Document:

ex_455778.htm

 

Exhibit 10.1

 

 

STOCK PURCHASE AGREEMENT

 

This STOCK PURCHASE AGREEMENT (this “Agreement”) is dated as of December 12, 2022, and is made between Quaint Oak Bancorp, Inc., a Pennsylvania corporation (the “Company”), and FNCB Bancorp, Inc., a Pennsylvania corporation (the “Purchaser”).

 

RECITALS

 

WHEREAS, subject to the terms and conditions set forth in this Agreement, the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company, shares of common stock, par value $0.01 per share, of the Company (“Common Stock”), as more fully described in the Agreement.

 

WHEREAS, Company has engaged PNC FIG Advisory, part of PNC Capital Markets, LLC, as its exclusive placement agent (the “Placement Agent”) for the offering and sale of the Common Stock.

 

WHEREAS, the Purchaser is a “qualified institutional buyer,” as such term is defined in Rule 144A promulgated under the Securities Act of 1933, as amended (the “Securities Act”) or an “accredited investor” as such term is contemplated by Rule 501 of Regulation D (“Regulation D”) promulgated under the Securities Act.

 

WHEREAS, the sale of the Shares by the Company is being made in reliance upon the exemption under Section 4(a)(2) of the Securities Act and the provisions of Rule 506(b) of Regulation D promulgated thereunder.

 

NOW, THEREFORE, in consideration of the mutual covenants, conditions and agreements herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

AGREEMENT

 

1.    DEFINITIONS.

 

1.1    Defined Terms. The following capitalized terms generally used in this Agreement have the meanings defined or referenced below. Certain other capitalized terms used only in specific sections of this Agreement may be defined in such sections.

 

“Affiliate(s)” means, with respect to any Person, such Person’s immediate family members, partners, members or parent and subsidiary corporations, and any other Person directly or indirectly controlling, controlled by, or under common control with said Person and their respective Affiliates.

 

“Agreement” has the meaning set forth in the preamble hereto.

 

“Bank” means Quaint Oak Bank, a Pennsylvania-chartered stock savings bank and a wholly owned subsidiary of the Company.

 

 

 

 

“Beneficial Ownership” is defined in Rules 13d-3 and 13d-5 of the Exchange Act.

 

“Business Day” means any day other than a Saturday, Sunday or any other day on which banking institutions in the Commonwealth of Pennsylvania are permitted or required by any applicable law or executive order to close.

 

“Closing” has the meaning set forth in Section 4.1.

 

“Closing Date” has the meaning set forth in Section 4.1

 

“Common Stock” has the meaning set forth in the preamble hereto.

 

“Company” has the meaning set forth in the preamble hereto and shall include any successor to Company by merger or otherwise.

 

“Company’s Reports” means (a) Company’s annual report on Form 10-K for the year ended December 31, 2021, as filed with the SEC, (b) Company’s quarterly reports on Form 10-Q, as filed with the SEC since December 31, 2021, (c) any Current Report on Form 8-K, as filed or finished by Company with the SEC since December 31, 2021, (d) the Consolidated Report of Condition and Income on Form FFIEC 041 filed by the Bank for the period ended September 30, 2022 and (e) the Parent Company Only Financial Statements on Form FR Y-9SP for the period ended June 30, 2022.

 

“Equity Interest” means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person which is not a corporation, and any and all warrants, options or other rights to purchase any of the foregoing.

 

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

 

“FDIC” means the Federal Deposit Insurance Corporation.

 

“Financial Statements” shall have the meaning set forth in Section 5.4.1.

 

“First Closing Date” has the meaning set forth in Section 4.1

 

“First Closing Shares” has the meaning set forth in Section 4.1

 

“FRB” means the Board of Governors of the Federal Reserve System.

 

“GAAP” means generally accepted accounting principles in effect from time to time in the United States of America.

 

“Governmental Agency(ies)” means, individually or collectively, any federal, state, county or local governmental department, commission, board, regulatory authority or agency (including, without limitation, each applicable Regulatory Agency) with jurisdiction over Company or any of its Subsidiaries.

 

 

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“Governmental Licenses” has the meaning set forth in Section 5.3.

 

“Hazardous Materials” means flammable explosives, asbestos, urea formaldehyde insulation, polychlorinated biphenyls, radioactive materials, hazardous wastes, toxic or contaminated substances or similar materials, including, without limitation, any substances which are “hazardous substances,” “hazardous wastes,” “hazardous materials” or “toxic substances” under the Hazardous Materials Laws and/or other applicable environmental laws, ordinances or regulations.

 

“Hazardous Materials Laws” mean any laws, regulations, permits, licenses or requirements pertaining to the protection, preservation, conservation or regulation of the environment which relates to real property, including: the Clean Air Act, as amended, 42 U.S.C. Section 7401 et seq.; the Federal Water Pollution Control Act, as amended, 33 U.S.C. Section 1251 et seq.; the Resource Conservation and Recovery Act of 1976, as amended, 42 U.S.C. Section 6901 et seq.; the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (including the Superfund Amendments and Reauthorization Act of 1986), 42 U.S.C. Section 9601 et seq.; the Toxic Substances Control Act, as amended, 15 U.S.C. Section 2601 et seq.; the Occupational Safety and Health Act, as amended, 29 U.S.C. Section 651, the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. Section 11001 et seq.; the Mine Safety and Health Act of 1977, as amended, 30 U.S.C. Section 801 et seq.; the Safe Drinking Water Act, 42 U.S.C. Section 300f et seq.; and all comparable state and local laws, laws of other jurisdictions or orders and regulations.

 

“Indebtedness” means and includes: (i) all items arising from the borrowing of money that, according to GAAP as in effect from time to time, would be included in determining total liabilities as shown on the consolidated balance sheet of the Company and its Subsidiaries; and (ii) all obligations secured by any lien in property owned by the Company or any Subsidiary whether or not such obligations shall have been assumed; provided, however, Indebtedness shall not include deposits or other indebtedness created, incurred or maintained in the ordinary course of the business of the Company or the Bank (including, without limitation, federal funds purchased, advances from any Federal Home Loan Bank, secured deposits of municipalities, letters of credit issued by the Company or the Bank, repurchase arrangements, and indebtedness arising from interest rate hedging transactions) and consistent with customary banking practices and applicable laws and regulations.

 

“Injunction” shall have the meaning set forth in Section 4.6(i).

 

“Knowledge of the Company” or “Company’s Knowledge” means the actual knowledge of the executive officers of the Company after reasonable investigation and assuming such knowledge as the individual would have as a result of the reasonable performance of his or her duties in the ordinary course.

 

“Leases” means all leases, licenses or other documents providing for the use or occupancy of any portion of any Property, including all amendments, extensions, renewals, supplements, modifications, sublets and assignments thereof and all separate letters or separate agreements relating thereto.

 

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“Material Adverse Effect” means, with respect to any Person, any change or effect that (i) is or would be reasonably likely to be material and adverse to the financial position, results of operations or business of such Person, or (ii) would materially impair the ability of any Person to perform its respective obligations under any of the Agreement, or otherwise materially impede the consummation of the transactions contemplated hereby; provided, however, that “Material Adverse Effect” shall not be deemed to include the impact of (1) changes in banking and similar laws, rules or regulations of general applicability or interpretations thereof by Governmental Agencies, (2) changes in GAAP or regulatory accounting requirements applicable to financial institutions and their holding companies generally, (3) changes after the date of this Agreement in general economic or capital market conditions affecting financial institutions or their market prices generally and not specifically related to the Company or the Purchaser, (4) direct effects of compliance with this Agreement on the operating performance of the Company or the Purchaser, including expenses incurred by the Company or the Purchaser in consummating the transactions contemplated by this Agreement, and (5) the effects of any action or omission taken by the Company with the prior written consent of the Purchaser, and vice versa, or as otherwise contemplated by this Agreement.

 

“Per Share Purchase Price” has the meaning set forth in Section 2.1.

 

“Person” means an individual, a corporation (whether or not for profit), a partnership, a limited liability company, a joint venture, an association, a trust, an unincorporated organization, a government or any department or agency thereof (including a Governmental Agency) or any other entity or organization.

 

“Placement Agent” has the meaning set forth in the preamble hereto.

 

“Property” means any real property owned or leased by the Company or any Affiliate or Subsidiary of the Company.

 

“Purchase Price” means, with respect to the Purchaser, the Per Share Price multiplied by the number of First Closing Shares and/or Second Closing Shares, as applicable.

 

“Purchaser” has the meaning set forth in the preamble hereto.

 

“Regulation D” has the meaning set forth in the preamble hereto.

 

“Regulatory Agencies” means any federal or state agency charged with the supervision or regulation of depositary institutions or holding companies of depositary institutions, or engaged in the insurance of depositary institution deposits, or any court, administrative agency or commission or other authority, body or agency having supervisory or regulatory authority with respect to the Company, the Bank or any of their Subsidiaries.

 

“Second Closing Date” has the meaning set forth in Section 4.1.

 

“Second Closing Shares” has the meaning set forth in Section 2.1.

 

“Securities Act” has the meaning set forth in the preamble hereto.

 

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“SEC” means the Securities and Exchange Commission.

 

“Shares” has the meaning set forth in Section 2.1.

 

“Subsidiary” means with respect to any Person, any corporation or entity in which a majority of the outstanding Equity Interest is directly or indirectly owned by such Person.

 

1.2    Interpretations. The foregoing definitions are equally applicable to both the singular and plural forms of the terms defined. The words “hereof”, “herein” and “hereunder” and words of like import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The word “including” when used in this Agreement without the phrase “without limitation,” shall mean “including, without limitation.” All references to time of day herein are references to Eastern time unless otherwise specifically provided. All references to the Agreement shall be deemed to be to such document as amended, modified or restated from time to time. With respect to any reference in this Agreement to any defined term, (i) if such defined term refers to a Person, then it shall also mean all heirs, legal representatives and permitted successors and assigns of such Person, and (ii) if such defined term refers to a document, instrument or agreement, then it shall also include any replacement, extension or other modification thereof.

 

2.    SALE OF SHARES.

 

2.1    Upon the terms and subject to the conditions set forth in this Agreement, in two closings, the Company shall sell and issue an aggregate of 222,196 shares of Common Stock at a purchase price of $22.50 per Share (the “Per Share Purchase Price”), to the Purchaser. In the First Closing (as defined below), the Company shall sell and issue 105,904 shares of Common Stock (the “First Closing Shares”), provided that the Purchaser will Beneficially Own no more than 4.9% of the shares of Common Stock issued and outstanding upon the consummation of the First Closing. In the Second Closing (as defined below), the Company shall sell and issue 116,292 shares of Common Stock (the “Second Closing Shares”), provided that the Purchaser will Beneficially Own an amount equal to but no more than 9.9% of the shares of Common Stock issued and outstanding upon the consummation of the Second Closing, including any shares of Common Stock that may be issued to other Persons prior to the Second Closing (together, the First Closing Shares and the Second Closing Shares are referred to as the “Shares.”)

 

2.2    In determining the number of shares of Common Stock that shall equal the designated percentage of outstanding shares of Common Stock for purposes of Section 2.1, the percentage shall be the equivalent of a fraction for which (i) the numerator shall equal the aggregate number of shares of Common Stock owned or being acquired by the Purchaser at the time of reference (taking into account any purchase by the Purchaser then being completed); and (ii) the denominator shall equal the total number of shares of Common Stock of the Company that are or will be outstanding at the time of reference (taking into account any purchase of Common Stock by the Purchaser and any other Person then being completed).

 

3.    PURCHASE OF SHARES. The Company and the Purchaser agree that the Purchaser will purchase from the Company and the Company will issue and sell to the Purchaser the Shares at the Per Share Purchase Price pursuant to the terms and conditions hereof. The purchase of the Shares shall not cause the Purchaser, together with any other Person whose Beneficial Ownership of Company securities would be aggregated with the Purchaser’s Beneficial Ownership of Company securities for purposes of any bank regulation or Law, to collectively own, control or have the power to vote, as of the First Closing, more than 4.9% of the issued and outstanding shares of Common Stock, or as of the Second Closing, more than 9.9% of the issued and outstanding shares of Common Stock or more than 33.3% of the Company’s total equity outstanding.

 

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4.    CLOSING AND SETTLEMENT.

 

4.1    Closing and Settlement. Subject to the terms and conditions set forth herein, the completion of the purchase and sale of the First Closing Shares (the “First Closing”) shall occur immediately following the satisfaction (or, to the extent permitted, waiver) of the conditions set forth in Sections 4.2, 4.4 and 4.6 (such date and time being herein called the “First Closing Date”) and the completion of the purchase and sale of the Second Closing Shares (the “Second Closing”) shall occur immediately following the satisfaction (or to the extent permitted, waiver) of the conditions set forth in Section 4.3, 4.5 and 4.6 (such date and time being herein called the “Second Closing Date”). Each of the First Closing and Second Closing is a “Closing” and each of the First Closing Date and the Second Closing Date is a “Closing Date.”

 

4.2    On or prior to the First Closing, the Company shall deliver or cause to be delivered to the Purchaser the following:

 

(a)    this Agreement executed by the Company;

 

(b)    the number of shares of Common Stock provided for pursuant to Section 2 in certificated or uncertificated book entry form (pursuant to written instructions provided by the Purchaser to the Company in advance of the First Closing Date);

 

(c)    the written opinion of Silver, Freedman, Taff & Tiernan LLP, counsel for the Company, dated the First Closing Date, or such other counsel acceptable to the Purchaser, as to the matters set forth in Exhibit A hereto, and otherwise in form and substance reasonably satisfactory to the Purchaser; and

 

(d)    A certificate executed on behalf of the Company by the Chief Executive Officer or the Chief Financial Officer of the Company certifying to the effect that:

 

(i)    the representations, warranties and agreements of the Company in Section 5 hereof are true and correct as of the First Closing Date and the Company has complied with all its agreements contained herein and the Company shall have performed, satisfied and complied with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by it at or prior to such Closing;

 

(ii)    such officer has examined the Financial Statements (as defined herein) and, in their opinion, (except to the extent superseded by statements in later-prepared documents comprising part of the Financial Statements and delivered to the Purchaser as of the date of this Agreement), as of the First Closing Date, the Financial Statements do not contain any untrue statement of a material fact nor omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, with respect to the respective periods covered by such Financial Statements; and

 

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(iii)     from the date hereof to the First Closing Date, there has not been any event or series of events, change, occurrence or development or a state of circumstances or facts (including any events, changes, occurrences, developments, state of circumstances or facts existing prior to the date hereof but which become known during such period) that, individually or in the aggregate, has had, or would reasonably be expected to have, a Material Adverse Effect.

 

4.3    On or prior to the Second Closing, the Company shall deliver or cause to be delivered to the Purchaser the following:

 

(a)    the number of shares of Common Stock as calculated in accordance with Section 2.1 hereof in certificated or uncertificated book entry form (pursuant to written instructions provided by the Purchaser to the Company in advance of the Second Closing Date);

 

(b)    the written opinion of Silver, Freedman, Taff & Tiernan LLP, counsel for the Company, dated the Second Closing Date, or such other counsel acceptable to the Purchaser, as to the matters set forth in Exhibit A hereto, and otherwise in form and substance reasonably satisfactory to the Purchaser; and

 

(c)    A certificate executed on behalf of the Company by the Chief Executive Officer or the Chief Financial Officer of the Company certifying to the effect that:

 

(i)    the representations, warranties and agreements of the Company in Section 5 hereof are true and correct as of the Second Closing Date and the Company has complied with all its agreements contained herein and the Company shall have performed, satisfied and complied with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by it at or prior to such Closing;

 

(ii)    such officer has examined the Financial Statements and, in their opinion, (except to the extent superseded by statements in later-prepared documents comprising part of the Financial Statements and delivered to the Purchaser), as of the Second Closing Date, the Financial Statements do not contain any untrue statement of a material fact nor omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, with respect to the respective periods covered by such Financial Statements; and

 

(iii)     from the date hereof to the Second Closing Date, there has not been any event or series of events, change, occurrence or development or a state of circumstances or facts (including any events, changes, occurrences, developments, state of circumstances or facts existing prior to the date hereof but which become known during such period) that, individually or in the aggregate, has had, or would reasonably be expected to have, a Material Adverse Effect.

 

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4.4    On or prior to the First Closing, the Purchaser shall deliver or cause to be delivered to the Company the following:

 

(a)    this Agreement executed by the Purchaser; and

 

(b)    the Purchase Price by wire transfer to an account designated in writing reasonably in advance of Closing by the Company.

 

4.5    On or prior to the Second Closing, the Purchaser shall deliver or cause to be delivered to the Company the Purchase Price for the Second Closing by wire transfer to an account designated in writing reasonably in advance of the Second Closing by the Company.

 

4.6    The obligation of the Purchaser to effect each Closing is subject to the satisfaction or written waiver by the Purchaser prior to each Closing of the following additional conditions:

 

(i)    no order, injunction or decree issued by any court or agency of competent jurisdiction or other legal restraint or prohibition (an “Injunction”) preventing the consummation of the transactions contemplated by this Agreement shall be in effect. No statute, rule, regulation, order, Injunction or decree shall have been enacted, entered, promulgated or enforced by any Governmental Authority that prohibits or makes illegal consummation of the purchase of the Shares or the other transactions contemplated by this Agreement;

 

(ii)    the representations and warranties of the Company set forth in Section 5 of this Agreement that (A) are not made as of a specific date shall have been true and correct as of the date of this Agreement and shall be true and correct as of such Closing Date as though made as of such Closing Date, and (B) are made as of a specific date shall have been true and correct as of such specific date, in each case, except where the failure to be true and correct (without regard to any materiality or Material Adverse Effect qualifications contained therein) has not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect;

 

(iii)    the Company shall have performed in all material respects all obligations required to be performed by it at or prior to such Closing under this Agreement;

 

(iv)    since the date of this Agreement, there shall not have occurred and be continuing any circumstance, event, change, development or effect that has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect;

 

(v)    the Purchaser shall have received any regulatory approval contemplated by Section 6.8 hereof required to consummate the purchase of the Shares prior to as of each Closing Date, as applicable; and

 

(vi)    the purchase of the Shares by the Purchaser shall not cause the Purchaser, together with (i) the shares of Common Stock and (ii) any other Person whose Company securities would be aggregated with the Purchaser’s Company securities for purposes of any banking regulation or law, to collectively be deemed to own, control or have the power to vote securities which (assuming, for this purpose only, full conversion and/or exercise of such securities by the Purchaser and such other persons) would represent as of the First Closing, more than 4.9% of the issued and outstanding shares of Common Stock, or as of the Second Closing, more than 9.9% of the issued and outstanding shares of Common Stock or more than 33.3% of the Company’s total equity outstanding.

 

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5.    REPRESENTATIONS AND WARRANTIES OF COMPANY.

 

Company hereby represents and warrants to the Purchaser as follows:

 

5.1    Organization and Authority.

 

(a)     Organizational Matters of Company and Its Subsidiaries.

 

5.1.1     The Company is duly organized and validly existing under the laws of the Commonwealth of Pennsylvania and has all requisite corporate power and authority to conduct its business and activities as presently conducted, to own its properties, and to perform its obligations under the Agreement. The Company is duly qualified as a foreign corporation to transact business and is in good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not result in a Material Adverse Effect on the Company and its Subsidiaries taken as a whole. The Company is duly registered as a savings and loan holding company under the Home Owners’ Loan Act, as amended.

 

5.1.2     The Bank is validly existing as a Pennsylvania-chartered savings bank and has all requisite corporate power and authority to conduct its business and activities as presently conducted and to own its properties. The Bank is duly qualified as a foreign corporation to transact business and is in good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not result in a Material Adverse Effect on the Company and its Subsidiaries taken as a whole. The deposit accounts of the Bank are insured by the FDIC up to applicable limits. Neither the Company nor the Bank has received any notice or other information indicating that the Bank is not an “insured depository institution” as defined in 12 U.S.C. Section 1813, nor has any event occurred which could reasonably be expected to adversely affect the status of the Bank as an FDIC-insured institution.

 

5.1.3    Schedule 5.1.3 lists each Subsidiary of the Company (other than the Bank) or the Bank, and each has been duly organized and is validly existing under the laws of the jurisdiction of its incorporation or formation, has all requisite corporate power and authority to own, lease and operate its properties and to conduct its business and is duly qualified as a foreign entity to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not result in a Material Adverse Effect on the Company and its Subsidiaries taken as a whole. All of the issued and outstanding shares of capital stock or other equity interests in each Subsidiary have been duly authorized and validly issued, are fully paid and non-assessable and are owned by the Company or the Bank, directly or through Subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance or claim; none of the outstanding shares of capital stock of, or other equity interests in, any Subsidiary were issued in violation of the preemptive or similar rights of any security holder of such Subsidiary or any other entity.

 

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(b)    Capital Stock and Related Matters. The Articles of Incorporation of the Company authorize the Company to issue 9,000,000 shares of Common Stock and 1,000,000 shares of serial preferred stock, par value $0.01 per share. As of the date of this Agreement, there are 2,055,416 shares of the Company’s common stock issued and outstanding and no shares of the Company’s preferred stock issued and outstanding. All of the outstanding capital stock of the Company has been duly authorized and validly issued and is fully paid and nonassessable. There are, as of the date hereof, no outstanding options, rights, warrants or other agreements or instruments obligating the Company to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of the capital stock of the Company or obligating the Company to grant, extend or enter into any such agreement or commitment to any Person except pursuant to the Company’s equity incentive plans duly adopted by the Company’s Board of Directors.

 

5.2    No Impediment to Transaction.

 

5.2.1    Transaction is Legal and Authorized. The issuance of the Shares, the execution of the Agreement and compliance by the Company with all of the provisions of the Agreement are within the corporate and other powers of the Company.

 

5.2.2    Agreement. This Agreement has been duly authorized, executed and delivered, and, assuming due authorization, execution and delivery by the other parties thereto, constitutes the legal, valid and binding obligations of the Company, enforceable in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally or by general equitable principles.

 

5.2.3    Common Stock Authorized. The Shares of Common Stock to be issued pursuant to the Agreement have been duly authorized and, when issued pursuant to the Agreement upon receipt by the Company of the consideration provided for therein, will be validly issued, fully paid and non-assessable

 

5.2.4    No Defaults or Restrictions. Neither the execution and delivery of the Agreement nor compliance with their respective terms and conditions will (i) violate, conflict with or result in a breach of, or constitute a default under: (1) the Articles of Incorporation or Bylaws of the Company; (2) any of the terms, obligations, covenants, conditions or provisions of any corporate restriction or of any contract, agreement, indenture, mortgage, deed of trust, pledge, bank loan or credit agreement, or any other agreement or instrument to which the Company or the Bank, as applicable, is now a party or by which it or any of its properties may be bound or affected; (3) any judgment, order, writ, injunction, decree or demand of any court, arbitrator, grand jury, or Governmental Agency; or (4) any statute, rule or regulation applicable to the Company, except, in the case of items (2), (3) or (4), for such violations and conflicts that would not reasonably be expected to have, singularly or in the aggregate, a Material Adverse Effect on the Company and its Subsidiaries taken as a whole, or (ii) result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any property or asset of the Company. Neither the Company nor the Bank is in default in the performance, observance or fulfillment of any of the terms, obligations, covenants, conditions or provisions contained in any indenture or other agreement creating, evidencing or securing Indebtedness of any kind or pursuant to which any such Indebtedness is issued, or any other agreement or instrument to which the Company or the Bank is a party or by which the Company or the Bank or any of its properties may be bound or affected, except, in each case, only such defaults that would not reasonably be expected to have, singularly or in the aggregate, a Material Adverse Effect on the Company and its Subsidiaries taken as a whole.

 

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5.2.5    Governmental Consent. No governmental orders, permissions, consents, approvals or authorizations are required to be obtained by the Company that have not been obtained, and no registrations or declarations are required to be filed by the Company that have not been filed in connection with, or, in contemplation of, the execution and delivery of, and performance under, the Agreement, except for applicable requirements, if any, of the Securities Act or state securities laws or “blue sky” laws of the various states.

 

5.3    Possession of Licenses and Permits. Each of the Company, the Bank and the Bank’s Subsidiaries possess such permits, licenses, approvals, consents and other authorizations (collectively, “Governmental Licenses”) issued by the appropriate Governmental Agencies necessary to conduct the business now operated by it except where the failure to possess such Governmental Licenses would not, singularly or in the aggregate, have a Material Adverse Effect on the Company and its Subsidiaries taken as a whole; the Company and each Subsidiary of Company is in compliance with the terms and conditions of all such Governmental Licenses, except where the failure so to comply would not, singly or in the aggregate, have a Material Adverse Effect on the Company and its Subsidiaries taken as a whole; all of the Governmental Licenses are valid and in full force and effect, except where the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect would not have a Material Adverse Effect on the Company and its Subsidiaries taken as a whole; and neither the Company nor any Subsidiary of the Company has received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses.

 

5.4    Financial Condition.

 

5.4.1    Financial Statements. The financial statements of the Company or the Bank, as applicable, included in the Company’s Reports (including the related notes, where applicable) (the “Financial Statements”), which have been provided to the Purchaser (i) have been prepared from, and are in accordance with, the books and records of the Company or the Bank, as applicable; (ii) fairly present in all material respects the results of operations, changes in stockholders’ equity and financial condition of the Company or the Bank, as applicable, and, where applicable, its consolidated Subsidiaries, for the respective fiscal periods or as of the respective dates therein set forth (subject in the case of unaudited statements to recurring year-end audit adjustments normal in nature and amount), as applicable; (iii) complied as to form, as of their respective dates of filing in all material respects with applicable accounting and banking requirements as applicable, with respect thereto; and (iv) have been prepared in accordance with GAAP consistently applied during the periods involved, except, in each case, as required by any regulatory accounting practices. The books and records of the Company and the Bank have been, and are being, maintained in all material respects in accordance with GAAP and any other applicable legal and accounting requirements. Neither the Company nor the Bank has any material liability of any nature whatsoever (whether absolute, accrued, contingent or otherwise and whether due or to become due), except for those liabilities that are reflected or reserved against on the consolidated balance sheet of the Company and the Bank contained in the Company’s Reports for the most recently completed quarterly or annual fiscal period, as applicable, and for liabilities incurred in the ordinary course of business consistent with past practice or in connection with this Agreement and the transactions contemplated hereby.

 

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5.4.2    Controls. The Company, the Bank and the Bank’s Subsidiaries have established and maintain a system of internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that pertain to the maintenance of records that accurately and fairly reflect the transactions and dispositions of the Company’s assets (on a consolidated basis), provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that Company’s and Bank’s receipts and expenditures and receipts and expenditures of each of the Company’s other Subsidiaries are being made only in accordance with authorizations of the Company management and Board of Directors, and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets of the Company on a consolidated basis that could have a material effect on the Financial Statements. The Company believes such internal control over financial reporting is effective to provide reasonable assurance regarding the reliability of the Company’s financial reporting and the preparation of the Financial Statements for external purposes in accordance with GAAP. Since the conclusion of the Company’s last completed fiscal year, to the Company’s knowledge there has not been and there currently is not (i) any significant deficiencies or material weaknesses in the design or operation of its internal control over financial reporting which are reasonably likely to adversely affect its ability to record, process, summarize and report financial information, or (ii) any fraud, whether or not material, that involves management or other employees who have a role in the Company’s or Bank’s internal control over financial reporting and the internal control over financial reporting of each other applicable Subsidiary of the Company. The Company (A) has implemented and maintains (as defined in Rule 13a-15(e) of the Exchange Act disclosure controls and procedures it believes are reasonably designed and maintained to ensure that material information relating to the Company is made known to the Chief Executive Officer and the Chief Financial Officer of the Company by others within the Company and (B) has disclosed, based on its most recent evaluation prior to the date hereof, to the Company’s outside auditors and the audit committee of the Company’s Board of Directors any significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the Company’s internal controls over financial reporting and of which the Company has knowledge. Such disclosure controls and procedures are effective for the purposes for which they were established.

 

5.4.3    Absence of Default. Since the date of the latest audited financial statements, no event has occurred which either of itself or with the lapse of time or the giving of notice or both, would give any creditor of the Company or Bank the right to accelerate the maturity of any material Indebtedness of the Company or Bank. Neither the Company nor Bank is in default under any other Lease, agreement or instrument, or any law, rule, regulation, order, writ, injunction, decree, determination or award, non-compliance with which could reasonably be expected to result in a Material Adverse Effect on the Company and its Subsidiaries taken as a whole.

 

12

 

 

5.4.4    Solvency. After giving effect to the consummation of the transactions contemplated by this Agreement, the Company has capital sufficient to carry on its business and transactions and is solvent and able to pay its debts as they mature. No transfer of property is being made and no indebtedness is being incurred in connection with the transactions contemplated by this Agreement with the intent to hinder, delay or defraud either present or future creditors of the Company or any Subsidiary of Company.

 

5.4.5    Ownership of Property. The Company and each of its Subsidiaries has good and marketable title as to all real property owned by it and good title to all assets and properties owned by the Company and such Subsidiary in the conduct of its businesses, whether such assets and properties are real or personal, tangible or intangible, including assets and property reflected in the most recent balance sheet contained in the Company’s Reports or acquired subsequent thereto (except to the extent that such assets and properties have been disposed of in the ordinary course of business, since the date of such balance sheet), subject to no encumbrances, liens, mortgages, security interests or pledges, except (i) those items which secure liabilities for public or statutory obligations or any discount with, borrowing from or other obligations to the Federal Home Loan Bank of Pittsburgh, inter-bank credit facilities, reverse repurchase agreements or any transaction by the Bank acting in a fiduciary capacity, (ii) statutory liens for amounts not yet delinquent or which are being contested in good faith and (iii) such as do not, singly or in the aggregate, materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company or any of its Subsidiaries. The Company and each of its Subsidiaries, as lessee, has the right under valid and existing Leases of real and personal properties that are material to the Company or such Subsidiary, as applicable, in the conduct of its business to occupy or use all such properties as are presently occupied and used by it. Such existing Leases and commitments to lease constitute or will constitute operating leases for both tax and financial accounting purposes and the lease expense and minimum rental commitments with respect to such Leases and lease commitments are as disclosed in all material respects in the Company’s Reports.

 

5.4.6    No Material Adverse Change. Except as disclosed in the Company’s Reports and as previously disclosed to the Purchaser, since the date of the latest audited financial statements included in the Company’s Reports, there has been no development or event which has had or could reasonably be expected to have a Material Adverse Effect on the Company and its Subsidiaries taken as a whole.

 

5.5    Legal Matters.

 

5.5.1    Compliance with Law. Except as disclosed in the Company’s Reports and as previously disclosed to the Purchaser, each of the Company, the Bank and each of their Subsidiaries (i) has complied with and (ii) is not under investigation with respect to, and has not been threatened to be charged with or given any notice of any material violation of, any applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign government, or any instrumentality or agency thereof, having jurisdiction over the conduct of its business or the ownership of its properties, except where any such failure to comply or violation would not reasonably be expected to have a Material Adverse Effect on the Company and its Subsidiaries taken as a whole. Each of the Company, the Bank and each of their Subsidiaries (x) has complied in all material respects with all applicable statutes, rules, regulations, orders and restrictions of any domestic or foreign government, or any Governmental Agency, and their own privacy policies and written commitments to their respective customers, consumers and employees, concerning data protection and the privacy and security of personal data and the nonpublic personal information of their respective customers, consumers and employees, , and (y) at no time during the two (2) years prior to the date hereof has received any notice asserting any such violations.

 

13

 

 

5.5.2    Regulatory Enforcement Actions. Each of the Company, the Bank and its Subsidiaries is in compliance in all material respects with all laws administered by and regulations of any Governmental Agency applicable to it or to them, None of the Company, the Bank or any of their Subsidiaries nor any of their respective officers or directors is now operating under any restrictions, agreements, memoranda, commitment letter, supervisory letter or similar regulatory correspondence, or other commitments (other than restrictions of general application) imposed by any Governmental Agency that, either separately or in the aggregate, would reasonably be expected to have a Material Adverse Effect on the Company and its Subsidiaries taken as a whole, nor are, to the Company’s knowledge, (a) any such restrictions threatened, or (b) any agreements, commitment letters, supervisory letters or similar regulatory correspondence, or other commitments being sought by any Governmental Agency.

 

5.5.3    Pending Litigation. There are no actions, suits, proceedings or written agreements pending, or, to the Company’s knowledge, threatened or proposed, against the Company, the Bank or any of its Subsidiaries at law or in equity or before or by any federal, state, municipal, or other governmental department, commission, board, or other administrative agency, domestic or foreign (collectively an “Action”), that (i) except as set forth in the Company’s Reports, would have been required to be disclosed in the Company’s Reports or would have been required to be disclosed in the Company’s Reports, but for the fact that such action was pending following the date of the most recent Company’s Reports, or (ii) either separately or in the aggregate, would reasonably be expected to have a Material Adverse Effect on the Company and its Subsidiaries taken as a whole or affect issuance of the Shares; and neither the Company nor any of its Subsidiaries is a party to or named as subject to the provisions of any order, writ, injunction, or decree of, or any written agreement with, any court, commission, board or agency, domestic or foreign, that either separately or in the aggregate, will have a Material Adverse Effect on the Company and its Subsidiaries taken as a whole.

 

5.5.4    Environmental. No Property is or, to the Company’s knowledge, has been a site for the use, generation, manufacture, storage, treatment, release, threatened release, discharge, disposal, transportation or presence of any Hazardous Materials and neither the Company nor Bank has engaged in such activities. There are no claims or actions pending or, to the Company’s knowledge, threatened against the Company or Bank by any Governmental Agency or by any other Person relating to any Hazardous Materials or pursuant to any Hazardous Materials Law.

 

5.5.5    Brokerage Commissions. Other than with respect to the Placement Agent, neither the Company nor any Affiliate of the Company is obligated to pay any brokerage commission or finder’s fee to any Person in connection with the transactions contemplated by this Agreement.

 

5.5.6    Investment Company Act. Neither the Company nor the Bank is an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended.

 

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5.6    No Misstatement. No information, exhibit, report, schedule or document, when viewed together as a whole, furnished by the Company to the Purchaser in connection with the negotiation, execution or performance of this Agreement contains any untrue statement of a material fact, or omits to state a material fact necessary to make the statements contained therein not misleading in light of the circumstances when made or furnished to the Purchaser and as of the Closing Date.

 

5.7    Tax Matters. Each of the Company and the Bank has (i) filed all material foreign, U.S. federal, state and local tax returns, information returns and similar reports that are required to be filed, and all such tax returns are true, correct and complete in all material respects, and (ii) paid all material taxes required to be paid by it and any other material assessment, fine or penalty levied against it other than taxes (x) currently payable without penalty or interest, or (y) being contested in good faith by appropriate proceedings.

 

5.8    Offering of Securities. Neither the Company nor any Person acting on its behalf has taken any action which would subject the offering, issuance or sale of the Shares to the registration requirements of the Securities Act. Neither the Company nor any Person acting on its behalf has engaged or will engage in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Shares pursuant to the transactions contemplated by the Agreement. Assuming the accuracy of the Purchaser’s representations and warranties set forth in this Agreement, no registration under the Securities Act is required for the offer and sale of the Shares by the Company to the Purchaser.

 

5.9    No Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth herein, none of the Company, its Subsidiaries or any of its Affiliates or any Person acting on its behalf has, directly or indirectly made any offers or sales of any Company security or solicited any offers to buy any Company security under circumstances that would cause the offering of the Shares pursuant to this Agreement to be integrated with prior offerings by the Company for purposes of any applicable Law or stockholder approval provisions, including, without limitation, under the rules and regulations of any trading market on which any of the securities of the Company are listed or quoted.

 

5.10    Reporting Compliance. The Company is currently subject to, and is in compliance in all material respects with, the reporting requirements of Section 13 of the Exchange Act. Company’s Reports at the time they were or hereafter are filed with the SEC, complied and will comply in all material respects with the requirements of the Exchange Act and did not and do not include any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were or are made, not misleading.

 

5.11    Representations and Warranties Generally. The representations and warranties of the Company set forth in this Agreement and in any certificate signed by an officer and delivered to the Purchaser pursuant to or in connection with this Agreement (to the extent provided prior to Closing) are true and correct as of the date hereof and will be true and correct as of the Closing Date and as otherwise specifically provided herein or therein. None of the representations, warranties, covenants and agreements made in this Agreement or in any certificate or other document delivered to the Purchaser by or on behalf of the Company pursuant to or in connection with this Agreement contains any untrue statement of a material fact or omits to state a material fact or any fact necessary to make the statements contained therein not misleading in light of the circumstances when made and as of the Closing Date. 

 

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6.    GENERAL COVENANTS, CONDITIONS AND AGREEMENTS.

 

The Company and the Purchaser hereby further covenant and agree as follows:

 

6.1    Compliance with Agreement. The Company shall, and shall cause the Bank to, comply with, observe and timely perform each and every one of the covenants, agreements and obligations under the Agreement.

 

6.2    Affiliate Transactions. The Company shall not itself, nor shall it cause, permit or allow any Subsidiary to enter into any transaction, including, the purchase, sale or exchange of property or the rendering of any service, with any Affiliate of the Company except in the ordinary course of business and pursuant to the reasonable requirements of the Company’s or such Affiliate’s business and upon terms consistent with applicable laws and regulations and reasonably found by the appropriate board(s) of directors to be fair and reasonable and no less favorable to the Company or such Affiliate than would be obtained in a comparable arm’s length transaction with a Person not an Affiliate.

 

6.3    Reservation of Common Stock. As of the date hereof, the Company has reserved the Shares of Common Stock to be issued pursuant to this Agreement and will keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for issuance pursuant to this Agreement.

 

6.4    Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Shares under applicable Law or the rules and regulations of any trading market.

 

6.5    Listing of Common Stock. The Company hereby agrees to maintain the listing or quotation of the Common Stock on the OTCQB Market. Concurrently with each Closing, the Company shall apply to list or quote all of the shares of Common Stock issued pursuant to the terms of this Agreement on such market and promptly secure the listing or quotation of all of such Common Stock on such market to the extent required by such market.

 

6.6    Corporate Existence. Through the Second Closing Date, the Company shall do or cause to be done all things reasonably necessary to maintain, preserve and renew its corporate existence and that of the Bank and their respective rights and franchises, and comply in all material respects with all related laws applicable to the Company, the Bank or their Subsidiaries.

 

6.7    Limitation on Repurchases. The Company shall not take any action, including any repurchases, redemption or retirement of its Common Stock or other securities, that would cause any of the Shares to become Excess Shares as defined in the Company’s Articles of Incorporation, as amended from time to time, without the Purchaser given the right to sell such Excess Shares to the Company at a price per share equal to the thirty (30) day volume weighted average price as of the day immediately prior to the Shares becoming Excess Shares.

 

6.8    Regulatory Approval. The Purchaser shall prepare and file any required authorization, approval, consent, filing or registration with any Governmental Authority necessary in order to consummate the Transactions at each of the First Closing Date and the Second Closing Date, including using its reasonable best efforts to file for any approval or non-objection of the FRB to acquire the Shares within 15 days after the date hereof.

 

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7.    REPRESENTATIONS, WARRANTIES AND COVENANTS OF PURCHASER.

 

The Purchaser hereby represents and warrants to the Company, and covenants with Company, severally and not jointly, as follows:

 

7.1    Legal Power and Authority. It has all necessary power and authority to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby. It is an entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization.

 

7.2    Authorization and Execution. The execution, delivery and performance of this Agreement has been duly authorized by all necessary action on the part of the Purchaser, and this Agreement, assuming due authorization, execution and delivery by the Company, is a legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally or by general equitable principles.

 

7.3    No Conflicts. Neither the execution, delivery or performance of the Agreement nor the consummation of any of the transactions contemplated hereby will conflict with, violate, constitute a breach of or a default (whether with or without the giving of notice or the passage of time or otherwise) under (i) its organizational documents, (ii) any agreement to which it is party, (iii) any law applicable to it or (iv) any order, writ, judgment, injunction, decree, determination or award binding upon or affecting it, except, in the case of items (ii), (iii) or (iv), for such violations and conflicts that would not reasonably be expected to have, singularly or in the aggregate, a Material Adverse Effect on the Purchaser.

 

7.4    Purchase for Investment. It is purchasing the Shares for its own account and not with a view to distribution and with no present intention of reselling, distributing or otherwise disposing of the same. It has no present or contemplated agreement, undertaking, arrangement, obligation, indebtedness or commitment providing for, or which is likely to compel, a disposition of the Shares in any manner.

 

7.5    Qualified Institutional Buyer or Accredited Investor. It is and will be on each Closing Date (i) a “qualified institutional buyer” as such term is defined in Rule 144A promulgated under the Securities Act or (ii) an institutional “accredited investor” as such term is defined in Rule 501(a) of Regulation D and as contemplated by subsections (1), (2), (3), (7) and (9) of Rule 501(a) of Regulation D.

 

17

 

 

7.6    Financial and Business Sophistication. It has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the prospective investment in the Shares. It has relied solely upon its own knowledge of, and/or the advice of its own legal, financial or other advisors with regard to, the legal, financial, tax and other considerations involved in deciding to invest in the Shares.

 

7.7    Ability to Bear Economic Risk of Investment. It recognizes that an investment in the Shares involves substantial risk. It has the ability to bear the economic risk of the prospective investment in the Shares, including the ability to hold the Shares indefinitely, and further including the ability to bear a complete loss of all of its investment in the Company.

 

7.8    Information. It acknowledges that: (i) it is not being provided with the disclosures that would be required if the offer and sale of the Shares were registered under the Securities Act, nor is it being provided with any offering circular or prospectus prepared in connection with the offer and sale of the Shares; (ii) it has conducted its own examination of the Company to the extent it deems necessary to make its decision to invest in the Shares; and (iii) it has availed itself of publicly available financial and other information concerning Company to the extent it deems necessary to make its decision to purchase the Shares. It has reviewed the information set forth in the Company’s Reports and the exhibits and schedules hereto. It acknowledges that the Company qualifies as a “smaller reporting company” and, as a result, the Company has elected to scale its disclosures in the Company’s Reports filed with the SEC and that such Company’s Reports include less extensive disclosure than required of other reporting companies.

 

7.9    Access to Information. It acknowledges that it and its advisors have been furnished with all materials relating to the business, finances and operations of the Company that have been requested of it or its advisors and have been given the opportunity to ask questions of, and to receive answers from, persons acting on behalf of the Company concerning terms and conditions of the transactions contemplated by this Agreement in order to make an informed and voluntary decision to enter into this Agreement.

 

7.10    Investment Decision. It has made its own investment decision based upon its own judgment, due diligence and advice from such advisors as it has deemed necessary and not upon any view expressed by any other person or entity, including the Placement Agent. Neither such inquiries nor any other due diligence investigations conducted by it or its advisors or representatives, if any, shall modify, amend or affect its right to rely on the Company’s representations and warranties contained herein. It is not relying upon, and has not relied upon, any advice, statement, representation or warranty made by any Person by or on behalf of the Company, including, without limitation, the Placement Agent, except for the express statements, representations and warranties of the Company made or contained in this Agreement. Furthermore, it acknowledges that (i) the Placement Agent has not performed any due diligence review on behalf of it or provided it with any legal, tax or investment advice and (ii) nothing in this Agreement or any other materials presented by or on behalf of the Company to it in connection with the purchase of the Shares constitutes legal, tax or investment advice.

 

18

 

 

7.11    Private Placement; No Registration; Restrictive Legends. It understands and acknowledges that the Shares are being sold by the Company without registration under the Securities Act in reliance on the exemption from federal and state registration set forth in, respectively, Rule 506(b) of Regulation D under Section 4(a)(2) of the Securities Act and Section 18 of the Securities Act, or any state securities laws, and accordingly, may be resold, pledged or otherwise transferred only if exemptions from the Securities Act and applicable state securities laws are available to it. It is not purchasing the Shares as a result of or subsequent to any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, or presented at any seminar or meeting. It further acknowledges and agrees that all certificates or other instruments representing the Shares will bear the restrictive legend set forth in Section 7.12 (or in the case of book-entry shares, instructions to the transfer agent for the Common Stock to the same effect). It further acknowledges its primary responsibilities under the Securities Act and, accordingly, will not sell or otherwise transfer the Shares or any interest therein without complying with the requirements of the Securities Act and the rules and regulations promulgated thereunder and the requirements set forth in this Agreement.

 

7.12    Restrictive Legend. The certificate for the Shares will contain the following restrictive legend (or in the case of book-entry shares, instructions to the transfer agent for the Common Stock to the same effect):

 

“THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED, ASSIGNED OR TRANSFERRED EXCEPT (i) PURSUANT TO A REGISTRATION STATEMENT UNDER THE SECURITIES ACT WHICH HAS BECOME EFFECTIVE AND IS CURRENT WITH RESPECT TO THESE SECURITIES, OR (ii) PURSUANT TO A SPECIFIC EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT BUT ONLY UPON A HOLDER HEREOF FIRST HAVING OBTAINED THE WRITTEN OPINION OF COUNSEL TO QUAINT OAK BANCORP. INC. (THE “COMPANY”), OR OTHER COUNSEL REASONABLY ACCEPTABLE TO THE COMPANY, THAT THE PROPOSED DISPOSITION IS CONSISTENT WITH ALL APPLICABLE PROVISIONS OF THE SECURITIES ACT AS WELL AS ANY APPLICABLE “BLUE SKY” OR SIMILAR SECURITIES LAW.”

 

7.13    Placement Agent. Purchaser will purchase the Shares directly from the Company and not from the Placement Agent.

 

7.14    Accuracy of Representations. It understands that the Company and the Placement Agent will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements in connection with the transactions contemplated by this Agreement, and agrees that if any of the representations or acknowledgements made by it are no longer accurate as of a Closing Date, or if any of the agreements made by it are breached on or prior to such Closing Date, it shall promptly notify the Company and Placement Agent.

 

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7.15    No Prior Ownership of Common Stock. As of the date hereof, the Purchaser does not beneficially own, directly or indirectly, any shares of Common Stock of the Company.

 

7.16    Representations and Warranties Generally. The representations and warranties of the Purchaser set forth in this Agreement are true and correct as of the date hereof and will be true and correct as of a Closing Date and as otherwise specifically provided herein. Any certificate signed by a duly authorized representative of the Purchaser and delivered to the Company or to counsel for the Company shall be deemed to be a representation and warranty by the Purchaser to the Company as to the matters set forth therein.

 

8.    TERMINATION. This Agreement may be terminated prior to the Second Closing:

 

(i)          by mutual written consent of the Purchaser and the Company;

 

(ii)          by either party, upon written notice to the other party, in the event that the Second Closing does not occur on or before March 12, 2023; provided, however, that the right to terminate this Agreement pursuant to this Section 8(ii) shall not be available to the terminating party if its failure to fulfill any obligation under this Agreement shall have been the cause of, or shall have resulted in, the failure of the Second Closing to occur on or prior to such date;

 

(iii)          by the Company or the Purchaser, upon written notice to the other party, in the event that any Governmental Entity shall have issued any order, decree or injunction or taken any other action restraining, enjoining or prohibiting any of the transactions contemplated by this Agreement, and such order, decree, injunction or other action shall have become final and nonappealable; or

 

(iv)          by the Purchaser, if the Purchaser is not in material breach of any of the terms of this Agreement, and there has been a breach of any representation, warranty, covenant or agreement made by the Company in this Agreement, or any such representation and warranty thereof shall have become untrue after the date of this Agreement, such that Section 4.6(ii) would not be satisfied and such breach or condition is not curable or, if curable, is not cured within fifteen (15) days after written notice thereof is given by the Purchaser to the Company.

 

9.    MISCELLANEOUS.

 

9.1    Survival of Representations, Warranties and Agreements. Each of the representations and warranties of the Company and the Purchaser set forth in this Agreement shall survive the Second Closing Date and the delivery of the Shares for a period of one year.

 

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9.2    Notices. All notices, requests, consents and other communications hereunder shall be in writing and shall be delivered in person, by first-class registered or certified airmail (postage prepaid), by nationally recognized overnight express courier or by facsimile, and shall be deemed given (i) if delivered in person, upon delivery, (ii) if delivered by first-class registered or certified airmail, three business days after so mailed, (iii) if delivered by a nationally recognized overnight courier, one business day after so mailed, and (iv) if delivered by facsimile, upon electronic confirmation of receipt, and shall be delivered as addressed as follows:

 

	
			if to Company:

				
			Quaint Oak Bancorp, Inc.

			501 Knowles Avenue

			Southampton, Pennsylvania 18966

			Attn: Robert T. Strong

			President and Chief Executive Officer

			E:rstrong@quaintoak.com

			 

			
	
			with a copy to:

				
			Silver, Freedman, Taff & Tiernan LLP

			3299 K Street, N.W., Suite 100

			Washington, D.C. 20007

			Attn: Eric M. Marion, Esq.

			E:emarion@sfttlaw.com

			 

			
	
			if to Purchaser:

				
			FNCB Bancorp, Inc.

			102 E. Drinker Street

			Dunmore, Pennsylvania 18512

			Attn: Gerard A. Champi

			President and Chief Executive Officer

			E:Gerard.Champi@fncb.com

			 

			
	
			With a copy to:

				
			Stevens & Lee

			111 N. Sixth Street

			Reading, PA 19601

			Attn: David W. Swartz, Esquire

			E:David.Swartz@stevenslee.com

			 

			
	 	
			and

			 

			
	 	
			Cozen O’Connor

			One Oxford Center, 301 Grant Street, 41st Floor

			Pittsburgh, PA 15219

			Attn: Seth H. Popick, Esquire

			E:spopick@cozen.com

			
	 	 

 

or to such other address or addresses as the party to be given notice may have furnished in writing to the party seeking or desiring to give notice, as a place for the giving of notice; provided that no change in address shall be effective until five (5) Business Days after being given to the other party in the manner provided for above. Any notice given in accordance with the foregoing shall be deemed given when delivered personally or, if mailed, three (3) Business Days after it shall have been deposited in the United States mails as aforesaid or, if sent by overnight courier, the Business Day following the date of delivery to such courier (provided next Business Day delivery was requested).

 

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9.3    Amendment. This Agreement may not be modified or amended except pursuant to an instrument in writing signed by the Company and the Purchaser.

 

9.4    Interpretation. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. When a reference is made in this Agreement to a Section, such reference shall be to a Section of this Agreement unless otherwise indicated. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. Each of the parties has participated in the drafting and negotiation of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if it is drafted by each of the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of authorship of any of the provisions of this Agreement.

 

9.5    Severability. In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.

 

9.6    Governing Law. This Agreement and all transactions contemplated by this Agreement shall be governed by, and construed and enforced in accordance with, the internal Laws of the Commonwealth of Pennsylvania without regard to principles of conflicts of Laws.

 

9.7    Jurisdiction and Venue. Any legal proceeding arising out of or relating to this Agreement shall be brought in the courts of the Commonwealth of Pennsylvania in Philadelphia County or the United States District Court, Eastern District of Pennsylvania. Each party consents to the jurisdiction of such courts in any such legal proceeding and waives any objection to the laying of venue of any such legal proceeding in such courts. Service of any court paper may be effected on such party by mail, as provided in this Agreement, or in such other manner as may be provided under applicable Laws, rules of procedure or local rules.

 

9.8    Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but all of which, when taken together, shall constitute but one instrument, and shall become effective when one or more counterparts have been signed by each party hereto and delivered to the other parties.

 

9.9    Entire Agreement. This Agreement contain the entire understanding of the parties hereto with regard to the subject matter contained herein.

 

9.10    Successors and Assigns. The provisions of the Agreement shall inure to the benefit of and binding upon the parties and their successors and permitted assigns. This Agreement, or any rights or obligations hereunder, may not be assigned by the Company without the prior written consent of the Purchaser. The Purchaser may assign its rights hereunder in whole or in part to any Affiliate of such Purchaser; provided, that such transferee shall agree in writing to be bound, with respect to the transferred Shares, by the terms and conditions of this Agreement that apply to the Purchaser.

 

22

 

 

9.11    Waiver of Right to Jury Trial. TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, THE COMPANY AND THE PURCHASER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THAT EITHER MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION ARISING IN ANY WAY IN CONNECTION WITH THE AGREEMENT, OR ANY OTHER STATEMENTS OR ACTIONS OF THE COMPANY OR THE PURCHASER. THE COMPANY AND THE PURCHASER EACH ACKNOWLEDGE THAT IT HAS BEEN REPRESENTED IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL SELECTED OF ITS OWN FREE WILL. THE COMPANY AND THE PURCHASER EACH FURTHER ACKNOWLEDGE THAT (I) IT HAS READ AND UNDERSTANDS THE MEANING AND RAMIFICATIONS OF THIS WAIVER, AND (II) THIS WAIVER HAS BEEN REVIEWED BY EACH OF THEM AND THEIR COUNSEL AND IS A MATERIAL INDUCEMENT FOR EACH PARTY HERETO TO ENTER INTO THIS AGREEMENT AND SALE AND PURCHASE OT THE SHARES.

 

9.12    Expenses. Except as otherwise provided in this Agreement, each of the parties will bear and pay all other costs and expenses incurred by it or on its behalf in connection with the transactions contemplated pursuant to this Agreement.

 

9.13    Survival. Each of the representations and warranties set forth in this Agreement shall survive the consummation of the transactions contemplated hereby for a period of one year after the date hereof. Except as otherwise provided herein, all covenants and agreements contained herein shall survive until, by their respective terms, they are no longer operative.

 

[Signature Pages Follow]

 

23

 

 

IN WITNESS WHEREOF, the parties have caused this Stock Purchase Agreement to be executed by its duly authorized representative as of the date first above written.

	 	
			COMPANY:

			QUAINT OAK BANCORP, INC.

			 

			By:         /s/ Robert T. Strong                                                                   

			               Name:       Robert T. Strong

			Title:         President and Chief Executive Officer

			
	 	
			 

			
	 	
			PURCHASER:

			FNCB BANCORP, INC.

			 

			By:         /s/ Gerard A Champi                                                                 

			Name:       Gerard A. Champi

			Title:         President and Chief Executive Officer

			

 

 

 

 

 

 

 

 

 

 

 

[Signature page to Stock Purchase Agreement]

 

 

24

 

 

SCHEDULE 5.1.3

 

 

Subsidiaries of Quaint Oak Bank

 

Quaint Oak Mortgage, LLC

 

Quaint Oak Real Estate, LLC

 

Quaint Oak Abstract, LLC

 

QOB Properties, LLC

 

Quaint Oak Insurance Agency, LLC

 

Oakmont Capital Holdings, LLC

 

Oakmont Commercial, LLC

 

 

 

 

 

 

 

25EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

THE CHEFS’ WAREHOUSE, INC. 

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

 
 INDENTURE 

Dated as of December 13, 2022 
  

 
 2.375%
Convertible Senior Notes due 2028 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 Article 1. Definitions; Rules of Construction
	  	 	1	 
			
	 Section 1.01.
	 	Definitions	  	 	1	 
	 Section 1.02.
	 	Other Definitions	  	 	12	 
	 Section 1.03.
	 	Rules of Construction	  	 	13	 
		
	 Article 2. The Notes
	  	 	14	 
			
	 Section 2.01.
	 	Form, Dating and Denominations	  	 	14	 
	 Section 2.02.
	 	Execution, Authentication and Delivery	  	 	14	 
	 Section 2.03.
	 	Initial Notes and Additional Notes	  	 	15	 
	 Section 2.04.
	 	Method of Payment	  	 	15	 
	 Section 2.05.
	 	Accrual of Interest; Defaulted Amounts; When Payment Date is Not a Business Day	  	 	16	 
	 Section 2.06.
	 	Registrar, Paying Agent and Conversion Agent	  	 	17	 
	 Section 2.07.
	 	Paying Agent and Conversion Agent to Hold Property in Trust	  	 	17	 
	 Section 2.08.
	 	Holder Lists	  	 	18	 
	 Section 2.09.
	 	Legends	  	 	18	 
	 Section 2.10.
	 	Transfers and Exchanges; Certain Transfer Restrictions	  	 	19	 
	 Section 2.11.
	 	Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change or Redemption	  	 	24	 
	 Section 2.12.
	 	Removal of Transfer Restrictions	  	 	24	 
	 Section 2.13.
	 	Replacement Notes	  	 	25	 
	 Section 2.14.
	 	Registered Holders; Certain Rights with Respect to Global Notes	  	 	25	 
	 Section 2.15.
	 	Cancellation	  	 	26	 
	 Section 2.16.
	 	Notes Held by the Company or its Affiliates	  	 	26	 
	 Section 2.17.
	 	Temporary Notes	  	 	26	 
	 Section 2.18.
	 	Outstanding Notes	  	 	26	 
	 Section 2.19.
	 	Repurchases by the Company or its Subsidiaries	  	 	27	 
	 Section 2.20.
	 	CUSIP and ISIN Numbers	  	 	27	 
		
	 Article 3. Covenants
	  	 	27	 
			
	 Section 3.01.
	 	Payment on Notes	  	 	27	 
	 Section 3.02.
	 	Exchange Act Reports	  	 	28	 
	 Section 3.03.
	 	Rule 144A Information	  	 	28	 
	 Section 3.04.
	 	Additional Interest	  	 	28	 
	 Section 3.05.
	 	Compliance and Default Certificates	  	 	29	 
	 Section 3.06.
	 	Stay, Extension and Usury Laws	  	 	30	 
	 Section 3.07.
	 	Corporate Existence	  	 	30	 
	 Section 3.08.
	 	Restriction on Acquisition of Notes by the Company and its Affiliates	  	 	30	 
	 Section 3.09.
	 	Further Instruments and Acts	  	 	30	 
		
	 Article 4. Repurchase and Redemption
	  	 	31	 

  
 - i - 

							
	 Section 4.01.
	 	No Sinking Fund	  	 	31	 
	 Section 4.02.
	 	Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change	  	 	31	 
	 Section 4.03.
	 	Right of the Company to Redeem the Notes	  	 	35	 
		
	 Article 5. Conversion
	  	 	38	 
			
	 Section 5.01.
	 	Right to Convert	  	 	38	 
	 Section 5.02.
	 	Conversion Procedures	  	 	42	 
	 Section 5.03.
	 	Settlement Upon Conversion	  	 	43	 
	 Section 5.04.
	 	Reserve and Status of Common Stock Issued Upon Conversion	  	 	47	 
	 Section 5.05.
	 	Adjustments to the Conversion Rate	  	 	47	 
	 Section 5.06.
	 	Voluntary Adjustments	  	 	58	 
	 Section 5.07.
	 	Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change	  	 	58	 
	 Section 5.08.
	 	Effect of Common Stock Change Event	  	 	60	 
	 Section 5.09.
	 	Trustee Adjustment Disclaimer	  	 	61	 
		
	 Article 6. Successors
	  	 	62	 
			
	 Section 6.01.
	 	When the Company May Merge, Etc.	  	 	62	 
	 Section 6.02.
	 	Successor Corporation Substituted	  	 	62	 
		
	 Article 7. Defaults and Remedies
	  	 	63	 
			
	 Section 7.01.
	 	Events of Default	  	 	63	 
	 Section 7.02.
	 	Acceleration	  	 	65	 
	 Section 7.03.
	 	Sole Remedy for a Failure to Report	  	 	65	 
	 Section 7.04.
	 	Other Remedies	  	 	66	 
	 Section 7.05.
	 	Waiver of Past Defaults	  	 	67	 
	 Section 7.06.
	 	Control by Majority	  	 	67	 
	 Section 7.07.
	 	Limitation on Suits	  	 	67	 
	 Section 7.08.
	 	Absolute Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment and Conversion Consideration	  	 	68	 
	 Section 7.09.
	 	Collection Suit by Trustee	  	 	68	 
	 Section 7.10.
	 	Trustee May File Proofs of Claim	  	 	68	 
	 Section 7.11.
	 	Priorities	  	 	69	 
	 Section 7.12.
	 	Undertaking for Costs	  	 	69	 
		
	 Article 8. Amendments, Supplements and Waivers
	  	 	69	 
			
	 Section 8.01.
	 	Without the Consent of Holders	  	 	69	 
	 Section 8.02.
	 	With the Consent of Holders	  	 	70	 
	 Section 8.03.
	 	Notice of Amendments, Supplements and Waivers	  	 	71	 
	 Section 8.04.
	 	Revocation, Effect and Solicitation of Consents; Special Record Dates; Etc.	  	 	72	 
	 Section 8.05.
	 	Notations and Exchanges	  	 	72	 
	 Section 8.06.
	 	Trustee to Execute Supplemental Indentures	  	 	73	 
		
	 Article 9. Satisfaction and Discharge
	  	 	73	 
			
	 Section 9.01.
	 	Termination of Company’s Obligations.	  	 	73	 

  
 - ii - 

							
	 Section 9.02.
	 	Repayment to Company	  	 	74	 
	 Section 9.03.
	 	Reinstatement	  	 	74	 
		
	 Article 10. Trustee
	  	 	74	 
			
	 Section 10.01.
	 	Duties of the Trustee	  	 	74	 
	 Section 10.02.
	 	Rights of the Trustee	  	 	75	 
	 Section 10.03.
	 	Individual Rights of the Trustee	  	 	76	 
	 Section 10.04.
	 	Trustee’s Disclaimer	  	 	76	 
	 Section 10.05.
	 	Notice of Defaults	  	 	76	 
	 Section 10.06.
	 	Compensation and Indemnity	  	 	77	 
	 Section 10.07.
	 	Replacement of the Trustee	  	 	77	 
	 Section 10.08.
	 	Successor Trustee by Merger, Etc.	  	 	78	 
	 Section 10.09.
	 	Eligibility; Disqualification	  	 	78	 
		
	 Article 11. Miscellaneous
	  	 	79	 
			
	 Section 11.01.
	 	Notices	  	 	79	 
	 Section 11.02.
	 	Delivery of Officer’s Certificate and Opinion of Counsel as to Conditions Precedent	  	 	80	 
	 Section 11.03.
	 	Statements Required in Officer’s Certificate and Opinion of Counsel	  	 	81	 
	 Section 11.04.
	 	Rules by the Trustee, the Registrar and the Paying Agent	  	 	81	 
	 Section 11.05.
	 	No Personal Liability of Directors, Officers, Employees, Incorporators and Stockholders	  	 	81	 
	 Section 11.06.
	 	Governing Law; Waiver of Jury Trial	  	 	81	 
	 Section 11.07.
	 	Submission to Jurisdiction	  	 	82	 
	 Section 11.08.
	 	No Adverse Interpretation of Other Agreements	  	 	82	 
	 Section 11.09.
	 	Successors	  	 	82	 
	 Section 11.10.
	 	Force Majeure	  	 	82	 
	 Section 11.11.
	 	U.S.A. PATRIOT Act	  	 	82	 
	 Section 11.12.
	 	Calculations	  	 	83	 
	 Section 11.13.
	 	Severability	  	 	83	 
	 Section 11.14.
	 	Counterparts	  	 	83	 
	 Section 11.15.
	 	Table of Contents, Headings, Etc.	  	 	83	 
	 Section 11.16.
	 	Withholding Taxes	  	 	83	 

 Exhibits 
  

			
	Exhibit A: Form of Note	  	A-1
		
	Exhibit B-1: Form of Restricted Note Legend	  	B1-1
		
	Exhibit B-2: Form of Global Note Legend	  	B2-1

  
 - iii - 

 INDENTURE, dated as of December 13, 2022, between The Chefs’ Warehouse,
Inc., a Delaware corporation, as issuer (the “Company”), and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”). 

Each party to this Indenture (as defined below) agrees as follows for the benefit of the other party and for the equal and ratable benefit of
the Holders (as defined below) of the Company’s 2.375% Convertible Senior Notes due 2028 (the “Notes”). 
 Article
1. DEFINITIONS; RULES OF CONSTRUCTION 
 Section 1.01. DEFINITIONS. 

“Additional Interest” means any interest that accrues on any Note pursuant to Section 3.04. 

“Affiliate” has the meaning set forth in Rule 144 as in effect on the Issue Date. 

“Authorized Denomination” means, with respect to a Note, a principal amount thereof equal to $1,000 or any integral multiple
of $1,000 in excess thereof. 
 “Bankruptcy Law” means Title 11, United States Code, or any similar U.S. federal or state
or non-U.S. law for the relief of debtors. 
 “Bid Solicitation Agent” means the
Person who is required to obtain bids for the Trading Price in accordance with Section 5.01(C)(i)(2) and the definition of “Trading Price.” The initial Bid Solicitation Agent on the Issue Date will be the Company;
provided, however, that the Company may appoint any other Person (including any of the Company’s Subsidiaries) to be the Bid Solicitation Agent at any time after the Issue Date without prior notice. 

“Board of Directors” means the board of directors of the Company or a committee of such board duly authorized to act on
behalf of such board. 
 “Business Day” means any day other than a Saturday, a Sunday or any day on which banking
institutions are authorized or required by law, regulation or executive order to close or be closed in the State of New York. 

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

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

“Common Stock” means the common stock, $0.01 par value per share, of the Company, subject to
Section 5.08. 

  
 - 1 - 

 “Company” means the Person named as such in the first paragraph of this
Indenture and, subject to Article 6, its successors and assigns. 
 “Company Order” means a written request or order
signed on behalf of the Company by one (1) of its Officers and delivered to the Trustee. 
 “Conversion Date” means,
with respect to a Note, the first Business Day on which the requirements set forth in Section 5.02(A) to convert such Note are satisfied. 

“Conversion Price” means, as of any time, an amount equal to (A) one thousand dollars ($1,000) divided by
(B) the Conversion Rate in effect at such time. 
 “Conversion Rate” initially means 22.5912 shares of Common Stock
per $1,000 principal amount of Notes; provided, however, that the Conversion Rate is subject to adjustment pursuant to Article 5; provided, further, that whenever this Indenture refers to the Conversion Rate as of
a particular date without setting forth a particular time on such date, such reference will be deemed to be to the Conversion Rate immediately after the Close of Business on such date. 

“Conversion Share” means any share of Common Stock issued or issuable upon conversion of any Note. 

“Daily Cash Amount” means, with respect to any VWAP Trading Day, the lesser of (A) the applicable Daily Maximum Cash
Amount; and (B) the Daily Conversion Value for such VWAP Trading Day. 
 “Daily Conversion Value” means, with respect
to any VWAP Trading Day, one-fortieth (1/40th) of the product of (A) the Conversion Rate on such VWAP Trading Day; and (B) the Daily VWAP per share of Common Stock on such VWAP Trading Day. 

“Daily Maximum Cash Amount” means, with respect to the conversion of any Note, the quotient obtained by dividing (A) the
Specified Dollar Amount applicable to such conversion by (B) forty (40). 
 “Daily Share Amount” means, with respect
to any VWAP Trading Day, the quotient obtained by dividing (A) the excess, if any, of the Daily Conversion Value for such VWAP Trading Day over the applicable Daily Maximum Cash Amount by (B) the Daily VWAP for such VWAP Trading Day. For
the avoidance of doubt, the Daily Share Amount will be zero for such VWAP Trading Day if such Daily Conversion Value does not exceed such Daily Maximum Cash Amount. 

“Daily VWAP” means, for any VWAP Trading Day, the per share volume-weighted average price of the Common Stock as displayed
under the heading “Bloomberg VWAP” on Bloomberg page “CHEF <EQUITY> AQR” (or, if such page is not available, its equivalent successor page) in respect of the period from the scheduled open of trading until the scheduled
close of trading of the primary trading session on such VWAP Trading Day (or, if such volume-weighted average price is unavailable, the market value of one share of Common Stock on such VWAP Trading Day, determined, using a volume-weighted average
price method, by a nationally recognized independent investment banking firm selected by the Company, which may include any of the Initial Purchasers). The Daily VWAP will be determined without regard to after-hours trading or any other trading
outside of the regular trading session. 

  
 - 2 - 

 “De-Legending Deadline Date” means,
with respect to any Note, the fifteenth (15th) day after the Free Trade Date of such Note; provided, however, that if such fifteenth (15th) day is after a Regular Record Date and on or before the next Interest Payment Date, then the De-Legending Deadline Date for such Note will instead be the Business Day immediately after such Interest Payment Date. 

“Default” means any event that is (or, after notice, passage of time or both, would be) an Event of Default. 

“Default Settlement Method” means Physical Settlement; provided, however, that (x) subject to
Section 5.03(A)(iii), the Company may, from time to time, change the Default Settlement Method by sending notice of the new Default Settlement Method to the Holders, the Trustee and the Conversion Agent; and (y) the
Default Settlement Method will be subject to Section 5.03(A)(ii). 
 “Depositary” means The
Depository Trust Company or its successor. 
 “Depositary Participant” means any member of, or participant in, the
Depositary. 
 “Depositary Procedures” means, with respect to any conversion, transfer, exchange or transaction involving a
Global Note or any beneficial interest therein, the rules and procedures of the Depositary applicable to such conversion, transfer, exchange or transaction. 

“Ex-Dividend Date” means, with respect to an issuance, dividend or distribution on
the Common Stock, the first date on which shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such issuance, dividend or distribution (including pursuant to due bills or
similar arrangements required by the relevant stock exchange). 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 this purpose. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934,
as amended. 
 “Free Trade Date” means, with respect to any Note, the date that is one (1) year after the Last
Original Issue Date of such Note. 
 “Freely Tradable” means, with respect to any Note, that such Note would be eligible to
be offered, sold or otherwise transferred pursuant to Rule 144 or otherwise if held by a Person that is not an Affiliate of the Company, and that has not been an Affiliate of the Company during the immediately preceding three (3) months,
without any requirements as to volume, manner of sale, availability of current public information or notice under the Securities Act (except that, 

  
 - 3 - 

 
during the six (6) month period beginning on, and including, the date that is six (6) months after the Last Original Issue Date of such Note, any such requirement as to the availability
of current public information will be disregarded if the same is satisfied at that time); provided, however, that from and after the Free Trade Date of such Note, such Note will not be “Freely Tradable” unless such Note
(x) is not identified by a “restricted” CUSIP or ISIN number; and (y) is not represented by any certificate that bears the Restricted Note Legend. For the avoidance of doubt, whether a Note is deemed to be identified by a
“restricted” CUSIP or ISIN number or to bear the Restricted Note Legend is subject to Section 2.12. 

“Fundamental Change” means any of the following events: 

(A) a “person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act), other than the Company or its
Wholly Owned Subsidiaries, files a Schedule TO (or any successor schedule, form or report) 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 below) of shares of the Company’s common equity representing more than fifty percent (50%) of the voting power of all of the Company’s then-outstanding common equity; 

(B) the consummation of (i) any sale, lease or other transfer, in one transaction or a series of transactions, of all or substantially
all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person, other than one of the Company’s Wholly Owned Subsidiaries; or (ii) any transaction or series of related transactions in connection with which (whether
by means of merger, consolidation, share exchange, combination, reclassification, recapitalization, acquisition, liquidation or otherwise) all of the Common Stock is exchanged for, converted into, acquired for, or constitutes solely the right to
receive, other securities, cash or other property; provided, however, that any merger, consolidation, share exchange or combination of the Company pursuant to which the Persons that directly or indirectly “beneficially owned”
(as defined below) all classes of the Company’s common equity immediately before such transaction directly or indirectly “beneficially own,” immediately after such transaction, more than fifty percent (50%) of all classes of common
equity of the surviving, continuing or acquiring company or other transferee, as applicable, or the parent thereof, in substantially the same proportions
vis-à-vis each other as immediately before such transaction will be deemed not to be a Fundamental Change pursuant to this clause (B); 

(C) the Company’s stockholders approve any plan or proposal for the liquidation or dissolution of the Company; or 

(D) the Common Stock ceases to be listed on any of the New York Stock Exchange, the Nasdaq Global Market or the Nasdaq Global Select Market
(or any of their respective successors); 
 provided, however, that a transaction or event described in clause (A) or (B)
above will not constitute a Fundamental Change if at least ninety percent (90%) of the consideration received or to be received by the holders of Common Stock (excluding cash payments for fractional shares or pursuant to dissenters rights), in
connection with such transaction or event, consists of shares of common stock listed on any of the New York Stock Exchange, the Nasdaq Global Market or the Nasdaq Global Select Market (or any of their respective successors), or that will be so
listed when issued or exchanged in connection with such transaction or event, and such transaction or event constitutes a Common Stock Change Event whose Reference Property consists of such consideration. 

  
 - 4 - 

 For the purposes of this definition, (x) any transaction or event described in both
clause (A) and in clause (B)(i) or (ii) above (without regard to the proviso in clause (B)) will be deemed to occur solely pursuant to clause (B) above (subject to such proviso); and (y) whether
a Person is a “beneficial owner” and whether shares are “beneficially owned” will be determined in accordance with Rule 13d-3 under the Exchange Act. 

For the avoidance of doubt, a merger or other business combination transaction effected to change the Company’s jurisdiction of
incorporation and that satisfies the proviso immediately following clause (D) above will constitute neither a Fundamental Change nor a Make-Whole Fundamental Change. 

“Fundamental Change Repurchase Date” means the date fixed for the repurchase of any Notes by the Company pursuant to a
Repurchase Upon Fundamental Change. 
 “Fundamental Change Repurchase Notice” means a notice (including a notice
substantially in the form of the “Fundamental Change Repurchase Notice” set forth in Exhibit A) containing the information, or otherwise complying with the requirements, set forth in Section 4.02(F)(i) and
Section 4.02(F)(ii). 
 “Fundamental Change Repurchase Price” means the cash price payable by the
Company to repurchase any Note upon its Repurchase Upon Fundamental Change, calculated pursuant to Section 4.02(D). 

“Global Note” means a Note that is represented by a certificate substantially in the form set forth in Exhibit
A, registered in the name of the Depositary or its nominee, duly executed by the Company and authenticated by the Trustee, and deposited with the Trustee, as custodian for the Depositary. 

“Global Note Legend” means a legend substantially in the form set forth in Exhibit
B-2. 
 “Holder” means a person in whose name a Note is registered on the
Registrar’s books. 
 “Indenture” means this Indenture, as amended or supplemented from time to time. 

“Initial Purchasers” means Jefferies LLC and BMO Capital Markets Corp. 

“Interest Payment Date” means, with respect to a Note, each June 15 and December 15 of each year, commencing on
June 15, 2023 (or commencing on such other date specified in the certificate representing such Note). For the avoidance of doubt, the Maturity Date is an Interest Payment Date. 

“Issue Date” means December 13, 2022. 

  
 - 5 - 

 “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 Shoe Option by the Initial Purchasers), and any Notes issued in exchange therefor or in substitution thereof, the later of (i) the Issue Date and
(ii) the last date any Notes are originally issued pursuant to the exercise of the Shoe Option; and (B) with respect to any Notes issued pursuant to Section 2.03(B), and any Notes issued in exchange therefor or in
substitution thereof, either (i) the later of (x) the date such Notes are originally issued and (y) the last date any Notes are originally issued as part of the same offering pursuant to the exercise of an option granted to the
initial purchaser(s) of such Notes to purchase additional Notes; or (ii) such other date as is specified in an Officer’s Certificate delivered to the Trustee before the original issuance of such Notes. 

“Last Reported Sale Price” of the Common Stock for any Trading Day means the closing sale price per share (or, if no closing
sale price is reported, the average of the last bid price and the last ask price per share or, if more than one in either case, the average of the average last bid prices and the average last ask prices per share) of Common Stock on such Trading Day
as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is then listed. If the Common Stock is not listed on a U.S. national or regional securities exchange on such Trading Day,
then the Last Reported Sale Price will be the last quoted bid price per share of Common Stock on such Trading Day in the over-the-counter market as reported by OTC
Markets Group Inc. or a similar organization. If the Common Stock is not so quoted on such Trading Day, then the Last Reported Sale Price will be the average of the mid-point of the last bid price and the last
ask price per share of Common Stock on such Trading Day from a nationally recognized independent investment banking firm selected by the Company, which may include any of the Initial Purchasers. Neither the Trustee nor the Conversion Agent will have
any duty to determine the Last Reported Sale Price. 
 “Make-Whole Fundamental Change” means (A) a Fundamental Change
(determined after giving effect to the proviso immediately after clause (D) of the definition thereof, but without regard to the proviso to clause (B)(ii) of such definition); or (B) the sending of a Redemption Notice
pursuant to Section 4.03(F); provided, however, that, subject to Section 4.03(I), the sending of a Redemption Notice will constitute a Make-Whole Fundamental Change only with respect
to the Notes called for Redemption pursuant to such Redemption Notice and not with respect to any other Notes. 
 “Make-Whole
Fundamental Change Conversion Period” has the following meaning: 
 (A) in the case of a Make-Whole Fundamental Change pursuant to
clause (A) of the definition thereof, the period from, and including, the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change to, and including, the thirty fifth (35th) Trading Day after such Make-Whole
Fundamental Change Effective Date (or, if such Make-Whole Fundamental Change also constitutes a Fundamental Change, to, but excluding, the related Fundamental Change Repurchase Date); and 

  
 - 6 - 

 (B) in the case of a Make-Whole Fundamental Change pursuant to clause (B) of the
definition thereof, the period from, and including, the Redemption Notice Date for the related Redemption to, and including, the Business Day immediately before the related Redemption Date; 

provided, however, that if the Conversion Date for the conversion of a Note that has been called (or deemed, pursuant to
Section 4.03(I), to be called) for Redemption occurs during the Make-Whole Fundamental Change Conversion Period for both a Make-Whole Fundamental Change occurring pursuant to clause (A) of the definition of
“Make-Whole Fundamental Change” and a Make-Whole Fundamental Change resulting from such Redemption pursuant to clause (B) of such definition, then, notwithstanding anything to the contrary in
Section 5.07, solely for purposes of such conversion, (x) such Conversion Date will be deemed to occur solely during the Make-Whole Fundamental Change Conversion Period for the Make-Whole Fundamental Change with the
earlier Make-Whole Fundamental Change Effective Date; and (y) the Make-Whole Fundamental Change with the later Make-Whole Fundamental Change Effective Date will be deemed not to have occurred. 

“Make-Whole Fundamental Change Effective Date” means (A) with respect to a Make-Whole Fundamental Change pursuant to
clause (A) of the definition thereof, the date on which such Make-Whole Fundamental Change occurs or becomes effective; and (B) with respect to a Make-Whole Fundamental Change pursuant to clause (B) of the definition
thereof, the applicable Redemption Notice Date. 
 “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 December 15, 2028. 

“Note Agent” means any Registrar, Paying Agent or Conversion Agent. 

“Notes” means the 2.375% Convertible Senior Notes due 2028 issued by the Company pursuant to this Indenture. 

“Observation Period” means, with respect to any Note to be converted, (A) subject to clause (B) below, if
the Conversion Date for such Note occurs on or before September 15, 2028, the forty (40) consecutive VWAP Trading Days beginning on, and including, the third (3rd) VWAP Trading Day immediately after such Conversion Date; (B) if such
Conversion Date occurs on or after the date the Company has sent a Redemption Notice calling all or any Notes for Redemption pursuant to Section 4.03(F) and before the related Redemption Date, the forty
(40) consecutive VWAP Trading Days beginning on, and including, the forty first (41st) Scheduled Trading Day immediately before such Redemption Date; and (C) subject to clause (B) above, if such Conversion Date occurs after
September 15, 2028, the forty (40) consecutive VWAP Trading Days beginning on, and including, the forty first (41st) Scheduled Trading Day immediately before the Maturity Date. 

  
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 “Officer” means the Chairman of the Board of Directors, the Chief Executive
Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of the Company. 

“Officer’s Certificate” means a certificate that is signed on behalf of the Company by one (1) of its Officers and
that meets the requirements of Section 11.03. 
 “Open of Business” means 9:00 a.m., New York
City time. 
 “Opinion of Counsel” means an opinion, from legal counsel (including an employee of, or counsel to, the
Company or any of its Subsidiaries) reasonably acceptable to the Trustee, that meets the requirements of Section 11.03, subject to customary qualifications and exclusions. 

“Person” or “person” means any individual, corporation, partnership, limited liability company, joint
venture, association, joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof. Any division or series of a limited liability company, limited partnership or trust will constitute a
separate “person” under this Indenture. 
 “Physical Note” means a Note (other than a Global Note) that is
represented by a certificate substantially in the form set forth in Exhibit A, registered in the name of the Holder of such Note and duly executed by the Company and authenticated by the Trustee. 

“Purchase Agreement” means that certain Purchase Agreement, dated December 8, 2022, between the Company and the
representative of the Initial Purchasers. 
 “Redemption” means the repurchase of any Note by the Company pursuant to
Section 4.03. 
 “Redemption Date” means the date fixed, pursuant to
Section 4.03(D), for the settlement of the repurchase of any Notes by the Company pursuant to a Redemption. 

“Redemption Notice Date” means, with respect to a Redemption, the date on which the Company sends the Redemption Notice for
such Redemption pursuant to Section 4.03(F). 
 “Redemption Price” means the cash price payable
by the Company to redeem any Note upon its Redemption, calculated pursuant to Section 4.03(E). 
 “Regular
Record Date” has the following meaning with respect to an Interest Payment Date: (A) if such Interest Payment Date occurs on June 15, the immediately preceding June 1; and (B) if such Interest Payment Date occurs on
December 15, the immediately preceding December 1. 
 “Repurchase Upon Fundamental Change” means the repurchase of any
Note by the Company pursuant to Section 4.02. 

  
 - 8 - 

 “Responsible Officer” means (A) any officer within the Corporate Trust
Administration of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of such officers; and (B) with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of his or her knowledge of, and familiarity with, the particular subject. 

“Restricted Note Legend” means a legend substantially in the form set forth in Exhibit
B-1. 
 “Restricted Stock Legend” means, with respect to any Conversion Share,
a legend substantially to the effect that the offer and sale of such Conversion Share have not been registered under the Securities Act and that such Conversion Share cannot be sold or otherwise transferred except pursuant to a transaction that is
registered under the Securities Act or that is exempt from, or not subject to, the registration requirements of the Securities Act. 

“Rule 144” means Rule 144 under the Securities Act (or any successor rule thereto), as the same may be amended from time to
time. 
 “Rule 144A” means Rule 144A under the Securities Act (or any successor rule thereto), as the same may be amended
from time to time. 
 “Scheduled Trading Day” means any day that is scheduled to be a Trading Day 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.
If the Common Stock is not so listed or traded, then “Scheduled Trading Day” means a Business Day. 
 “SEC” means
the U.S. Securities and Exchange Commission. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Security” means any Note or Conversion Share. 

“Settlement Method” means Cash Settlement, Physical Settlement or Combination Settlement. 

“Shoe Option” means the Initial Purchasers’ option to purchase up to thirty seven million five hundred thousand dollars
($37,500,000) aggregate principal amount of additional Notes as provided for in the Purchase Agreement. 

  
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 “Significant Subsidiary” means, with respect to any Person, any Subsidiary
of such Person that constitutes a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X under the Exchange Act; provided that if
a Subsidiary meets the criteria of clause (1)(iii) of the definition of “significant subsidiary” in Article 1, Rule 1-02 but not clause (1)(i) or (1)(ii) thereof (or, if applicable, the respective
successor clauses to the aforementioned clauses), then such Subsidiary will be deemed not to be a Significant Subsidiary of that Person unless such Subsidiary’s income from continuing operations before income taxes, exclusive of amounts
attributable to any non-controlling interests, for the last completed fiscal year before the date of determination exceeds fifteen million dollars ($15,000,000). 

“Special Interest” means any interest that accrues on any Note pursuant to Section 7.03. 

“Specified Dollar Amount” means, with respect to the conversion of a Note to which Combination Settlement applies, the
maximum cash amount per $1,000 principal amount of such Note deliverable upon such conversion (excluding cash in lieu of any fractional share of Common Stock). 

“Stock Price” has the following meaning for any Make-Whole Fundamental Change: (A) if the holders of Common Stock
receive only cash in consideration for their shares of Common Stock in such Make-Whole Fundamental Change and such Make-Whole Fundamental Change is pursuant to clause (B) of the definition of “Fundamental Change,” then the
Stock Price is the amount of cash paid per share of Common Stock in such Make-Whole Fundamental Change; and (B) in all other cases, the Stock Price is the average of the Last Reported Sale Prices per share of Common Stock for the five
(5) consecutive Trading Days ending on, and including, the Trading Day immediately before the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change. 

“Subsidiary” means, with respect to any Person, (A) any corporation, association or other business entity (other than a
partnership or limited liability company) of which more than fifty percent (50%) of the total voting power of the Capital Stock entitled (without regard to the occurrence of any contingency, but after giving effect to any voting agreement or
stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees, as applicable, of such corporation, association or other business entity is owned or controlled, directly or
indirectly, by such Person or one or more of the other Subsidiaries of such Person; and (B) any partnership or limited liability company where (i) more than fifty percent (50%) of the capital accounts, distribution rights, equity and
voting interests, or of the general and limited partnership interests, as applicable, of such partnership or limited liability company are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such
Person, whether in the form of membership, general, special or limited partnership or limited liability company interests or otherwise; and (ii) such Person or any one or more of the other Subsidiaries of such Person is a controlling general
partner of, or otherwise controls, such partnership or limited liability company. 
 “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. 

  
 - 10 - 

 “Trading Price” of the Notes on any Trading Day means the average of the
secondary market bid quotations, expressed as a cash amount per $1,000 principal amount of Notes, obtained by the Bid Solicitation Agent for one million dollars ($1,000,000) (or such lesser amount as may then be outstanding) in principal amount of
Notes at approximately 3:30 p.m., New York City time, on such Trading Day from three (3) nationally recognized independent securities dealers selected by the Company, which may include any of the Initial Purchasers; provided,
however, that, if three (3) such bids cannot reasonably be obtained by the Bid Solicitation Agent but two (2) such bids are obtained, then the average of the two (2) bids will be used, and if only one (1) such bid can
reasonably be obtained by the Bid Solicitation Agent, then that one (1) bid will be used. If, on any Trading Day, (A) the Bid Solicitation Agent cannot reasonably obtain at least one (1) bid for one million dollars ($1,000,000) (or
such lesser amount as may then be outstanding) in principal amount of Notes from a nationally recognized independent securities dealer; (B) the Company is not acting as the Bid Solicitation Agent and the Company fails to instruct the Bid
Solicitation Agent to obtain bids when required; or (C) the Bid Solicitation Agent fails to solicit bids when required, then, in each case, the Trading Price per $1,000 principal amount of Notes on such Trading Day will be deemed to be less
than ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day. 

“Transfer-Restricted Security” means any Security that constitutes a “restricted security” (as defined in Rule
144); provided, however, that such Security will cease to be a Transfer-Restricted Security upon the earliest to occur of the following events: 

(A) such Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to a
registration statement that was effective under the Securities Act at the time of such sale or transfer; 
 (B) such Security is sold or
otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to an available exemption (including Rule 144) from the registration and prospectus-delivery requirements of, or in a transaction not subject to, the
Securities Act and, immediately after such sale or transfer, such Security ceases to constitute a “restricted security” (as defined in Rule 144); and 

(C) such Security is eligible for resale, by a Person that is not an Affiliate of the Company and that has not been an Affiliate of the
Company during the immediately preceding three (3) months, pursuant to Rule 144 without any limitations thereunder as to volume, manner of sale, availability of current public information or notice. 

The Trustee is under no obligation to determine whether any Security is a Transfer-Restricted Security and may conclusively rely on an
Officer’s Certificate with respect thereto. 
 “Trust Indenture Act” means the U.S. Trust Indenture Act of 1939, as
amended. 
 “Trustee” means the Person named as such in the first paragraph of this Indenture until a successor replaces it
in accordance with the provisions of this Indenture and, thereafter, means such successor. 

  
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 “VWAP Market Disruption Event” means, with respect to any date,
(A) the failure by 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, the principal other market
on which the Common Stock is then traded, to open for trading during its regular trading session on such date; or (B) the occurrence or existence, for more than one half hour period in the aggregate, of any 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, and such suspension or limitation occurs or
exists at any time before 1:00 p.m., New York City time, on such date. 
 “VWAP Trading Day” means a day on which
(A) there is no VWAP Market Disruption Event; and (B) 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. If the Common Stock is not so listed or traded, then “VWAP Trading Day” means a Business Day. 

“Wholly Owned Subsidiary” of a Person means any Subsidiary of such Person all of the outstanding Capital Stock or other
ownership interests of which (other than directors’ qualifying shares) are owned by such Person or one or more Wholly Owned Subsidiaries of such Person. 

Section 1.02. OTHER DEFINITIONS. 
  

			
	 Term
	  	 Defined in
Section

	“Additional Shares”	  	5.07(A)
	“Business Combination Event”	  	6.01(A)
	“Cash Settlement”	  	5.03(A)
	“Combination Settlement”	  	5.03(A)
	“Common Stock Change Event”	  	5.08(A)
	“Conversion Agent”	  	2.06(A)
	“Conversion Consideration”	  	5.03(B)
	“Default Interest”	  	2.05(B)
	“Defaulted Amount”	  	2.05(B)
	“Event of Default”	  	7.01(A)
	“Expiration Date”	  	5.05(A)(v)
	“Expiration Time”	  	5.05(A)(v)
	“Fundamental Change Notice”	  	4.02(E)
	“Fundamental Change Repurchase Right”	  	4.02(A)
	“Initial Notes”	  	2.03(A)
	“Measurement Period”	  	5.01(C)(i)(2)
	“Paying Agent”	  	2.06(A)
	“Physical Settlement”	  	5.03(A)
	“Redemption Notice”	  	4.03(F)
	“Reference Property”	  	5.08(A)

  
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	“Reference Property Unit”	  	5.08(A)
	“Register”	  	2.06(B)
	“Registrar”	  	2.06(A)
	“Reporting Event of Default”	  	7.03(A)
	“Specified Courts”	  	11.07
	“Spin-Off”	  	5.05(A)(iii)(2)
	“Spin-Off Valuation Period”	  	5.05(A)(iii)(2)
	“Stated Interest”	  	2.05(A)
	“Successor Corporation”	  	6.01(A)
	“Successor Person”	  	5.08(A)
	“Tender/Exchange Offer Valuation Period”	  	5.05(A)(v)
	“Trading Price Condition”	  	5.01(C)(i)(2)

 Section 1.03. RULES OF CONSTRUCTION. 

For purposes of this Indenture: 

(A) “or” is not exclusive; 

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

(C) “will” expresses a command; 

(D) the “average” of a set of numerical values refers to the arithmetic average of such numerical values; 

(E) a merger involving, or a transfer of assets by, a limited liability company, limited partnership or trust will be deemed to include any
division of or by, or an allocation of assets to a series of, such limited liability company, limited partnership or trust, or any unwinding of any such division or allocation; 

(F) words in the singular include the plural and in the plural include the singular, unless the context requires otherwise; 

(G) “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to any particular
Article, Section or other subdivision of this Indenture, unless the context requires otherwise; 
 (H) references to currency mean the
lawful currency of the United States of America, unless the context requires otherwise; 
 (I) the exhibits, schedules and other attachments
to this Indenture are deemed to form part of this Indenture; and 
 (J) the term “interest,” when used with respect to a
Note, includes any Additional Interest and Special Interest, unless the context requires otherwise. 

  
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 Article 2. THE NOTES 

Section 2.01. FORM, DATING AND DENOMINATIONS. 

The Notes and the Trustee’s certificate of authentication will be substantially in the form set forth in Exhibit A. The Notes will
bear the legends required by Section 2.09 and may bear notations, legends or endorsements required by law, stock exchange rule or usage or the Depositary. Each Note will be dated as of the date of its authentication. 

Except to the extent otherwise provided in a Company Order delivered to the Trustee in connection with the issuance and authentication
thereof, the Notes will be issued initially in the form of one or more Global Notes. Global Notes may be exchanged for Physical Notes, and Physical Notes may be exchanged for Global Notes, only as provided in Section 2.10.

 The Notes will be issuable only in registered form without interest coupons and only in Authorized Denominations. 

Each certificate representing a Note will bear a unique registration number that is not affixed to any other certificate representing another
outstanding Note. 
 The terms contained in the Notes constitute part of this Indenture, and, to the extent applicable, the Company and the
Trustee, by their execution and delivery of this Indenture, agree to such terms and to be bound thereby; provided, however, that, to the extent that any provision of any Note conflicts with the provisions of this Indenture, the
provisions of this Indenture will control for purposes of this Indenture and such Note. 
 Section 2.02. EXECUTION,
AUTHENTICATION AND DELIVERY. 
 (A) Due Execution by the Company. At least one
(1) duly authorized Officer will sign the Notes on behalf of the Company by manual or facsimile signature. A Note’s validity will not be affected by the failure of any Officer whose signature is on any Note to hold, at the time such Note
is authenticated, the same or any other office at the Company. 
 (B) Authentication by the Trustee and Delivery. 

(i) No Note will be valid until it is authenticated by the Trustee. A Note will be deemed to be duly authenticated only when an
authorized signatory of the Trustee (or a duly appointed authenticating agent) manually signs the certificate of authentication of such Note. 

(ii) The Trustee will cause an authorized signatory of the Trustee (or a duly appointed authenticating agent) to manually sign
the certificate of authentication of a Note only if (1) the Company delivers such Note to the Trustee; (2) such Note is executed by the Company in accordance with Section 2.02(A); and (3) the Company delivers
a Company Order to the Trustee that (a) requests the Trustee to authenticate such Note; and (b) sets forth the name of the Holder of such Note and the date as of which such Note is to be authenticated. If such Company Order also requests
the Trustee to deliver such Note to any Holder or to the Depositary, then the Trustee will promptly deliver such Note in accordance with such Company Order. 

  
 - 14 - 

 (iii) The Trustee may appoint an authenticating agent acceptable to the
Company to authenticate Notes. A duly appointed authenticating agent may authenticate Notes whenever the Trustee may do so under this Indenture, and a Note authenticated as provided in this Indenture by such an agent will be deemed, for purposes of
this Indenture, to be authenticated by the Trustee. Each duly appointed authenticating agent will have the same rights to deal with the Company as the Trustee would have if it were performing the duties that the authenticating agent was validly
appointed to undertake. 
 Section 2.03. INITIAL NOTES AND ADDITIONAL
NOTES. 
 (A) Initial Notes. On the Issue Date, there will be originally issued two hundred eighty seven million
five hundred thousand dollars ($287,500,000) aggregate principal amount of Notes, subject to the provisions of this Indenture (including Section 2.02). Notes issued pursuant to this
Section 2.03(A), and any Notes issued in exchange therefor or in substitution thereof, are referred to in this Indenture as the “Initial Notes.” 

(B) Additional Notes. The Company may, without notice to or the consent of any Holder and subject to the provisions of this Indenture
(including Section 2.02), originally issue additional Notes with the same terms as the Initial Notes (except, to the extent applicable, with respect to the date as of which interest begins to accrue on such additional Notes
and the first Interest Payment Date and the Last Original Issue Date of such additional Notes), which additional Notes will, subject to the foregoing, be considered to be part of the same series of, and rank equally and ratably with all other, Notes
issued under this Indenture; provided, however, that if any such additional Notes are not fungible with other Notes issued under this Indenture for federal income tax or federal securities laws purposes, then such additional Notes will
be identified by a separate CUSIP number. 
 Section 2.04. METHOD OF PAYMENT. 

(A) Global Notes. The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon maturity on the Maturity Date,
Redemption on a Redemption Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, interest on, and any cash Conversion Consideration for, any Global Note to the Depositary by wire transfer of immediately available funds no
later than the time the same is due as provided in this Indenture. 
 (B) Physical Notes. The Company will pay, or cause the Paying
Agent to pay, the principal (whether due upon maturity on the Maturity Date, Redemption on a Redemption Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, interest on, and any cash Conversion Consideration for, any Physical
Note no later than the time the same is due as provided in this Indenture as follows: (i) if the principal amount of such Physical Note is at least five million dollars ($5,000,000) (or such lower amount as the Company may choose in its sole
and absolute discretion) and the Holder of such Physical Note entitled to such payment has delivered to the Paying Agent or the Trustee, no later than the time set forth in the immediately following sentence, a written request that the Company make
such payment by wire transfer to 

  
 - 15 - 

 
an account of such Holder within the United States, by wire transfer of immediately available funds to such account; and (ii) in all other cases, by check mailed to the address of the Holder
of such Physical Note entitled to such payment as set forth in the Register. To be timely, such written request must be so delivered no later than the Close of Business on the following date: (x) with respect to the payment of any interest due
on an Interest Payment Date, the immediately preceding Regular Record Date; (y) with respect to any cash Conversion Consideration, the relevant Conversion Date; and (z) with respect to any other payment, the date that is fifteen
(15) calendar days immediately before the date such payment is due. 
 Section 2.05. ACCRUAL OF
INTEREST; DEFAULTED AMOUNTS; WHEN PAYMENT DATE IS NOT A BUSINESS DAY. 

(A) Accrual of Interest. Each Note will accrue interest at a rate per annum equal to 2.375% (the “Stated Interest”),
plus any Additional Interest and Special Interest that may accrue pursuant to Sections 3.04 and 7.03, respectively. Stated Interest on each Note will (i) accrue from, and including, the most recent date to which Stated
Interest has been paid or duly provided for (or, if no Stated Interest has theretofore been paid or duly provided for, the date set forth in the certificate representing such Note as the date from, and including, which Stated Interest will begin to
accrue in such circumstance) to, but excluding, the date of payment of such Stated Interest; and (ii) be, subject to Sections 4.02(D), 4.03(E) and 5.02(D) (but without duplication of any payment of interest), payable
semi-annually in arrears on each Interest Payment Date, beginning on the first Interest Payment Date set forth in the certificate representing such Note, to the Holder of such Note as of the Close of Business on the immediately preceding Regular
Record Date. Stated Interest, and, if applicable, Additional Interest and Special Interest, on the Notes will be computed on the basis of a 360-day year comprised of twelve
30-day months. 
 (B) Defaulted Amounts. If the Company fails to pay any amount (a
“Defaulted Amount”) payable on a Note on or before the due date therefor as provided in this Indenture, then, regardless of whether such failure constitutes an Event of Default, (i) such Defaulted Amount will forthwith
cease to be payable to the Holder of such Note otherwise entitled to such payment; (ii) to the extent lawful, interest (“Default Interest”) will accrue on such Defaulted Amount at a rate per annum equal to the rate per annum at
which Stated Interest accrues, from, and including, such due date to, but excluding, the date of payment of such Defaulted Amount and Default Interest; (iii) such Defaulted Amount and Default Interest will be paid on a payment date selected by
the Company to the Holder of such Note as of the Close of Business on a special record date selected by the Company, provided that such special record date must be no more than fifteen (15), nor less than ten (10), calendar days before such
payment date; and (iv) at least fifteen (15) calendar days before such special record date, the Company will send notice to the Trustee and the Holders that states such special record date, such payment date and the amount of such
Defaulted Amount and Default Interest to be paid on such payment date. 
 (C) Delay of Payment when Payment Date is Not a Business
Day. If the due date for a payment on a Note as provided in this Indenture is not a Business Day, then, notwithstanding anything to the contrary in this Indenture or the Notes, such payment may be made on the immediately following Business Day
and no interest will accrue on such payment as a result of the related delay. Solely for purposes of the immediately preceding sentence, a day on which the applicable place of payment is authorized or required by law or executive order to close or
be closed will be deemed not to be a “Business Day.” 

  
 - 16 - 

 Section 2.06. REGISTRAR, PAYING AGENT
AND CONVERSION AGENT. 
 (A) Generally. The Company will maintain (i) an office
or agency in the continental United States where Notes may be presented for registration of transfer or for exchange (the “Registrar”); (ii) an office or agency in the continental United States where Notes may be presented for
payment (the “Paying Agent”); and (iii) an office or agency in the continental United States where Notes may be presented for conversion (the “Conversion Agent”). If the Company fails to maintain a Registrar,
Paying Agent or Conversion Agent, then the Trustee will act as such. For the avoidance of doubt, the Company or any of its Subsidiaries may act as Registrar, Paying Agent or Conversion Agent without prior notice to Holders. 

(B) Duties of the Registrar. The Registrar will keep a record (the “Register”) of the names and addresses of the
Holders, the Notes held by each Holder and the transfer, exchange, repurchase, Redemption and conversion of Notes. Absent manifest error, the entries in the Register will be conclusive and the Company and the Trustee may treat each Person whose name
is recorded as a Holder in the Register as a Holder for all purposes. The Register will be in written form or in any form capable of being converted into written form reasonably promptly. 

(C) Co-Agents; Company’s Right to Appoint Successor Registrars, Paying Agents and Conversion
Agents. The Company may appoint one or more co-Registrars, co-Paying Agents and co-Conversion Agents, each of whom will be
deemed to be a Registrar, Paying Agent or Conversion Agent, as applicable, under this Indenture. Subject to Section 2.06(A), the Company may change any Registrar, Paying Agent or Conversion Agent (including appointing
itself or any of its Subsidiaries to act in such capacity) without notice to any Holder. The Company will notify the Trustee (and, upon request, any Holder) of the name and address of each Note Agent, if any, not a party to this Indenture and will
enter into an appropriate agency agreement with each such Note Agent, which agreement will implement the provisions of this Indenture that relate to such Note Agent. 

(D) Initial Appointments. The Company appoints the Trustee as the initial Paying Agent, the initial Registrar and the initial
Conversion Agent. 
 Section 2.07. PAYING AGENT AND CONVERSION AGENT
TO HOLD PROPERTY IN TRUST. 
 The Company will require each
Paying Agent or Conversion Agent that is not the Trustee to agree in writing that such Note Agent will (A) hold in trust for the benefit of Holders or the Trustee all money and other property held by such Note Agent for payment or delivery due
on the Notes; and (B) notify the Trustee of any default by the Company in making any such payment or delivery. The Company, at any time, may, and the Trustee, while any Default continues, may, require a Paying Agent or Conversion Agent to pay
or deliver, as applicable, all money and other property held by it to the Trustee, after which payment or delivery, as applicable, such Note Agent (if not the Company or any of its Subsidiaries) will have no further liability for such money or
property. If the Company or any of its Subsidiaries acts as Paying Agent or Conversion Agent, then (A) it will segregate and hold in a separate trust fund for the 

  
 - 17 - 

 
benefit of the Holders or the Trustee all money and other property held by it as Paying Agent or Conversion Agent; and (B) references in this Indenture or the Notes to the Paying Agent or
Conversion Agent holding cash or other property, or to the delivery of cash or other property to the Paying Agent or Conversion Agent, in each case for payment or delivery to any Holders or the Trustee or with respect to the Notes, will be deemed to
refer to cash or other property so segregated and held separately, or to the segregation and separate holding of such cash or other property, respectively. Upon the occurrence of any event pursuant to clause (ix) or (x) of
Section 7.01(A) with respect to the Company (or with respect to any Subsidiary of the Company acting as Paying Agent or Conversion Agent), the Trustee will serve as the Paying Agent or Conversion Agent, as applicable, for
the Notes. 
 Section 2.08. HOLDER LISTS. 

If the Trustee is not the Registrar, then the Company will furnish to the Trustee, no later than seven (7) Business Days before each
Interest Payment Date, and at such other times as the Trustee may request, a list, in such form and as of such date or time as the Trustee may reasonably require, of the names and addresses of the Holders. 

Section 2.09. LEGENDS. 

(A) Global Note Legend. Each Global Note will bear the Global Note Legend (or any similar legend, not inconsistent with this Indenture,
required by the Depositary for such Global Note). 
 (B) Restricted Note Legend. Subject to Section 2.12,

 (i) each Note that is a Transfer-Restricted Security will bear the Restricted Note Legend; and 

(ii) if a Note is issued in exchange for, in substitution of, or to effect a partial conversion of, another Note (such other
Note being referred to as the “old Note” for purposes of this Section 2.09(B)(ii)), including pursuant to Section 2.10(B), 2.10(C), 2.11 or 2.13, then such Note will bear the
Restricted Note Legend if such old Note bore the Restricted Note Legend at the time of such exchange or substitution, or on the related Conversion Date with respect to such conversion, as applicable; provided, however, that such Note
need not bear the Restricted Note Legend if such Note does not constitute a Transfer-Restricted Security immediately after such exchange or substitution, or as of such Conversion Date, as applicable. 

(C) Other Legends. A Note may bear any other legend or text, not inconsistent with this Indenture, as may be required by applicable law
or by any securities exchange or automated quotation system on which such Note is traded or quoted. 
 (D) Acknowledgment and Agreement
by the Holders. A Holder’s acceptance of any Note bearing any legend required by this Section 2.09 will constitute such Holder’s acknowledgment of, and agreement to comply with, the restrictions set forth in
such legend. 
 (E) Restricted Stock Legend. 

  
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 (i) Each Conversion Share will bear the Restricted Stock Legend if the Note
upon the conversion of which such Conversion Share was issued was (or would have been had it not been converted) a Transfer-Restricted Security at the time such Conversion Share was issued; provided, however, that such Conversion Share
need not bear the Restricted Stock Legend if the Company determines, in its reasonable discretion, that such Conversion Share need not bear the Restricted Stock Legend. 

(ii) Notwithstanding anything to the contrary in this Section 2.09(E), a Conversion Share need not
bear a Restricted Stock Legend if such Conversion Share is issued in an uncertificated form that does not permit affixing legends thereto, provided the Company takes measures (including the assignment thereto of a “restricted” CUSIP
number) that it reasonably deems appropriate to enforce the transfer restrictions referred to in the Restricted Stock Legend. 
 Section 2.10.
TRANSFERS AND EXCHANGES; CERTAIN TRANSFER RESTRICTIONS. 

(A) Provisions Applicable to All Transfers and Exchanges. 

(i) Generally. Subject to this Section 2.10, Physical Notes and beneficial interests in Global
Notes may be transferred or exchanged from time to time and the Registrar will record each such transfer or exchange in the Register. 

(ii) Transferred and Exchanged Notes Remain Valid Obligations of the Company. Each Note issued upon transfer or
exchange of any other Note (such other Note being referred to as the “old Note” for purposes of this Section 2.10(A)(ii)) or portion thereof in accordance with this Indenture will be the valid obligation of the
Company, evidencing the same indebtedness, and entitled to the same benefits under this Indenture, as such old Note or portion thereof, as applicable. 

(iii) No Services Charge; Transfer Taxes. The Company, the Trustee and the Note Agents will not impose any service
charge on any Holder for any transfer, exchange or conversion of Notes, but the Company, the Trustee, the Registrar and the Conversion Agent may require payment of a sum sufficient to cover any transfer tax or similar governmental charge that may be
imposed in connection with any transfer, exchange or conversion of Notes, other than exchanges pursuant to Section 2.11, 2.17 or 8.05 not involving any transfer. 

(iv) Transfers and Exchanges Must Be in Authorized Denominations. Notwithstanding anything to the contrary in this
Indenture or the Notes, a Note may not be transferred or exchanged in part unless the portion to be so transferred or exchanged is in an Authorized Denomination. 

(v) Trustee’s Disclaimer. The Trustee will have no obligation or duty to monitor, determine or inquire as to
compliance with any transfer restrictions imposed under this Indenture or applicable law with respect to any Security, other than to require the delivery of such certificates or other documentation or evidence as expressly required by this Indenture
and to examine the same to determine substantial compliance as to form with the requirements of this Indenture. 

  
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 (vi) Legends. Each Note issued upon transfer of, or in exchange for,
another Note will bear each legend, if any, required by Section 2.09. 
 (vii) Settlement of
Transfers and Exchanges. Upon satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Note, the Company will cause such transfer or exchange to be effected as soon as reasonably practicable but in no event
later than the second (2nd) Business Day after the date of such satisfaction. 
 (viii) Interpretation. For the
avoidance of doubt, and subject to the terms of this Indenture, as used in this Section 2.10, an “exchange” of a Global Note or a Physical Note includes (x) an exchange effected for the sole purpose of
removing any Restricted Note Legend affixed to such Global Note or Physical Note; and (y) if such Global Note or Physical Note is identified by a “restricted” CUSIP number, an exchange effected for the sole purpose of causing such
Global Note or Physical Note to be identified by an “unrestricted” CUSIP number. 
 (B) Transfers and Exchanges of Global
Notes. 
 (i) Certain Restrictions. Subject to the immediately following sentence, no Global Note may be
transferred or exchanged in whole except (x) by the Depositary to a nominee of the Depositary; (y) by a nominee of the Depositary to the Depositary or to another nominee of the Depositary; or (z) by the Depositary or any such nominee
to a successor Depositary or a nominee of such successor Depositary. No Global Note (or any portion thereof) may be transferred to, or exchanged for, a Physical Note; provided, however, that a Global Note will be exchanged, pursuant to
customary procedures, for one or more Physical Notes if: 
 (1) (x) the Depositary notifies the Company or the Trustee that
the Depositary is unwilling or unable to continue as depositary for such Global Note or (y) the Depositary ceases to be a “clearing agency” registered under Section 17A of the Exchange Act and, in each case, the Company fails to
appoint a successor Depositary within ninety (90) days of such notice or cessation; 
 (2) an Event of Default has
occurred and is continuing and the Company, the Trustee or the Registrar has received a written request from the Depositary, or from a holder of a beneficial interest in such Global Note, to exchange such Global Note or beneficial interest, as
applicable, for one or more Physical Notes; or 
 (3) the Company, in its sole discretion, permits the exchange of any
beneficial interest in such Global Note for one or more Physical Notes at the request of the owner of such beneficial interest. 

(ii) Effecting Transfers and Exchanges. Upon satisfaction of the requirements of this Indenture to effect a transfer or
exchange of any Global Note (or any portion thereof): 

  
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 (1) the Trustee will reflect any resulting decrease of the principal amount
of such Global Note by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such Global Note (and, if such notation results in such Global Note having a principal amount of zero, then the Company may (but
is not required to) instruct the Trustee to cancel such Global Note pursuant to Section 2.15); 

(2) if required to effect such transfer or exchange, then the Trustee will reflect any resulting increase of the principal
amount of any other Global Note by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such other Global Note; 

(3) if required to effect such transfer or exchange, then the Company will issue, execute and deliver, and the Trustee will
authenticate, in each case in accordance with Section 2.02, a new Global Note bearing each legend, if any, required by Section 2.09; and 

(4) if such Global Note (or such portion thereof), or any beneficial interest therein, is to be exchanged for one or more
Physical Notes, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that are in Authorized Denominations (not to
exceed, in the aggregate, the principal amount of such Global Note to be so exchanged), are registered in such name(s) as the Depositary specifies (or as otherwise determined pursuant to customary procedures) and bear each legend, if any, required
by Section 2.09. 
 (iii) Compliance with Depositary Procedures. Each transfer or exchange
of a beneficial interest in any Global Note will be made in accordance with the Depositary Procedures. 
 (C) Transfers and Exchanges of
Physical Notes. 
 (i) Requirements for Transfers and Exchanges. Subject to this
Section 2.10, a Holder of a Physical Note may (x) transfer such Physical Note (or any portion thereof in an Authorized Denomination) to one or more other Person(s); (y) exchange such Physical Note (or any portion
thereof in an Authorized Denomination) for one or more other Physical Notes in Authorized Denominations having an aggregate principal amount equal to the aggregate principal amount of the Physical Note (or portion thereof) to be so exchanged; and
(z) if then permitted by the Depositary Procedures, transfer such Physical Note (or any portion thereof in an Authorized Denomination) in exchange for a beneficial interest in one or more Global Notes; provided, however, that, to
effect any such transfer or exchange, such Holder must: 
 (1) surrender such Physical Note to be transferred or exchanged to
the office of the Registrar, together with any endorsements or transfer instruments reasonably required by the Company, the Trustee or the Registrar; and 

(2) deliver such certificates, documentation or evidence as may be required pursuant to
Section 2.10(D). 

  
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 (ii) Effecting Transfers and Exchanges. Upon the satisfaction of the
requirements of this Indenture to effect a transfer or exchange of any Physical Note (such Physical Note being referred to as the “old Physical Note” for purposes of this Section 2.10(C)(ii)) of a Holder (or any
portion of such old Physical Note in an Authorized Denomination): 
 (1) such old Physical Note will be promptly cancelled
pursuant to Section 2.15; 
 (2) if such old Physical Note is to be transferred or exchanged only
in part, then the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have
an aggregate principal amount equal to the principal amount of such old Physical Note not to be transferred or exchanged; (y) are registered in the name of such Holder; and (z) bear each legend, if any, required by
Section 2.09; 
 (3) in the case of a transfer: 

(a) to the Depositary or a nominee thereof that will hold its interest in such old Physical Note (or such portion thereof) to
be so transferred in the form of one or more Global Notes, the Trustee will reflect an increase of the principal amount of one or more existing Global Notes by notation on the “Schedule of Exchanges of Interests in the Global Note” forming
part of such Global Note(s), which increase(s) are in Authorized Denominations and aggregate to the principal amount to be so transferred, and which Global Note(s) bear each legend, if any, required by Section 2.09;
provided, however, that if such transfer cannot be so effected by notation on one or more existing Global Notes (whether because no Global Notes bearing each legend, if any, required by Section 2.09 then
exist, because any such increase will result in any Global Note having an aggregate principal amount exceeding the maximum aggregate principal amount permitted by the Depositary or otherwise), then the Company will issue, execute and deliver, and
the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Global Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal amount that
is to be so transferred but that is not effected by notation as provided above; and (y) bear each legend, if any, required by Section 2.09; and 

(b) to a transferee that will hold its interest in such old Physical Note (or such portion thereof) to be so transferred in
the form of one or more Physical Notes, the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in
Authorized Denominations and have an aggregate principal amount equal to the principal amount to be so transferred; (y) are registered in the name of such transferee; and (z) bear each legend, if any, required by
Section 2.09; and 

  
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 (4) in the case of an exchange, the Company will issue, execute and
deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the
principal amount to be so exchanged; (y) are registered in the name of the Person to whom such old Physical Note was registered; and (z) bear each legend, if any, required by Section 2.09. 

(D) Requirement to Deliver Documentation and Other Evidence. If a Holder of any Note that is identified by a “restricted”
CUSIP number or that bears a Restricted Note Legend or is a Transfer-Restricted Security requests to: 
 (i) cause such Note
to be identified by an “unrestricted” CUSIP number; 
 (ii) remove such Restricted Note Legend; or 

(iii) register the transfer of such Note to the name of another Person, 

then the Company, the Trustee and the Registrar may refuse to effect such identification, removal or transfer, as applicable, unless there is delivered to the
Company, the Trustee and the Registrar such certificates or other documentation or evidence as the Company, the Trustee and the Registrar may reasonably require to determine that such identification, removal or transfer, as applicable, complies with
the Securities Act and other applicable securities laws; provided, however, that no such certificates, documentation or evidence need be so delivered on and after the Free Trade Date with respect to such Note unless the Company
determines, in its reasonable discretion, that such Note is not eligible to be offered, sold or otherwise transferred pursuant to Rule 144 or otherwise without any requirements as to volume, manner of sale, availability of current public information
or notice under the Securities Act. 
 (E) Transfers of Notes Subject to Redemption, Repurchase or Conversion. Notwithstanding
anything to the contrary in this Indenture or the Notes, the Company, the Trustee and the Registrar will not be required to register the transfer of or exchange any Note that (i) has been surrendered for conversion, except to the extent that
any portion of such Note is not subject to conversion; (ii) is subject to a Fundamental Change Repurchase Notice validly delivered, and not withdrawn, pursuant to Section 4.02(F), except to the extent that any portion
of such Note is not subject to such notice or the Company fails to pay the applicable Fundamental Change Repurchase Price when due; or (iii) has been selected for Redemption pursuant to a Redemption Notice, except to the extent that any portion
of such Note is not subject to Redemption or the Company fails to pay the applicable Redemption Price when due. 

  
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 Section 2.11. EXCHANGE AND CANCELLATION
OF NOTES TO BE CONVERTED OR TO BE REPURCHASED PURSUANT TO A
REPURCHASE UPON FUNDAMENTAL CHANGE OR REDEMPTION. 

(A) Partial Conversions of Physical Notes and Partial Repurchases of Physical Notes Pursuant to a Repurchase Upon Fundamental Change
or Redemption. If only a portion of a Physical Note of a Holder is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change or Redemption, then, as soon as reasonably practicable after such
Physical Note is surrendered for such conversion or repurchase, as applicable, the Company will cause such Physical Note to be exchanged, pursuant and subject to Section 2.10(C), for (i) one or more Physical Notes that
are in Authorized Denominations and have an aggregate principal amount equal to the principal amount of such Physical Note that is not to be so converted or repurchased, as applicable, and deliver such Physical Note(s) to such Holder; and
(ii) a Physical Note having a principal amount equal to the principal amount to be so converted or repurchased, as applicable, which Physical Note will be converted or repurchased, as applicable, pursuant to the terms of this Indenture;
provided, however, that the Physical Note referred to in this clause (ii) need not be issued at any time after which such principal amount subject to such conversion or repurchase, as applicable, is deemed to cease to be
outstanding pursuant to Section 2.18. 
 (B) Cancellation of Notes that Are Converted and Notes that Are
Repurchased Pursuant to a Repurchase Upon Fundamental Change or Redemption. 
 (i) Physical Notes. If a
Physical Note (or any portion thereof that has not theretofore been exchanged pursuant to Section 2.11(A)) of a Holder is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental
Change or Redemption, then, promptly after the later of the time such Physical Note (or such portion) is deemed to cease to be outstanding pursuant to Section 2.18 and the time such Physical Note is surrendered for such
conversion or repurchase, as applicable, (1) such Physical Note will be cancelled pursuant to Section 2.15; and (2) in the case of a partial conversion or repurchase, as applicable, the Company will issue, execute
and deliver to such Holder, and the Trustee will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount
equal to the principal amount of such Physical Note that is not to be so converted or repurchased, as applicable; (y) are registered in the name of such Holder; and (z) bear each legend, if any, required by
Section 2.09. 
 (ii) Global Notes. If a Global Note (or any portion thereof) is to be
converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change or Redemption, then, promptly after the time such Note (or such portion) is deemed to cease to be outstanding pursuant to
Section 2.18, the Trustee will reflect a decrease of the principal amount of such Global Note in an amount equal to the principal amount of such Global Note to be so converted or repurchased, as applicable, by notation on
the “Schedule of Exchanges of Interests in the Global Note” forming part of such Global Note (and, if the principal amount of such Global Note is zero following such notation, cancel such Global Note pursuant to
Section 2.15). 
 Section 2.12. REMOVAL OF TRANSFER
RESTRICTIONS. 
 Without limiting the generality of any other provision of this Indenture (including
Section 3.04), the Restricted Note Legend affixed to any Note will be deemed, pursuant to this Section 2.12 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 (1) of its 

  
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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 2.12 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 3.04 and the definition of Freely Tradable,
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 2.13. REPLACEMENT NOTES. 

If a Holder of any Note claims that such Note has been mutilated, lost, destroyed or wrongfully taken, then the Company will issue, execute and
deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a replacement Note upon surrender to the Trustee of such mutilated Note, or upon delivery to the Trustee of evidence of such loss,
destruction or wrongful taking reasonably satisfactory to the Trustee and the Company. In the case of a lost, destroyed or wrongfully taken Note, the Company and the Trustee may require the Holder thereof to provide such security or indemnity that
is reasonably satisfactory to the Company and the Trustee to protect the Company and the Trustee from any loss that any of them may suffer if such Note is replaced. 

Every replacement Note issued pursuant to this Section 2.13 will be an additional obligation of the Company and will
be entitled to all of the benefits of this Indenture equally and ratably with all other Notes issued under this Indenture. 
 Section 2.14.
REGISTERED HOLDERS; CERTAIN RIGHTS WITH RESPECT TO GLOBAL NOTES. 

Only the Holder of a Note will have rights under this Indenture as the owner of such Note. Without limiting the generality of the foregoing,
Depositary Participants will have no rights as such under this Indenture with respect to any Global Note held on their behalf by the Depositary or its nominee, or by the Trustee as its custodian, and the Company, the Trustee and the Note Agents, and
their respective agents, may treat the Depositary as the absolute owner of such Global Note for all purposes whatsoever; provided, however, that (A) the Holder of any Global Note may grant proxies and otherwise authorize any
Person, including Depositary Participants and Persons that hold interests in Notes through Depositary Participants, to take any action that such Holder is entitled to take with respect to such Global Note under this Indenture or the Notes; and
(B) the Company and the Trustee, and their respective agents, may give effect to any written certification, proxy or other authorization furnished by the Depositary. 

  
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 Section 2.15. CANCELLATION. 

Without limiting the generality of Section 3.08, the Company may at any time deliver Notes to the Trustee for
cancellation. The Registrar, the Paying Agent and the Conversion Agent will forward to the Trustee each Note duly surrendered to them for transfer, exchange, payment or conversion. The Trustee will promptly cancel all Notes so surrendered to it in
accordance with its customary procedures. Without limiting the generality of Section 2.03(B), the Company may not originally issue new Notes to replace Notes that it has paid or that have been cancelled upon transfer,
exchange, payment or conversion. 
 Section 2.16. NOTES HELD BY THE
COMPANY OR ITS AFFILIATES. 
 Without limiting the generality of
Section 3.08, in determining whether the Holders of the required aggregate principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company or any of its Affiliates will be deemed not
to be outstanding; provided, however, that, for purposes of determining whether the Trustee is protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee knows are so owned will
be so disregarded. 
 Section 2.17. TEMPORARY NOTES. 

Until definitive Notes are ready for delivery, the Company may issue, execute and deliver, and the Trustee will authenticate, in each case in
accordance with Section 2.02, temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have variations that the Company considers appropriate for temporary Notes. The Company will
promptly prepare, issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, definitive Notes in exchange for temporary Notes. Until so exchanged, each temporary Note will
in all respects be entitled to the same benefits under this Indenture as definitive Notes. 
 Section 2.18. OUTSTANDING
NOTES. 
 (A) Generally. The Notes that are outstanding at any time will be deemed to be those Notes that, at such
time, have been duly executed and authenticated, excluding those Notes (or portions thereof) that have theretofore been (i) cancelled by the Trustee or delivered to the Trustee for cancellation in accordance with
Section 2.15; (ii) assigned a principal amount of zero by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of any a Global Note representing such Note; (iii) paid in full
in accordance with this Indenture; or (iv) deemed to cease to be outstanding to the extent provided in, and subject to, clause (B), (C) or (D) of this Section 2.18. 

(B) Replaced Notes. If a Note is replaced pursuant to Section 2.13, then such Note will cease to be
outstanding at the time of its replacement, unless the Trustee and the Company receive proof reasonably satisfactory to them that such Note is held by a “bona fide purchaser” under applicable law. 

  
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 (C) Maturing Notes and Notes Called for Redemption or Subject to Repurchase. If, on a
Redemption Date, a Fundamental Change Repurchase Date or the Maturity Date, the Paying Agent holds money sufficient to pay the aggregate Redemption Price, Fundamental Change Repurchase Price or principal amount, respectively, together, in each case,
with the aggregate interest, in each case due on such date, then (unless there occurs a Default in the payment of any such amount) (i) the Notes (or portions thereof) to be redeemed or repurchased, or that mature, on such date will be deemed,
as of such date, to cease to be outstanding, except to the extent provided in Section 4.02(D), 4.03(E) or 5.02(D); and (ii) the rights of the Holders of such Notes (or such portions thereof), as such,
will terminate with respect to such Notes (or such portions thereof), other than the right to receive the Redemption Price, Fundamental Change Repurchase Price or principal amount, as applicable, of, and accrued and unpaid interest on, such Notes
(or such portions thereof), in each case as provided in this Indenture. 
 (D) Notes to Be Converted. At the Close of Business on the
Conversion Date for any Note (or any portion thereof) to be converted, such Note (or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant to
Section 5.03(B) or Section 5.02(D), upon such conversion) be deemed to cease to be outstanding, except to the extent provided in Section 5.02(D). 

(E) Cessation of Accrual of Interest. Except as provided in Section 4.02(D), 4.03(E) or
5.02(D), interest will cease to accrue on each Note from, and including, the date that such Note is deemed, pursuant to this Section 2.18, to cease to be outstanding, unless there occurs a default in the payment or
delivery of any cash or other property due on such Note. 
 Section 2.19. REPURCHASES BY THE
COMPANY OR ITS SUBSIDIARIES. 
 Without limiting the generality of
Section 2.15, the Company or its Subsidiaries may, from time to time, repurchase Notes in open market purchases or otherwise, whether through private or public tender or exchange offers, cash-settled swaps or other
cash-settled derivatives, without delivering prior notice to Holders. Any Notes so repurchased by the Company or any of its Subsidiaries shall be promptly delivered to the Trustee for cancellation pursuant to Section 2.15.

 Section 2.20. CUSIP AND ISIN NUMBERS. 

Subject to Section 2.12, the Company may use one or more CUSIP or ISIN numbers to identify any of the Notes, and, if
so, the Company and the Trustee will use such CUSIP or ISIN number(s) in notices to Holders; provided, however, that (i) the Trustee makes no representation as to the correctness or accuracy of any such CUSIP or ISIN number; and
(ii) the effectiveness of any such notice will not be affected by any defect in, or omission of, any such CUSIP or ISIN number. The Company will promptly notify the Trustee of any change in the CUSIP or ISIN number(s) identifying any Notes.

 Article 3. COVENANTS 

Section 3.01. PAYMENT ON NOTES. 

(A) Generally. The Company will pay or cause to be paid all the principal of, the Fundamental Change Repurchase Price and Redemption
Price for, interest on, and other amounts due with respect to, the Notes on the dates and in the manner set forth in this Indenture. 

  
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 (B) Deposit of Funds. Before 10:00 A.M., New York City time, on each Redemption Date,
Fundamental Change Repurchase Date or Interest Payment Date, and on the Maturity Date or any other date on which any cash amount is due on the Notes, the Company will deposit, or will cause there to be deposited, with the Paying Agent cash, in funds
immediately available on such date, sufficient to pay the cash amount due on the applicable Notes on such date. The Paying Agent will return to the Company, as soon as practicable, any money not required for such purpose. 

Section 3.02. EXCHANGE ACT REPORTS. 

(A) Generally. The Company will send to the Trustee copies of all reports that the Company is required to file with the SEC pursuant to
Section 13(a) or 15(d) of the Exchange Act within fifteen (15) calendar days after the date that the Company is required to file the same (after giving effect to all applicable grace periods under the Exchange Act); provided,
however, that the Company need not send to the Trustee any material for which the Company has received, or is seeking in good faith and has not been denied, confidential treatment by the SEC. Any report that the Company files with the SEC
through the EDGAR system (or any successor thereto) will be deemed to be sent to the Trustee at the time such report is so filed via the EDGAR system (or such successor). Upon the request of any Holder, the Trustee will provide to such Holder a copy
of any report that the Company has sent the Trustee pursuant to this Section 3.02(A), other than a report that is deemed to be sent to the Trustee pursuant to the preceding sentence. 

(B) Trustee’s Disclaimer. The Trustee need not determine whether the Company has filed any material via the EDGAR system (or such
successor). The sending or filing of reports pursuant to Section 3.02(A) will not be deemed to constitute actual or constructive notice or knowledge to the Trustee of any information contained, or determinable from
information contained, therein, including the Company’s compliance with any of its covenants under this Indenture. 
 Section 3.03.
RULE 144A INFORMATION. 
 If the Company is not subject to Section 13 or 15(d) of the Exchange Act at
any time when any Notes or shares of Common Stock issuable upon conversion of the Notes are outstanding and constitute “restricted securities” (as defined in Rule 144), then the Company (or its successor) will promptly provide, to the
Trustee and, upon written request, to any Holder, beneficial owner or prospective purchaser of such Notes or shares, 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 pursuant to Rule 144A. The Company (or its successor) will take such further action as any Holder or beneficial owner of such Notes or shares may reasonably request to enable such Holder or beneficial owner to sell such Notes or shares
pursuant to Rule 144A. 
 Section 3.04. ADDITIONAL INTEREST. 

(A) Accrual of Additional Interest. 

(i) If, at any time during the six (6) month period beginning on, and including, the date that is six (6) months
after the Last Original Issue Date of any Note, 

  
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 (1) the Company fails to timely file any report (other than Form 8-K reports) that the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act (after giving effect to all applicable grace periods thereunder); or 

(2) such Note is not otherwise Freely Tradable, 

then Additional Interest will accrue on such Note for each day during such period on which such failure is continuing or such Note is not
Freely Tradable. 
 (ii) In addition, Additional Interest will accrue on a Note on each day on which such Note is not Freely
Tradable on or after the De-Legending Deadline Date for such Note. 
 (B) Amount and Payment of
Additional Interest. Any Additional Interest that accrues on a Note pursuant to Section 3.04(A) will be payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per
annum equal to one quarter of one percent (0.25%) of the principal amount thereof for the first ninety (90) days on which Additional Interest accrues and, thereafter, at a rate per annum equal to one half of one percent (0.50%) of the principal
amount thereof; provided, however, that in no event will Additional Interest, together with any Special Interest, accrue on any day on a Note at a combined rate per annum that exceeds one half of one percent (0.50%), regardless of the
number of events or circumstances giving rise to requirements to pay such Additional Interest or Special Interest. For the avoidance of doubt, any Additional Interest that accrues on a Note will be in addition to the Stated Interest that accrues on
such Note and, subject to the proviso of the immediately preceding sentence, in addition to any Special Interest that accrues on such Note. 

(C) Notice of Accrual of Additional Interest; Trustee’s Disclaimer. The Company will send notice to the Holder of each Note, and
to the Trustee, of the commencement and termination of any period in which Additional Interest accrues on such Note. In addition, if Additional Interest accrues on any Note, then, no later than five (5) Business Days before each date on which
such Additional Interest is to be paid, the Company will deliver an Officer’s Certificate to the Trustee and the Paying Agent stating (i) that the Company is obligated to pay Additional Interest on such Note on such date of payment; and
(ii) the amount of such Additional Interest that is payable on such date of payment. The Trustee will have no duty to determine whether any Additional Interest is payable or the amount thereof. 

Section 3.05. COMPLIANCE AND DEFAULT CERTIFICATES. 

(A) Annual Compliance Certificate. Within ninety (90) days after the last day of each fiscal year of the Company, beginning with
the first such fiscal year ending after the date of this Indenture, the Company will deliver an Officer’s Certificate to the Trustee stating (i) that the signatory thereto has supervised a review of the activities of the Company and its
Subsidiaries during such fiscal year with a view towards determining whether any Default or Event of Default has occurred; and (ii) whether, to such signatory’s knowledge, a Default or Event of Default has occurred or is continuing (and,
if so, describing all such Defaults or Events of Default and what action the Company is taking or proposes to take with respect thereto). 

  
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 (B) Default Certificate. If a Default or Event of Default occurs, then the Company
will deliver an Officer’s Certificate to the Trustee, within thirty (30) days of the occurrence thereof, describing the same and what action the Company is taking or proposes to take with respect thereto, except that the Company is not
required to deliver such notice if such Default has been cured. The Trustee will not be deemed to have notice of any Default or Event of Default unless written notice has been received by a Responsible Officer of the Trustee at the corporate trust
office of the Trustee. 
 Section 3.06. STAY, EXTENSION AND USURY LAWS.

 To the extent that it may lawfully do so, the Company (A) agrees that it will not at any time insist upon, plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law (wherever or whenever enacted or in force) that may affect the covenants or the performance of this Indenture; and (B) expressly waives all benefits
or advantages of any such law and agrees that it will not, by resort to any such law, hinder, delay or impede the execution of any power granted to the Trustee by this Indenture, but will suffer and permit the execution of every such power as though
no such law has been enacted. 
 Section 3.07. CORPORATE EXISTENCE. 

Subject to Article 6, the Company will cause to preserve and keep in full force and effect: 

(A) its corporate existence in accordance with the organizational documents of the Company; and 

(B) the material rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; 

provided, however, that the Company need not preserve or keep in full force and effect any such license or franchise if the Board of Directors
determines that (x) the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole; and (y) the loss thereof is not, individually or in the aggregate, materially adverse
to the Holders. 
 Section 3.08. RESTRICTION ON ACQUISITION OF NOTES
BY THE COMPANY AND ITS AFFILIATES. 
 The
Company will promptly deliver to the Trustee for cancellation all Notes that the Company or any of its Subsidiaries have purchased or otherwise acquired. The Company will use commercially reasonable efforts to prevent any of its controlled
Affiliates from acquiring any Note (or any beneficial interest therein). For the avoidance of doubt, Subsidiaries of the Company may acquire Notes in accordance with the other provisions of this Section 3.08 and
Section 2.19 so long as any such Notes are promptly delivered to the Trustee for cancellation. 
 Section 3.09.
FURTHER INSTRUMENTS AND ACTS. 
 At the Trustee’s request, the Company
will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to more effectively carry out the purposes of this Indenture. 

  
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 Article 4. REPURCHASE AND REDEMPTION 

Section 4.01. NO SINKING FUND. 

No sinking fund is required to be provided for the Notes. 

Section 4.02. RIGHT OF HOLDERS TO REQUIRE THE
COMPANY TO REPURCHASE NOTES UPON A FUNDAMENTAL CHANGE. 

(A) Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change. Subject to the other terms of this
Section 4.02, if a Fundamental Change occurs, then each Holder will have the right (the “Fundamental Change Repurchase Right”) to require the Company to repurchase such Holder’s Notes (or any portion
thereof in an Authorized Denomination) on the Fundamental Change Repurchase Date for such Fundamental Change for a cash purchase price equal to the Fundamental Change Repurchase Price. 

(B) Repurchase Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such acceleration has
not been rescinded on or before the Fundamental Change Repurchase Date for a Repurchase Upon Fundamental Change (including as a result of the payment of the related Fundamental Change Repurchase Price, and any related interest pursuant to the
proviso to the first sentence of Section 4.02(D), on such Fundamental Change Repurchase Date), then (i) the Company may not repurchase any Notes pursuant to this Section 4.02; and
(ii) the Company will cause any Notes theretofore surrendered for such Repurchase Upon Fundamental Change to be returned to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to
the Company, the Trustee or the Paying Agent of the applicable beneficial interest in such Notes in accordance with the Depositary Procedures). 

(C) Fundamental Change Repurchase Date. The Fundamental Change Repurchase Date for any Fundamental Change will be a Business Day of the
Company’s choosing that is no more than thirty five (35), nor less than twenty (20), Business Days after the date the Company sends the related Fundamental Change Notice pursuant to Section 4.02(E). 

(D) Fundamental Change Repurchase Price. The Fundamental Change Repurchase Price for any Note to be repurchased upon a Repurchase Upon
Fundamental Change following a Fundamental Change is an amount in cash equal to the principal amount of such Note plus accrued and unpaid interest on such Note to, but excluding, the Fundamental Change Repurchase Date for such Fundamental Change;
provided, however, that if such Fundamental Change Repurchase Date is after a Regular Record Date and on or before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record
Date will be entitled, notwithstanding such Repurchase Upon Fundamental Change, to receive, on or, at the Company’s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such
Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date, if such 

  
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Fundamental Change Repurchase Date is before such Interest Payment Date); and (ii) the Fundamental Change Repurchase Price will not include accrued and unpaid interest on such Note to, but
excluding, such Fundamental Change Repurchase Date. For the avoidance of doubt, if an Interest Payment Date is not a Business Day within the meaning of Section 2.05(C) and such Fundamental Change Repurchase Date occurs on
the Business Day immediately after such Interest Payment Date, then (x) accrued and unpaid interest on Notes to, but excluding, such Interest Payment Date will be paid, in accordance with Section 2.05(C), on the next
Business Day to Holders as of the Close of Business on the immediately preceding Regular Record Date; and (y) the Fundamental Change Repurchase Price will include interest on Notes to be repurchased from, and including, such Interest Payment
Date. 
 (E) Fundamental Change Notice. On or before the twentieth (20th) calendar day after the occurrence of a Fundamental Change,
the Company will (x) send to each Holder, the Trustee and the Paying Agent a notice of such Fundamental Change (a “Fundamental Change Notice”) and (y) substantially contemporaneously therewith, issue a press release
through such national newswire service as the Company then uses (or publish the same through such other widely disseminated public medium as the Company then uses, including its website) containing the information set forth in the Fundamental Change
Notice. 
 Such Fundamental Change Notice must state: 

(i) briefly, the events causing such Fundamental Change; 

(ii) the effective date of such Fundamental Change; 

(iii) the procedures that a Holder must follow to require the Company to repurchase its Notes pursuant to this
Section 4.02, including the deadline for exercising the Fundamental Change Repurchase Right and the procedures for submitting and withdrawing a Fundamental Change Repurchase Notice; 

(iv) the Fundamental Change Repurchase Date for such Fundamental Change; 

(v) the Fundamental Change Repurchase Price per $1,000 principal amount of Notes for such Fundamental Change (and, if such
Fundamental Change Repurchase Date is after a Regular Record Date and on or before the next Interest Payment Date, the amount, manner and timing of the interest payment payable pursuant to the proviso to the first sentence of
Section 4.02(D)); 
 (vi) the name and address of the Paying Agent and the Conversion Agent; 

(vii) the Conversion Rate in effect on the date of such Fundamental Change Notice and a description and quantification of any
adjustments to the Conversion Rate that may result from such Fundamental Change (including pursuant to Section 5.07); 

(viii) that Notes for which a Fundamental Change Repurchase Notice has been duly tendered and not duly withdrawn must be
delivered to the Paying Agent for the Holder thereof to be entitled to receive the Fundamental Change Repurchase Price; 

  
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 (ix) that Notes (or any portion thereof) that are subject to a Fundamental
Change Repurchase Notice that has been duly tendered may be converted only if such Fundamental Change Repurchase Notice is withdrawn in accordance with this Indenture; and 

(x) the CUSIP and ISIN numbers, if any, of the Notes. 

Neither the failure to deliver a Fundamental Change Notice nor any defect in a Fundamental Change Notice will limit the Fundamental Change
Repurchase Right of any Holder or otherwise affect the validity of any proceedings relating to any Repurchase Upon Fundamental Change. 

(F) Procedures to Exercise the Fundamental Change Repurchase Right. 

(i) Delivery of Fundamental Change Repurchase Notice and Notes to Be Repurchased. To exercise its Fundamental Change
Repurchase Right for a Note following a Fundamental Change, the Holder thereof must deliver to the Paying Agent: 
 (1)
before the Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date (or such later time as may be required by law), a duly completed, written Fundamental Change Repurchase Notice with respect to such
Note; and 
 (2) such Note, duly endorsed for transfer (if such Note is a Physical Note) or by book-entry transfer (if such
Note is a Global Note). 
 The Paying Agent will promptly deliver to the Company a copy of each Fundamental Change Repurchase Notice that it
receives. 
 (ii) Contents of Fundamental Change Repurchase Notices. Each Fundamental Change Repurchase Notice with
respect to a Note must state: 
 (1) if such Note is a Physical Note, the certificate number of such Note; 

(2) the principal amount of such Note to be repurchased, which must be an Authorized Denomination; and 

(3) that such Holder is exercising its Fundamental Change Repurchase Right with respect to such principal amount of such Note;

 provided, however, that if such Note is a Global Note, then such Fundamental Change Repurchase Notice must comply with the
Depositary Procedures (and any such Fundamental Change Repurchase Notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.02(F)). 

  
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 (iii) Withdrawal of Fundamental Change Repurchase Notice. A Holder
that has delivered a Fundamental Change Repurchase Notice with respect to a Note may withdraw such Fundamental Change Repurchase Notice by delivering a written notice of withdrawal to the Paying Agent at any time before the Close of Business on the
Business Day immediately before the related Fundamental Change Repurchase Date. Such withdrawal notice must state: 
 (1) if
such Note is a Physical Note, the certificate number of such Note; 
 (2) the principal amount of such Note to be withdrawn,
which must be an Authorized Denomination; and 
 (3) the principal amount of such Note, if any, that remains subject to such
Fundamental Change Repurchase Notice, which must be an Authorized Denomination; 
 provided, however, that if such Note is a
Global Note, then such withdrawal notice must comply with the Depositary Procedures (and any such withdrawal notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this
Section 4.02(F)). 
 Upon receipt of any such withdrawal notice with respect to a Note (or any portion thereof),
the Paying Agent will (x) promptly deliver a copy of such withdrawal notice to the Company; and (y) if such Note is surrendered to the Paying Agent, cause such Note (or such portion thereof in accordance with
Section 2.11, treating such Note as having been then surrendered for partial repurchase in the amount set forth in such withdrawal notice as remaining subject to repurchase) to be returned to the Holder thereof (or, if
applicable with respect to any Global Note, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interest in such Note in accordance with the Depositary Procedures). 

(G) Payment of the Fundamental Change Repurchase Price. Without limiting the Company’s obligation to deposit the Fundamental
Change Repurchase Price within the time proscribed by Section 3.01(B), the Company will cause the Fundamental Change Repurchase Price for a Note (or portion thereof) to be repurchased pursuant to a Repurchase Upon
Fundamental Change to be paid to the Holder thereof on or before the later of (i) the applicable Fundamental Change Repurchase Date; and (ii) the date (x) such Note is delivered to the Paying Agent (in the case of a Physical Note) or
(y) the Depositary Procedures relating to the repurchase, and the delivery to the Paying Agent, of such Holder’s beneficial interest in such Note to be repurchased are complied with (in the case of a Global Note). For the avoidance of
doubt, interest payable pursuant to the proviso to the first sentence of Section 4.02(D) on any Note to be repurchased pursuant to a Repurchase Upon Fundamental Change must be paid pursuant to such proviso regardless of
whether such Note is delivered or such Depositary Procedures are complied with pursuant to the first sentence of this Section 4.02(G). 

  
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 (H) Third Party May Conduct Repurchase Offer In Lieu of the Company. Notwithstanding
anything to the contrary in this Section 4.02, the Company will be deemed to satisfy its obligations under this Section 4.02 if (i) one or more third parties conduct any Repurchase Upon
Fundamental Change and related offer to repurchase Notes otherwise required by this Section 4.02 in a manner that would have satisfied the requirements of this Section 4.02 if conducted directly by
the Company; and (ii) an owner of a beneficial interest in any Note repurchased by such third party or parties will not receive a lesser amount (as a result of taxes, additional expenses or for any other reason) than such owner would have
received had the Company repurchased such Note. 
 (I) Compliance with Applicable Securities Laws. To the extent applicable, the
Company will comply with all federal and state securities laws in connection with a Repurchase Upon Fundamental Change (including complying with Rules 13e-4 and 14e-1
under the Exchange Act and filing any required Schedule TO, to the extent applicable) so as to permit effecting such Repurchase Upon Fundamental Change in the manner set forth in this Indenture; provided, however, that, to the extent
that the Company’s obligations pursuant to this Section 4.02 conflict with any law or regulation that is applicable to the Company and enacted after the Issue Date, the Company’s compliance with such law or
regulation will not be considered to be a Default of such obligations. 
 (J) Repurchase in Part. Subject to the terms of this
Section 4.02, Notes may be repurchased pursuant to a Repurchase Upon Fundamental Change in part, but only in Authorized Denominations. Provisions of this Section 4.02 applying to the repurchase of
a Note in whole will equally apply to the repurchase of a permitted portion of a Note. 
 Section 4.03. RIGHT OF
THE COMPANY TO REDEEM THE NOTES. 
 (A) No
Right to Redeem Before December 15, 2025. The Company may not redeem the Notes at its option at any time before December 15, 2025. 

(B) Right to Redeem the Notes on or After December 15, 2025. Subject to the terms of this
Section 4.03, the Company has the right, at its election, to redeem all, or any portion in an Authorized Denomination, of the Notes, at any time, and from time to time, on a Redemption Date on or after December 15,
2025 and on or before the fortieth (40th) Scheduled Trading Day immediately before the Maturity Date, for a cash purchase price equal to the Redemption Price, but only if the Last Reported Sale Price per share of Common Stock exceeds one hundred and
thirty percent (130%) of the Conversion Price on (x) each of at least twenty (20) Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the Trading Day immediately before
the Redemption Notice Date for such Redemption; and (y) the Trading Day immediately before such Redemption Notice Date; provided, however, that the Company will not be entitled to call less than all of the outstanding Notes for
Redemption unless the excess of the principal amount of Notes outstanding as of the time the Company sends the related Redemption Notice over the aggregate principal amount of Notes set forth in such Redemption Notice as being subject to such
Redemption is at least one hundred million dollars ($100,000,000). For the avoidance of doubt, the calling of any Notes for Redemption will constitute a Make-Whole Fundamental Change with respect to such Notes pursuant to clause (B) of
the definition thereof. 

  
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 (C) Redemption Prohibited in Certain Circumstances. If the principal amount of the
Notes has been accelerated and such acceleration has not been rescinded on or before the Redemption Date (including as a result of the payment of the related Redemption Price, and any related interest pursuant to the proviso to the first sentence of
Section 4.03(E), on such Redemption Date), then (i) the Company may not call for Redemption or otherwise redeem any Notes pursuant to this Section 4.03; and (ii) the Company will cause
any Notes theretofore surrendered for such Redemption to be returned to the Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the
applicable beneficial interests in such Notes in accordance with the Depositary Procedures). 
 (D) Redemption Date. The Redemption
Date for any Redemption will be a Business Day of the Company’s choosing that is no more than sixty five (65), nor less than forty five (45), Scheduled Trading Days after the Redemption Notice Date for such Redemption; provided,
however, that if, in accordance with Section 5.03(A)(i)(3), the Company has elected to settle all conversions of Notes with a Conversion Date that occurs on or after such Redemption Notice Date and on or before the
Business Day immediately before the Redemption Date by Physical Settlement, then the Company may instead elect to choose a Redemption Date that is a Business Day no more than sixty (60), nor less than thirty (30), calendar days after such Redemption
Notice Date. 
 (E) Redemption Price. The Redemption Price for any Note called for Redemption is an amount in cash equal to the
principal amount of such Note plus accrued and unpaid interest on such Note to, but excluding, the Redemption Date for such Redemption; provided, however, that if such Redemption Date is after a Regular Record Date and on or before the
next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such Redemption, to receive, on or, at the Company’s election, before such Interest Payment
Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date, if such Redemption Date is
before such Interest Payment Date); and (ii) the Redemption Price will not include accrued and unpaid interest on such Note to, but excluding, such Redemption Date. For the avoidance of doubt, if an Interest Payment Date is not a Business Day
within the meaning of Section 2.05(C) and such Redemption Date occurs on the Business Day immediately after such Interest Payment Date, then (x) accrued and unpaid interest on Notes to, but excluding, such Interest
Payment Date will be paid, in accordance with Section 2.05(C), on the next Business Day to Holders as of the Close of Business on the immediately preceding Regular Record Date; and (y) the Redemption Price will include
interest on Notes to be redeemed from, and including, such Interest Payment Date. 
 (F) Redemption Notice. To call any Notes for
Redemption, the Company must send to each Holder of such Notes, the Trustee and the Paying Agent a written notice of such Redemption (a “Redemption Notice”). Substantially contemporaneously, the Company will issue a press release
through such national newswire service as the Company then uses (or publish the same through such other widely disseminated public medium as the Company then uses, including its website) containing the information required by this Indenture to be
set forth in the Redemption Notice. 

  
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 Such Redemption Notice must state: 

(i) that such Notes have been called for Redemption, briefly describing the Company’s Redemption right under this
Indenture; 
 (ii) the Redemption Date for such Redemption; 

(iii) the Redemption Price per $1,000 principal amount of Notes for such Redemption (and, if the Redemption Date is after a
Regular Record Date and on or before the next Interest Payment Date, the amount, manner and timing of the interest payment payable pursuant to the proviso to the first sentence of Section 4.03(E)); 

(iv) the name and address of the Paying Agent and the Conversion Agent; 

(v) that Notes called for Redemption may be converted at any time before the Close of Business on the Business Day immediately
before the Redemption Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, at any time until such time as the Company pays such Redemption Price in full); 

(vi) the Conversion Rate in effect on the Redemption Notice Date for such Redemption and a description and quantification of
any adjustments to the Conversion Rate that may result from such Redemption (including pursuant to Section 5.07); 

(vii) the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after such
Redemption Notice Date and before such Redemption Date; and 
 (viii) the CUSIP and ISIN numbers, if any, of the Notes. 

On or before the Redemption Notice Date, the Company will send a copy of such Redemption Notice to the Trustee and the Paying Agent. 

(G) Selection and Conversion of Notes to Be Redeemed in Part. 

(i) If less than all Notes then outstanding are called for Redemption, then the Notes to be redeemed will be selected by the
Company as follows: (1) in the case of Global Notes, in accordance with the Depositary Procedures; and (2) in the case of Physical Notes, pro rata, by lot or by such other method the Company considers fair and appropriate. 

(ii) If only a portion of a Note is subject to Redemption and such Note is converted in part, then the converted portion of
such Note will be deemed to be from the portion of such Note that was subject to Redemption. 
 (H) Payment of the Redemption Price.
Without limiting the Company’s obligation to deposit the Redemption Price by the time proscribed by Section 3.01(B), the Company will cause the Redemption Price for a Note (or portion thereof) subject to Redemption to
be paid to the Holder thereof on or before the applicable Redemption Date. For the avoidance of doubt, interest payable pursuant to the proviso to the first sentence of Section 4.03(E) on any Note (or portion thereof)
subject to Redemption must be paid pursuant to such proviso. 

  
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 (I) Special Provisions for Partial Calls. If the Company elects to redeem less than
all of the outstanding Notes pursuant to this Section 4.03, and the Holder of any Note, or any owner of a beneficial interest in any Global Note, is reasonably not able to determine, before the Close of Business on the
forty second (42nd) Scheduled Trading Day (or, if, in accordance with Section 5.03(A)(i)(3), the Company has elected to settle all conversions of Notes with a Conversion Date that occurs on or after the Redemption Notice
Date for such Redemption and on or before the Business Day immediately before the Redemption Date by Physical Settlement, the tenth (10th) calendar day) immediately before the Redemption Date for such Redemption, whether such Note or beneficial
interest, as applicable, is to be redeemed pursuant to such Redemption, then such Holder or owner, as applicable, will be entitled to convert such Note or beneficial interest, as applicable, at any time before the Close of Business on the Business
Day immediately before such Redemption Date, and each such conversion will be deemed to be of a Note called for Redemption for purposes of this Section 4.03 and Sections 5.01(C)(i)(4) and 5.07. 

Article 5. CONVERSION 

Section 5.01. RIGHT TO CONVERT. 

(A) Generally. Subject to the provisions of this Article 5, each Holder may, at its option, convert such Holder’s Notes into
Conversion Consideration. 
 (B) Conversions in Part. Subject to the terms of this Indenture, Notes may be converted in part, but
only in Authorized Denominations. Provisions of this Article 5 applying to the conversion of a Note in whole will equally apply to conversions of a permitted portion of a Note. 

(C) When Notes May Be Converted. 

(i) Generally. Subject to Section 5.01(C)(ii), a Note may be converted only in the following
circumstances: 
 (1) Conversion upon Satisfaction of Common Stock Sale Price Condition. A Holder may convert its
Notes during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on March 31, 2023, if the Last Reported Sale Price per share of Common Stock exceeds one hundred and thirty percent (130%) of
the Conversion Price for each of at least twenty (20) Trading Days (whether or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar quarter.

  
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 (2) Conversion upon Satisfaction of Note Trading Price Condition. A
Holder may convert its Notes during the five (5) consecutive Business Days immediately after any five (5) consecutive Trading Day period (such five (5) consecutive Trading Day period, the “Measurement Period”) if the
Trading Price per $1,000 principal amount of Notes, as determined following a request by a Holder in accordance with the procedures set forth below, for each Trading Day of the Measurement Period was less than ninety eight percent (98%) of the
product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day. The condition set forth in the preceding sentence is referred to in this Indenture as the “Trading Price
Condition.” 
 The Trading Price will be determined by the Bid Solicitation Agent pursuant to this
Section 5.01(C)(i)(2) and the definition of “Trading Price.” The Bid Solicitation Agent (if not the Company) will have no obligation to determine the Trading Price of the Notes unless the Company has requested
such determination in writing, and the Company will have no obligation to make such request (or seek bids itself) unless a Holder provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes would be less
than ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock and the Conversion Rate. If a Holder provides such evidence, then the Company will (if acting as Bid Solicitation Agent), or will instruct the
Bid Solicitation Agent to, determine the Trading Price of the Notes beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Notes is greater than or equal to ninety eight percent
(98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day. If the Trading Price Condition has been met as set forth above, then the Company will notify the Holders,
the Trustee and the Conversion Agent of the same. If, on any Trading Day after the Trading Price Condition has been met as set forth above, the Trading Price per $1,000 principal amount of Notes is greater than or equal to ninety eight percent (98%)
of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day, then the Company will notify the Holders, the Trustee and the Conversion Agent of the same. 

(3) Conversion Upon Specified Corporate Events. 

(a) Certain Distributions. If the Company elects to: 

(I) distribute, to all or substantially all holders of Common Stock, any rights, options or warrants (other than rights issued
pursuant to a stockholder rights plan, so long as such rights have not separated from the Common Stock and are not exercisable until the occurrence of a triggering event, except that such rights will be deemed to be distributed under this clause
(I) upon their separation from the Common Stock or upon the occurrence of such triggering event) entitling them, for a period of not more than sixty (60) calendar days after the record date of such distribution, to subscribe for or
purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before
the date such distribution is announced (determined in the manner set forth in the third paragraph of Section 5.05(A)(ii)); or 

  
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 (II) distribute, to all or substantially all holders of Common Stock,
assets or securities of the Company or rights to purchase the Company’s securities, which distribution per share of Common Stock has a value, as reasonably determined by the Board of Directors, exceeding ten percent (10%) of the Last Reported
Sale Price per share of Common Stock on the Trading Day immediately before the date such distribution is announced, 
 then, in either case,
(x) the Company will send notice of such distribution, and of the related right to convert Notes, to Holders, the Trustee and the Conversion Agent at least forty five (45) Scheduled Trading Days before the
Ex-Dividend Date for such distribution (or, if later in the case of any such separation of rights issued pursuant to a stockholder rights plan or the occurrence of any such triggering event under a stockholder
rights plan, as soon as reasonably practicable after the Company becomes aware that such separation or triggering event has occurred or will occur); and (y) once the Company has sent such notice, Holders may convert their Notes at any time
until the earlier of the Close of Business on the Business Day immediately before such Ex-Dividend Date and the Company’s announcement that such distribution will not take place; provided,
however, that if the Company is then otherwise permitted to settle conversions of Notes by Physical Settlement (and, for the avoidance of doubt, the Company has not elected another Settlement Method to apply, including pursuant to
Section 5.03(A)(i)(1)), then the Company may instead elect to provide such notice at least ten (10) Scheduled Trading Days before such Ex-Dividend Date, in which case
(x) the Company must settle all conversions of Notes with a Conversion Date occurring on or after the date the Company provides such notice and on or before the Business Day immediately before the
Ex-Dividend Date for such distribution (or any earlier announcement by the Company that such distribution will not take place) by Physical Settlement; and (y) such notice must state that all such
conversions will be settled by Physical Settlement. 
 (b) Certain Corporate Events. If a Fundamental Change,
Make-Whole Fundamental Change (other than a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof) or Common Stock Change Event occurs (other than a merger or other business combination transaction that is
effected solely to change the Company’s jurisdiction of incorporation and that does not constitute a Fundamental Change or a Make-Whole Fundamental Change), then, in 

  
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each case, Holders may convert their Notes at any time from, and including, the effective date of such transaction or event to, and including, the thirty fifth (35th) Trading Day after such
effective date (or, if such transaction or event also constitutes a Fundamental Change, to, but excluding, the related Fundamental Change Repurchase Date); provided, however, that if the Company does not provide the notice referred to
in the immediately following sentence by such effective date, then the last day on which the Notes are convertible pursuant to this sentence will be extended by the number of Business Days from, and including, such effective date to, but excluding,
the date the Company provides such notice. No later than such effective date, the Company will send notice to the Holders, the Trustee and the Conversion Agent of such transaction or event, such effective date and the related right to convert Notes.

 (4) Conversion Upon Redemption. If the Company calls any Note for Redemption, then the Holder of such Note may
convert such Note at any time before the Close of Business on the Business Day immediately before the related Redemption Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, at any time until such time as
the Company pays such Redemption Price in full). 
 (5) Conversions During Free Convertibility Period. A Holder may
convert its Notes at any time from, and including, September 15, 2028 until the Close of Business on the Scheduled Trading Day immediately before the Maturity Date. 

For the avoidance of doubt, the Notes may become convertible pursuant to any one or more of the preceding
sub-paragraphs of this Section 5.01(C)(i) and the Notes ceasing to be convertible pursuant to a particular sub-paragraph of this
Section 5.01(C)(i) will not preclude the Notes from being convertible pursuant to any other sub-paragraph of this Section 5.01(C)(i). 

(ii) Limitations and Closed Periods. Notwithstanding anything to the contrary in this Indenture or the Notes: 

(1) Notes may be surrendered for conversion only after the Open of Business and before the Close of Business on a day that is a
Business Day; 
 (2) in no event may any Note be converted after the Close of Business on the Scheduled Trading Day
immediately before the Maturity Date; 
 (3) if the Company calls any Note for Redemption pursuant to
Section 4.03, then the Holder of such Note may not convert such Note after the Close of Business on the Business Day immediately before the applicable Redemption Date, except to the extent the Company fails to pay the
Redemption Price for such Note in accordance with this Indenture; and 

  
 - 41 - 

 (4) if a Fundamental Change Repurchase Notice is validly delivered pursuant
to Section 4.02(F) with respect to any Note, then such Note may not be converted, except to the extent (a) such Note is not subject to such notice; (b) such notice is withdrawn in accordance with
Section 4.02(F); or (c) the Company fails to pay the Fundamental Change Repurchase Price for such Note in accordance with this Indenture. 

Section 5.02. CONVERSION PROCEDURES. 

(A) Generally. 

(i) Global Notes. To convert a beneficial interest in a Global Note that is convertible pursuant to
Section 5.01(C), the owner of such beneficial interest must (1) comply with the Depositary Procedures for converting such beneficial interest (at which time such conversion will become irrevocable); and (2) pay
any amounts due pursuant to Section 5.02(D) or Section 5.02(E). 
 (ii)
Physical Notes. To convert all or a portion of a Physical Note that is convertible pursuant to Section 5.01(C), the Holder of such Note must (1) complete, manually sign and deliver to the Conversion Agent the
conversion notice attached to such Physical Note or a facsimile of such conversion notice; (2) deliver such Physical Note to the Conversion Agent (at which time such conversion will become irrevocable); (3) furnish any endorsements and transfer
documents that the Company or the Conversion Agent may require; and (4) pay any amounts due pursuant to Section 5.02(D) or Section 5.02(E). 

(B) Effect of Converting a Note. At the Close of Business on the Conversion Date for a Note (or any portion thereof) to be converted,
such Note (or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant to Section 5.03(B) or 5.02(D), upon such conversion) be deemed to cease to be
outstanding (and, for the avoidance of doubt, no Person will be deemed to be a Holder of such Note (or such portion thereof) as of the Close of Business on such Conversion Date), except to the extent provided in
Section 5.02(D). 
 (C) Holder of Record of Conversion Shares. The Person in whose name any share of Common
Stock is issuable upon conversion of any Note will be deemed to become the holder of record of such share as of the Close of Business on (i) the Conversion Date for such conversion, in the case of Physical Settlement; or (ii) the last VWAP
Trading Day of the Observation Period for such conversion, in the case of Combination Settlement. 
 (D) Interest Payable Upon Conversion
in Certain Circumstances. If the Conversion Date of a Note is after a Regular Record Date and before the next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled,
notwithstanding such conversion (and, for the avoidance of doubt, notwithstanding anything set forth in the proviso to this sentence), to receive, on or, at the Company’s election, before such Interest Payment Date, the unpaid interest that
would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note 

  
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remained outstanding through such Interest Payment Date); and (ii) the Holder surrendering such Note for conversion must deliver to the Conversion Agent, at the time of such surrender, an
amount of cash equal to the amount of such interest referred to in clause (i) above; provided, however, that the Holder surrendering such Note for conversion need not deliver such cash (v) if the Company has specified
a Redemption Date that is after such Regular Record Date and on or before the Business Day immediately after such Interest Payment Date; (w) if such Conversion Date occurs after the Regular Record Date immediately before the Maturity Date;
(x) if the Company has specified a Fundamental Change Repurchase Date that is after such Regular Record Date and on or before the Business Day immediately after such Interest Payment Date; or (y) to the extent of any overdue interest, if
any overdue interest exists at the time of conversion with respect to such Note. For the avoidance of doubt, as a result of, and without limiting the generality of, the foregoing, if a Note is converted with a Conversion Date that is after the
Regular Record Date immediately before the Maturity Date, then the Company will pay, as provided above, the interest that would have accrued on such Note to, but excluding, the Maturity Date. For the avoidance of doubt, if the Conversion Date of a
Note to be converted is on an Interest Payment Date, then the Holder of such Note at the Close of Business on the Regular Record Date immediately before such Interest Payment Date will be entitled to receive, on such Interest Payment Date, the
unpaid interest that has accrued on such Note to, but excluding, such Interest Payment Date, and such Note, when surrendered for conversion, need not be accompanied by any cash amount pursuant to the first sentence of this
Section 5.02(D). 
 (E) Taxes and Duties. If a Holder converts a Note, the Company will pay any
documentary, stamp or similar issue or transfer tax or duty due on the issue of any shares of Common Stock upon such conversion; provided, however, that if any tax or duty is due because such Holder requested such shares to be
registered in a name other than such Holder’s name, then such Holder will pay such tax or duty and, until having received a sum sufficient to pay such tax or duty, the Conversion Agent may refuse to deliver any such shares to be issued in a
name other than that of such Holder. 
 (F) Conversion Agent to Notify Company of Conversions. If any Note is submitted for
conversion to the Conversion Agent or the Conversion Agent receives any notice of conversion with respect to a Note, then the Conversion Agent will promptly notify the Company and the Trustee of such occurrence, together with any other information
reasonably requested by the Company, and will cooperate with the Company to determine the Conversion Date for such Note. 
 Section 5.03.
SETTLEMENT UPON CONVERSION. 
 (A) Settlement Method. Upon the conversion of any
Note, the Company will settle such conversion by paying or delivering, as applicable and as provided in this Article 5, either (x) shares of Common Stock, together, if applicable, with cash in lieu of fractional shares as provided in
Section 5.03(B)(i)(1) (a “Physical Settlement”); (y) solely cash as provided in Section 5.03(B)(i)(2) (a “Cash Settlement”); or (z) a combination of cash and
shares of Common Stock, together, if applicable, with cash in lieu of fractional shares as provided in Section 5.03(B)(i)(3) (a “Combination Settlement”). 

  
 - 43 - 

 (i) The Company’s Right to Elect Settlement Method. The Company
will have the right to elect the Settlement Method applicable to any conversion of a Note; provided, however, that: 

(1) subject to clause (3) below, all conversions of Notes with a Conversion Date that occurs on or after
September 15, 2028 will be settled using the same Settlement Method, and the Company will send notice of such Settlement Method to Holders and the Conversion Agent no later than the Open of Business on September 15, 2028; 

(2) subject to clause (3) below, if the Company elects a Settlement Method with respect to the conversion of any
Note whose Conversion Date occurs before September 15, 2028, then the Company will send notice of such Settlement Method to the Holder of such Note and the Conversion Agent no later than the Close of Business on the Business Day immediately
after such Conversion Date; 
 (3) if any Notes are called for Redemption, then (a) the Company will specify, in the
related Redemption Notice (and, in the case of a Redemption of less than all outstanding Notes, in a notice simultaneously sent to all Holders of Notes not called for Redemption) sent pursuant to Section 4.03(F), the
Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after the related Redemption Notice Date and before the related Redemption Date; and (b) if such Redemption Date occurs on or after
September 15, 2028, then such Settlement Method must be the same Settlement Method that, pursuant to clause (1) above, applies to all conversions of Notes with a Conversion Date that occurs on or after September 15, 2028; 

(4) the Company will use the same Settlement Method for all conversions of Notes with the same Conversion Date (and, for the
avoidance of doubt, the Company will not be obligated to use the same Settlement Method with respect to conversions of Notes with different Conversion Dates, except as provided in clause (1) or (3) above); 

(5) if the Company does not timely elect a Settlement Method with respect to the conversion of a Note, then the Company will be
deemed to have elected the Default Settlement Method (and, for the avoidance of doubt, the failure to timely make such election will not constitute a Default or Event of Default); 

(6) if the Company timely elects Combination Settlement with respect to the conversion of a Note but does not timely notify the
Holder of such Note of the applicable Specified Dollar Amount, then the Specified Dollar Amount for such conversion will be deemed to be $1,000 per $1,000 principal amount of Notes (and, for the avoidance of doubt, the failure to timely send such
notification will not constitute a Default or Event of Default); and 
 (7) the Settlement Method will be subject to
Sections 4.03(D) and 5.01(C)(i)(3)(a). 

  
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 (ii) The Company’s Right to Irrevocably Fix or
Eliminate Settlement Methods. The Company will have the right, exercisable at its election by sending notice of such exercise to the Holders (with a copy to the Trustee and the Conversion Agent), to (1) irrevocably fix the Settlement Method
that will apply to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to Holders; or (2) irrevocably eliminate any one or more (but not all) Settlement Methods (including eliminating Combination
Settlement with a particular Specified Dollar Amount or range of Specified Dollar Amounts) with respect to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to Holders, provided, in each
case, that (w) the Settlement Method so elected pursuant to clause (1) above, or the Settlement Method(s) remaining after any elimination pursuant to clause (2) above, as applicable, must be a Settlement Method or
Settlement Method(s), as applicable, that the Company is then permitted to elect (for the avoidance of doubt, including pursuant to, and subject to, the other provisions of this Section 5.03(A)); (x) no such irrevocable
election will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to this Indenture (including pursuant to Section 8.01(G) or this
Section 5.03(A)); (y) upon any such irrevocable election pursuant to clause (1) above, the Default Settlement Method will automatically be deemed to be set to the Settlement Method so fixed; and (z) upon
any such irrevocable election pursuant to clause (2) above, the Company will, if needed, simultaneously change the Default Settlement Method to a Settlement Method that is consistent with such irrevocable election. Such notice, if sent,
must set forth the applicable Settlement Method(s) so elected or eliminated, as applicable, and the Default Settlement Method applicable immediately after such election, and expressly state that the election is irrevocable and applicable to all
conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to Holders. For the avoidance of doubt, such an irrevocable election, if made, will be effective without the need to amend this Indenture or the Notes,
including pursuant to Section 8.01(G) (it being understood, however, that the Company may nonetheless choose to execute such an amendment at its option). 

(iii) Requirement to Publicly Disclose the Fixed or Default Settlement Method. If the Company changes the Default
Settlement Method pursuant to clause (x) of the proviso to the definition of such term or irrevocably fixes the Settlement Method(s) pursuant to Section 5.03(A)(ii), then the Company will either post the Default
Settlement Method or fixed Settlement Method(s), as applicable, on its website or disclose the same in a Current Report on Form 8-K (or any successor form) that is filed with, or furnished to, the SEC. 

(B) Conversion Consideration. 

(i) Generally. Subject to Sections 5.03(B)(ii), 5.03(B)(iii) and 5.08(A)(2), the type and
amount of consideration (the “Conversion Consideration”) due in respect of each $1,000 principal amount of a Note to be converted will be as follows: 

(1) if Physical Settlement applies to such conversion, a number of shares of Common Stock equal to the Conversion Rate in
effect on the Conversion Date for such conversion; 

  
 - 45 - 

 (2) if Cash Settlement applies to such conversion, cash in an amount equal
to the sum of the Daily Conversion Values for each VWAP Trading Day in the Observation Period for such conversion; or 
 (3)
if Combination Settlement applies to such conversion, consideration consisting of (a) a number of shares of Common Stock equal to the sum of the Daily Share Amounts for each VWAP Trading Day in the Observation Period for such conversion; and
(b) an amount of cash equal to the sum of the Daily Cash Amounts for each VWAP Trading Day in such Observation Period. 

(ii) Cash in Lieu of Fractional Shares. If Physical Settlement or Combination Settlement applies to the conversion of
any Note and the number of shares of Common Stock deliverable pursuant to Section 5.03(B)(i) upon such conversion is not a whole number, then such number will be rounded down to the nearest whole number and the Company will
deliver, in addition to the other consideration due upon such conversion, cash in lieu of the related fractional share in an amount equal to the product of (1) such fraction and (2) (x) the Daily VWAP on the Conversion Date for such conversion
(or, if such Conversion Date is not a VWAP Trading Day, the immediately preceding VWAP Trading Day), in the case of Physical Settlement; or (y) the Daily VWAP on the last VWAP Trading Day of the Observation Period for such conversion, in the
case of Combination Settlement. 
 (iii) Conversion of Multiple Notes by a Single Holder. If a Holder converts more
than one (1) Note on a single Conversion Date, then the Conversion Consideration due in respect of such conversion will (in the case of any Global Note, to the extent permitted by, and practicable under, the Depositary Procedures) be computed
based on the total principal amount of Notes converted on such Conversion Date by such Holder. 
 (iv) Notice of
Calculation of Conversion Consideration. If Cash Settlement or Combination Settlement applies to the conversion of any Note, then the Company will determine the Conversion Consideration due thereupon promptly following the last VWAP Trading Day
of the applicable Observation Period and will promptly thereafter send notice to the Trustee and the Conversion Agent of the same and the calculation thereof in reasonable detail. Neither the Trustee nor the Conversion Agent will have any duty to
make any such determination. 
 (C) Delivery of the Conversion Consideration. Except as set forth in Sections 5.05(A),
5.05(D), and 5.08, the Company will pay or deliver, as applicable, the Conversion Consideration due upon the conversion of any Note to the Holder as follows: (i) if Cash Settlement or Combination Settlement applies to such
conversion, on or before the second (2nd) Business Day immediately after the last VWAP Trading Day of the Observation Period for such conversion; and (ii) if Physical Settlement applies to such conversion, on or before the second (2nd) Business
Day immediately after the Conversion Date for such conversion. 

  
 - 46 - 

 (D) Deemed Payment of Principal and Interest; Settlement of Accrued Interest
Notwithstanding Conversion. If a Holder converts a Note, then the Company will not adjust the Conversion Rate to account for any accrued and unpaid interest on such Note, and, except as provided in Section 5.02(D), the
Company’s delivery of the Conversion Consideration due in respect of such conversion will be deemed to fully satisfy and discharge the Company’s obligation to pay the principal of, and accrued and unpaid interest, if any, on, such Note to,
but excluding the Conversion Date. As a result, except as provided in Section 5.02(D), any accrued and unpaid interest on a converted Note will be deemed to be paid in full rather than cancelled, extinguished or forfeited.
In addition, subject to Section 5.02(D), if the Conversion Consideration for a Note consists of both cash and shares of Common Stock, then accrued and unpaid interest that is deemed to be paid therewith will be deemed to be
paid first out of such cash. 
 Section 5.04. RESERVE AND STATUS OF
COMMON STOCK ISSUED UPON CONVERSION. 
 (A) Stock
Reserve. At all times when any Notes are outstanding, the Company will reserve, out of its authorized unreserved and not outstanding shares of Common Stock, a number of shares of Common Stock sufficient to permit the conversion of all
then-outstanding Notes, assuming (x) Physical Settlement will apply to such conversion; and (y) the Conversion Rate is increased by the maximum amount pursuant to which the Conversion Rate may be increased pursuant to
Section 5.07. To the extent the Company delivers shares of Common Stock held in its treasury in settlement of the conversion of any Notes, each reference in this Indenture or the Notes to the issuance of shares of Common
Stock in connection therewith will be deemed to include such delivery, mutatis mutandis. 
 (B) Status of Conversion Shares;
Listing. Each Conversion Share, if any, delivered upon conversion of any Note will be a newly issued or treasury share and will be duly and validly issued, fully paid, non-assessable, free from preemptive
rights and free of any lien or adverse claim (except to the extent of any lien or adverse claim created by the action or inaction of the Holder of such Note or the Person to whom such Conversion Share will be delivered). If the Common Stock is then
listed on any securities exchange, or quoted on any inter-dealer quotation system, then the Company will cause each Conversion Share, when delivered upon conversion of any Note, to be admitted for listing on such exchange or quotation on such
system. 
 Section 5.05. ADJUSTMENTS TO THE CONVERSION RATE. 

(A) Events Requiring an Adjustment to the Conversion Rate. The Conversion Rate will be adjusted from time to time as follows: 

(i) Stock Dividends, Splits and Combinations. If the Company issues solely shares of Common Stock as a dividend or
distribution on all or substantially all shares of the Common Stock, or if the Company effects a stock split or a stock combination of the Common Stock (in each case excluding an issuance solely pursuant to a Common Stock Change Event, as to which
Section 5.08 will apply), then the Conversion Rate will be adjusted based on the following formula: 
  

 

  
 - 47 - 

 where: 

 

					
	CR0	  	=	  	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately before the Open of Business on the effective
date of such stock split or stock combination, as applicable;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date or the Open of Business on such effective date, as applicable;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date or effective date, as applicable, without giving effect to such dividend,
distribution, stock split or stock combination; and
			
	OS1	  	=	  	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, stock split or stock combination.

 For the avoidance of doubt, each adjustment to the Conversion Rate made pursuant to this
Section 5.05(A)(i) will become effective as of the time set forth in the preceding definition of CR1. If any dividend, distribution, stock split or stock
combination of the type described in this Section 5.05(A)(i) is declared or announced, but not so paid or made, then the Conversion Rate will be readjusted, effective as of the date the Board of Directors determines not to
pay such dividend or distribution or to effect such stock split or stock combination, to the Conversion Rate that would then be in effect had such dividend, distribution, stock split or stock combination not been declared or announced. 

(ii) Rights, Options and Warrants. If the Company distributes, to all or substantially all holders of Common Stock,
rights, options or warrants (other than rights issued or otherwise distributed pursuant to a stockholder rights plan, as to which the provisions set forth in Sections 5.05(A)(iii)(1) and 5.05(F) will apply) entitling such holders, for
a period of not more than sixty (60) calendar days after the record date of such distribution, to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices per share of
Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced, then the Conversion Rate will be increased based on the following formula: 

 
 

 
 where: 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;

  
 - 48 - 

 
					
	CR1	  	=	  	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	OS	  	=	  	the number of shares of Common Stock outstanding immediately before 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	  	=	  	a number of shares of Common Stock obtained by dividing (x) the aggregate price payable to exercise such rights, options or warrants by (y) the average of the Last Reported Sale Prices per share of Common Stock for the ten
(10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date such distribution is announced.

 To the extent that shares of Common Stock are not delivered after the expiration of such rights, options
or warrants (including as a result of such rights, options or warrants not being exercised), the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the increase to the Conversion Rate for such distribution
been made on the basis of delivery of only the number of shares of Common Stock actually delivered upon exercise of such rights, option or warrants. To the extent such rights, options or warrants are not so distributed, the Conversion Rate will be
readjusted to the Conversion Rate that would then be in effect had the Ex-Dividend Date for the distribution of such rights, options or warrants not occurred. 

For the avoidance of doubt, each adjustment to the Conversion Rate made pursuant to this Section 5.05(A)(ii) will
become effective as of the time set forth in the preceding definition of CR1. For purposes of this Section 5.05(A)(ii) and
Section 5.01(C)(i)(3)(a)(I), in determining whether any rights, options or warrants entitle holders of Common Stock to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of
the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date the distribution of such rights, options or warrants is announced, and in
determining the aggregate price payable to exercise such rights, options or warrants, there will be taken into account any consideration the Company receives for such rights, options or warrants and any amount payable on exercise thereof, with the
value of such consideration, if not cash, to be determined by the Board of Directors. 

  
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 (iii) Spin-Offs and Other Distributed Property. 

(1) Distributions Other than Spin-Offs. If the Company distributes shares of its Capital Stock, evidences of its
indebtedness or other assets or property of the Company, or rights, options or warrants to acquire Capital Stock of the Company or other securities, to all or substantially all holders of the Common Stock, excluding: 

(v) dividends, distributions, rights, options or warrants for which an adjustment to the Conversion Rate is required (or would
be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(i) or 5.05(A)(ii); 

(w) dividends or distributions paid exclusively in cash for which an adjustment to the Conversion Rate is required (or would
be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(iv); 

(x) rights issued or otherwise distributed pursuant to a stockholder rights plan, except to the extent provided in
Section 5.05(F); 
 (y) Spin-Offs for which an adjustment to the Conversion Rate is required (or
would be required without regard to Section 5.05(C)) pursuant to Section 5.05(A)(iii)(2); and 

(z) a distribution solely pursuant to a Common Stock Change Event, as to which Section 5.08 will
apply, 
 then the Conversion Rate will be increased based on the following formula: 

 
 

 
 where: 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;
			
	SP	  	=	  	the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before such
Ex-Dividend Date; and
			
	FMV	  	=	  	the fair market value (as determined by the Board of Directors), as of such Ex-Dividend Date, of the shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or
warrants distributed per share of Common Stock pursuant to such distribution;

  
 - 50 - 

 provided, however, that if FMV is equal to or greater than SP,
then, in lieu of the foregoing adjustment to the Conversion Rate, each Holder will receive, for each $1,000 principal amount of Notes held by such Holder on the record date for such distribution, at the same time and on the same terms as holders of
Common Stock, the amount and kind of shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants that such Holder would have received if such Holder had owned, on such record date, a number of shares of Common
Stock equal to the Conversion Rate in effect on such Ex-Dividend Date. 
 To the extent such
distribution is not so paid or made, 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 distribution, if any, actually made or paid. 

For the avoidance of doubt, each adjustment to the Conversion Rate made pursuant to this Section 5.05(A)(iii)(1) will
become effective as of the time set forth in the preceding definition of CR1. 

(2) Spin-Offs. If the Company distributes or dividends shares of Capital Stock of any class or series, or similar equity
interests, of or relating to an Affiliate, a Subsidiary or other business unit of the Company to all or substantially all holders of the Common Stock (other than solely pursuant to a Common Stock Change Event, as to which
Section 5.08 will apply), and such Capital Stock or equity interests are listed or quoted (or will be listed or quoted upon the consummation of the transaction) on a U.S. national securities exchange (a “Spin-Off”), then the Conversion Rate will be increased based on the following formula: 
  

 
 where: 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such Spin-Off;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;

  
 - 51 - 

 
					
	FMV	  	=	  	the product of (x) the average of the Last Reported Sale Prices per share or unit of the Capital Stock or equity interests distributed in such Spin-Off over the ten (10) consecutive
Trading Day period (the “Spin-Off Valuation Period”) beginning on, and including, such Ex-Dividend Date (such average to be determined as if references
to Common Stock in the definitions of Last Reported Sale Price, Trading Day and Market Disruption Event were instead references to such Capital Stock or equity interests); and (y) the number of shares or units of such Capital Stock or equity
interests distributed per share of Common Stock in such Spin-Off; and
			
	SP	  	=	  	the average of the Last Reported Sale Prices per share of Common Stock for each Trading Day in the Spin-Off Valuation Period.

 The adjustment to the Conversion Rate pursuant to this Section 5.05(A)(iii)(2)
will be calculated as of the Close of Business on the last Trading Day of the Spin-Off Valuation Period but will be given effect immediately after the Open of Business on the
Ex-Dividend Date for the Spin-Off, with retroactive effect. If a Note is converted and the Conversion Date (in the case of Physical Settlement) or any VWAP Trading Day
of the applicable Observation Period (in the case of Cash Settlement or Combination Settlement) occurs during the Spin-Off Valuation Period, then, notwithstanding anything to the contrary in this Indenture or
the Notes, the Company will, if necessary, delay the settlement of such conversion until the second (2nd) Business Day after the last day of the Spin-Off Valuation Period. 

To the extent any dividend or distribution of the type set forth in this Section 5.05(A)(iii)(2) is declared but not
made or paid, 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 dividend or distribution, if any, actually made or paid. 

(iv) Cash Dividends or Distributions. If any cash dividend or distribution is made to all or substantially all holders
of Common Stock, then the Conversion Rate will be increased based on the following formula: 
  
 

 
 where: 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately before 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 such Ex-Dividend Date;
			
	SP	  	=	  	the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before such Ex-Dividend Date; and

  
 - 52 - 

 
					
	D	  	=	  	the cash amount distributed per share of Common Stock in such dividend or distribution;

 provided, however, that if D is equal to or greater than SP, then, in lieu of
the foregoing adjustment to the Conversion Rate, each Holder will receive, for each $1,000 principal amount of Notes held by such Holder on the record date for such dividend or distribution, at the same time and on the same terms as holders of
Common Stock, the amount of cash that such Holder would have received if such Holder had owned, on such record date, a number of shares of Common Stock equal to the Conversion Rate in effect on such
Ex-Dividend Date. 
 To the extent such dividend or distribution is declared but not made or paid,
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 dividend or distribution, if any, actually made or paid. 

For the avoidance of doubt, each adjustment to the Conversion Rate made pursuant to this Section 5.05(A)(iv) will
become effective as of the time set forth in the preceding definition of CR1. 

(v) Tender Offers or Exchange Offers. If the Company or any of its Subsidiaries makes a payment in respect of a tender
offer or exchange offer for shares of Common Stock (other than solely pursuant to an odd-lot tender offer pursuant to Rule 13e-4(h)(5) under the Exchange Act), and the
value (determined as of the Expiration Time by the Board of Directors) of the cash and other consideration paid per share of Common Stock in such tender or exchange offer exceeds the average of the Last Reported Sale Prices per share of Common Stock
over the Tender/Exchange Offer Valuation Period for such tender or exchange offer, then the Conversion Rate will be increased based on the following formula: 
  

 
 where: 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately before the time (the “Expiration Time”) such tender or exchange offer expires;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Expiration Time;
			
	AC	  	=	  	the aggregate value (determined as of the Expiration Time by the Board of Directors) of all cash and other consideration paid for shares of Common Stock purchased or exchanged in such tender or exchange offer;

  
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	OS0	  	=	  	the number of shares of Common Stock outstanding immediately before the Expiration Time (including 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 Expiration Time (excluding all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and
			
	SP	  	=	  	the average of the Last Reported Sale Prices per share of Common Stock over the ten (10) consecutive Trading Day period (the “Tender/Exchange Offer Valuation Period”) beginning on, and including, the Trading
Day immediately after the last date (the “Expiration Date”) on which tenders or exchanges may be made pursuant to such tender or exchange offer (as it may be amended).

 The adjustment to the Conversion Rate pursuant to this Section 5.05(A)(v) will
be calculated as of the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period but will be given effect immediately after the Expiration Time, with retroactive effect. If a Note is converted and the Conversion Date
(in the case of Physical Settlement) or any VWAP Trading Day of the applicable Observation Period (in the case of Cash Settlement or Combination Settlement) occurs on the Expiration Date or during the Tender/Exchange Offer Valuation Period, then,
notwithstanding anything to the contrary in this Indenture or the Notes, the Company will delay the settlement of such conversion until the second (2nd) Business Day after the last day of the Tender/Exchange Offer Valuation Period. 

To the extent such tender or exchange offer is announced but not consummated (including as a result of the Company 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. 

(B) No Adjustments in Certain Cases. 

(i) Where Holders Participate in the Transaction or Event Without Conversion. Notwithstanding anything to the contrary
in Section 5.05(A), the Company will not be obligated to adjust the Conversion Rate on account of a transaction or other event otherwise requiring an adjustment pursuant to Section 5.05(A) (other
than a stock split or combination of the type set forth in Section 5.05(A)(i) or a tender or exchange offer of the type set forth in Section 5.05(A)(v)) if each Holder participates, at the same
time and on the same terms as holders of Common Stock, and solely by virtue of being a Holder of Notes, in such transaction or event without having to convert such Holder’s Notes and as if such Holder held a number of shares of Common Stock
equal to the product of (i) the Conversion Rate in effect on the related record date; and (ii) the aggregate principal amount (expressed in thousands) of Notes held by such Holder on such date. 

  
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 (ii) Certain Events. The Company will not be required to adjust the
Conversion Rate except as provided in Section 5.05 or Section 5.07. Without limiting the foregoing, the Company will not be obligated to adjust the Conversion Rate on account of: 

(1) except as otherwise provided in Section 5.05, the sale of shares of Common Stock for a purchase
price that is less than the market price per share of Common Stock or less than the Conversion Price; 
 (2) stock
repurchases, including structured or derivative transactions, or pursuant to a stock repurchase program approved by the Board of Directors or otherwise, in each case that is not a tender offer or exchange offer referred to in
Section 5.05(A)(v); 
 (3) 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 such plan; 

(4) the issuance of any shares of Common Stock or options or rights to purchase shares of Common Stock pursuant to any present
or future employee, director or consultant benefit plan, program or agreement of, or assumed by, the Company or any of its Subsidiaries; 

(5) the issuance of any shares of Common Stock pursuant to any option, warrant, right or convertible or exchangeable security
of the Company outstanding as of the Issue Date; 
 (6) solely a change in the par value of the Common Stock; or 

(7) accrued and unpaid interest on the Notes. 

(C) Adjustment Deferral. If an adjustment to the Conversion Rate otherwise required by this Article 5 would result in a change
of less than one percent (1%) to the Conversion Rate, then, notwithstanding anything to the contrary in this Article 5, the Company may, at its election, defer such adjustment, except that all such deferred adjustments must be given effect
immediately upon the earliest of the following: (i) when all such deferred adjustments would result in a change of at least one percent (1%) to the Conversion Rate; (ii) the Conversion Date of, or any VWAP Trading Day of an Observation
Period for, any Note; (iii) the date a Fundamental Change or Make-Whole Fundamental Change occurs; (iv) the date the Company calls any Notes for Redemption; and (v) September 15, 2028. 

(D) Adjustments Not Yet Effective. Notwithstanding anything to the contrary in this Indenture or the Notes, if: 

(i) a Note is to be converted pursuant to Physical Settlement or Combination Settlement; 

  
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 (ii) the record date, effective date or Expiration Time for any event that
requires an adjustment to the Conversion Rate pursuant to Section 5.05(A) has occurred on or before the Conversion Date for such conversion (in the case of Physical Settlement) or on or before any VWAP Trading Day in the
Observation Period for such conversion (in the case of Combination Settlement), but an adjustment to the Conversion Rate for such event has not yet become effective as of such Conversion Date or VWAP Trading Day, as applicable; 

(iii) the Conversion Consideration due upon such conversion includes any whole shares of Common Stock (in the case of Physical
Settlement) or due in respect of such VWAP Trading Day includes any whole or fractional shares of Common Stock (in the case of Combination Settlement); and 

(iv) such shares are not entitled to participate in such event (because they were not held on the related record date or
otherwise), 
 then, solely for purposes of such conversion, the Company will, without duplication, give effect to such adjustment on such Conversion Date
(in the case of Physical Settlement) or such VWAP Trading Day (in the case of Combination Settlement). In such case, if the date on which the Company is otherwise required to deliver the consideration due upon such conversion is before the first
date on which the amount of such adjustment can be determined, then the Company will delay the settlement of such conversion until the second (2nd) Business Day after such first date. 

(E) Conversion Rate Adjustments where Converting Holders Participate in the Relevant Transaction or Event. Notwithstanding anything to
the contrary in this Indenture or the Notes, if: 
 (i) a Conversion Rate adjustment for any dividend or distribution becomes
effective on any Ex-Dividend Date pursuant to Section 5.05(A); 

(ii) a Note is to be converted pursuant to Physical Settlement or Combination Settlement; 

(iii) the Conversion Date for such conversion (in the case of Physical Settlement) or any VWAP Trading Day in the Observation
Period for such conversion (in the case of Combination Settlement) occurs on or after such Ex-Dividend Date and on or before the related record date; 

(iv) the Conversion Consideration due upon such conversion includes any whole shares of Common Stock (in the case of Physical
Settlement) or due in respect of such VWAP Trading Day includes any whole or fractional shares of Common Stock (in the case of Combination Settlement), in each case based on a Conversion Rate that is adjusted for such dividend or distribution; and

 (v) such shares would be entitled to participate in such dividend or distribution (including pursuant to
Section 5.02(C)), 

  
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 then (I) in the case of Physical Settlement, (x) such Conversion Rate adjustment will not be given
effect for such conversion; (y) the shares of Common Stock issuable upon such conversion based on such unadjusted Conversion Rate will not be entitled to participate in such dividend or distribution and (z) there will be added, to the
Conversion Consideration otherwise due upon such conversion, the same kind and amount of consideration that would have been delivered in such dividend or distribution with respect to such shares of Common Stock had such shares been entitled to
participate in such dividend or distribution; and (II) in the case of Combination Settlement, the Conversion Rate adjustment relating to such Ex-Dividend Date will be made for such conversion in respect
of such VWAP Trading Day, but the shares of Common Stock issuable with respect to such VWAP Trading Day based on such adjusted Conversion Rate will not be entitled to participate in such dividend or distribution. 

(F) Stockholder Rights Plans. If any shares of Common Stock are to be issued upon conversion of any Note and, at the time of such
conversion, the Company has in effect any stockholder rights plan, then the Holder of such Note will be entitled to receive, in addition to, and concurrently with the delivery of, the Conversion Consideration otherwise payable under this Indenture
upon such conversion, the rights set forth in such stockholder rights plan, unless such rights have separated from the Common Stock at such time, in which case, and only in such case, the Conversion Rate will be adjusted pursuant to
Section 5.05(A)(iii)(1) on account of such separation as if, at the time of such separation, the Company had made a distribution of the type referred to in such Section to all holders of the Common Stock, subject to
readjustment in accordance with such Section if such rights expire, terminate or are redeemed. 
 (G) Limitation on Effecting
Transactions Resulting in Certain Adjustments. The Company will not engage in or be a party to any transaction or event that would require the Conversion Rate to be adjusted pursuant to Section 5.05(A) or
Section 5.07 to an amount that would result in the Conversion Price per share of Common Stock being less than the par value per share of Common Stock. 

(H) Equitable Adjustments to Prices. Whenever any provision of this Indenture requires the Company to calculate the average of the Last
Reported Sale Prices, or any function thereof, over a period of multiple days (including to calculate the Stock Price or an adjustment to the Conversion Rate), or to calculate Daily VWAPs over an Observation Period, the Company will make appropriate
adjustments, if any, to such calculations to account for any adjustment to the Conversion Rate pursuant to Section 5.05(A)(i) that becomes effective, or any event requiring such an adjustment to the Conversion Rate where
the Ex-Dividend Date or effective date, as applicable, of such event occurs, at any time during such period or Observation Period, as applicable. 

(I) Calculation of Number of Outstanding Shares of Common Stock. For purposes of Section 5.05(A), the number
of shares of Common Stock outstanding at any time will (i) include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock; and (ii) exclude shares of Common Stock held in the Company’s
treasury (unless the Company pays any dividend or makes any distribution on shares of Common Stock held in its treasury). 
 (J)
Calculations. All calculations with respect to the Conversion Rate and adjustments thereto will be made to the nearest 1/10,000th of a share of Common Stock (with 5/100,000ths rounded upward). 

  
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 (K) Notice of Conversion Rate Adjustments. Upon the effectiveness of any adjustment
to the Conversion Rate pursuant to Section 5.05(A), the Company will promptly send notice to the Holders, the Trustee and the Conversion Agent containing (i) a brief description of the transaction or other event on
account of which such adjustment was made; (ii) the Conversion Rate in effect immediately after such adjustment; and (iii) the effective time of such adjustment. 

Section 5.06. VOLUNTARY ADJUSTMENTS. 

(A) Generally. To the extent permitted by law and applicable stock exchange rules, the Company, from time to time, may (but is not
required to) increase the Conversion Rate by any amount if (i) the Board of Directors determines that such increase is either (x) in the best interest of the Company; or (y) advisable to avoid or diminish any income tax imposed on
holders of Common Stock or rights to purchase Common Stock as a result of any dividend or distribution of shares (or rights to acquire shares) of Common Stock or any similar event; (ii) such increase is in effect for a period of at least twenty
(20) Business Days; and (iii) such increase is irrevocable during such period. 
 (B) Notice of Voluntary Increases. If the
Board of Directors determines to increase the Conversion Rate pursuant to Section 5.06(A), then, no later than the first Business Day of the related twenty (20) Business Day period referred to in
Section 5.06(A), the Company will send notice to each Holder, the Trustee and the Conversion Agent of such increase, the amount thereof and the period during which such increase will be in effect. 

Section 5.07. ADJUSTMENTS TO THE CONVERSION RATE IN
CONNECTION WITH A MAKE-WHOLE FUNDAMENTAL CHANGE. 

(A) Generally. If a Make-Whole Fundamental Change occurs and the Conversion Date for the conversion of a Note occurs during the related
Make-Whole Fundamental Change Conversion Period, then, subject to this Section 5.07, the Conversion Rate applicable to such conversion will be increased by a number of shares (the “Additional Shares”) set
forth in the table below corresponding (after interpolation as provided in, and subject to, the provisions below) to the Make-Whole Fundamental Change Effective Date and the Stock Price of such Make-Whole Fundamental Change: 

 

																																									
	 	  	Stock Price	 
	 Make-Whole
Fundamental
Change Effective Date
	  	$34.05	 	  	$39.00	 	  	$44.27	 	  	$50.75	 	  	$57.54	 	  	$70.00	 	  	$85.00	 	  	$100.00	 	  	$120.00	 	  	$150.00	 
	 December 13, 2022
	  	 	6.7773	 	  	 	5.2623	 	  	 	4.1425	 	  	 	3.1965	 	  	 	2.5191	 	  	 	1.7421	 	  	 	1.2149	 	  	 	0.9002	 	  	 	0.6404	 	  	 	0.4119	 
	 December 15, 2023
	  	 	6.7773	 	  	 	5.2623	 	  	 	4.1046	 	  	 	3.1034	 	  	 	2.4015	 	  	 	1.6187	 	  	 	1.1080	 	  	 	0.8137	 	  	 	0.5778	 	  	 	0.3752	 
	 December 15, 2024
	  	 	6.7773	 	  	 	5.2310	 	  	 	3.9447	 	  	 	2.8993	 	  	 	2.1861	 	  	 	1.4221	 	  	 	0.9496	 	  	 	0.6901	 	  	 	0.4893	 	  	 	0.3212	 
	 December 15, 2025
	  	 	6.7773	 	  	 	4.9867	 	  	 	3.6244	 	  	 	2.5523	 	  	 	1.8511	 	  	 	1.1430	 	  	 	0.7391	 	  	 	0.5318	 	  	 	0.3783	 	  	 	0.2521	 
	 December 15, 2026
	  	 	6.7773	 	  	 	4.6100	 	  	 	3.1495	 	  	 	2.0591	 	  	 	1.3954	 	  	 	0.7924	 	  	 	0.4933	 	  	 	0.3548	 	  	 	0.2567	 	  	 	0.1755	 
	 December 15, 2027
	  	 	6.7773	 	  	 	4.0113	 	  	 	2.3863	 	  	 	1.3092	 	  	 	0.7616	 	  	 	0.3754	 	  	 	0.2324	 	  	 	0.1737	 	  	 	0.1308	 	  	 	0.0922	 
	 December 15, 2028
	  	 	6.7773	 	  	 	3.0497	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 

  
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 If such Make-Whole Fundamental Change Effective Date or Stock Price is not set forth in the
table above, then: 
 (i) if such Stock Price is between two Stock Prices in the table above or the Make-Whole Fundamental
Change Effective Date is between two dates in the table above, then the number of Additional Shares will be determined by straight-line interpolation between the numbers of Additional Shares set forth for the higher and lower Stock Prices in the
table above or the earlier and later dates in the table above, based on a 365- or 366-day year, as applicable; and 

(ii) if the Stock Price is greater than $150.00 (subject to adjustment in the same manner as the Stock Prices set forth in the
column headings of the table above are adjusted pursuant to Section 5.07(B)), or less than $34.05 (subject to adjustment in the same manner), per share, then no Additional Shares will be added to the Conversion Rate. 

Notwithstanding anything to the contrary in this Indenture or the Notes, in no event will the Conversion Rate be increased to an amount that
exceeds 29.3685 shares of Common Stock per $1,000 principal amount of Notes, which amount is subject to adjustment in the same manner as, and at the same time and for the same events for which, the Conversion Rate is required to be adjusted pursuant
to Section 5.05(A). 
 For the avoidance of doubt, but subject to Section 4.03(I), (x)
the sending of a Redemption Notice will constitute a Make-Whole Fundamental Change only with respect to the Notes called for Redemption pursuant to such Redemption Notice, and not with respect to any other Notes; and (y) the Conversion Rate
applicable to the Notes not so called for Redemption will not be subject to increase pursuant to this Section 5.07 on account of such Redemption Notice. 

(B) Adjustment of Stock Prices and Number of Additional Shares. The Stock Prices in the first row (i.e., the column headers) of
the table set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for the same events for which, the Conversion Price is adjusted as a result of the operation of
Section 5.05(A). The numbers of Additional Shares in the table set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for the same events for which, the
Conversion Rate is adjusted pursuant to Section 5.05(A). 
 (C) Notice of the Occurrence of a Make-Whole
Fundamental Change. The Company will notify the Holders, the Trustee and the Conversion Agent of each Make-Whole Fundamental Change (i) occurring pursuant to clause (A) of the definition thereof in accordance with
Section 5.01(C)(i)(3)(b) (and, in any event, no later than the effective date of such Make-Whole Fundamental Change); and (ii) occurring pursuant to clause (B) of the definition thereof in accordance with
Section 4.03(F). 

  
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 Section 5.08. EFFECT OF COMMON STOCK
CHANGE EVENT. 
 (A) Generally. If there occurs any: 

(i) recapitalization, reclassification or change of the Common Stock (other than (x) changes solely resulting from a
subdivision or combination of the Common Stock, (y) a change only in par value or from par value to no par value or no par value to par value or (z) stock splits and stock combinations that do not involve the issuance of any other series
or class of securities); 
 (ii) consolidation, merger, combination or binding or statutory share exchange involving the
Company; 
 (iii) sale, lease or other transfer of all or substantially all of the assets of the Company and its
Subsidiaries, taken as a whole, to any Person; or 
 (iv) similar event, 

and, as a result of which, the Common Stock is converted into, or is exchanged for, or represents solely the right to receive, other securities, cash or other
property or assets, or any combination of the foregoing (such an event, a “Common Stock Change Event,” and such other securities, cash, property or assets, the “Reference Property,” and the amount and kind of
Reference Property that a holder of one (1) 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 or deliver a fractional portion of any security
or other property), a “Reference Property Unit”), then, notwithstanding anything to the contrary in this Indenture or the Notes, 

(1) from and after the effective time of such Common Stock Change Event, (I) 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 5 (or in any related definitions) were instead a reference
to the same number of Reference Property Units; (II) for purposes of Section 4.03, 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 (III) for purposes of the definitions of “Fundamental Change” and “Make-Whole Fundamental Change,” references to “Common Stock” and the Company’s
“common equity” will be deemed to refer to the common equity (including depositary receipts representing common equity), if any, forming part of such Reference Property; 

(2) if such Reference Property Unit consists entirely of cash, then (I) each conversion of any Note with a Conversion Date
that occurs on or after the effective date of such Common Stock Change Event will be settled entirely in cash in an amount, per $1,000 principal amount of such Note being converted, equal to the product of (x) the Conversion Rate in effect on
such Conversion Date (including, for the avoidance of doubt, any increase to such Conversion Rate pursuant to Section 5.07, if applicable); and (y) the amount of cash constituting such Reference Property Unit; and
(II) the Company will settle each such conversion no later than the second (2nd) Business Day after the relevant Conversion Date; and 

  
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 (3) for these purposes, (I) the Daily VWAP of any Reference Property
Unit or portion thereof that consists of a class of common equity securities will be determined by reference to the definition of “Daily VWAP,” substituting, if applicable, the Bloomberg page for such class of securities in such
definition; and (II) the Daily VWAP of any Reference Property Unit or portion thereof that does not consist of a class of common equity securities, and 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 and in a commercially reasonable manner by the Company (or, in the case of cash denominated in U.S.
dollars, the face amount thereof). 
 If the Reference Property consists of more than a single type of consideration to be determined based
in part upon any form of stockholder election, then the composition of the Reference Property Unit will be deemed to be the weighted average of the types and amounts of consideration actually received, per share of Common Stock, by the holders of
Common Stock. The Company will notify Holders 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 8.01(F), which supplemental indenture will (x) provide for subsequent conversions of Notes in the manner set forth in this
Section 5.08; (y) provide for subsequent adjustments to the Conversion Rate pursuant to Section 5.05(A) in a manner consistent with this Section 5.08; 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 5.08(A). If the Reference Property includes
shares of stock or other securities or assets (other than cash) of a Person other than the Successor Person, then such other Person will also execute such supplemental indenture and such supplemental indenture will contain such additional provisions
as the Company reasonably determines are appropriate to preserve the economic interests of the Holders. 
 (B) Notice of Common Stock
Change Events. The Company will provide notice of each Common Stock Change Event in the manner provided in Section 5.01(C)(i)(3)(b). 

(C) Compliance Covenant. The Company will not become a party to any Common Stock Change Event unless its terms are consistent with this
Section 5.08. 
 Section 5.09. TRUSTEE ADJUSTMENT DISCLAIMER. 

The Trustee has no duty to determine when an adjustment under this Article 5 should be made, how it should be made or what it should be.
The Trustee has no duty to determine whether a supplemental indenture under Section 5.08 need be entered into or whether any provisions of any supplemental indenture are correct. The Trustee will not be accountable for and
makes no representation as to the validity or value of any securities or assets issued upon conversion of the Notes. The Trustee will not be responsible for the Company’s failure to comply with this Article 5. Each Conversion Agent
(other than the Company or an Affiliate of the Company) will have the same protection under this Article 5 as the Trustee. 

  
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 Article 6. SUCCESSORS 

Section 6.01. WHEN THE COMPANY MAY MERGE, ETC. 

(A) Generally. The Company will not consolidate with or merge with or into, or (directly, or indirectly through one or more of its
Subsidiaries) sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to another Person (a “Business Combination
Event”), unless: 
 (i) the resulting, surviving or transferee Person either (x) is the Company or (y) if
not the Company, is a corporation (the “Successor Corporation”) duly organized and existing under the laws of the United States of America, any State thereof or the District of Columbia that expressly assumes (by executing and
delivering to the Trustee, at or before the effective time of such Business Combination Event, a supplemental indenture pursuant to Section 8.01(E)) all of the Company’s obligations under this Indenture and the Notes;
and 
 (ii) immediately after giving effect to such Business Combination Event, no Default or Event of Default will have
occurred and be continuing. 
 (B) Delivery of Officer’s Certificate and Opinion of Counsel to the Trustee. Before the effective
time of any Business Combination Event, the Company will deliver to the Trustee an Officer’s Certificate and Opinion of Counsel, each stating that (i) such Business Combination Event (and, if applicable, the related supplemental indenture)
comply with Section 6.01(A); and (ii) all conditions precedent to such Business Combination Event provided in this Indenture have been satisfied. 

Section 6.02. SUCCESSOR CORPORATION SUBSTITUTED. 

At the effective time of any Business Combination Event that complies with Section 6.01, the Successor Corporation
(if not the Company) will succeed to, and may exercise every right and power of, the Company under this Indenture and the Notes with the same effect as if such Successor Corporation had been named as the Company in this Indenture and the Notes, and,
except in the case of a lease, the predecessor Company will be discharged from its obligations under this Indenture and the Notes. 

  
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 Article 7. DEFAULTS AND REMEDIES 

Section 7.01. EVENTS OF DEFAULT. 

(A) Definition of Events of Default. “Event of Default” means the occurrence of any of the following: 

(i) a default in the payment when due (whether at maturity, upon Redemption or Repurchase Upon Fundamental Change or otherwise)
of the principal of, or the Redemption Price or Fundamental Change Repurchase Price for, any Note; 
 (ii) a default for
thirty (30) days in the payment when due of interest on any Note; 
 (iii) the Company’s failure to deliver, when
required by this Indenture, a Fundamental Change Notice, or a notice pursuant to Section 5.01(C)(i)(3); 

(iv) a default in the Company’s obligation to convert a Note in accordance with Article 5 upon the exercise of the
conversion right with respect thereto, and such failure continues for a period of three (3) Business Days; 
 (v) a
default in the Company’s obligations under Article 6; 
 (vi) a default in any of the Company’s obligations
or agreements under this Indenture or the Notes (other than a default set forth in clause (i), (ii), (iii), (iv) or (v) of this Section 7.01(A)) where such default is not cured
or waived within sixty (60) days after notice to the Company by the Trustee, or to the Company and the Trustee by Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, which notice must
specify such default, demand that it be remedied and state that such notice is a “Notice of Default”; 
 (vii) a
default by the Company or any of its Significant Subsidiaries with respect to any one or more mortgages, agreements or other instruments under which there is outstanding, or by which there is secured or evidenced, any indebtedness for money borrowed
of at least twenty five million dollars ($25,000,000) (or its foreign currency equivalent) in the aggregate of the Company or any of its Significant Subsidiaries, whether such indebtedness exists as of the Issue Date or is thereafter created, where
such default: 
 (1) constitutes a failure to pay the principal of, or premium or interest on, any of such indebtedness when
due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, in each case after the expiration of any applicable grace period; or 

(2) results in such indebtedness becoming or being declared due and payable before its stated maturity, 

in each case where such default is not cured or waived within thirty (30) days after notice to the Company by the Trustee or to the
Company and the Trustee by Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding; 

  
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 (viii) one or more final judgments being rendered against the Company or any
of its Subsidiaries for the payment of at least twenty five million dollars ($25,000,000) (or its foreign currency equivalent) in the aggregate (excluding any amounts covered by insurance), where such judgment is not discharged or stayed within
sixty (60) days after (i) the date on which the right to appeal the same has expired, if no such appeal has commenced; or (ii) the date on which all rights to appeal have been extinguished; 

(ix) the Company or any of its Significant Subsidiaries, pursuant to or within the meaning of any Bankruptcy Law, either: 

(1) commences a voluntary case or proceeding; 

(2) consents to the entry of an order for relief against it in an involuntary case or proceeding; 

(3) consents to the appointment of a custodian of it or for any substantial part of its property; 

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

(5) takes any comparable action under any foreign Bankruptcy Law; or 

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

(1) is for relief against the Company or any of its Significant Subsidiaries in an involuntary case or proceeding; 

(2) appoints a custodian of the Company or any of its Significant Subsidiaries, or for any substantial part of the property of
the Company or any of its Significant Subsidiaries; 
 (3) orders the winding up or liquidation of the Company or any of its
Significant Subsidiaries; or 
 (4) grants any similar relief under any foreign Bankruptcy Law, 

and, in each case under this Section 7.01(A)(x), such order or decree remains unstayed and in effect for at least
sixty (60) days. 
 (B) Cause Irrelevant. Each of the events set forth in Section 7.01(A) will
constitute an Event of Default regardless of the cause thereof or whether voluntary or involuntary or 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. 

  
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 Section 7.02. ACCELERATION. 

(A) Automatic Acceleration in Certain Circumstances. If an Event of Default set forth in Section 7.01(A)(ix)
or 7.01(A)(x) occurs with respect to the Company (and not solely with respect to a Significant Subsidiary of the Company), then the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding will
immediately become due and payable without any further action or notice by any Person. 
 (B) Optional Acceleration. Subject to
Section 7.03, if an Event of Default (other than an Event of Default set forth in Section 7.01(A)(ix) or 7.01(A)(x) with respect to the Company and not solely with respect to a Significant
Subsidiary of the Company) occurs and is continuing, then the Trustee, by notice to the Company, or Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, by notice to the Company and the Trustee,
may declare the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding to become due and payable immediately. 

(C) Rescission of Acceleration. Notwithstanding anything to the contrary in this Indenture or the Notes, the Holders of a majority in
aggregate principal amount of the Notes then outstanding, by notice to the Company and the Trustee, may, on behalf of all Holders, rescind any acceleration of the Notes and its consequences if (i) such rescission would not conflict with any
judgment or decree of a court of competent jurisdiction; and (ii) all existing Events of Default (except the non-payment of principal of, or interest on, the Notes that has become due solely because of
such acceleration) have been cured or waived. No such rescission will affect any subsequent Default or impair any right consequent thereto. 

Section 7.03. SOLE REMEDY FOR A FAILURE TO
REPORT. 
 (A) Generally. Notwithstanding anything to the contrary in this Indenture or the Notes, the Company may
elect that the sole remedy for any Event of Default (a “Reporting Event of Default”) pursuant to Section 7.01(A)(vi) arising from the Company’s failure to comply with
Section 3.02 will, for each of the first two hundred and seventy (270) calendar days on which a Reporting Event of Default has occurred and is continuing (which, for the avoidance of doubt, will not commence until the
notice set forth in Section 7.01(A)(vi) has been given, and the related sixty (60) day period set forth in Section 7.01(A)(vi) has passed), consist exclusively of the accrual of Special
Interest on the Notes. If the Company has made such an election, then (i) the Notes will be subject to acceleration pursuant to Section 7.02 on account of the relevant Reporting Event of Default from, and including,
the two hundred and seventy first (271st) calendar day on which a Reporting Event of Default has occurred and is continuing or if the Company fails to pay any accrued and unpaid Special Interest when due; and (ii) Special Interest will cease to
accrue on any Notes from, and including, such two hundred and seventy first (271st) calendar day (it being understood that interest on any defaulted Special Interest will nonetheless accrue pursuant to Section 2.05(B)).

  
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 (B) Amount and Payment of Special Interest. Any Special Interest that accrues on a
Note pursuant to Section 7.03(A) will be payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal to one quarter of one percent (0.25%) of the principal
amount thereof for the first one hundred and thirty five (135) days on which Special Interest accrues and, thereafter, at a rate per annum equal to one half of one percent (0.50%) of the principal amount thereof; provided, however,
that in no event will Special Interest, together with any Additional Interest, accrue on any day on a Note at a combined rate per annum that exceeds one half of one percent (0.50%), regardless of the number of events or circumstances giving rise to
requirements to pay such Additional Interest or Special Interest. For the avoidance of doubt, any Special Interest that accrues on a Note will be in addition to the Stated Interest that accrues on such Note and, subject to the proviso of the
immediately preceding sentence, in addition to any Additional Interest that accrues on such Note. 
 (C) Notice of Election. To make
the election set forth in Section 7.03(A), the Company must send to the Holders, the Trustee and the Paying Agent, before the date on which each Reporting Event of Default first occurs, a notice that (i) briefly
describes the report(s) that the Company failed to file with the SEC; (ii) states that the Company is electing that the sole remedy for such Reporting Event of Default consist of the accrual of Special Interest; and (iii) briefly describes
the periods during which and rate at which Special Interest will accrue and the circumstances under which the Notes will be subject to acceleration on account of such Reporting Event of Default. 

(D) Notice to Trustee and Paying Agent; Trustee’s Disclaimer. If Special Interest accrues on any Note, then, no later than five
(5) Business Days before each date on which such Special Interest is to be paid, the Company will deliver an Officer’s Certificate to the Trustee and the Paying Agent stating (i) that the Company is obligated to pay Special Interest
on such Note on such date of payment; and (ii) the amount of such Special Interest that is payable on such date of payment. The Trustee will have no duty to determine whether any Special Interest is payable or the amount thereof. 

(E) No Effect on Other Events of Default. No election pursuant to this Section 7.03 with respect to a
Reporting Event of Default will affect the rights of any Holder with respect to any other Event of Default, including with respect to any other Reporting Event of Default. 

Section 7.04. OTHER REMEDIES. 

(A) Trustee May Pursue All Remedies. If an Event of Default occurs and is continuing, then the Trustee may pursue any available remedy
to collect the payment of any amounts due with respect to the Notes or to enforce the performance of any provision of this Indenture or the Notes. 

(B) Procedural Matters. The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of
them in such proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy following an Event of Default will not impair the right or remedy or constitute a waiver of, or acquiescence in, such Event of Default. All
remedies will be cumulative to the extent permitted by law. 

  
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 Section 7.05. WAIVER OF PAST DEFAULTS.

 An Event of Default pursuant to clause (i), (ii), (iv) or (vi) of
Section 7.01(A) (that, in the case of clause (vi) only, results from a Default under any covenant that cannot be amended without the consent of each affected Holder), and a Default that could lead to such an
Event of Default, can be waived only with the consent of each affected Holder. Each other Default or Event of Default may be waived, on behalf of all Holders, by the Holders of a majority in aggregate principal amount of the Notes then outstanding.
If an Event of Default is so waived, then it will cease to exist. If a Default is so waived, then it will be deemed to be cured and any Event of Default arising therefrom will be deemed not to occur. However, no such waiver will extend to any
subsequent or other Default or Event of Default or impair any right arising therefrom. 
 Section 7.06. CONTROL BY
MAJORITY. 
 Holders of a majority in aggregate principal amount of the Notes then outstanding may direct the time, method
and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law, this Indenture or the Notes,
or that, subject to Section 10.01, the Trustee determines may be unduly prejudicial to the rights of other Holders or may involve the Trustee in liability, unless the Trustee is offered security and indemnity satisfactory
to the Trustee against any loss, liability or expense to the Trustee that may result from the Trustee’s following such direction. 

Section 7.07. LIMITATION ON SUITS. 

No Holder may pursue any remedy with respect to this Indenture or the Notes (except to enforce (x) its rights to receive the principal of,
or the Fundamental Change Repurchase Price or Redemption Price for, or any interest on, any Notes; or (y) the Company’s obligations to convert any Notes pursuant to Article 5), unless: 

(A) such Holder has previously delivered to the Trustee notice that an Event of Default is continuing; 

(B) Holders of at least twenty five percent (25%) in aggregate principal amount of the Notes then outstanding deliver a request to the Trustee
to pursue such remedy; 
 (C) such Holder or Holders offer and, if requested, provide to the Trustee security and indemnity satisfactory to
the Trustee against any loss, liability or expense to the Trustee that may result from the Trustee’s following such request; 
 (D) the
Trustee does not comply with such request within sixty (60) calendar days after its receipt of such request and such offer of security or indemnity; and 

(E) during such sixty (60) calendar day period, Holders of a majority in aggregate principal amount of the Notes then outstanding do not
deliver to the Trustee a direction that is inconsistent with such request. 
 A Holder of a Note may not use this Indenture to prejudice the
rights of another Holder or to obtain a preference or priority over another Holder. The Trustee will have no duty to determine whether any Holder’s use of this Indenture complies with the preceding sentence. 

  
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 Section 7.08. ABSOLUTE RIGHT OF HOLDERS
TO INSTITUTE SUIT FOR THE ENFORCEMENT OF THE RIGHT TO RECEIVE PAYMENT
AND CONVERSION CONSIDERATION. 
 Notwithstanding anything to the contrary in this Indenture
or the Notes (but without limiting Section 8.01), the right of each Holder of a Note to bring suit for the enforcement of any payment or delivery, as applicable, of the principal of, or the Fundamental Change Repurchase
Price or Redemption Price for, or any interest on, or the Conversion Consideration due pursuant to Article 5 upon conversion of, such Note on or after the respective due dates therefor provided in this Indenture and the Notes, will not be
impaired or affected without the consent of such Holder. 
 Section 7.09. COLLECTION SUIT BY
TRUSTEE. 
 The Trustee will have the right, upon the occurrence and continuance of an Event of Default pursuant to
clause (i), (ii) or (iv) of Section 7.01(A), to recover judgment in its own name and as trustee of an express trust against the Company for the total unpaid or undelivered principal of, or
Fundamental Change Repurchase Price or Redemption Price for, or any interest on, or Conversion Consideration due pursuant to Article 5 upon conversion of, the Notes, as applicable, and, to the extent lawful, any Default Interest on any
Defaulted Amounts, and such further amounts sufficient to cover the costs and expenses of collection, including compensation provided for in Section 10.06. 

Section 7.10. TRUSTEE MAY FILE PROOFS OF CLAIM. 

The Trustee has the right to (A) file such proofs of claim and other papers or documents as may be necessary or advisable in order to have
the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes) or its creditors or property and (B) collect, receive and distribute any money or other property payable
or deliverable on any such claims. Each Holder authorizes any custodian in such proceeding to make such payments to the Trustee, and, if the Trustee consents to the making of such payments directly to the Holders, to pay to the Trustee any amount
due to the Trustee for the reasonable compensation, expenses, disbursements and advances of the Trustee, and its agents and counsel, and any other amounts payable to the Trustee pursuant to Section 10.06. To the extent that
the payment of any such compensation, expenses, disbursements, advances and other amounts out of the estate in such proceeding, is denied for any reason, payment of the same will be secured by a lien on, and will be paid out of, any and all
distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding (whether in liquidation or under any plan of reorganization or arrangement or otherwise). Nothing in this Indenture will
be deemed to authorize the Trustee to authorize, consent to, accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding. 

  
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 Section 7.11. PRIORITIES. 

The Trustee will pay or deliver in the following order any money or other property that it collects pursuant to this Article 7: 

First: to the Trustee and its agents and attorneys for amounts due under Section 10.06,
including payment of all fees, compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

Second: to Holders for unpaid amounts or other property due on the Notes, including the principal of, or the
Fundamental Change Repurchase Price or Redemption Price for, or any interest on, or any Conversion Consideration due upon conversion of, the Notes, ratably, and without preference or priority of any kind, according to such amounts or other property
due and payable on all of the Notes; and 
 Third: to the Company or such other Person as a court of competent
jurisdiction directs. 
 The Trustee may fix a record date and payment date for any payment or delivery to the Holders pursuant to this
Section 7.11, in which case the Trustee will instruct the Company to, and the Company will, deliver, at least fifteen (15) calendar days before such record date, to each Holder and the Trustee a notice stating such
record date, such payment date and the amount of such payment or nature of such delivery, as applicable. 
 Section 7.12. UNDERTAKING
FOR COSTS. 
 In any suit for the enforcement of any right or remedy under this Indenture or the Notes or
in any suit against the Trustee for any action taken or omitted by it as Trustee, a court, in its discretion, may (A) require the filing by any litigant party in such suit of an undertaking to pay the costs of such suit, and (B) assess
reasonable costs (including reasonable attorneys’ fees and expenses) against any litigant party in such suit, having due regard to the merits and good faith of the claims or defenses made by such litigant party; provided, however,
that this Section 7.12 does not apply to any suit by the Trustee, any suit by a Holder pursuant to Section 7.08 or any suit by one or more Holders of more than ten percent (10%) in aggregate
principal amount of the Notes then outstanding. 
 Article 8. AMENDMENTS, SUPPLEMENTS AND WAIVERS 

Section 8.01. WITHOUT THE CONSENT OF HOLDERS. 

Notwithstanding anything to the contrary in Section 8.02, the Company and the Trustee may amend or supplement this
Indenture or the Notes without the consent of any Holder to: 
 (A) cure any ambiguity or correct any omission, defect or inconsistency in
this Indenture or the Notes; 
 (B) add guarantees with respect to the Company’s obligations under this Indenture or the Notes; 

  
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 (C) secure the Notes; 

(D) add to the Company’s covenants or Events of Default for the benefit of the Holders or surrender any right or power conferred on the
Company; 
 (E) provide for the assumption of the Company’s obligations under this Indenture and the Notes pursuant to, and in
compliance with, Article 6; 
 (F) enter into supplemental indentures pursuant to, and in accordance with,
Section 5.08 in connection with a Common Stock Change Event; 
 (G) irrevocably elect or eliminate any Settlement
Method or Specified Dollar Amount; provided, however, that no such election or elimination will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to
Section 5.03(A); 
 (H) evidence or provide for the acceptance of the appointment, under this Indenture, of a
successor Trustee; 
 (I) conform the provisions of this Indenture and the Notes to the “Description of Notes” section of the
Company’s preliminary offering memorandum, dated December 7, 2022, as supplemented by the related pricing term sheet, dated December 8, 2022; 

(J) provide for or confirm the issuance of additional Notes pursuant to Section 2.03(B); 

(K) comply with any requirement of the SEC in connection with any qualification of this Indenture or any supplemental indenture under the
Trust Indenture Act, as then in effect; or 
 (L) make any other change to this Indenture or the Notes that does not, individually or in the
aggregate with all other such changes, adversely affect the rights of the Holders, as such, in any material respect, as determined by the Company in good faith. 

At the written request of any Holder of a Note or owner of a beneficial interest in a Global Note, the Company will provide a copy of the
“Description of Notes” section and pricing term sheet referred to in Section 8.01(I). 
 Section 8.02.
WITH THE CONSENT OF HOLDERS. 
 (A) Generally. Subject
to Sections 8.01, 7.05 and 7.08 and the immediately following sentence, the Company and the Trustee may, with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding (including
consents obtained in connection with a repurchase of, or tender or exchange offer for, Notes), amend or supplement this Indenture or the Notes or waive compliance with any provision of this Indenture or the Notes. Notwithstanding anything to the
contrary in the foregoing sentence, but subject to Section 8.01, without the consent of each affected Holder, no amendment or supplement to this Indenture or the Notes, or waiver of any provision of this Indenture or the
Notes, may: 

  
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 (i) reduce the principal, or extend the stated maturity, of any Note; 

(ii) reduce the Redemption Price or Fundamental Change Repurchase Price for any Note or change the times at which, or the
circumstances under which, the Notes may or will be redeemed or repurchased by the Company; 
 (iii) reduce the rate, or
extend the time for the payment, of interest on any Note; 
 (iv) make any change that adversely affects the conversion
rights of any Note; 
 (v) impair the rights of any Holder set forth in Section 7.08 (as such
section is in effect on the Issue Date); 
 (vi) change the ranking of the Notes; 

(vii) make any Note payable in money, or at a place of payment, other than that stated in this Indenture or the Note; 

(viii) reduce the amount of Notes whose Holders must consent to any amendment, supplement, waiver or other modification; or

 (ix) make any direct or indirect change to any amendment, supplement, waiver or modification provision of this Indenture
or the Notes that requires the consent of each affected Holder. 
 For the avoidance of doubt, pursuant to clauses (i),
(ii), (iii) and (iv) of this Section 8.02(A), no amendment or supplement to this Indenture or the Notes, or waiver of any provision of this Indenture or the Notes, may change the amount or type of
consideration due on any Note (whether on an Interest Payment Date, Redemption Date, Fundamental Change Repurchase Date or the Maturity Date or upon conversion, or otherwise), or the date(s) or time(s) such consideration is payable or deliverable,
as applicable, without the consent of each affected Holder. 
 (B) Holders Need Not Approve the Particular Form of any Amendment. A
consent of any Holder pursuant to this Section 8.02 need approve only the substance, and not necessarily the particular form, of the proposed amendment, supplement or waiver. 

Section 8.03. NOTICE OF AMENDMENTS, SUPPLEMENTS AND WAIVERS.

 As soon as reasonably practicable after any amendment, supplement or waiver pursuant to Section 8.01 or 8.02
becomes effective, the Company will send to the Holders and the Trustee notice that (A) describes the substance of such amendment, supplement or waiver in reasonable detail and (B) states the effective date thereof; provided,
however, that the Company will not be required to provide such notice to the Holders if such amendment, supplement or waiver is included in a periodic report filed by the Company with the SEC within four (4) Business Days of its
effectiveness. The failure to send, or the existence of any defect in, such notice will not impair or affect the validity of such amendment, supplement or waiver. 

  
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 Section 8.04. REVOCATION, EFFECT AND
SOLICITATION OF CONSENTS; SPECIAL RECORD DATES; ETC. 

(A) Revocation and Effect of Consents. The consent of a Holder of a Note to an amendment, supplement or waiver will bind (and constitute
the consent of) each subsequent Holder of any Note to the extent the same evidences any portion of the same indebtedness as the consenting Holder’s Note, subject to the right of any Holder of a Note to revoke (if not prohibited pursuant to
Section 8.04(B)) any such consent with respect to such Note by delivering notice of revocation to the Trustee before the time such amendment, supplement or waiver becomes effective. 

(B) Special Record Dates. The Company may, but is not required to, fix a record date for the purpose of determining the Holders
entitled to consent or take any other action in connection with any amendment, supplement or waiver pursuant to this Article 8. If a record date is fixed, then, notwithstanding anything to the contrary in
Section 8.04(A), only Persons who are Holders as of such record date (or their duly designated proxies) will be entitled to give such consent, to revoke any consent previously given or to take any such action, regardless of
whether such Persons continue to be Holders after such record date; provided, however, that no such consent will be valid or effective for more than one hundred and twenty (120) calendar days after such record date. 

(C) Solicitation of Consents. For the avoidance of doubt, each reference in this Indenture or the Notes to the consent of a Holder will
be deemed to include any such consent obtained in connection with a repurchase of, or tender or exchange offer for, any Notes. 
 (D)
Effectiveness and Binding Effect. Each amendment, supplement or waiver pursuant to this Article 8 will become effective in accordance with its terms and, when it becomes effective with respect to any Note (or any portion thereof), will
thereafter bind every Holder of such Note (or such portion). 
 Section 8.05. NOTATIONS AND EXCHANGES.

 If any amendment, supplement or waiver changes the terms of a Note, then the Trustee or the Company may, in its discretion, require
the Holder of such Note to deliver such Note to the Trustee so that the Trustee may place an appropriate notation prepared by the Company on such Note and return such Note to such Holder. Alternatively, at its discretion, the Company may, in
exchange for such Note, issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02, a new Note that reflects the changed terms. The failure to make any appropriate notation
or issue a new Note pursuant to this Section 8.05 will not impair or affect the validity of such amendment, supplement or waiver. 

  
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 Section 8.06. TRUSTEE TO EXECUTE
SUPPLEMENTAL INDENTURES. 
 The Trustee will execute and deliver any amendment or supplemental indenture
authorized pursuant to this Article 8; provided, however, that the Trustee need not (but may, in its sole and absolute discretion) execute or deliver any such amendment or supplemental indenture that adversely affects the
Trustee’s rights, duties, liabilities or immunities. In executing any amendment or supplemental indenture, the Trustee will be provided with, and (subject to Sections 10.01 and 10.02) will be fully protected in relying on,
an Officer’s Certificate and an Opinion of Counsel stating that (A) the execution and delivery of such amendment or supplemental indenture is authorized or permitted by this Indenture; and (B) in the case of the Opinion of Counsel,
such amendment or supplemental indenture is valid, binding and enforceable against the Company in accordance with its terms. 
 Article 9.
SATISFACTION AND DISCHARGE 
 Section 9.01. TERMINATION OF COMPANY’S
OBLIGATIONS. 
 This Indenture will be satisfied and discharged, and will cease to be of further effect as to all Notes
issued under this Indenture, when: 
 (A) all Notes then outstanding (other than Notes replaced pursuant to
Section 2.13) have (i) been delivered to the Trustee for cancellation; or (ii) become due and payable (whether on a Redemption Date, a Fundamental Change Repurchase Date, the Maturity Date, upon conversion or
otherwise) for an amount of cash or Conversion Consideration, as applicable, that has been fixed; 
 (B) the Company has caused there to be
irrevocably deposited with the Trustee, or with the Paying Agent (or, with respect to Conversion Consideration, the Conversion Agent), in each case for the benefit of the Holders, or has otherwise caused there to be delivered to the Holders, cash
(or, with respect to Notes to be converted, Conversion Consideration) sufficient to satisfy all amounts or other property due on all Notes then outstanding (other than Notes replaced pursuant to Section 2.13); 

(C) the Company has paid all other amounts payable by it under this Indenture; and 

(D) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that the conditions
precedent to the satisfaction and discharge of this Indenture have been satisfied; 
 provided, however, that Article 10 and
Section 11.01 will survive such satisfaction and discharge and, until no Notes remain outstanding, Section 2.15 and the obligations of the Trustee, the Paying Agent and the Conversion Agent with
respect to money or other property deposited with them will survive such satisfaction and discharge. 
 At the Company’s request, the
Trustee will acknowledge the satisfaction and discharge of this Indenture. 

  
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 Section 9.02. REPAYMENT TO COMPANY. 

Subject to applicable unclaimed property law, the Trustee, the Paying Agent and the Conversion Agent will promptly notify the Company if there
exists (and, at the Company’s request, promptly deliver to the Company) any cash, Conversion Consideration or other property held by any of them for payment or delivery on the Notes that remain unclaimed two (2) years after the date on
which such payment or delivery was due. After such delivery to the Company, the Trustee, the Paying Agent and the Conversion Agent will have no further liability to any Holder with respect to such cash, Conversion Consideration or other property,
and Holders entitled to the payment or delivery of such cash, Conversion Consideration or other property must look to the Company for payment as a general creditor of the Company. 

Section 9.03. REINSTATEMENT. 

If the Trustee, the Paying Agent or the Conversion Agent is unable to apply any cash or other property deposited with it pursuant to
Section 9.01 because of any legal proceeding or any order or judgment of any court or other governmental authority that enjoins, restrains or otherwise prohibits such application, then the discharge of this Indenture
pursuant to Section 9.01 will be rescinded; provided, however, that if the Company thereafter pays or delivers any cash or other property due on the Notes to the Holders thereof, then the Company will be
subrogated to the rights of such Holders to receive such cash or other property from the cash or other property, if any, held by the Trustee, the Paying Agent or the Conversion Agent, as applicable. 

Article 10. TRUSTEE 

Section 10.01. DUTIES OF THE TRUSTEE. 

(A) If an Event of Default has occurred and is continuing, the Trustee will 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. 

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

(i) the duties of the Trustee will be determined solely by the express provisions of this Indenture, and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee; and 

(ii) The Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon Officer’s Certificates or Opinions of Counsel that are provided to the Trustee and conform to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not they
conform to the requirements of this Indenture. 
 (C) The Trustee may not be relieved from liabilities for its negligence or willful
misconduct, except that: 
 (i) this paragraph will not limit the effect of Section 10.01(B); 

(ii) the Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved
that the Trustee was negligent in ascertaining the pertinent facts; and 

  
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 (iii) the Trustee will not be liable with respect to any action it takes or
omits to take in good faith in accordance with a direction received by it pursuant to Section 7.06. 
 (D) Each
provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (A), (B) and (C) of this Section 10.01, regardless of whether such provision so expressly
provides. 
 (E) No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. 

(F) The Trustee will not be liable for interest on any money received by it, except as the Trustee may agree in writing with the Company.
Money held in trust by the Trustee need not be segregated from other funds, except to the extent required by law. 
 Section 10.02.
RIGHTS OF THE TRUSTEE. 
 (A) The Trustee may conclusively rely on any
document that it believes to be genuine and signed or presented by the proper Person, and the Trustee need not investigate any fact or matter stated in such document. 

(B) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate, an Opinion of Counsel or both. The Trustee
will not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee may consult with counsel; and the advice of such counsel, or any Opinion of Counsel, will
constitute full and complete authorization of the Trustee to take or omit to take any action in good faith in reliance thereon without liability. 

(C) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any such agent
appointed with due care. 
 (D) The Trustee will not be liable for any action it takes or omits to take in good faith and that it believes
to be authorized or within the rights or powers vested in it by this Indenture. 
 (E) Unless otherwise specifically provided in this
Indenture, any demand, request, direction or notice from the Company will be sufficient if signed by an Officer of the Company. 
 (F) The
Trustee need not exercise any rights or powers vested in it by this Indenture at the request or direction of any Holder unless such Holder has offered the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or
expense that it may incur in complying with such request or direction. 
 (G) The Trustee will not be responsible or liable for any
punitive, special, indirect or consequential loss or damage (including lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

  
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 (H) the Trustee will 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, Note, other evidence of indebtedness 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 will determine to make such further inquiry or investigation, it will be entitled to examine the books, records and premises of the Company,
personally or by agent or attorney at the sole cost of the Company and will incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(I) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and will be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

Section 10.03. INDIVIDUAL RIGHTS OF THE TRUSTEE. 

The Trustee, in its individual or any other capacity, may become the owner or pledgee of any Note and may otherwise deal with the Company or
any of its Affiliates with the same rights that it would have if it were not Trustee; provided, however, that if the Trustee acquires a “conflicting interest” (within the meaning of Section 310(b) of the Trust Indenture
Act), then it must eliminate such conflict within ninety (90) days or resign as Trustee. Each Note Agent will have the same rights and duties as the Trustee under this Section 10.03. 

Section 10.04. TRUSTEE’S DISCLAIMER. 

The Trustee will not be (A) responsible for, and makes no representation as to, the validity or adequacy of this Indenture or the Notes;
(B) accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture; (C) responsible for the use or application of any money
received by any Paying Agent other than the Trustee; and (D) responsible for any statement or recital in this Indenture, the Notes or any other document relating to the sale of the Notes or this Indenture, other than the Trustee’s
certificate of authentication. 
 Section 10.05. NOTICE OF DEFAULTS. 

If a Default or Event of Default occurs and is continuing, and written notice of which is given to the Trustee, then the Trustee will send
Holders a notice of such Default or Event of Default within ninety (90) days after it occurs or, if written notice of which is not given to the Trustee at such time, promptly (and in any event within ten (10) Business Days) after written
notice of which is given to a Responsible Officer; provided, however, that, except in the case of a Default or Event of Default in the payment of the principal of, or interest on, any Note, the Trustee may withhold such notice if and
for so long as it in good faith determines that withholding such notice is in the interests of the Holders. 

  
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 Section 10.06. COMPENSATION AND INDEMNITY. 

(A) The Company will, from time to time, pay the Trustee reasonable compensation for its acceptance of this Indenture and services under this
Indenture. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. In addition to the compensation for the Trustee’s services, the Company will reimburse the Trustee promptly upon request
for all reasonable disbursements, advances and expenses incurred or made by it under this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

(B) The Company will indemnify the Trustee against any and all losses, liabilities, claims, damages or expenses incurred by it arising out of
or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company (including this Section 10.06) and defending itself
against any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties under this Indenture, except to the extent any such loss, liability,
claim, damage or expense will be determined to have been caused by its own negligence or willful misconduct. The Trustee will promptly notify the Company of any claim of which the Trustee has received written notice and for which it may seek
indemnity, but the Trustee’s failure to so notify the Company will not relieve the Company of its obligations under this Section 10.06(B), except to the extent the Company is materially prejudiced by such failure. The
Company will defend such claim, and the Trustee will cooperate in such defense. If the Trustee is advised by counsel that it may have defenses available to it that are in conflict with the defenses available to the Company, or that there is an
actual or potential conflict of interest, then the Trustee may retain separate counsel, and the Company will pay the reasonable fees and expenses of such counsel (including the reasonable fees and expenses of counsel to the Trustee incurred in
evaluating whether such a conflict exists). The Company need not pay for any settlement of any such claim made without its consent, which consent will not be unreasonably withheld. 

(C) The obligations of the Company under this Section 10.06 will survive the resignation or removal of the Trustee
and the discharge of this Indenture. 
 (D) To secure the Company’s payment obligations in this
Section 10.06, the Trustee will have a lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal of, or interest on, particular Notes, which lien will
survive the discharge of this Indenture. 
 (E) If the Trustee incurs expenses or renders services after an Event of Default pursuant to
clause (ix) or (x) of Section 7.01(A) occurs, then such expenses and the compensation for such services (including the fees and expenses of its agents and counsel) are intended to constitute
expenses of administration under any Bankruptcy Law. 
 Section 10.07. REPLACEMENT OF THE
TRUSTEE. 
 (A) Notwithstanding anything to the contrary in this Section 10.07, a resignation or
removal of the Trustee, and the appointment of a successor Trustee, will become effective only upon such successor Trustee’s acceptance of appointment as provided in this Section 10.07. 

  
 - 77 - 

 (B) The Trustee may resign at any time upon thirty (30) days’ written notice and
be discharged from the trust created by this Indenture by so notifying the Company. The Holders of a majority in aggregate principal amount of the Notes then outstanding may remove the Trustee upon thirty (30) days’ notice by so notifying
the Trustee and the Company in writing. The Company may remove the Trustee upon thirty (30) days’ notice if: 
 (i)
the Trustee fails to comply with Section 10.09; 
 (ii) the Trustee is adjudged to be bankrupt or
insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law; 
 (iii) a custodian or
public officer takes charge of the Trustee or its property; or 
 (iv) the Trustee becomes incapable of acting. 

(C) If the Trustee resigns or is removed, or if a vacancy exists in the office of the Trustee for any reason, then (i) the Company will
promptly appoint a successor Trustee; and (ii) at any time within one (1) year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the Notes then outstanding may appoint a successor Trustee
to replace such successor Trustee appointed by the Company. 
 (D) If a successor Trustee does not take office within sixty (60) days
after the retiring Trustee resigns or is removed, then the retiring Trustee, the Company or the Holders of at least ten percent (10%) in aggregate principal amount of the Notes then outstanding may petition, at the expense of the Company, any court
of competent jurisdiction for the appointment of a successor Trustee. 
 (E) If the Trustee, after written request by a Holder of at least
six (6) months, fails to comply with Section 10.09, then such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(F) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company, upon which notice the
resignation or removal of the retiring Trustee will become effective and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will send notice of its succession to Holders. The
retiring Trustee will, upon payment of all amounts due to it under this Indenture, promptly transfer all property held by it as Trustee to the successor Trustee, which property will, for the avoidance of doubt, be subject to the lien provided for in
Section 10.06(D). 
 Section 10.08. SUCCESSOR TRUSTEE BY
MERGER, ETC. 
 If the Trustee consolidates, merges or converts into, or transfers all or substantially all
of its corporate trust business to, another corporation, then such corporation will become the successor Trustee without any further act. 

Section 10.09. ELIGIBILITY; DISQUALIFICATION. 

There will at all times be a Trustee under this Indenture that is a corporation organized and doing business under the laws of the United
States of America or of any state thereof, that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least
$100.0 million as set forth in its most recent published annual report of condition. 

  
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 Article 11. MISCELLANEOUS 

Section 11.01. NOTICES. 

Any notice or communication by the Company or the Trustee to the other will be deemed to have been duly given if in writing and delivered in
person or by first class mail (registered or certified, return receipt requested), facsimile transmission, electronic transmission or other similar means of unsecured electronic communication or overnight air courier guaranteeing next day delivery,
or to the other’s address, which initially is as follows: 
 If to the Company: 

The Chefs’ Warehouse, Inc. 

100 East Ridge Road 
 Ridgefield,
Connecticut 06877 
 Attention: Alexandros Aldous 

with a copy (which will not constitute notice) to: 

Shearman & Sterling LLP 

599 Lexington Avenue 
 New York,
New York 10022 
 Attention: Richard Alsop, Esq. 

If to the Trustee: 
 The Bank of
New York Mellon Trust Company, N.A. 
 500 Ross Street, 12th Floor 

Pittsburgh, PA 15262 
 Facsimile: 412-234-8377 
 Attention: Corporate Trust Administration 

The Company or the Trustee, by notice to the other, may designate additional or different addresses (including facsimile numbers and
electronic addresses) for subsequent notices or communications. 
 All notices and communications (other than those sent to Holders) will be
deemed to have been duly given: (A) at the time delivered by hand, if personally delivered; (B) five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; (C) when receipt acknowledged, if transmitted by
facsimile, electronic transmission or other similar means of unsecured electronic communication; and (D) the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 

  
 - 79 - 

 All notices or communications required to be made to a Holder pursuant to this Indenture
must be made in writing and will be deemed to be duly sent or given in writing if mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery, to its address shown on the
Register; provided, however, that a notice or communication to a Holder of a Global Note may, but need not, instead be sent pursuant to the Depositary Procedures (in which case, such notice will be deemed to be duly sent or given in
writing). The failure to send a notice or communication to a Holder, or any defect in such notice or communication, will not affect its sufficiency with respect to any other Holder. 

If the Trustee is then acting as the Depositary’s custodian for the Notes, then, at the reasonable request of the Company to the Trustee,
the Trustee will cause any notice prepared by the Company to be sent to any Holder(s) pursuant to the Depositary Procedures, provided such request is evidenced in a Company Order delivered, together with the text of such notice, to the
Trustee at least two (2) Business Days before the date such notice is to be so sent. For the avoidance of doubt, such Company Order need not be accompanied by an Officer’s Certificate or Opinion of Counsel. The Trustee will not have any
liability relating to the contents of any notice that it sends to any Holder pursuant to any such Company Order. 
 If a notice or
communication is mailed or sent in the manner provided above within the time prescribed, it will be deemed to have been duly given, whether or not the addressee receives it. 

Notwithstanding anything to the contrary in this Indenture or the Notes, (A) whenever any provision of this Indenture requires a party to
send notice to another party, no such notice need be sent if the sending party and the recipient are the same Person acting in different capacities; and (B) whenever any provision of this Indenture requires a party to send notice to more than
one receiving party, and each receiving party is the same Person acting in different capacities, then only one such notice need be sent to such Person. 

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 will 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 will be amended and replaced whenever a person is to be added or deleted from the listing. The Trustee will 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.

 Section 11.02. DELIVERY OF OFFICER’S CERTIFICATE
AND OPINION OF COUNSEL AS TO CONDITIONS PRECEDENT. 

Upon any request or application by the Company to the Trustee to take any action under this Indenture (other than the initial authentication of
Notes under this Indenture), the Company will furnish to the Trustee: 
 (A) an Officer’s Certificate in form and substance reasonably
satisfactory to the Trustee that complies with Section 11.03 and states that, in the opinion of the signatory thereto, all conditions precedent and covenants, if any, provided for in this Indenture relating to such action
have been satisfied; and 

  
 - 80 - 

 (B) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee that
complies with Section 11.03 and states that, in the opinion of such counsel, all such conditions precedent and covenants, if any, have been satisfied. 

Section 11.03. STATEMENTS REQUIRED IN OFFICER’S
CERTIFICATE AND OPINION OF COUNSEL. 
 Each Officer’s
Certificate (other than an Officer’s Certificate pursuant to Section 3.05) or Opinion of Counsel with respect to compliance with a covenant or condition provided for in this Indenture will include: 

(A) a statement that the signatory thereto has read such covenant or condition; 

(B) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained therein
are based; 
 (C) a statement that, in the opinion of such signatory, he, she or it has made such examination or investigation as is
necessary to enable him, her or it to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(D) a statement as to whether, in the opinion of such signatory, such covenant or condition has been satisfied. 

Section 11.04. RULES BY THE TRUSTEE, THE REGISTRAR
AND THE PAYING AGENT. 
 The Trustee may make reasonable rules for action by
or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

Section 11.05. NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS,
EMPLOYEES, INCORPORATORS AND STOCKHOLDERS. 
 No past, present or future
director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability for any obligations of the Company under this Indenture or the Notes or for any claim based on, in respect of, or by reason of, such
obligations or their creation. By accepting any Note, each Holder waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 

Section 11.06. GOVERNING LAW; WAIVER OF JURY TRIAL. 

THIS INDENTURE AND THE NOTES, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE OR THE NOTES, WILL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE 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 BY THIS INDENTURE OR THE NOTES. 

  
 - 81 - 

 Section 11.07. SUBMISSION TO JURISDICTION. 

Any legal suit, action or proceeding arising out of or based upon this Indenture or the transactions contemplated by this Indenture may be
instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York, in each case located in the City of New York (collectively, the “Specified Courts”), and each
party irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the extent allowed under any
applicable statute or rule of court) to such party’s address set forth in Section 11.01 will be effective service of process for any such suit, action or proceeding brought in any such court. Each of the Company, the
Trustee and each Holder (by its acceptance of any Note) irrevocably and unconditionally waives any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waives and agrees
not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum. 
 Section 11.08. NO
ADVERSE INTERPRETATION OF OTHER AGREEMENTS. 
 Neither this
Indenture nor the Notes may be used to interpret any other indenture, note, loan or debt agreement of the Company or its Subsidiaries or of any other Person, and no such indenture, note, loan or debt agreement may be used to interpret this Indenture
or the Notes. 
 Section 11.09. SUCCESSORS. 

All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will
bind its successors. 
 Section 11.10. FORCE MAJEURE. 

The Trustee and each Note Agent will not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility
under this Indenture or the Notes by reason of any occurrence beyond its control (including any act or provision of any present or future law or regulation or governmental authority, act of God or war, civil unrest, local or national disturbance or
disaster, act of terrorism or unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility). 

Section 11.11. U.S.A. PATRIOT ACT. 

The Company acknowledges that, in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee, like all financial institutions, in
order to help fight the funding of terrorism and money laundering, is required to obtain, verify and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The Company
agrees to provide the Trustee with such information as it may request to enable the Trustee to comply with the U.S.A. PATRIOT Act. 

  
 - 82 - 

 Section 11.12. CALCULATIONS. 

Except as otherwise provided in this Indenture, the Company will be responsible for making all calculations called for under this Indenture or
the Notes, including determinations of the Last Reported Sale Price, the Daily Conversion Value, the Daily Cash Amount, the Daily Share Amount, accrued interest on the Notes and the Conversion Rate. 

The Company will make all calculations in good faith, and, absent manifest error, its calculations will be final and binding on all Holders.
The Company will provide a schedule of its calculations to the Trustee and the Conversion Agent, and each of the Trustee and the Conversion Agent may rely conclusively on the accuracy of the Company’s calculations without independent
verification. The Trustee will promptly forward a copy of each such schedule to a Holder upon its written request therefor. 
 Section 11.13.
SEVERABILITY. 
 If any provision of this Indenture or the Notes is invalid, illegal or unenforceable, then the validity,
legality and enforceability of the remaining provisions of this Indenture or the Notes will not in any way be affected or impaired thereby. 

Section 11.14. COUNTERPARTS. 

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, and all of them together represent the same
agreement. Delivery of an executed counterpart of this Indenture by facsimile, electronically in portable document format or in any other format will be effective as delivery of a manually executed counterpart. 

Section 11.15. TABLE OF CONTENTS, HEADINGS, ETC. 

The table of contents and the 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 will in no way modify or restrict any of the terms or provisions of this Indenture. 

Section 11.16. WITHHOLDING TAXES. 

Each Holder of a Note agrees, and each beneficial owner of an interest in a Global Note, by its acquisition of such interest, is deemed to
agree, that if the Company or other applicable withholding agent pays withholding taxes or backup withholding on behalf of such Holder or beneficial owner as a result of an adjustment to the Conversion Rate, then the Company or such withholding
agent, as applicable, may, at its option, set off such payments against payments of cash or the delivery of other Conversion Consideration on such Note, any payments on the Common Stock or sales proceeds received by, or other funds or assets of,
such Holder or the beneficial owner of such Note. 
 [The Remainder of This Page Intentionally Left Blank; Signature Page
Follows] 

  
 - 83 - 

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

			
	THE CHEFS’ WAREHOUSE, INC.
		
	By:	 	 /s/ James Leddy

		 	Name: James Leddy
		 	Title: Chief Financial Officer
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Michele R. Shrum

		 	Name: Michele R. Shrum
		 	Title: Vice President

 [Signature Page to Indenture] 

 EXHIBIT A 

FORM OF NOTE 
 [Insert
Global Note Legend, if applicable] 
 [Insert Restricted Note Legend, if applicable] 

THE CHEFS’ WAREHOUSE, INC. 

2.375% Convertible Senior Note due 2028 

CUSIP No.: [___] [Insert for a “restricted” CUSIP number: *]
            Certificate No. [___] 
 ISIN No.:    [___] [Insert for a
“restricted” ISIN number: *] 
 The Chefs’ Warehouse, Inc., a
Delaware corporation, for value received, promises to pay to [Cede & Co.], or its registered assigns, the principal sum of [___] dollars ($[___]) [(as revised by the attached Schedule of Exchanges of Interests in the Global Note)]† on December 15, 2028 and to pay interest thereon, as provided in the Indenture referred to below, until the principal and
all accrued and unpaid interest are paid or duly provided for. 
  

			
	Interest Payment Dates:	  	June 15 and December 15 of each year, commencing on [date].
		
	Regular Record Dates:	  	June 1 and December 1.

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

[The Remainder of This Page Intentionally Left Blank; Signature Page Follows] 

 
  

	* 	 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 2.12 of the within-mentioned Indenture, written notice to the Trustee of the deemed removal of the Restricted Note Legend affixed to this Note. 

	† 	 Insert bracketed language for Global Notes only. 

  
 A-1 

 IN WITNESS WHEREOF, The Chefs’ Warehouse, Inc. has caused this instrument to be
duly executed as of the date set forth below. 
  

									
		 		 		 	THE CHEFS’ WAREHOUSE, INC.
					
	Date:	 	  
	 	    	 	By:	 	  

		 		 		 		 	Name:
		 		 		 		 	Title:

  
 A-2 

 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 referred to in the within-mentioned Indenture. 

 

									
	 Date:
	 	  
	 	    	 	 By:
	 	  

		 		 		 		 	 Authorized Signatory

  
 A-3 

 THE CHEFS’ WAREHOUSE, INC. 

2.375% Convertible Senior Note due 2028 

This Note is one of a duly authorized issue of notes of The Chefs’ Warehouse, Inc., a Delaware corporation (the
“Company”), designated as its 2.375% Convertible Senior Notes due 2028 (the “Notes”), all issued or to be issued pursuant to an indenture, dated as of December 13, 2022 (as the same may be amended from time to
time, the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee. Capitalized terms used in this Note without definition have the respective meanings ascribed to them in the Indenture. 

The Indenture sets forth the rights and obligations of the Company, the Trustee and the Holders and the terms of the Notes. Notwithstanding
anything to the contrary in this Note, to the extent that any provision of this Note conflicts with the provisions of the Indenture, the provisions of the Indenture will control. 

1. Interest. This Note will accrue interest at a rate and in the manner set forth in Section 2.05 of the Indenture. Stated Interest
on this Note will begin to accrue from, and including, [date]. 
 2. Maturity. This Note will mature on December 15, 2028,
unless earlier repurchased, redeemed or converted. 
 3. Method of Payment. Cash amounts due on this Note will be paid in the manner
set forth in Section 2.04 of the Indenture. 
 4. Persons Deemed Owners. The Holder of this Note will be treated as the owner of
this Note for all purposes. 
 5. Denominations; Transfers and Exchanges. All Notes will be in registered form, without coupons, in
principal amounts equal to any Authorized Denominations. Subject to the terms of the Indenture, the Holder of this Note may transfer or exchange this Note by presenting it to the Registrar and delivering any required documentation or other
materials. 
 6. Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change. If a Fundamental Change
occurs, then each Holder will have the right to require the Company to repurchase such Holder’s Notes (or any portion thereof in an Authorized Denomination) for cash in the manner, and subject to the terms, set forth in Section 4.02 of the
Indenture. 
 7. Right of the Company to Redeem the Notes. The Company will have the right to redeem the Notes for cash in the manner,
and subject to the terms, set forth in Section 4.03 of the Indenture. 
 8. Conversion. The Holder of this Note may convert this
Note into Conversion Consideration in the manner, and subject to the terms, set forth in Article 5 of the Indenture. 

  
 A-4 

 9. When the Company May Merge, Etc. Article 6 of the Indenture places limited
restrictions on the Company’s ability to be a party to a Business Combination Event. 
 10. Defaults and Remedies. If an Event of
Default occurs, then the principal amount of, and all accrued and unpaid interest on, all of the Notes then outstanding may (and, in certain circumstances, will automatically) become due and payable in the manner, and subject to the terms, set forth
in Article 7 of the Indenture. 
 11. Amendments, Supplements and Waivers. The Company and the Trustee may amend or supplement the
Indenture or the Notes or waive compliance with any provision of the Indenture or the Notes in the manner, and subject to the terms, set forth in Section 7.05 and Article 8 of the Indenture. 

12. No Personal Liability of Directors, Officers, Employees, Incorporators and Stockholders. No past, present or future director,
officer, employee, incorporator or stockholder of the Company, as such, will have any liability for any obligations of the Company under the Indenture or the Notes or for any claim based on, in respect of, or by reason of, such obligations or their
creation. By accepting any Note, each Holder waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 

13. Authentication. No Note will be valid until it is authenticated by the Trustee. A Note will be deemed to be duly authenticated only
when an authorized signatory of the Trustee (or a duly appointed authenticating agent) manually signs the certificate of authentication of such Note. 

14. Abbreviations. Customary abbreviations may be used in the name of a Holder or its assignee, such as TEN COM (tenants in common), TEN
ENT (tenants by the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (custodian), and U/G/M/A (Uniform Gift to Minors Act). 

15. Governing Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 * * * 

To request a copy of the Indenture, which the Company will provide to any Holder at no charge, please send a written request to the following
address: 
 The Chefs’ Warehouse, Inc. 

100 East Ridge Road 
 Ridgefield,
Connecticut 06877 
 Attention: James Leddy 

  
 A-5 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 
 INITIAL PRINCIPAL AMOUNT OF THIS GLOBAL NOTE: $[___] 

The following exchanges, transfers or cancellations of this Global Note have been made: 

 

							
	 Date
	  	 Amount of Increase

(Decrease) in
 Principal
Amount of
 this Global Note
	  	 Principal Amount of

this Global Note
 After Such
Increase
 (Decrease)
	  	 Signature of

Authorized
 Signatory of
Trustee

				
	  
	  	  
	  	  
	  	  

				
	  
	  	  
	  	  
	  	  

				
	  
	  	  
	  	  
	  	  

				
	  
	  	  
	  	  
	  	  

				
	  
	  	  
	  	  
	  	  

				
	  
	  	  
	  	  
	  	  

				
	  
	  	  
	  	  
	  	  

				
	  
	  	  
	  	  
	  	  

				
	  
	  	  
	  	  
	  	  

				
	  
	  	  
	  	  
	  	  

				
	  
	  	  
	  	  
	  	  

				
	  
	  	  
	  	  
	  	  

				
	  
	  	  
	  	  
	  	  

				
	  
	  	  
	  	  
	  	  

				
	  
	  	  
	  	  
	  	  

				
	  
	  	  
	  	  
	  	  

  

	* 	 Insert for Global Notes only. 

  
 A-6 

 CONVERSION NOTICE 

THE CHEFS’ WAREHOUSE, INC. 

2.375% Convertible Senior Notes due 2028 

Subject to the terms of the Indenture, by executing and delivering this Conversion Notice, the undersigned Holder of the Note identified below directs the
Company to convert (check one): 
 ☐ the entire principal amount of 

☐ $                * aggregate principal amount of 
 the Note identified by CUSIP No.
                 and Certificate No.
                . 
 The undersigned
acknowledges that if the Conversion Date of a Note to be converted is after a Regular Record Date and before the next Interest Payment Date, then such Note, when surrendered for conversion, must, in certain circumstances, be accompanied with an
amount of cash equal to the interest that would have accrued on such Note to, but excluding, such Interest Payment Date. 
  

					
	Date: ___________________	 	                                      
                                        	  	  

		 		  	(Legal Name of Holder)

  

			
	By:	 	  

		 	Name:
		 	Title:
	
	Signature Guaranteed:
	
	  

		 	Participant in a Recognized Signature
		 	Guarantee Medallion Program
		
	By:	 	  

		 	Authorized Signatory

  

	* 	 Must be an Authorized Denomination. 

  
 A-7 

 FUNDAMENTAL CHANGE REPURCHASE NOTICE 

THE CHEFS’ WAREHOUSE, INC. 

2.375% Convertible Senior Notes due 2028 

Subject to the terms of the Indenture, by executing and delivering this Fundamental Change Repurchase Notice, the undersigned Holder of the Note identified
below is exercising its Fundamental Change Repurchase Right with respect to (check one): 
  

	☐	 the entire principal amount of 

 

	☐	
$                * aggregate principal amount of 

 the Note identified by CUSIP No.
                 and Certificate No.
                . 
 The undersigned
acknowledges that this Note, duly endorsed for transfer, must be delivered to the Paying Agent before the Fundamental Change Repurchase Price will be paid. 
  

					
	Date: ___________________	 	                                      
                                        	  	  

		 		  	(Legal Name of Holder)

  

			
	By:	 	  

		 	Name:
		 	Title:
	
	Signature Guaranteed:
	
	  

		 	Participant in a Recognized Signature
		 	Guarantee Medallion Program
		
	By:	 	  

		 	Authorized Signatory

  
  

	* 	 Must be an Authorized Denomination. 

  
 A-8 

 ASSIGNMENT FORM 

THE CHEFS’ WAREHOUSE, INC. 

2.375% Convertible Senior Notes due 2028 

Subject to the terms of the Indenture, the undersigned Holder of the within Note assigns to: 

 

					
	Name:	 	  
	 	
			
	Address:	 	  
	 	
			
	Social security or tax identification number:	 	  
	 	

 the within Note and all rights thereunder and irrevocably appoints: 

as agent to transfer the within Note on the books of the Company. The agent may substitute another to act for him/her. 

 

					
	Date: ___________________	 	                                      
                                        	  	  

		 		  	(Legal Name of Holder)

  

			
	By:	 	  

		 	Name:
		 	Title:
	
	Signature Guaranteed:
	
	  

		 	Participant in a Recognized Signature
		 	Guarantee Medallion Program
		
	By:	 	  

		 	Authorized Signatory

  
 A-9 

 TRANSFEROR ACKNOWLEDGMENT 

If the within Note bears a Restricted Note Legend, the undersigned further certifies that (check one): 

 

					
	1.	  	☐	  	Such Transfer is being made to the Company or a Subsidiary of the Company.
			
	2.	  	☐	  	Such Transfer is being made pursuant to, and in accordance with, a registration statement that is effective under the Securities Act at the time of the Transfer.
			
	3.	  	☐	  	Such Transfer is being made pursuant to, and in accordance with, Rule 144A under the Securities Act, and, accordingly, the undersigned further certifies that the within Note is being transferred to a Person that the undersigned
reasonably believes is purchasing the within Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional
buyer” within the meaning of Rule 144A under the Securities Act in a transaction meeting the requirements of Rule 144A. If this item is checked, then the transferee must complete and execute the acknowledgment contained on the next
page.
			
	4.	  	☐	  	Such Transfer is being made pursuant to, and in accordance with, any other available exemption from the registration requirements of the Securities Act (including, if available, the exemption provided by Rule 144 under the
Securities Act).

  

			
	Dated:	 	  

			
	
	  

(Legal Name of Holder)

		
	By:	 	  

		 	Name:
		 	Title:
	
	Signature Guaranteed:
	  

(Participant in a Recognized Signature

	Guarantee Medallion Program)
		
	By:	 	  

		 	Authorized Signatory

  
 A-10 

 TRANSFEREE ACKNOWLEDGMENT 

The undersigned represents that it is purchasing the within Note for its own account, or for one or more accounts with respect to which the undersigned
exercises sole investment discretion, and that and the undersigned and each such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act. The undersigned acknowledges that the transferor is
relying, in transferring the within Note, on the exemption from the registration and prospectus-delivery requirements of the Securities Act of 1933, as amended, provided by Rule 144A and that the undersigned has received such information regarding
the Company as the undersigned has requested pursuant to Rule 144A. 
  

			
	Dated:	 	  

			
	
	  

(Name of Transferee)

		
	By:	 	  

		 	Name:
		 	Title:

  
 A-11 

 EXHIBIT B-1 

FORM OF RESTRICTED NOTE LEGEND 
 THE OFFER
AND SALE OF THIS NOTE AND THE SHARES OF COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD 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 OR OTHERWISE TRANSFER THIS NOTE OR ANY
BENEFICIAL INTEREST HEREIN, EXCEPT ONLY: 

  

	 	(A)	 TO THE COMPANY OR ANY SUBSIDIARY THEREOF; 

 

	 	(B)	 PURSUANT TO A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT; 

 

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

  

	 	(D)	 PURSUANT TO RULE 144 UNDER THE SECURITIES ACT; OR 

 

	 	(E)	 PURSUANT TO ANY OTHER EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. 

 BEFORE THE REGISTRATION OF ANY SALE OR TRANSFER IN ACCORDANCE WITH (2)(C), (D) OR (E) ABOVE, THE COMPANY, THE
TRUSTEE AND THE REGISTRAR RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH CERTIFICATES OR OTHER DOCUMENTATION OR EVIDENCE AS THEY MAY REASONABLY REQUIRE IN ORDER TO DETERMINE THAT THE PROPOSED SALE OR TRANSFER IS BEING MADE IN COMPLIANCE WITH THE
SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.* 
  

	* 	 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 2.12 of the within-mentioned Indenture. 

  
 B1-1 

 EXHIBIT B-2 

FORM OF GLOBAL NOTE LEGEND 
 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. 

  
 B2-1

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