Document:

Exhibit
10.2

 

UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4 MONTHS AND
A DAY AFTER THE LATER OF (I) JANUARY 7, 2022, AND (II) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY.

 

NEITHER
THIS DEBENTURE NOR THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR ANY APPLICABLE STATE SECURITIES LAW, AND NO INTEREST HEREIN OR THEREIN MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS
OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS,
IN WHICH CASE THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO DEBTOR AN OPINION OF COUNSEL, WHICH COUNSEL AND OPINION ARE REASONABLY
SATISFACTORY TO DEBTOR, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED
PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. 

 

SECURED
ROYALTY CONVERTIBLE DEBENTURE

 

	US$8,000,000	January
    7, 2022

 

	1.	PROMISE
                                            TO PAY

 

For
value received, SILVER VALLEY METALS CORP. (“Debtor”) hereby promises to pay to the order of SPROTT PRIVATE RESOURCE
STREAMING AND ROYALTY (COLLECTOR), LP (together with its successors and assigns, “Debentureholder”), at the address
listed in Section 15 (Notice), or such other place and/or Person as Debentureholder may by notice in writing to Debtor direct,
the principal amount of EIGHT MILLION dollars ($8,000,000.00) in lawful money of the United States of America (the “Principal
Amount”) in the manner hereinafter provided, together with interest and other monies in the same currency which may from time
to time be owing hereunder or pursuant hereto. Subject to the provisions of this debenture (the “Debenture”), the
Principal Amount together with all accrued and unpaid interest and all other monies owing hereunder, shall become due and payable on
the date that is 18 months after the Funding Date (defined below) (the “Maturity Date”). All capitalized terms not
defined in the body of this Debenture, are defined in Exhibit “A” appended to this Debenture.

 

Debtor
is a wholly owned direct Subsidiary of BUNKER HILL MINING CORP. (“Guarantor”) and Guarantor will receive substantial
direct and indirect benefits from the advance of the Principal Amount under this Debenture to Debtor. In consideration of the foregoing,
and for other good and valuable consideration, Guarantor hereby covenants and agrees to guarantee the Obligations, issue the Common Shares
in accordance with the provisions of this Debenture and perform and comply its other Obligations.

 

    	 

    	- 2 -

    

 

	2.	THE
                                            DEBENTURE

 

	 	(a)	Funding
    Date. Subject to the terms and conditions hereof, Debentureholder shall advance the Principal Amount in a single advance to Debtor
    on the date that is the later of the date hereof and the date on which the Securities Pledge is granted (the “Funding Date”).
    On the Funding Date, Debentureholder will advance US$500,000 into a cash reserve held by Debentureholder to be applied in payment
    of the deposit due to Teck Resources Limited pursuant to the MOU or for such other corporate purpose of Debtor as Debentureholder
    may agree in it is sole and unfettered discretion. The Parties acknowledge and agree that notwithstanding the cash reserve set aside
    by Debentureholder in accordance with this Section 2(a), the Principal Amount outstanding hereunder shall be deemed to be US$8,000,000.00
    for all purposes hereunder upon the direct advance to Debtor (or as it may otherwise direct) of US$7,500,000 on and as of the Funding
    Date. 
	 	 	 
	 	(b)	Use
    of Principal Amount. The Principal Amount shall be used for the construction and development of the Bunker Hill Mine (the “Mine”)
    located in the Coeur D’Alene Mining District, in the cities of Kellogg and Wardner, Shoshone County, Idaho, USA, including
    the acquisition of the Property and a processing plant and settlement of United States Environmental Protection Agency liabilities
    (the “EPA”), and general corporate purposes as required.
	 	 	 
	 	(c)	Interest
    Rate. Subject to Section 2(d), the Principal Amount shall bear interest from the Funding Date to the date of repayment in full
    at the rate of NINE per cent (9.0%) per annum, calculated and payable quarterly in arrears as set out in this Section 2(c). Interest
    on the Principal Amount shall accrue from day to day in the same currency as principal, both before and after maturity, default or
    judgment, and shall be calculated based on the actual number of days elapsed and on the basis of a year of 360 days. Interest on
    the balance from time to time outstanding of the Principal Amount shall be calculated and payable on each Quarter End following the
    Funding Date and on Maturity Date (or such earlier date as such amounts may become due in accordance with the provisions hereof),
    calculated and compounded quarterly not in advance, computed from the Funding Date or the date of the last payment of interest to
    the next Quarter End or the Maturity Date, as applicable, on the basis of the actual number of days elapsed. 
	 	 	 
	 	(d)	Default
    Interest. Debtor shall pay to Debentureholder interest on overdue amounts (including overdue interest), both before and after
    maturity, default or judgment, and on the Principal Amount upon the occurrence and during the continuance of an Event of Default,
    in each case, at a rate per annum equal to ELEVEN percent (11.0%) per annum, calculated daily and on the basis of the actual number
    of days elapsed, and a year of 360 days and compounded monthly, and payable upon demand by Debentureholder. 

 

	3.	PRINCIPAL
                                            PAYMENTS

 

All
instalments of principal and interest hereunder received by Debentureholder shall be applied first as against interest outstanding and
secondly against the principal sum.

 

	4.	PREPAYMENT

 

Subject
to the exercise by Debentureholder of its conversion privileges in Section 10.3 at any time prior to prepayment or the Debentureholder
not exercising its conversion privileges in Section 10.3 by the Debenture Repayment Date, Debtor may prepay this Debenture, in cash only,
and only after the expiry of the Exclusivity Period (as defined in the Exclusivity Agreement), in whole but not in part, on not less
than twenty (20) Business Days prior written notice at a price equal to the sum of (i) Principal Amount, plus (ii) all accrued and unpaid
interest on the Principal Amount, plus (iii) the Prepayment Interest Premium, and (iv) all other amounts owing hereunder. Each Obligor
acknowledges and agrees that any such prepayment prior to the Maturity (other than a prepayment upon the exercise by Debentureholder
of its conversion privileges in Section 10.3 or where Debentureholder does not elect to exercise its conversion privileges in Section
10.3 by the Debenture Repayment Date) is subject to the Prepayment Interest Premium and that such amount represents a reasonable estimate
of fair compensation payable to Debentureholder for the losses suffered by early prepayment and such amount is in the nature of liquidated
damages and not a penalty. Debtor may exercise its conversion privileges under Section 10.1 in respect of accrued and unpaid interest
upon an early prepayment.

 

    	 

    	- 3 -

    

 

	5.	PAYMENT
                                            GENERALLY

 

	 	(a)	All
    amounts payable by Debtor or Guarantor hereunder shall be paid to Debentureholder in United States Dollars, in immediately available
    funds (i) by wire transfer at such account or financial institution as Debentureholder may from time to time notify Debtor or (ii)
    by bank draft delivered to Debentureholder at its address as set forth in Section 15 hereof. Any payments received after 12:00 p.m.
    (Vancouver time) will be considered for all purposes as having been made on the next following Business Day.
	 	 	 
	 	(b)	If
    the due date of any payment under this Debenture would otherwise fall on a day that is not a Business Day, such payment shall be
    due on the next succeeding Business Day, together with interest that has accrued to the Business Day on which such payment was due.
	 	 	 
	 	(c)	Debentureholder
    will maintain in accordance with its usual practice one or more accounts evidencing the Principal Amount owing by Debtor to Debentureholder
    hereunder. Such account(s) will be prima facie evidence of the obligations recorded therein, provided that any failure by
    Debentureholder to maintain any account or any error therein shall not affect the obligation of Debtor or Guarantor to repay the
    Obligations to Debentureholder in accordance with this Debenture.

 

	6.	TAXES

 

	 	(a)	Any
    and all payments by or on account of any obligation of Debtor or Guarantor hereunder or any other Credit Document shall be made free
    and clear of and without deduction or withholding for any Indemnified Taxes; provided that if Debtor or Guarantor shall be required
    to deduct or withhold any Indemnified Taxes from such payments, then (i) the sum payable shall be increased as necessary so that,
    after making all required deductions or withholdings (including deductions or withholdings applicable to additional sums payable
    under this Section 6), Debentureholder receives an amount equal to the sum it would have received had no such deduction or withholding
    been made, (ii) Debtor or Guarantor, as applicable, shall make such deduction or withholding, and (iii) Debtor or Guarantor, as applicable,
    shall pay to the relevant Governmental Authority in accordance with Applicable Law the full amount deducted or withheld. 
	 	 	 
	 	(b)	Without
    limiting the provisions of Section 6(a), each Obligor shall timely pay any Other Taxes to the relevant Governmental Authority in
    accordance with Applicable Law.
	 	 	 
	 	(c)	The
    Obligors shall (within three Business Days of demand by Debentureholder) pay to Debentureholder an amount equal to the loss, liability
    or cost which Debentureholder determines will be or has been (directly or indirectly) suffered for or on account of Indemnified Taxes
    (including Other Taxes) by Debentureholder in respect of any Credit Document together with any penalties, interest and reasonable
    expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally
    imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such loss, liability or costdelivered
    to an Obligor by Debentureholder shall be conclusive absent manifest error. If Debentureholder subsequently recovers all or part
    of the payment made under this Section paid by an Obligor, it shall promptly repay an equal amount to such Obligor.

 

    	 

    	- 4 -

    

 

	 	(d)	As
    soon as practicable after any payment of Indemnified Taxes or Other Taxes by an Obligor to a Governmental Authority, such Obligor
    shall deliver to Debentureholder the original or a certified copy of a receipt issued by such Governmental Authority evidencing such
    payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to Debentureholder.
	 	 	 
	 	(e)	This
    Section 6 shall survive termination of this Debenture.

 

	7.	INTEREST
                                            CALCULATIONS

 

	 	(a)	Except
    as otherwise specifically provided herein, where in this Debenture a rate of interest is calculated on the basis of a year (the “deemed
    year”) which contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest
    shall be expressed as a yearly rate for purposes of the Interest Act (Canada) by multiplying such rate of interest by the
    actual number of days in the calendar year of calculation, whether 365 or 366, as the case may be, and dividing it by the number
    of days in the deemed year.
	 	 	 
	 	(b)	Notwithstanding
    anything in this Debenture to the contrary, in the event that any provision of this Debenture would oblige any Obligor to make any
    payment of interest or other amount payable to Debentureholder hereunder in an amount or calculated at a rate which would be prohibited
    by law or would result in a receipt by Debentureholder of interest at a criminal or prohibited rate (as such terms are construed
    under the Criminal Code (Canada) or any other Applicable Law), notwithstanding such provision, such amount or rate shall be
    deemed to have been adjusted nunc pro tunc to the maximum amount or rate of interest, as the case may be, as would not be
    so prohibited by law or so result in a receipt by Debentureholder of interest at a criminal or prohibited rate, such adjustment to
    be effected, to the extent necessary, firstly, by reducing the amount or rate of interest pursuant to Section 2(c) of this Debenture;
    and thereafter, by reducing any fees, commissions, premiums and other amounts which would constitute interest for the purposes of
    Section 347 of the Criminal Code (Canada), as may be amended from time to time, or any other Applicable Law. Any amount or
    rate of interest referred to in this Debenture shall be determined in accordance with generally accepted actuarial practices and
    principles over the term hereof and, in the event of a dispute, a certificate of a fellow of the Canadian Institute of Actuaries
    appointed by Debentureholder shall be conclusive for the purposes of such determination.
	 	 	 
	 	(c)	In
    determining whether or not the interest paid or payable under this Debenture exceeds the maximum amount permitted by Section 7(b),
    each Obligor, Guarantor and Debentureholder shall, to the maximum extent permitted under the Criminal Code (Canada) or any
    other Applicable Law, characterize any non-principal payments as an expense, fee or premium or other payment rather than as interest,
    as may be necessary to reduce the amount otherwise characterized as interest pursuant to such Applicable Law, exclude voluntary prepayments
    and the effects thereof and amortize, prorate, allocate and spread the total amount of interest rateably over the longer of the contemplated
    term or the actual duration that any Obligations remain outstanding.

 

    	 

    	- 5 -

    

 

	8.	GUARANTEE

 

	 	(a)	Guarantor
    hereby unconditionally and irrevocably guarantees to Debentureholder the due and punctual payment and performance of the Obligations
    and agrees on written demand of Debentureholder, following the occurrence of an Event of Default, to perform or discharge the Obligations
    which have not been fully performed or discharged at the times and in the manner provided for in this Debenture (the “Guarantee”).
    
	 	 	 
	 	(b)	Without
    prejudice to the rights of Debentureholder against Debtor, Guarantor unconditionally and irrevocably agrees that, as between Debentureholder
    and itself, it will be liable as principal debtor in respect of the performance of the Obligations and not merely as surety and,
    accordingly, Guarantor shall be fully liable forthwith on demand by Debentureholder, following the occurrence and during the continuance
    of an Event of Default, to perform or discharge the Obligations irrespective of the validity, effectiveness or enforceability of
    the Obligations against Debtor or any other fact or circumstances which would or might otherwise constitute a legal or equitable
    discharge of or defence to a guarantor or surety.
	 	 	 
	 	(c)	As
    a separate and independent obligation, if any of the Obligations are not duly and punctually paid by Debtor and performed by Guarantors
    under Section 8(a) for any reason whatsoever Guarantor unconditionally and irrevocably agrees to indemnify and save Debentureholder
    harmless from and against any Losses which Debentureholder may suffer or incur from the failure of Debtor to duly perform such Obligations.
    
	 	 	 
	 	(d)	The
    Guarantee of the Obligations is a continuing guarantee and shall remain in effect until all of the Obligations existing or arising
    or which may arise under or by virtue of the Obligations shall have been paid, performed or discharged in full.
	 	 	 
	 	(e)	Guarantor
    waives any rights it may have as surety under any Applicable Law which may at any time be inconsistent with any of the provisions
    hereof or which it may have of first requiring Debentureholder to proceed against or claim performance or payment from Debtor or
    any other Person.
	 	 	 
	 	(f)	Debentureholder
    without notice to Guarantor and without discharging, prejudicing or affecting the obligations of Guarantor hereunder, may (i) grant
    time, indulgences, concessions, releases and discharges or any financial accommodation to Debtor; (ii) take, hold, fail to take or
    hold, vary, deal with, realize, enforce, release or determine not to enforce, perfect or release any other guarantee, indemnity or
    security for all or any of the Obligations; or (iii) effect compositions from, and otherwise deal with, Debtor and all other Persons
    as Debentureholder may see fit and generally may otherwise do or omit to do any act or thing which, but for this provision, might
    operate to discharge, prejudice or affect the obligations of Guarantor hereunder.

 

    	 

    	- 6 -

    

 

	 	(g)	Guarantor
    agrees that the liability of Guarantor under this Guarantee is absolute and unconditional irrespective of:

 

	 	(i)	the
    lack of validity or enforceability of any terms of any of the Credit Documents;
	 	 	 
	 	(ii)	any
    contest by Debtor or any other Person as to the amount of the Obligations, the validity or enforceability of any terms of the Credit
    Documents or the perfection or priority of any Security;
	 	 	 
	 	(iii)	any
    defence, counter claim or right of set-off available to Debtor;
	 	 	 
	 	(iv)	any
    release, compounding or other variance of the liability of Debtor or any other Person liable in any manner under or in respect of
    the Obligations or the extinguishment of all or any part of the Obligations by operation of law;
	 	 	 
	 	(v)	any
    change in the time or times for, or place or manner or terms of payment or performance of the Obligations or any consent, waiver,
    renewal, alteration, extension, compromise, arrangement, concession, release, discharge or other indulgences which Debentureholder
    may grant to Debtor or any other Person; 
	 	 	 
	 	(vi)	any
    amendment or supplement to, or alteration or renewal of, or restatement, replacement, refinancing or modification or variation of
    (including any increase in the amounts available thereunder or the inclusion of an additional borrower thereunder), or other action
    or inaction under, the Credit Documents or any other related document or instrument, or the Obligations;
	 	 	 
	 	(vii)	any
    discontinuance, termination or other variation of any terms or conditions of any transaction with, Debtor or any other Person;
	 	 	 
	 	(viii)	any
    change in the ownership, control, name, objects, businesses, assets, capital structure or constitution of Debtor, Guarantor or any
    reorganization (whether by way of reconstruction, consolidation, amalgamation, merger, transfer, sale, lease or otherwise) of Debtor,
    Guarantor or their respective businesses;
	 	 	 
	 	(ix)	any
    dealings with the security which Debentureholder holds or may hold pursuant to the terms and conditions of the Credit Documents,
    including the taking, giving up or exchange of securities, their variation or realization, the accepting of compositions and the
    granting of releases and discharges;
	 	 	 
	 	(x)	any
    limitation of status or power, disability, incapacity or other circumstance relating to Debtor, Guarantor, or any other Person, including
    any Insolvency Event involving or affecting Debtor, Guarantor, or any other Person or any action taken with respect to this Guarantee
    by any trustee or receiver, or by any court, in any such proceeding, whether or not Guarantor shall have notice or knowledge of any
    of the foregoing;
	 	 	 
	 	(xi)	any
    impossibility, impracticability, frustration of purpose, force majeure or illegality of any Credit Document, or the occurrence of
    any change in the laws, rules, regulations or ordinances of any jurisdiction or by any present or future action of (A) any Governmental
    Authority that amends, varies, reduces or otherwise affects, or purports to amend, vary, reduce or otherwise affect, any of the Obligations
    or the obligations of Guarantor under this Guarantee, or (B) any court order that amends, varies, reduces or otherwise affects any
    of the Obligations;

 

    	 

    	- 7 -

    

 

	 	(xii)	any
    taking or failure to take security, any loss of, or loss of value of, any security, or any invalidity, non-perfection or unenforceability
    of any security held by Debentureholder, or any exercise or enforcement of, or failure to exercise or enforce, security, or irregularity
    or defect in the manner or procedure by which Debentureholder realizes on such security; 
	 	 	 
	 	(xiii)	any
    application of any sums received to the Obligations, or any part thereof, and any change in such application; and
	 	 	 
	 	(xiv)	any
    other circumstances which might otherwise constitute a defence available to, or a discharge of, Guarantor, Debtor or any other Person
    in respect of the Obligations or this Guarantee.

 

	 	(h)	Subject
    only to Sections 8(a) and (b) requiring demand, Guarantor hereby waives notice of the acceptance of this Guarantee and of presentment,
    demand and protest and notices of non-payment and dishonour and any other demands and notices required by any Applicable Law.
	 	 	 
	 	(i)	From
    the date or dates upon which any demand is made against Guarantor under this Section 8 until the Obligations have been performed
    and discharged in full, Guarantor shall not (i) claim any set-off or counterclaim against Debtor; (ii) make or enforce any claim
    or right (including a right of subrogation or contribution) against Debtor to prove in competition with Debentureholder in the event
    of an Insolvency Event of Debtor or in respect of any outstanding liability of Debtor hereunder; or (iii) in competition with Debentureholder
    claim the benefit of any security or guarantee now or hereafter held by Debentureholder for any money or liabilities due or incurred
    by Debtor to Debentureholder or any share therein.
	 	 	 
	 	(j)	Debentureholder
    shall not be obligated before taking any steps to enforce this Guarantee (i) to take any steps or proceedings or other action whatsoever
    or obtain any judgment against Debtor or any other Person in any court or tribunal, (ii) to make or file any claim in an Insolvency
    Event in respect of Debtor or any other Person, (iii) to exercise any diligence against Debtor, or (iv) resort to any other means
    of payment.
	 	 	 
	 	(k)	Nothing
    herein contained shall restrict or adversely affect or be construed to restrict or adversely affect any right which Debentureholder
    may have to set-off any Obligations owed by Guarantor under this Guarantee to Debentureholder against any obligations owed by Debentureholder
    to Guarantor, regardless of the place of payment or currency of such Obligations.

 

	9.	SECURITY

 

	9.1	Securities
                                            Pledge Agreement

 

As
general and continuing collateral security for the due payment of the Principal Amount, interest and all other monies payable hereunder
and all other PF Obligations, Guarantor shall execute and deliver on or before the Funding Date the Securities Pledge Agreement and all
such other documents and instruments and security registrations as counsel to Debentureholder may reasonably request to grant and perfect
the pledge and security interests in and to the Collateral subject to the Securities Pledge Agreement.

 

    	 

    	- 8 -

    

 

	9.2	Full
                                            Security Package

 

As
soon as reasonably practicable and in any event no later than the date that is 30 days following the Funding Date (or such later date
as Debentureholder may agree in its sole discretion), each Obligor shall (i) grant to Debentureholder, as security for the due and punctual
payment and performance of all of the PF Obligations, a continuing and first-ranking security interest and charge over all of their property
and assets (subject only to Permitted Liens) pursuant to Security in form and substance satisfactory to Debentureholder’s counsel,
acting reasonably; and (ii) cause to be delivered to Debentureholder, an Idaho, Nevada and Ontario legal opinion (and any other relevant
legal jurisdiction), in form and substance satisfactory to Debentureholder, acting reasonably, of the Obligors’ legal counsel addressed
to Debentureholder relating to (A) the legal status of the Obligors, (B) the corporate power and authority of each Obligor to execute,
deliver and perform the Security to which it a party, (C) the authorization, execution and delivery of the Security, (D) enforceability
of the Security and the validity of the security interests, mortgages and charges created thereunder, (E) the due registration or filing
of the Security and, where applicable, the perfection of the security interest and/or opposability against third parties of the charge
under the Security, and (F) registration fees and any documentary or stamp tax.

 

	10.	REPAYMENT

 

	10.1	Debtor’s
                                            Privileges

 

	 	(a)	On
    each Quarter End, Debtor shall have the option to pay the accrued and unpaid interest due on such Quarter End, or any portion thereof,
    through the issuance of common shares in the capital of Guarantor (the “Common Shares”) at the Debtor Interest
    Conversion Price. If Debtor intends to exercise its conversion rights hereunder at any time it shall give Debentureholder not less
    than five (5) Business Days prior notice of such intention.
	 	 	 
	 	(b)	Debtor
    shall also have the option, in connection with any prepayment of the Principal Amount under Section 4 or any conversion of the Principal
    Amount by Debentureholder in accordance with Section 10.3, to pay any part of the interest accrued as of the date of prepayment or
    conversion, through the issuance of Common Shares at the Debtor Interest Conversion Price. If Debtor intends to exercise its conversion
    rights hereunder at any time it shall give Debentureholder prompt (and in any event, at least five (5) Business Days prior to the
    date upon which such accrued but unpaid interest would otherwise be due and payable hereunder) written notice of such intention.
	 	 	 
	 	(c)	With
    respect to any Common Shares which may be issued upon Debtor’s option, as required from time to time under the Applicable Securities
    Legislation which governs Guarantor or any hold period imposed by a regulatory authority, Debentureholder agrees to be bound by any
    applicable hold period. The certificates evidencing the Common Shares shall contain the following legend:

 

 

“UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY BEFORE [INSERT THE DAY THAT IS FOUR
MONTHS AND A DAY AFTER THE DISTRIBUTION DATE OF THE COMMON SHARES].”

 

[THE
ISSUANCE OF THE SECURITIES REPRESENTED BY THIS ENTRY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE SECURITIES LAWS AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED
OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES
LAWS OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE SECURITIES
LAWS, IN WHICH CASE THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE COMPANY AN OPINION OF COUNSEL, WHICH COUNSEL AND OPINION
ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED IN
THE MANNER CONTEMPLATED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE
SECURITIES LAWS.]

 

    	 

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	10.2	Manner
                                            of Debtor’s Exercise of Right to Pay Interest with Common Shares

 

	 	(a)	If
    Debtor wishes to pay the accrued and unpaid interest under this Debenture, in whole or in part, through the issuance of Common Shares
    pursuant to Section 10.1, it shall deliver to Debentureholder, at least five (5) Business Days prior to the Debtor Interest Conversion
    Date, the Debtor Interest Conversion Form set forth in Exhibit “B” hereto (the “Debtor Interest Conversion
    Form”), duly executed by the Obligors, irrevocably exercising the Debtor’s right to pay the accrued and unpaid interest
    set out in the Debtor Interest Conversion Form through the issuance of Common Shares and specifying the applicable Debtor Interest
    Conversion Date (being a Quarter End or, in the case of Section 10.1(b), such other date upon which accrued but unpaid interest otherwise
    becomes due and payable hereunder) upon which such right will be exercised in accordance with the provisions hereof. Upon delivery
    of the Debtor Interest Conversion Form, Debentureholder or its nominee or assignee shall be entitled to be entered in the books of
    Guarantor as at the Debtor Interest Conversion Date as the holder of the number of Common Shares received in lieu of the cash payment
    of the accrued and unpaid interest, or portion thereof, in accordance with the provisions hereof and, as soon as practicable thereafter
    and in any event within three (3) Business Days, Debtor shall deliver or cause to be delivered to Debentureholder or, subject as
    aforesaid, its nominee, participant or assignee, a certificate for such Common Shares.
	 	 	 
	 	(b)	For
    the purposes hereof, the “Debtor Interest Conversion Date” shall be the date specified in the Debtor Interest
    Conversion Form delivered by Debtor to Debentureholder in accordance with Section 10.2 as the effective date upon which Debtor intends
    to exercise its conversion privilege in accordance with Section 10.1(a) or (b).
	 	 	 
	 	(c)	Debentureholder
    shall keep records of payments and conversions and such records shall be prima facia evidence of such payments and conversions.
	 	 	 
	 	(d)	Common
    Shares issued in lieu of cash payments of interest owing under this Debenture in accordance with the terms hereof shall be entitled
    to all rights and privileges accorded to holders of record of Common Shares on and after the Debtor Interest Conversion Date, from
    which date they will for all purposes be and be deemed to be issued and outstanding as fully paid and non-assessable Common Shares.

 

    	 

    	- 10 -

    

 

	 	(e)	If
    Debtor elects to pay the accrued and unpaid interest under this Debenture, in whole or in part, through the issuance of Common Shares
    pursuant to Section 10.1, Guarantor shall take all such actions and issue, execute and deliver, as applicable, all such certificates,
    documents and instruments as shall be required to validly issue as fully paid and non-assessable such Common Shares in accordance
    with the terms hereof and entitle Debentureholder (or its nominee or assignee) to all rights and privileges accorded to holders of
    record of Common Shares on and after the Debtor Interest Conversion Date.

 

	10.3	Debentureholder’s
                                            Royalty Privilege

 

Debentureholder
may, at its option from the date hereof until the earlier of the Stream Advance Date and the Maturity Date, elect to receive the Royalty
in lieu of cash payment of all the outstanding Principal Amount by crediting the Principal Amount outstanding hereunder against the purchase
price owing by Debentureholder under the Royalty. If Debentureholder does not elect to receive the Royalty in lien of cash payment of
the outstanding Principal Amount by the earlier of such dates (in such case, such date is hereinafter referred to as the “Debenture
Repayment Date”), Debtor shall repay the outstanding Principal Amount, and all accrued and unpaid interest and any other amounts
owing hereunder, in cash (subject to Debtor’s right to pay accrued and unpaid interest by issuing Common Shares in accordance with
Section 10.1), on the Debenture Repayment Date. For greater certainty, no Prepayment Interest Premium will be owing in the event of any
such election by Debentureholder to receive the Royalty in lieu of cash payment of the Principal Amount or any such repayment in cash
of the Principal Amount on the Debenture Repayment Date.

 

	10.4	Manner
                                            of Debentureholder’s Exercise of Right to Accept Royalty in lieu of Principal

 

	 	(a)	If
    Debentureholder wishes to exercise the optional conversion privilege contained in Section 10.3 of this Debenture, it shall deliver
    to Debtor at least ten (10) Business Days prior to the Debentureholder Royalty Conversion Date the duly completed written notice
    substantially in the form of Exhibit “C” attached hereto (the “Debentureholder Royalty Conversion Form”),
    duly executed by Debentureholder, exercising its right to convert the outstanding Principal Amount under this Debenture into the
    Royalty by crediting the Principal Amount owing hereunder against the purchase price of the Royalty on the Debentureholder Royalty
    Conversion Date and otherwise in accordance with the provisions hereof. No partial conversion is permitted. 
	 	 	 
	 	(b)	The
    obligation of Debentureholder to convert the outstanding Principal Amount under this Debenture into the Royalty on the Debentureholder
    Royalty Conversion Date is subject to the satisfaction of the following conditions precedent, which conditions precedent are for
    the sole and exclusive benefit of Debentureholder and may be waived in writing by Debentureholder (in its sole discretion):

 

	 	(i)	Debtor
    will pay all accrued and unpaid interest in cash or in Common Shares (in accordance with Section 10.1 and pursuant to a Debtor Interest
    Conversion Form in respect of such accrued and unpaid interest delivered to Debentureholder at least five (5) Business Days prior
    to the Debentureholder Royalty Conversion Date);
	 	 	 
	 	(ii)	each
    Obligor will execute and deliver the Royalty dated the Debentureholder Royalty Conversion Date;

 

    	 

    	- 11 -

    

 

	 	(iii)	each
    Obligor will deliver to Debentureholder, a certificate of a senior officer of each Obligor dated as of the Debentureholder Royalty
    Conversion Date and addressed to Debentureholder, as to (A) its constating documents; (B) the resolutions of its board of directors
    (or equivalent) authorizing the execution, delivery and performance of the Royalty and the transactions contemplated thereby; (C)
    the names, positions and true signatures of the persons authorized to sign the Royalty on its behalf; (D) the accuracy of each representation
    and warranty of such Obligor contained in Schedule D to the Royalty, and (E) no action or proceeding, at law or in equity, is pending
    or, to the knowledge of such Obligor, threatened by any Person or Governmental Authority to restrain, enjoin or prohibit the consummation
    of the transactions contemplated by the Royalty; and
	 	 	 
	 	(iv)	each
    Obligor will cause to be delivered in form and substance satisfactory to Debentureholder’s counsel, acting reasonably; an Idaho
    and Nevada legal opinion (and any other relevant legal jurisdiction), addressed to Debentureholder relating to (A) the legal status
    of the Obligors, (B) the corporate power and authority of Obligors to execute, deliver and perform the Royalty, (C) the authorization,
    execution and delivery of the Royalty, (D) enforceability of the Royalty, (E) the due registration or filing of the Royalty, and
    (F) registration fees and any documentary or stamp tax; and

 

	 	(c)	Upon
    satisfaction (or waiver by Debentureholder) of the conditions precedent in Section 10.4(b), Debentureholder will execute any receipt
    or release in respect of the Obligations (other than any contingent obligations which are stated to survive termination of the Debenture)
    reasonably requested by the Obligors in connection the payment of the Principal Amount and all accrued interest thereon.
	 	 	 
	 	(d)	For
    the purposes hereof, the “Debentureholder Royalty Conversion Date” shall be deemed to be the date specified in
    the Debentureholder Royalty Conversion Form delivered by Debentureholder to Debtor in accordance with Section 10.4.
	 	 	 
	 	(e)	Debentureholder
    shall keep records of payments and conversions and such records shall be prima facia evidence of such payments and conversions.

 

	10.5	No
                                            Requirement to Issue Fractional Shares

 

Guarantor
shall not issue fractional Common Shares upon the exercise of Debtor’s interest conversion right. If any fractional interest in
a Common Share would, except for the provisions of this Section 10.5, be deliverable upon conversion of accrued but unpaid interest into
Common Shares, any such fractional interest shall be rounded down to the nearest whole number of Common Shares.

 

	11.	REPRESENTATIONS
                                            AND WARRANTIES

 

	11.1	Exhibit
                                            F. Each Obligor hereby represents and warrants to Debentureholder as of the date of this
                                            Debenture and as of the Funding Date (unless otherwise specified in Exhibit F) and
                                            so long as any Obligations remain outstanding, as set out in Exhibit F and acknowledges
                                            that Debentureholder is relying upon such representations and warranties in entering into
                                            the transactions that give rise to the Principal Amount, which representations and warranties
                                            shall survive the execution and delivery of this Debenture.

 

    	 

    	- 12 -

    

 

	11.2	Knowledge.
                                            Where any representation or warranty contained in Schedule F is expressly qualified by
                                            reference to the “knowledge” of Obligors, it shall be deemed to refer to the
                                            actual knowledge of Richard Williams, as Executive Chairman of Guarantor, Sam Ash, as Chief
                                            Executive Officer of Guarantor and President of Debtor, David Wiens, as Chief Financial Officer
                                            of Guarantor, and Bradley Barnett, as Vice President of Sustainability of Guarantor and Secretary
                                            of Debtor, and all information which ought to have been known by each of them after conducting
                                            a reasonable inquiry into the matters in question, whether or not any such inquiry was actually
                                            made.

 

	11.3	Accredited
                                            Investor. Debentureholder hereby represents and warrants to the Obligors that Debentureholder
                                            is an accredited investor, within the meaning of National Instrument 45-106 – Prospectus
                                            Exemptions.

 

	12.	COVENANTS

 

Each
Obligor covenants and agrees with Debentureholder that, unless compliance has been waived in writing by Debentureholder and so long as
any Obligations remain outstanding:

 

	 	(a)	Punctual
    Payment of Obligations. Each Obligor shall make payment of, and perform, all of its Obligations when due.
	 	 	 
	 	(b)	Reserve
    Common Shares. Guarantor covenants to reserve and keep available, at all times, such number of Common Shares as may be reasonably
    required to satisfy its conversion rights under this Debenture, in whole or in part, into Common Shares pursuant to Section 10.
	 	 	 
	 	(c)	No
    Material Change in Conducting of Business. Each Obligor shall, and it shall cause each of its Subsidiaries to, carry out and
    perform all operations and activities in a commercially prudent manner and in accordance with all Applicable Laws, all applicable
    Authorizations and Other Rights and Good Practice Standards.
	 	 	 
	 	(d)	Compliance
    with Laws and Contracts. Each Obligor will, and shall cause each of its Subsidiaries to, obtain and maintain in force (or where
    appropriate, promptly renew) all Authorizations reasonably necessary for carrying out its business and operations generally, including
    those Authorizations required under each Transaction Document, and at all times comply with all Applicable Laws and regulations relating
    to it and its business other than (except in the case of Anti-Bribery Laws and Money Laundering Laws) where such noncompliance would
    not reasonably be expected to have a Material Adverse Effect.
	 	 	 
	 	(e)	Maintenance
    of Accounting Methods and Financial Records. Each Obligor will, and shall cause each of its Subsidiaries to, maintain a system
    of accounting which is established and administered in accordance with US GAAP consistently applied, keep adequate records and books
    of account in which accurate and complete entries shall be made in accordance with such accounting principles reflecting all transactions
    required to be reflected by such accounting principles, keep accurate and complete records of any property owned by it.
	 	 	 
	 	(f)	Books;
    Records; Inspections. Each Obligor will keep, and shall cause each of its Subsidiaries to keep, true, complete and accurate Books
    and Records of all of its operations and activities in a manner consistent with customary and prudent commercial practice. Subject
    to the confidentiality provisions of this Debenture, each Obligor shall, and shall cause each of its Subsidiaries to, on written
    request by Debentureholder, provide copies to Debentureholder, and permit Debentureholder and its authorized representatives to perform
    audits or other reviews and examinations from time to time and at Debentureholder’s sole expense, of Guarantor’s and
    each Subsidiaries (including Debtor), Books and Records that are available to the shareholders of Guarantor.

 

    	 

    	- 13 -

    

 

	 	(g)	Maintenance
    of Legal Existence. Each Obligor shall, and shall cause each of its Subsidiaries to, preserve and maintain its corporate existence
    in good standing.
	 	 	 
	 	(h)	Notice
    to Debentureholder of an Event of Default. Upon either Obligor becoming aware of the occurrence of either an Event of Default
    or Pending Event of Default, Debtor shall promptly deliver to Debentureholder a notice specifying the nature and date of occurrence
    of such Event of Default or Pending Event of Default, the Obligors’ assessment of the duration and effect thereof and the action
    which the Obligors propose to take with respect thereto.
	 	 	 
	 	(i)	Payment
    of Taxes/Claims. Each Obligor will timely file all Tax returns as and when required pursuant to Applicable Law and pay and discharge
    or cause to be paid and discharged, promptly when due, all Taxes imposed upon them or in respect of the Project or any of the Project
    Assets or upon the income or profits therefrom as well as all claims of any kind (including claims for labour, materials, supplies
    and rent) which, if unpaid, might become a Lien upon any of its property or assets (other than Taxes the amount, applicability or
    validity of which are being contested in good faith by appropriate proceedings diligently conducted), withhold and collect all Taxes
    required to be withheld and collected by them and remit such Taxes to the appropriate Governmental Authority at the time and in the
    manner required by Applicable Law, and pay and discharge immediately upon knowledge by an Obligor of the existence of any Lien unless
    such Lien is a Permitted Lien.
	 	 	 
	 	(j)	No
    Amalgamation, Merger, Wind-Up, Change in Control, Etc. Neither Obligor shall consolidate, amalgamate with, or merge with or into,
    or transfer all or substantially all its assets to, or reorganize, reincorporate or reconstitute into or as another entity without
    the prior written consent of Debentureholder.
	 	 	 
	 	(k)	Maintain
    Listing. Each Obligor shall take all steps necessary to ensure that the Common Shares and any Common Shares issued to Debentureholder
    pursuant to this Debenture, are listed and posted for trading on any stock exchange which Guarantor’s Common Shares are posted
    and listed for trading on (subject, in the case of any Common Shares issued to Debentureholder pursuant to the terms hereof, to any
    applicable hold periods, not to exceed four months plus one day), and will use commercially reasonable efforts to maintain such listing
    and posting for trading of such Common Shares on the Stock Exchange, and will use commercially reasonable efforts to maintain Guarantor’s
    status as a “reporting issuer” not in default of the requirements of the Applicable Securities Legislation.
	 	 	 
	 	(l)	Reporting.
    The Obligors shall deliver the following to Debentureholder:

 

	 	(i)	monthly,
    quarterly and annual customary operational, exploration and financial reports, to be provided within ten (10) Business Days of completion,
    provided that monthly reports are only to be provided if, as and when prepared by or on behalf of either Obligor;

 

    	 

    	- 14 -

    

 

	 	(ii)	promptly
    upon preparation thereof, reasonably detailed environmental reports, reports on safety and community matters, operational budgets,
    annual production forecast, and life of mine operating plans (and notice of any material change to the life of mine operating plan
    promptly following such change);
	 	 	 
	 	(iii)	annual
    reserve and resource reports prepared in accordance with NI 43-101;
	 	 	 
	 	(iv)	annual
    reports detailing reconciliation of resource model, mine grade control and process facilities;
	 	 	 
	 	(v)	any
    other material engineering or economic studies (as and when prepared);
	 	 	 
	 	(vi)	on
    an annual basis, list of the Mining Rights underlying the Property or any changes from the prior year’s list;
	 	 	 
	 	(vii)	copies
    of all material contracts, studies or reports relating to the Property, the Mine or the Products that may be reasonably requested
    by Debentureholder and promptly following the receipt thereof copies of any notice of default, termination or enforcement action
    under any such contract or occurrence of any other material event in respect of the Property or Mine;
	 	 	 
	 	(viii)	notice
    of any other material event concerning the Project, the Property, either Obligor including any force majeure, labour or civil disruption,
    actual or threatened legal action, actual or threatened withdrawal of any permit or third party approval, any material human rights,
    community, health and safety, other social, animal welfare, conservation, other environmental, or corporate governance controversies
    or initiatives or any change in law materially impacting the Property; 
	 	 	 
	 	(ix)	within
    90 days of the end of each fiscal year and to the extent prepared by management, Debtor shall deliver to Debentureholder its unaudited,
    unconsolidated financial statements and to the extent prepared and delivered to any third party, its audited unconsolidated financial
    statements; and
	 	 	 
	 	(x)	such
    other operational, exploration and financial information concerning the Obligors or the Project as Debentureholder shall reasonably
    request from time to time.

 

	 	(m)	Further
    Assurances. Each Obligor will, and will cause any Subsidiary to, execute and deliver to Debentureholder all such documents, instruments
    and agreements and do all such other acts and things as may be reasonably required, in the opinion of Debentureholder, to carry out
    the purpose of the Transaction Documents or any other document to which it is a party or to enable Debentureholder to exercise and
    enforce its rights under hereunder or thereunder.
	 	 	 
	 	(n)	Cash
    Balance. Each Obligor shall maintain at all times a positive cash balance.
	 	 	 
	 	(o)	Working
    Capital. Each Obligor shall maintain positive working capital as at each quarterly and annual filing date, as determined from
    Guarantor’s most recent annual and quarterly financial statements that are filed and available on SEDAR and/or EDGAR, where
    working capital is the current assets less the current liabilities (both as defined by US GAAP) of Guarantor on a consolidated basis.

 

    	 

    	- 15 -

    

 

	 	(p)	Indebtedness.
    The Obligors shall not create, incur, assume or permit to exist any Funded Debt other than Permitted Indebtedness.
	 	 	 
	 	(q)	No
    Liens. The Obligors shall not create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter
    acquired by the Obligors or any one of them except Permitted Liens.
	 	 	 
	 	(r)	No
    Dispositions. The Obligors shall not Dispose of (whether in one or a series of transactions) any of the Property or any Project
    Assets, or enter into any agreement to do any of the foregoing, except for (i) the sale of inventory in the ordinary course of business,
    or (ii) the sale of equipment that is obsolete, surplus, worn out or no longer useful for the purposes of constructing and developing
    the Project. Without limiting the generality of the foregoing, Guarantor shall not Dispose of any of the Equity Securities in the
    capital of Debtor.
	 	 	 
	 	(s)	No
    Investments. No Obligor shall make (a) any direct or indirect investment in or purchase or other acquisition of Equity Securities
    of any other Person, (b) any loan or advance to, purchase of debt securities of, or arrangement for the purpose of providing credit
    to (excluding extensions of trade credit in the ordinary course of business in accordance with customary commercial terms) any other
    Person, or (c) any capital contribution to (whether by means of a transfer of cash or other property or any payment for property
    or services for the account or use of) any other Person; except:

 

	 	(i)	investments
    (including by subscription in Equity Securities of), loans, advances or capital contributions made by Guarantor in or to Debtor;
	 	 	 
	 	(ii)	investments,
    advances or capital contributions in connection with a joint venture between Guarantor and MineWater Finance LLC relating to the
    London mining district in Colorado, as publicly disclosed by Guarantor on October 4, 2021, provided that, and only to the extent
    that, such investments, advances or capital contributions are set out in Guarantor’s board-approved Project Financial Plan
    (as defined in the Exclusivity Agreement) that has been approved by Debentureholder; or
	 	 	 
	 	(iii)	with
    the prior written consent of Debentureholder.

 

	 	(t)	No
    Acquisitions. No Obligor shall purchase or otherwise acquire regardless of how accomplished or effected, (a) any other Person
    (including any purchase or acquisition of such number of the issued and outstanding securities of, or such portion of equity interest
    in, such other Person so that such other Person becomes a Subsidiary of the purchaser or of any of its Affiliates) or of all or substantially
    all of the property of any other Person, or (b) any division, business, operation or undertaking of any other Person or of all or
    substantially all of the property of any division, business, operation or undertaking of any other Person; except for the acquisition
    of the Property from Placer Mining Inc. or with the prior written consent of Debentureholder.

 

    	 

    	- 16 -

    

 

	 	(u)	No
    Distributions. No Obligor shall (i) retire, redeem, retract, purchase or otherwise acquire any Equity Securities of such Obligor;
    (ii) declare or pay any dividend, return of capital or other distribution (in cash, securities or other property, or otherwise) of,
    on or in respect of, any Equity Securities of such Obligor; (iii) make any payment or distribution (in cash, securities or other
    property, or otherwise) on or in respect of, its Equity Securities; (iv) pay, redeem, repurchase or otherwise acquire any Funded
    Debt, including any payment on account of principal, interest, bonus, premium, make-whole or otherwise; or (v) pay any management,
    consulting or similar fee or any bonus payment or comparable payment, or by way of gift or gratuity, to any Related Party of such
    Person or to any director or officer thereof, excluding, for greater certainty, (i) employment compensation in the ordinary course
    of business, and (ii) principal, interest and other amounts that may become payable under this Debenture or the Convertible Debentures.
	 	 	 
	 	(v)	EPA
    Settlement. Each Obligor shall provide all such bonds, letters of credit and other assurances, indemnifications, instruments
    and documents as may be required to complete the Obligors’ financial assurance obligations under the EPA Settlement Agreement
    and shall take all such actions and steps and do all such things as may be required to cause the release of the Liens in favour of
    the EPA as soon as reasonably practicable and in any event on or before 180 days after the First Amendment Effective Date. Each Obligor
    shall comply in all respects with its obligations under the EPA Settlement Agreement and in all material respects with all other
    agreements, Authorizations and Other Rights necessary for the construction, development and operation of the Project as contemplated
    by the current development or mine plan.

 

If
an Obligor fails to perform any covenant or any other provision of any of the Credit Documents, Debentureholder may, in its discretion,
perform any such covenant capable of being performed by it, and if any such covenant requires the payment of money Debentureholder may,
in its discretion, make any such payments. All sums so expended by Debentureholder shall be payable on demand and, until paid, shall
be added to, and be deemed to be included in the Obligations and shall bear interest at the same rate applicable to principal.

 

	13.	DEFAULT

 

	 	(a)	The
    occurrence of any one or more of the following events shall constitute an “Event of Default” under this Debenture:

 

	 	(i)	Payment.
    If Debtor fails to pay any Principal Amount when due hereunder or fails to pay interest or any other amount when due hereunder and,
    in the case of interest or such other amount, such failure remains outstanding and unremedied for two (2) Business Days;
	 	 	 
	 	(ii)	Representations
    and Warranties. If any representation or warranty made in any of the Credit Documents by either Obligor, or if any certificate
    or opinion furnished to Debentureholder pursuant to the provisions hereof proves to have been materially incorrect, incomplete or
    misleading as of the time made or repeated or deemed to be made or repeated, and such inaccuracy is not remedied within the Cure
    Period;
	 	 	 
	 	(iii)	Failure
    to Perform. Other than as otherwise specified in Section 13 (a), if an Obligor defaults in the performance of any of its covenants
    or obligations under any of the Credit Documents and provided that such default is capable of being remedied, and such default is
    not remedied within the Cure Period;

 

    	 

    	- 17 -

    

 

	 	(iv)	Cross
    Default. Either Obligor (i) fails to make any payment when such payment is due and payable to any Person in relation to any Indebtedness
    having a principal amount in excess of $250,000 (including any Convertible Debenture), and any applicable grace period in relation
    thereto has expired, or (ii) defaults in the observance or performance of any other agreement or condition in relation to any such
    Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs or condition
    exists, the effect of which default or other condition, if not remedied within any applicable grace period, would be to cause, or
    to permit the holder of such Indebtedness to declare such Indebtedness to become due prior to its stated maturity date;
	 	 	 
	 	(v)	Material
    Permits and Condemnation. Any Governmental Authority directly or indirectly condemns, expropriates, nationalizes, seizes or appropriates
    any material portion of the Property or the Project Assets or any Required Authorization or Other Right necessary for the construction
    and operation of the Project that has been previously obtained by any Obligor is suspended, cancelled, revoked, forfeited, surrendered,
    refused renewal or terminated (whether in whole or in part) or otherwise is not, or ceases to be, in full force and effect at any
    time;
	 	 	 
	 	(vi)	Insolvency.
    If either Obligor fails to pay its debts generally as they fall due or suspends making payments on all or any class of its debts
    or announces an intention to do so or begins negotiations with one or more creditors with a view to rescheduling any of its indebtedness;
	 	 	 
	 	(vii)	Illegality.
    If it becomes unlawful for any Obligor to perform any of its obligations under any of the Transaction Documents or any of its obligations
    under any Credit Document cease to be valid, binding or enforceable or any Obligor repudiates or contests, in whole or in part, any
    obligations under the Credit Documents;
	 	 	 
	 	(viii)	Bankruptcy
    or Similar Proceedings. Upon the occurrence of an Insolvency Event affecting any Obligor or any Subsidiary of Guarantor;
	 	 	 
	 	(ix)	Material
    Adverse Effect. If an event or series of events occur which has or with the passage of time or notice or both, would have a Material
    Adverse Effect;
	 	 	 
	 	(x)	Judgment.
    If one or more final judgments or decrees for the payment of (A) in the case of any judgment or decree in respect of obligations
    or other arrangements with Debentureholder or any of its Affiliates (including funds managed by any of its Affiliates), any money,
    or (B) in any other case, money in excess of $500,000 in the aggregate for all such cases and no more than $250,000 in any one year
    period, shall have been obtained or entered against an Obligor or any of its Subsidiaries provided such judgments or decrees shall
    not have been and remain vacated, discharged or stayed pending appeal within the applicable appeal period; or
	 	 	 
	 	(xi)	Authorizations.
    If any Authorization by a Governmental Authority necessary for the performance of any obligation of an Obligor or any Subsidiary
    of Guarantor under any Credit Document ceases to be in full force and effect.

 

    	 

    	- 18 -

    

 

	 	(b)	Upon
    the occurrence of an Event of Default under Section 13(a)(viii), the Obligations shall automatically and immediately become due and
    payable and upon the occurrence and during the continuance of any other Event of Default, Debentureholder may, by notice given to
    Debtor, declare all or part of Obligations to be due and payable either on demand or to be immediately due and payable without demand,
    in each case, all without presentment, protest or further notice of any kind, all of which are hereby expressly waived by the Obligors.
    The Obligations due and payable upon a declaration or automatic acceleration pursuant to this Section 13(b) will include the Prepayment
    Interest Premium. Each Obligor acknowledges and agrees that any such prepayment prior to the Maturity Date is subject to the Prepayment
    Interest Premium and that such amount represents a reasonable estimate of fair compensation payable to Debentureholder for the losses
    suffered by early prepayment and such amount is in the nature of liquidated damages and not a penalty.
	 	 	 
	 	(c)	Upon
    any such declaration or automatic acceleration pursuant to Section 13(b), Debentureholder may, in its discretion, exercise any right
    or recourse and proceed by any action, suit, remedy or proceeding against the Obligors authorized or permitted by law for the recovery
    of the Obligations including bringing an action or instituting proceedings for damages or specific performance.
	 	 	 
	 	(d)	Upon
    the occurrence and during the continuance of an Event of Default, Debentureholder may realize upon the collateral subject to the
    Security and enforce the rights of Debentureholder thereunder.
	 	 	 
	 	(e)	The
    rights and remedies of Debentureholder hereunder are cumulative and are in addition to and not in substitution for any other rights
    or remedies available at law or in equity or otherwise. No single or partial exercise by Debentureholder of any right or remedy precludes
    or otherwise affects the exercise of any other right or remedy to which Debentureholder may be entitled.
	 	 	 
	 	(f)	No
    failure on the part of Debentureholder to exercise and no delay in exercising, and no course of dealing with respect to, any right,
    power or privilege under any Credit Document shall operate as a waiver thereof nor shall any single or partial exercise of any right,
    power or privilege under any Credit Document preclude any other or further exercise thereof or the exercise of any other right, power,
    or privilege. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. Any waiver by Debentureholder
    of the strict compliance with any term any Credit Document will not be deemed to be a waiver of any subsequent Event of Default.

 

	14.	DEFINITIONS
                                            AND INTERPRETATION

 

	 	(a)	Definitions.
    For the purposes of this Debenture and Exhibit F hereto, capitalized words and phrases shall have the meanings set forth
    in Exhibit “A”.
	 	 	 
	 	(b)	Accounting
    Principles. Where the character or amount of any asset or liability or item of revenue or expense is required to be determined,
    or any consolidation or other accounting computation is required to be made, for the purpose of the Credit Documents, such determination
    or calculation will, to the extent applicable and except as otherwise specified herein or as otherwise agreed in writing by the parties,
    be made in accordance with US GAAP.

 

    	 

    	- 19 -

    

 

	 	(c)	Terms
    Generally. Words importing the singular number include the plural and vice versa. Whenever the context may require, any pronoun
    shall include the corresponding masculine, feminine and neuter forms. All forms of “include” shall be deemed to be followed
    by the phrase “without limitation”. The word “will” shall have the same meaning and effect as “shall”.
    Unless the context requires otherwise (i) reference to any agreement or other document herein shall be construed as referring to
    such agreement or other document as from time to time amended (subject to any restrictions on such amendment set forth herein); (ii)
    reference to any Person shall be construed to include such Person’s successors and assigns; (iii) “herein”, “hereof”
    and “hereunder”, and similar words shall be construed to refer to this Debenture in its entirety and not to any particular
    provision hereof; and (iv) all references to sections, schedules and exhibits shall be construed to refer to sections of, schedules
    to and exhibits to this Debenture, and all such schedules and exhibits shall form part of this Debenture. The terms “conversion”,
    “convert”, “convertible” used in this Debenture and the Exhibits hereto shall be interpreted and deemed to
    mean (x) with respect to the conversion of interest into Common Shares, the payment of accrued and unpaid interest owing hereunder
    through the issuance of Common Shares, and (y) with respect to the conversion of the outstanding Principal Amount into the Royalty,
    the election by Holder to receive payment of the Principal Amount through the issuance to it of the Royalty by crediting the outstanding
    Principal Amount against the purchase price owing under the Royalty.
	 	 	 
	 	(d)	Security.
    It is hereby acknowledged and agreed that this Debenture has the benefit of all security delivered by the Obligors, or any one of
    them, in favour of Debentureholder or any other Sprott Entity as security for the PF Obligations.

 

	15.	NOTICE

 

Any
notice or written communication given pursuant to or in connection with this Debenture shall be in writing and shall be given by delivering
the same personally or by prepaid courier, prepaid registered mail, or email, addressed to the party to be notified at the following
address of such party or at such other address of which such party has given notice to the other party hereto:

 

	for
    an Obligor,
	 	 
	 	Bunker
    Hill Mining Corp.
	 	82
    Richmond St East
	 	Toronto,
    ON, M5C 1P1
	 	Attention:
    David Wiens, CFO & Corporate Secretary
	 	Email:
    david.wiens@bunkerhillmining.com
	 	 
	for
    Debentureholder,
	 	 
	 	Sprott
    Private Resource Streaming and Royalty (Collector), LP
	 	Royal
    Bank Plaza
	 	200
    Bay Street, Suite 2600
	 	Toronto,
    Ontario
	 	M5J
    2J1
	 	 
	 	Attention:
    [Redacted]
	 	Email:
    [Redacted]

 

    	 

    	- 20 -

    

 

Any
such notice shall be conclusively deemed to have been given and received on the day of actual receipt by the addressee or, if given by
prepaid registered or certified mail, on the fifth day following the mailing date (absent a general disruption in postal service). A
Party may change its address by notice given in accordance with this Section to the other Parties.

 

	16.	CONFIDENTIALITY

 

	 	(a)	Subject
    to Section 16(b), neither Debentureholder nor the Obligors shall, without the express written consent of the other (which consent
    shall not be unreasonably withheld), disclose any non-public information in respect of the terms of the Credit Documents or otherwise
    received under or in conjunction with the Credit Documents, and none of Debentureholder and the Obligors shall issue any press releases
    concerning the terms of any Credit Document without the consent of the other after such parties having first reviewed the terms of
    such press release. 
	 	 	 
	 	(b)	Notwithstanding
    the foregoing, Debentureholder and the Obligors may disclose non-public information in respect of the terms of the Credit Documents
    or otherwise received under or in conjunction with the Credit Documents in the following circumstances:

 

	 	(i)	to
    its limited partners, investors, auditor, legal counsel, lenders, underwriters, investment bankers and technical consultants, and
    
	 	 	 
	 	(ii)	to
    Persons with which it is considering or intends to enter into a transaction which would be permitted hereunder without the consent
    of the other party under this Debenture (such Persons referred to in this Debenture, the “Proposed Transferees”)
    for which such non-public information would reasonably be relevant (and to advisors and representatives of any such Person), 
	 	 	 
	 	 	provided
    that such disclosure is made on a need to know basis and that such Persons are advised of the confidential nature of the non-public
    information, undertake to maintain the confidentiality of it and are strictly limited in their use of the non-public information
    to those purposes necessary for such Persons to perform the services for which they were, or are proposed to be, retained or to consider
    or effect the applicable transaction, or to monitor their investments in the case of limited partners or investors, as applicable;
	 	 	 
	 	(iii)	where
    disclosure is necessary to comply with Applicable Laws, court order or regulatory request, provided that (x) such disclosure is limited
    to only that non-public information so required to be disclosed, and (y) the party required to disclose such information shall promptly
    notify the other party in writing to permit the other party, at its own expense,to have an opportunity to contest or seek to obtain
    an injunction or protective order or other remedy restricting the disclosure of such non-public information and, where applicable,
    that the party required to disclose such information has taken commercially reasonable efforts to avail itself of the full benefits
    of any laws, rules, regulations or contractual rights as to disclosure on a confidential basis to which it may be entitled;
	 	 	 
	 	(iv)	for
    the purposes of the preparation and conduct of any court proceeding commenced under Section 20;

 

    	 

    	- 21 -

    

 

	 	(v)	where
    disclosure is required under Applicable Laws in connection with any initial public offering or subsequent public offering of securities
    of any Obligor or of Debentureholder or any Affiliate thereof;
	 	 	 
	 	(vi)	with
    the express written consent of the other party, such approval not to be unreasonably withheld, conditioned or delayed; and
	 	 	 
	 	(vii)	to
    its Affiliates and those of its and its Affiliates’ directors, officers, employees, advisors and representatives who need to
    have knowledge of the non-public information and each such Person to whom the non-public information is disclosed is directed to
    comply with these terms of confidentiality (or is bound by professional obligations to maintain confidentiality).

 

	 	(c)	Each
    party shall ensure that its Affiliates who receive any non-public information pursuant to this Debenture and its and such Affiliates’
    employees, directors, officers, advisors and representatives and those Persons listed in Section 16(b)(i)) are made aware of this
    Section 16 and comply with the provisions of this Section 16. Each party shall be liable to the other party for any improper use
    or disclosure of such terms or information by such Persons.
	 	 	 
	 	(d)	For
    the purposes of this Section 16, the Obligors are one party and Debentureholder is the other party. 

 

	17.	EXPENSES

 

The
Obligors will reimburse Debentureholder within thirty (30) days of Debentureholder providing a written invoice and supporting documentation
in respect thereof, all of Debentureholder’s reasonable out-of-pocket costs and expenses incurred in respect of the negotiation,
registration, enforcement of, or the preservation of rights under the Credit Documents, including the reasonable fees and expenses of
legal counsel for Debentureholder in connection therewith.

 

	18.	INDEMNIFICATION

 

Each
Obligor hereby indemnifies Debentureholder, its affiliates and their respective directors, officers and employees, from and against,
any claim, damage, loss, liability, judgment, suit, cost or expense of any kind (including reasonable fees and expenses of counsel),
arising directly out of:

 

	 	(a)	any
    breach by an Obligor of any representation, warranty or covenant contained herein; and
	 	 	 
	 	(b)	the
    enforcement by Debentureholder of any right or remedy hereunder.

 

	19.	SUCCESSORS
                                            AND ASSIGNS, WAIVER AND ACKNOWLEDGEMENT

 

	 	(a)	Neither
    Obligor may transfer, assign or convey any of its obligations under the Credit Documents to any Person without the prior written
    consent of Debentureholder. Debentureholder may transfer, assign or convey the Credit Documents or any of its rights or obligations
    thereunder, in whole or in part, without the consent of the Obligors.
	 	 	 
	 	(b)	This
    Debenture shall be binding upon each Obligor and its successors and permitted assigns and shall enure to the benefit of Debentureholder
    and its successors and assigns. Any reference herein to Debentureholder shall include its successors and assigns as if specifically
    named. This Debenture is a negotiable instrument. Presentment for payment, demand, protest, notice of protest, notice of dishonour
    and statutory days of grace respecting this Debenture are hereby waived.

 

    	 

    	- 22 -

    

 

	 	(c)	Sprott
    Private Resource Streaming and Royalty (Collector), LP, acting solely for this purpose as a non-fiduciary agent of Debtor, shall
    maintain a register for the recordation of the names and addresses of Debentureholder(s), and principal amounts (and stated interest)
    of the loans owing to, each Debentureholder(s) pursuant to the terms hereof from time to time (the “Register”).
    The entries in the Register shall be conclusive absent manifest error, and Obligors and Debentureholder(s) shall treat each person
    whose name is recorded in the Register pursuant to the terms hereof as a Debentureholder hereunder for all purposes of this Debenture.
    The Register shall be available for inspection by Debtor and Debentureholder, at any reasonable time and from time to time upon reasonable
    prior notice.

 

	20.	GOVERNING
                                            LAW AND JURISDICTION

 

	 	(a)	This
    Debenture shall be governed by, and construed in accordance with, the laws of the Province of Ontario and the federal laws of Canada
    applicable therein (other than the conflict of laws rules).
	 	 	 
	 	(b)	Each
    Obligor agrees that any legal proceeding with respect to this Debenture or to enforce any judgment obtained against the Obligor may
    be brought by Debentureholder in the courts of the Province of Ontario, Canada or in the courts of any jurisdiction where an Obligor
    may have assets or carries on business, and each Obligor hereby irrevocably submits to the non-exclusive jurisdiction of each such
    court and acknowledges its competence. Each Obligor agrees that a final judgment against it in any such legal proceeding will be
    conclusive and may be enforced in any other jurisdiction by suit on the judgment (a certified or exemplified copy of which judgment
    will be conclusive evidence of the fact and of the amount of the Obligations hereunder) or by such other means provided by law.

 

	21.	SEVERABILITY
                                            OF PROVISIONS

 

Any
provision of this Debenture that is prohibited or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to
the extent of that prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or
enforceability of that provision in any other jurisdiction.

 

	22.	ENTIRE
                                            AGREEMENT

 

The
Credit Documents constitute the entire agreement between the parties hereto with respect to the subject matter hereof and supersede any
and all prior agreements or understandings, written or oral, with respect thereto.

 

	23.	SURVIVAL

 

The
provisions of Sections 6 (Taxes), 16 (Confidentiality), 17 (Expenses), 18 (Indemnification) and 20 (Governing
Law), shall in each case survive any termination of this Debenture and the payment in full of the Obligations.

 

    	 

    	- 23 -

    

 

	24.	JUDGEMENT
                                            CURRENCY

 

	 	(a)	If,
    for the purpose of obtaining or enforcing judgment against the Obligors in any court in any jurisdiction, it becomes necessary to
    convert into a particular currency (such currency being hereinafter in this Section 24 referred to as the “Judgment Currency”)
    an amount due in another currency (such other currency being hereinafter in this Section 24 referred to as the “Indebtedness
    Currency”) under this agreement, the conversion shall be made at the rate of exchange prevailing on the Business Day immediately
    preceding:

 

	 	(i)	the
    date of actual payment of the amount due, in the case of any proceeding in the courts of the Province of Ontario or in the courts
    of any other jurisdiction that will give effect to such conversion being made on such date; or
	 	 	 
	 	(ii)	the
    date on which the judgment is given, in the case of any proceeding in the courts of any other jurisdiction (the date as of which
    such conversion is made pursuant to this Section 24(a)(ii) being hereinafter in this Section 24 referred to as the “Judgment
    Conversion Date”).

 

	 	(b)	If,
    in the case of any proceeding in the court of any jurisdiction referred to in Section 24(a)(ii), there is a change in the rate of
    exchange prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the Obligors shall pay
    to Debentureholder such additional amount (if any, but in any event not a lesser amount) as may be necessary to ensure that the amount
    paid in the Judgment Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount
    of the Indebtedness Currency which could have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial
    order at the rate of exchange prevailing on the Judgment Conversion Date.
	 	 	 
	 	(c)	Any
    amount due from the Obligors under the provisions of Section 24(b) shall be due to Debentureholder as a separate debt and shall not
    be affected by judgment being obtained for any other amounts due under or in respect of this Debenture.
	 	 	 
	 	(d)	The
    term “rate of exchange” in this Section 24 means the noon spot rate of exchange for Canadian interbank transactions
    applied in converting the Indebtedness Currency into the Judgment Currency published by the Bank of Canada for the day in question.

 

	25.	CURRENCY
                                            CONVERSIONS

 

Except
as otherwise provided in this Debenture, to the extent that it may be necessary to convert Canadian dollars to US dollars for the purpose
of making any payment or calculation in this Debenture, such conversion shall be made at the Bank of Canada daily average rate quoted
for the exchange of Canadian dollars into US dollars or vice versa, on the Business Day prior to the date the conversion is to take place.

 

    	 

    	- 24 -

    

 

	26.	SET
                                            OFF

 

If
the cash reserve set up in Section 2(a) has not been applied against the deposit due to Teck Resources Limited pursuant to the MOU or
for such other corporate purpose of Debtor as Debentureholder may agree in its sole and unfettered discretion by February 15, 2022 or
any Event of Default shall occur, then Debentureholder is hereby authorized at any time or from time to time, without prior notice to
the Obligors, to set off and apply any and all deposits at any time held (including such cash reserve) by, and any and all other obligations
at any time owing by, Debentureholder or any other Sprott Entity to or for the credit or the account of an Obligor against any and all
of the obligations of an Obligor now or hereafter existing under this Debenture or any other Project Finance Document, whether the obligations
of the Obligors are contingent or matured, whether such obligations are owed to Debentureholder or any other Sprott Entity and whether
or not Debentureholder or any such other Sprott Entity has made demand under the applicable Project Finance Document. Notwithstanding
anything to the contrary in Section 10.3 or 10.4, if Debentureholder or any other Sprott Entity exercises any such set off rights in
reduction of the Principal Amount, then upon any election by Debentureholder to receive the Royalty in lieu of cash payment of the Principal
Amount in accordance with this Debenture, Debentureholder shall pay in cash to Grantor an amount equal to any such reduction of the Principal
Amount.

 

	27.	TIME

 

Time
is and will be of the essence of each and every provision of this Debenture.

 

	28.	COUNTERPARTS

 

This
Debenture and any schedules, certificates or other writing delivered in connection herewith, may be executed in any number of counterparts
and by facsimile or electronic means, with the same effect as if all parties had all signed the same document, and all such counterparts
and adopting instruments will be construed together and will constitute one and the same instrument. The execution of this Agreement
and any other writing by any party hereto or thereto will not become effective until counterparts hereof or thereof, as the case may
be, have been executed by all the parties hereto or thereto.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 

    	- 25 -

    

 

IN
WITNESS WHEREOF each Obligor and Debentureholder has executed this Debenture under the hands of its duly authorized officers in that
behalf.

 

	 	SILVER
    VALLEY METAL corp.
	 	 
	 	Per:	(signed)
    “Sam Ash”
	 	Name:	 Sam Ash
	 	Title:	 President
	 	 	 
	 	Per:	(signed)
    “Bradley Barnett”
	 	Name:	 Bradley Barnett
	 	Title:	 Secretary

 

	 	bunker
    hill mining corp.
	 	 
	 	Per:	(signed)
    “Sam Ash”
	 	Name:	 Sam Ash
	 	Title:	 Chief Executive Officer
	 	 	 
	 	Per:	(signed)
    “David Wiens”
	 	Name:	 David Wiens
	 	Title:	 Chief Financial Officer

 

    	 

    	- 26 -

    

 

The
undersigned agrees to be bound by Debentureholder’s covenants contained herein.

 

	 	SPROTT
                                            PRIVATE RESOURCE STREAMING

                                                                      AND
                                            ROYALTY (COLLECTOR), LP, by its general partner, SPROTT RESOURCE AND

                                                                      STREAMING
                                            CORP.

	 	 	 
	 	Per:	(signed)
    “Michael Harrison”
	 	Name:	 Michael Harrison
	 	Title:	 Chief Executive Officer

 

    	 

     

    

 

EXHIBIT
“A”

DEFINITIONS

 

	 	(a)	“Affiliate”
    means any person which, directly or indirectly, controls, is controlled by or is under common control with another person; and, for
    the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by”
    or “under common control with”) means the power to direct or cause the direction of the management and policies of any
    person, whether through the ownership of shares or by contract or otherwise, provided that, for the purposes of this Debenture,
    a Debentureholder shall not be deemed an Affiliate of any Obligor.
	 	 	 
	 	(b)	“Anti-Bribery
    Laws” has the meaning ascribed thereto in paragraph (19) of Exhibit F.
	 	 	 
	 	(c)	“Applicable
    Law” means any federal, provincial, state, local or municipal statute, law (including the common law), ordinance, rule
    having the force of law, regulation, by-law (zoning or otherwise) or order of any Governmental Authority or rule of any stock exchange
    or securities commission, applicable to a Person or any of its properties, assets, business or operations.
	 	 	 
	 	(d)	“Applicable
    Securities Legislation” means all applicable securities laws of each of the jurisdictions in which Guarantor is a “reporting
    issuer” and the respective rules and regulations under such laws together with applicable published fee schedules, prescribed
    forms, policy statements, national or multilateral instruments, orders, blanket rulings and other applicable regulatory instruments
    of the securities regulatory authorities in any of such jurisdictions.
	 	 	 
	 	(e)	“Authorization”
    means any consent, registration, filing, agreement, certificate, license, approval, permit, authority or exemption from, by or with
    any Governmental Authority and all corporate, creditors’ and shareholders’ approvals or consents.
	 	 	 
	 	(f)	“Books
    and Records” means all records (whether or not recorded on computer or computer related media) in the possession or control
    of an Obligor relating in whole or in part to the business of an Obligor, including any business, financial, accounting or Tax records.
	 	 	 
	 	(g)	“Business
    Day” means any day, other than a Saturday, a Sunday, a statutory holiday, or any day on which major banks are closed for
    business in Kellogg, Idaho or Toronto, Ontario.
	 	 	 
	 	(h)	“Claim”
    means any act, omission or state of facts and any complaint, litigation, demand, action, suit, proceeding, claim, assessment, judgement
    or settlement or compromise relating thereto.
	 	 	 
	 	(i)	“Collateral”
    means all property and assets (whether real, personal or other and including Equity Securities) of the Obligors in which charges,
    mortgages or security interests are granted or purported to be granted pursuant to the Security.
	 	 	 
	 	(j)	“Common
    Shares” has the meaning attributed thereto in Section 10.1(a).

 

    	 

    	A-2

    

 

	 	(k)	“Convertible
    Debentures” means, collectively, secured convertible debentures in the aggregate principal amount of $5,000,000.00 bearing
    interest at 7.5% per annum payable quarterly in arrears, to be issued by the Obligors to Debentureholder and/or any Sprott Entity
    designated by Debentureholder and convertible at the option of the holder into Common Shares and is otherwise issued on the terms
    and conditions set forth in a $50,000,000 Term Sheet dated December 4, 2021 issued by Debentureholder to Guarantor in respect of
    a financing package for the Project or such other terms as are acceptable to Debentureholder in its sole discretion.
	 	 	 
	 	(l)	“Control”
    means the right, directly or indirectly, to direct or cause the direction of the management of the business or affairs of a Person,
    whether by ownership of securities, by contract or otherwise; and “Controls”, “Controlling”,
    “Controlled by” and “under common Control with” have corresponding meanings.
	 	 	 
	 	(m)	“Credit
    Documents” means collectively, this Debenture, the Security and any documents entered into in respect of any of the foregoing
    and “Credit Document” means each of them.
	 	 	 
	 	(n)	“CSE”
    means the Canadian Securities Exchange.
	 	 	 
	 	(o)	“Cure
    Period” means a period of 15 Business Days following the earlier of (i) delivery by Debentureholder to the Obligors of
    written notice of a breach or default, and (ii) an Obligor becoming aware of such breach or default.
	 	 	 
	 	(p)	“Debenture”
    has the meaning ascribed thereto in the first paragraph of this document.
	 	 	 
	 	(q)	“Debentureholder”
    has the meaning ascribed thereto in the first paragraph of this Debenture.
	 	 	 
	 	(r)	“Debentureholder
    Royalty Conversion Date” has the meaning ascribed thereto in Section 10.4(c).
	 	 	 
	 	(s)	“Debentureholder
    Royalty Conversion Form” has the meaning attributed thereto in Section 10.4(a).
	 	 	 
	 	(t)	“Debtor”
    has the meaning ascribed thereto in the first paragraph of this Debenture.
	 	 	 
	 	(u)	“Debtor
    Interest Conversion Date” has the meaning ascribed thereto in Section 10.2(b).
	 	 	 
	 	(v)	“Debtor
    Interest Conversion Form” has the meaning attributed thereto in Section 10.2(a).
	 	 	 
	 	(w)	“Debtor
    Interest Conversion Price” means the greater of the US Dollar Equivalent Amount of (a) 90% of the 10-day volume weighted
    average trading price in Canadian dollars of the Common Shares of Guarantor on the Stock Exchange, ending as of the second Business
    Day prior to the Debtor Interest Conversion Date; and (b) the minimum price permitted by the Stock Exchange.

 

    	 

    	A-3

    

 

	 	(x)	“Debtor
    Relief Laws” shall mean Title 11 of the United States Code entitled “Bankruptcy”, the Bankruptcy
    and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada) and the Winding-Up and Restructuring
    Act (Canada), and all other liquidation, administration, conservatorship, bankruptcy, assignment for the benefit of creditors,
    moratorium, rearrangement, receivership, insolvency, reorganization, judicial management or similar debtor relief laws of the United
    States, Canada or other applicable jurisdictions from time to time in effect including any proceeding under corporate law or other
    law of any jurisdiction whereby a corporation seeks a stay or a compromise of the claims of its creditors against it, each as now
    and hereafter in effect, any successors to such statutes and any other applicable insolvency or other similar law of any jurisdiction.
	 	 	 
	 	(y)	“Disclosure
    Letter” means the letter of disclosure (including the schedules thereto) dated on the date hereof, executed by the Obligors
    and delivered to Debentureholder concurrently with this Debenture.
	 	 	 
	 	(z)	“Disposition”
    means, with respect to any asset (including any Property) of any Person, any direct or indirect sale, lease (where such Person is
    the lessor), assignment, cession, transfer, exchange, conveyance, release or gift of such asset, including by means of a sale and
    leaseback transaction, or any reorganization, consolidation, amalgamation or merger of such Person pursuant to which such asset becomes
    the property of any other Person; and “Dispose” and “Disposed” have meanings correlative thereto.
	 	 	 
	 	(aa)	“Effective
    Date” means the date of this Debenture.
	 	 	 
	 	(bb)	“EPA”
    has the meaning attributed thereto in Section 2(b).
	 	 	 
	 	(cc)	“EPA
    Settlement Agreement” means the Consent Decree between the United States of America and Placer Mining Company, Inc., filed
    with the United States District Court District of Idaho on March 3, 2018 and approved on June 19, 2018 and the Settlement Agreement
    And Order On Consent For Response Action By Bunker Hill Mining Corp. between the EPA and Bunker Hill Mining Corp,, dated as effective
    May 15, 2018 (EPA Region 10 CERCLA Docket No. 10-2017-0123), as amended by the First Amendment To The Settlement Agreement And Order
    On Consent For Response Action By Bunker Hill Mining Corp. between the EPA and Bunker Hill Mining Corp,, dated as effective December
    19, 2021, and any other amendments thereto.
	 	 	 
	 	(dd)	“Equity
    Securities” means, with respect to any Person, any and all shares, interests, participations, rights in, or other equivalents
    (however designated and whether voting and non-voting) of, such Person’s capital, whether outstanding on the date hereof or
    issued after the date hereof, including any interest in a partnership, limited partnership or other similar Person and any beneficial
    interest in a trust, and any and all rights, warrants, options or other rights exchangeable for or convertible into any of the foregoing.
	 	 	 
	 	(ee)	“Event
    of Default” has the meaning attributed thereto in Section 13.
	 	 	 
	 	(ff)	“Excluded
    Taxes” means, with respect to Debentureholder, income or franchise Taxes imposed on (or measured by) its taxable income
    or capital Taxes imposed on (or measured by) its taxable capital, in each case by Canada, or by the jurisdiction under the Applicable
    Law of which such recipient is organized or in which its principal office is located.
	 	 	 
	 	(gg)	“Exclusivity
    Agreement” means the exclusivity agreement entered into on the date hereof between Debentureholder, Grantor and BHMC.

 

    	 

    	A-4

    

 

	 	(hh)	“Funded
    Debt” means:

 

	 	(i)	all
    obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, bills or
    other similar instruments;
	 	 	 
	 	(ii)	all
    obligations, contingent or otherwise, relative to the face amount of all letters of credit or letters of guarantee, whether or not
    drawn, and banker’s acceptances issued for such Person’s account;
	 	 	 
	 	(iii)	all
    obligations of such Person under any lease that is required to be classified and accounted for as a capital or financed lease for
    financial accounting purposes or under any synthetic lease, tax retention, operating lease or other lease that, in each case, has
    substantially the same economic effect as a conditional sale, title retention agreement or similar arrangement;
	 	 	 
	 	(iv)	all
    obligations of such Person in respect of the deferred purchase price of property or services (excluding accounts payable incurred
    in the ordinary course of business);
	 	 	 
	 	(v)	all
    indebtedness of another Person secured by (or for which the holder of such obligations has an existing right, contingent or otherwise,
    to be secured by) any Encumbrance, upon or in property owned by such Person, even if such Person has not assumed or become liable
    for the payment of such obligations or such obligations are limited in recourse;
	 	 	 
	 	(vi)	all
    obligations of such Person created or arising under any conditional sale or other title retention agreement with respect to property
    acquired by such Person (even if the rights and remedies of the seller or lender under such agreement in the event of default are
    limited to repossession or sale of such property); and
	 	 	 
	 	(vii)	all
    guarantees, indemnities and other obligations (contingent or otherwise) of such Person in respect of Indebtedness of another Person.

 

	 	(ii)	Funding
    Date” has the meaning ascribed thereto in Section 2(a).
	 	 	 
	 	(jj)	“Good
    Practice Standards” means, in relation to mining (including all relevant disciplines pertaining thereto, such as metallurgy,
    processing, engineering, environmental and governance matters, relations with community and indigenous peoples and other social matters),
    those policies, practices, methods and acts engaged in or approved by a Person which, in the conduct of its undertaking, exercises
    that degree of safe and efficient practice, diligence, prudence, and foresight reasonably and ordinarily exercised and most commonly
    accepted by reputable, skilled and experienced operators engaged in the mining industry in the United States. 
	 	 	 
	 	(kk)	“Governmental
    Authority” means any government whether federal, provincial, state or municipal and any governmental agency, governmental
    authority, governmental tribunal, court, governmental commission (including a securities commission) of any kind whatsoever, any
    subdivision, agency, commission, board or authority of any of the foregoing or any quasi-governmental or private body exercising
    any regulatory, expropriation or taxing authority under or for the amount of any of the foregoing or any stock exchange or securities
    commission, having jurisdiction.

 

    	 

    	A-5

    

 

	 	(ll)	“Guarantor”
    has the meaning ascribed thereto in Section 1.
	 	 	 
	 	(mm)	“Indebtedness”
    means, with respect to each Obligor, all and any indebtedness of such Obligor, whether absolute or contingent.
	 	 	 
	 	(nn)	“Indemnified
    Taxes” means all Taxes other than Excluded Taxes.
	 	 	 
	 	(oo)	“Insolvency
    Event” means, in respect of any Person, any one or more of the following events or circumstances whereby such Person (i)
    becomes insolvent or generally does not or becomes unable to pay its debts or meet its liabilities as the same become due; (ii) admits
    in writing its inability to pay its debts generally or declares any general moratorium on its indebtedness or proposes a compromise
    or arrangement between it and any class of its creditors or makes a general assignment for the benefit of creditors; (iii) institutes
    or has instituted against it any proceeding seeking (x) to adjudicate it as bankrupt or insolvent, (y) liquidation, dissolution,
    winding-up, administration, reorganization, compromise, arrangement, adjustment, protection, moratorium, relief, stay of proceedings
    of creditors generally (or any class of creditors), or composition of it or its debts or any other relief under any Debtor Relief
    Law, or (z) the entry of an order for relief or the appointment of or the taking of possession by, a receiver, receiver-manager,
    administrator, custodian, monitor, trustee or other similar official for the Person or any substantial part of its respective property
    and, in the case of any such proceeding instituted against it (but not instituted by it) either such petition, application or proceeding
    continues undismissed, or unstayed and in effect, for a period of forty-five (45) days after the institution thereof, such Person
    fails to diligently and actively oppose such proceeding, or any of the actions sought in such proceeding (including the entry of
    an order for relief against it or the appointment of a receiver, receiver-manager, administrator, custodian, monitor, trustee or
    other similar official for it or for any substantial part of its properties and assets) occurs, or such Person files an answer admitting
    the material allegations of a petition or motion filed against it in any such proceeding; (iv) takes any action, corporate or otherwise,
    to approve, effect, consent to or authorize any of the actions described in the foregoing paragraphs (i) through (iii) or otherwise
    acts in furtherance thereof or fails to act in a timely and appropriate manner in defense thereof.; or (v) such Person’s working
    capital is negative in its most recent annual financial statements and quarterly financial statements, where working capital is the
    current assets less the current liabilities (both as defined by US GAAP). 
	 	 	 
	 	(pp)	“Legal
    Proceedings” means any action, suit, proceeding, demand, assessment, judgment, litigation, hearing, Claim, grievance, arbitration
    or administrative proceeding or other proceeding or dispute resolution process and includes any appeal, settlement or compromise
    relating then or review and any application for same.
	 	 	 
	 	(qq)	“Lien”
    means, (a) with respect to any asset, any mortgage, deed of trust, lien, pledge, hypothec (whether movable or immovable), hypothecation,
    encumbrance, charge, security interest, adverse claim, defect to title or right of set off in, on or of such asset, (b) the interest
    of a vendor or a lessor under any conditional sale agreement, capital lease, title retention agreement or consignment agreement (or
    any financing lease having substantially the same economic effect as any of the foregoing) relating to any asset, (c) any purchase
    option, call or similar right of a third party with respect to such asset, (d) any netting arrangement, defeasance arrangement or
    reciprocal fee arrangement, and (e) any other arrangement having the effect of providing security.

 

    	 

    	A-6

    

 

	 	(rr)	“Material
    Adverse Effect” means any event, occurrence, change or effect that, when taken individually or together with all other
    events, occurrences, changes or effects:

 

	 	(i)	materially
    limits, restricts or impairs, or is reasonably likely to materially limit, restrict or impair (A) the condition, financial or otherwise,
    earnings, operations, assets, business affairs or business prospects of an Obligor; (B) the ability of an Obligor to perform its
    payment or other obligations under the Transaction Documents; (C) the development or operation of the Project substantially in accordance
    with the mine or development plan then in effect immediately prior to the occurrence of such event, occurrence, change or effect,
    (D) the legality, validity or enforceability of the Credit Documents, or the rights and remedies available to Debentureholder hereunder
    and thereunder;
	 	 	 
	 	(ii)	causes
    or is reasonably likely to cause any significant decrease to expected silver, lead or zinc production from the Property based on
    the mine or development plan then in effect immediately prior to the occurrence of such event, occurrence, change or effect;

 

	 	provided
    that (x) changes to commodity prices and (y) events, occurrences, changes or effects affecting operators of mining and processing
    facilities in the US similar to those related to the Project generally, which do not have a disproportionate effect on the Obligors,
    shall not be a Material Adverse Effect or be taken into account in determining whether there has been or will be a Material Adverse
    Effect.

 

	 	(ss)	“Maturity
    Date” has the meaning ascribed thereto in the first paragraph of this Debenture.
	 	 	 
	 	(tt)	“Mine”
    has the meaning set forth in Section 2(b).
	 	 	 
	 	(uu)	“Mining
    Rights” means any mining claims, mining leases, mineral claims, mining concessions, mineral concessions, exploration permits
    or licenses, mining licenses, forms of mineral tenure or other rights to Products or to access and work upon lands, such as ownership
    and ancillary rights, surface rights, leasing agreements, lands temporal occupation agreements or otherwise, for the purpose of exploring,
    exploiting or benefiting Products, under the terms of Applicable Laws, whether contractual, statutory or otherwise, or any interest
    therein whether now owned or hereafter acquired. “Mining Rights” includes any amendments, relocations, adjustments, resurvey,
    additional locations, consolidation, derived rights or conversions of, or any renewal, replacement, amendment or other modification
    or extensions of any of the foregoing.
	 	 	 
	 	(vv)	“Money
    Laundering Laws” has the meaning ascribed thereto in paragraph (19) of Exhibit “F”.
	 	 	 
	 	(ww)	“MOU”
    means a memorandum of understanding for the purchase and dismantling of Pend Oreille mill equipment to be entered into by Teck Resources
    Limited and Guarantor, in form and substance satisfactory to Debentureholder in its sole discretion.
	 	 	 
	 	(xx)	“Obligations”
    means all indebtedness, liabilities and other obligations of the Obligors to Debentureholder hereunder and under the other Credit
    Documents.
	 	 	 
	 	(yy)	“Obligors”
    means, collectively, Debtor and Guarantor and “Obligor” means any one of them. 

 

    	 

    	A-7

    

 

	 	(zz)	“Other
    Taxes” means all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar
    levies arising from any payment made hereunder or under any other Credit Document or from the execution, delivery or enforcement
    of, or otherwise with respect to, this Debenture or any other Credit Document;
	 	 	 
	 	(aaa)	Pending
    Event of Default” means an event which, but for the requirement for the giving of notice, lapse of time, or both, or but
    for the satisfaction of any other condition subsequent to that event, would constitute an “Event of Default”.
	 	 	 
	 	(bbb)	“Permitted
    Indebtedness” means:

 

	 	(i)	all
    existing Indebtedness (other than Funded Debt) incurred prior to the date hereof in the normal course of business;
	 	 	 
	 	(ii)	all
    Funded Debt set out in Section (14) of the Disclosure Letter;
	 	 	 
	 	(iii)	all
    Indebtedness of each Obligor to Debentureholder, including but not limited to Indebtedness outstanding under this Debenture;
	 	 	 
	 	(iv)	all
    Indebtedness of each Obligor owing to the EPA under the EPA Settlement Agreement with respect to the Mine;
	 	 	 
	 	(v)	unsecured
    Indebtedness comprised of amounts owed to trade creditors and accruals in the ordinary course of business, which are either not overdue
    or, if disputed and in that case whether or not overdue, are being contested in good faith by any Obligor by appropriate proceedings
    diligently conducted, and provided always that the failure to pay such Indebtedness would not involve and material risk of loss of
    any material part of its assets;
	 	 	 
	 	(vi)	provided
    that the Security is in place as required under Section 9.2, Indebtedness of up to US$15,000,000, of which up to US$10,000,000 may
    reduce the amount advanced under the Stream and which is otherwise to be used solely for the purpose of funding the development and
    construction of the Project Assets, which Indebtedness may be secured or unsecured, may rank pari passu with the PF Obligations,
    must be provided by lenders and on terms satisfactory to Debentureholder, acting reasonably, and, if secured, such security will
    rank pari passu with the Security and be subject to an intercreditor agreement with Debentureholder (or another Sprott Entity,
    as agent, on behalf of the relevant Sprott Entities) reflecting such pari passu ranking and otherwise in form and substance
    satisfactory to Debentureholder (or such other Sprott Entity);
	 	 	 
	 	(vii)	provided
    that the Security is in place as required under Section 9.2, Indebtedness of up to US$13,000,000, ranking subordinate to the PF Obligations,
    to be used solely for the purpose of funding cost overruns in relation to the development and construction of the Project Assets,
    which Indebtedness may be secured or unsecured, must be provided by lenders and on terms satisfactory to Debentureholder, acting
    reasonably, and, if secured, the security therefor will be subordinated to the Security pursuant to a subordination agreement with
    Debentureholder (or another Sprott Entity, as agent, on behalf of the relevant Sprott Entities), in form and substance satisfactory
    to Debentureholder (or such other Sprott Entity);

 

    	 

    	A-8

    

 

	 	(viii)	provided
    that the Security is in place as required under Section 9.2 and subject to the prior written consent of Debentureholder, such consent
    not to be unreasonably withheld or delayed, obligations in respect of surety or performance bonds required to be provided to the
    EPA in respect of Financial Assurance (under and as defined in the EPA Settlement Agreement) of up to US$17,000,000, which obligations
    are permitted to be secured by security ranking subordinate to the Security and subject to a subordination agreement with Debentureholder
    (or another Sprott Entity, as agent, on behalf of the relevant Sprott Entities), in form and substance satisfactory to Debentureholder
    (or such other Sprott Entity); and
	 	 	 
	 	(ix)	any
    other Indebtedness consented to by Debentureholder from time to time.

 

	 	(ccc)	“Permitted
    Liens” means:

 

	 	(i)	liens
    for taxes, assessments or governmental charges of any Governmental Authority not at the time due or delinquent or, if due or delinquent,
    the validity of which is being contested at the time in good faith by appropriate proceedings, and a reserve has been established
    by the Obligors or the applicable Subsidiary in its Books and Records in accordance with US GAAP;
	 	 	 
	 	(ii)	deemed
    liens and trusts arising by operation of law in connection with workers’ compensation, employment insurance and other social
    security legislation, in each case, which secure obligations not at the time due or delinquent or, if due or delinquent, the validity
    of which is being contested at the time in good faith by appropriate proceedings, and a reserve has been established by the Obligors
    or the applicable Subsidiary in its Books and Records in accordance with US GAAP;
	 	 	 
	 	(iii)	liens
    under or pursuant to any judgment rendered, or claim filed, against any Obligor or a Subsidiary, which such Obligor or such Subsidiary
    shall be contesting at the time in good faith by appropriate proceedings, and a reserve has been established in its Books and Records
    in accordance with US GAAP;
	 	 	 
	 	(iv)	liens
    and charges incidental to construction or current operations which have not at such time been filed pursuant to law or which relate
    to obligations not due or delinquent or the validity of which are being contested in good faith by appropriate proceedings and as
    to which a reserve has been established by the Obligors in its Books and Records in accordance with US GAAP;
	 	 	 
	 	(v)	easements,
    rights of way, servitudes or other similar rights in land (including, without in any way limiting the generality of the foregoing,
    rights of way and servitudes for railways, sewers, drains, gas and oil and other pipelines, gas and water mains, electric light and
    power and telecommunication, telephone or telegraph or cable television conduits, poles, wires and cables) granted to or reserved
    or taken by other persons which individually or in the aggregate do not materially detract from the value of the land concerned or
    materially impair its use in the operation of the business of an Obligor;
	 	 	 
	 	(vi)	the
    right reserved to or vested in any municipality or governmental or other public authority by the terms of any lease, licence, franchise,
    grant or permit acquired by an Obligor or a Subsidiary or by any statutory provision, to terminate any such lease, licence, franchise,
    grant or permit, or to require annual or other payments as a condition to the continuance thereof;
	 	 	 
	 	(vii)	the
    Lien resulting from the deposit of cash or securities (i) in connection with performance of bids, contracts, leases, tenders or expropriation
    proceedings, or (ii) to secure workers’ compensation, surety or appeal bonds, performance bonds, letters of credit, costs of
    litigation when required by law and public and statutory obligations, or (iii) in connection with the discharge of liens or claims
    incidental to construction and mechanics’, warehouseman’s, carriers’ and other similar liens arising in the ordinary
    course of business;

 

    	 

    	A-9

    

 

	 	(viii)	security
    given by an Obligor or a Subsidiary to a public utility or any municipality or governmental or other public authority when required
    by such utility or municipality or other authority in connection with the operations of the Obligor or such Subsidiary, all in the
    ordinary course of its business;
	 	 	 
	 	(ix)	title
    defects or irregularities which are of a minor nature and in the aggregate will not materially impact the use of the subject property
    for the purpose for which it is held;
	 	 	 
	 	(x)	applicable
    municipal and other governmental restrictions affecting the use of land or the nature of any structures which may be erected thereon,
    provided such restrictions have been complied with and will not materially impair the use of the subject property for the purpose
    for which it is held;
	 	 	 
	 	(xi)	the
    reservation in any original grants from the Crown of any land or interests therein and statutory exceptions and reservations to title;
	 	 	 
	 	(xii)	any
    operating lease entered into in the ordinary course of business; provided that the same is not a sale-leaseback;
	 	 	 
	 	(xiii)	the
    Security;
	 	 	 
	 	(xiv)	Liens
    in respect of Permitted Indebtedness that is permitted hereunder to be secured;
	 	 	 
	 	(xv)	any
    other Liens of the Obligors as existing on the date hereof as disclosed in Section (29) of the Disclosure Letter; and
	 	 	 
	 	(xvi)	all
    other Liens permitted in writing by Debentureholder.

 

	 	(ddd)	“Person”
    shall be broadly interpreted and includes an individual, body corporate, partnership, joint venture, trust, association, unincorporated
    organization, any Governmental Authority or any other entity recognized by law.
	 	 	 
	 	(eee)	“PF
    Obligations” means, collectively, all indebtedness, liabilities and other obligations, present or future, direct or indirect,
    absolute or contingent, matured or unmatured, at any time or from time to time due or accruing due and owing by or otherwise payable
    by an Obligor to the Sprott Entities, or any of them, under, in connection with or pursuant to the Project Finance Documents (including
    the Obligations and all such indebtedness, liabilities and obligations that accrue after the commencing by or against any Obligor
    of any insolvency or similar proceeding). 

 

    	 

    	A-10

    

 

	 	(fff)	“Prepayment
    Interest Premium” means, as of the date of prepayment or repayment in accordance with Section 4 or Section 13, as applicable,
    an amount equal to eighteen (18) months interest on the Principal Amount calculated in accordance with Section 2(c) less the amount
    of interest received by Debentureholder on the Principal Amount prior to the date of prepayment.
	 	 	 
	 	(ggg)	“Principal
    Amount” has the meaning ascribed thereto in the first paragraph of this Debenture less any payments on account of principal
    or reduction of principal by way of conversion, made from time to time.
	 	 	 
	 	(hhh)	“Products”
    means any and all metals, minerals and products or by-products thereof, of whatever kind and nature and in whatever form or state,
    in, under or upon the surface or subsurface of the Property (including ore, metals, precious metals, base metals, uranium, industrial
    minerals, concentrates, gems, diamonds, commercially valuable rock, aggregate, clays and other minerals that are mined, excavated,
    extracted, recovered or otherwise produced from the Property and any ore, concentrates and other products resulting from the milling,
    processing or other beneficiation of such metals, minerals, products and by-products).
	 	 	 
	 	(iii)	“Project”
    means the construction and development of the Mine, including the acquisition of the Mine and the settlement of liabilities owing
    to the EPA, when due.
	 	 	 
	 	(jjj)	“Project
    Assets” means, collectively:

 

	 	(i)	the
    Property, the Products and the Other Rights;
	 	 	 
	 	(ii)	the
    mining, processing, development, production, maintenance, administration, water, electrical and conveyor facilities, railway infrastructure
    and rolling stock, storage facilities, stockpiling facilities, shipping infrastructure, utilities, and related ancillary infrastructure,
    other buildings, structures, improvements, fixtures and other real and personal property, including equipment, re-commissioned, constructed,
    operated or otherwise used by or on behalf of Obligor to extract, beneficiate, market, transport and sell Products derived from the
    Property or to develop, operate or administer the Mine, whether or not located within the physical boundaries of the Property; and
	 	 	 
	 	(iii)	any
    rights (including Authorizations, surface, access and water rights), privileges, concessions or franchises owned, controlled, leased
    or operated by or on behalf of an Obligor at any time and not included within the definition of “Property” which are
    required for the development and construction of the Mine and operation thereof. 

 

	 	(kkk)	“Project
    Finance Documents” means this Debenture, the Convertible Debentures, the Stream, the Security granted in connection herewith
    and therewith and all other agreements, instruments and documents from time to time (both before and after the date of this Debenture)
    delivered to or in favour of any Sprott Entity in connection with any of the foregoing agreements and includes without limitation
    any agreement designated from time to time by the Obligors and the Agent as a “Project Finance Document” for purposes
    of the Security.

 

    	 

    	A-11

    

 

	 	(lll)	“Project
    Mining Claims” means the Mining Rights described in Exhibit “E”.
	 	 	 
	 	(mmm)	“Property”
    means, collectively:

 

	 	(i)	the
    Project Mining Claims and any other Mining Rights, rights or interests forming part thereof from time to time whether now owned or
    hereafter acquired; and
	 	 	 
	 	(ii)	any
    present or future renewals, extensions, modifications, divisions, substitutions, amalgamations, successions, derivations, severances,
    conversions, demise to lease, renaming or variation of any of the Project Mining Claims, Mining Rights or other rights and interests
    referenced in paragraph (a) of this definition.

 

	 	(nnn)	“Quarter
    End” means the last day of each of March, June, September and December of each calendar year.
	 	 	 
	 	(ooo)	“Related
    Party” means, with respect to any Obligor, any director, officer, employee, shareholder, partner or Affiliate of any Obligor
    or any other Person not dealing at arm’s length with such Obligor (within the meaning of the Income Tax Act (Canada)).
	 	 	 
	 	(ppp)	“Required
    Authorizations” means any and all Authorizations required to be obtained by any Obligor for the construction, development
    and operation of the Mine, as such construction, development and operation is contemplated by the current or then applicable development
    or mine plan, as the case may be. 
	 	 	 
	 	(qqq)	“Restricted
    Person” means any Person that:

 

	 	(i)	is
    named, identified, described in or on or included in or on any of:

 

	 	(1)	the
    lists maintained by the Office of the Superintendent of Financial Institutions (Canada) with respect to terrorism financing, including
    the lists made under subsection 83.05(1) of the Criminal Code, under the Regulations Implementing the United Nations Resolutions
    on the Suppression of Terrorism and under the United Nations Al-Qaida and Taliban Regulations;
	 	 	 
	 	(2)	the
    Denied Persons List, the Entity List or the Unverified List, compiled by the Bureau of Industry and Security, U.S. Department of
    Commerce;
	 	 	 
	 	(3)	the
    List of Statutorily Debarred Parties compiled by the U.S. Department of State;
	 	 	 
	 	(4)	the
    Specially Designated Nationals Blocked Persons List compiled by the U.S. Office of Foreign Assets Control;
	 	 	 
	 	(5)	the
    annex to, or is otherwise subject to the provisions of, U.S. Executive Order No. 13324; or

 

    	 

    	A-12

    

 

	 	(6)	any
    publicly available lists maintained under Applicable Laws relating to anti-terrorism or anti-money laundering matters;

 

	 	(ii)	is
    subject to:

 

	 	(1)	the
    United Nations Act (Canada), the Special Economic Measures Act (Canada) and the Freezing of Assets of Corrupt Foreign
    Officials Act (Canada);
	 	 	 
	 	(2)	the
    International Emergency Economic Powers Act, 50 U.S.C.; and
	 	 	 
	 	(3)	the
    Trading with the Enemy Act, 50 U.S.C. App. 1.1 et seq.; or any other enabling legislation or executive order relating thereto,
    including the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act
    of 2001, Title III of Pub. L. 107 56; or
	 	 	 
	 	(4)	trade
    restrictions under any Applicable Laws; or

 

	 	(iii)	is
    a Person or entity who is an Affiliate of a Person or entity listed above.

 

	 	(rrr)	“Royalty”
    means a gross revenue royalty on all minerals produced and sold from the Project Mining Claims granted by the Obligors to a Sprott
    Entity designated by Debentureholder and to be entered into pursuant to Section 10.3 above substantially in the form of Exhibit
    “D” attached hereto and otherwise with substantive amendments acceptable to the Obligors and Debentureholder
	 	 	 
	 	(sss)	“Security”
    means, collectively, (i) any one or more guarantees made from time to time by an Obligor in favour of the Sprott Entities or any
    of them, in respect of any Obligations; and (ii) any one or more assignments, deeds of trust, mortgages, account control agreements,
    pledges (including the Securities Pledge Agreement) and other security agreements, determined by Debentureholder, acting reasonably,
    pursuant to which an Obligor grants to Debentureholder and/or any other Sprott Entity mortgages, charges, pledges and/or security
    interests in all or some of its present and after acquired property as security for the PF Obligations, in each case, in form and
    substance satisfactory to Debentureholder acting reasonably 
	 	 	 
	 	(ttt)	“Securities
    Pledge Agreement” means the pledge agreement executed and delivered by Guarantor in favour of Debentureholder as agent
    for the benefit of the Sprott Entities concurrently with this Debenture creating a first ranking pledge and security interest in
    all present and after acquired issued and outstanding Equity Securities of each subsidiary of Guarantor, including all Equity Securities
    of Debtor, as security for the PF Obligations, in form and substance satisfactory to Debentureholder.
	 	 	 
	 	(uuu)	“Sprott
    Entities” means, collectively, Debentureholder., any Affiliate of Sprott Inc. and any fund managed by an Affiliate of Sprott
    Inc. which in each case is party to a Project Finance Document together with any successor, assign or transferee thereof that is
    party from time to time to any Project Finance Document and “Sprott Entity” means any one of them.

 

    	 

    	A-13

    

 

	 	(vvv)	“Stock
    Exchange” means the CSE or any stock exchanges upon which the Common Shares are listed from time to time.
	 	 	 
	 	(www)	“Stream”
    means a metals stream agreement to be entered into between the Obligors and a Sprott Entity to be designated by Debentureholder pursuant
    to which an Obligor will agree to sell and the Sprott Entity will agree to purchase an agreed amount of refined metals produced from
    the Project.
	 	 	 
	 	(xxx)	“Stream
    Advance Date” means the date upon which the initial upfront deposit is paid by a Sprott Entity to an Obligor pursuant to
    the Stream.
	 	 	 
	 	(yyy)	“Subsidiary”
    means each Person directly or indirectly Controlled by Guarantor.
	 	 	 
	 	(zzz)	“Taxes”
    means all present or future taxes, rates, levies, royalties, imposts, duties, deductions, assessments, withholdings, dues, fees and
    other charges of any nature, including any interest, fines, penalties or other liabilities with respect thereto, imposed, levied,
    collected, withheld or assessed by any Governmental Authority (of any jurisdiction), and whether disputed or not, including sales
    or value-added taxes, goods and services taxes, stamp taxes and royalties.
	 	 	 
	 	(aaaa)	“Transaction
    Documents” means the Credit Documents and the Royalty which shall be deemed for the purpose of this definition and the
    context in which this definition is used, to be a valid and enforceable agreement between the Obligors and Debentureholder.
	 	 	 
	 	(bbbb)	“US
    Dollar Equivalent Amount” means, with respect to the calculation of the Debtor Interest Conversion Price, the amount obtained
    in US dollars when the 10-day volume weighted average of the trading price in Canadian dollars referred to in paragraph (a) of the
    definition of “Debtor Interest Conversion Price” is converted into US dollars using the daily average rate for the exchange
    of Canadian dollars into US dollars of the Bank of Canada on the last of such 10 day period. 
	 	 	 
	 	(cccc)	“US
    GAAP” means, in relation to any Person at any time, accounting principles generally accepted in the United States applied
    on a basis consistent with the most recent audited financial statements of such Person and, if applicable, its consolidated affiliates
    (except for changes disclosed in the notes to such financial statements).

 

    	 

     

    

 

EXHIBIT
“B”

DEBTOR
INTEREST CONVERSION FORM

 

TO:
SPROTT PRIVATE RESOURCE STREAMING AND ROYALTY (COLLECTOR), LP [or assignee]

 

All
terms used herein but not defined shall have the meanings ascribed thereto in the Secured Royalty Convertible Debenture dated as of January
7, 2022 issued by Silver Valley Metals Corp. and Bunker Hill Mining Corp. to Sprott Private Resource Streaming and Royalty (Collector),
LP. (the “Debenture”).

 

Pursuant
to Section 10.1 of the Debenture, the undersigned Debtor hereby irrevocably elects to pay:

 

(a)
the following amount of accrued and unpaid interest of US$_________________ through the issuance of _______________ Common Shares
in accordance with the terms of the Debenture, at the Debtor Interest Conversion Price. The exchange rate used to calculate the number
of Common Shares is _______ as per the Debenture. The Debtor Interest Conversion Date is __________________________1.

 

DATED
this _____ day of _________________________, 20__.

 

	 	SILVER
    VALLEY METALS CORP.
	 	 
	 	By:	 
	 	Name:
    	
	 	Title:	

 

 

1
NTD: in the case of a quarterly interest payment, to be the applicable quarter end date and, in any other case, to be the date
such accrued but unpaid interest would otherwise be due and payable.

 

    	 

     

    

 

EXHIBIT
“C”

DEBENTUREHOLDER
ROYALTY CONVERSION FORM

 

TO:
Silver Valley Metals Corp. (the “Debtor”)

 

REFERENCE
IS MADE TO the Secured Royalty Convertible Debenture dated January 7, 2022 of Debtor and Bunker Hill Mining Corp. in favour of the undersigned
(the “Debentureholder”) in the original principal amount of US$8,000,000 (the “Debenture”).
Capitalized terms used but not defined herein have the respective meanings ascribed to those terms in the Debenture.

 

THE
UNDERSIGNED, being the registered Debentureholder of the Debenture hereby irrevocably elects to receive the Royalty in lieu of cash payments
of the outstanding Principal Amount of the Debenture by crediting the Principal Amount owing under the Debenture against the purchase
price of the Royalty, all in accordance with the terms of the Debenture and the Royalty.

 

DATED
this ____ day of ___________________, 20__.

 

	 	SPROTT
                                            PRIVATE RESOURCE STREAMING 

    AND
    ROYALTY (COLLECTOR), LP, by its general 

    partner,
    SPROTT RESOURCE STREAMING AND 

    ROYALTY
    CORP. 

	 	 
	 	By:	             
	 	Name:	
	 	Title:	

 

    	 

     

    

 

EXHIBIT
“D”

FORM
OF ROYALTY

 

[to
be attached]

 

    	 

     

    

 

EXHIBIT
“E”

PROJECT
MINING CLAIMS

 

Primary
Claims

 

	Claim
    Name	 	M.S.
    #	 	Section	 	Township	 	Range
	Ace	 	2583	 	12	 	48
    North	 	2
    East
	African	 	2624	 	13	 	48
    North	 	2
    East
	Alla	 	1228	 	13	 	48
    North	 	2
    East
	Allie	 	1229	 	13	 	48
    North	 	2
    East
	Apex	 	3361	 	2	 	47
    North	 	2
    East
	Arizona	 	1488	 	12	 	48
    North	 	2
    East
	Band	 	2507	 	2	 	48
    North	 	2
    East
	Bear	 	2081	 	13	 	48
    North	 	2
    East
	Bee	 	2072	 	12	 	48
    North	 	2
    East
	Berniece	 	1620	 	14	 	48
    North	 	2
    East
	Beta	 	3471	 	13	 	48
    North	 	2
    East
	Blue
    Bird	 	3361	 	2	 	47
    North	 	2
    East
	Boer	 	2599	 	12	 	48
    North	 	2
    East
	Bonanza
    Fraction	 	1228	 	13	 	48
    North	 	2
    East
	Bought
    Again	 	1229	 	13	 	48
    North	 	2
    East
	Brady	 	2584	 	12	 	48
    North	 	2
    East
	Buckeye	 	2250	 	13	 	48
    North	 	2
    East
	Butte	 	3361	 	2	 	47
    North	 	2
    East
	Butternut	 	1916	 	13	 	48
    North	 	2
    East
	Cariboo	 	1220	 	11	 	48
    North	 	2
    East
	Carter	 	1466	 	14	 	48
    North	 	2
    East
	Chain	 	2078	 	12	 	48
    North	 	2
    East
	Cheyenne	 	2249	 	12	 	48
    North	 	2
    East
	Chief
    No. 2	 	2862	 	11	 	48
    North	 	2
    East
	Club	 	2583	 	12	 	48
    North	 	2
    East
	Combination	 	2072	 	12	 	48
    North	 	2
    East
	Confidence	 	2328	 	12	 	48
    North	 	2
    East
	Coxey	 	1466	 	14	 	48
    North	 	2
    East
	Cypress	 	2429	 	12	 	48
    North	 	2
    East
	Deadwood	 	1466	 	11	 	48
    North	 	2
    East
	Debs	 	1466	 	11	 	48
    North	 	2
    East
	Dewey	 	2081	 	13	 	48
    North	 	2
    East
	Diamond	 	2583	 	12	 	48
    North	 	2
    East
	Drew	 	2587	 	13	 	48
    North	 	2
    East
	East	 	1228	 	13	 	48
    North	 	2
    East
	Emily
    Grace	 	2587	 	13	 	48
    North	 	2
    East
	Emma	 	550	 	12	 	48
    North	 	2
    East

 

    	 

    	E-2

    

 

	Claim
    Name	 	M.S.
    #	 	Section	 	Township	 	Range
	Ethel	 	2966	 	11	 	48
    North	 	2
    East
	Evans	 	2611	 	12	 	48
    North	 	2
    East
	Excelsior	 	1356	 	11	 	48
    North	 	2
    East
	F	 	2587	 	24	 	48
    North	 	2
    East
	Flagstaff	 	2328	 	12	 	48
    North	 	2
    East
	Flagstaff
    No. 2	 	2921	 	12	 	48
    North	 	2
    East
	Flagstaff
    No. 4	 	2921	 	12	 	48
    North	 	2
    East
	Foster	 	2587	 	13	 	48
    North	 	2
    East
	Good
    Luck	 	1220	 	11	 	48
    North	 	2
    East
	Goth
    	 	3214	 	2	 	48
    North	 	2
    East
	Grant	 	2599	 	12	 	48
    North	 	2
    East
	Grant	 	2599	 	12	 	48
    North	 	2
    East
	Gun	 	2611	 	18	 	48
    North	 	3
    East
	Gus	 	2624	 	13	 	48
    North	 	2
    East
	Hamilton	 	1466	 	14	 	48
    North	 	2
    East
	Hamilton
    Fraction	 	1619	 	11	 	48
    North	 	2
    East
	Hard
    Cash	 	1466	 	11	 	48
    North	 	2
    East
	Harrison	 	1664	 	11	 	48
    North	 	2
    East
	Hawk	 	2072	 	12	 	48
    North	 	2
    East
	Heart	 	2511	 	12	 	48
    North	 	2
    East
	Helen
    Marr	 	2452	 	12	 	48
    North	 	2
    East
	Hemlock	 	2452	 	13	 	48
    North	 	2
    East
	Hickory	 	2432	 	13	 	48
    North	 	2
    East
	Homestake	 	1916	 	13	 	48
    North	 	2
    East
	Hornet	 	1325	 	12	 	48
    North	 	2
    East
	Idaho	 	2072	 	12	 	48
    North	 	2
    East
	Iowa	 	2072	 	12	 	48
    North	 	2
    East
	Ironhill	 	1228	 	13	 	48
    North	 	2
    East
	Ito	 	2081	 	13	 	48
    North	 	2
    East
	Jack	 	2511	 	12	 	48
    North	 	2
    East
	Jersey
    Fraction	 	1220	 	12	 	48
    North	 	2
    East
	Josie	 	1229	 	13	 	48
    North	 	2
    East
	K-24	 	2080	 	14	 	48
    North	 	2
    East
	K-4	 	2080	 	14	 	48
    North	 	2
    East
	K-40	 	2587	 	24	 	48
    North	 	2
    East
	Katherine	 	2966	 	11	 	48
    North	 	2
    East
	Key	 	2511	 	12	 	48
    North	 	2
    East
	King	 	1325	 	12	 	48
    North	 	2
    East
	Kirby
    Fraction	 	2654	 	12	 	48
    North	 	2
    East
	Lackawana	 	614	 	13	 	48
    North	 	2
    East

 

    	 

    	E-3

    

 

	Claim
    Name	 	M.S.
    #	 	Section	 	Township	 	Range
	Lacrosse	 	1228	 	13	 	48
    North	 	2
    East
	Last
    Chance	 	551	 	12	 	48
    North	 	2
    East
	Likely	 	1298	 	12	 	48
    North	 	2
    East
	Lilly
    May	 	2587	 	12	 	48
    North	 	2
    East
	Lincoln	 	2187	 	12	 	48
    North	 	2
    East
	Lucia	 	3390	 	14	 	48
    North	 	2
    East
	Lucky
    Chance	 	1349	 	18	 	48
    North	 	3
    East
	Maine	 	2626	 	11	 	48
    North	 	2
    East
	Manchester	 	2966	 	11	 	48
    North	 	2
    East
	Maple	 	1229	 	13	 	48
    North	 	2
    East
	Marblehead	 	3390	 	10	 	48
    North	 	2
    East
	Margaret	 	3390	 	14	 	48
    North	 	2
    East
	Mashonaland	 	1227	 	13	 	48
    North	 	2
    East
	Mattabelaland	 	1227	 	13	 	48
    North	 	2
    East
	McClellan	 	2654	 	12	 	48
    North	 	2
    East
	McClelland	 	1681	 	11	 	48
    North	 	2
    East
	Miles	 	2654	 	12	 	48
    North	 	2
    East
	Miners
    Delight	 	1228	 	13	 	48
    North	 	2
    East
	Missouri	 	2080	 	14	 	48
    North	 	2
    East
	Mountain
    King	 	1620	 	14	 	48
    North	 	2
    East
	Mountain
    Queen	 	1620	 	14	 	48
    North	 	2
    East
	Nancy
    B.	 	3390	 	11	 	48
    North	 	2
    East
	Nellie	 	2583	 	11	 	48
    North	 	2
    East
	Nevada	 	1466	 	14	 	48
    North	 	2
    East
	New
    Era	 	1527	 	12	 	48
    North	 	2
    East
	96	 	1715	 	11	 	48
    North	 	2
    East
	No.
    1	 	2587	 	24	 	48
    North	 	2
    East
	No.
    2	 	2587	 	24	 	48
    North	 	2
    East
	No.
    3	 	1357	 	11	 	48
    North	 	2
    East
	No.
    4	 	1357	 	11	 	48
    North	 	2
    East
	No
    Name	 	1228	 	13	 	48
    North	 	2
    East
	Norman	 	2368	 	11	 	48
    North	 	2
    East
	Oakland	 	569	 	11	 	48
    North	 	2
    East
	Offset	 	1229	 	13	 	48
    North	 	2
    East
	Ollie
    McMillin	 	1228	 	13	 	48
    North	 	2
    East
	Ontario
    Fraction	 	755	 	11	 	48
    North	 	2
    East
	Oregon	 	2274	 	15	 	48
    North	 	3
    East
	Overlap	 	2052	 	12	 	48
    North	 	2
    East
	Oyama	 	2081	 	13	 	48
    North	 	2
    East
	Olympia	 	3390	 	10	 	48
    North	 	2
    East

 

    	 

    	E-4

    

 

	Claim
    Name	 	M.S.
    #	 	Section	 	Township	 	Range
	Packard	 	1413	 	2	 	48
    North	 	2
    East
	Phil	 	3390	 	14	 	48
    North	 	2
    East
	Phillippine	 	1663	 	2	 	48
    North	 	2
    East
	Pitt	 	2654	 	12	 	48
    North	 	2
    East
	Princess	 	1633	 	11	 	48
    North	 	2
    East
	Quaker	 	1414	 	2	 	48
    North	 	2
    East
	Queen	 	2511	 	12	 	48
    North	 	2
    East
	Rambler	 	1041	 	11	 	48
    North	 	2
    East
	Republican
    Fraction	 	959	 	12	 	48
    North	 	2
    East
	Roman	 	2583	 	11	 	48
    North	 	2
    East
	Rookery	 	1229	 	13	 	48
    North	 	2
    East
	Roy	 	2624	 	13	 	48
    North	 	2
    East
	Royal
    Knight	 	1639	 	11	 	48
    North	 	2
    East
	S-11	 	2081	 	13	 	48
    North	 	2
    East
	S-12	 	2081	 	13	 	48
    North	 	2
    East
	S-13	 	2081	 	13	 	48
    North	 	2
    East
	Sampson	 	1328	 	13	 	48
    North	 	2
    East
	Sampson	 	2081	 	13	 	48
    North	 	2
    East
	San
    Carlos	 	750	 	12	 	48
    North	 	2
    East
	Sarnia	 	2081	 	13	 	48
    North	 	2
    East
	Scelinda
    No. 1	 	2921	 	1	 	48
    North	 	2
    East
	Scelinda
    No. 2	 	2921	 	1	 	48
    North	 	2
    East
	Scelinda
    No. 3	 	2921	 	1	 	48
    North	 	2
    East
	Scelinda
    No. 4	 	2921	 	1	 	48
    North	 	2
    East
	Scelinda
    No. 5	 	2921	 	1	 	48
    North	 	2
    East
	Scelinda
    No. 7	 	2921	 	1	 	48
    North	 	2
    East
	Scelinda
    No. 8	 	2921	 	1	 	48
    North	 	2
    East
	Schofield	 	1228	 	13	 	48
    North	 	2
    East
	Skookum	 	615	 	12	 	48
    North	 	2
    East
	Scorpion
    Fraction	 	2072	 	12	 	48
    North	 	2
    East
	Sierra
    Nevada	 	554	 	12	 	48
    North	 	2
    East
	Silver	 	2587	 	13	 	48
    North	 	2
    East
	Silver
    King	 	1639	 	11	 	48
    North	 	2
    East
	Sims	 	2186	 	12	 	48
    North	 	2
    East
	Sold
    Again Fraction	 	933	 	12	 	48
    North	 	2
    East
	Southern
    Beauty	 	1620	 	14	 	48
    North	 	2
    East
	Spade	 	2583	 	12	 	48
    North	 	2
    East
	Spokane	 	2509	 	12	 	48
    North	 	2
    East
	Spruce
    Fraction	 	2432	 	13	 	48
    North	 	2
    East
	Stemwinder	 	1830	 	12	 	48
    North	 	2
    East

 

    	 

    	E-5

    

 

	Claim
    Name	 	M.S.
    #	 	Section	 	Township	 	Range
	Stopping	 	1227	 	13	 	48
    North	 	2
    East
	Stuart
    No. 2	 	2966	 	11	 	48
    North	 	2
    East
	Stuart
    No. 3	 	2966	 	11	 	48
    North	 	2
    East
	Sugar	 	2862	 	11	 	48
    North	 	2
    East
	Sullivan	 	2966	 	11	 	48
    North	 	2
    East
	Summit	 	1228	 	13	 	48
    North	 	2
    East
	Susie	 	1229	 	13	 	48
    North	 	2
    East
	Taft	 	2611	 	18	 	48
    North	 	3
    East
	Teddy	 	2511	 	12	 	48
    North	 	2
    East
	Timothy
    Fraction	 	2274	 	18	 	48
    North	 	3
    East
	Tip
    Top	 	1041	 	11	 	48
    North	 	2
    East
	Trump	 	2624	 	13	 	48
    North	 	2
    East
	Tyler	 	546	 	12	 	48
    North	 	2
    East
	Utah	 	1882	 	12	 	48
    North	 	2
    East
	Viola	 	562	 	12	 	48
    North	 	2
    East
	Washington	 	2072	 	12	 	48
    North	 	2
    East
	Waverly	 	1620	 	14	 	48
    North	 	2
    East
	Wheelbarrow	 	1526	 	12	 	48
    North	 	2
    East
	William
    Lambert Fraction	 	1945	 	2	 	48
    North	 	2
    East
	Yale	 	2611	 	13	 	48
    North	 	2
    East
	Zululand	 	1227	 	13	 	48
    North	 	2
    East

 

This
Primary Claims set contains all resource material included in the 2021 PEA Mineral Resource Estimate, as well as those areas listed in
the historic 1991 reserves. Due to the inconsistent orientation and nature of the mineralization underlying the above parcels, the Primary
Royalty rate will be applied to all extracted and processed mineralized material lying under and within Primary Claims’ area, up
to 90 degrees nadir along the Primary Claims’ boundaries.

 

In
order to accommodate the down-dip potential on structures included within the 2021 PEA Mineral Resource Estimate and historic 1991 historic
reserves report, all material processed interstitial to existing development, along strike but within the Primary Claims’ boundary
restrictions listed in the above paragraph, and continuously down-dip to the termination of the structure, the following zones will constitute
Primary Claims and be assigned a 1.85% royalty rate: Shea, Tallon, Ike/Truman, Emery, J, Mac, Francis/FW Francis. These names are taken
to be the names used during past production and denote discrete mineralized structures. This rule is added to the overlying royalty rate’s
material restrictions to reflect a more typical “Apex Law” situation for tabular mineralized zones and applies only to those
structures listed above. Splays and associated structures that connect geologically to those listed above will receive the Primary Royalty
rate of the main structure.

 

    	 

    	E-6

    

 

GGS
Claims

 

	Claim
    Name	 	M.S.
    #	 	Section	 	Township	 	Range
	Adath	 	2976	 	22	 	48
    North	 	2
    East
	Alykris	 	2976	 	22	 	48
    North	 	2
    East
	Anna
    Laura	 	2976	 	22	 	48
    North	 	2
    East
	Atlas	 	2976	 	22	 	48
    North	 	2
    East
	Atlas
    No. 1	 	2976	 	22	 	48
    North	 	2
    East
	B	 	2587	 	24	 	48
    North	 	2
    East
	Battleship
    Oregon	 	3390	 	14	 	48
    North	 	2
    East
	Black	 	2081	 	13	 	48
    North	 	2
    East
	Brown	 	2081	 	13	 	48
    North	 	2
    East
	Charly
    T.	 	3390	 	14	 	48
    North	 	2
    East
	E	 	2587	 	24	 	48
    North	 	2
    East
	Edna	 	2587	 	13	 	48
    North	 	2
    East
	85	 	2077	 	15	 	48
    North	 	2
    East
	Fraction	 	2976	 	22	 	48
    North	 	2
    East
	Gay	 	2976	 	22	 	48
    North	 	2
    East
	Hoover
    No. 1	 	2975	 	13	 	48
    North	 	2
    East
	Hoover
    No. 2	 	2975	 	13	 	48
    North	 	2
    East
	Hoover
    No. 3	 	2975	 	13	 	48
    North	 	2
    East
	Hoover
    No. 4	 	2975	 	13	 	48
    North	 	2
    East
	Hoover
    No. 5	 	2975	 	13	 	48
    North	 	2
    East
	Iowa
    No. 2	 	2077	 	15	 	48
    North	 	2
    East
	K-1	 	2080	 	14	 	48
    North	 	2
    East
	K-10	 	2077	 	15	 	48
    North	 	2
    East
	K-11	 	2077	 	15	 	48
    North	 	2
    East
	K-12	 	2077	 	15	 	48
    North	 	2
    East
	K-13	 	2077	 	15	 	48
    North	 	2
    East
	K-14	 	2080	 	14	 	48
    North	 	2
    East
	K-15	 	2080	 	14	 	48
    North	 	2
    East
	K-16	 	2077	 	14	 	48
    North	 	2
    East
	K-17	 	2077	 	15	 	48
    North	 	2
    East
	K-2	 	2080	 	14	 	48
    North	 	2
    East
	K-25	 	2080	 	14	 	48
    North	 	2
    East
	K-26	 	2080	 	14	 	48
    North	 	2
    East
	K-27	 	2080	 	14	 	48
    North	 	2
    East
	K-28	 	2077	 	15	 	48
    North	 	2
    East
	K-3	 	2080	 	14	 	48
    North	 	2
    East
	K-30	 	2077	 	14	 	48
    North	 	2
    East
	K-31	 	2077	 	14	 	48
    North	 	2
    East

 

    	 

    	E-7

    

 

	Claim
    Name	 	M.S.
    #	 	Section	 	Township	 	Range
	K-32	 	2077	 	22	 	48
    North	 	2
    East
	K-33	 	2080	 	23	 	48
    North	 	2
    East
	K-34	 	2080	 	23	 	48
    North	 	2
    East
	K-35	 	2080	 	23	 	48
    North	 	2
    East
	K-36	 	2080	 	23	 	48
    North	 	2
    East
	K-37	 	2080	 	23	 	48
    North	 	2
    East
	K-38	 	2080	 	23	 	48
    North	 	2
    East
	K-5	 	2080	 	14	 	48
    North	 	2
    East
	K-7	 	2080	 	14	 	48
    North	 	2
    East
	K-8	 	2080	 	14	 	48
    North	 	2
    East
	K-9	 	2080	 	14	 	48
    North	 	2
    East
	Kansas	 	2080	 	14	 	48
    North	 	2
    East
	Lilly
    May	 	2587	 	12	 	48
    North	 	2
    East
	Little
    Ore Grande	 	2977	 	23	 	48
    North	 	2
    East
	Mabundaland	 	1227	 	13	 	48
    North	 	2
    East
	Medium	 	2587	 	13	 	48
    North	 	2
    East
	Missouri
    No. 2	 	2077	 	15	 	48
    North	 	2
    East
	91	 	2077	 	15	 	48
    North	 	2
    East
	92	 	2077	 	15	 	48
    North	 	2
    East
	No.
    1	 	2587	 	24	 	48
    North	 	2
    East
	No.
    2	 	2587	 	24	 	48
    North	 	2
    East
	North
    Midland	 	3108	 	24	 	48
    North	 	2
    East
	Orbit	 	3097	 	23	 	48
    North	 	2
    East
	Ore
    Grande No. 1	 	2977	 	23	 	48
    North	 	2
    East
	Ore
    Grande No. 2	 	2977	 	23	 	48
    North	 	2
    East
	Ore
    Grande No. 3	 	2977	 	23	 	48
    North	 	2
    East
	Ore
    Grande No. 4	 	2977	 	23	 	48
    North	 	2
    East
	Ore
    Grande No. 5	 	2977	 	23	 	48
    North	 	2
    East
	Ore
    Shoot	 	3097	 	23	 	48
    North	 	2
    East
	Oreano	 	3097	 	23	 	48
    North	 	2
    East
	Orient	 	3097	 	23	 	48
    North	 	2
    East
	Oriental
    Orphan	 	3097	 	23	 	48
    North	 	2
    East
	Orpheum	 	3097	 	23	 	48
    North	 	2
    East
	Panorama	 	2976	 	23	 	48
    North	 	2
    East
	Penfield	 	2587	 	13	 	48
    North	 	2
    East
	Red
    Deer	 	2976	 	22	 	48
    North	 	2
    East
	S-10	 	2081	 	13	 	48
    North	 	2
    East
	Setzer	 	2976	 	22	 	48
    North	 	2
    East
	Texas	 	2080	 	14	 	48
    North	 	2
    East

 

The
GGS Royalty rate will apply to all GGS Claims either partly or wholly-covered by the ground geophysical survey announced on June 16,
2021

 

    	 

    	E-8

    

 

Residual
Claims

 

	Claim
    Name	 	M.S.
    #	 	Section	 	Township	 	Range
	A	 	2587	 	24	 	48
    North	 	2
    East
	Alfred	 	1628	 	2	 	48
    North	 	2
    East
	Anaconda	 	3361	 	2	 	47
    North	 	2
    East
	Apex
    No. 2	 	3361	 	1	 	47
    North	 	2
    East
	Apex
    No. 3	 	3361	 	1	 	47
    North	 	2
    East
	Army	 	3096	 	22	 	48
    North	 	2
    East
	Asset	 	2611	 	12	 	48
    North	 	2
    East
	Baby
    (1/6th interest)	 	2856	 	3	 	47
    North	 	2
    East
	Black
    Diamond	 	3423	 	10	 	48
    North	 	3
    East
	Blue
    Grouse	 	3361	 	2	 	47
    North	 	2
    East
	Bob
    White	 	3361	 	2	 	47
    North	 	2
    East
	Bonanza
    King Millsite	 	2868	 	8	 	48
    North	 	3
    East
	Brooklyn	 	2201	 	10	 	48
    North	 	2
    East
	Butte
    Fraction	 	3361	 	2	 	47
    North	 	2
    East
	C	 	2587	 	24	 	48
    North	 	2
    East
	Carbonate	 	3423	 	3	 	48
    North	 	3
    East
	Castle	 	3503	 	17	 	48
    North	 	2
    East
	Childs	 	2611	 	12	 	48
    North	 	2
    East
	Comstock	 	1345	 	18	 	48
    North	 	3
    East
	Cougar	 	3361	 	2	 	47
    North	 	2
    East
	D	 	2587	 	24	 	48
    North	 	2
    East
	Daisy	 	1345	 	18	 	48
    North	 	3
    East
	Dandy	 	1345	 	18	 	48
    North	 	3
    East
	Danish	 	1503	 	2	 	48
    North	 	2
    East
	East
    Midland	 	3108	 	19	 	48
    North	 	3
    East
	Eli	 	2611	 	18	 	48
    North	 	3
    East
	Enterprise	 	3423	 	3	 	48
    North	 	3
    East
	Enterprise
    Extension	 	3423	 	10	 	48
    North	 	3
    East
	Evening
    Star	 	2274	 	15	 	48
    North	 	3
    East
	Evening
    Star Fraction	 	2274	 	15	 	48
    North	 	3
    East
	Fairview	 	621	 	18	 	48
    North	 	3
    East
	Flagstaff
    No. 3	 	2921	 	12	 	48
    North	 	2
    East
	Galena	 	3361	 	1	 	47
    North	 	2
    East
	Gelatin	 	3423	 	10	 	48
    North	 	3
    East
	Giant	 	3423	 	3	 	48
    North	 	3
    East
	Good
    Enough	 	1628	 	2	 	48
    North	 	2
    East
	Huckleberry
    No. 2	 	3361	 	2	 	47
    North	 	2
    East
	Jackass	 	586	 	13	 	48
    North	 	2
    East

 

    	 

    	E-9

    

 

	Claim
    Name	 	M.S.
    #	 	Section	 	Township	 	Range
	Jessie	 	1345	 	18	 	48
    North	 	3
    East
	Julia	 	1345	 	18	 	48
    North	 	3
    East
	Justice	 	1345	 	18	 	48
    North	 	3
    East
	K-18	 	2077	 	15	 	48
    North	 	2
    East
	K-19	 	2077	 	15	 	48
    North	 	2
    East
	K-20	 	2077	 	15	 	48
    North	 	2
    East
	K-21	 	2077	 	14	 	48
    North	 	2
    East
	K-22	 	2077	 	14	 	48
    North	 	2
    East
	K-23	 	2077	 	15	 	48
    North	 	2
    East
	K-29	 	2077	 	15	 	48
    North	 	2
    East
	K-39	 	2077	 	15	 	48
    North	 	2
    East
	K-6	 	2080	 	14	 	48
    North	 	2
    East
	Keystone
    (1/6th interest)	 	2856	 	3	 	47
    North	 	2
    East
	L-1	 	3214	 	2	 	48
    North	 	2
    East
	L-2	 	3214	 	9	 	48
    North	 	2
    East
	L-3	 	3214	 	9	 	48
    North	 	2
    East
	Leopard	 	3361	 	2	 	47
    North	 	2
    East
	Lesley	 	2977	 	23	 	48
    North	 	2
    East
	Lesley
    No. 2	 	2977	 	23	 	48
    North	 	2
    East
	Lesley
    No. 3	 	2977	 	23	 	48
    North	 	2
    East
	Long
    John	 	3214	 	7	 	48
    North	 	3
    East
	Lydia
    Fraction	 	1723	 	2	 	48
    North	 	2
    East
	Lynx	 	3361	 	35	 	47
    North	 	2
    East
	Mabel	 	1723	 	2	 	48
    North	 	2
    East
	MacBenn	 	3361	 	2	 	47
    North	 	2
    East
	Maggie	 	1628	 	2	 	48
    North	 	2
    East
	Manila	 	1723	 	2	 	48
    North	 	2
    East
	Marin	 	3361	 	2	 	47
    North	 	2
    East
	Marko	 	3051	 	7	 	48
    North	 	3
    East
	Maryland	 	2274	 	15	 	48
    North	 	3
    East
	McRooney	 	2966	 	11	 	48
    North	 	2
    East
	Midland	 	3108	 	19	 	48
    North	 	3
    East
	Midland
    No. 1	 	3108	 	24	 	48
    North	 	2
    East
	Midland
    No. 3	 	3108	 	24	 	48
    North	 	2
    East
	Midland
    No. 4	 	3108	 	24	 	48
    North	 	2
    East
	Midland
    No. 5	 	3108	 	24	 	48
    North	 	2
    East
	Midland
    No. 6	 	3108	 	24	 	48
    North	 	2
    East
	Midland
    No. 7	 	3108	 	24	 	48
    North	 	2
    East
	Midland
    No. 8	 	3108	 	24	 	48
    North	 	2
    East
	Milo
    Millsite	 	2869	 	44790	 	48
    North	 	3
    East

 

    	 

    	E-10

    

 

	Claim
    Name	 	M.S.
    #	 	Section	 	Township	 	Range
	Minnesota	 	2077	 	15	 	48
    North	 	2
    East
	Missing
    Link	 	2587	 	24	 	48
    North	 	2
    East
	Monmouth	 	2274	 	15	 	48
    North	 	3
    East
	Monte
    Carlo No. 1	 	3177	 	18	 	48
    North	 	3
    East
	Monte
    Carlo No. 2	 	3177	 	18	 	48
    North	 	3
    East
	Monte
    Carlo No. 3	 	3177	 	44760	 	48
    North	 	3
    East
	Monte
    Carlo No. 4	 	3177	 	44760	 	48
    North	 	3
    East
	Monte
    Carlo No. 5	 	3177	 	18	 	48
    North	 	3
    East
	Navy	 	3096	 	22	 	48
    North	 	2
    East
	New
    Jersey	 	2201	 	10	 	48
    North	 	2
    East
	Nick	 	2611	 	18	 	48
    North	 	3
    East
	North
    Wellington	 	2977	 	23	 	48
    North	 	2
    East
	O.K.	 	1723	 	2	 	48
    North	 	2
    East
	O.K.
    Western	 	1723	 	2	 	48
    North	 	2
    East
	Ophir	 	1345	 	18	 	48
    North	 	3
    East
	Oracle	 	3097	 	23	 	48
    North	 	2
    East
	Oregon	 	2072	 	12	 	48
    North	 	2
    East
	Oregon
    No. 2	 	2274	 	15	 	48
    North	 	3
    East
	Ox	 	2611	 	18	 	48
    North	 	3
    East
	Peak	 	2587	 	24	 	48
    North	 	2
    East
	Pete	 	3389	 	10	 	48
    North	 	2
    East
	Pheasant	 	3361	 	2	 	47
    North	 	2
    East
	Prominade	 	3389	 	10	 	48
    North	 	2
    East
	Reeves	 	1412	 	2	 	48
    North	 	2
    East
	Robbin	 	3361	 	2	 	47
    North	 	2
    East
	Rolling
    Stone	 	619	 	18	 	48
    North	 	3
    East
	Rolling
    Stone	 	3423	 	10	 	48
    North	 	3
    East
	Ruth	 	2611	 	18	 	48
    North	 	3
    East
	S-9	 	2081	 	13	 	48
    North	 	2
    East
	Sam	 	3389	 	10	 	48
    North	 	2
    East
	Schute
    Fraction	 	2201	 	10	 	48
    North	 	2
    East
	Sherman	 	2611	 	12	 	48
    North	 	2
    East
	Silver
    Chord	 	2274	 	15	 	48
    North	 	3
    East
	Silver
    King Millsite	 	3563	 	2	 	48
    North	 	2
    East
	Simmons	 	2611	 	12	 	48
    North	 	2
    East
	Snowline	 	2587	 	25	 	48
    North	 	2
    East
	Sonora	 	3361	 	2	 	47
    North	 	2
    East
	Spokane
    Central No. 1	 	3472	 	19	 	48
    North	 	3
    East
	Spokane
    Central No. 2	 	3472	 	20	 	48
    North	 	3
    East
	Spokane
    Central No. 3	 	3472	 	20	 	48
    North	 	3
    East

 

    	 

    	E-11

    

 

	Claim
    Name	 	M.S.
    #	 	Section	 	Township	 	Range
	Spokane
    Central No. 4	 	3472	 	20	 	48
    North	 	3
    East
	Spokane
    Central No. 5	 	3472	 	20	 	48
    North	 	3
    East
	Spring	 	3298	 	15	 	48
    North	 	3
    East
	Star	 	2081	 	13	 	48
    North	 	2
    East
	Sullivan
    Extension	 	1228	 	13	 	48
    North	 	2
    East
	Sunny	 	1723	 	2	 	48
    North	 	2
    East
	Switzerland	 	2966	 	11	 	48
    North	 	2
    East
	V.M.
    No. 1	 	3051	 	7	 	48
    North	 	3
    East
	V.M.
    No. 2	 	3051	 	7	 	48
    North	 	3
    East
	Van
    (1/6th interest)	 	2856	 	3	 	47
    North	 	2
    East
	Venture	 	3164	 	2	 	48
    North	 	2
    East
	Walla
    Walla	 	1345	 	18	 	48
    North	 	3
    East
	Wellington	 	2977	 	23	 	48
    North	 	2
    East
	Whippoorwill	 	1723	 	2	 	48
    North	 	2
    East
	Woodrat
    (1/6th interest)	 	2856	 	3	 	47
    North	 	2
    East
	Yreka
    No. 10	 	2587	 	19	 	48
    North	 	3
    East
	Yreka
    No. 11	 	2587	 	19	 	48
    North	 	3
    East
	Yreka
    No. 12	 	2587	 	30	 	48
    North	 	3
    East
	Yreka
    No. 13	 	2587	 	30	 	48
    North	 	3
    East
	Yreka
    No. 14	 	2587	 	30	 	48
    North	 	3
    East
	Yreka
    No. 15	 	2587	 	30	 	48
    North	 	3
    East
	Yreka
    No. 16	 	2587	 	30	 	48
    North	 	3
    East
	Yreka
    No. 17	 	2587	 	30	 	48
    North	 	3
    East
	Yreka
    No. 18	 	2587	 	30	 	48
    North	 	3
    East
	Yreka
    No. 19	 	2587	 	30	 	48
    North	 	3
    East
	Yreka
    No. 20	 	2587	 	30	 	48
    North	 	3
    East
	Yreka
    No. 21	 	2587	 	30	 	48
    North	 	3
    East
	Yreka
    No. 22	 	2587	 	24	 	48
    North	 	2
    East
	Yreka
    No. 23	 	2587	 	19	 	48
    North	 	3
    East
	Yreka
    No. 24	 	2587	 	19	 	48
    North	 	3
    East
	Yreka
    No. 25	 	2587	 	24	 	48
    North	 	2
    East
	Yreka
    No. 26	 	2587	 	19	 	48
    North	 	3
    East
	Zeke	 	3389	 	10	 	48
    North	 	2
    East

 

    	 

     

    

 

EXHIBIT
“F”

REPRESENTATIONS
AND WARRANTIES OF THE OBLIGORS

 

Each
of Debtor and Guarantor (collectively, the “BHMC Entities”) hereby represents and warrants as follows to the Debentureholder,
and acknowledges and agrees that the Debentureholder is relying upon such representations and warranties in connection with entering
into of this Debenture:

 

Corporate
Organization and Authority 

 

	 	1.	Each
    BHMC Entity is a corporation duly incorporated and validly existing under the laws of its jurisdiction of incorporation and is up-to-date
    in respect of all filings required by law to maintain its existence; in particular, the Debtor is a corporation incorporated under
    the laws of Idaho and Guarantor is a corporation incorporated under the laws of Nevada. 
	 	 	 
	 	2.	Each
    BHMC Entity is qualified to do business and is in good standing in all jurisdictions in which the nature of its business as now being
    or as proposed to be conducted makes such qualification necessary and has all material governmental licenses, authorizations, consents
    and approvals necessary to own its assets and carry on its business as now being or as proposed to be conducted. 
	 	 	 
	 	3.	Each
    BHMC Entity has the requisite corporate power, capacity and authority to: (i) own its property and assets and conduct its business;
    and (ii) enter into the Debenture, the other Credit Documents and the royalty agreement appended as Exhibit “D” to the
    Debenture and such other documents as may be necessary or appropriate to give effect to the terms thereof (collectively, the “Transaction
    Documents”) to which it is a party, to perform its obligations hereunder and thereunder and complete the transactions contemplated
    hereby and thereby. 
	 	 	 
	 	4.	The
    execution and delivery of this Debenture and the other Credit Documents by each BHMC Entity thereto and the completion of the transactions
    contemplated hereby and thereby have been duly authorized by all necessary corporate action on the part of such BHMC Entity, and
    this Debenture and the other Credit Documents to which each BHMC Entity is a party have been duly and validly executed and delivered
    by such BHMC Entity, and constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with the terms
    thereof, except to the extent enforcement may be affected by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
    and similar Applicable Laws affecting creditors’ rights generally and subject to the qualification that equitable remedies,
    injunctive relief and/or specific performance may be granted in the discretion of a court of competent jurisdiction. 
	 	 	 
	 	5.	Guarantor
    owns legally and beneficially all of the issued and outstanding stock of the Debtor (the “Capital Stock”) as set
    forth in Section (5) of the Disclosure Letter free and clear of any Encumbrances. The corporate structure and organization chart
    of the BHMC Entities set forth in Section (5) of the Disclosure Letter accurately reflects, as of the date hereof, the direct and
    indirect ownership of all of the Capital Stock of the Debtor. Other than as set forth in Section (5) of the Disclosure Letter, no
    Person has any agreement, option, right of first refusal or right, title or interest or any right (including a right of conversion
    of Indebtedness) that is or will become an agreement, option, right of first refusal or right, title or interest, in or to all or
    any part of the Capital Stock of the Debtor. There are no shareholders’ agreement or shareholders’ declaration in effect
    with respect to the BHMC Entities or their respective shares or other equity interests.

 

    	 

    	F-2

    

 

	 	6.	Each
    BHMC Entity is entering into and performing its obligations under this Debenture and each of the other Credit Documents to which
    it is a party, on its own account and not as trustee or a nominee of any other Person. 
	 	 	 
	 	7.	The
    principal place of business and chief executive office of each BHMC Entity as of the date hereof is set out in Section (7) of the
    Disclosure Letter.
	 	 	 
	 	8.	No
    BHMC Entity has suffered an Insolvency Event and no Event of Default has occurred that is continuing and the BHMC Entities are not
    aware of any circumstance which, with notice or the passage of time, or both, would give rise to an Insolvency Event or an Event
    of Default with respect to it. 
	 	 	 
	 	9.	Each
    of the BHMC Entities’ corporate records are complete and accurate in all material respects, and true and correct copies of
    same have been made available to the Debentureholder. 
	 	 	 
	 	10.	The
    financial books, records and accounts of each of the BHMC Entities: (i) are complete and accurate in all material respects; (ii)
    are stated in reasonable detail; and (iii) accurately and fairly reflect all the material transactions, acquisitions and dispositions
    of each of the BHMC Entities. 
	 	 	 
	 	11.	Guarantor’s
    audited consolidated financial statements for the six months ended December 31, 2020, including the consolidated balance sheets,
    statements of loss and comprehensive loss, cash flows and changes in shareholders’ deficiency and the notes thereon and the
    unaudited interim consolidated financial statements for the three and nine months ended September 30, 2021 (collectively, the “Current
    Financial Statements”), have been prepared in accordance with generally accepted accounting principles (United States).
    The Current Financial Statements fairly present in all material respects the financial condition and results of operations of Guarantor
    and the Debtor, on a consolidated basis, as at the respective dates specified therein and for the periods then ended. The BHMC Entities
    have not effected any material change in its accounting methods, principles or practices since the date of the Current Financial
    Statements. The BHMC Entities do not intend to correct or restate, nor, to the knowledge of the BHMC Entities, is there any basis
    for any correction or restatement of, any aspect of the Current Financial Statements. Other than as set out in Section (11) of the
    Disclosure Letter, each BHMC Entity is neither a party to, nor had a commitment to become a party to, any material off balance sheet
    transactions, arrangements, obligations (including contingent obligations) or other relationships of Guarantor, the Debtor or any
    subsidiary of the BHMC Entities with unconsolidated entities. MNP LLP is the current auditor of Guarantor and is “independent”
    of the BHMC Entities within the meaning of the Rules of Professional Conduct of the Chartered Professional Accountants of Ontario.
    There has never been a “reportable event” (within the meaning of National Instrument 51-102 – Continuous Disclosure
    Obligations of the Canadian Securities Administrators (“NI 51-102”) with the present or any former auditor
    of the BHMC Entities.

 

    	 

    	F-3

    

 

	 	12.	Since
    the end date of its Current Financial Statements, the BHMC Entities: 

 

	 	(i)	have
    conducted its business only in the ordinary course of business and no Material Adverse Effect has occurred; and 
	 	 	 
	 	(ii)	have
    not incurred any Indebtedness which is not shown or reflected in the most recent interim financial statements provided to the Debentureholder
    or in Section (12) of the Disclosure Letter. 

 

Tax
Matters 

 

	 	13.	(a)
    	Taxes:
    

 

	 	(i)	All
    material Taxes due and payable by each of the BHMC Entities (whether or not shown due on any Tax returns and whether or not assessed
    (or reassessed) by the appropriate Governmental Authority) have been timely paid. 
	 	 	 
	 	(ii)	All
    Tax returns required by Applicable Law to be filed by or with respect to the BHMC Entities have been properly prepared and timely
    filed and all such Tax returns (including information provided therewith or with respect thereto) are true, complete and correct
    in all material respects, and no material fact or facts have been omitted therefrom which would make any such Tax returns misleading.
    

 

	 	 	(b)	As
    of the date hereof, no audit or other proceeding by any Governmental Authority is pending or, to the knowledge of the BHMC Entities,
    threatened with respect to any Taxes due from or with respect to the BHMC Entities, and no Governmental Authority has given written
    notice of any intention to assert any deficiency or claim for additional Taxes against either of the BHMC Entities. As of the date
    hereof, there are no matters under discussion, audit or appeal or in dispute with any Governmental Authority relating to Taxes. 
	 	 	 	 
	 	 	(c)	Other
    than as set out in Section (13) of the Disclosure Letter, no Governmental Authority of a jurisdiction in which the BHMC Entities
    do not file Tax returns has made any written claim that either of the BHMC Entities are or may be subject to taxation by such jurisdiction.
    To the knowledge of the BHMC Entities, there is no basis for a claim that the BHMC Entities is subject to Tax in a jurisdiction in
    which the BHMC Entities do not file Tax returns. As of the date hereof, each of the BHMC Entities only file Tax returns in the jurisdictions
    in which it is incorporated or organized and in any jurisdiction in which it carries on any material business. 
	 	 	 	 
	 	 	(d)	As
    of the date hereof, there are no reassessments of Taxes for the BHMC Entities that have been issued and are under dispute, and the
    BHMC Entities have not received any communication from any Governmental Authority that an assessment or reassessment is proposed
    in respect of any Taxes. 
	 	 	 	 
	 	 	(e)	To
    the knowledge of the BHMC Entities, each of the BHMC Entities have withheld or collected any material Taxes that are required by
    Applicable Law to be withheld or collected and have paid or remitted, on a timely basis, the full amount of any Taxes that have been
    withheld or collected, and are due, to the applicable Governmental Authority. 

 

    	 

    	F-4

    

 

	 	14.	Section
    (14) of the Disclosure Letter sets out a full and complete list of all existing Funded Debt of the BHMC Entities. 

 

Non-Contravention

 

	 	15.	Subject
    to Section (15) of the Disclosure Letter, none of the execution and delivery of this Debenture or the other Transaction Documents,
    or the completion of the transactions contemplated hereby or thereby, by each BHMC Entity party thereto, will (i) require that a
    consent be obtained or a notice be provided under or result in or constitute a breach or default under any agreement, mortgage, bond
    or other instrument to which it is a party or which is binding on it or its assets, (ii) violate the terms of its constating documents,
    (iii) require that a consent be obtained or a notice be provided under or violate any Applicable Law or any Required Authorization
    or the material terms and conditions of any Other Rights, or result in any modification, revocation, alteration or transfer of any
    Required Authorization or Other Right, (iv) result in the imposition of any Encumbrance on the Project Assets, or (v) contravene
    any judgment, order, writ, injunction or decree of any Governmental Authority. 
	 	 	 
	 	16.	No
    BHMC Entity is in breach of or default under, and no event has occurred that, with the passage of time or notice, or both, would
    constitute or would reasonably be expected to constitute such a breach of or default under, any agreement, mortgage, bond or other
    instrument to which it is a party or which is binding on it or its assets, other than a breach or default or event that would not,
    individually or in the aggregate, have a Material Adverse Effect. To the knowledge of the BHMC Entities, there is no breach or default
    by any counterparty thereto or inability of any counterparty thereto to perform its obligations thereunder which has, individually
    or in the aggregate, a Material Adverse Effect. No Event of Default or Pending Event of Default has occurred and is continuing.

 

Regulatory
Compliance 

 

	 	17.	No
    consents, approvals or permissions are required to be obtained by, nor any filings made with any Governmental Authority by any BHMC
    Entity in connection with the execution and delivery or the performance by it of this Debenture and the other Transaction Documents
    to which it is a party, or in respect of its obligations hereunder or thereunder, other than as set forth in Sections (17) and (29)
    of the Disclosure Letter. 
	 	 	 
	 	18.	Each
    BHMC Entity has conducted and is conducting its respective business in compliance in all material respects with Applicable Laws.
    
	 	 	 
	 	19.	No
    BHMC Entity, nor to the knowledge of the BHMC Entities, any director, officer, manager, member, employee, consultant, representative
    or agent thereof, acting on its behalf has violated (i) the Corruption of Foreign Public Officials Act (Canada), the Bribery
    Act (United Kingdom), the Foreign Corrupt Practices Act (United States), and all other anti-bribery, and anti-corruption
    Applicable Laws, whether within Canada, the United States or to the extent applicable to any BHMC Entity, elsewhere, including any
    regulations, guidelines or orders thereunder (collectively, the “Anti-Bribery Laws”); and (ii) the Proceeds
    of Crime (Money Laundering) and Terrorist Financing Act (Canada) and all other anti-money laundering, anti-terrorist financing,
    government sanction and “know your client” Applicable Laws, whether within Canada, the United States and, to the extent
    applicable to any BHMC Entity, elsewhere, including any regulations, guidelines or orders thereunder (collectively, the “Anti-Money
    Laundering Laws”). No BHMC Entity nor, to the knowledge of Guarantor and the Debtor, any director, officer, employee, consultant,
    representative or agent thereof acting on its behalf, has made a voluntary, directed, or involuntary disclosure to any Governmental
    Authority responsible for enforcing Anti-Bribery Laws or Anti-Money Laundering Laws, with respect to any alleged non-compliance by
    any BHMC Entity or such other Persons (acting on behalf of a BHMC Entity) with Anti-Bribery Laws or Anti-Money Laundering Laws. No
    BHMC Entity has received any written notice, request, or citation from any Governmental Authority alleging non-compliance by any
    BHMC Entity or such other Persons (acting on behalf of a BHMC Entity) with any Anti-Bribery Laws or Anti-Money Laundering Laws. 

 

    	 

    	F-5

    

 

	 	20.	The
    BHMC Entities and their agents have complied at all times with Anti-Bribery Laws with respect to the Project and the development,
    construction or conduct of all operations or activities at the Project. The operations in relation to the Project are and have been
    conducted at all times in compliance with applicable financial record-keeping and reporting requirements of Anti-Money Laundering
    Laws and no action, suit or proceeding by or before any court or Governmental Authority or any arbitrator involving the BHMC Entities
    with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of the BHMC Entities, threatened. 
	 	 	 
	 	21.	The
    BHMC Entities have not, and, to the knowledge of the BHMC Entities, no director, officer, employee, consultant, representative or
    agent of the BHMC Entities have, transacted business on behalf of the BHMC Entities with any Restricted Person. 
	 	 	 
	 	22.	Guarantor
    is a “reporting issuer” (or the equivalent) in the provinces of British Columbia and Ontario and is not included on a
    list of defaulting reporting issuers maintained by the securities regulators or other securities regulatory authorities in any such
    provinces (collectively, the “Securities Regulators”). No order, ruling or determination having the effect of
    suspending the sale or ceasing or suspending trading in any securities of Guarantor has been issued by any Governmental Authority
    and is continuing in effect and no proceedings for such purpose have been instituted or are, to the knowledge of the BHMC Entities,
    pending or threatened. 

 

Legal
Proceedings 

 

	 	23.	Other
    than as set forth in Section (23) of the Disclosure Letter, there are no actions, suits, proceedings, hearings, inquiries, investigations
    or claims commenced or, to the knowledge of the BHMC Entities, threatened against any BHMC Entity or that involve the Project, and
    which, individually or in the aggregate, (i) would prevent or limit, restrict or impair in any material respect the ability of a
    BHMC Entity to enter into this Debenture or the other Transaction Documents to which it is a party or would reasonably be expected
    to materially and adversely impair the performance of its obligations under this Debenture or the other Transaction Documents or
    the development of the Project, or (ii) that could reasonably be expected to result in a Material Adverse Effect. As noted in its
    public disclosure and in Section (23), the Company believes the claims in both lawsuits noted in Section (23) of the Disclosure Letter,
    as they relate to Bunker Hill, are without merit and intends to defend them vigorously.

 

    	 

    	F-6

    

 

	 	24.	No
    BHMC Entity is a party to or subject to any judgment, order, writ, injunction or decree, involving the Project, which (i) could reasonably
    be expected to materially and adversely impair the performance of its obligations under this Debenture or the other Transaction Documents,
    or (ii) could reasonably be expected to result in a Material Adverse Effect. No action or proceeding has been instituted or remains
    pending or, to the knowledge of the BHMC Entities, has been threatened and not resolved, by or before any Governmental Authority
    that (i) could reasonably be expected to materially and adversely impair the development of the Project, or (ii) could reasonably
    be expected to result in a Material Adverse Effect. 

 

Material
Information 

 

	 	25.	All
    material information relating to the Project and prepared by or on behalf of the current management of the BHMC Entities and that
    has been made available or delivered to Debentureholder, including forecasts, projections, mine plans, budgets and environmental
    audits, assessments, studies and tests, including any environmental and social impact assessment study reports, was prepared in good
    faith and on the basis of assumptions that the management of the BHMC Entities believe to be reasonable at the time of preparation,
    subject to any material changes of which the BHMC Entities have informed Debentureholder in writing. To the knowledge of the management
    of the BHMC Entities, all material information relating to the Project prepared at the request of current management of the BHMC
    Entities by third parties and that has been made available or delivered to Debentureholder including forecasts, projections, mine
    plans, budgets and environmental audits, assessments, studies and tests, including any material environmental and social impact assessment
    study reports, was prepared in good faith and does not contain materially incorrect information. Guarantor does not have knowledge
    of any change to the facts and assumptions underlying the estimates in the technical report and preliminary economic assessment for
    underground milling and concentration of lead, silver and zinc at the Bunker Hill Mine dated December 29, 2021 effective November
    29, 2021 (“PEA”) that would reasonably be expected to result in a material adverse change in any cost, price,
    reserves, resources or other relevant information in the PEA. All material information regarding the Project, including drill results,
    technical reports and studies, that are required to be disclosed by Applicable Laws, have been publicly disclosed by Guarantor in
    compliance, in all material respects, with Applicable Laws.
	 	 	 
	 	26.	As
    of the date hereof, all material information relating to the Project mineralization prepared by or on behalf of the current management
    of the BHMC Entities has been made available or delivered to Debentureholder and, to the knowledge of the management of the BHMC
    Entities, such information and the reports and information delivered to Debentureholder have been prepared in a manner which is consistent
    with Good Practice Standards, the statements, assumptions and projections contained therein are fair and reasonable as and when produced
    and, to the knowledge of the management of the BHMC Entities, have been arrived at after reasonable inquiry having been made in good
    faith by the Persons responsible therefor. The estimated mineral resources relating to the Property as of the date hereof are as
    stated in the PEA. The BHMC Entities are in compliance in all material respects with NI 43-101 in connection with the disclosure
    of scientific or technical information made by the BHMC Entities concerning the Project. The BHMC Entities have duly filed with the
    applicable regulatory authorities in compliance in all material respects with Applicable Laws all reports required by NI 43-101 in
    connection with the Project, and all such reports were prepared in accordance with the requirements of NI 43-101 in all material
    respects. Except as set forth in Section (26) of the Disclosure Letter, as of the date hereof, there are no outstanding unresolved
    comments of the Canadian Securities Exchange (the “CSE”) or any Securities Regulator in respect of the technical
    disclosure relating to the Project made in the documents which have been filed by or on behalf of the BHMC Entities with the relevant
    Securities Regulators pursuant to the requirements of Applicable Laws, including all documents publicly available on Guarantor’s
    SEDAR profile.

 

    	 

    	F-7

    

 

	 	27.	The
    BHMC Entities are in compliance in all material respects with all timely and continuous disclosure obligations under Applicable Laws,
    including NI 51-102, and the policies, rules and regulations of the CSE and, without limiting the generality of the foregoing, except
    as disclosed to the Debentureholder, there has been no “material change”, as defined in the Securities Act (Ontario)
    (actual, or, to the knowledge of the BHMC Entities, proposed or prospective, whether financial or otherwise) in the business, results
    of operations, prospects, assets, liabilities (contingent or otherwise) or capital or financial condition of the BHMC Entities on
    a consolidated basis which has not been publicly disclosed within the period required by NI 51-102, and except as disclosed to the
    Debentureholder, the BHMC Entities has not filed any confidential material change reports which remain confidential as of the date
    hereof. 

 

Project

 

	 	28.	The
    PEA was prepared in a manner which is consistent with Good Practice Standards and the statements, assumptions and projections contained
    therein were fair and reasonable as and when produced and, to the BHMC Entities’ knowledge, were arrived at after reasonable
    inquiry, having been made in good faith by the Persons responsible therefor. The PEA contains a reasonable estimate in all material
    respects of projected capital expenditures for the Property subject to fluctuations in exchange rates, commodity prices and electricity
    rates and has been prepared in a manner which is consistent with Good Practice Standards. 
	 	 	 
	 	29.	Subject
    to Section (29) of the Disclosure Letter, the Debtor is the sole recorded and beneficial owner of the Property, free and clear of
    any Encumbrances (other than Permitted Liens). Section (29) of the Disclosure Letter sets out a full and complete list of all Permitted
    Liens. Except for any Permitted Liens or as listed in Section (29) of the Disclosure Letter, no Person other than the Debentureholder
    has any agreement to acquire, option, right of first refusal or right, title or interest or any right that is or will become an agreement
    to acquire, option, right of first refusal or right, title or interest, in or to all or any material part of the Collateral or any
    Project Assets nor has either of the BHMC Entities granted, or agreed to grant, any Encumbrances, other than Permitted Liens, on
    the Collateral or any Project Asset.
	 	 	 
	 	30.	The
    Required Authorizations and Other Rights required for the development, construction or operation of the Project, including commercial
    production of the silver, lead and zinc from the Project, whether obtained or issued by the date hereof or not, are listed in Section
    (30) of the Disclosure Letter. The BHMC Entities have complied in all material respects with all conditions provided for in the Required
    Authorizations and Other Rights required to be complied with as of the date this representation is made.

 

    	 

    	F-8

    

 

	 	31.	Subject
    to Section (31) of the Disclosure Letter, operation of the Project is and has been in compliance in all material respects with all
    land use restrictions, zoning, regulations, ordinances, Environmental Laws and other similar Applicable Laws thereto. Subject to
    Section (31) of the Disclosure Letter, during the past three (3) years, neither of the BHMC Entities nor any of its agents or employees
    has received any written notice from any Governmental Authority having jurisdiction over the Project alleging any violation of any
    Applicable Law, including, but not limited to, those relating to Environmental Laws, zoning, building, use, personal disability and
    fire or safety, which has not been cured or remedied. To the knowledge of the BHMC Entities, there are not any threatened proceedings
    for the rezoning of the Property or any portion thereof.
	 	 	 
	 	32.	Current
    management of the BHMC Entities has arranged for the following environmental studies relating to the Project and the Property: (i)
    since September 2020, 30 site water sampling and broad spectrum lab testing on a monthly basis and field parameter testing on a bi-weekly
    basis, and (ii) in May 2021, a multi-year water flow analysis program with the University of Idaho’s hydrogeology department,
    (iii) water chemistry analysis as part of planning for a proprietary in-mine water treatment system, (iv) evaluation of the capabilities
    of the Environmental Protection Agency’s Central Treatment Plant, in the event that a BHMC Entity may seek to purchase and/or
    operate it in the future. No other environmental investigation, study, audit, test or other analysis has been conducted by or at
    the request of current management of the BHMC Entities with respect to the Project and Property.
	 	 	 
	 	33.	Subject
    to Section (33) of the Disclosure Letter, there are no material environmental liabilities of the BHMC Entities or to the knowledge
    of the BHMC Entities, in respect of the development, construction and operation of the Project, in each case, that have been incurred
    as at the date that this representation is made.
	 	 	 
	 	34.	Subject
    to Section (34) of the Disclosure Letter, no release or threatened release of any chemicals, materials or substances, whether solid,
    liquid or gas, defined as or included in the definition of “contaminant”, “pollutant”, “hazardous substance”,
    “hazardous waste”, “hazardous material”, or “toxic substance” under any applicable Environmental
    Law has occurred or is occurring at or from the Project for which Environmental Laws require notice, further investigation or any
    form of responsive action.
	 	 	 
	 	35.	To
    the knowledge of the BHMC Entities, Section (35) of the Disclosure Letter lists all underground and above ground storage tanks located
    or previously located on the Property.
	 	 	 
	 	36.	Upon
    execution of the EPA Settlement Agreement, the BHMC Entities will comply with all its terms and conditions, including, without limitation,
    making timely payments and providing financial assurance on schedule.
	 	 	 
	 	37.	The
    Property comprises all mining claims, concessions and other mining rights forming part of the Project.
	 	 	 
	 	38.	Upon
    the closing of acquisition of the Property from Placer Mining Corporation concurrently with the closing and funding of this Debenture,
    the Debtor will have good and marketable title to the Property free and clear of any Liens other than Permitted Liens and its rights
    in and to the Property will be valid and in full force and effect in all material respects, and the BHMC Entities will have complied
    in all material respects with all of their respective obligations in respect thereof, including payment of any annual fees and production
    penalties, under Applicable Laws. No third party holds any mining or real property rights that conflict in any material respect with
    the Debtor’s rights in and to the Property. 

 

    	 

    	F-9

    

 

	 	39.	Subject
    only to the rights of any Governmental Authority set out in Section (39) of the Disclosure Letter and except for Permitted Liens,
    no Person is entitled to or holds any material rent, option, back-in right, earn-in right, right of first refusal, royalty, stream,
    participation, production or similar interests, or other payment in the nature of rent or royalty, on or for the Project, including
    any Products.
	 	 	 
	 	40.	To
    the knowledge of the BHMC Entities, there are no (i) Expropriation Events and, there is no such Expropriation Event pending or, to
    the knowledge of the BHMC Entities, threatened against or affecting all or any material part of the Project, or (ii) to the knowledge
    of the BHMC Entities, circumstances, notices, discussions, or negotiations which could reasonably be expected to result in such an
    Expropriation Event. 
	 	 	 
	 	41.	Except
    as set out in Section (41) of the Disclosure Letter, to the best knowledge of the BHMC Entities, no indigenous or community groups
    (and no Persons on their behalf) have asserted any interest or rights or commenced or threatened any claims or proceedings affecting
    the Project or the BHMC Entities that could result in a Material Adverse Effect.

 

Common
Shares

 

	 	42.	The
    Common Shares are listed and posted for trading on the CSE and the Debtor is a “reporting issuer” not in default of the
    requirements of the Applicable Securities Legislation.

 

Other

 

	 	43.	Except
    as set out in Section (43) of the Disclosure Letter, no BHMC Entity is party to any contract that would give rise to a valid claim
    against a BHMC Entity and/or the Debentureholder for a brokerage commission, finder’s fee or like payment in connection with
    the transactions contemplated by this Debenture or the other Transaction Documents.EX-4.1

  

 
 Exhibit 4.1 

OSCAR HEALTH, INC. 
 and

 U.S. BANK NATIONAL ASSOCIATION 

as Trustee 
  

 
 INDENTURE 

Dated as of February 3, 2022 
  

 
 7.25%
Convertible Senior Notes due 2031 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 Article 1. Definitions; Rules of Construction
	  	 	1	 
			
	 Section 1.01.
	 	Definitions	  	 	1	 
	 Section 1.02.
	 	Other Definitions	  	 	13	 
	 Section 1.03.
	 	Rules of Construction	  	 	14	 
		
	 Article 2. The Notes
	  	 	14	 
			
	 Section 2.01.
	 	Form, Dating and Denominations	  	 	14	 
	 Section 2.02.
	 	Execution, Authentication and Delivery	  	 	15	 
	 Section 2.03.
	 	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	  	 	18	 
	 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	  	 	25	 
	 Section 2.13.
	 	Replacement Notes	  	 	25	 
	 Section 2.14.
	 	Registered Holders; Certain Rights with Respect to Global Notes	  	 	26	 
	 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	  	 	27	 
	 Section 2.19.
	 	Repurchases by the Company	  	 	27	 
	 Section 2.20.
	 	CUSIP and ISIN Numbers	  	 	28	 
		
	 Article 3. Covenants
	  	 	28	 
			
	 Section 3.01.
	 	Payment on Notes	  	 	28	 
	 Section 3.02.
	 	Exchange Act Reports	  	 	28	 
	 Section 3.03.
	 	Rule 144A Information	  	 	29	 
	 Section 3.04.
	 	Additional Interest	  	 	29	 
	 Section 3.05.
	 	Compliance and Default Certificates	  	 	30	 
	 Section 3.06.
	 	Stay, Extension and Usury Laws	  	 	30	 
	 Section 3.07.
	 	Acquisition of Notes by the Company and its Affiliates	  	 	31	 
		
	 Article 4. Repurchase and Redemption
	  	 	31	 
			
	 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	 

  
 - i - 

							
	 Section 4.03.
	 	Right of the Company to Redeem the Notes	  	 	35	 
		
	 Article 5. Conversion
	  	 	37	 
			
	 Section 5.01.
	 	Right to Convert	  	 	37	 
	 Section 5.02.
	 	Conversion Procedures	  	 	41	 
	 Section 5.03.
	 	Settlement Upon Conversion	  	 	43	 
	 Section 5.04.
	 	Reserve and Status of Common Stock Issued Upon Conversion	  	 	46	 
	 Section 5.05.
	 	Adjustments to the Conversion Rate	  	 	47	 
	 Section 5.06.
	 	Voluntary Adjustments	  	 	57	 
	 Section 5.07.
	 	Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change	  	 	58	 
	 Section 5.08.
	 	Exchange in Lieu of Conversion	  	 	59	 
	 Section 5.09.
	 	Restriction on Conversions	  	 	59	 
	 Section 5.10.
	 	Effect of Common Stock Change Event	  	 	61	 
	 Article 6. Successors
	  	 	62	 
	 Section 6.01.
	 	When the Company May Merge, Etc.	  	 	62	 
	 Section 6.02.
	 	Qualified Successor Entity Substituted	  	 	63	 
	 Section 6.03.
	 	Exclusion for Asset Transfers with Wholly Owned Subsidiaries	  	 	63	 
		
	 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	  	 	66	 
	 Section 7.04.
	 	Other Remedies	  	 	67	 
	 Section 7.05.
	 	Waiver of Past Defaults	  	 	67	 
	 Section 7.06.
	 	Control by Majority	  	 	67	 
			
	 Section 7.07.
	 	Limitation on Suits	  	 	68	 
			
	 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	  	 	69	 
	 Section 7.11.
	 	Priorities	  	 	69	 
	 Section 7.12.
	 	Undertaking for Costs	  	 	70	 
		
	 Article 8. Amendments, Supplements and Waivers
	  	 	70	 
			
	 Section 8.01.
	 	Without the Consent of Holders	  	 	70	 
	 Section 8.02.
	 	With the Consent of Holders	  	 	71	 
	 Section 8.03.
	 	Notice of Amendments, Supplements and Waivers	  	 	72	 
	 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	  	 	77	 
	 Section 10.06.
	 	Compensation and Indemnity	  	 	77	 
	 Section 10.07.
	 	Replacement of the Trustee	  	 	78	 
	 Section 10.08.
	 	Successor Trustee by Merger, Etc.	  	 	79	 
	 Section 10.09.
	 	Eligibility; Disqualification	  	 	79	 
		
	 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	  	 	81	 
	 Section 11.03.
	 	Statements Required in Officer’s Certificate and Opinion of Counsel	  	 	81	 
	 Section 11.04.
	 	Rules by the Trustee, the Registrar, the Paying Agent and The Conversion Agent	  	 	81	 
	 Section 11.05.
	 	No Personal Liability of Directors, Officers, Employees and Stockholders	  	 	82	 
	 Section 11.06.
	 	Governing Law; Waiver of Jury Trial	  	 	82	 
	 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	  	 	83	 
	 Section 11.11.
	 	U.S.A. PATRIOT Act	  	 	83	 
	 Section 11.12.
	 	Calculations	  	 	83	 
	 Section 11.13.
	 	Severability	  	 	83	 
	 Section 11.14.
	 	Counterparts	  	 	83	 
	 Section 11.15.
	 	Table of Contents, Headings, Etc.	  	 	84	 
	 Section 11.16.
	 	Withholding Taxes	  	 	84	 

 Exhibits 
  

			
	Exhibit A: Form of Note	  	A-1
		
	Exhibit B-1A: Form of Restricted Note Legend (Non- Accredited Investor Note)	  	B1A-1
		
	Exhibit B-1B: Form of Restricted Note Legend (Accredited Investor Note)	  	B1B-1
		
	Exhibit B-2: Form of Global Note Legend	  	B2-1

  
 - iii - 

 INDENTURE, dated as of February 3, 2022, between Oscar Health, Inc., a Delaware
corporation, as issuer (the “Company”), and U.S. Bank National Association, 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 7.25% Convertible Senior Notes due 2031. 
 Article 1. DEFINITIONS; RULES OF
CONSTRUCTION 
 Section 1.01. DEFINITIONS. 

“Accredited Investor Note” means each Note initially beneficially owned by Thrive Capital Partners VII Growth, L.P. or
Claremount VII Associates, L.P., and any Notes issued in exchange therefor or in substitution thereof, which, if in the form of a Global Note, will be identified by a separate CUSIP number from Notes that are not Accredited Investor Notes;
provided, however, that a Note that is an Accredited Investor Note will cease to be an Accredited Investor Note at such time, if any, when such Note ceases to be a Transfer-Restricted Security. The Trustee is under no obligation to
determine whether any Note is an Accredited Investor Note and may conclusively rely on an Officer’s Certificate with respect thereto. 

“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. 

“Affiliated Party” means, with respect to any natural person, (A) any trust for the benefit of the such natural person
or any one or more members of such natural person’s immediate family; (B) any company, partnership, trust, foundation, Qualified Retirement Plan or other entity or investment vehicle for which such natural person (or such natural
person’s estate) retains dispositive or voting power with respect to the Common Stock or the Class B Common Stock (or such other Common Equity of the Company into which the Class B Common Stock has been converted into, or exchanged
for, in an event analogous to a Common Stock Change Event) held by such company, partnership, trust, foundation, plan or other entity or investment vehicle; and (C) the estates of such natural person (it being understood, for the avoidance of
doubt, that this clause (C) will not cover any person to whom any securities are transferred from any such estate). 

“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. 

  
 - 1 - 

 “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 the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed. 

“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. 

“Class B Common Stock” means the Class B common stock of the Company, par value US$0.00001 per
share, at the date of this Indenture. 
 “Close of Business” means 5:00 p.m., New York City time. 

“Common Stock” means the Class A Common Stock, $0.00001 par value per share, of the Company, subject to
Section 5.10. 
 “Common Equity” of any Person means Capital Stock of such Person that is
generally entitled (a) to vote on the election of directors of such Person or (b) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others that will control
the management or policies of such Person. 
 “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, subject to Section 5.03(C). 

“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 120.1721 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. 

  
 - 2 - 

 “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-thirty fifth (1/35th) 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) thirty five (35). 

“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 “OSCR <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). The Daily VWAP will be determined without regard to
after-hours trading or any other trading outside of the regular trading session. 

“De-Legending Deadline Date” means, with respect to any Note, the thirtieth (30th)
day after the Free Trade Date of such Note; provided, however, that if such thirtieth (30th) 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 Combination Settlement with a Specified Dollar Amount of $1,000 per $1,000 principal amount
of Notes; 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. 

  
 - 3 - 

 “Depositary Participant” means any member of, or participant in, the
Depositary. 
 “Depositary Procedures” means, with respect to any conversion, transfer, exchange or other 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. 
 “Exempted Fundamental Change” means any Fundamental Change with respect to which, in accordance with
Section 4.02(I), the Company does not offer to repurchase any Notes. 
 “Free Trade Date” means,
with respect to any Note, the date that is one (1) year after the date hereof. 
 “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, during the six (6) month period beginning
on, and including, the date that is six (6) months after the Issue Date, 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 2.11(B)(i). 
 “Fundamental Change” means any of the following events: 

(A) (1) a “person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act), other than (w) the
Company, (x) its Wholly Owned Subsidiaries, (y) their respective employee benefit plans or (z) any Permitted Party, files any report with the SEC indicating that such person or group has become the direct or indirect “beneficial
owner” (as defined below) of shares of the Common Stock or the Company’s Common Equity representing more than fifty percent (50%) of the voting power of all of the Company’s Common Stock or Common Equity, as the case may be; or
(2) any Permitted Party files a Schedule TO or any schedule, form or report under the Exchange Act disclosing that such Permitted Party has become the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act of shares of Common Stock representing more than 50% of the number of the then outstanding shares of Common Stock (excluding, solely for purposes of this clause (2), any shares of
Class B Common Stock that any such Permitted Party beneficially owns); 

  
 - 4 - 

 (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 solely to one or more 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 or substantially 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; provided that, if
such plan or proposal for the liquidation or dissolution of the Company is approved in connection with an event described in clause (A) or (B) above, only such event described in clause (A) or (B) shall constitute a Fundamental Change; 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 that, if such delisting occurs in connection with an event described in clause (A) or (B) above, only such event described in clause (A) or (B) shall constitute a Fundamental
Change; 
 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 or other corporate common equity interests listed (or depositary receipts representing shares of common stock or other corporate common equity interests, which depositary receipts are 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. 
 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,” whether shares are “beneficially owned,” and percentage beneficial ownership, will be determined in accordance
with Rule 13d-3 under the Exchange Act. 

  
 - 5 - 

 “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. 

“Interest Payment Date” means, with respect to a Note, June 30 and December 31 of each year, commencing on
June 30, 2022 (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. 

“Investment Agreement” means that certain Investment Agreement, dated January 27, 2022, between the Company and the
Investors. 
 “Investors” means Oasis FD Holdings, LP, Thrive Capital Partners VII Growth, L.P., Claremount VII Associates,
L.P., LionTree Investment Fund, L.P. and Tenere Capital Master Fund, LP. 
 “Issue Date” means February 3, 2022. 

“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 

  
 - 6 - 

 
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. Neither the Trustee nor the Conversion Agent will have any duty to determine the Last Reported Sale Price. 

“Make-Whole Fundamental Change” means 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). 

“Make-Whole Fundamental Change Conversion Period” means, with respect to a Make-Whole Fundamental Change, the period from,
and including, the effective date of such Make-Whole Fundamental Change to, and including, the thirty fifth (35th) Trading Day after such effective date (or, if such Make-Whole Fundamental Change also constitutes a Fundamental Change (other than an
Exempted Fundamental Change), to, but excluding, the related Fundamental Change Repurchase 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 31, 2031. 
 “Note Agent” means any Registrar, Paying Agent or Conversion Agent. 

“Notes” means the 7.25% Convertible Senior Notes due 2031 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 August 31, 2031, the thirty five (35) 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 such Note for Redemption pursuant to Section 4.03(F) and on or before the second (2nd) Business Day before the related
Redemption Date, the thirty five (35) consecutive VWAP Trading Days beginning on, and including, the thirty sixth (36th) Scheduled Trading Day immediately before such Redemption Date; and (C) subject to clause (B) above, if
such Conversion Date occurs after August 31, 2031, the thirty five (35) consecutive VWAP Trading Days beginning on, and including, the thirty sixth (36th) Scheduled Trading Day immediately before the Maturity Date. 

  
 - 7 - 

 “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. 

“Permitted Party” means Joshua Kushner and Thrive Capital, their respective Affiliated Parties and Affiliates, any funds
managed by Thrive Capital or its Affiliates (including, without limitation, Thrive Capital Partners II, L.P., Thrive Capital Partners III, L.P., Claremount TW, L.P., Thrive Capital Partners V, L.P., Claremount V Associates, L.P., Thrive Capital
Partners VI Growth, L.P., Claremount VI Associates, L.P., Thrive Capital Partners VII Growth, L.P. and Claremount VII Associates, L.P.), and any “group” within the meaning of Section 13(d) of the Exchange Act consisting solely of
Permitted Parties. 
 “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. 

“Qualified Retirement Plan” means any individual retirement account, as defined in Section 408(a) of the Internal
Revenue Code, or a pension, profit sharing, stock bonus or other type of plan or trust of which such natural person is a participant or beneficiary and that satisfies the requirements for qualification under Section 401 of the Internal Revenue
Code, or any comparable structure established under the laws of any relevant jurisdiction. 
 “Qualified Successor Entity”
means, with respect to a Business Combination Event, a corporation; provided, however, that a limited liability company, limited partnership or other similar entity will also constitute a Qualified Successor Entity with respect to such Business
Combination Event if either (i) such Business Combination Event is an Exempted Fundamental Change; or (ii) both of the following conditions are satisfied: (1) either (x) such limited liability company, limited partnership or other
similar entity, as applicable, is treated as a corporation or is 

  
 - 8 - 

 
a direct or indirect, Wholly Owned Subsidiary of, and disregarded as an entity separate from, a corporation, in each case for U.S. federal income tax purposes; or (y) the Company has
received an opinion of a nationally recognized tax counsel to the effect that such Business Combination Event will not be treated as an exchange under Section 1001 of the Internal Revenue Code of 1986, as amended, for Holders or beneficial
owners of the Notes; and (2) such Business Combination Event constitutes a Common Stock Change Event whose Reference Property consists solely of any combination of cash in U.S. dollars and shares of common stock or other corporate common equity
interests of an entity treated as a corporation for U.S. federal income tax purposes. 
 “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 30, the immediately preceding June 15; and (B) if such Interest Payment Date occurs on
December 31, the immediately preceding December 15. 
 “Repurchase Upon Fundamental Change” means the repurchase of
any Note by the Company pursuant to Section 4.02. 
 “Responsible Officer” means (A) any
officer within the corporate trust group 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 relating to this Indenture, 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-1A (in the case of a Note that is not an Accredited Investor Note) or Exhibit B-1B (in the case of an Accredited Investor Note). 

“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. 

  
 - 9 - 

 “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. 

“Significant Subsidiary” means, with respect to any Person, any Subsidiary of such Person that constitutes a
“significant subsidiary” (as defined in Rule 1-02(w) of Regulation S-X under the Exchange Act) of such Person; provided, however, that, if a
Subsidiary meets the criteria of clause (1)(iii), but not clause (1)(i) or (1)(ii), of the definition of “significant subsidiary” in Rule 1-02(w) (or, if applicable, the respective successor clauses
to the aforementioned clauses), then such Subsidiary will be deemed not to be a Significant Subsidiary 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 twenty-five million dollars ($25,000,000). 

“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 effective date of such Make-Whole Fundamental Change. 

  
 - 10 - 

 “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. 
 “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 at least 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; 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 at least 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 or a Person that was
an Affiliate of the Company in the three 
 months immediately preceding) pursuant to a registration statement that was effective under the Securities Act at
the time of such sale or transfer; 

  
 - 11 - 

 (B) such Security is sold or otherwise transferred to a Person (other than the Company or an
Affiliate of the Company or a Person that was an Affiliate of the Company in the three 
 months immediately preceding) 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
(and, if such Security is an Accredited Investor Note or a Conversion Share issued upon conversion of an Accredited Investor Note, the Company has received such certificates or other documentation or evidence, if any, as the Company, may reasonably
require to determine that the Holder or beneficial owner of such Accredited Investor Note or Conversion Share, as applicable, is not, and has not been during the immediately preceding three (3) months, an Affiliate of the Company). 

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. 
 “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. 

  
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 “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”
	  	 	5.10	(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) 
	 “Measurement Period”
	  	 	5.01	(C)(i)(2) 
	 “Paying Agent”
	  	 	2.06	(A) 
	 “Physical Settlement”
	  	 	5.03	(A) 
	 “Redemption Notice”
	  	 	4.03	(F) 
	 “Reference Property”
	  	 	5.10	(A) 
	 “Reference Property Unit”
	  	 	5.10	(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 Person”
	  	 	5.10	(A) 
	 “Tender/Exchange Offer Valuation Period”
	  	 	5.05	(A)(v) 
	 “Trading Price Condition”
	  	 	5.01	(C)(i)(2) 

  
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 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 Default Interest, Additional Interest and Special Interest, unless the context requires otherwise. 
 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 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. 

  
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 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, electronic 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. 

(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 authentication agent was validly appointed to undertake. 

Section 2.03. NOTES. 

(A) On the Issue Date, there will be originally issued three hundred five million dollars ($305,000,000.00) aggregate principal amount of
Notes, subject to the provisions of this Indenture (including Section 2.02). 
 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. 

  
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 (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 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 7.25% (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 then 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

  
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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.” 
 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. Notwithstanding anything to the contrary in this Section 2.06(A), each of the Registrar, Paying Agent and
Conversion Agent with respect to any Global Note must at all times be a Person that is eligible to act in that capacity under the Depositary Procedures. 

(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. 

  
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 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 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
(viii) or (ix) 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) Accredited Investor Note. Each Note that is an Accredited Investor
Note will be identified by a separate CUSIP number from Notes that are not Accredited Investor Notes. 

  
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 (C) Restricted Note Legend. Subject to Section 2.11(B)(i),

 (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(C)(ii)), including pursuant to Section 2.10(A)(viii), 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. 

(D) 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. 
 (E) 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. 
 (F) Restricted Stock Legend. 

(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(F), 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; provided further that any Conversion Shares underlying any Accredited Investor Note will be identified by a separate
CUSIP number from the Conversion Shares underlying Notes that are not Accredited Investor Notes. 
 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. 

  
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 (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. 
 (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: 

  
 - 20 - 

 (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): 
 (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 (x) are in Authorized Denominations and
have an aggregate principal amount equal to the principal amount of such Global Note to be so exchanged; (y) are registered in such name(s) as the Depositary specifies (or as otherwise determined pursuant to customary procedures); and
(z) bear each legend, if any, required by Section 2.09. 

  
 - 21 - 

 (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) and Section 2.10(C)(ii)(4). 
 (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 so 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 so 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”

  
 - 22 - 

 
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 
 (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 

  
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such certificates, documentation or evidence need be so delivered on or 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. 
 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. 

  
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 (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 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 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 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. 

  
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 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, whether or not the lost, destroyed or wrongfully taken Note will at any
time be enforceable by anyone. 
 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. 
 Section 2.15. CANCELLATION. 

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. 

Section 2.16. NOTES HELD BY THE COMPANY OR
ITS AFFILIATES. 
 Without limiting the generality of Section 2.18, 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 (including, for the avoidance of doubt, Accredited Investor Notes
beneficially owned by any of the Company’s 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. 

  
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 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 Global Note representing such Note; (iii) paid in full (including upon conversion) 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. 

(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) or Section 5.08. 

(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. 
 Without limiting the generality of Section 2.15, the Company may, from time to time,
repurchase Notes in open market purchases or in negotiated transactions without delivering prior notice to Holders. 

  
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 Section 2.20. CUSIP AND ISIN NUMBERS. 

Subject to Section 2.11(B)(i), 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. 
 (B)
Deposit of Funds. Before 11:00 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). Delivery of reports, information and documents
to the Trustee is for informational purposes only and receipt of such reports and documents shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants under this Indenture or the Notes (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). The Trustee shall not be obligated to monitor or confirm, on a continuing
basis or otherwise, our compliance with the covenants under this Indenture or the Notes or with respect to any reports or other documents filed with the SEC through the EDGAR system or any website under this Indenture. 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. 

  
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 (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 constructive notice 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. 

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 Issue Date, 
 (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%). 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. 

  
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 (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.

 (D) Exclusive Remedy. The accrual of Additional Interest will be the exclusive remedy available to Holders for the failure of
their Notes to become Freely Tradable. 
 (E) Additional Interest Provisions Do Not Apply to Accredited Investor Notes.
Notwithstanding anything to the contrary in this Section 3.04, Section 3.04(A) will not apply to any Accredited Investor Note (and, for the avoidance of doubt, no Additional Interest will accrue on any Accredited
Investor Note). 
 Section 3.05. COMPLIANCE AND DEFAULT CERTIFICATES. 

(A) Annual Compliance Certificate. Within ninety (90) days after December 31, 2022 and each fiscal year of the Company ending
thereafter, 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). 
 (B) Default Certificate. If a Default or Event of
Default occurs, then the Company will promptly, and no later than 30 days thereafter, deliver an Officer’s Certificate to the Trustee describing the same and what action the Company is taking or proposes to take with respect thereto. 

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. 

  
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 Section 3.07. ACQUISITION OF NOTES BY
THE COMPANY AND ITS AFFILIATES. 
 Without limiting the
generality of Section 2.18, Notes that the Company or any of its Subsidiaries have purchased or otherwise acquired will be deemed to remain outstanding (except to the extent provided in
Section 2.16) until such time as such Notes are delivered to the Trustee for cancellation. 
 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 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 any 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. Subject to the terms of the Investment Agreement, 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 

  
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such Interest Payment Date, if such 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 effective date of a Fundamental Change, the Company will send to each Holder, the Trustee and the Paying Agent a notice of such Fundamental Change (a “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 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; 

(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 

  
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 (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)). 

(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; 

  
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 (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 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). 

(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 withholding or other similar taxes) than such owner would have received had the Company repurchased such Note;
provided that, if such third party does not accept such Note or fails to timely deliver such Fundamental Change Repurchase Price, then the Company will be responsible for delivering such Fundamental Change Repurchase Price in the manner
and at the time provided in this Section 4.02 without regard to this Section 4.02(H). 

  
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 (I) No Requirement to Conduct an Offer to Repurchase Notes if the Fundamental Change
Results in the Notes Becoming Convertible into an Amount of Cash Exceeding the Fundamental Change Repurchase Price. Notwithstanding anything to the contrary in this Section 4.02, the Company will not be required to send
a Fundamental Change Notice pursuant to Section 4.02(E), or offer to repurchase or repurchase any Notes pursuant to this Section 4.02, in connection with a Fundamental Change occurring pursuant to
clause (B)(ii) (or pursuant to clause (A) that also constitutes a Fundamental Change occurring pursuant to clause (B)(ii)) of the definition thereof, if (i) such Fundamental Change constitutes a Common Stock Change
Event whose Reference Property consists entirely of cash in U.S. dollars; (ii) immediately after such Fundamental Change, the Notes become convertible, pursuant to Section 5.10(A) and, if applicable,
Section 5.07, into consideration that consists solely of U.S. dollars in an amount per $1,000 aggregate principal amount of Notes that equals or exceeds the Fundamental Change Repurchase Price per $1,000 aggregate principal
amount of Notes (calculated assuming that the same includes accrued and unpaid interest to, but excluding, the latest possible Fundamental Change Repurchase Date for such Fundamental Change); and (iii) the Company timely sends the notice
relating to such Fundamental Change required pursuant to Section 5.01(C)(i)(3)(b) and includes, in such notice, a statement that the Company is relying on this Section 4.02(I). 

(J) Compliance with Applicable Securities Laws. To the extent applicable, the Company will comply, in all material respects, 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. 
 (K) 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 31, 2026. The Company may not redeem the Notes at its option at any time before December 31, 2026. 

(B) Right to Redeem the Notes on or After December 31, 2026. Subject to the terms of this
Section 4.03, the Company has the right, at its election, to redeem all, but not less than all, of the Notes, at any time, and from time to time, on a Redemption Date on or after December 31, 2026 and on or before the
thirty fifth (35th) 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 two hundred percent (200%) of the
Conversion Price on 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. 

  
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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
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 (60), nor less than forty (40), 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
second (2nd) 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 forty-five (45), 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”). 

  
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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 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 second (2nd) 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; 

(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 on or before the second (2nd) Business Day 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) 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 Section 4.03(E) on any Note (or portion thereof) subject to Redemption must be paid pursuant to such proviso. 

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. 

  
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 (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 June 30, 2022, 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.
Neither the Trustee nor the Conversion Agent shall be responsible to determine whether such common stock sale price condition has been satisfied. 

(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 ten (10) consecutive Trading Day period (such ten (10) 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. Neither the Trustee
nor the Conversion Agent shall be responsible to determine whether the Trading Price Condition has been satisfied. 

  
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 (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 

(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 (40) 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 the Notes will not become convertible pursuant to clause
(y) above (but the Company will be required to send notice of such distribution pursuant to clause (x) above) on 

  
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account of such distribution 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, in such distribution 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 record date for such distribution; and (ii) the aggregate principal
amount (expressed in thousands) of Notes held by such Holder on such record date; provided, further, 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 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 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 (other than an Exempted 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 second (2nd) 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). 

  
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 (5) Conversions During Free Convertibility Period. A Holder may
convert its Notes at any time from, and including, August 31, 2031 until the Close of Business on the second (2nd) 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 second (2nd) 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 second (2nd) 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 
 (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(B), 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(B), 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). 

  
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 (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 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 second (2nd) 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 or interest that has accrued on any overdue interest. 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). 

  
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 (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 or delivery 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 (and, in any event, no later than the date the Conversion Agent receives such Note or notice) 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”). 

(i) The Company’s Right to Elect Settlement Method. Except as set forth in the Investment Agreement, 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
August 31, 2031 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 August 31, 2031; 

(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 August 31, 2031, 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 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 second
(2nd) Business Day before the related Redemption Date; and (b) if such Redemption Date occurs on or after August 31, 2031, 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 August 31, 2031; 

  
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 (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 and the Conversion Agent 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); 
 (7) the Settlement Method
will be subject to Sections 4.03(D) and 5.01(C)(i)(3)(a); and 
 (8) the Trustee and the Conversion
Agent may assume that any Settlement Method selected by the Company complies with the Investment Agreement. 
 (ii) The
Company’s Right to Irrevocably Fix the Settlement Method. Except as set forth in the Investment Agreement, 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 elect Combination Settlement to apply to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to Holders, and eliminate a Specified Dollar Amount or range of Specified Dollar
Amounts that will apply to such conversions, provided, in each case, that (w) the Settlement Method(s) so elected pursuant to clause (1) or (2) above 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 Combination Settlement with a Specified Dollar Amount that is consistent with such irrevocable election. Such notice, if

  
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sent, must set forth the applicable Settlement Method 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 Section 5.03(A)(ii), then the Company will either post the Default
Settlement Method or fixed Settlement Method(s), as applicable, on the “Investor Relations” page 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)(i), 5.03(B)(iii) and 5.10(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; 
 (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. 

  
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 (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(D)
and 5.10, 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 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 the second (2nd) Business Day immediately after the Conversion
Date for such conversion; provided, however, that if Physical Settlement applies to the conversion of any Note with a Conversion Date that is after the Regular Record Date immediately before the Maturity Date, then, solely for purposes
of such conversion, (x) the Company will pay or deliver, as applicable, the Conversion Consideration due upon such conversion on the Maturity Date (or, if the Maturity Date is not a Business Day, the next Business Day); and (y) the
Conversion Date will instead be deemed to be the second (2nd) Business Day immediately before the Maturity Date. 
 (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 and not outstanding
shares of Common Stock that are not reserved for other purposes) 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. 

  
 - 46 - 

 (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 (except that any Conversion Share delivered by a designated financial institution pursuant to Section 5.08 need not be a newly issued or treasury share)
and will be duly authorized, 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 use
commercially reasonable efforts to 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. Subject to Section 5.09, 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 5.10 will apply), then the Conversion Rate will be adjusted 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, 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 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.

  
 - 47 - 

 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 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;
			
	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 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 increase to the Conversion Rate for such distribution been made on the basis of only the rights, options or warrants, if any, actually distributed. In addition, to the extent
that shares of Common 

  
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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. 
 For purposes of this Section 5.05(A)(ii) and
Section 5.01(B)(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 Company in good faith. 
 (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: 

(u) 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); 

(v) 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); 

(w) rights issued or otherwise distributed pursuant to a stockholder rights plan, except to the extent provided in
Section 5.05(F); 
 (x) 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); 

(y) a distribution solely pursuant to a tender offer or exchange offer for shares of Common Stock, as to which
Section 5.05(A)(v) will apply; and 
 (z) a distribution solely pursuant to a Common Stock Change
Event, as to which Section 5.10 will apply, 

  
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 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 Company in good faith), 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;

 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,
and without having to convert such Holder’s Notes, 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 record 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. 

(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 (x) a Common Stock Change Event, as to which
Section 5.10 will apply; or (y) a tender offer or exchange offer for shares of Common Stock, as to which Section 5.05(A)(v) 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: 

  
 - 50 - 

 

 
 where: 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Spin-Off Valuation Period for such
Spin-Off;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Spin-Off Valuation Period;
			
	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, the Ex-Dividend Date for such
Spin-Off (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.

 Notwithstanding anything to the contrary in this Section 5.05(A)(iii)(2), (i)
if any VWAP Trading Day of the Observation Period for a Note whose conversion will be settled pursuant to Cash Settlement or Combination Settlement occurs during the Spin-Off Valuation Period for such Spin-Off, then, solely for purposes of determining the Conversion Rate for such VWAP Trading Day for such conversion, such Spin-Off Valuation Period will be deemed to consist
of the Trading Days occurring in the period from, and including, the Ex-Dividend Date for such Spin-Off to, and including, such VWAP Trading Day; and (ii) if the
Conversion Date for a Note whose conversion will be settled pursuant to Physical Settlement occurs during the Spin-Off Valuation Period for such Spin-Off, then, solely
for purposes of determining the Conversion Consideration for such conversion, such Spin-Off Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Ex-Dividend Date for such Spin-Off to, and including, such Conversion Date. 

  
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 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
			
	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, and without having to convert such Holder’s Notes, 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 record 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. 

  
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 (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 Company in good faith) of the cash and other consideration paid per share of Common Stock in such tender or
exchange offer exceeds the Last Reported Sale Price per share of Common Stock on 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), then the Conversion Rate will be increased based on the following formula: 
  

 
 where: 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period for such tender or exchange offer;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation Period;
			
	AC	  	=	  	the aggregate value (determined as of the time (the “Expiration Time”) such tender or exchange offer expires by the Company in good faith) of all cash and other consideration paid for shares of Common Stock
purchased or exchanged in such tender or exchange offer;
			
	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 Expiration Date;

 provided, however, that the Conversion Rate will in no event be adjusted down pursuant to
this Section 5.05(A)(v), except to the extent provided in the immediately following paragraph. Notwithstanding anything to the contrary in this Section 5.05(A)(v), (i) if any VWAP Trading Day of
the Observation Period for a Note whose conversion will be settled pursuant to Cash Settlement or Combination Settlement occurs during the Tender/Exchange Offer Valuation Period for such tender or exchange offer, then, solely for purposes of
determining the Conversion Rate for such VWAP Trading Day for such conversion, such Tender/Exchange Offer Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Trading Day immediately after
the Expiration Date for such tender or exchange offer to, and including, such VWAP 

  
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Trading Day; and (ii) if the Conversion Date for a Note whose conversion will be settled pursuant to Physical Settlement occurs during the Tender/Exchange Offer Valuation Period for such
tender or exchange offer, then, solely for purposes of determining the Conversion Consideration for such conversion, such Tender/Exchange Offer Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and
including, the Trading Day immediately after the Expiration Date to, and including, such Conversion Date. 
 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. 

(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) 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; 
 (3) 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 or program of, or assumed by, the Company or any of its Subsidiaries; 

  
 - 54 - 

 (4) 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; 
 (5) solely a
change in the par value of the Common Stock; or 
 (6) accrued and unpaid interest on the Notes. 

(C) 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 (iv) August 31, 2031. 

(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; 

(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. 

  
 - 55 - 

 (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)), 
 then (x) in the case of Physical Settlement, such Conversion Rate adjustment will not be given effect
for such conversion and 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, but 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 (y) 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
potential readjustment in accordance with the last paragraph of Section 5.05(A)(iii)(1). 
 (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. 

  
 - 56 - 

 (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 proportionate 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). 
 (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. 

  
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 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 effective date and the Stock Price of such Make-Whole Fundamental Change: 

 

																																									
	 	  	Stock Price	 
	 Effective Date
	  	$6.03	 	  	$7.00	 	  	$8.32	 	  	$12.00	 	  	$16.64	 	  	$30.00	 	  	$50.00	 	  	$100.00	 	  	$150.00	 	  	$300.00	 
	 February 3, 2022
	  	 	45.6653	 	  	 	38.1300	 	  	 	30.9952	 	  	 	20.0333	 	  	 	13.5222	 	  	 	6.4043	 	  	 	3.0680	 	  	 	0.8602	 	  	 	0.2729	 	  	 	0.0000	 
	 December 31, 2022
	  	 	45.6653	 	  	 	37.8086	 	  	 	30.4928	 	  	 	19.5075	 	  	 	13.1208	 	  	 	6.2130	 	  	 	2.9818	 	  	 	0.8350	 	  	 	0.2655	 	  	 	0.0000	 
	 December 31, 2023
	  	 	45.6653	 	  	 	37.8086	 	  	 	30.2224	 	  	 	19.0550	 	  	 	12.7596	 	  	 	6.0500	 	  	 	2.9174	 	  	 	0.8208	 	  	 	0.2619	 	  	 	0.0000	 
	 December 31, 2024
	  	 	45.6653	 	  	 	37.8086	 	  	 	29.9375	 	  	 	18.4992	 	  	 	12.3251	 	  	 	5.8603	 	  	 	2.8460	 	  	 	0.8092	 	  	 	0.2616	 	  	 	0.0000	 
	 December 31, 2025
	  	 	45.6653	 	  	 	37.8086	 	  	 	29.2500	 	  	 	17.6592	 	  	 	11.7097	 	  	 	5.5887	 	  	 	2.7378	 	  	 	0.7887	 	  	 	0.2587	 	  	 	0.0000	 
	 December 31, 2026
	  	 	45.6653	 	  	 	36.7957	 	  	 	27.7692	 	  	 	16.4842	 	  	 	10.8762	 	  	 	5.2140	 	  	 	2.5814	 	  	 	0.7569	 	  	 	0.2531	 	  	 	0.0000	 
	 December 31, 2027
	  	 	45.6653	 	  	 	34.8814	 	  	 	25.8257	 	  	 	14.9117	 	  	 	9.7542	 	  	 	4.6980	 	  	 	2.3558	 	  	 	0.7071	 	  	 	0.2423	 	  	 	0.0000	 
	 December 31, 2028
	  	 	45.6653	 	  	 	32.3300	 	  	 	23.1899	 	  	 	12.7700	 	  	 	8.2350	 	  	 	3.9890	 	  	 	2.0308	 	  	 	0.6284	 	  	 	0.2223	 	  	 	0.0000	 
	 December 31, 2029
	  	 	45.6653	 	  	 	28.7814	 	  	 	19.4760	 	  	 	9.8008	 	  	 	6.1779	 	  	 	3.0177	 	  	 	1.5624	 	  	 	0.5011	 	  	 	0.1835	 	  	 	0.0000	 
	 December 31, 2030
	  	 	45.6653	 	  	 	23.5557	 	  	 	13.8930	 	  	 	5.6375	 	  	 	3.4549	 	  	 	1.7187	 	  	 	0.9058	 	  	 	0.3032	 	  	 	0.1155	 	  	 	0.0000	 
	 December 31, 2031
	  	 	45.6653	 	  	 	22.6850	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 

 If such 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 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 $300.00 (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 $6.03 (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 165.8374 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). 
 (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). 

  
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 (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 in accordance with Section 5.01(C)(i)(3)(b). 

Section 5.08. EXCHANGE IN LIEU OF CONVERSION. 

Notwithstanding anything to the contrary in this Article 5, and subject to the terms of this Section 5.08, if
a Note is submitted for conversion, the Company may elect to arrange to have such Note exchanged in lieu of conversion by a financial institution designated by the Company. To make such election, the Company must send notice of such election to the
Holder of such Note, the Trustee and the Conversion Agent before the Close of Business on the Business Day immediately following the Conversion Date for such Note. If the Company has made such election, then: 

(A) no later than the Business Day immediately following such Conversion Date, the Company must deliver (or cause the Conversion Agent to
deliver) such Note, together with delivery instructions for the Conversion Consideration due upon such conversion (including wire instructions, if applicable), to a financial institution designated by the Company that has agreed to deliver such
Conversion Consideration in the manner and at the time the Company would have had to deliver the same pursuant to this Article 5; 

(B) if such Note is a Global Note, then (i) such designated institution will send written confirmation to the Conversion Agent promptly
after wiring the cash Conversion Consideration, if any, and delivering any other Conversion Consideration, due upon such conversion to the Holder of such Note; and (ii) the Conversion Agent will as soon as reasonably practicable thereafter
contact such Holder’s custodian with the Depositary to confirm receipt of the same; and 
 (C) such Note will not cease to be
outstanding by reason of such exchange in lieu of conversion; 
 provided, however, that if such financial institution does not accept such
Note or fails to timely deliver such Conversion Consideration, then the Company will be responsible for delivering such Conversion Consideration in the manner and at the time provided in this Article 5 as if the Company had not elected to
make an exchange in lieu of conversion. 
 Section 5.09. RESTRICTION ON CONVERSIONS. 

(A) Beneficial Ownership Limitation. Notwithstanding anything to the contrary in this Indenture or the Notes, but subject to the last
two paragraphs of this Section 5.09, no shares of Common Stock will be issued or delivered upon conversion of any Note, and no Note will be convertible by the Holder thereof, in each case to the extent, and only to the
extent, that such issuance, delivery, conversion or convertibility would result in such Holder, or a “person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act) that includes such Holder, beneficially
owning in excess of 9.9% of the then-outstanding shares of Common Stock (the restrictions set forth in this sentence, the “Ownership Limitation”). For these purposes, beneficial ownership and calculations of percentage ownership
will be determined in accordance with Rule 

  
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13d-3 under the Exchange Act. For the avoidance of doubt, the limitations on the convertibility of any Note pursuant to this
Section 5.09 will not, in themselves, cause such Note to cease to be outstanding (and interest will continue to accrue on any portion of a Note that has been tendered for conversion and whose convertibility is suspended
pursuant to this Section 5.09), and such limitations will cease to apply if and when such Note’s convertibility and conversion will not violate this Section 5.09. For the avoidance of doubt,
nothing in this Section 5.09 will affect the Company’s ability to elect any Settlement Method in accordance with this Indenture. 

If any Conversion Consideration otherwise due upon the conversion of any Note is not delivered as a result of the Ownership Limitation, then
the Company’s obligation to deliver such Conversion Consideration will not be extinguished, and the Company will deliver such Conversion Consideration as soon as reasonably practicable after the Holder of such Note provides written confirmation
to the Company that such delivery will not contravene the Ownership Limitation. Any purported delivery of shares of Common Stock upon conversion of any Note will be void and have no effect to the extent, and only to the extent, that such delivery
would contravene the Ownership Limitation; provided that each beneficial owner shall have the right at any time and from time to time to (i) reduce the Ownership Limitation applicable to such beneficial owner immediately upon
prior written notice to the Company (provided that, for the avoidance of doubt, in such event, such beneficial owner may sell shares of Common Stock or Notes to reduce the aggregate number of shares
of Common Stock deemed beneficially owned by such beneficial owner to a level below the reduced Ownership Limitation, in which case, subject to the terms of this Indenture, the Notes will be convertible by such beneficial
owner up to (but will not exceed) the reduced Ownership Limitation) or (ii) increase the Ownership Limitation applicable to such beneficial owner upon 61 days’ prior written notice to the Company; provided
further that no notice period pursuant to sub-clause (ii) above will be required where the Company has sent a Redemption Notice or on or after August 31, 2031. 

The satisfaction, by a Holder of any Note, of the requirements set forth in Section 5.02(A) to convert such Note
will be deemed to be a representation, by such Holder to the Company, that the settlement of such conversion in full (assuming Physical Settlement), and without regard to this Section 5.09, will not contravene the Ownership
Limitation. 
 Upon the occurrence of a Common Stock Change Event, (i) the Ownership Limitation and this
Section 5.09 will thereafter apply as if each reference to “Common Stock” in this Section 5.09 were instead a reference to the common equity (including depositary receipts representing
common equity), if any, forming part of the Reference Property of such Common Stock Change Event; and (ii) if such Reference Property includes no such common equity or depositary receipts, then the Ownership Limitation and this
Section 5.09 will thereafter cease to apply. 
 Notwithstanding anything to the contrary herein, no Ownership
Limitation shall apply to any Notes held or beneficially owned by any Permitted Party unless and until such Permitted Party provides written notice to the Company specifying that the Ownership Limitation shall apply to such Permitted Party (and
specifying the amount thereof). 

  
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 Section 5.10. 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) other 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 any combination of the foregoing (such an event, a “Common Stock Change Event,” and such other securities, cash or property, 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 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, the Trustee and the Conversion Agent 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 5.10; (y) provide for subsequent adjustments to the Conversion Rate pursuant to Section 5.05(A) in a manner consistent with this Section 5.10; and (z) contain
such other provisions, if any, that the Company reasonably determines are appropriate to preserve the economic interests of the Holders and to give effect to the provisions of this Section 5.10(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, if any, that 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 to Holders, the Trustee and the Conversion Agent no later than the second (2nd) Business Day after the effective date of such Common Stock
Change Event. 
 (C) Compliance Covenant. The Company will not become a party to any Common Stock Change Event unless its terms are
consistent with this Section 5.10. 
 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: 

  
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 (i) the resulting, surviving or transferee Person either (x) is the
Company or (y) if not the Company, is a Qualified Successor Entity 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. QUALIFIED SUCCESSOR ENTITY SUBSTITUTED. 

At the effective time of any Business Combination Event that complies with Section 6.01, the Qualified Successor
Entity (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 Qualified Successor Entity 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. 

Section 6.03. EXCLUSION FOR ASSET TRANSFERS WITH WHOLLY
OWNED SUBSIDIARIES. 
 Notwithstanding anything to the contrary in this Article 6, this Article
6 will not apply to any transfer of assets between or among the Company and any one or more of its Wholly Owned Subsidiaries not effected by merger or consolidation. 

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) consecutive days in the payment when due of interest on any Note; 

  
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 (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), if (in the case of any notice other than a notice pursuant to Section 5.01(C)(i)(3)(a)) such failure is not
cured within five (5) days after its occurrence; 
 (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, if such default is not cured within two (2) Trading Days after its occurrence; 

(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 the Company’s 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 the Company’s 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 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; 

(viii) 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; 

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

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

(6) generally is not paying its debts as they become due; 

(ix) 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)(ix), such order or decree remains unstayed and in effect for at least
sixty (60) days; or 
 (x) a breach of the debt covenants set forth under Section 4.09 of the Investment Agreement,
where such default is not cured or waived within sixty (60) days after notice to the Company and the Trustee by the Investors. 
 (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. 
 Section 7.02.
ACCELERATION. 
 (A) Automatic Acceleration in Certain Circumstances. If an Event of Default set forth in
Section 7.01(A)(viii) or 7.01(A)(ix) 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)(viii) or 7.01(A)(ix) 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. 

  
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 (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 three hundred and sixty five (365) calendar days on which a Reporting Event of Default has occurred and is continuing, 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 three
hundred and sixty sixth (366th) 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 three hundred and sixty sixth (366th) calendar day (it being understood that interest on any defaulted Special Interest will nonetheless accrue pursuant to Section 2.05(B)). 

(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 eighty (180) 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%). 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. 

  
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 (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. 
 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. 

  
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 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 Redemption Price or Fundamental Change Repurchase Price for, or 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. 

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 Redemption Price or Fundamental Change Repurchase
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 Redemption Price or
Fundamental Change Repurchase Price for, or 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. 

  
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 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 (senior to the rights of Holders) 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. 

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 Redemption
Price or Fundamental Change Repurchase 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. 

  
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 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) 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 that does not adversely affect Holders; 
 (B) add guarantees with respect to the Company’s obligations
under this Indenture or the Notes; 
 (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 5.10 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) 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 

  
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 (J) 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. 
 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, 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: 

(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. 

  
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 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. 

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 entitled to receive, 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 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 discharge of this Indenture have been satisfied; 
 provided, however, that Article 10 and
Section 11.01 will survive such 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 discharge. 

  
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 At the Company’s request, the Trustee will acknowledge the satisfaction and discharge
of this Indenture. 
 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) in the absence of bad faith or willful misconduct on its part, 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. 

  
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 (C) The Trustee may not be relieved from liabilities for its negligence, bad faith 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 

(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 clauses (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. 
 (G) Unless a
Responsible Officer of the Trustee has received notice from the Company that Additional Interest is owing on the Notes or that the Company has elected to pay Special Interest on the Notes, the Trustee may assume no Additional Interest or Special
Interest, as applicable, is payable. 
 (H) The rights, privileges, protections, immunities and benefits given to the Trustee, including its
right to be indemnified, are extended to, and will be enforceable by, the Trustee in each of its capacities under this Indenture, including as Note Agent. 

(I) The Trustee will not be charged with knowledge of any document or agreement other than this Indenture and the Notes. 

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 written 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. 

  
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 (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. 
 (H) The
permissive rights of the Trustee set forth in this Indenture will not be construed as duties imposed on the Trustee. 
 (I) The Trustee will
not be required to give any bond or surety in respect of the execution or performance of this Indenture or otherwise. 
 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. 

  
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 Section 10.05. NOTICE OF DEFAULTS. 

If a Default or Event of Default occurs and is continuing and is known to a Responsible Officer of 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 it is not known to a Responsible Officer of the Trustee at such time, promptly (and in any event within ten (10) Business Days) after it
becomes known 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. The Trustee will not be deemed to have notice or be charged with knowledge of any Default or Event of Default unless written notice thereof has been
received by a Responsible Officer, and such notice references the Notes and this Indenture and states on its face that a Default or Event of Default has occurred. 

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 (in each of its capacities) and its directors, officers, employees and agents, in their capacities
as such, against any and all losses, liabilities 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 or expense is attributable to its negligence, bad faith or willful misconduct, as determined by a final decision of a court of competent jurisdiction. The
Trustee will promptly notify the Company of any claim 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. 

  
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 (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 (viii) or (ix) 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. 

(B) The Trustee may resign at any time 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 by so notifying the Trustee and the Company in writing. The Company may remove the Trustee 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 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. 

  
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 (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. 
 Any organization or entity into which the Trustee
may be merged or converted or with which it may be consolidated, or any organization or entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any organization or entity succeeding to all or
substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such organization or entity shall be otherwise qualified and eligible under this Article 10, without the execution or filing
of any paper or any further act on the part of any of the parties hereto. 
 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. 

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), 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: 

Oscar Health, Inc. 

75 Varick Street, 5th Floor 

New York, NY 10013 

Attention: General Counsel 

Email: legal@hioscar.com 

If to the Trustee: 

U.S. Bank National Association 

CityPlace I 

185 Asylum Street, 27th Floor 

Attention: Global Corporate Trust/Laurel Casasanta 

Email: laurel.casasanta@usbank.com 

  
 - 79 - 

 The Company or the Trustee, by notice to the other, may designate additional or different
addresses (including 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 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. 
 The Trustee shall not have any duty to confirm that the person sending any notice, instruction or other communication by
electronic transmission (including by e-mail, facsimile transmission, web portal or other electronic methods) is, in fact, a person authorized to do so. Electronic signatures believed by the Trustee to comply
with the ESIGN Act of 2000 or other applicable law (including electronic images of handwritten signatures and digital signatures provided by DocuSign, Orbit, Adobe Sign or any other digital signature provider acceptable to the Trustee) shall be
deemed original signatures for all purposes. The Company assumes all risks arising out of the use of electronic signatures and electronic methods to send communications to the Trustee, including without limitation the risk of the Trustee acting on
an unauthorized communication, and the risk of interception or misuse by third parties. Notwithstanding the foregoing, the Trustee may in any instance and in its sole discretion require that an original document bearing a manual signature be
delivered to the Trustee in lieu of, or in addition to, any such electronic communication. 
 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. 

  
 - 80 - 

 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. 

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 
 (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,
THE PAYING AGENT AND THE CONVERSION AGENT. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar, Paying Agent and Conversion Agent may make
reasonable rules and set reasonable requirements for its functions. 

  
 - 81 - 

 Section 11.05. NO PERSONAL LIABILITY OF
DIRECTORS, OFFICERS, EMPLOYEES 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. 
 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. 

  
 - 82 - 

 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 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. 

Section 11.12. CALCULATIONS. 

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 (including Additional Interest and Special Interest) 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 electronically in portable document format or in any other format will be effective as delivery of a manually executed counterpart. 

  
 - 83 - 

 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. TAX MATTERS. 

(A) Each Holder and beneficial owner of a Note agrees, to provide, at the time it becomes a party hereto and thereinafter upon reasonable
request or as required under applicable law, tax forms or other documentation (including any applicable Internal Revenue Service Form W-8/W-9 as well as certifications
indicating eligibility for the portfolio interest exemption) reasonably satisfactory to the Company or other applicable withholding agent to establish an exemption from U.S. withholding tax on payments and deliveries hereunder as well as an
exemption from, or a reduction in the rate of, U.S. withholding that may apply to any constructive dividend (e.g., under Section 305(c) of the Internal Revenue Code). The Company and any other applicable withholding agent shall be entitled to
withhold taxes with respect to any such constructive dividend to the extent required by law and may, at its option, withhold from or set off such payments against payments of cash or the delivery of other Conversion Consideration on such Note, any
payments on the shares of Common Stock or sales proceeds received by, or other funds or assets of, such Holder or the beneficial owner of such Note. 

(B) The Company agrees that, to the extent it treats a constructive distribution under Section 305 of the Internal Revenue Code as a
dividend on the Notes, it intends unless otherwise required by law to treat such dividend for IRS Form 1099-DIV reporting purposes as a distribution described under Section 1(h)(11)(B) of the Internal
Revenue Code. 
 (C) The inclusion of this Section 11.16 is not an admission by any Holder that it is subject to
United States taxation. 
 [The Remainder of This Page Intentionally Left Blank; Signature Page Follows] 

  
 - 84 - 

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

			
	OSCAR HEALTH, INC.
		
	By:	 	 /s/ R. Scott Blackley

		 	Name: R. Scott Blackley
		 	Title: Chief Financial Officer
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Laurel A. Melody-Casasanta

		 	Name: Laurel A. Melody-Casasanta
		 	Title: Vice President

 [Signature Page to Indenture] 

 EXHIBIT A 

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

 
 OSCAR HEALTH, INC. 

7.25% Convertible Senior Note due 2031 
  

					
	CUSIP No.:	  	[___] [Insert for a “restricted” CUSIP number: *]	  	Certificate No. [___]
	ISIN No.:	  	[___] [Insert for a “restricted” ISIN number: *]	  	

 Oscar Health, 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 31, 2031 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 30 and December 31 of each year, commencing on [date]. 

Regular Record Dates:   June 15 and December 15. 

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 2.11(B)(i) 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, Oscar Health, Inc. has caused this instrument to be duly executed
as of the date set forth below. 
  

							
	`	 		 	 OSCAR HEALTH, INC.

				
	Date:                     	 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

  
 A-2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

							
	Date:                     	 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 A-3 

 OSCAR HEALTH, INC. 

7.25% Convertible Senior Note due 2031 

This Note is one of a duly authorized issue of notes of Oscar Health, Inc., a Delaware corporation (the “Company”),
designated as its 7.25% Convertible Senior Notes due 2031 (the “Notes”), all issued or to be issued pursuant to an indenture, dated as of February 3, 2022 (as the same may be amended from time to time, the
“Indenture”), between the Company and U. S. Bank National Association, 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, [closing date]. 
 2. Maturity. This Note will mature on
December 31, 2031, 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 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: 
 Oscar Health, Inc. 

75 Varick Street, 5th Floor 
 New
York, NY 10013 
 Attention: General Counsel 

Email: legal@hioscar.com 

  
 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 

OSCAR HEALTH, INC. 
 7.25%
Convertible Senior Notes due 2031 
 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:
			
		 		 	  

		 		 		 	[___]†
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
  

	* 	 Must be an Authorized Denomination. 

	†	 Signatory to be a participant in a recognized signature guarantee medallion program or an alternative
certification reasonably acceptable to the Trustee. 

  
 A-7 

 FUNDAMENTAL CHANGE REPURCHASE NOTICE 

OSCAR HEALTH, INC. 
 7.25%
Convertible Senior Notes due 2031 
 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:
			
		 		 	  

		 		 		 	[___]†
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
  

	* 	 Must be an Authorized Denomination. 

	†	 Signatory to be a participant in a recognized signature guarantee medallion program or an alternative
certification reasonably acceptable to the Trustee. 

  
 A-8 

 ASSIGNMENT FORM 

OSCAR HEALTH, INC. 
 7.25%
Convertible Senior Notes due 2031 
 Subject to the terms of the Indenture, the undersigned Holder of the Notes identified below assigns (check one): 

 

	☐	 the entire principal amount of 

 

	☐	 $
                            * aggregate
principal amount of 

 the Notes identified by CUSIP No. _____________ and Certificate No.
________________, and all rights thereunder, to: 
  

			
	Name:	 	                                     
                       
	Address:	 	                                     
                        
	Social security or tax id. #:	 	                                     
                       
	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:
			
		 		 	  

		 		 	[___]†
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
  

	* 	 Must be an Authorized Denomination. 

	†	 Signatory to be a participant in a recognized signature guarantee medallion program or an alternative
certification reasonably acceptable to the Trustee. 

  
 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:
	
	  

		 	[___]‡
		
	By:	 	  

		 	Authorized Signatory

  
  

	‡	 Signatory to be a participant in a recognized signature guarantee medallion program or an alternative
certification reasonably acceptable to the Trustee. 

  
 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-1A 

FORM OF RESTRICTED NOTE LEGEND 

(Notes other than Accredited Investor Notes) 

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 IS 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 2.11(B)(i) of the within-mentioned Indenture. 

  
 B1A-1 

 EXHIBIT B-1B 

FORM OF RESTRICTED NOTE LEGEND 

(Accredited Investor Notes) 
 THE OFFER AND SALE
OF THIS NOTE AND THE SHARES OF COMMON STOCK 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 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 IS 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 (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. 
  

  
 B1B-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 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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