. The Trustee,
any Paying Agent, any Conversion Agent or Note Registrar, in its individual or any other capacity, may become the owner or pledgee of Notes with the same rights it would have if it were not the Trustee, Paying Agent, Conversion Agent or Note
Registrar. 
 Section 7.05 Monies and Property to Be Held in Trust. All monies and any property
received by the Trustee or the Conversion Agent, as applicable, shall, until used or applied as provided in this Indenture, be held in trust for the purposes for which they were received. Money and property held by the Trustee in trust under this
Indenture need not be segregated from other funds or property except to the extent required by law. The Trustee or the Conversion Agent, as applicable, shall be under no liability for interest on any money or property received by it under this
Indenture except as may be agreed from time to time by the Company and the Trustee or the Conversion Agent, as applicable. 

  
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 Section 7.06 Compensation and Expenses of Trustee.
The Company covenants and agrees to pay to the Trustee, in any capacity under this Indenture, from time to time, and the Trustee shall be entitled to, reasonable compensation for all services rendered by it under this Indenture in any capacity
(which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as mutually agreed to in writing between the Trustee and the Company, and the Company will pay or reimburse the Trustee upon its
request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustee in accordance with any of the provisions of this Indenture in any capacity thereunder (including the reasonable compensation and the expenses
and disbursements of its agents and counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as shall have been caused by its own gross negligence, willful misconduct or bad faith. The Company also
covenants to indemnify the Trustee in any capacity under this Indenture and any other document or transaction entered into in connection herewith and its officers, directors, employees and agents and any authenticating agent for, and to hold them
harmless against, any loss, claim, damage, liability or expense incurred without gross negligence, willful misconduct or bad faith on the part of the Trustee, its officers, directors, agents or employees, or such agent or authenticating agent, as
the case may be, (such gross negligence, willful misconduct or bad faith to be determined by a final, non-appealable decision of a court of competent jurisdiction), and arising out of or in connection with the
acceptance or administration of this Indenture or in any other capacity under this Indenture, including the reasonable costs and expenses of defending themselves against any claim of liability in the premises. The obligations of the Company under
this Section 7.06 to compensate or indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall be secured by a senior claim to which the Notes are hereby made subordinate on all money or property
held or collected by the Trustee, except, subject to the effect of Section 6.05, funds or property held in trust herewith for the benefit of the Holders of particular Notes. The Trustee’s right to receive payment of any amounts due under
this Section 7.06 shall not be subordinate to any other liability or indebtedness of the Company. The obligation of the Company under this Section 7.06 shall survive the satisfaction and discharge of this Indenture and the earlier
resignation or removal of the Trustee. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. The indemnification provided in this Section 7.06 shall extend to the officers,
directors, agents and employees of the Trustee. 
 Without prejudice to any other rights available to the Trustee under applicable law, when
the Trustee and its agents and any authenticating agent incur expenses or render services after an Event of Default specified in Section 6.01(h) or Section 6.01(i) occurs, the expenses and the compensation for the services are intended to
constitute expenses of administration under any bankruptcy, insolvency or similar laws. 
 Section 7.07
Officer’s Certificate as Evidence. Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable
that a matter be proved or established prior to taking or omitting any action under this Indenture, such matter (unless other evidence in respect thereof be specifically prescribed in this Indenture) may, in the absence of gross negligence, willful
misconduct and bad 

  
 38 

 
faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee, and such Officer’s Certificate, in the
absence of gross negligence, willful misconduct and bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken or omitted by it under the provisions of this Indenture upon the faith thereof. 

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

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

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

(i) the Trustee shall cease to be eligible in accordance with the provisions of Section 7.08 and shall fail to resign
after written request therefor by the Company or by any such Holder, or 
 (ii) the Trustee shall become incapable of acting,
or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, 
 then, in either case, the Company may by a Board Resolution remove the Trustee and appoint a successor trustee by written
instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 6.11, any Holder
who has been a bona fide holder of a Note or Notes for at least six months (or since the date of this 

  
 39 

 
Indenture) may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 

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

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

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

No successor trustee shall accept appointment as provided in this Section 7.10 unless at the time of such acceptance such successor
trustee shall be eligible under the provisions of Section 7.08. 
 Upon acceptance of appointment by a successor trustee as provided in
this Section 7.10, each of the Company and the successor trustee, at the written direction and at the expense of the Company shall send notice of the succession of such trustee under this Indenture to the Holders. If the Company fails to send
such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company. 

Section 7.11 Succession by Merger, Etc. Any corporation or other entity into which the Trustee may be
merged or converted or with which it may be consolidated, or any corporation or 

  
 40 

 
other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or other entity succeeding to all or substantially all of the
corporate trust business of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee under this Indenture without the execution or filing of any paper or any further act on the part of any of the parties to
this Indenture; provided that in the case of any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee such corporation or other entity shall be eligible under the provisions of
Section 7.08. 
 In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture, any of the
Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed by such predecessor trustee, and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or an authenticating agent appointed by such successor trustee may authenticate such Notes either in the name of any predecessor
trustee under this Indenture or in the name of the successor trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall
have; provided, however, that the right to adopt the certificate of authentication of any predecessor trustee or to authenticate Notes in the name of any predecessor trustee shall apply only to its successor or successors by merger,
conversion or consolidation. 
 Section 7.12 Trustee’s Application for
Instructions from the Company. Any application by the Trustee for written instructions from the Company (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders
of the Notes under this Indenture) may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission
shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than
three Business Days after the date any officer that the Company has indicated to the Trustee should receive such application actually receives such application, unless any such officer shall have consented in writing to any earlier date), unless,
prior to taking any such action (or the effective date in the case of any omission), the Trustee shall have received written instructions in accordance with this Indenture in response to such application specifying the action to be taken or omitted.

 ARTICLE VIII 
 CONCERNING THE
HOLDERS 
 Section 8.01 Action by Holders. Whenever in this Indenture it is provided that the
Holders of a specified percentage of the aggregate principal amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the
time of taking any such action, the Holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Holders in person or by agent or proxy appointed in
writing, or (b) by the record of the Holders voting in favor thereof at any meeting of Holders duly called and held in accordance with the provisions of Article IX, or (c) 

  
 41 

 
by a combination of such instrument or instruments and any such record of such a meeting of Holders. Whenever the Company or the Trustee solicits the taking of any action by the Holders of the
Notes, the Company or the Trustee may fix, but shall not be required to, in advance of such solicitation, a date as the record date for determining Holders entitled to take such action. The record date if one is selected shall be not more than
fifteen days prior to the date of commencement of solicitation of such action. 
 Section 8.02 Proof of
Execution by Holders. Subject to the provisions of Section 7.01, Section 7.02 and Section 9.05, proof of the execution of any instrument by a Holder or its agent or proxy shall be sufficient if made in accordance with such
reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Notes shall be proved by the Note Register or by a certificate of the Note Registrar. The record of any
Holders’ meeting shall be proved in the manner provided in Section 9.06. 
 Section 8.03 Who Are
Deemed Absolute Owners. The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent and any Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may
treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of
receiving payment of or on account of the principal of and (subject to Section 2.03) accrued and unpaid interest on such Note, for conversion of such Note and for all other purposes under this Indenture; and neither the Company nor the Trustee
nor any Paying Agent nor any Conversion Agent nor any Note Registrar shall be affected by any notice to the contrary. The sole registered holder of a Global Note shall be the Depositary or its nominee. All such payments or deliveries so made to any
Holder for the time being, or upon its order, shall be valid, and, to the extent of the sums or shares of Common Stock so paid or delivered, effectual to satisfy and discharge the liability for monies payable or shares deliverable upon any such
Note. Notwithstanding anything to the contrary in this Indenture or the Notes following an Event of Default, any owner of a beneficial interest in a Global Note may directly enforce against the Company, without the consent, solicitation, proxy,
authorization or any other action of the Depositary or any other Person, such owner’s right to exchange such beneficial interest for a Note in certificated form in accordance with the provisions of this Indenture. 

Section 8.04 Company-Owned Notes Disregarded. In determining whether the
Holders of the requisite aggregate principal amount of Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company, by any Subsidiary thereof or by any Person directly or
indirectly controlling or controlled by or under direct or indirect common control with the Company or any Subsidiary thereof shall be disregarded and deemed not to be outstanding for the purpose of any such determination; provided that for
the purposes of determining whether the Trustee shall be protected in relying on any such direction, consent, waiver or other action only Notes that a Responsible Officer actually knows are so owned shall be so disregarded. Notes so owned that have
been pledged in good faith may be regarded as outstanding for the purposes of this Section 8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to so act with respect to such Notes and that the pledgee
is not the Company, a Subsidiary thereof or a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the 

  
 42 

 
Company or a Subsidiary thereof. In the case of a dispute as to such right, any decision or indecision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.
Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officer’s Certificate listing and identifying all Notes, if any, known by the Company to be owned or held by or for the account of any of the above described
Persons; and, subject to Section 7.01, the Trustee shall be entitled to accept such Officer’s Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for the
purpose of any such determination. 
 Section 8.05 Revocation of Consents; Future Holders
Bound. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the Holders of the percentage of the aggregate principal amount of the Notes specified in this
Indenture in connection with such action, any Holder of a Note that is shown by the evidence to be included in the Notes the Holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office
and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Note. Except as aforesaid, any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon all future
Holders and owners of such Note and of any Notes issued in exchange or substitution therefor or upon registration of transfer thereof, irrespective of whether any notation in regard thereto is made upon such Note or any Note issued in exchange or
substitution therefor or upon registration of transfer thereof. 
 ARTICLE IX 

HOLDERS’ MEETINGS 

Section 9.01 Purpose of Meetings. A meeting of Holders may be called at any time and from time to time
pursuant to the provisions of this Article IX for any of the following purposes: 
 (a) to give any notice to the Company or to the
Trustee or to give any directions to the Trustee permitted under this Indenture, or to consent to the waiving of any Default or Event of Default under this Indenture (in each case, as permitted under this Indenture) and its consequences, or to take
any other action authorized to be taken by Holders pursuant to any of the provisions of Article VI; 
 (b) to remove the Trustee and
nominate a successor trustee pursuant to the provisions of Article VII; 
 (c) to consent to the execution of an indenture or indentures
supplemental to this Indenture pursuant to the provisions of Section 10.02; or 
 (d) to take any other action authorized to be taken
by or on behalf of the Holders of any specified aggregate principal amount of the Notes under any other provision of this Indenture or under applicable law. 

Section 9.02 Call of Meetings by Trustee. The Trustee may at any time call a meeting of Holders to
take any action specified in Section 9.01, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Holders, setting forth the time and the place of such meeting and in general terms the action
proposed to be taken at such meeting 

  
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and the establishment of any record date pursuant to Section 8.01, shall be sent to Holders of such Notes. Such notice shall also be sent to the Company. Such notices shall be sent not less
than 20 nor more than 90 days prior to the date fixed for the meeting. 
 Any meeting of Holders shall be valid without notice if the
Holders of all Notes then outstanding are present in person or by proxy or if notice is waived before or after the meeting by the Holders of all Notes then outstanding, and if the Company and the Trustee are either present by duly authorized
representatives or have, before or after the meeting, waived notice. 
 Section 9.03 Call of Meetings by
Company or Holders. In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% of the aggregate principal amount of the Notes then outstanding, shall have requested the Trustee to call a meeting of
Holders, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have sent the notice of such meeting within 20 days after receipt of such request, then the Company or such
Holders may determine the time and the place for such meeting and may call such meeting to take any action authorized in Section 9.01, by sending notice thereof as provided in Section 9.02. 

Section 9.04 Qualifications for Voting. To be entitled to vote at any meeting of Holders a Person
shall (a) be a Holder of one or more Notes on the record date pertaining to such meeting or (b) be a Person appointed by an instrument in writing as proxy by a Holder of one or more Notes on the record date pertaining to such meeting. The
only Persons who shall be entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives of the
Company and its counsel. 
 Section 9.05 Regulations. Notwithstanding any other provisions of this
Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders, in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the appointment and duties of inspectors
of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit. 

The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the
Company or by Holders as provided in Section 9.03, in which case the Company or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the
meeting shall be elected by vote of the Holders of a majority in aggregate principal amount of the Notes represented at the meeting and entitled to vote at the meeting. 

Subject to the provisions of Section 8.04, at any meeting of Holders each Holder or proxyholder shall be entitled to one vote for each
$1,000 principal amount of Notes held or represented by him or her; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the meeting
to be not outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Notes held by it or instruments in writing as aforesaid duly designating it as the proxy to vote on behalf of other Holders. Any meeting of
Holders duly called pursuant to the 

  
 44 

 
provisions of Section 9.02 or Section 9.03 may be adjourned from time to time by the Holders of a majority of the aggregate principal amount of Notes represented at the meeting, whether
or not constituting a quorum, and the meeting may be held as so adjourned without further notice. 
 Section 9.06
Voting. The vote upon any resolution submitted to any meeting of Holders shall be by written ballot on which shall be subscribed the signatures of the Holders or of their representatives by proxy and the outstanding aggregate principal
amount of the Notes held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary
of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said
record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was sent as
provided in Section 9.02. The record shall show the aggregate principal amount of the Notes voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the
meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. 

Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

Section 9.07 No Delay of Rights by Meeting. Nothing contained in this Article IX shall be deemed or
construed to authorize or permit, by reason of any call of a meeting of Holders or any rights expressly or impliedly conferred under this Indenture to make such call, any hindrance or delay in the exercise of any right or rights conferred upon or
reserved to the Trustee or to the Holders under any of the provisions of this Indenture or of the Notes. Nothing contained in this Article IX shall be deemed or construed to limit any Holder’s actions pursuant to the applicable procedures of
the Depositary so long as the Notes are Global Notes. 
 ARTICLE X 

SUPPLEMENTAL INDENTURES 

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

(a) to cure any ambiguity, omission, defect or inconsistency that is not materially adverse to Holders; 

(b) to provide for the assumption by a Successor Company of the obligations of the Company under this Indenture pursuant to Article XI; 

(c) to add guarantees with respect to the Notes; 

  
 45 

 (d) to secure the Notes; 

(e) to add to the covenants or Events of Default of the Company for the benefit of the Holders or surrender any right or power conferred upon
the Company under this Indenture; 
 (f) to make any change that does not adversely affect the rights of any Holder in any material respect;

 (g) to increase the Conversion Rate as provided in this Indenture; 

(h) to provide for the acceptance of appointment by a successor trustee pursuant to Section 7.09 or to facilitate the administration of
the trusts under this Indenture by more than one trustee; 
 (i) in connection with any Common Stock Change Event, provide that the Notes
are convertible into Reference Property, subject to the provisions of Section 13.02, and make such related changes to the terms of the Notes to the extent expressly required or permitted by Article XIII; 

(j) comply with any requirement of the Commission in connection with any qualification of this Indenture or any supplemental indenture under
the Trust Indenture Act; or 
 (k) provide for the issuance of additional Notes in accordance with Section 2.11 and provide for any
additional transfer restrictions that may apply to any such additional Notes that, at the time of their original issuance, constitute “restricted securities” within the meaning of Rule 144 or that are originally issued in reliance upon
Regulation S under the Securities Act (it being understood, for the avoidance of doubt, that no such transfer restrictions will apply to any Notes issued pursuant to the Purchase Agreement or any Notes issued in exchange therefor or in substitution
thereof). 
 Upon the written request of the Company, the Trustee is hereby authorized to, and shall join with the Company in the execution
of any such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein contained, except that the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental indenture that
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, and, for the avoidance of doubt, with respect to Sections 10.01(a) and 10.01(f), an Officer’s Certificate shall be delivered to the Trustee
which shall certify that the Company has made such determination in good faith. 
 Any supplemental indenture authorized by the provisions
of this Section 10.01 may be executed by the Company and the Trustee without the consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 10.02. 

Section 10.02 Supplemental Indentures with Consent of Holders. With the consent (evidenced as provided
in Article VIII) of the Holders of at least a majority of the aggregate principal amount of the Notes then outstanding (determined in accordance with Article VIII and including, without limitation, consents obtained in connection with a repurchase
of, or tender or exchange offer for, Notes), the Company, when authorized by the resolutions of the Board of 

  
 46 

 
Directors and the Trustee, at the Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental to this Indenture for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or any supplemental indenture or of modifying in any manner the rights of the Holders; provided, however, that, without the consent of each
Holder of an outstanding Note affected, no such supplemental indenture shall: 
 (a) reduce the amount of Notes whose Holders must consent
to an amendment; 
 (b) reduce the rate of or extend the stated time for payment of interest on any Note; 

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

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

(e) reduce the Fundamental Change Repurchase Price of any Note or amend or modify in any manner adverse to the Holders the Company’s
obligation to make such payment, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise; 
 (f)
make any Note payable in a currency or at a place of payment other than that stated in the Note; 
 (g) change the ranking of the Notes;

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

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

Section 10.03 Effect of Supplemental Indentures. Upon the execution of any supplemental indenture
pursuant to the provisions of this Article X, this Indenture shall be and be 

  
 47 

 
deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and
the Holders shall thereafter be determined, exercised and enforced under this Indenture subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be
part of the terms and conditions of this Indenture for any and all purposes. 
 Section 10.04 Notation on
Notes. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article X may, at the Company’s expense, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture. If the Company or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture contained in any such
supplemental indenture may, at the Company’s expense, be prepared and executed by the Company, authenticated by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 16.10) and delivered in exchange for
the Notes then outstanding, upon surrender of such Notes then outstanding. 
 Section 10.05 Evidence of
Compliance of Supplemental Indenture to Be Furnished Trustee. In addition to the documents required by Section 16.05, the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any
supplemental indenture executed pursuant to this Indenture complies with the requirements of this Article X and is permitted or authorized by this Indenture. 

ARTICLE XI 
 CONSOLIDATION, MERGER,
SALE AND LEASE 
 Section 11.01 Company May Consolidate, Etc. on Certain Terms. Subject to the
provisions of Section 11.02, the Company shall not consolidate with, merge with or into, or (whether directly or indirectly through one or more subsidiaries) sell, lease or otherwise transfer, in one transaction or a series of transactions, all
or substantially all of the consolidated assets of it and its Subsidiaries, taken as a whole to another Person, unless: 
 (a) the
resulting, surviving or transferee Person (the “Successor Company”), if not the Company, shall be a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia,
and the Successor Company (if not the Company) shall expressly assume, by supplemental indenture all of the obligations of the Company under the Notes and this Indenture; and 

(b) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing under this
Indenture. 
 Section 11.02 Successor Corporation to Be Substituted. In case of any such
consolidation, merger, sale, transfer or lease and upon the assumption by the Successor Company, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the
principal of and accrued and unpaid interest on all of the Notes, the due and punctual delivery or payment, as the case may be, of any consideration due upon conversion of the Notes and the due and punctual performance of all of

  
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the covenants and conditions of this Indenture to be performed by the Company, such Successor Company (if not the Company) shall succeed to and, except in the case of a lease of all or
substantially all of the Company’s properties and assets, shall be substituted for the Company, with the same effect as if it had been named in this Indenture 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 Notes issuable under this Indenture which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such
Successor Company instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver, or cause to be authenticated and delivered, any Notes that previously
shall have been signed and delivered by the Officers of the Company to the Trustee for authentication, and any Notes that such Successor Company thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so
issued shall in all respects have the same legal rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Notes had been issued at the date of the
execution of this Indenture. In the event of any such consolidation, merger, sale or transfer (but not in the case of a lease), upon compliance with this Article XI the Person named as the “Company” in the first paragraph of this Indenture
(or any successor that shall thereafter have become such in the manner prescribed in this Article XI) may be dissolved, wound up and liquidated at any time thereafter and, except in the case of any such lease, such Person shall be released from its
liabilities as obligor and maker of the Notes and discharged from its obligations under this Indenture and the Notes. 
 In case of any such
consolidation, merger, sale, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate. 

Section 11.03 Opinion of Counsel to Be Given to Trustee. No such consolidation, merger, sale, transfer
or lease shall be effective unless the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, 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 XI. 

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

  
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 ARTICLE XIII 

CONVERSION OF NOTES 

Section 13.01 Conversion Privilege. Subject to and upon compliance with the provisions of this Article
XIII (including the ownership limitations set forth in Section 13.12), each Holder shall have the right, at such Holder’s option, to convert all or any portion (if the portion to be converted is $1,000 principal amount or an integral
multiple thereof) of such Note at any time prior to the close of business on the Business Day immediately preceding the Maturity Date at an initial conversion rate of 160.3334 shares of Common Stock (subject to adjustment as provided in this Article
XIII, the “Conversion Rate”) per $1,000 principal amount of Notes (subject to, and in accordance with, the settlement provisions of Section 13.02, the “Conversion Obligation”). 

Section 13.02 Conversion Procedure; Settlement Upon Conversion. 

(a) Upon conversion of any Note, the Company shall deliver to the converting Holder, in respect of each $1,000 principal amount of Notes being
converted, a number of shares of Common Stock equal to the Conversion Rate in effect immediately after the close of business on the Conversion Date for such conversion, together with a cash payment, if applicable, in lieu of delivering any
fractional share of Common Stock in accordance with subsection (j) of this Section 13.02, on the second Business Day immediately following such Conversion Date. 

(b) Subject to Section 13.02(e), before any Holder shall be entitled to convert a Note as set forth above, in addition to any
certificates that may be required to be delivered pursuant to Section 13.12, such Holder shall (i) in the case of a Global Note, comply with the procedures of the Depositary in effect at that time and, if required, pay
funds equal to the interest payable on the next Interest Payment Date and (ii) in the case of a Physical Note (1) complete, manually sign and deliver an irrevocable notice to the Conversion Agent as set forth in the Form of Notice of
Conversion (or a facsimile thereof) (a “Notice of Conversion”) at the office of the Conversion Agent and state in writing therein the principal amount of Notes to be converted and the name or names (with addresses) in which such
Holder wishes the certificate or certificates for the shares of Common Stock to be delivered upon settlement of the Conversion Obligation to be registered, (2) surrender such Notes, duly endorsed to the Company or in blank (and accompanied by
appropriate endorsement and transfer documents), at the office of the Conversion Agent, (3) if required, furnish appropriate endorsements and transfer documents and (4) if required, pay funds equal to interest payable on the next Interest
Payment Date. The Trustee (and, if different, the Conversion Agent) shall notify the Company of receipt of any Notice of Conversion, receipt of any Notes from Holders and receipt of any payment of interest from a Holder pursuant to this Article XIII
on the Conversion Date for such conversion. No Notice of Conversion with respect to any Notes may be surrendered by a Holder thereof if such Holder has also delivered a Fundamental Change Repurchase Notice to the Company in respect of such Notes and
has not validly withdrawn such Fundamental Change Repurchase Notice in accordance with Section 14.02. 

  
 50 

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

(c) A Note shall be deemed to have been converted immediately prior to the close of business on the date (the “Conversion
Date”) that the Holder has complied with the requirements set forth in subsection (a) above. The Company shall issue or cause to be issued, and deliver to the Transfer Agent or to such Holder, or such Holder’s nominee or nominees,
certificates (or, if the Note to be converted is a Global Note, a book-entry transfer through the Depositary) for the full number of shares of Common Stock to which such Holder shall be entitled in satisfaction of the Company’s Conversion
Obligation. 
 (d) In case any Physical Note shall be surrendered for partial conversion, the Company shall execute and the Trustee shall
authenticate and deliver to or upon the written order of the Holder of the Note so surrendered a new Note or Notes in authorized denominations in an aggregate principal amount equal to the unconverted portion of the surrendered Note, without payment
of any service charge by the converting Holder but, if required by the Company or Trustee, with payment of a sum sufficient to cover any documentary, stamp or similar issue or transfer tax or similar governmental charge required by law or that may
be imposed in connection therewith as a result of the name of the Holder of the new Notes issued upon such conversion being different from the name of the Holder of the old Notes surrendered for such conversion. 

(e) If a Holder submits a Note for conversion, the Company shall pay any documentary, stamp or similar issue or transfer tax due on the issue
of any shares of Common Stock upon conversion, unless the tax is due because the Holder requests such shares to be issued in a name other than the Holder’s name, in which case the Holder shall pay that tax. The Transfer Agent may refuse to
deliver the certificates representing the shares of Common Stock being issued in a name other than the Holder’s name until the Trustee receives a sum sufficient to pay any tax that is due by such Holder in accordance with the immediately
preceding sentence. 
 (f) Except as provided in Section 13.04, no adjustment shall be made for dividends on shares of Common Stock
issued upon the conversion of any Note as provided in this Article XIII. 
 (g) Upon the conversion of an interest in a Global Note,
the Trustee shall make a notation on such Global Note as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any conversion of Notes effected through any Conversion Agent other than the
Trustee. 
 (h) Upon conversion, a Holder shall not receive any separate cash payment for accrued and unpaid interest, if any, except as set
forth below. The Company’s settlement of the full Conversion Obligation shall be deemed to satisfy in full its obligation to pay the principal amount of the Note and accrued and unpaid interest, if any, to, but not including, the relevant
Conversion Date. As a result, accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date shall be deemed to be paid in full rather than canceled, extinguished or 

  
 51 

 
forfeited. Notwithstanding the foregoing, if Notes are converted after the close of business on a Regular Record Date, Holders of such Notes as of the close of business on such Regular Record
Date will receive the full amount of interest payable on such Notes on the corresponding Interest Payment Date notwithstanding the conversion. Notes surrendered for conversion during the period from the close of business on any Regular Record Date
to the open of business on the immediately following Interest Payment Date must be accompanied by funds equal to the amount of interest payable on the Notes so converted; provided that no such payment shall be required (1) for
conversions whose Conversion Date occurs after the Regular Record Date immediately preceding the Maturity Date; (2) if the Company has specified a Fundamental Change Repurchase Date that is after a Regular Record Date and on or prior to the
Business Day immediately after the corresponding Interest Payment Date; or (3) to the extent of any overdue interest, if any overdue interest exists at the time of conversion with respect to such Note. Therefore, for the avoidance of doubt, all
Holders of record as of the close of business on the Regular Record Date immediately preceding the Maturity Date, or immediately preceding any Fundamental Change Repurchase Date as described in the immediately preceding sentence, shall receive the
full interest payment due on the Maturity Date or other applicable Interest Payment Date regardless of whether their Notes have been converted following such Regular Record Date. 

(i) Subject to Section 13.12, the Person in whose name the certificate for the shares of Common Stock delivered upon conversion is
registered shall be deemed to become a stockholder of record as of the close of business on the relevant Conversion Date. Upon a conversion of Notes, such Person shall no longer be a Holder of such Notes surrendered for conversion. 

(j) The Company shall not issue any fractional share of Common Stock upon conversion of the Notes and shall instead pay cash in lieu of
delivering any fractional share of Common Stock issuable upon conversion based on the Last Reported Sale Price of the Common Stock on the relevant Conversion Date. 

Section 13.03 Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole
Fundamental Changes. 
 (a) If the Effective Date of a Make-Whole Fundamental Change occurs prior to the Maturity Date and a
Holder elects to convert its Notes in connection with such Make-Whole Fundamental Change, then the Company shall, under the circumstances described below, increase the Conversion Rate for the Notes so surrendered for conversion by a number of
additional shares of Common Stock (the “Additional Shares”), as described below. A conversion of Notes shall be deemed for these purposes to be “in connection with” such Make-Whole Fundamental Change if the Conversion Date
of such conversion occurs during the period from, and including, the Effective Date of the Make-Whole Fundamental Change to, and including, the Business Day immediately prior to the related Fundamental Change Repurchase Date (or, in the case of a
Make-Whole Fundamental Change that would have been a Fundamental Change but for the proviso in clause (b) of the definition thereof, to, and including, the 35th Trading Day immediately following the Effective Date of such Make-Whole Fundamental
Change). 

  
 52 

 For the avoidance of doubt, upon conversion of Notes in connection with a Make-Whole
Fundamental Change as provided in the preceding paragraph, the Company shall deliver shares of Common Stock, including the Additional Shares, in accordance with Section 13.02, subject to the provisions set forth in Section 13.07. If the
consideration for Common Stock in any Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change is composed entirely of cash, then for any conversion of Notes with a Conversion Date on or after the
Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation shall be calculated based solely on the Stock Price for the transaction and shall be deemed to be an amount of cash per $1,000 principal amount of converted Notes equal
to the Conversion Rate (including any adjustment for Additional Shares), multiplied by such Stock Price. The Company shall notify the Holders of the Effective Date of any Make-Whole Fundamental Change no later than five Business Days after
such Effective Date. 
 (b) The number of Additional Shares, if any, by which the Conversion Rate shall be increased shall be determined by
reference to the table below, based on the date on which the Make-Whole Fundamental Change occurs or becomes effective (the “Effective Date”) and the Stock Price for such Make-Whole Fundamental Change. If the holders of the Common
Stock receive in exchange for their Common Stock only cash in a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Stock Price shall be the cash amount paid per share. Otherwise, the Stock Price
shall be the average of the Last Reported Sale Prices of the Common Stock over the five Trading Day period ending on, and including, the Trading Day immediately preceding the Effective Date of the Make-Whole Fundamental Change. 

(c) The Stock Prices set forth in the column headings of the table below shall be adjusted as of any date on which the Conversion Rate of the
Notes is otherwise adjusted. The adjusted Stock Prices shall equal the Stock Prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the Conversion Rate immediately prior to such adjustment giving rise
to the Stock Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The number of Additional Shares set forth in the table below shall be adjusted in the same manner and at the same time as the Conversion Rate as set
forth in Section 13.04. 
 (d) The following table sets forth the number of Additional Shares by which the Conversion Rate shall be
increased per $1,000 principal amount of Notes pursuant to this Section 13.03 for each Stock Price and Effective Date set forth below: 
  

																																									
	 Stock Price
	 
											
	 Effective Date
	  	$5.67	 	  	$6.00	 	  	$6.24	 	  	$7.00	 	  	$8.00	 	  	$10.00	 	  	$12.00	 	  	$16.00	 	  	$20.00	 	  	$25.00	 
	 November 17, 2020
	  	 	16.0334	 	  	 	16.0334	 	  	 	16.0334	 	  	 	16.0334	 	  	 	15.2032	 	  	 	9.4291	 	  	 	6.1476	 	  	 	2.6201	 	  	 	0.9102	 	  	 	0.0000	 
	 August 1, 2021
	  	 	16.0334	 	  	 	16.0334	 	  	 	16.0334	 	  	 	16.0334	 	  	 	14.2902	 	  	 	8.6819	 	  	 	5.6378	 	  	 	2.5015	 	  	 	0.8944	 	  	 	0.0000	 
	 August 1, 2022
	  	 	16.0334	 	  	 	16.0334	 	  	 	16.0334	 	  	 	16.0334	 	  	 	12.0602	 	  	 	6.8913	 	  	 	4.3751	 	  	 	2.0174	 	  	 	0.8734	 	  	 	0.0000	 
	 August 1, 2023
	  	 	16.0334	 	  	 	16.0334	 	  	 	16.0334	 	  	 	12.4970	 	  	 	7.8766	 	  	 	3.8601	 	  	 	2.3553	 	  	 	1.1621	 	  	 	0.5888	 	  	 	0.0000	 
	 August 1, 2024
	  	 	16.0334	 	  	 	6.3333	 	  	 	0.0001	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 

  
 53 

 The exact Stock Price and Effective Date may not be set forth in the table above, in which
case: 
 (i) if the Stock Price is between two Stock Prices in the table above or the Effective Date is between two dates in
the table above, the number of Additional Shares by which the Conversion Rate shall be increased shall be determined by a straight-line interpolation between the number of Additional Shares set forth for the higher and lower Stock Prices and the
earlier and later dates in the table above, as applicable, based on a 365- or 366-day year, as applicable; 
 (ii) if the
Stock Price is greater than $25.00 per share (subject to adjustment in the same manner as the Stock Prices set forth in the column headings of the table above pursuant to subsection (c) above), no Additional Shares shall be added to the
Conversion Rate; and 
 (iii) if the Stock Price is less than $5.67 per share (subject to adjustment in the same manner as
the Stock Prices set forth in the column headings of the table above pursuant to subsection (c) above), no Additional Shares shall be added to the Conversion Rate. 

Notwithstanding the foregoing, in no event shall the Conversion Rate per $1,000 principal amount of Notes exceed 176.3668 shares of Common
Stock, subject to adjustment in the same manner as the Conversion Rate pursuant to Section 13.04. 
 (e) Nothing in this
Section 13.03 shall prevent an adjustment to the Conversion Rate pursuant to Section 13.04 in respect of a Make-Whole Fundamental Change. 

Section 13.04 Adjustment of Conversion Rate. The Conversion Rate shall be adjusted as set forth below,
except that the Company shall not make any adjustments to the Conversion Rate if Holders participate (other than in the case of (x) a share split or share combination or (y) a tender or exchange offer), at the same time and upon the same
terms as holders of the Common Stock and solely as a result of holding the Notes, in any of the transactions described in this Section 13.04, without having to convert their Notes, as if they held a number of shares of Common Stock equal to the
Conversion Rate, multiplied by the principal amount (expressed in thousands) of Notes held by such Holder. 
 (a) If the Company
exclusively issues shares of Common Stock as a dividend or distribution on shares of the Common Stock, or if the Company effects a share split or share combination, the Conversion Rate shall be adjusted based on the following formula: 

 

							
		 	CR1 = CR0 × 	 	 OS1
	 	
	 	OS0

 where, 
  

			
	CR0 =	 	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date of such dividend or distribution, or immediately prior to the open of business on the Effective
Date of such share split or share combination, as applicable;
		
	CR1 =	 	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date or Effective Date, as applicable;

  
 54 

			
	OS0 =	 	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date, as applicable; and
		
	OS1 =	 	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share combination, as applicable.

 Any adjustment made under this Section 13.04(a) shall become effective immediately after the open of
business on the Ex-Dividend Date for such dividend or distribution, or immediately after the open of business on the Effective Date for such share split or share combination, as applicable. If any dividend or
distribution of the type described in this Section 13.04(a) is declared but not so paid or made, or any share split or combination of the type described in this Section 13.04(a) is announced but the outstanding shares of Common Stock are
not split or combined, as the case may be, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution, or not to split or combine the outstanding shares of
Common Stock, as the case may be, to the Conversion Rate that would then be in effect if such dividend or distribution had not been declared or such share split or combination had not been announced. 

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

							
		 	CR1 = CR0 × 	 	 OS0 + X
	 	
	 	OS0 + Y

 where, 
  

			
	CR0 =	 	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such issuance;
		
	CR1 =	 	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;
		
	OS0 =	 	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date;
		
	X =	 	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
		
	Y =	 	the number of shares of Common Stock equal to 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.

  
 55 

 Any increase made under this Section 13.04(b) shall be made successively whenever any
such rights, options or warrants are issued and shall become effective immediately after the open of business on the Ex-Dividend Date for such issuance. To the extent that shares of the Common Stock are not
delivered after the expiration of such rights, options or warrants, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect had the increase with respect to the issuance of such rights, options or warrants been
made on the basis of delivery of only the number of shares of Common Stock actually delivered. If such rights, options or warrants are not so issued, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect if such
Record Date for such issuance had not occurred. 
 For purposes of this Section 13.04(b), in determining whether any rights, options or
warrants entitle the holders of Common Stock to subscribe for or purchase shares of the Common Stock at less than such average of the Last Reported Sale Prices of the Common Stock for the applicable 10 consecutive Trading Day period ending on, and
including, the Trading Day immediately preceding the date of announcement of such issuance, and in determining the aggregate offering price of such shares of Common Stock, there shall be taken into account any consideration received by the Company
for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the 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 of the Company, to all or substantially all holders of the Common Stock, excluding (i) dividends, distributions or issuances as to which an adjustment is required (or would be
required, disregarding the Deferral Exception) pursuant to Section 13.04(a) or Section 13.04(b), (ii) rights issued pursuant to a stockholders right plan, except as set forth in Section 13.10, (iii) dividends or distributions paid
exclusively in cash as to which an adjustment is required (or would be required, disregarding the Deferral Exception) pursuant to Section 13.04(d), (iv) distributions of Reference Property in a Common Stock Change Event, as to which the
provisions set forth in Section 13.07(a) shall apply and (v) Spin-Offs as to which the provisions set forth below in this Section 13.04(c) shall apply (any of such shares of Capital Stock, evidences of indebtedness, other assets or
property or rights, options or warrants to acquire Capital Stock or other securities, the “Distributed Property”), then the Conversion Rate shall be increased based on the following formula: 

 

							
		 	CR1 = CR0 × 	 	 SP0
	 	
	 	SP0 – FMV

 where, 
  

			
	CR0 =	 	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;

  
 56 

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

 Any increase made under the portion of this Section 13.04(c) above shall become effective immediately
after the open of business on the Ex-Dividend Date for such distribution. If such distribution is not so paid or made, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect
if such distribution had not been declared. Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0” (as defined above), then, in lieu of
the foregoing increase, each Holder shall receive, in respect of each $1,000 principal amount thereof, at the same time and upon the same terms as holders of the Common Stock, the amount and kind of Distributed Property such Holder would have
received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect on the Record Date for the distribution. If the Board of Directors determines the “FMV” (as defined above) of any distribution for
purposes of this Section 13.04(c) by reference to the actual or when-issued trading market for any securities, it shall in doing so consider the prices in such market over the same period used in
computing the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such
distribution. 
 With respect to an adjustment pursuant to this Section 13.04(c) where there has been a payment of a dividend or other
distribution on the Common Stock of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Company, that are, or, when issued, will be, listed or admitted for trading
on a U.S. national securities exchange (a “Spin-Off”), the Conversion Rate shall be increased based on the following formula: 
  

							
		 	CR1 = CR0 × 	 	 FMV0 + MP0
	 	
	 	MP0

 where, 
  

			
	CR0 =	 	 the Conversion Rate in effect immediately prior to the close of business on the last Trading Day
of the Spin-Off Valuation Period;

		
	CR1 =	 	 the Conversion Rate in effect immediately after the close of business on the last Trading Day of
the Spin-Off Valuation Period;

  
 57 

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

 The adjustment to the Conversion Rate under the preceding paragraph shall occur on the last Trading Day of the
Spin-Off Valuation Period; provided that in respect of any conversion of Notes with a Conversion Date occurring during the Spin-Off Valuation Period, references
in the portion of this Section 13.04(c) related to Spin-Offs with respect to 10 Trading Days shall be deemed to be replaced with such lesser number of Trading Days as have elapsed from, and including, the
Ex-Dividend Date of such Spin-Off to, and including, such Conversion Date in determining the Conversion Rate applicable to such conversion. 

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

							
		 	CR1 = CR0 × 	 	 SP0
	 	
	 	SP0 – C

 where, 
  

			
	CR0 =	 	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;
		
	CR1 =	 	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;
		
	SP0 =	 	the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and
		
	C =	 	the amount in cash per share the Company distributes to all or substantially all holders of the Common Stock.

 Any increase pursuant to this Section 13.04(d) shall become effective immediately after the open of
business on the Ex-Dividend Date for such dividend or distribution. If such dividend or distribution is not so paid, the Conversion Rate shall be decreased, effective as of the date the Board of Directors
determines not to make or pay such dividend or distribution, to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. Notwithstanding the foregoing, if “C” (as defined above) is equal
to or greater than “SP0” (as defined above), then, in lieu of the foregoing increase, each Holder shall receive, for each $1,000 principal amount of Notes, at the same time and upon
the same terms as holders of shares of the Common Stock, the amount of cash that such Holder would have received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect on the Record Date for such cash dividend
or distribution. 

  
 58 

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

							
		 	CR1 = CR0 × 	 	
AC + (SP1 × OS1)
	 	
	 	OS0 × SP1

 where, 
  

			
	CR0 =	 	the Conversion Rate in effect immediately prior to the close of business on the last Trading Day of the Tender/Exchange Offer Valuation Period;
		
	CR1 =	 	the Conversion Rate in effect immediately after the close of business on the last Trading Day of the Tender/Exchange Offer Valuation Period;
		
	AC =	 	the aggregate value of all cash and any other consideration (as determined by the Board of Directors) paid or payable for shares of Common Stock purchased in such tender or exchange offer;
		
	OS0 =	 	the number of shares of Common Stock outstanding immediately prior to the time such tender or exchange offer expires (prior to giving effect to the purchase or exchange of all shares of Common Stock accepted for purchase or exchange
in such tender or exchange offer);
		
	OS1 =	 	the number of shares of Common Stock outstanding immediately after the time such tender or exchange offer expires (after giving effect to the purchase or exchange of all shares of Common Stock accepted for purchase or exchange in
such tender or exchange offer); and
		
	SP1 =	 	the average of the Last Reported Sale Prices of the Common Stock over the Tender/Exchange Offer Valuation Period.

 provided, however, that the Conversion Rate will in no event be adjusted down pursuant to the provisions
described in this Section 13.04(e), except to the extent provided in the second immediately following paragraph. 
 The adjustment to
the Conversion Rate pursuant to this Section 13.04(e) shall occur on the last Trading Day of the Tender/Exchange Offer Valuation Period; provided that in respect of any conversion of Notes with a conversion date occurring during the
Tender/Exchange Offer Valuation Period, references in this Section 13.04(e) with respect to 10 Trading Days shall be deemed to be replaced with such lesser number of Trading Days as have elapsed from, and including, the Trading Day next
succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer to, and including, such Conversion Date in determining the Conversion Rate applicable to such conversion. 

  
 59 

 To the extent such tender or exchange offer is announced but not consummated (including as a
result of being precluded from consummating such tender or exchange offer under applicable law), or any purchases or exchanges of shares of Common Stock in such tender or exchange offer are rescinded, the Conversion Rate will be readjusted to the
Conversion Rate that would then be in effect had the adjustment been made on the basis of only the purchases or exchanges of shares of Common Stock, if any, actually made, and not rescinded, in such tender or exchange offer. 

(f) Notwithstanding this Section 13.04 or any other provision of this Indenture or the Notes, if a Conversion Rate adjustment becomes
effective on any Record Date, and a Holder that has converted its Notes with a Conversion Date occurring on such Record Date would be treated as the record holder of the shares of Common Stock as of such Record Date as described under
Section 13.02(i) based on such adjusted Conversion Rate, then, notwithstanding the Conversion Rate adjustment provisions in this Section 13.04, for purposes of such conversion, such Conversion Rate adjustment shall not be made. Instead,
such Holder shall be treated as if such Holder were the record owner of the shares of Common Stock on an unadjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment. 

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

(h) In addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this Section 13.04, and to the extent
permitted by applicable law and subject to applicable stock exchange rules, the Company from time to time may increase the Conversion Rate by any amount for a period of at least 20 Business Days if the Board of Directors determines that such
increase would be in the Company’s best interest. In addition, to the extent permitted by applicable law and subject to applicable stock exchange rules, the Company may (but is not required to) increase the Conversion Rate to avoid or diminish
any income tax to holders of Common Stock or rights to purchase Common Stock in connection with a dividend or distribution of shares of Common Stock (or rights to acquire shares of Common Stock) or similar event. Whenever the Conversion Rate is
increased pursuant to either of the preceding two sentences, the Company shall send to each Holder a notice of the increase at least 15 days prior to the date the increased Conversion Rate takes effect, and such notice shall state the increased
Conversion Rate and the period during which it will be in effect. 
 (i) Notwithstanding anything to the contrary in this Article XIII, the
Conversion Rate shall not be adjusted: 
 (i) 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; 

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

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

(iv) upon the repurchase of shares of Common Stock pursuant to an open-market share
repurchase program, including pursuant to structured or derivative transactions such as accelerated share repurchase transactions or similar forward derivatives, or other buyback transaction, in each case, that is not a tender offer or exchange
offer of the nature described in Section 13.04(e); 
 (v) solely for a change in the par value of the Common Stock; or

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

(j) The Company shall not adjust the Conversion Rate pursuant to clauses (a), (b), (c), (d) or (e) of this Section 13.04 unless such
adjustment would result in a change of at least 1% of the then effective Conversion Rate. However, the Company shall carry forward any adjustment to the Conversion Rate that the Company would otherwise have to make and take that adjustment into
account in any subsequent adjustment. Notwithstanding the foregoing, all such carried-forward adjustments shall be made with respect to the Notes (i) in connection with any subsequent adjustment to the Conversion Rate of at least 1% of the
Conversion Rate (when such carried-forward adjustments are taken into account) when taken together with all prior deferred adjustments that have not yet been given effect; and (ii) (x) on the Conversion Date for any Notes, and (y) upon the
occurrence of a Make-Whole Fundamental Change pursuant to Section 14.03. 
 (k) All calculations and other determinations under this
Article XIII shall be made by the Company and shall be made to the nearest one-ten thousandth (1/10,000th) of a share. 
 (l) Whenever
the Conversion Rate is adjusted as provided in this Indenture, the Company shall promptly file with the Trustee (and the Conversion Agent if not the Trustee) an Officer’s Certificate setting forth the Conversion Rate after such adjustment and
setting forth a brief statement of the facts requiring such adjustment. Unless and until a Responsible Officer of the Trustee shall have received such Officer’s Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of
the Conversion Rate and may assume without inquiry that the last Conversion Rate of which it has knowledge is still in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate
setting forth the adjusted Conversion Rate and the date on which each adjustment becomes effective and shall send such notice of such adjustment of the Conversion Rate to each Holder. Failure to deliver such notice shall not affect the legality or
validity of any such adjustment. 

  
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 (m) For purposes of this Section 13.04, the number of shares of Common Stock at any
time outstanding shall not include shares of Common Stock held in the treasury of the Company so long as the Company does not pay any dividend or make any distribution on shares of Common Stock held in the treasury of the Company, but shall include
shares of Common Stock issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock. 

Section 13.05 Adjustments of Prices. Whenever any provision of this Indenture requires the Company to
calculate the Last Reported Sale Prices over a span of multiple days (including to calculate the Stock Price), the Company shall make appropriate adjustments, if any, 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 Record Date of the event occurs, at any time during the period when the Last Reported Sale Prices are to be calculated. 

Section 13.06 Shares to Be Fully Paid. The Company shall provide, free from preemptive rights, out of
its authorized but unissued shares or shares held in treasury, sufficient shares of Common Stock to provide for conversion of the Notes from time to time as such Notes are presented for conversion (assuming that at the time of computation of such
number of shares, all such Notes would be converted by a single Holder). 
 Section 13.07 Effect of
Recapitalizations, Reclassifications and Changes of the Common Stock. (a) In the case of: 
 (i)
any recapitalization, reclassification or change of the Common Stock (other than a change in par value or changes resulting from a subdivision or combination), 

(ii) any consolidation, merger or combination involving the Company, 

(iii) any sale, lease or other transfer to a third-party of the consolidated assets of the Company and the Company’s
Subsidiaries substantially as an entirety, or 
 (iv) any statutory share exchange, 

in each case, as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets, including
cash or any combination thereof (such transaction, a “Common Stock Change Event,” and such stock, securities, property, asset or cash, “Reference Property,” and the amount and kind of reference property that a
holder of one share of Common Stock would be entitled to receive on account of such Common Stock Change Event (without giving effect to any arrangement not to issue fractional shares of securities or other property), a “Reference Property
Unit”), then, notwithstanding anything to the contrary in this Indenture or the Notes, from and after the effective time of such Common Stock Change Event, (x) the Conversion Consideration due upon conversion of any Note, and the
conditions to any such conversion, will be determined in the same manner as if each reference to any number of shares of Common Stock in this Article XIII (or in any related definitions) were instead a reference to the same number of Reference
Property Units; (y) for purposes of Section 15.01, each reference to any number of shares of Common Stock in such Section (or in any related definitions) will instead be deemed to be a reference to the same number of Reference Property
Units; and (z) for purposes of the definition of “Fundamental Change” and “Make-Whole 

  
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Fundamental Change,” the term “Common Stock” and “common equity” will be deemed to mean the common equity, if any, forming part of such Reference Property. For these
purposes, the Last Reported Sale Price of any Reference Property Unit or portion thereof that does not consist of a class of securities will be the fair value of such Reference Property Unit or portion thereof, as applicable, determined in good
faith by the Company (or, in the case of cash denominated in U.S. dollars, the face amount thereof). 
 If the Common Stock Change Event
causes Common Stock to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined based in part upon any form of stockholder election), then the Reference Property will be deemed to be (x) the
weighted average of the types and amounts of consideration received by the holders of Common Stock that affirmatively make such an election; or (y) if no holders of Common Stock affirmatively make such an election, the types and amounts of
consideration actually received by the holders of Common Stock. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) of such weighted average as soon as practicable after such determination is made. 

At or before the effective time of such Common Stock Change Event, the Company and the resulting, surviving or transferee Person (if not the
Company) of such Common Stock Change Event (the “Successor Person”) will execute and deliver to the Trustee a supplemental indenture pursuant to Section 10.01(i), which supplemental indenture will (x) provide for
subsequent conversions of Notes in the manner set forth in this Section 13.07; (y) provide for subsequent adjustments to the Conversion Rate pursuant to Section 13.04 in a manner consistent with this Section 13.07 (including giving
effect, in the reasonable discretion of the Company, to the Dividend Threshold in a manner that reflects the nature and value of the Reference Property Unit to preserve; and (z) contain such other provisions as the Company reasonably determines
are appropriate to preserve the economic interests of the Holders and to give effect to the provisions of this Section 13.07. If the Reference Property in respect of any Common Stock Change Event includes shares of stock, other securities or
other property or assets of a Person other than the Company or the Successor Person, as the case may be, in such Common Stock Change Event, then such other Person will also execute such supplemental indenture, and such supplemental indenture will
contain such additional provisions to protect the interests of the Holders, including the right of Holders to require the Company to repurchase their Notes upon a Fundamental Change, as the Board of Directors reasonably considers necessary by reason
of the foregoing. The Company shall not become a party to any Common Stock Change Event unless its terms are consistent with the foregoing. 

(b) Notice of Common Stock Change Events. The Company will provide notice of each Common Stock Change Event to Holders no later than
the effective date of such Common Stock Change Event. 
 (c) Compliance Covenant. The Company will not become a party to any Common
Stock Change Event unless its terms are consistent with this Section 13.07. 

  
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 Section 13.08 Certain Covenants. 

(a) The Company covenants that all shares of Common Stock issued upon conversion of Notes will be fully paid and non-assessable by the Company
and free from all taxes, liens and charges with respect to the issue thereof. 
 (b) The Company further covenants that if at any time the
Common Stock shall be listed on any national securities exchange or automated quotation system the Company will list and keep listed, so long as the Common Stock shall be so listed on such exchange or automated quotation system, any Common Stock
issuable upon conversion of the Notes. 
 Section 13.09 Responsibility of Trustee. The Trustee and
any other Conversion Agent shall not at any time be under any duty or responsibility to any Holder to determine the Conversion Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment (including any increase) of
the Conversion Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method employed, or in this Indenture or in any supplemental indenture provided to be employed, in making the same.
The Trustee and any other Conversion Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock, or of any securities, property or cash that may at any time be issued or delivered upon
the conversion of any Note; and the Trustee and any other Conversion Agent make no representations with respect thereto. Neither the Trustee nor any Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver
any shares of Common Stock or stock certificates or other securities or property or cash upon the surrender of any Note for the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the Company contained in this
Article. Without limiting the generality of the foregoing, neither the Trustee nor any Conversion Agent shall be under any responsibility to (a) determine whether a supplemental indenture needs to be entered into or (b) determine the
correctness of any provisions contained in any supplemental indenture entered into pursuant to Section 13.07 relating either to the kind or amount of shares of stock or securities or property (including cash) receivable by Holders upon the
conversion of their Notes after any event referred to in such Section 13.07 or to any adjustment to be made with respect thereto, but, subject to the provisions of Section 7.01, may accept (without any independent investigation) as
conclusive evidence of the correctness of any such provisions, and shall be protected in conclusively relying upon, the Officer’s Certificate (which the Company shall be obligated to file with the Trustee prior to the execution of any such
supplemental indenture) with respect thereto. 
 The Trustee shall not be accountable for and makes no representation as to the validity or
value of any securities or assets issued upon conversion of Notes. The Trustee shall not be responsible for the Company’s failure to comply with this Article XIII. Each Conversion Agent (other than the Company or an Affiliate of the Company)
shall have the same protection under this Section 13.09 as the Trustee. 
 Section 13.10 Stockholder
Rights Plans. If the Company has a stockholder rights plan in effect upon conversion of the Notes, each converting Holder will receive, in addition to any shares of Common Stock received in connection with the conversion of such
Holder’s Notes, the rights under the stockholder rights plan, as the same may be amended from time to time. However, if, prior to any conversion of Notes, the rights have separated from the shares of Common Stock in accordance with the
provisions of the applicable stockholder rights plan, the 

  
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Conversion Rate shall be adjusted at the time of separation as if the Company distributed to all or substantially all holders of the Common Stock Distributed Property as provided in
Section 13.04(c), subject to readjustment in the event of the expiration, termination or redemption of such rights. 

Section 13.11 Exchange in Lieu of Conversion. 

(a) Notwithstanding any other provision of this Article XIII, when a Holder surrenders a Note for conversion, the Company may, at its
election, direct the Conversion Agent to surrender, on or prior to the Business Day immediately following the relevant Conversion Date, such Notes to a financial institution designated by the Company for exchange in lieu of conversion. In order to
accept any Notes surrendered for conversion, the designated financial institution must agree to pay and/or deliver, as applicable, in exchange for such Notes, all of the shares of Common Stock (and cash in lieu of fractional shares) due upon
conversion, all in accordance with Section 13.02. By the close of business on the Business Day immediately following the relevant Conversion Date, the Company shall notify the Holder surrendering Notes for conversion that the Company has
directed the designated financial institution to make an exchange in lieu of conversion. 
 (b) If the designated financial institution
accepts any such Notes, it will deliver the shares of Common Stock (and cash in lieu of fractional shares) due upon conversion to the Transfer Agent, and the Transfer Agent shall deliver such shares of Common Stock (and cash in lieu of fractional
shares ) to such Holder on the second Business Day immediately following the relevant Conversion Date). Any Notes exchanged by the designated financial institution will remain outstanding. If the designated financial institution agrees to accept any
Notes for exchange but does not timely deliver the related shares of Common Stock (and cash in lieu of fractional shares) or if such designated financial institution does not accept the Notes for exchange, the Company shall convert the Notes and
deliver shares or Common Stock (and cash in lieu of fractional shares) due upon conversion on the second Business Day immediately following the relevant Conversion Date as set forth in Section 13.02(c). The Company’s designation of a
financial institution to which the Notes may be submitted for exchange does not require the financial institution to accept any 
 Notes (unless the
financial institution has separately made an agreement with the Company to do so). The Company may, but will not be obligated to, enter into a separate agreement with any designated financial institution that would compensate it for any such
transaction. 
 Section 13.12 Limits Upon Issuance of Shares of Common Stock Upon Conversion. 

(a) Notwithstanding anything to the contrary herein, no Person will be entitled to receive any shares of Common Stock otherwise deliverable
upon conversion of the Notes to the extent, but only to the extent, that such receipt would cause such Person to become, directly or indirectly, a Beneficial Owner of more than 9.9% of the shares of the Common Stock outstanding at such time (such
restriction, the “Ownership Limit”); provided, however, that this Section 13.12 will not apply to any Person that is subject to Section 16(a) or (b) of the Exchange Act with respect to the Company by
virtue of being deemed to be a “director” or “officer” of the Company within the meaning of Section 16 of the Exchange 

  
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Act. For purposes of this Section 13.12 only, a Person shall be deemed the “Beneficial Owner” of and shall be deemed to beneficially own any shares of Common Stock
that such Person or any of such Person’s affiliates (as defined in Rule 12b-2 under the Exchange Act) or associates (as defined in Rule 12b-2 under the
Exchange Act) is deemed to beneficially own, together with any shares of Common Stock beneficially owned by any other persons whose beneficial ownership would be aggregated with such Person for purposes of Section 13(d) of the Exchange Act
(including without limitation, any “group” of which such Person is a member). For purposes of this Section 13.12, beneficial ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the
rules and regulations promulgated thereunder. For the avoidance of doubt, the term “Beneficial Owner” as used in this Section 13.12 shall not include (i) (x) with respect to any Global Note, the nominee of the
Depositary or any Person having an account with the Depositary or its nominee, and (y) with respect to any Physical Note, the Holder of such Physical Note unless, in each case of clause (x) and (y), such nominee, account holder or Holder
shall also be a Beneficial Owner of such Note; and (ii) the number of shares of Common Stock that would be issuable upon (a) conversion of the remaining, unconverted portion of any Notes beneficially owned by such Person or any of its
affiliates or associates and any other persons whose beneficial ownership would be aggregated with such Person for purposes of Section 13(d) of the Exchange Act (including without limitation, any “group” of which such Person is a
member), and (b) exercise or conversion of the unexercised or unconverted portion of any of the Company’s other securities subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by
such Person or any of its affiliates or associates and any other persons whose beneficial ownership would be aggregated with such Person for purposes of Section 13(d) of the Exchange Act (including without limitation, any “group” of
which such Person is a member). 
 (b) Any purported delivery of shares of Common Stock upon conversion of the Notes shall be void and have
no effect to the extent, but only to the extent, that such delivery would result in any Person becoming the Beneficial Owner of shares of Common Stock outstanding at such time in excess of the Ownership Limit applicable to such Person. 

(c) Unless the Company has waived the Ownership Limit as set forth in Section 13.12(e), when such Holder tenders Notes for conversion,
that Holder must provide a certification to the Company as to whether the Person (or Persons) receiving shares of Common Stock upon conversion is, or would, as a result of such conversion, assuming settlement upon conversion, become the Beneficial
Owner of shares of Common Stock outstanding at such time in excess of any Ownership Limit then applicable to such Person (or Persons); provided that in the case of a Global Note, compliance with the procedures of the Depositary in effect at
that time for the conversion of Notes shall be deemed to be such Holder’s certification to the Company that the Person (or Persons) receiving shares of Common Stock upon conversion is, or would, as a result of such conversion, assuming
settlement upon conversion, become the Beneficial Owner of shares of Common Stock outstanding at such time in excess of any Ownership Limit then applicable to such Person (or Persons). 

(d) If any delivery of shares of Common Stock otherwise owed to any Person (or Persons) upon conversion of the Notes is not made, in whole or
in part, as a result of the Ownership Limit, the Company’s obligation to make such delivery shall not be extinguished and, such Holder may either: 

(i) request the return of the Notes surrendered by such Holder for conversion, after which the Company shall deliver such Notes
to such Holder within two Trading Days after receipt of such request; or 

  
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 (ii) certify to the Company that the Person (or Persons) receiving shares of
Common Stock upon conversion is not, and would not, as a result of such delivery, become the Beneficial Owner of shares of Common Stock outstanding at such time in excess of the Ownership Limit, after which the Company shall deliver any such shares
of Common Stock withheld on account of such Ownership Limit by the later of (i) the date such shares were otherwise due to such Person (or Persons) and (ii) two Trading Days after receipt of such certification; provided, however,
until such time as the affected Holder gives such notice, no Person shall be deemed to be the stockholder of record with respect to the shares of Common Stock otherwise deliverable upon conversion in excess of the Ownership Limit. Upon delivery of
such notice, the provisions under Section 13.02 shall apply to the shares of Common Stock to be delivered pursuant to such notice.

(e) The Company may, at its option with the approval of the Board of Directors and subject to the applicable listing standards of the Nasdaq
Market, waive the Ownership Limit (as to a particular Person or as to all Persons, in each case other than as to the Initial Purchasers). In the event that the Company exercises its right to waive the Ownership Limit to all Persons, the Company or,
at the Company’s written request (given at least five (5) days before such notice is to be sent, or such shorter period as may be acceptable to the Trustee) and the Company’s expense, the Trustee, shall deliver or cause to be
delivered to each Holder 61 days prior to the effective waiver date an irrevocable notice stating that as of an effective date specified therein, the Company waives any restrictions that limit a Holder from converting its Notes in the event that
such Holder is, or would, as a result of a conversion of Notes, become, a Beneficial Owner of more than 9.9% of the shares of the Common Stock outstanding at such time. Neither the Trustee nor the Conversion Agent shall have any obligation to
monitor the Ownership Limit (as to a particular Person or as to all Persons). 
 ARTICLE XIV 

REPURCHASE OF NOTES AT OPTION OF HOLDERS 

Section 14.01 Repurchase at Option of Holders Upon a Fundamental Change. (a) If a Fundamental
Change occurs at any time prior to the Maturity Date, each Holder shall have the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s Notes, or any portion of the principal amount thereof that
is equal to $1,000 or an integral multiple of $1,000, on the date (the “Fundamental Change Repurchase Date”) specified by the Company that is not less than 20 Business Days or more than 35 Business Days following the date of the
Fundamental Change Company Notice at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest thereon to, but excluding, the Fundamental Change Repurchase Date (the
“Fundamental Change Repurchase Price”), unless the Fundamental Change Repurchase Date falls after a Regular Record Date but on or prior to the Interest Payment Date to which such Regular Record Date relates, in which case the
Company shall instead pay the full amount of accrued and unpaid interest to Holders of record as of such Regular Record Date, and the Fundamental Change Repurchase Price shall be equal to 100% of the principal amount of the Notes to be repurchased
pursuant to this Article XIV. 

  
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 (b) Repurchases of Notes under this Section 14.01 shall be made, at the option of the
Holder thereof, upon: 
 (i) delivery to the Paying Agent by a Holder of a duly completed notice (the “Fundamental
Change Repurchase Notice”) in the form set forth in Attachment 2 to the Form of Note attached to this Indenture as Exhibit A, if the Notes are Physical Notes, or in compliance with the Depositary’s procedures for surrendering interests
in Global Notes, if the Notes are Global Notes, in each case on or before the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date (subject to postponement to comply with changes in applicable law after
the date of this Indenture); and 
 (ii) delivery of the Notes to be repurchased, if the Notes are Physical Notes, to the
Paying Agent at any time after delivery of the Fundamental Change Repurchase Notice (together with all necessary endorsements for transfer) at the Corporate Trust Office of the Paying Agent, or book-entry transfer of the Notes, if the Notes are
Global Notes, in compliance with the procedures of the Depositary, in each case such delivery being a condition to receipt by the Holder of the Fundamental Change Repurchase Price therefor. 

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

(iii) the certificate numbers of the Notes to be delivered for repurchase; 

(iv) the portion of the principal amount of Notes to be repurchased, which must be $1,000 or an integral multiple thereof; and

 (v) that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this
Indenture. 
 Notwithstanding anything to the contrary in the two preceding sentences, if the Notes are Global Notes, then the Holder must instead comply
with the applicable Depositary procedures to exercise the Fundamental Change repurchase right. 
 Notwithstanding anything in this Indenture
to the contrary, a Holder that has exercised its Fundamental Change repurchase right with respect to any Note may withdraw such exercise in accordance with Section 14.02. 

The Paying Agent shall promptly notify the Company of the receipt by it of any Fundamental Change Repurchase Notice or written notice of
withdrawal thereof or any corresponding exercise or withdrawal pursuant to the applicable Depositary procedures. 
 (c) On or before the
20th calendar day after the occurrence of a Fundamental Change, the Company shall provide to all Holders and the Trustee and the Paying Agent (in the case of a 

  
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Paying Agent other than the Trustee) a written notice (the “Fundamental Change Company Notice”) of the occurrence of the Fundamental Change and of the repurchase right at the
option of the Holders arising as a result thereof. In the case of Physical Notes, such notice shall be by first class mail or, in the case of Global Notes, such notice shall be delivered in accordance with the applicable procedures of the
Depositary. Each Fundamental Change Company Notice shall specify: 
 (i) the events causing the Fundamental Change; 

(ii) the effective date of the Fundamental Change; 

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

(iv) the Fundamental Change Repurchase Price; 

(v) the Fundamental Change Repurchase Date; 

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

(vii) if applicable, the Conversion Rate and any adjustments to the Conversion Rate as a result of the Fundamental Change; 

(viii) that the Notes with respect to which a Fundamental Change Repurchase Notice has been delivered by a Holder may be
converted only if the Holder withdraws the Fundamental Change Repurchase Notice in accordance with the terms of this Indenture; and 

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

No failure of the Company to give the foregoing notices and no defect therein shall limit the Holders’ repurchase rights or affect the
validity of the proceedings for the repurchase of the Notes pursuant to this Section 14.01. 
 At the Company’s request, the
Trustee shall give such notice in the Company’s name and at the Company’s expense; provided, however, that, in all cases, the text of such Fundamental Change Company Notice shall be prepared by the Company. 

(d) Notwithstanding the foregoing, no Notes may be repurchased by the Company on any date at the option of the Holders upon a Fundamental
Change if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date (except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental
Change Repurchase Price with respect to such Notes). The Paying Agent will promptly return to the respective Holders thereof any Physical Notes held by it during the acceleration of the Notes (except in the case of an acceleration resulting from a
Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such 

  
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Notes), or any instructions for book-entry transfer of the Notes in compliance with the procedures of the Depositary shall be deemed to have been canceled,
and, upon such return or cancellation, as the case may be, the Fundamental Change Repurchase Notice with respect thereto shall be deemed to have been withdrawn. 

Section 14.02 Withdrawal of Fundamental Change Repurchase Notice. A Fundamental Change Repurchase
Notice may be withdrawn (in whole or in part) by means of a written notice of withdrawal delivered to the Trustee and the Paying Agent in accordance with this Section 14.02 at any time prior to the close of business on the Business Day
immediately preceding the Fundamental Change Repurchase Date, specifying: 
 (i) the principal amount of the Notes with
respect to which such notice of withdrawal is being submitted, and if Physical Notes have been issued, the certificate numbers of the Notes in respect of which such notice of withdrawal is being submitted, and 

(ii) the principal amount, if any, of such Notes that remain subject to the original Fundamental Change Repurchase Notice,
which portion must be in principal amounts of $1,000 or an integral multiple of $1,000; 
 provided, however, that if the Notes are Global Notes,
such Holder must instead comply with the applicable procedures of the Depositary to withdraw an exercise of the Fundamental Change repurchase right. 

Section 14.03 Deposit of Fundamental Change Repurchase Price. 

(a) The Company will deposit with the Trustee (or other Paying Agent appointed by the Company, or if the Company is acting as its own Paying
Agent, set aside, segregate and hold in trust as provided in Section 4.04) on or prior to 11:00 a.m., New York City time, on the Fundamental Change Repurchase Date an amount of money sufficient to repurchase all of the Notes to be repurchased
at the appropriate Fundamental Change Repurchase Price. Subject to receipt of funds and/or Notes by the Trustee (or other Paying Agent appointed by the Company), payment for Notes that have been validly tendered for repurchase and not withdrawn
prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date, subject to postponement to comply with changes in applicable law after the date of this Indenture, will be made on the later of
(i) the Fundamental Change Repurchase Date (provided the Holder has satisfied the conditions in Section 14.01) and (ii) the time of book-entry transfer or the delivery of the Notes to the
Trustee (or other Paying Agent appointed by the Company) by the Holder thereof in the manner required by Section 14.01 by sending checks for the amount payable to the Holders of such Notes entitled thereto as they shall appear in the Note
Register; provided, however, that payments to the Depositary shall be made by wire transfer of immediately available funds to the account of the Depositary or its nominee. The Trustee shall, promptly after such payment and upon written
demand by the Company, return to the Company any funds in excess of the Fundamental Change Repurchase Price. 
 (b) If by 11:00 a.m. New
York City time, on the Fundamental Change Repurchase Date, the Trustee (or other Paying Agent appointed by the Company) holds money sufficient to pay the Fundamental Change Repurchase Price on the Fundamental Change Repurchase Date,

  
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then, with respect to the Notes that have been properly surrendered for repurchase and have not been validly withdrawn in accordance with the provisions of this Indenture, (i) such Notes
will cease to be outstanding, (ii) interest will cease to accrue on such Notes (whether or not book-entry transfer of the Notes has been made or the Notes have been delivered to the Trustee or Paying
Agent) and (iii) all other rights of the Holders of such Notes will terminate (other than the right to receive the Fundamental Change Repurchase Price), in each case, subject to the right of any Holder as of the close of business on any Regular
Record Date to receive the related interest payment on the corresponding Interest Payment Date. 
 (c) Upon surrender of a Note that is to
be repurchased in part pursuant to Section 14.01, the Company shall execute and the Trustee shall authenticate and deliver to the Holder a new Note in an authorized denomination equal in principal amount to the unrepurchased portion of the Note
surrendered. 
 Section 14.04 Covenant to Comply with Applicable Laws Upon Repurchase of Notes. In
connection with any repurchase offer pursuant to this Article XIV, the Company will, if required: 
 (a) comply with the provisions of Rule
13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act that may then be applicable; 
 (b) file a Schedule TO or any
other required schedule under the Exchange Act; and 
 (c) otherwise comply with all federal and state securities laws in connection with
any offer by the Company to repurchase the Notes; 
 in each case, so as to permit the rights and obligations under this Article XIV to be exercised in the
time and in the manner specified in this Article XIV. 
 Section 14.05 Repurchase of Notes by Third Party. 

Notwithstanding the foregoing provisions of this Article XIV, the Company shall not be required to repurchase, or to make an offer to
repurchase, the Notes upon a Fundamental Change if (i) a third party makes such an offer in the same manner, at the same time and otherwise in compliance with the requirements for an offer made by the Company as set forth in this Article XIV;
and (ii) such third party repurchases all Notes properly surrendered and not validly withdrawn under its offer in the same manner, at the same time and otherwise in compliance with the requirements for an offer made by the Company as set forth
in this Article XIV. 
 ARTICLE XV 

NO OPTIONAL REDEMPTION 

Section 15.01 No Optional Redemption. The Notes shall not be redeemable at the Company’s option
prior to the Maturity Date. No sinking fund is provided for the Notes. 

  
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 ARTICLE XVI 

MISCELLANEOUS PROVISIONS 

Section 16.01 Provisions Binding on Company’s Successors. All the
covenants, stipulations, promises and agreements of the Company contained in this Indenture shall bind its successors and assigns whether so expressed or not. 

Section 16.02 Official Acts by Successor Corporation. Any act or proceeding by any provision of this
Indenture authorized or required to be done or performed by any board, committee or Officer of the Company shall and may be done and performed with like force and effect by the like board, committee or officer of any corporation or other entity that
shall at the time be the lawful sole successor of the Company. 
 Section 16.03 Addresses for Notices,
Etc. Any notice or demand that by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders on the Company shall be deemed to have been sufficiently given or made, for all purposes if
given or served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee) to Clovis Oncology, Inc., 2525 28th Street, Boulder, Colorado
80301, or sent electronically in PDF format. Any notice, direction, request or demand under this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited
postage prepaid by registered or certified mail in a post office letter box addressed to the Corporate Trust Office or sent electronically in PDF format. 

The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have received an incumbency certificate listing persons designated to give
such instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If the Company elects to
give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed
controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent
with a subsequent written instruction. The Company agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on
unauthorized instructions, and the risk or interception and misuse by third parties. 
 The Trustee, by notice to the Company, may designate
additional or different addresses for subsequent notices or communications. 
 Any notice or communication mailed to a Holder shall be
mailed to it by first class mail, postage prepaid, at its address as it appears on the Note Register and shall be sufficiently given to it if so mailed within the time prescribed; provided that notices given to Holders of Global Notes may be
given by electronic transmission to the facilities of the Depositary, and each such electronic transmission will be deemed to be notice “in writing.” 

  
 72 

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

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

Section 16.04 Governing Law; Jurisdiction. THIS INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR
DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE AND EACH NOTE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF
ANY LAW OTHER THAN THE LAWS OF THE STATE OF NEW YORK. 
 Any legal action, suit or proceeding arising out of or in connection with the
Indenture or the Notes shall be brought exclusively in the courts of the State of New York or the courts of the United States located in the Southern District in the Borough of Manhattan, New York City, New York, and, by execution and delivery of
this Indenture, each party hereto hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of each such court. The Company irrevocably and unconditionally waives, to the fullest extent permitted by
law, any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Indenture brought in the courts of the State of New York or the courts of
the United States located in the Southern District in the Borough of Manhattan, New York City, New York and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or
proceeding brought in any such court has been brought in an inconvenient forum. 
 Section 16.05 Evidence of
Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee. Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish
to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that such action is permitted by the terms of this Indenture and that all conditions precedent under the Indenture, if any, have been complied with. 

Each Officer’s Certificate provided for, by or on behalf of the Company in this Indenture and delivered to the Trustee with respect to
compliance with this Indenture (other than the Officer’s Certificates provided for in Section 4.09) and each Opinion of Counsel shall include (a) a statement that the person signing such Officer’s Certificate or Opinion of
Counsel is familiar with the requested action and this Indenture; (b) a brief statement as to the nature and scope of the examination or investigation upon which the statement contained in such certificate is based;

  
 73 

 
(c) a statement that, in the judgment of such person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed judgment as to whether or
not such action is permitted by this Indenture; and (d) a statement as to whether or not, in the judgment of such person, such action is permitted by this Indenture. 

Notwithstanding anything to the contrary in this Section 16.05, if any provision in this Indenture specifically provides that the Trustee
shall or may receive an Opinion of Counsel in connection with any action to be taken by the Trustee or the Company under this Indenture, the Trustee shall be entitled to such Opinion of Counsel. 

Section 16.06 Legal Holidays. In any case where any Interest Payment Date, Fundamental Change
Repurchase Date or Maturity Date is not a Business Day, then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding Business Day with the same force and effect as if taken on such date, and no
interest shall accrue in respect of any payment that would otherwise need to be made on such date on account of the delay. 

Section 16.07 No Security Interest Created. Nothing in this Indenture or in the Notes, expressed or
implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction. 

Section 16.08 Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed or implied,
shall give to any Person, other than the Holders, the parties to this Indenture, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors under this Indenture, any benefit or any legal or equitable
right, remedy or claim under this Indenture. 
 Section 16.09 Table of Contents, Headings, Etc. The
table of contents and the titles and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture, and shall in no way modify or restrict any of the
terms or provisions of this Indenture. 
 Section 16.10 Authenticating Agent. The Trustee may
appoint an authenticating agent that shall be authorized to act on its behalf and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes under this
Indenture, including under Section 2.04, Section 2.05, Section 2.07, Section 2.08, Section 10.04, Section 13.02 and Section 14.03 as fully to all intents and purposes as though the authenticating agent had been
expressly authorized by this Indenture and those Sections to authenticate and deliver Notes. For all purposes of this Indenture, the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery
of such Notes “by the Trustee” and a certificate of authentication executed on behalf of the Trustee by an authenticating agent shall be deemed to satisfy any requirement under this Indenture or in the Notes for the Trustee’s
certificate of authentication. Such authenticating agent shall at all times be a Person eligible to serve as trustee under this Indenture pursuant to Section 7.08. 

  
 74 

 Any corporation or other entity into which any authenticating agent may be merged or
converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity succeeding to the
corporate trust business of any authenticating agent, shall be the successor of the authenticating agent under this Indenture, if such successor corporation or other entity is otherwise eligible under this Section 16.10, without the execution
or filing of any paper or any further act on the part of the parties to this Indenture or the authenticating agent or such successor corporation or other entity. 

Any authenticating agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at
any time terminate the agency of any authenticating agent by giving written notice of termination to such authenticating agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any
authenticating agent shall cease to be eligible under this Section, the Trustee may appoint a successor authenticating agent (which may be the Trustee), shall give written notice of such appointment to the Company and shall send notice of such
appointment to all Holders. 
 The Company agrees to pay to the authenticating agent from time to time reasonable compensation for its
services although the Company may terminate the authenticating agent, if it determines such agent’s fees to be unreasonable. 
 The
provisions of Section 7.02, Section 7.03, Section 7.04, Section 7.06, Section 8.03 and this Section 16.10 shall be applicable to any authenticating agent. 

If an authenticating agent is appointed pursuant to this Section 16.10, the Notes may have endorsed thereon, in addition to the
Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 
 , as Authenticating
Agent, certifies that this is one of the Notes described in the within-named Indenture. 
  

			
	By:	 	  

		 	Authorized Officer

 Section 16.11 Execution in Counterparts. This Indenture may be
executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF
transmission shall constitute effective execution and delivery of this Indenture as to the parties to this Indenture and may be used in lieu of the original Indenture for all purposes. Signatures of the parties to this Indenture transmitted by
facsimile or PDF shall be deemed to be their original signatures for all purposes. 
 Section 16.12
Severability. In the event any provision of this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not
in any way be affected or impaired. 

  
 75 

 Section 16.13 Waiver of Jury Trial. EACH OF THE
COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED
HEREBY. 
 Section 16.14 Force Majeure. In no event shall the Trustee be responsible or liable for
any failure or delay in the performance of its obligations under this Indenture arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or
terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall
use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 16.15 Calculations. Except as otherwise provided in this Indenture, the Company shall be
responsible for making all calculations called for under the Notes. These calculations include, but are not limited to, determinations of the stock price, the Last Reported Sale Prices of the Common Stock, accrued interest payable on the Notes and
the Conversion Rate of the Notes. The Company shall make all these calculations in good faith and, absent manifest error, the Company’s calculations shall be final and binding on Holders. Upon written request, 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. 

None of the Trustee, Conversion Agent, Note Registrar or Paying Agent (in each case, if different from the Company) shall have any
responsibility for making any calculations, for determining amounts to be paid or for monitoring stock price, or be charged with any knowledge of or have any duties to monitor any measurement period. These calculations include, but are not limited
to, determinations of the Last Reported Sale Prices of the Common Stock, and the Conversion Rate of the Notes. 

Section 16.16 U.S.A. Patriot Act. The parties to this Indenture acknowledge that in accordance with
Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each Person or
other legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the
requirements of the U.S.A. Patriot Act. 
 Section 16.17 Tax Compliance. In order to assist the
Trustee with its compliance with Sections 1471 through 1474 of the U.S. Internal Revenue Code and the rules and regulations thereunder (as in effect from time to time, collectively, the “Applicable Law”) the Company agrees
(i) to provide to the Trustee reasonably available information collected and stored in the Company’s ordinary course of business regarding holders of Notes (solely in their capacity as 

  
 76 

 
such) and which is necessary for the Trustee’s determination of whether it has tax related obligations under Applicable Law and (ii) that the Trustee shall be entitled to make any
withholding or deduction from payments under the Indenture to the extent necessary to comply with Applicable Law. Nothing in the immediately preceding sentence shall be construed as obligating the Company to make any “gross up” payment or
similar reimbursement in connection with a payment in respect of which amounts are so withheld or deducted. 

Section 16.18 Withholding Tax. Notwithstanding any other provision of this Indenture, if the
Company or other applicable withholding agent pays withholding taxes or backup withholding on behalf of the Holder or beneficial owner as a result of an adjustment to the Conversion Rate, the Company or other applicable withholding agent may, at its
option, set off such payments against payments of cash and shares of Common Stock on the Note (or any payments on the Company’s Common Stock) or sales proceeds received by or other funds or assets of the Holder or beneficial owner. 

[Remainder of page intentionally left blank] 

  
 77 

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

			
	CLOVIS ONCOLOGY, INC.
		
	By:	 	 /s/ Daniel W. Muehl

		 	Name: Daniel W. Muehl
		 	Title: Executive Vice President and Chief Financial Officer
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Julie Hoffman-Ramos

		 	Name: Julie Hoffman-Ramos
		 	Title: Vice President

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 [INCLUDE
FOLLOWING LEGEND IF A GLOBAL NOTE] 
 THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS THE OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE WILL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC, OR
TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE WILL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN ARTICLE 2 OF THE INDENTURE HEREINAFTER REFERRED TO. 

[INCLUDE FOLLOWING LEGEND IF A RESTRICTED SECURITY] 

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

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

  

	 	(2)	 AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY
OR 

  
 A-1 

	 	
ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE
SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW EXCEPT: 

  

	 	(A)	 TO CLOVIS ONCOLOGY, INC. (THE “COMPANY”) OR ANY SUBSIDIARY THEREOF, OR 

 

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

  

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

  

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

 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE
2(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE
WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1 

 

	1 	 This paragraph and the immediately preceding paragraph will be deemed to be removed from the face of this Note
at such time when the Company delivers written notice to the Trustee of such deemed removal pursuant to Section 2.06 of the within-mentioned Indenture. 

  
 A-2 

 Clovis Oncology, Inc. 

4.50% Convertible Senior Note due 2024 
  

			
	No. [                ]	  	Initially $[                ]

 CUSIP No. [                ]2 
 ISIN No.
[                ]2 

Clovis Oncology, Inc., a corporation duly organized and validly existing under the laws of the State of Delaware (the
“Company,” which term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to CEDE & CO., or registered assigns, the principal
sum as set forth in the “Schedule of Exchanges of Notes” attached hereto, which amount, taken together with the principal amounts of all other outstanding Notes, shall not, unless permitted by the Indenture, exceed $50,000,000 (or up to
$70,000,000, if the Initial Purchasers exercise their Option) in aggregate at any time, in accordance with the rules and procedures of the Depositary, on August 1, 2024, and interest thereon as set forth below. 

This Note shall bear interest at the rate of 4.50% per year from November 17, 2020, or from the most recent date to which interest has
been paid or provided for to, but excluding, the next scheduled Interest Payment Date until August 1, 2024, unless earlier repurchased or converted pursuant to and in accordance with the provisions of the Indenture. Accrued interest on this
Note shall be computed on the basis of a 360 day year composed of twelve 30-day months and, for partial months, on the basis of actual days elapsed over a 30-day month. Interest is payable semi-annually in arrears on each February 1 and
August 1, commencing on February 1, 2021, to Holders of record at the close of business on the preceding January 15 and July 15 (whether or not such day is a Business Day), respectively. Additional Interest will be payable as set
forth in Section 4.06(d), Section 4.06(e) and Section 6.03 of the within-mentioned Indenture, and any reference to interest on, or in respect of, any Note therein shall be deemed to include Additional Interest if, in such context,
Additional Interest is, was or would be payable pursuant to any of such Section 4.06(d), Section 4.06(e) or Section 6.03, and any express mention of the payment of Additional Interest in any provision therein shall not be construed as
excluding Additional Interest in those provisions thereof where such express mention is not made. 
 Any Defaulted Amounts shall accrue
interest per annum at the rate borne by the Notes, from, and including, the relevant payment date to, but excluding, the date on which such Defaulted Amounts shall have been paid by the Company, at its election, in accordance with
Section 2.03(c) of the Indenture. 
 The Company shall pay the principal of and interest on this Note, if and so long as such Note is a
Global Note, in immediately available funds in lawful money of the United States at the time to the Depositary or its nominee, as the case may be, as the registered Holder of such Note. 

 

	2 	 This Note will be deemed to be identified by CUSIP No. [        ] and
ISIN No. [        ] from and after such time when the Company delivers, pursuant to Section 2.06 of the within-mentioned Indenture, written notice to the Trustee of the deemed removal of the Restricted
Note Legend affixed to this Note. 

  
 A-3 

 
As provided in and subject to the provisions of the Indenture, the Company shall pay the principal of any Notes (other than Notes that are Global Notes) at the office or agency designated by the
Company for that purpose. The Company has initially designated the Trustee as its Paying Agent and Note Registrar in respect of the Notes. 

Reference is made to the further provisions of this Note set forth on the reverse hereof, including, without limitation, provisions giving the
Holder of this Note the right to convert this Note into shares of Common Stock on the terms and subject to the limitations set forth in the Indenture. Such further provisions shall for all purposes have the same effect as though fully set forth at
this place. 
 This Note, and any claim, controversy or dispute arising under or related to this Note, shall be governed by and construed
in accordance with the internal laws of the State of New York, without regard to conflict of law principles that would result in the application of any law other than the laws of the State of New York. 

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

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

  
 A-4 

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

 

			
	CLOVIS ONCOLOGY, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: 
 TRUSTEE’S
CERTIFICATE OF AUTHENTICATION 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. as Trustee, certifies that this is one of the Notes described in the within-named Indenture.
		
	By:	 	 
		 	Authorized Signatory

  
 A-5 

 [FORM OF REVERSE OF NOTE] 

Clovis Oncology, Inc. 
 4.50%
Convertible Senior Note due 2024 
 This Note is one of a duly authorized issue of Notes of the Company, designated as its 4.50% Convertible
Senior Notes due 2024 (the “Notes”), initially limited to the aggregate principal amount of $50,000,000 (or up to $70,000,000, if the Initial Purchasers exercise their Option), all issued or to be issued under and pursuant to an
Indenture dated as of November 17, 2020 (the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A. (the “Trustee”), to which Indenture and all indentures supplemental thereto
reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate
principal amount, subject to certain conditions specified in the Indenture. Capitalized terms used in this Note and not defined in this Note shall have the respective meanings set forth in the Indenture. 

In case certain Events of Default, as defined in the Indenture, shall have occurred and be continuing, the principal of, and interest on, all
Notes may be declared, by either the Trustee or Holders of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and payable, in the manner, with the effect and subject to the conditions
and certain exceptions set forth in the Indenture. 
 Subject to the terms and conditions of the Indenture, the Company will make all
payments and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental Change Repurchase Date and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to a Paying Agent to
collect such payments in respect of the Note. The Company will pay cash amounts in money of the United States that at the time of payment is legal tender for payment of public and private debts. 

The Indenture contains provisions permitting the Company and the Trustee in certain circumstances, without the consent of the Holders of the
Notes, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, evidenced as in the Indenture provided, to execute supplemental indentures
modifying the terms of the Indenture as described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate principal amount of the Notes at the time outstanding may on behalf of the
Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences. 
 No reference herein to
the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay or deliver, as the case may be, the principal (including the Fundamental Change
Repurchase Price, if applicable) of, accrued and unpaid interest on, and the consideration due upon conversion of, this Note at the place, at the respective times, at the rate and in the lawful money herein prescribed. 

  
 A-6 

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

No sinking fund is provided for the Notes. The Notes shall not be redeemable at the Company’s option prior to the Maturity Date. 

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

Subject to the provisions of the Indenture, the Holder hereof has the right, at its option, prior to the close of business on the Business Day
immediately preceding the Maturity Date, to convert any Notes or portion thereof that is $1,000 or an integral multiple thereof, into shares of Common Stock at the Conversion Rate specified in the Indenture, as adjusted from time to time as provided
in the Indenture. 
 Terms used in this Note and defined in the Indenture are used herein as therein defined. 

  
 A-7 

 ABBREVIATIONS 

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

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act 
 CUST =
Custodian 
 TEN ENT = as tenants by the entireties 
 JT TEN =
joint tenants with right of survivorship and not as tenants in common 
 Additional abbreviations may also be used though not in the above
list. 

  
 A-8 

 SCHEDULE A 

SCHEDULE OF EXCHANGES OF NOTES 

Clovis Oncology, Inc. 
 4.50%
Convertible Senior Notes due 2024 
 The initial principal amount of this Global Note is
[            ] DOLLARS ($[            ]). The following increases or decreases in this Global Note have been made: 

 

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

  
 A-9 

 ATTACHMENT 1 

[FORM OF NOTICE OF CONVERSION] 
  

	To:	 Clovis Oncology, Inc. 

 

	To:	 The Bank of New York Mellon Trust Company, N.A., 

2 North LaSalle Street, Suite 700 

Chicago, IL 60602 
 The
undersigned registered owner of this Note hereby exercises the option to convert this Note, or the portion hereof (that is $1,000 principal amount or an integral multiple thereof) below designated, into shares of Common Stock in accordance with the
terms of the Indenture referred to in this Note, and directs that the shares of Common Stock issuable and deliverable upon such conversion, together with any cash for any fractional share, and any Notes representing any unconverted principal amount
hereof, be issued and delivered to the registered Holder hereof unless a different name has been indicated below. If any shares of Common Stock or any portion of this Note not converted are to be issued in the name of a Person other than the
undersigned, the undersigned will pay all documentary, stamp or similar issue or transfer taxes, if any in accordance with Section 13.02(d) and Section 13.02(e) of the Indenture. Any amount required to be paid to the undersigned on account
of interest accompanies this Note. 
  

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

  
 A-10 

	
	Fill in for registration of shares if to be issued, and Notes if to be delivered, other than to and in the name of the registered holder:
	
	  

	(Name)
	
	  

	(Street Address)
	
	  

	 (City, State and Zip Code)
 Please
print name and address

  

			
		  	Principal amount to be converted (if less than all):
		  	$ ,000
	
	 NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the

name as written upon the face of the Note in every particular without alteration or

enlargement or any change whatever.

					
		
		 	  

		 	Social Security or Other Taxpayer Identification Number

  
 A-11 

 ATTACHMENT 2 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE] 
  

	To:	 Clovis Oncology, Inc. 

 

	To:	 The Bank of New York Mellon Trust Company, N.A., 

2 North LaSalle Street, Suite 700 

Chicago, IL 60602 
 The
undersigned registered owner of this Note hereby acknowledges receipt of a notice from Clovis Oncology, Inc. (the “Company”) as to the occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change
Repurchase Date and requests and instructs the Company to pay to the registered holder hereof in accordance with Section 14.01 of the Indenture referred to in this Note (1) the entire principal amount of this Note, or the portion thereof
(that is $1,000 principal amount or an integral multiple thereof) below designated, and (2) if such Fundamental Change Repurchase Date does not fall during the period after a Regular Record Date and on or prior to the corresponding Interest
Payment Date, accrued and unpaid interest, if any, thereon to, but excluding, such Fundamental Change Repurchase Date. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the Indenture. 

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

 

			
	Dated:	 	  

 

					
		 	  

		 	Signature(s)
		
		 	  

		 		 	Social Security or Other Taxpayer Identification Number
			
		 		 	Principal amount to be repurchased (if less than all):
		 		 	$ ,000
			
		 		 	 NOTICE: The above signature(s) of the Holder(s)

hereof must correspond with the name as written upon

the face of the Note in every particular without

alteration or enlargement or any change whatever.

  
 A-12 

 ATTACHMENT 3 

[FORM OF ASSIGNMENT AND TRANSFER] 
 The Bank of
New York Mellon Trust Company, N.A. 
 as Trustee and Registrar 

2 North LaSalle Street, Suite 700 
 Chicago, IL 60602 

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

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

	☐	 To Clovis Oncology, Inc. or a subsidiary thereof; or 

 

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

  

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

  

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

  

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

  
 A-13 

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

  
 A-14

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