Document:

EX-4.1

 Exhibit 4.1 
 SENIOR INDENTURE 
 by and between 

FUELCELL ENERGY, INC. 
 as Issuer, 
 and 

U.S. BANK NATIONAL ASSOCIATION 
 as Trustee 
 Dated as of June 25, 2013 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	  
		
	 SECTION 1.1 Definitions
	  	 	1	  
		
	 SECTION 1.2 Incorporation by Reference of Trust Indenture Act
	  	 	4	  
		
	 SECTION 1.3 Rules of Construction
	  	 	5	  
		
	 ARTICLE II THE SECURITIES
	  	 	5	  
		
	 SECTION 2.1 Unlimited in Amount, Issuable in Series, Denomination
	  	 	5	  
		
	 SECTION 2.2 Form and Dating
	  	 	8	  
		
	 SECTION 2.3 Execution and Authentication
	  	 	8	  
		
	 SECTION 2.4 Registrar and Paying Agent
	  	 	9	  
		
	 SECTION 2.5 Paying Agent to Hold Assets in Trust
	  	 	9	  
		
	 SECTION 2.6 Holder Lists
	  	 	10	  
		
	 SECTION 2.7 General Provisions Relating to Transfer and Exchange
	  	 	10	  
		
	 SECTION 2.8 Book-Entry Provisions for Global Securities
	  	 	11	  
		
	 SECTION 2.9 Replacement Securities
	  	 	13	  
		
	 SECTION 2.10 Outstanding Securities
	  	 	13	  
		
	 SECTION 2.11 Treasury Securities
	  	 	13	  
		
	 SECTION 2.12 Temporary Securities
	  	 	13	  
		
	 SECTION 2.13 Cancellation
	  	 	14	  
		
	 SECTION 2.14 CUSIP Numbers
	  	 	14	  
		
	 SECTION 2.15 Defaulted Interest
	  	 	14	  
		
	 SECTION 2.16 Special Record Dates
	  	 	14	  
		
	 ARTICLE III REDEMPTION
	  	 	15	  
		
	 SECTION 3.1 Notices to Trustee
	  	 	15	  
		
	 SECTION 3.2 Selection of Securities to Be Redeemed
	  	 	15	  
		
	 SECTION 3.3 Notice of Redemption
	  	 	15	  
		
	 SECTION 3.4 Effect of Notice of Redemption
	  	 	16	  
		
	 SECTION 3.5 Deposit of Redemption Price
	  	 	16	  
		
	 SECTION 3.6 Securities Redeemed in Part
	  	 	17	  
		
	 SECTION 3.7 Holder ‘s Right to Require Redemption
	  	 	17	  
		
	 SECTION 3.8 Procedure for Requiring Redemption
	  	 	17	  

  
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	 ARTICLE IV COVENANTS
	  	 	17	  
		
	 SECTION 4.1 Payment of Securities
	  	 	17	  
		
	 SECTION 4.2 Maintenance of Office or Agency
	  	 	18	  
		
	 SECTION 4.3 Reports
	  	 	18	  
		
	 SECTION 4.4 Compliance Certificate
	  	 	19	  
		
	 SECTION 4.5 Taxes
	  	 	19	  
		
	 SECTION 4.6 Corporate Existence
	  	 	19	  
		
	 ARTICLE V MERGER, ETC
	  	 	19	  
		
	 SECTION 5.1 When Company May Merge, etc
	  	 	19	  
		
	 SECTION 5.2 Successor Corporation Substituted
	  	 	20	  
		
	 ARTICLE VI DEFAULTS AND REMEDIES
	  	 	20	  
		
	 SECTION 6.1 Events of Default
	  	 	20	  
		
	 SECTION 6.2 Acceleration
	  	 	22	  
		
	 SECTION 6.3 Other Remedies
	  	 	22	  
		
	 SECTION 6.4 Waiver of Past Defaults
	  	 	23	  
		
	 SECTION 6.5 Control by Majority
	  	 	23	  
		
	 SECTION 6.6 Limitation on Suits
	  	 	23	  
		
	 SECTION 6.7 Rights of Holders To Receive Payment and to Demand Conversion
	  	 	24	  
		
	 SECTION 6.8 Collection Suit by Trustee
	  	 	24	  
		
	 SECTION 6.9 Trustee May File Proofs of Claim
	  	 	24	  
		
	 SECTION 6.10 Priorities
	  	 	24	  
		
	 SECTION 6.11 Undertaking for Costs
	  	 	25	  
		
	 SECTION 6.12 Stay, Extension and Usury Laws
	  	 	25	  
		
	 SECTION 6.13 Restoration of Positions
	  	 	25	  
		
	 SECTION 6.14 Liability of Stockholders, Officers, Directors and Incorporators
	  	 	26	  
		
	 ARTICLE VII TRUSTEE
	  	 	26	  
		
	 SECTION 7.1 Duties of Trustee
	  	 	26	  
		
	 SECTION 7.2 Rights of Trustee
	  	 	27	  
		
	 SECTION 7.3 Individual Rights of Trustee
	  	 	28	  
		
	 SECTION 7.4 Money Held in Trust
	  	 	28	  
		
	 SECTION 7.5 Trustee ‘s Disclaimer
	  	 	29	  
		
	 SECTION 7.6 Notice of Defaults
	  	 	29	  

  
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	 SECTION 7.7 Reports by Trustee to Holders
	  	 	29	  
		
	 SECTION 7.8 Compensation and Indemnity
	  	 	29	  
		
	 SECTION 7.9 Replacement of Trustee
	  	 	30	  
		
	 SECTION 7.10 Successor Trustee by Merger, Etc
	  	 	31	  
		
	 SECTION 7.11 Eligibility; Disqualification
	  	 	31	  
		
	 SECTION 7.12 Preferential Collection of Claims Against the Company
	  	 	32	  
		
	 ARTICLE VIII DISCHARGE OF INDENTURE
	  	 	32	  
		
	 SECTION 8.1 Satisfaction and Discharge of Indenture
	  	 	32	  
		
	 SECTION 8.2 Application of Trust Funds; Indemnification
	  	 	33	  
		
	 SECTION 8.3 Legal Defeasance
	  	 	33	  
		
	 SECTION 8.4 Covenant Defeasance
	  	 	35	  
		
	 SECTION 8.5 Repayment to Company
	  	 	36	  
		
	 SECTION 8.6 Reinstatement
	  	 	36	  
		
	 ARTICLE IX AMENDMENTS, SUPPLEMENTS AND WAIVERS
	  	 	37	  
		
	 SECTION 9.1 Without Consent of Holders
	  	 	37	  
		
	 SECTION 9.2 With Consent of Holders
	  	 	38	  
		
	 SECTION 9.3 Compliance with Trust Indenture Act
	  	 	39	  
		
	 SECTION 9.4 Revocation and Effect of Consents
	  	 	39	  
		
	 SECTION 9.5 Notation on or Exchange of Securities
	  	 	39	  
		
	 SECTION 9.6 Trustee to Sign Amendment, etc
	  	 	39	  
		
	 ARTICLE X CONVERSION OR EXCHANGE OF SECURITIES
	  	 	40	  
		
	 SECTION 10.1 Provisions Relating to Conversion or Exchange of Securities
	  	 	40	  
		
	 ARTICLE XI SINKING OR PURCHASE FUNDS
	  	 	40	  
		
	 SECTION 11.1 Provisions Relating to Sinking or Purchase Funds
	  	 	40	  
		
	 ARTICLE XII MISCELLANEOUS
	  	 	40	  
		
	 SECTION 12.1 Trust Indenture Act Controls
	  	 	40	  
		
	 SECTION 12.2 Notices
	  	 	41	  
		
	 SECTION 12.3 Communication by Holders with Other Holders
	  	 	42	  
		
	 SECTION 12.4 Certificate and Opinion as to Conditions Precedent
	  	 	42	  
		
	 SECTION 12.5 Statements Required in Certificate or Opinion
	  	 	42	  
		
	 SECTION 12.6 Rules by Trustee and Agents
	  	 	43	  
		
	 SECTION 12.7 Legal Holidays
	  	 	43	  
		
	 SECTION 12.8 Duplicate Originals
	  	 	43	  

  
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	 SECTION 12.9 Governing Law
	  	 	43	  
		
	 SECTION 12.10 No Adverse Interpretation of Other Agreements
	  	 	43	  
		
	 SECTION 12.11 Successors
	  	 	43	  
		
	 SECTION 12.12 Severability
	  	 	43	  
		
	 SECTION 12.13 Counterpart Originals
	  	 	43	  
		
	 SECTION 12.14 Submission to Jurisdiction
	  	 	44	  
		
	 SECTION 12.15 Waiver of Jury Trial
	  	 	44	  
		
	 SECTION 12.16 Force Majeure
	  	 	44	  
		
	 SECTION 12.17 Supplemental Indentures Contract
	  	 	44	  
		
	 SECTION 12.18 Table of Contents, Headings, etc
	  	 	44	  
		
	 SECTION 12.19 When Treasury Securities Disregarded
	  	 	45	  

  
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 SENIOR INDENTURE (this “Indenture”), dated as of June 25, 2013, by and
between FUELCELL ENERGY, INC., a Delaware corporation (the “Company”), as issuer, and U.S. BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”). 
 RECITALS 
 The Company has duly authorized the execution and delivery of
this Indenture to provide for the issuance from time to time of its debentures, notes or other evidences of indebtedness to be issued in one or more series (the “Securities”), up to such principal amount as may from time to time be
authorized in or pursuant to one or more resolutions of the Board of Directors or by supplemental indenture. 
 NOW,
THEREFORE, THIS INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase of the Securities by the
Holders thereof, it is mutually covenanted and agreed for the equal and ratable benefit of the Holders of the Securities, as follows: 
 ARTICLE I 
 DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.1 Definitions. 
 “Affiliate” means, when used with reference to the Company or another Person, any Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, the
Company or such other Person, as the case may be. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct or cause the direction of management or policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative of the foregoing. 

“Agent” means any Registrar, Paying Agent, authenticating agent or co-Registrar. 

“Bankruptcy Law” means Title 11 of the U.S. Code or any similar federal or state law for the relief of debtors. 

“Board of Directors” means, with respect to any Person, the Board of Directors of such Person or any duly authorized committee
of such Board of Directors. 
 “Board Resolution” means a copy of a resolution certified by the secretary or an
assistant secretary of such Person to have been duly adopted by the Board of Directors of such Person or any duly authorized committee thereof and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 “Business Day” means a day that is not a Legal Holiday. 

  
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 “Company” means the party named as the Company in the first paragraph of this
Indenture until one or more successor corporations shall have become such pursuant to the applicable provisions of this Indenture, and thereafter means such successors. 
 “Consolidated” or “consolidated” means, when used with reference to any amount, such amount determined on a consolidated basis in accordance with GAAP, after the elimination of
intercompany items. 
 “Corporate Trust Office” means the office of the Trustee at which at any particular time its
corporate services business shall be principally administered, which office at the date of execution of this Indenture is located at One California Street, Suite 1000, San Francisco, CA 94111. 

“Custodian” means any receiver, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law.

 “Default” means any event which is, or after notice or lapse of time or both would be, an Event of Default.

 “Depositary” means The Depository Trust Company, its nominees and their respective successors. 

“DTC Participants” has the meaning specified in Section 2.8. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any successor statute. “Event of
Default” has the meaning specified in Section 6.1. 
 “Exchange Act” means the Securities Exchange Act of
1934, as amended, or any successor statute. 
 “GAAP” means generally accepted accounting principles set forth in the
opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity
as have been approved by a significant segment of the accounting profession, which are applicable from time to time. 

“Global Securities” means a Security issued to evidence all or a part of any series of Securities that is executed by the
Company and authenticated and delivered by the Trustee to a depositary or pursuant to such depositary’s instructions, all in accordance with this Indenture and pursuant to Section 2.1, which shall be registered as to principal and interest
in the name of such depositary or its nominee. 
 “Holder” means the Person in whose name a Security is registered on
the Registrar’s books. 
 “Indenture” means this Indenture, as amended, supplemented or modified from time to
time. 

  
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 “Issue Date” means the date of original issuance of the initial Securities
pursuant to this Indenture. 
 “Legal Holiday” has the meaning specified in Section 12.7. 

“Officer” of any Person means the Chairman of the Board, Vice Chairman, the Chief Executive Officer, the President, any Senior
Vice President, any Executive Vice President, any Vice President, the Chief Financial Officer, the Treasurer, the Secretary or the Controller of such Person. 
 “Officers’ Certificate” means a certificate signed by two Officers or by an Officer and an Assistant Treasurer, Assistant Secretary or Assistant Controller of any Person. 

“Opinion of Counsel” means a written opinion from legal counsel. The counsel may be an employee of or counsel to the Company.

 “Paying Agent” has the meaning specified in Section 2.4. 

“Person” means an individual, partnership, corporation, business trust, joint stock company, trust, unincorporated association,
joint venture, governmental authority or other entity of whatever nature. 
 “Physical Securities” means permanent
certificated Securities in registered form, issued in accordance with Section 2.8 and the terms of any indenture supplemental hereto. 
 “Redemption Date” means, with respect to any Securities to be redeemed, the date fixed for such redemption pursuant to this Indenture. 

“Redemption Price” means the redemption price fixed in accordance with the terms of the Securities, plus accrued and unpaid
interest, if any, to the date fixed for redemption. 
 “Register” has the meaning specified in Section 2.4.

 “Registrar” has the meaning specified in Section 2.4. 

“Responsible Officer” shall mean, when used with respect to the Trustee, any officer within the corporate trust department of
the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the
time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of
this Indenture. 
 “SEC” means the Securities and Exchange Commission and any government agency succeeding to its
functions. 
 “Securities” means the securities authenticated and delivered under this Indenture. 

  
 - 3 -

 “Securities Act” means the Securities Act of 1933, as amended, or any successor
statute. 
 “Significant Subsidiary” means any Subsidiary that would constitute a “significant subsidiary”
within the meaning of Article 1 of Regulation S-X of the Securities Act as in effect on the date of this Indenture. 

“Subsidiary” of any Person means: 
  

	 	(i)	a corporation a majority of whose capital stock with voting power, under ordinary circumstances, to elect directors is at the time, directly or indirectly, owned by
such Person or by such Person and a subsidiary or subsidiaries of such Person or by a subsidiary or subsidiaries of such Person; or 

  

	 	(ii)	any other Person (other than a corporation) in which such Person or such Person and a subsidiary or subsidiaries of such Person or a subsidiary or subsidiaries of such
Persons, at the time, directly or indirectly, owns at least a majority voting interest under ordinary circumstances. 

 “TIA” means the Trust Indenture Act of 1939, as in effect on the date of this Indenture; provided, however, that in the event the TIA is amended after such date, “TIA”
means, to the extent required by such amendment, the Trust Indenture Act of 1939, as so amended, or any successor statute. 

“Trustee” means the party named as such in this Indenture until a successor replaces it and thereafter, means the successor.

 “U.S. Government Obligations” means (i) direct obligations of the United States of America for the payment of
which the full faith and credit of the United States of America is pledged or (ii) obligations of a person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United States of America and which in either case, are non-callable at the option of the issuer thereof. 

SECTION 1.2 Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this
Indenture. In addition, the provisions of Sections 310 to and including 317 of the TIA that impose duties on any person are incorporated by reference in, and form a part of, this Indenture. 

The following TIA terms used in this Indenture have the following meanings: 

“indenture securities” means the Securities; 
 “indenture security holder” means a Holder; 
 “indenture to be
qualified” means this Indenture; 

  
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 “indenture trustee” or “institutional trustee” means the Trustee; and

 “obligor” on the Securities means the Company and any other obligor on the indenture securities. 

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC
rule have the meanings assigned to them by such definitions. 
 SECTION 1.3 Rules of Construction. 

Unless the context otherwise requires: 
  

	 	(i)	a term has the meaning assigned to it; 

  

	 	(ii)	an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

 

	 	(iii)	“or” is not exclusive; 

  

	 	(iv)	“including” means including without limitation; 

  

	 	(v)	words in the singular include the plural, and in the plural include the singular; and 

 

	 	(vi)	provisions apply to successive events and transactions. 

 ARTICLE II 
 THE SECURITIES 

SECTION 2.1 Unlimited in Amount, Issuable in Series, Denomination. 

The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. The Securities
may be issued in one or more series in denominations of $1,000 and any integral multiple thereof. Prior to the issuance of Securities of a series, the Company and the Trustee will execute an indenture supplemental hereto which will set forth as to
the Securities of that series, to the extent applicable: 
 (a) The title and ranking of such Securities; 

(b) The aggregate principal amount of such Securities and any limit on such aggregate principal amount that may be issued; 

(c) The denomination of such Securities, if other than $1,000 and any integral multiple thereof; 

  
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 (d) The price (expressed as a percentage of the principal amount thereof) at which such
Securities will be issued and, if other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity thereof; 

(e) The date or dates, or the method for determining such date or dates, on which the Securities will mature and the amounts to be paid
upon maturity of the Securities; 
 (f) The rate or rates (which may be fixed or variable), or the method by which such rate or
rates shall be determined, at which such Securities will bear interest, if any, the date or dates, or the method for determining such date or dates, from which any such interest will accrue, the dates on which any such interest will be payable, the
record dates for such interest payment dates, or the method by which such dates shall be determined, the persons to whom such interest shall be payable, and the basis upon which interest shall be calculated, if other than that of a 360-day year of
twelve 30-day months; 
 (g) The right, if any, of the Company to defer payment of interest and the maximum length of any such
deferral period; 
 (h) The place or places where the principal of, and premium and interest, if any, on such Securities will be
payable, where such Securities may be surrendered for registration of transfer or exchange and where notices or demands to or upon the Company in respect of such Securities and this Indenture may be served; 

(i) The date or dates, if any, after which, and the price or prices at which, and the other terms and conditions upon which such
Securities may, pursuant to any optional or mandatory redemption provisions, be redeemed, as a whole or in part, by the Company; 

(j) The obligation, if any, of the Company to redeem, repay or purchase such Securities pursuant to any sinking fund or analogous
provision or at the option of a Holder thereof, and the period or periods within which, the price or prices at which and the other terms and conditions upon which such Securities will be redeemed, repaid or purchased, as a whole or in part, pursuant
to such obligation; 
 (k) The terms, if any, on which the Securities of such series are convertible into, or exchangeable for,
shares of common stock or other securities of the Company, including any mandatory conversion or exchange provisions and any provisions intended to prevent dilution of those conversion or exchange rights; 

(l) Whether such Securities will be secured or unsecured and the terms relating thereto; 

(m) The restrictions, if any, on the transfer, sale or other assignment of the Securities; 

(n) If other than U.S. dollars, the currency or currencies in which such Securities are denominated and payable, which may be a foreign
currency or units of two or more foreign currencies or a composite currency or currencies, and the terms and conditions relating thereto; 

  
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 (o) Whether the principal of, or premium and interest, if any, on the Securities of the
series is to be payable, at the election of the Company or a Holder thereof, in a currency or currencies, currency unit or units or composite currency or currencies other than that in which such Securities are denominated or stated to be payable,
the period or periods within which, and the terms and conditions upon which, such election may be made, and the time and manner of, and identity of the exchange rate agent with responsibility for, determining the exchange rate between the currency
or currencies, currency unit or units or composite currency or currencies in which such Securities are denominated or stated to be payable and the currency or currencies, currency unit or units or composite currency or currencies in which such
Securities are to be so payable; 
 (p) Whether the amount of payments of principal of, or premium and interest, if any, on such
Securities may be determined with reference to an index, formula or other method (which index, formula or method may, but need not be, based on the yield on or trading price of other securities, including United States Treasury securities, or on a
currency, currencies, currency unit or units, or composite currency or currencies) and the manner in which such amounts shall be determined; 
 (q) Any deletions from, modifications of or additions to the Events of Default or covenants of the Company with respect to Securities of the series, whether or not such Events of Default or covenants are
consistent with the Events of Default or covenants described herein; 
 (r) Whether and under what circumstances the Company will
pay any additional amounts on such Securities in respect of any tax, assessment or governmental charge and, if so, whether the Company will have the option to redeem such Securities in lieu of making such payment; 

(s) Whether Securities of the series are to be issuable as registered securities, bearer securities (with or without coupons) or both, any
restrictions applicable to the offer, sale or delivery of bearer securities and the terms upon which bearer securities of the series may be exchanged for registered securities of the series and vice versa (if permitted by applicable laws and
regulations), whether any Securities of the series are to be issuable initially in temporary global form and whether any Securities of the series are to be issuable in permanent global form with or without coupons and, if so, whether beneficial
owners of interests in any such permanent Global Security may exchange such interests for Securities of such series and of like tenor or any authorized form and denomination and the circumstances under which any such exchanges may occur, if other
than in the manner provided in the indenture, and, if registered securities of the series are to be issuable as a Global Security, the identity of the depositary for such series; 

(t) The date as of which any bearer securities of the series and any temporary Global Security representing outstanding Securities of the
series shall be dated if other than the date of original issuance of the first Security of the series to be issued; 
 (u) The
person to whom any interest on any registered security of the series shall be payable, if other than the person in whose name that Security (or one or more predecessor securities) is registered at the close of business on the regular record date for
such interest, the manner in which, or the person to whom, any interest on any bearer security of the series shall be payable, if otherwise than upon presentation and surrender of the coupons appertaining thereto as they severally mature, and the
extent to which, or the manner in which, any interest payable on a temporary Global Security on an interest payment date will be paid if other than in the manner provided in the indenture; 

  
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 (v) The applicability, if any, of the legal defeasance and covenant defeasance provisions of
this Indenture to the Securities of the series; 
 (w) Whether such Securities will be issued in certificated or book entry form,
and if the Securities of such series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary security of such series) only upon receipt of certain certificates or other documents or satisfaction of other
conditions, then the form and/or terms of such certificates, documents or conditions; 
 (x) Whether the Securities will be
listed for trading on an exchange and the identity of such exchange, and whether any underwriters will act as market makers for the Securities; and 
 (y) Any other terms, preferences, rights or limitations of, or restrictions on, the Securities of such series, including any restrictions on the transfer, sale or other assignment of the Securities.

 SECTION 2.2 Form and Dating. 
 The Securities of each series will be substantially in the form established by an indenture supplemental hereto relating to the Securities of that series. The Securities may have notations, legends or
endorsements required by law, stock exchange rules or usage. The Company will approve the form of the Securities and any notation, legend or endorsement thereon. Each Security will be dated as of the date of its authentication pursuant to
Section 2.3. 
 SECTION 2.3 Execution and Authentication. 

Two Officers shall sign the Securities for the Company by manual or facsimile signature. If an Officer whose signature is on a Security
no longer holds that office at the time the Security is authenticated, the Security shall be valid nevertheless. 
 A Security
shall not be valid until authenticated by the manual signature of the Trustee. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 

The Trustee shall, upon a written order of the Company signed by one Officer of the Company, authenticate for original issue Securities
in aggregate principal amount specified in such order. 
 The Trustee may appoint an authenticating agent reasonably acceptable
to the Company to authenticate Securities. Unless limited by the terms of such appointment, an authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee
includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company. 

  
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 SECTION 2.4 Registrar and Paying Agent. 

The Company shall maintain an office or agency where Securities may be presented for registration of transfer or for exchange (the
“Registrar”) and an office or agency where Securities may be presented for payment (the “Paying Agent”). The Registrar shall keep a register of the Securities (the “Register”)
and of their transfer and exchange. The Company may appoint one or more co-Registrars and one or more additional Paying Agents for the Securities. The term “Paying Agent” includes any additional paying agent and the term
“Registrar” includes any additional registrar. The Company may change any Paying Agent or Registrar without prior notice to any Holder. 
 The Company shall enter into an appropriate agency agreement with any Agent not a party to this Indenture, which shall incorporate the terms of the TIA and implement the terms of this Indenture that
relate to such Agent. The Company shall give prompt written notice to the Trustee of the name and address of any Agent who is not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the
Trustee shall act as such. The Company or any Affiliate of the Company may act as Paying Agent or Registrar; provided, however, that none of the Company, its Subsidiaries or the Affiliates of the foregoing shall act (i) as Paying
Agent in connection with redemptions, offers to purchase, discharges and defeasance, as otherwise specified in this Indenture, and (ii) as Paying Agent or Registrar if a Default or Event of Default has occurred and is continuing. 

The Company initially appoints The Depository Trust Company to act as Depositary with respect to the Global Securities. The Company
hereby initially appoints the Trustee as Registrar and Paying Agent for the Securities. 
 SECTION 2.5 Paying Agent to
Hold Assets in Trust. 
 Not later than 11:00 a.m. (New York City time) on each due date of the principal and interest on
any Securities, the Company shall deposit with one or more Paying Agents money in immediately available funds sufficient to pay such principal and interest so becoming due. The Company shall require each Paying Agent other than the Trustee to agree
in writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all assets held by the Paying Agent for the payment of principal of and interest on the Securities (whether such money has been paid to it by the Company
or any other obligor on the Securities) and shall notify the Trustee of any failure by the Company (or any other obligor on the Securities) in making any such payment. While any such failure continues, the Trustee may require a Paying Agent to pay
all money held by it to the Trustee and to account for any funds disbursed. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company
or a Subsidiary of the Company) shall have no further liability for the money so paid over to the Trustee. 

  
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 If the Company or any Subsidiary of the Company or any Affiliate of any of them acts as
Paying Agent, it shall, prior to or on each due date of any principal of or interest on the Securities, segregate and hold in a separate trust fund for the benefit of the Holders a sum of money sufficient with monies held by all other Paying Agents,
to pay such principal or interest so becoming due until such sum of money shall be paid to such Holders or otherwise disposed of as provided in this Indenture, and will promptly notify the Trustee of its actions or failure to act. 

SECTION 2.6 Holder Lists. 
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders and shall otherwise comply with Section 312(a)
of the TIA. If the Trustee is not the Registrar, the Company shall furnish to the Trustee prior to or on each interest payment date for the Securities and at such other times as the Trustee may request in writing, a list in such form and as of such
date as the Trustee may reasonably require of the names and addresses of Holders relating to such interest payment date or request, as the case may be. 
 SECTION 2.7 General Provisions Relating to Transfer and Exchange. 

The Securities are issuable only in registered form. A Holder may transfer a Security only by written application to the Registrar or
another transfer agent stating the name of the proposed transferee and otherwise complying with the terms of this Indenture. No such transfer shall be effected until, and such transferee shall succeed to the rights of a Holder only upon, final
acceptance and registration of the transfer by the Registrar in the Register. Prior to the registration of any transfer by a Holder as provided herein, the Company, the Trustee, and any agent of the Company shall treat the person in whose name the
Security is registered as the owner thereof for all purposes whether or not the Security shall be overdue, and neither the Company, the Trustee, nor any such agent shall be affected by notice to the contrary. Furthermore, any Holder of a Global
Security shall, by acceptance of such Global Security, agree that transfers of beneficial interests in such Global Security may be effected only through a book-entry system maintained by the Holder of such Global Security (or its agent) and that
ownership of a beneficial interest in the Security shall be required to be reflected in a book-entry. 
 When Securities are
presented to the Registrar or another transfer agent with a request to register the transfer or to exchange them for an equal principal amount of Securities of other authorized denominations, the Registrar shall register the transfer or make the
exchange as requested if its requirements for such transactions are met (including that such Securities are duly endorsed or accompanied by a written instrument of transfer duly executed by the Holder thereof or by an attorney who is authorized in
writing to act on behalf of the Holder). Subject to Section 2.3, to permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Securities at the Registrar’s request. No service charge
shall be made for any registration of transfer or exchange or redemption of the Securities, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than
any such transfer taxes or other similar governmental charge payable upon exchanges pursuant to Section 2.12, 3.6 or 9.5 hereof). 

  
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 Neither the Registrar nor any other transfer agent nor the Company shall be required to:

  

	 	(i)	issue, register the transfer of or exchange any Security during a period beginning at the opening of business 15 Business Days before the day of any selection of
Securities for redemption under Section 3.2 hereof and ending at the close of business on the day of selection; or 

  

	 	(ii)	register the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part.

 Each Holder of a Security agrees to indemnify the Company and the Trustee against any liability that may result
from the transfer, exchange or assignment of such Holder’s Security in violation of any provision of this Indenture and/or applicable United States Federal or state securities law. 

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among DTC Participants or beneficial owners of interests in any Global Security) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with
the express requirements hereof. 
 SECTION 2.8 Book-Entry Provisions for Global Securities. 

 

	 	(a)	The Global Securities initially shall: 

  

	 	(i)	be registered in the name of the Depositary or the nominee of such Depositary; and 

 

	 	(ii)	be delivered to the Trustee as custodian for such Depositary. 

 Members of, or participants in, the Depositary (“DTC Participants”) shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary, or the
Trustee as its custodian, or under such Global Security, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Security for all purposes whatsoever.
Notwithstanding the foregoing, nothing contained herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by the Depositary or
impair, as between the Depositary and the DTC Participants, the operation of customary practices governing the exercise of the rights of a Holder of any Security. 
 (b) Transfers of a Global Security shall be limited to transfers of such Global Security in whole, but not in part, to the Depositary, its successors or their respective nominees. Beneficial owners may
transfer their interests in Global Securities in accordance with the rules and procedures of the Depositary. 

  
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 (c) Any beneficial interest in one of the Global Securities that is transferred to a person
who takes delivery in the form of an interest in another Global Security will, upon transfer, cease to be an interest in such Global Security and become an interest in such other Global Security and, accordingly, will thereafter be subject to all
transfer restrictions, if any, and other procedures applicable to beneficial interests in such other Global Security for as long as it remains such an interest. 
 (d) The registered Holder of a Global Security may grant proxies and otherwise authorize any Person, including DTC Participants and Persons that may hold interests through DTC Participants, to take any
action that a Holder is entitled to take under this Indenture or the Securities. 
 (e) If at any time: 

 

	 	(i)	the Company notifies the Trustee in writing that the Depositary is no longer willing or able to continue to act as Depositary for the Global Securities or the
Depositary ceases to be a “clearing agency” registered under the Exchange Act, and a successor depositary for the Global Securities is not appointed by the Company within 90 days of such notice or cessation; 

 

	 	(ii)	the Company, at its option, notifies the Trustee in writing that it elects to cause the issuance of the Securities in definitive form under this Indenture in exchange
for all or any part of the Securities represented by a Global Security or Global Securities; or 

  

	 	(iii)	an Event of Default has occurred and is continuing and the Registrar has received a request from the Depositary, 

Subject to this Section 2.8(e), the Depositary shall surrender such Global Security or Global Securities to the Trustee for cancellation and then
the Company shall execute, and the Trustee shall authenticate and deliver in exchange for such Global Security or Global Securities, Physical Securities, as applicable, in an aggregate principal amount equal to the principal amount of such Global
Security or Global Securities. Such Physical Securities shall be registered in such names as the Depositary shall identify in writing as the beneficial owners, or participant nominees, of the Securities represented by such Global Security or
Securities (or any nominee thereof). 
 (f) Notwithstanding the foregoing, in connection with any transfer of a portion of the
beneficial interests in a Global Security to beneficial owners pursuant to paragraph (e) of this Section 2.8, the Registrar shall reflect on its books and records the date and a decrease in the principal amount of such Global Security in
an amount equal to the principal amount of the beneficial interest in such Global Security to be transferred, and the Company shall execute, and the Trustee shall authenticate and deliver, one or more Physical Securities of like tenor and amount.

  
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 SECTION 2.9 Replacement Securities. 

If a mutilated Security is surrendered to the Trustee or if the Holder of a Security claims that the Security has been lost, destroyed or
wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement Security if the requirements of the Trustee and the Company are met; provided that, if any such Security has been called for redemption in accordance
with the terms thereof, the Trustee may pay the Redemption Price thereof on the Redemption Date without authenticating or replacing such Security. The Trustee or the Company may, in either case, require the Holder to provide an indemnity bond
sufficient in the judgment of each of the Trustee and the Company to protect the Company, the Trustee or any Agent from any loss which any of them may suffer if a Security is replaced or if the Redemption Price therefor is paid pursuant to this
Section 2.9. The Company may charge the Holder who has lost a Security for its expenses in replacing a Security. 
 Every
replacement Security is an obligation of the Company and shall be entitled to the benefits of this Indenture equally and proportionately with any and all other Securities duly issued hereunder. 

SECTION 2.10 Outstanding Securities. 
 The Securities outstanding at any time are all the Securities authenticated by the Trustee, except for (i) those cancelled by it, (ii) those delivered to it for cancellation and (iii) those
described in this Section as not outstanding. 
 If a Security is replaced pursuant to Section 2.9 hereof, it ceases to be
outstanding and interest ceases to accrue unless the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser. 
 If all principal of and interest on any Security are considered paid under Section 4.1 hereof, such Security ceases to be outstanding and interest on it ceases to accrue. 

Except as provided in Section 2.11 hereof, a Security does not cease to be outstanding because the Company or an Affiliate of the
Company holds such Security. 
 SECTION 2.11 Treasury Securities. 

In determining whether the Holders of the required aggregate principal amount of Securities of any series have concurred in any
direction, waiver or consent, Securities owned by the Company or an Affiliate of the Company shall be considered as though they are not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any
such direction, waiver or consent, only Securities which such Trustee actually knows are so owned shall be so disregarded. 

SECTION 2.12 Temporary Securities. 
 Until definitive Securities are ready for delivery, the Company may prepare and execute, and the Trustee shall authenticate upon a written order of the Company signed by one Officer of the Company,
temporary Securities. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare,
and the Trustee shall authenticate, definitive Securities in exchange for temporary Securities. Holders of temporary Securities shall be entitled to all of the benefits of this Indenture. 

  
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 SECTION 2.13 Cancellation. 

The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the
Trustee any Securities surrendered to them for registration of transfer, exchange, payment or repurchase. The Trustee shall cancel all Securities surrendered for registration of transfer, exchange, payment, repurchase, redemption, replacement or
cancellation and shall return such cancelled Securities to the Company upon the Company’s written request (subject to the record retention requirements of the Exchange Act). The Company may not issue new Securities to replace Securities that it
has paid or that have been delivered to the Trustee for cancellation. 
 SECTION 2.14 CUSIP Numbers. 

The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and the Trustee shall use CUSIP
numbers in notices of redemption or exchange as a convenience to Holders; provided that any such notice shall state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in
any such notice and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the
Trustee of any change in the CUSIP numbers. 
 SECTION 2.15 Defaulted Interest. 

If the Company fails to make a payment of interest on Securities, it shall pay such defaulted interest plus (to the extent lawful) any
interest payable on the defaulted interest, in any lawful manner. It may elect to pay such defaulted interest, plus any such interest payable on it, to the Persons who are Holders of such Securities on which the interest is due on a subsequent
special record date. The Company shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each such Security. The Company shall fix any such record date and payment date for such payment. At least 15 days before
any such record date, the Company shall mail to Holders affected thereby a notice that states the record date, interest payment date, and amount of such interest to be paid. 
 SECTION 2.16 Special Record Dates. 
 The Company may, but shall not
be obligated to, set a record date for the purpose of determining the identity of Holders of Securities entitled to consent to any supplement, amendment or waiver permitted by this Indenture. If a record date is fixed, the Holders of Securities
outstanding on such record date, and no other Holders, shall be entitled to consent to such supplement, amendment or waiver or revoke any consent previously given, whether or not such Holders remain Holders after such record date. No consent shall
be valid or effective for more than 90 days after such record date unless consents from Holders of the aggregate principal amount of Securities required hereunder for such amendment or waiver to be effective shall have also been given and not
revoked within such 90-day period. 

  
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 ARTICLE III 
 REDEMPTION 
 SECTION 3.1 Notices to Trustee. 

If the Company elects to redeem any series of Securities pursuant to the optional redemption provisions set forth in the supplemental
indenture relating to such series of Securities, it shall notify the Trustee in writing of the intended Redemption Date, the principal amount of Securities to be redeemed and the CUSIP numbers of the Securities to be redeemed. The Company shall give
each notice to the Trustee provided for in this Section 3.1 at least days fifteen (15) days before the giving of the notice of redemption pursuant to Section 3.3 hereof (unless a shorter period is satisfactory to the Trustee).

 SECTION 3.2 Selection of Securities to Be Redeemed. 

If fewer than all the Securities of any series are to be redeemed, the Trustee shall select the Securities of such series to be redeemed
from the outstanding Securities of such series by a method that complies with the requirements of any exchange on which the Securities are listed, or, if the Securities are not listed on an exchange, on a pro rata basis or by lot or in accordance
with any other method the Trustee considers fair and appropriate. The Trustee will make the selection from outstanding Securities of that series not previously called for redemption. 

Securities and portions thereof of any series that the Trustee selects shall be in amounts equal to the minimum authorized denomination
for Securities to be redeemed or any integral multiple thereof. The Trustee may select for redemption portions of the principal amount of Securities that have denominations larger than the minimum denomination in which Securities of the applicable
series may be issued. Provisions of this Indenture that apply to Securities of any series called for redemption also apply to portions of Securities of such series called for redemption. The Trustee shall notify the Company promptly in writing of
the Securities or portions of Securities of any series to be called for redemption. 
 SECTION 3.3 Notice of
Redemption. 
 At least 30 days but not more than 60 days before the Redemption Date, the Company shall mail a notice of
redemption by first-class mail to each Holder whose Securities are to be redeemed in whole or in part at the address of such Holder appearing in the Register. 
 The notice shall identify the principal amount and series of each Security to be redeemed and shall state: 
  

	 	(i)	the Redemption Date; 

  

	 	(ii)	the method being used to determine the Redemption Price; 

  
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	 	(iii)	if fewer than all outstanding Securities are to be redeemed, the portion of the principal amount of the Securities to be redeemed and that, after the Redemption Date,
upon surrender of such Security, a new Security in principal amount equal to the unredeemed portion will be issued; 

  

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

  

	 	(v)	that Securities called for redemption must be presented and surrendered to the Paying Agent to collect the Redemption Price plus accrued interest, if any;

  

	 	(vi)	that, unless the Company defaults in payment of the Redemption Price, interest on Securities (or the portions thereof) called for redemption ceases to accrue interest
on and after the Redemption Date, and, if applicable, those Securities (or the portion thereof called for redemption) will cease on the Redemption Date (or such other date as if provided in the supplemental indenture relating to the Securities) to
be convertible into, or exchangeable for, other securities or assets; 

  

	 	(vii)	if applicable, the current conversion or exchange price; and 

  

	 	(viii)	the CUSIP numbers, if any, of the Securities to be redeemed. 

 At the Company’s written request, the Trustee shall give the notice of redemption in the Company’s name and at its expense. 

SECTION 3.4 Effect of Notice of Redemption. 
 Once the notice of redemption is mailed, Securities called for redemption become irrevocably due and payable on the Redemption Date at the Redemption Price. Upon surrender to the Paying Agent, such
Securities shall be paid at the Redemption Price, plus accrued and unpaid interest to the Redemption Date. 
 The notice mailed
in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Securities shall
not affect the validity of the proceeding for the redemption of Securities of any other Holder. 
 SECTION 3.5 Deposit
of Redemption Price. 
 Prior to 11:00 a.m., New York City time, on the Redemption Date, the Company shall deposit with the
Trustee or with the Paying Agent (or, if the Company or an Affiliate of the Company is acting as the paying Agent, shall segregate and hold in trust) an amount of money sufficient to pay the Redemption Price of all Securities to be redeemed on that
date, together with accrued and unpaid interest to the Redemption Date, except for Securities or portions thereof called for redemption which have been delivered by the Company to the Trustee for cancellation or Securities which have been
surrendered for conversion or exchange. If any Securities called for redemption are converted or exchanged, any money deposited with the Trustee or Paying Agent for redemption of those Securities shall be promptly paid to the Company upon its
request, or, if the money is held in trust by the Company or a Subsidiary as Paying Agent, the money will be discharged from the trust. 

  
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 SECTION 3.6 Securities Redeemed in Part. 

Upon surrender of a Security that is redeemed in part, the Company shall execute and the Trustee shall authenticate for the Holder at the
expense of the Company, a new Security equal in principal amount to the unredeemed portion of the Security surrendered. 

SECTION 3.7 Holder‘s Right to Require Redemption. 

Holders of Securities of a series will have the right to require the Company to redeem those Securities only to the extent, and only on
the terms, set forth in the supplemental indenture relating to the Securities of that series. If Holders of Securities of a series have the right to require the Company to redeem those Securities, unless otherwise provided in the supplemental
indenture relating to the Securities of that series, the terms of the redemption will include those set forth in Section 3.8. 
 SECTION 3.8 Procedure for Requiring Redemption. 
 If a Holder has
the right to require the Company to redeem Securities, to exercise that right, the Holder must deliver the Securities to the Paying Agent, endorsed for transfer and with the form on the reverse side regarding the option to require redemption
completed. Delivery of Securities to the Paying Agent as provided in this Section 3.7 will constitute an irrevocable election to cause the specified principal amount of Securities to be redeemed. When Securities are delivered to the Paying
Agent as provided in this Section, unless the Company fails to make the payments due as a result of the redemption within twenty (20) days after the Securities are delivered to the Paying Agent, interest on the Securities will cease to accrue
and, if the Securities are convertible or exchangeable, the Holder’s right to convert or exchange the Securities will terminate. 
 The Company’s determination of all questions regarding the validity, eligibility (including time of receipt) and acceptance of any Security for redemption will be final and binding. 

ARTICLE IV 

COVENANTS 

SECTION 4.1 Payment of Securities. 
 The Company shall pay, or cause to be paid, the principal of and interest on the Securities on the dates and in the manner provided in the Securities and the supplemental Indenture relating to the series.
Principal and interest shall be considered paid on the date due if the Paying Agent, if other than the Company, a Subsidiary of the Company or any Affiliate of any of them, holds as of 11:00 a.m. (New York City time) on that date immediately
available funds designated for and sufficient to pay all principal and interest then due. If the Company or any Subsidiary of the Company or any Affiliate of any of them acts as Paying Agent, principal or interest shall be considered paid on the due
date if the entity acting as Paying Agent complies with the second paragraph of Section 2.5 hereof. 

  
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 The Company shall pay interest on overdue principal and premium, and interest on overdue
installments of interest, to the extent lawful, at the rate per annum specified therefor in the Securities. 
 Notwithstanding
anything to the contrary contained in this Indenture, the Company may, to the extent it is required to do so by law, deduct or withhold income or other similar taxes imposed by the United States of America from principal or interest payments
hereunder. 
 SECTION 4.2 Maintenance of Office or Agency. 

The Company shall maintain in the Borough of Manhattan, The City of New York, an office or agency (which may be an office of the Trustee
or an affiliate of the Trustee or Registrar) where the Securities may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The
Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
 The Company may also from time to time designate one or more other offices or agencies where the Securities may be presented or surrendered for any or all such purposes and may from time to time rescind
such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, The City of New York for such purposes.
The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
 The Company hereby designates the New York office of the Trustee located at U.S. Bank National Association, Attn: Corporate Trust Services, 100 Wall Street - Suite 1600, New York, NY 10005, Ref: FuelCell
Energy, Inc., as one such office or agency of the Company in accordance with Section 2.4 hereof. 
 SECTION 4.3
Reports. 
 (a) The Company shall deliver to the Trustee, within fifteen (15) days after it files them with the SEC,
copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to
Section 13 or 15(d) of the Exchange Act and posting of such reports on the Company’s web site shall be deemed delivery to the Trustee; provided, however, the Company shall not be required to deliver to the Trustee any
materials for which the Company has sought and received confidential treatment by the SEC. The Company shall also comply with the other provisions of Section 314(a) of the TIA. 

  
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 (b) Delivery of reports, information and documents to the Trustee pursuant to this
Section 4.3 is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
 SECTION 4.4 Compliance Certificate. 
 The Company shall deliver to
the Trustee, within 120 days after the end of each fiscal year of the Company, an Officers’ Certificate, one of the signers of which is the chief executive officer, vice chairman, the chief financial officer, executive vice president or the
chief accounting officer of the Company, stating that in the course of the performance by the signers of their duties as officers of the Company, they would normally have knowledge of any failure by the Company to comply with all conditions, or
Default by the Company with respect to any covenants, under this Indenture, and further stating whether or not they have knowledge of any such failure or Default and, if so, specifying each such failure or Default, the nature and status thereof and
what action the Company is taking or proposes to take with respect thereto. For purposes of this Section, such compliance shall be determined without regard to any period of grace or requirement of notice provided for in this Indenture. The
certificate need not comply with Section 12.4 hereof. 
 SECTION 4.5 Taxes. 

The Company shall pay prior to delinquency, all material taxes, assessments, and governmental levies except as contested in good faith by
appropriate proceedings. 
 SECTION 4.6 Corporate Existence. 

Subject to Article V hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect
(i) its corporate existence and (ii) the material rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries taken as a whole; provided, however, that the Company shall not be required to
preserve any such right, license or franchise if the Board of Directors determines that the preservation thereof is no longer in the best interests of the Company, and that the loss thereof is not adverse in any material respect to the Holders.

 ARTICLE V 
 MERGER, ETC. 
 SECTION 5.1 When Company May Merge, etc.

 The Company shall not consolidate or merge with or into, or sell, assign, transfer, lease, convey or otherwise dispose of all
or substantially all of its assets to, any Person unless: 
  

	 	(i)	the Person formed by or surviving any such consolidation or merger (if other than the Company), or to which such sale, assignment, transfer, lease, conveyance or other
disposition shall have been made, is a corporation organized and existing under the laws of the United States of America, any state thereof or the District of Columbia; 

  
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	 	(ii)	the Person formed by or surviving any such consolidation or merger (if other than the Company), or to which such sale, assignment, transfer, lease, conveyance or other
disposition shall have been made, expressly assumes by one or more supplemental indentures satisfactory in form to the Trustee all of the obligations of the Company under the Securities and this Indenture; 

 

	 	(iii)	immediately after such transaction, and giving effect thereto, no Default or Event of Default shall have occurred and be continuing; and 

 

	 	(iv)	the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that the consolidation, merger, conveyance, transfer or
lease and the supplemental indenture (or supplemental indentures together) comply with this Article V and that all conditions precedent herein provided relating to the transaction have been complied with. 

Notwithstanding the foregoing, the Company may merge with another Person or acquire by purchase or otherwise all or any part of the property or assets of
any other corporation or Person in a transaction in which the surviving entity is the Company. 
 SECTION 5.2
Successor Corporation Substituted. 
 Upon any consolidation or merger, or any sale, assignment, transfer, lease,
conveyance or other disposition of all or substantially all the assets of the Company in accordance with Section 5.1 hereof, the successor corporation formed by such consolidation or into which the Company is merged or to which such sale,
assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor corporation had been
named as the Company herein. In the event of any such sale or conveyance, but not any such lease, the Company or any successor corporation which thereafter will have become such in the manner described in this Article V shall be discharged from all
obligations and covenants under the Securities and this Indenture and may be dissolved, wound up or liquidated. 
 ARTICLE VI

 DEFAULTS AND REMEDIES 
 SECTION 6.1 Events of Default. 
 An “Event of
Default” with respect to each series of the Securities occurs when any of the following occurs: 
  

	 	(i)	the Company defaults in the payment of the principal, premium, or sinking fund payment, if any, of any Security of such series when it becomes due and payable at
maturity, upon acceleration, repurchase, redemption or otherwise, unless the time for payment is extended; 

  
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	 	(ii)	the Company defaults in the payment of interest on any Security of such series when it becomes due and payable and such Default continues for a period of ninety
(90) days, unless the time for payment is extended; 

  

	 	(iii)	the Company fails to comply in any material respect with any of its other agreements or covenants in, or provisions of, the Securities or this Indenture and the Company
and such Default continues for a period of ninety (90) days after the Company receives written notice of such Default from the Trustee, or the Company the Trustee receive written notice of such Default from the Holders of at least 51% in
aggregate principal amount of the outstanding Securities of such series; 

  

	 	(iv)	the Company or a Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 

 

	 	(a)	commences a voluntary case or proceeding; 

  

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

 

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

 

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

  

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

 

	 	(a)	is for relief against the Company or any Significant Subsidiary in an involuntary case or proceeding against the Company or any Significant Subsidiary;

  

	 	(b)	appoints a Custodian for the Company or any Significant Subsidiary or for any substantial part of its property; or 

 

	 	(c)	orders the winding up or liquidation of the Company or any Significant Subsidiary, 

and any such order or decree under this clause (v) remains unstayed and in effect for ninety (90) days. 

Any notice of default under clause (iii) of this Section 6.1 must specify the Default, demand that it be remedied and state that the notice is
a “Notice of Default.” 

  
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 Each of the occurrences described in clauses (i) through (v) of this
Section 6.1 will constitute an Event of Default whatever the reason for the occurrence and whether it is voluntary or involuntary or is 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. 
 A Default under clause (i), (ii) or (iii) of this
Section 6.1 with regard to Securities of a particular series will not constitute a Default with regard to Securities of any other series except to the extent, if any, provided in the supplemental indenture relating to the other series.

 SECTION 6.2 Acceleration. 
 If an Event of Default with respect to any series of outstanding Securities (other than an Event of Default specified in clause (iv) or (v) of Section 6.1 hereof) occurs and is continuing,
the Trustee or the Holders of at least 51% in aggregate principal amount of the outstanding Securities of the applicable series, by written notice to the Company, and to the Trustee if notice is given by such Holders, may declare due and payable the
unpaid principal amount of all Securities of such series plus any unpaid premium or accrued and unpaid interest, if any, to the date of payment. Upon a declaration of acceleration, such principal, premium and accrued and unpaid interest to the date
of payment shall be due and payable. 
 If an Event of Default specified in clause (iv) or (v) of Section 6.1
hereof occurs, all unpaid principal, premium and accrued interest on the Securities shall become and be immediately due and payable without any notice, declaration or other action on the part of the Trustee or any Holder. 

The Holders of a majority in aggregate principal amount of any outstanding series of Securities by written notice to the Trustee may
rescind and annul an acceleration and its consequences if (i) all existing Events of Default, other than the nonpayment of principal, premium or interest on the Securities which have become due solely because of the acceleration, have been
cured or waived and (ii) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction. Such rescission or annulment will not extend to any subsequent or other Default or impair any consequent right.

 SECTION 6.3 Other Remedies. 
 If an Event of Default with respect to any series of outstanding Securities occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment
of principal of or interest on such series of Securities or to enforce the performance of any provision of such series of Securities or this Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising
any right or remedy accruing upon the Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All remedies are cumulative to the extent
permitted by law. 

  
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 SECTION 6.4 Waiver of Past Defaults. 

Subject to Sections 6.7 and 9.2 hereof, the Holders of at least a majority in aggregate principal amount of any series of outstanding
Securities by notice to the Trustee may waive an existing Default or Event of Default except a Default or Event of Default in the payment of the principal of or interest on such series of Securities (provided, however, that, subject to
Section 6.7, the Holders of a majority in aggregate principal amount of the then outstanding Securities may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration). When a
Default or Event of Default is waived, it is deemed cured and ceases, but no waiver will extend to any subsequent or other Default or impair any consequent right. 
 SECTION 6.5 Control by Majority. 
 The Holders of at least a
majority in aggregate principal amount of any outstanding series of Securities may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on it. However, the
Trustee may refuse to follow any direction that (i) conflicts with law or this Indenture, (ii) the Trustee determines may be unduly prejudicial to the rights of other Holders of Securities of such series or (iii) may involve the
Trustee in personal liability. The Trustee may take any other action that it deems proper which is not inconsistent with any such direction. 
 SECTION 6.6 Limitation on Suits. 
 Subject to the provisions of
Section 6.7 hereof, no Holder of Securities of any series may pursue any remedy with respect to this Indenture or the Securities of such series unless: 
  

	 	(i)	the Holder gives to the Trustee written notice stating that an Event of Default is continuing; 

 

	 	(ii)	the Holders of at least 25% in aggregate principal amount of such series of Securities make a written request to the Trustee to pursue the remedy;

  

	 	(iii)	such Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee against any loss, liability, cost or expense; 

 

	 	(iv)	the Trustee does not comply with the request within sixty (60) days after receipt of the request and the offer of indemnity; and 

 

	 	(v)	during such 60-day period, the Holders of at least a majority in aggregate principal amount of such series of Securities do not give the Trustee a direction
inconsistent with the request. 

 A Holder may not use this Indenture to prejudice the rights of another Holder or
to obtain a preference or priority over another Holder. 

  
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 SECTION 6.7 Rights of Holders To Receive Payment and to Demand Conversion.

 Notwithstanding any other provision of this Indenture, the right of any Holder of a Security to receive payment of principal
of, premium, if any, or interest, if any, on the Security (and interest on overdue principal and interest on overdue installments of interest, if any, as provided in Section 4.1) on or after the respective due dates expressed or provided for in
the Security, or in the case of redemption, on or after the Redemption Date, or in the case of conversion or exchange, to receive the security issuable upon conversion or exchange, or to bring suit for the enforcement of any such payment, conversion
or exchange on or after such respective dates, shall not be impaired or affected without the consent of the Holder. 

SECTION 6.8 Collection Suit by Trustee. 
 If an Event of Default specified in Section 6.1(i) or (ii) hereof occurs and is continuing with respect to the Securities, the Trustee may recover judgment in its own name and as trustee of an
express trust against the Company (and any other obligor on the Securities) for the whole amount of principal, premium, if any, and accrued interest, if any, remaining unpaid on the outstanding Securities, together with (to the extent lawful)
interest on overdue principal and interest, and such further amount as shall be sufficient to cover the costs and, to the extent lawful, expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel and any other amounts due the Trustee under Section 7.8 hereof. 
 SECTION 6.9
Trustee May File Proofs of Claim. 
 The Trustee may 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 proceeding relative to the Company (or any other obligor upon the Securities), its creditors or its property and shall be entitled and
empowered to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, and any custodian in any such judicial proceedings is hereby authorized by each Holder to make such payments to the
Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, and any other amounts due the Trustee under Section 7.8 hereof. Nothing contained in this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

SECTION 6.10 Priorities. 
 If the Trustee collects any amount of money with respect to the Securities pursuant to this Article VI, subject to Article XI, it shall pay out the money in the following order: 

 

	 	(First)	to the Trustee, its agents and attorneys for amounts due under Section 7.8 hereof, including payment of all compensation, expense and liabilities incurred, and all
advances made by the Trustee and the costs and expenses of collection; 

  
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	 	(Second)	to Holders for amounts due and unpaid on the Securities for principal and interest, if any, ratably, without preference or priority of any kind, according to the
amounts due and payable on the Securities for principal and interest, respectively; and 

  

	 	(Third)	to the Company, or to such party as a court of competent jurisdiction may direct. 

The Trustee, upon prior written notice to the Company, may fix a record date and payment date for any payment to Holders pursuant to this
Section 6.10. The Trustee shall notify the Company in writing reasonably in advance of any such record date and payment date. 
 SECTION 6.11 Undertaking for Costs. 
 In any suit for the
enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to
pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or
defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.6 hereof, a suit by Holders of more than 10% in aggregate principal amount of any outstanding series
of Securities, or to any suit instituted by any Holder for the enforcement of the payment of the principal of, premium, if any, or interest on any Security held by that Holder on or after the due date provided in the Security or to any suit for the
enforcement of the right to convert or exchange any Security in accordance with the provisions of a supplemental indenture applicable to that Security. 
 SECTION 6.12 Stay, Extension and Usury Laws. 
 The Company covenants
(to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim and will resist any and all efforts to be compelled to take the benefit or advantage of, any stay, extension or usury law
wherever enacted, now or at any time hereafter in force, which would prohibit or forgive the Company from paying all or any portion of the principal of, premium, if any, and/or interest on any of the Securities as contemplated in this Indenture or a
supplemental indenture, or which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall
not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted. 

SECTION 6.13 Restoration of Positions. 
 If a judicial proceeding by the Trustee or a Holder to enforce any right or remedy under this Indenture or any supplemental indenture has been discontinued or abandoned for any reason, or has been
determined adversely to the Trustee or to such Holder, then and in every such case, except as otherwise provided in the judicial proceeding, the Company, the Trustee and the Holders will be restored severally and respectively to their former
positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 

  
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 SECTION 6.14 Liability of Stockholders, Officers, Directors and Incorporators.

 No stockholder, officer, director or incorporator, as such, past, present or future, of the Company, or any of its successor
corporations, will have any personal liability in respect of the Company’s obligations under this Indenture or any Securities by reason of his or its status as such stockholder, officer, director or incorporator; provided,
however, that nothing in this Indenture or in the Securities will prevent recourse to and enforcement of the liability of any holder or subscriber to common stock of the Company which has not been fully paid up. 

ARTICLE VII 
 TRUSTEE 
 SECTION 7.1 Duties of Trustee. 

(a) If an Event of Default with respect to the Securities has occurred and is continuing, the Trustee shall exercise such of the rights
and powers vested in it by this Indenture, and use the same degree of care and skill in their 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: 
  

	 	(1)	the Trustee need perform only those duties that are specifically set forth in this Indenture or the TIA, and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and 

  

	 	(2)	in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein,
upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; provided, however, that in the case of any such certificates or opinions which by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not, on their face, they conform to the requirements of this Indenture (but need not investigate or confirm the accuracy of
mathematical calculations or other facts stated therein). 

 (c) The Trustee may not be relieved from liability for
its own negligent action, its own negligent failure to act or its own willful misconduct except that: 
  

	 	(1)	this paragraph does not limit the effect of paragraph (b) of this Section 7.1; 

 

	 	(2)	the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer or other officer, unless it is proved that the Trustee was negligent in
ascertaining the pertinent facts; and 

  
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	 	(3)	the Trustee shall 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 6.5 hereof. 

 (d) Whether or not therein expressly so provided, every provision of this Indenture
that in any way relates to the Trustee is subject to this Section 7.1 and to the provisions of the TIA. 
 (e) No provision
of this Indenture shall require the Trustee to expend or risk its own funds or incur any financial liability in the performance of any of its duties under this Indenture or in the exercise of any of its right or power. The Trustee may refuse to
perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any loss, liability, cost or expense (including, without limitation, reasonable fees of counsel). 

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

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

SECTION 7.2 Rights of Trustee. 
 Subject to Section 315(a) through (d) of the TIA: 
 (a) The Trustee may
conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 

(b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel, or both. The
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officers’ Certificate or Opinion of Counsel. 
 (c) The Trustee may act through attorneys and agents and shall not be responsible for the misconduct or negligence of any attorney or agent appointed with due care. 

(d) The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the
rights or powers conferred upon it by this Indenture, unless the Trustee’s conduct constitutes willful misconduct, negligence or bad faith. 

  
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 (e) The Trustee may consult with counsel of its selection and the advice of such counsel as
to matters of law shall be full and complete authorization and protection in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(f) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be
sufficient if signed by an Officer of the Company. 
 (g) The Trustee may request that the Company deliver an Officers’
Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an
Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 
 (h) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless
such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 

(i) In no event shall the Trustee be responsible or liable for special or indirect loss or damage of any kind whatsoever (including, but
not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 (j) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which
is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture. 
 SECTION 7.3 Individual Rights of Trustee. 
 The Trustee in its
individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee
acquires any conflicting interest (as such term is defined in Section 3.10(b) of the TIA), it must eliminate such conflict within ninety (90) days, apply to the SEC for permission to continue as trustee (to the extent permitted under
Section 310(b) of the TIA) or resign. Any agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 
 SECTION 7.4 Money Held in Trust. 
 Money or U.S. Government
Obligations held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in
writing with the Company. 

  
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 SECTION 7.5 Trustee‘s Disclaimer. 

The Trustee (i) is not responsible for and makes no representation as to the validity or adequacy of this Indenture, any
supplemental indenture or the Securities, (ii) will not be accountable for the Company’s use of the proceeds from the Securities, (iii) will not be responsible for any statement in the Securities, this Indenture or any supplemental
indenture, other than its certificate of authentication, and (iv) will not be responsible for any statement in any prospectus used in the sales of the Securities, other than statements, if any, provided in writing by the Trustee for use in such
a prospectus. 
 SECTION 7.6 Notice of Defaults. 

If a Default or Event of Default with respect to the Securities occurs and is continuing, and if it is actually known to the Trustee, the
Trustee shall mail to Holders a notice of the Default or Event of Default within ninety (90) days after the occurrence thereof. Except in the case of a Default or Event of Default in payment of any such Security, the Trustee may withhold the
notice if and so long as it in good faith determines that withholding the notice is in the interests of the Holders. 

SECTION 7.7 Reports by Trustee to Holders. 
 The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required by Section 313 of the TIA at the times and in the manner provided by
the TIA, which initially shall be not less than every twelve (12) months, which report may be dated as of a date up to 75 days prior to such transmission. 
 A copy of each report at the time of its mailing to Holders shall be filed with the SEC, if required, and each stock exchange, if any, on which the Securities are listed. The Company shall promptly notify
the Trustee when the Securities become listed on any stock exchange. 
 SECTION 7.8 Compensation and Indemnity.

 The Company shall pay to the Trustee from time to time such compensation as shall be agreed in writing between the Company
and the Trustee for its services hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable disbursements,
advances and expenses incurred by it, including in particular, but without limitation, those incurred in connection with the enforcement of any remedies hereunder. Such expenses may include the reasonable fees and out-of-pocket expenses of the
Trustee’s agents and counsel. 
 Except as set forth in the next paragraph, the Company shall indemnify and hold harmless
the Trustee and any predecessor trustee against any and all loss, liability, damage, claim or expense, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it arising out of or in
connection with the acceptance or administration of the trust under this Indenture. The Trustee shall notify the Company promptly of any claim of which it has received written notice for which it may seek indemnity. The Company shall defend such
claim and the Trustee shall cooperate in such defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and out-of-pocket expenses of such counsel. 

  
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 The Company need not pay for any settlement made without its consent. The Company need not
reimburse any expense or indemnify against any loss, liability, cost or expense incurred by the Trustee through its own negligence, willful misconduct or bad faith. 
 To secure the Company’s payment obligations in this Section 7.8, the Trustee shall have a lien prior to the Securities on all money or property held or collected by the Trustee, except that held
in trust to pay the principal of and interest on particular Securities. The Trustee’s right to receive payment of any amounts due under this Section 7.8 will not be subordinate to any other liability or indebtedness of the Company.

 The Company’s payment obligations pursuant to this Section 7.8 shall survive the satisfaction and discharge of this
Indenture. When the Trustee incurs expenses or renders services after an Event of Default specified in clause (iv) or (v) of Section 6.1 hereof occurs, the expenses and the compensation for the services are intended to constitute
expenses of administration under any Bankruptcy Law. 
 For the purpose of this Section 7.8, “Trustee” will
include any predecessor Trustee, but the negligence, willful misconduct or bad faith of any Trustee will not affect the rights of any other Trustee under this Section 7.8, except for a successor Trustee pursuant to Section 7.10.

 SECTION 7.9 Replacement of Trustee. 
 A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.9.

 The Trustee may resign and be discharged from the trust hereby created with respect to the Securities by so notifying the
Company in writing. The Holders of a majority in aggregate principal amount of the then outstanding Securities may remove the Trustee by so notifying the Trustee and the Company in writing. The Company must remove the Trustee if: 

 

	 	(i)	the Trustee fails to comply with Section 7.10 hereof or Section 310 of the TIA; 

 

	 	(ii)	the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law; 

 

	 	(iii)	a Custodian, receiver or other public officer takes charge of the Trustee or its property; or 

 

	 	(iv)	the Trustee becomes incapable of acting. 

 If the Trustee resigns or is removed or if a vacancy exists in the office of the Trustee for any reason, the Company shall promptly appoint a successor Trustee for the Securities. The Trustee shall be
entitled to payment of its fees and reimbursement of its expenses while acting as Trustee. Within one (1) year after the successor Trustee takes office, the Holders of at least a majority in aggregate principal amount of then outstanding
Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 

  
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 Any Holder of Securities may petition any court of competent jurisdiction for the removal of
the Trustee and the appointment of a successor Trustee if the Trustee fails to comply with Section 7.10 hereof. 
 If an
instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within thirty (30) days after the giving of such notice of resignation or removal, the resigning or removed Trustee, as the case may be, may petition,
at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon the resignation or removal of the retiring Trustee shall become effective,
and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The Company shall mail a notice of the successor Trustee’s succession to the Holders. The retiring Trustee shall promptly transfer all
property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.8 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.9, the Company’s obligations under Section 7.8
hereof shall continue for the benefit of the retiring Trustee with respect to expenses, losses and liabilities incurred by it prior to such replacement. 
 SECTION 7.10 Successor Trustee by Merger, Etc. 
 Subject to
Section 7.9 hereof, if the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation or national banking association, the successor entity without any
further act shall be the successor Trustee. 
 If at the time a successor by merger, conversion or consolidation to the Trustee
succeeds to the trusts created by this Indenture any of the Securities have been authenticated but not delivered, the successor to the Trustee may adopt the certificate of authentication of the predecessor Trustee, and deliver the Securities which
were authenticated by the predecessor Trustee; and if at that time any of the Securities have not been authenticated, the successor to the Trustee may authenticate those Securities either in the name of the predecessor or in its own name as the
successor to the Trustee; and in either case the certificates of authentication will have the full force provided in this Indenture for certificates of authentication. 
 SECTION 7.11 Eligibility; Disqualification. 
 The Trustee shall at
all times satisfy the requirements of Section 310(a)(1), (2) and (5) of the TIA. The Trustee shall at all times have a combined capital and surplus of at least $50 million as set forth in its most recent published annual report of
condition, which will be deemed for this paragraph to be its combined capital and surplus. The Trustee is subject to Section 310(b) of the TIA, including the optional provision permitted by the second sentence of Section 310(b)(9) of the
TIA. 

  
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 SECTION 7.12 Preferential Collection of Claims Against the Company.

 The Trustee is subject to Section 311(a) of the TIA, excluding any creditor relationship listed in Section 311(b)
of the TIA. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the TIA to the extent indicated therein. 
 ARTICLE VIII 
 DISCHARGE OF INDENTURE 

SECTION 8.1 Satisfaction and Discharge of Indenture. 

This Indenture shall cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of
Securities herein expressly provided for), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when: 

 

	 	(i)	either: 

  

	 	(a)	all Securities previously authenticated and delivered (other than Securities which have been destroyed, lost or stolen and which have been replaced or paid) have been
delivered to the Trustee for cancellation; or 

  

	 	(b)	all such Securities not previously delivered to the Trustee for cancellation have become due and payable (whether at stated maturity, early redemption or otherwise);

 and, in the case of clause (b) above, the Company has deposited, or caused to be deposited, irrevocably with the Trustee as
trust funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of Securities, cash in U.S. dollars and/or U.S. Government Obligations which through the
payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of
money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay principal of and interest on all the Securities on
the dates such payments of principal or interest are due to maturity or redemption; 
  

	 	(ii)	the Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the Securities; and 

 

	 	(iii)	the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for
relating to the satisfaction and discharge of this Indenture with respect to the Securities have been complied with. 

  
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 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the
Trustee under Section 7.8 hereof shall survive, and, if money will have been deposited with the Trustee pursuant to subclause (b) of clause (i) of this Section, the obligations of the Trustee under Sections 8.2 and 8.5 hereof shall
survive. 
 SECTION 8.2 Application of Trust Funds; Indemnification. 

(a) Subject to the provisions of Section 8.5 hereof, all money and U.S. Government Obligations deposited with the Trustee pursuant to
Section 8.1, 8.3 or 8.4 hereof and all money received by the Trustee in respect of U.S. Government Obligations deposited with the Trustee pursuant to Sections 8.1, 8.3 or 8.4 hereof, shall be held in trust and applied by it, in accordance with
the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been
deposited with or received by the Trustee. 
 (b) The Company shall pay and shall indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against U.S. Government Obligations deposited pursuant to Sections 8.1, 8.3 or 8.4 hereof or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders.

 (c) The Trustee shall deliver or pay to the Company from time to time upon the request of the Company any U.S. Government
Obligations or money held by it as provided in Sections 8.1, 8.3 or 8.4 hereof which, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee,
are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee
of any U.S. Government Obligations held under this Indenture. 
 SECTION 8.3 Legal Defeasance. 

(a) The Company shall be deemed to have been discharged from its obligations with respect to all of the outstanding Securities of any
series on the 91st day after the date of the deposit referred to in subparagraph (a) hereof, and the provisions of this Indenture, as it relates to such series of outstanding Securities, shall no longer be in effect (and the Trustee, at the
expense of the Company, shall, upon the request of the Company, execute proper instruments acknowledging the same), except as to: 
  

	 	(i)	the rights of Holders of Securities of such series to receive, solely from the trust funds described in subparagraph (a) hereof, payments of the principal of or
interest on the outstanding Securities of such series on the date such payments are due; 

  

	 	(ii)	the Company’s obligations with respect to the Securities of such series under Sections 2.4, 2.5, 2.7, 2.8 and 2.9 hereof; and 

 

	 	(iii)	the rights, powers, trust and immunities of the Trustee hereunder and the duties of the Trustee under Section 8.2 hereof and the duty of the Trustee to
authenticate Securities of such series issued on registration of transfer of exchange; 

  
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 provided that the following conditions shall have been satisfied: 

 

	 	(a)	the Company shall have deposited, or caused to be deposited, irrevocably with the Trustee as trust funds in trust for the purpose of making the following payments,
specifically pledged as security for and dedicated solely to the benefit of the Holders of such series of Securities, cash in U.S. dollars and/or U.S. Government Obligations which through the payment of interest and principal in respect thereof, in
accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of
a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay principal of and interest on all the Securities of such series on the dates such payments of principal or
interest are due to maturity or redemption; 

  

	 	(b)	such deposit will not result in a breach or violation of, or constitute a Default under, this Indenture; 

 

	 	(c)	no Default or Event of Default with respect to such series of Securities shall have occurred and be continuing on the date of such deposit and 91 days shall have passed
after the deposit has been made, and, during such 91 day period, no Default specified in Section 6.1(iv) or (v) hereof with respect to the Company occurs which is continuing at the end of such period; 

 

	 	(d)	the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that (A) the Company has received from, or
there has been published by, the Internal Revenue Service a ruling, or (B) since the date of execution of this Indenture, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, the Holders of such series of Securities will not recognize income, gain or loss for federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to federal income
tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred; 

 

	 	(e)	the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the
Holders of such series of Securities over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; 

  
 - 34 -

	 	(f)	such deposit shall not result in the trust arising from such deposit constituting an “investment company” (as defined in the Investment Company Act of 1940,
as amended), or such trust shall be qualified under such Act or exempt from regulation thereunder; and 

  

	 	(g)	the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to the
defeasance contemplated by this Section 8.3 have been complied with. 

 SECTION 8.4 Covenant
Defeasance. 
 On and after the 91st day after the date of the deposit referred to in subparagraph (a) hereof, the
Company may omit to comply with any term, provision or condition set forth under Sections 4.3(a), 4.4, and 4.5 hereof as well as any additional covenants contained in a supplemental indenture hereto (and the failure to comply with any such
provisions shall not constitute a Default or Event of Default under Section 6.1 hereof) and the occurrence of any event described in clause (iii) of Section 6.1 hereof shall not constitute a Default or Event of Default hereunder, with
respect to any series of Securities, provided that the following conditions shall have been satisfied: 
 (i) with reference to
this Section 8.4, the Company has deposited, or caused to be deposited, irrevocably (except as provided in Section 8.5 hereof) with the Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the
benefit of the Holders of such series of Securities, cash in U.S. dollars and/or U.S. Government Obligations which through the payment of principal and interest in respect thereof, in accordance with their terms, will provide (and without
reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified
public accountants expressed in a written certification thereof delivered to the Trustee, to pay principal and interest on all the Securities of such series on the dates such payments of principal and interest are due to maturity or redemption;

 (ii) such deposit will not result in a breach or violation of, or constitute a Default under, this Indenture; 

(iii) no Default or Event of Default with respect to such series of Securities shall have occurred and be continuing on the date of such
deposit and 91 days shall have passed after the deposit has been made, and, during such 91 day period, no Default specified in Section 6.1 
 (iv) or (v) hereof with respect to the Company occurs which is continuing at the end of such period; 

  
 - 35 -

 (v) the Company shall have delivered to the Trustee an Opinion of Counsel confirming that
Holders of such series of Securities will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such deposit and defeasance had not occurred; 
 (vi) the Company shall have delivered to
the Trustee an Officers’ Certificate stating the deposit was not made by the Company with the intent of preferring the Holders of such series of Securities over any other creditors of the Company or with the intent of defeating, hindering,
delaying or defrauding any other creditors of the Company; 
 (vii) such deposit shall not result in the trust arising from such
deposit constituting an “investment company” (as defined in the Investment Company Act of 1940, as amended), or such trust shall be qualified under such Act or exempt from regulation thereunder; and 

(viii) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent herein provided for relating to the defeasance contemplated by this Section 8.4 have been complied with. 
 SECTION 8.5 Repayment to Company. 
 The Trustee and the Paying Agent
shall pay to the Company upon request any money held by them for the payment of principal or interest that remains unclaimed for two (2) years after the date upon which such payment shall have become due. After payment to the Company, Holders
entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another Person. 
 SECTION 8.6 Reinstatement. 
 If the Trustee or the Paying Agent is
unable to apply any money deposited with respect to Securities of any series in accordance with Section 8.1 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, the obligations of the Company under this Indenture with respect to the Securities of such series and under the Securities of such series shall be revived and reinstated as though no deposit had occurred
pursuant to Section 8.1 until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with Section 8.1; provided, however, that if the Company has made any payment of principal of,
premium, if any, or interest with respect to any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money held by the Trustee
or the Paying Agent. 

  
 - 36 -

 ARTICLE IX 
 AMENDMENTS, SUPPLEMENTS AND WAIVERS 
 SECTION 9.1 Without Consent
of Holders. 
 Without the consent of any Holder, the Company and the Trustee may, at any time, amend this Indenture and the
Securities to: 
 (i) cure any ambiguity, defect or inconsistency, provided that such change does not adversely affect the rights
hereunder of any Holder in any material respect; 
 (ii) provide for uncertificated Securities in addition to or in place of
certificated Securities or to alter the provisions of Article II hereof (including the related definitions) in a manner that does not materially adversely affect any Holder; 
 (iii) provide for the assumption of the Company’s obligations to the Holders of Securities in the case of a merger, consolidation or sale or other disposition of assets pursuant to Article V hereof;

 (iv) comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA,
provided that such change does not adversely affect the rights hereunder of any Holder in any material respect; 
 (v) add to the
covenants of the Company and any other restrictions, conditions or provisions for the benefit of the Holders, to make the occurrence, or the occurrence and the continuance, of a Default under any such additional covenants, restrictions, conditions
or provisions an Event of Default under this Indenture, or to surrender any right or power herein conferred upon the Company; 

(vi) add to, delete from or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue, or
authentication and delivery of Securities, provided that such change does not adversely affect the rights hereunder of any Holder in any material respect; 
 (vii) secure the Securities of any series; 
 (viii) make appropriate provision in
connection with the appointment of any successor Trustee; or 
 (ix) make any other change that does not adversely affect in any
material respect the rights hereunder of any Holder. 
 Upon the request of the Company accompanied by a resolution of its Board
of Directors authorizing the execution of any such amended or supplemental Indenture, and upon receipt by the Trustee of the documents described in Section 7.2 hereof, the Trustee shall join with the Company in the execution of any amended or
supplemental Indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or
supplemental Indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 

  
 - 37 -

 SECTION 9.2 With Consent of Holders. 

Except as provided below in this Section 9.2, this Indenture, the Securities may be amended or supplemented, and noncompliance in
any particular instance with any provision of this Indenture or the Securities may be waived, in each case with the written consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Securities affected
thereby; provided, however, that any amendment to or supplement of this Indenture or the Securities that by its terms affects the rights of Holders of any series of then outstanding Securities but not the others series may be effected,
and any default or compliance with any provision of this Indenture affecting the Holders of any series of then outstanding Securities but not the other series may be waived, with the consent of at least a majority in aggregate principal amount of
the Securities of the affected series. 
 Without the consent of each Holder of Securities that is affected thereby, an
amendment or waiver under this Section 9.2 may not: 
 (i) reduce the aggregate principal amount of Securities of any series
the Holders of which must consent to an amendment, supplement modification or waiver of any provision of this Indenture; 
 (ii)
reduce the rate of or extend the time for payment of interest on any series of Securities; 
 (iii) reduce the principal of or
change the stated maturity of any series of Securities; 
 (iv) change the date on which any Security of any of series may be
subject to redemption, or reduce the premium payable upon the redemption or repurchase thereof; 
 (v) make any Security of any
series payable in currency other than that stated in the Security; 
 (vi) modify or change any provision of this Indenture
affecting the ranking of the Securities of any series in a manner which adversely affects the Holders thereof; 
 (vii) impair
the right of any Holder of Securities to institute suit for the enforcement of any payment in or with respect to any such series of Securities; or 
 (viii) make any change in the foregoing amendment and waiver provisions which require each Holder’s consent. 
 It shall not be necessary for the consent of the Holders under this Section 9.2 to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves
the substance thereof. 

  
 - 38 -

 After an amendment or waiver under this Section 9.2 becomes effective, the Company
shall mail to Holders affected thereby a notice briefly describing the amendment or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or
supplemental indenture or waiver. 
 SECTION 9.3 Compliance with Trust Indenture Act. 

Every amendment to this Indenture or the Securities shall be set forth in a supplemental indenture that complies with the TIA as then in
effect. 
 SECTION 9.4 Revocation and Effect of Consents. 

Until an amendment, supplement modification or waiver becomes effective, a consent to it by a Holder is a continuing consent by the
Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security; provided, however, that
unless a record date shall have been established pursuant to Section 2.16 hereof, any such Holder or subsequent Holder may revoke the consent as to its Security or portion of a Security if the Trustee receives written notice of revocation
before the date the amendment, supplement, modification or waiver becomes effective. An amendment, supplement modification or waiver becomes effective on receipt by the Trustee of consents from the Holders of the requisite percentage principal
amount of the outstanding Securities, and thereafter shall bind every Holder of Securities; provided, however, if the amendment, supplement modification or waiver makes a change described in any of the clauses (i) through
(viii) of Section 9.2 hereof, the amendment, supplement, modification or waiver shall bind only each Holder of a Security which has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same
indebtedness as the consenting Holder’s Security. 
 SECTION 9.5 Notation on or Exchange of Securities.

 If an amendment, supplement, modification or waiver changes the terms of a Security: 

(a) the Trustee may require the Holder of a Security to deliver such Security to the Trustee, the Trustee may place an appropriate
notation on the Security about the changed terms and return it to the Holder and the Trustee may place an appropriate notation on any Security thereafter authenticated; or 
 (b) if the Company or the Trustee so determines, the Company in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. 

Failure to make the appropriate notation or issue a new Security shall not affect the validity and effect of such amendment, supplement
or waiver. 
 SECTION 9.6 Trustee to Sign Amendment, etc. 

The Trustee shall sign any amendment authorized pursuant to this Article IX if the amendment does not adversely affect the rights,
duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing or refusing to sign such amendment, the Trustee shall be provided with and shall be fully protected in relying upon an Officers’
Certificate and an Opinion of Counsel as conclusive evidence that such amendment is authorized or permitted by this Indenture. 

  
 - 39 -

 ARTICLE X 
 CONVERSION OR EXCHANGE OF SECURITIES 
 SECTION 10.1 Provisions
Relating to Conversion or Exchange of Securities. 
 Any rights which Holders of Securities of a series will have to convert
those Securities into other securities of the Company or to exchange those Securities for securities of other Persons or other assets, including but not limited to the terms of the conversion or exchange and the circumstances, if any, under which
those terms will be adjusted to prevent dilution or otherwise, will be set forth in an Indenture supplemental hereto relating to the series of Securities. In the absence of provisions in a supplemental Indenture relating to a series of Securities
setting forth rights to convert or exchange the Securities of that series into or for other securities or assets, Holders of the Securities of that series will not have any such rights. 

ARTICLE XI 

SINKING OR PURCHASE FUNDS 
 SECTION 11.1 Provisions Relating to Sinking or Purchase Funds. 
 Any
requirements that the Company make, or rights of the Company to make at its option, payments prior to maturity of the Securities of a series which will be used as a fund with which to redeem or to purchase Securities of that series, including but
not limited to provisions regarding the amount of the payments, when the Company will be required, or will have the option, to make the payments and when the payments will be applied, will be set forth in an Indenture supplemental hereto relating to
the series of Securities. In the absence of provisions in a supplemental Indenture relating to a series of Securities setting forth requirements that the Company make, or rights of the Company to make at its option, payments to be used as a fund
with which to redeem or purchase Securities of the series, the Company will not be subject to any such requirements and will not have any such rights. However, unless otherwise specifically provided in a supplemental Indenture relating to a series
of Securities, the Company will at all times have the right to purchase Securities from Holders in market transactions or otherwise. 
 ARTICLE XII 
 MISCELLANEOUS 

SECTION 12.1 Trust Indenture Act Controls. 
 This Indenture is subject to the provisions of the TIA which are required to be part of this Indenture, and shall, to the extent applicable, be governed by such provisions. 

  
 - 40 -

 SECTION 12.2 Notices. 

Any notice or communication to the Company or the Trustee is duly given if in writing and delivered in person or mailed by first-class
mail to the address set forth below: 
 If to the Company: 

FuelCell Energy, Inc. 
 3 Great Pasture Road 
 Danbury, CT 06813 

Attention: Michael Bishop, Senior Vice President and CFO 
 with copies to: 
 Robinson & Cole LLP 

666 Third Avenue, 20th Floor 
 New York, NY 10017 
 Attention: Richard A. Krantz, Esq. 

and 
 Patterson
Belknap Webb & Tyler LLP 
 1133 Avenue of the Americas 

New York, NY 10036 
 Attention: Peter J. Schaeffer, Esq. 
 If to the Trustee: 

U.S. Bank National Association 
 One California Street, Suite 1000 
 San Francisco, CA 94111 

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

Any notice or communication to a Holder shall be mailed by first-class mail to his address shown on the Register kept by the Registrar.
Failure to mail a notice or communication to a Holder or any defect in such notice or communication shall not affect its sufficiency with respect to other Holders. 
 If a notice or communication is mailed or sent in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it, except that notice to the Trustee shall
only be effective upon receipt thereof by the Trustee. 

  
 - 41 -

 If by reason of the suspension of regular mail service, or by reason of any other cause, it
is impossible to mail any notice as required by this Indenture or any supplemental indenture, then any method of notification which is approved by the Trustee will constitute a sufficient mailing of the notice. 

If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time.

 SECTION 12.3 Communication by Holders with Other Holders. 

Holders may communicate pursuant to Section 312(b) of the TIA with other Holders with respect to their rights under the Securities
or this Indenture. The Company, the Trustee, the Registrar and anyone else shall have the protection of Section 312(c) of the TIA. 
 SECTION 12.4 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the
Trustee: 
 (i) an Officers’ Certificate (which shall include the statements set forth in Section 12.5 hereof) stating
that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been complied with; 
 (ii) an Opinion of Counsel (which shall include the statements set forth in Section 12.5 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been
complied with; and 
 (ii) such other opinions and certificates as may be required by applicable provisions of this Indenture or
an applicable supplemental indenture. 
 SECTION 12.5 Statements Required in Certificate or Opinion. 

Each certificate (other than certificates provided pursuant to Section 4.4 hereof) or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include: 
 (i) a statement that each individual signing such
certificate or opinion has read such covenant or condition; 
 (ii) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (iii) a
statement that, in the opinion of each such person, he or she has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and

  
 - 42 -

 (iv) a statement as to whether or not, in the opinion of each such person, such condition or
covenant has been complied with; provided, however, that with respect to matters of fact, an Opinion of Counsel may rely on an Officers’ Certificate or certificate of public officials. 

SECTION 12.6 Rules by Trustee and Agents. 
 The Trustee may make reasonable rules for action by or for a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

SECTION 12.7 Legal Holidays. 
 A “Legal Holiday” is a Saturday, a Sunday or a day on which banking institutions in The City of New York are not required or authorized to be open. If a payment date is a Legal
Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. 

SECTION 12.8 Duplicate Originals. 
 The parties may sign any number of copies of this Indenture. One signed copy is enough to prove this Indenture. 
 SECTION 12.9 Governing Law. 
 This Indenture, each supplemental
indenture and the Securities shall be governed by, and construed in accordance with, the laws of the State of New York. 

SECTION 12.10 No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or any of its Subsidiaries. Any such
indenture, loan or debt agreement may not be used to interpret this Indenture. 
 SECTION 12.11 Successors.

 All agreements of the Company under the Securities and this Indenture shall bind their respective successors. All agreements
of the Trustee in this Indenture shall bind its successor. 
 SECTION 12.12 Severability. 

In the event any provision in the Securities or in this Indenture is invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 12.13
Counterpart Originals. 
 This Indenture may be signed in one or more counterparts. Each signed copy shall be an
original, but all of them together represent the same agreement. 

  
 - 43 -

 SECTION 12.14 Submission to Jurisdiction. 

By the execution and delivery of this Indenture, the Company submits to the nonexclusive jurisdiction of any federal or state court in
the State of New York with respect to all matters related to this Indenture, any supplemental indenture and the Securities. 

SECTION 12.15 Waiver of Jury Trial. 
 EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO
THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 SECTION 12.16 Force Majeure. 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising
out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances. 
 SECTION 12.17 Supplemental Indentures
Contract. 
 If any provision of a supplemental indenture to this Indenture relating to a series of Securities is
inconsistent with any provision of this Indenture, the provisions of the supplemental indenture will control with regard to the Securities of the series to which it relates. 
 SECTION 12.18 Table of Contents, Headings, etc. 
 The table of
contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only. They 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. 

  
 - 44 -

 SECTION 12.19 When Treasury Securities Disregarded. 

In determining whether the Holders of the required principal amount of Securities have concurred in any direction, waiver or consent,
Securities owned by the Company, or anyone under direct or indirect control or under direct or indirect common control with the Company will be disregarded and deemed not to be outstanding, except that for the purposes of determining whether the
Trustee will be protected in relying on any such direction, waiver or consent, only Securities which the Trustee knows are so owned will be so disregarded. Securities so owned which have been pledged in good faith will not be disregarded if the
pledgee establishes to the satisfaction of the Trustee the pledgee’s right to act with respect to the Securities and that the pledgee is not the Company or a person directly or indirectly controlling or controlled by, or under common control
with, the Company. Nothing in this Section 12.19 will be construed as requiring that the Company furnish to the Trustee any evidence of compliance with the conditions and covenants provided for in the Indenture other than the evidence specified
in this Section 12.19. 

  
 - 45 -

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

					
	FUELCELL ENERGY, INC.
		
	By:	 	 /s/ Michael Bishop

		 	Name:	 	Michael Bishop
		 	Title:	 	Senior Vice President and Chief Financial Officer
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Andrew Fung

		 	Name:	 	Andrew Fung
		 	Title:	 	Vice President

  
 - 46 -EX-4.2

 Exhibit 4.2 
 FIRST SUPPLEMENTAL INDENTURE 
 Dated as of June 25, 2013

 between 
 FuelCell Energy, Inc. 
 and 

U.S. Bank National Association, 
 as 
 Trustee 

8% SENIOR CONVERTIBLE NOTES DUE 2018 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	ARTICLE I	  			
		
	DEFINITIONS AND INCORPORATION BY REFERENCE	  			
	 Section 1.01 Definitions
	  	 	1	  
	 Section 1.02 Other Definitions
	  	 	6	  
		
	ARTICLE II	  			
		
	FORM OF NOTE	  			
	 Section 2.01 Form of Face of Note
	  	 	6	  
	 Section 2.02 Form of Reverse of Note
	  	 	7	  
	 Section 2.03 Form of Legend for Global Note
	  	 	16	  
		
	ARTICLE III	  			
		
	THE NOTES	  			
	 Section 3.01 Designation and Amount of Notes
	  	 	17	  
	 Section 3.02 Maturity Date; Interest
	  	 	17	  
	 Section 3.03 Exchange and Registration on Transfer
	  	 	18	  
	 Section 3.04 Global Notes
	  	 	18	  
	 Section 3.05 Reserved
	  	 	19	  
	 Section 3.06 Defaulted Interest
	  	 	19	  
	 Section 3.07 Registrar, Paying Agent, Conversion Agent and Trustee
	  	 	19	  
		
	ARTICLE IV	  			
		
	DISCHARGE OF INDENTURE	  			
	 Section 4.01 Discharge of Liability on Notes
	  	 	20	  
	 Section 4.02 Application of Trust Money
	  	 	20	  
	 Section 4.03 Repayment to Company
	  	 	20	  
	 Section 4.04 Reinstatement
	  	 	21	  
	 Section 4.05 Defeasance
	  	 	21	  

  
 - i -

					
	 	  	Page	 
	ARTICLE V	  			
		
	REMEDIES	  			
	 Section 5.01 Events of Default
	  	 	21	  
	 Section 5.02 Acceleration of Maturity; Rescission and Annulment
	  	 	22	  
	 Section 5.03 Waiver of Past Defaults
	  	 	23	  
	 Section 5.04 Limitation on Suits
	  	 	23	  
	 Section 5.05 Unconditional Rights of Holders to Receive Payment and to Convert
	  	 	23	  
		
	ARTICLE VI	  			
		
	REDEMPTION AND REPURCHASE OF NOTES	  			
		
	 Section 6.01 Repurchase at Option of Holders Upon a Change of Control
	  	 	24	  
	 Section 6.02 Mandatory Repurchase Upon a Change of Control
	  	 	24	  
	 Section 6.03 Repurchase of Notes
	  	 	24	  
	 Section 6.04 Company Repurchase Notice
	  	 	25	  
	 Section 6.05 Effect of Repurchase Notice; Withdrawal
	  	 	26	  
	 Section 6.06 Deposit of Repurchase Price
	  	 	26	  
	 Section 6.07 Notes Repurchased in Part
	  	 	27	  
	 Section 6.08 Purchase of Notes in the Open Market
	  	 	27	  
	 Section 6.9 Cancellation of Notes Redeemed or Repurchased
	  	 	27	  
	 Section 6.10 Sinking Funds
	  	 	27	  
		
	ARTICLE VII	  			
		
	SUCCESSORS	  			
		
	 Section 7.01 Assumption
	  	 	27	  
	 Section 7.02 Successor Substituted
	  	 	27	  
	 Section 7.03 Opinion of Counsel to be Given Trustee
	  	 	28	  
		
	ARTICLE VIII	  			
		
	AMENDMENTS; SUPPLEMENTS AND WAIVERS	  			
		
	 Section 8.01 Without Consent of Holders
	  	 	28	  
	 Section 8.02 With Consent of Holders
	  	 	28	  
		
	ARTICLE IX	  			
		
	CONVERSION OF NOTES	  			
		
	 Section 9.01 Right to Convert
	  	 	30	  
	 Section 9.02 Exercise of Conversion Right; Issuance of Common Stock on Conversion; No Adjustment for Interest or
Dividends
	  	 	30	  
	 Section 9.03 Limitations on Conversion Due to Market Regulation
	  	 	31	  
	 Section 9.04 Limitation on Beneficial Ownership
	  	 	31	  
	 Section 9.05 No Fractional Shares
	  	 	32	  
	 Section 9.06 Conversion Rate
	  	 	32	  
	 Section 9.07 Adjustment of Conversion Rate
	  	 	32	  

  
 - ii -

					
	 	  	Page	 
	 Section 9.08 Effect of Reclassification, Consolidation, Merger or Sale
	  	 	37	  
	 Section 9.09 Taxes on Shares Issued
	  	 	38	  
	 Section 9.10 Reservation of Shares, Shares to be Fully Paid; Compliance with Governmental Requirements; Listing of
Common Stock
	  	 	38	  
	 Section 9.11 Responsibility of Trustee
	  	 	39	  
	 Section 9.12 Notice to Holders Prior to Certain Actions
	  	 	39	  
	 Section 9.13 Stockholder Rights Plans
	  	 	40	  
	 Section 9.14 Conversion Settlement
	  	 	40	  
		
	ARTICLE X	  			
		
	COVENANTS	  			
	 Section 10.01 Payment of Notes
	  	 	40	  
	 Section 10.02 Maintenance of Office or Agency
	  	 	40	  
	 Section 10.03 Compliance Certificate
	  	 	41	  
	 Section 10.04 Payment of Taxes and Other Claims
	  	 	41	  
	 Section 10.05 Further Instruments and Acts
	  	 	41	  
		
	ARTICLE XI	  			
		
	TRUSTEE MATTERS	  			
	 Section 11.01 Rights and Duties of Trustee
	  	 	41	  
	 Section 11.02 Additional Indemnification
	  	 	42	  
	 Section 11.03 Trustee as Creditor
	  	 	42	  
	 Section 11.04 Reports by Company
	  	 	42	  
	 Section 11.05 Execution of Supplemental Indentures
	  	 	42	  
	 Section 11.06 Statements by Officers as to Default
	  	 	42	  
	 Section 11.07 Further Assurances and Acts
	  	 	42	  
	 Section 11.08 Expenses
	  	 	42	  
	 Section 11.09 Responsible Officer
	  	 	43	  
		
	MISCELLANEOUS	  			
		
	 Section 12.01 Governing Law
	  	 	43	  
	 Section 12.02 No Note Interest Created
	  	 	43	  
	 Section 12.03 Successors
	  	 	43	  
	 Section 12.04 Counterparts
	  	 	43	  
	 Section 12.05 Severability
	  	 	43	  
	 Section 12.06 Table of Contents, Headings, Etc.
	  	 	43	  
	 Section 12.07 Inconsistency
	  	 	43	  
	 Section 12.08 Calculations in Respect of Notes
	  	 	43	  

  
 - iii -

 THIS FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental
Indenture”), dated as of June 25, 2013, is between FuelCell Energy, Inc., a corporation duly organized under the laws of the State of Delaware (the “Company”), and U.S. Bank National Association, as Trustee (the
“Trustee”). 
 RECITALS 
 WHEREAS, the Company and the Trustee have duly executed and delivered a Senior Indenture, dated as of June 25, 2013 (the “Base Indenture” and together with this First Supplemental
Indenture, the “Indenture”), to provide for the issuance by the Company from time to time of debentures, notes or other debt instruments to be issued in one or more series by the Company; 

WHEREAS, the issuance and sale of not more than $38,000,000 aggregate principal amount of the Company’s 8% Senior Convertible Notes
due 2018 has been authorized by resolutions adopted by the Board of Directors; 
 WHEREAS, Section 2.1 of the Base
Indenture expressly permits the Company and the Trustee to enter into one or more supplemental indentures for the purposes of establishing the forms and terms of any Securities to be issued under the Indenture; 

WHEREAS, the Company desires to supplement the provisions of the Base Indenture to provide for the issuance of the Notes under the terms
of the Base Indenture as supplemented hereby; and 
 WHEREAS, for the purposes hereinabove recited, and pursuant to due
corporate action, the Company has duly determined to execute and deliver to the Trustee this First Supplemental Indenture. 

NOW, THEREFORE, in consideration of the covenants and agreements set forth herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company and the Trustee covenant and agree as follows: 

ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE  
 Section 1.01 Definitions. 
 All terms contained in this First
Supplemental Indenture shall, except as specifically provided for herein or except as the context may otherwise require, have the meanings given to such terms in the Base Indenture. In the event of any inconsistency between the Base Indenture and
the First Supplemental Indenture, this First Supplemental Indenture shall govern. 
 Unless the context otherwise requires, the
following terms shall have the following meanings: 
 “Adjustment Event” has the meaning specified in
Section 9.07(k). 
 “Applicable Consideration” has the meaning specified in Section 9.08. 

“Applicable Procedures” means, with respect to any conversion, transfer or exchange of beneficial ownership interests in a
Global Note, the rules and procedures of the Depositary, to the extent applicable to such transfer or exchange. 
 “Board
of Directors” means the Board of Directors of the Company or, other than in the case of the definition of “Change of Control,” any committee thereof duly authorized to act on behalf of such Board. 

  
 1 

 “Change of Control” shall mean the occurrence of any of the following after the
original issuance of the Notes: 
 (i) the Company shall, directly or indirectly, in one or more related transactions:

 (1) consolidate or merge with or into (whether or not the Company is the surviving corporation) any other person, or

 (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of its properties or assets to any other
person, or 
 (3) allow any other person to make a purchase, tender or exchange offer that is accepted by the holders of more
than 50% of the outstanding shares of voting stock of the Company (not including any shares of voting stock of the Company held by the person or persons making or party to, or associated or affiliated with the persons making or party to, such
purchase, tender or exchange offer), or 
 (4) consummate a stock or share purchase agreement or other business combination
(including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with any other person whereby such other person acquires more than 50% of the outstanding shares of voting stock of the Company (not including any
shares of voting stock of the Company held by the other person or other persons making or party to, or associated or affiliated with the other persons making or party to, such stock or share purchase agreement or other business combination), or

 (ii) any “person” or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or
indirectly, of 50% of the aggregate ordinary voting power represented by issued and outstanding voting stock of the Company, 
 other
than (i) any merger of the Company or any of its, direct or indirect, wholly-owned subsidiaries with or into any of the foregoing persons, (ii) any reorganization, recapitalization or reclassification of the shares of Common Stock in
which holders of the Company’s voting power immediately prior to such reorganization, recapitalization or reclassification continue after such reorganization, recapitalization or reclassification to hold publicly traded securities and, directly
or indirectly, are, in all material respects, the holders of the voting power of the surviving entity (or entities with the authority or voting power to elect the members of the board of directors (or their equivalent if other than a
corporation) of such entity or entities) after such reorganization, recapitalization or reclassification, or (iii) pursuant to a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company or
any of its subsidiaries. 
 “Change of Control Repurchase Date” has the meaning specified in Section 6.03.

 “Change of Control Repurchase Price” means an amount equal to the greater of (i) the product of (x) 110%
and (y) the Redemption Amount, (ii) the product of (x) 110% and (y) the product of (A) the Redemption Amount and (B) the quotient determined by dividing (I) the greatest Closing Sale Price of the Common Stock
during the period beginning on the date immediately preceding the earlier to occur of (1) the consummation of the Change of Control and (2) the public announcement of such Change of Control and ending on the Trading Day immediately prior
to the Trading Day during which the Company pays the Change of Control Repurchase Price to the holders of the Notes by (II) the Conversion Price then in effect, or (iii) the product of (x) 110% and (y) the product of (A) the
Redemption Amount and (B) the quotient of (I) the aggregate cash consideration and the aggregate cash value of any non-cash consideration per share of Common Stock to be paid to the holders of the shares of Common Stock upon consummation
of such Change of Control (any such non-cash consideration constituting publicly-traded securities shall be valued at the highest of the Closing Sale Price of such securities as of the Trading Day immediately prior to the consummation of such Change
of Control, the Closing Sale Price of such securities on the Trading Day immediately following the public announcement of such proposed Change of Control and the Closing Sale Price of such securities on the Trading Day immediately prior to the
public announcement of such proposed Change of Control) and (II) the Conversion Price then in effect. 

  
 2 

 “Closing Sale Price” of any share of Common Stock or any other security on any
Trading Day means the closing sale price of such security (or, if no closing sale price is reported, the average of the closing bid and ask prices or, if more than one in either case, the average of the average closing bid and the average closing
ask prices) on such date as reported in composite transactions for the principal U.S. securities exchange (or if not so listed, on the principal regional securities exchange) on which the shares of Common Stock are traded or, if the shares of Common
Stock are not listed on a U.S. national or regional securities exchange, as reported by OTC Markets Group Inc. (formerly Pink Sheets LLC) or its successor entity. In the absence of such a quotation, the Closing Sale Price shall be determined by an
independent nationally recognized securities dealer retained by the Company and reasonably acceptable to the Trustee to make such determination. The Closing Sale Price shall be determined without reference to extended or after hours trading.

 “Closing Date” means the date of this First Supplemental Indenture. 

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

“Common Stock” means the common stock of the Company, par value $0.0001 per share, as it exists on the date of this First
Supplemental Indenture and any shares of any class or classes of Capital Stock of the Company resulting from any reclassification or reclassifications thereof, or, in the event of a merger, consolidation or other similar transaction involving the
Company that is otherwise permitted hereunder in which the Company is not the surviving corporation, the common stock, ordinary shares or depositary shares or other common equity interests of such surviving corporation or its direct or indirect
parent corporation, which have no preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Company, which are not subject to redemption by the Company;
provided, however, that if at any time there shall be more than one such resulting class distributed to holders of the Common Stock, the shares of each such class then so issuable on conversion of Notes shall be substantially in the proportion which
the total number of shares of such class resulting from all such reclassifications bears to the total number of shares of all such classes resulting from all such reclassifications. 

“Company Repurchase Notice” has the meaning specified in Section 6.04. 

“Conversion Date” has the meaning specified in Section 9.02. 

“Conversion Notice” has the meaning specified in Section 9.02. 

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

“Conversion Rate” means the number of shares of Common Stock into which each $1,000 principal amount of Notes is convertible,
which is initially 645.1613 shares, subject to adjustments as set forth herein. 
 “Corporate Trust Office” or other
similar term, means the designated office of the Trustee at any particular time its corporate trust business as it relates to the Indenture shall be administered, which office is, at the date as of which this First Supplemental Indenture is dated,
located at San Francisco, California (currently at One California Street, Suite 1000, San Francisco, CA 94111) or at any other time at such other address as the Trustee may designate from time to time by notice to the Company. 

“Current Market Price” has the meaning specified in Section 9.07(g)(1). 

“Determination Date” has the meaning specified in Section 9.07(k). 

“Distributed Assets” has the meaning specified in Section 9.07(c). 

  
 3 

 “Dividend Shares” has the meaning specified in Section 3.02. 

“DTC” has the meaning specified in Section 3.02. 
 “Equity Conditions” means that the Common Stock is then listed on a Trading Market (other than the OTC Bulletin Board) and no Event of Default is then occurring. 

“Event of Default” has the meaning specified in Section 5.01. 

“Exchange Cap” has the meaning specified in Section 9.03. 

“Expiration Time” has the meaning specified in Section 9.07(f). 

“Fair Market Value” has the meaning specified in Section 9.07(g)(2). 

“Global Notes” means all Notes that constitute Global Securities. 

“Indebtedness” means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent, in
respect of: (i) borrowed money or (ii) bonds, notes, debentures or similar instruments of indebtedness. The amount of any Indebtedness outstanding as of any date shall be the accreted value thereof, in the case of any Indebtedness issued
with original issue discount. 
 “Indenture” means, collectively, the Base Indenture and the First Supplemental
Indenture as the same may be amended or supplemented from time to time pursuant to the terms of the First Supplemental Indenture and the Base Indenture, including the provisions of the TIA that are automatically deemed to be a part of this Indenture
by operation of the TIA. 
 “Interest Make-Whole Amount” means, in the event of a conversion of the Notes in
accordance with Article IX, (i) the amount equal to the accrued but unpaid interest on the Notes through the Conversion Date, plus (ii) an amount equal to the interest that would have accrued under the Notes at the applicable interest rate for
the period from the Conversion Date through, but not including, the Maturity Date, up to (with respect to clause (ii)) a maximum of $240.00 per $1,000 principal amount of Notes. 

“Interest Make-Whole Shares” has the meaning specified in Section 9.02. 

“Interest Payment Date” means June 15 and December 15 of each year, commencing December 15, 2013. 

“Issue Date” of any Note means the date on which the Note was originally issued or deemed issued as set forth on the face of
the Note. 
 “Maturity Date” means June 15, 2018. 

“Noteholder” or “Holder” means the Person in whose name a Note is registered on the Registrar’s books.

 “Notes” means any Notes issued, authenticated and delivered under the Indenture, including any Global Notes.

 “Prospectus Supplement” means the prospectus supplement, dated June 20, 2013, relating to the Notes, as filed
by the Company with the SEC pursuant to Rule 424(b) of the Securities Act. 
 “Purchased Shares” has the meaning
specified in Section 9.07(f)(1). 
 “Record Date” means, with respect to each Interest Payment Date, the
May 31 and November 30, as the case may be, next preceding such Interest Payment Date. The “record date,” with respect to the Conversion Rate adjustment as provided in Section 9.07, has the meaning specified in
Section 9.07(f). 

  
 4 

 “Redemption Amount” means, as to any Note being redeemed under Article VI hereof,
the sum of (x) the entire principal amount of such Note or, if the Holder elects a redemption under Section 6.01, the portion of the principal that Holder has elected to require the Company to repurchase, plus (y) all accrued and
unpaid interest under the Note with respect to such principal being redeemed to, but excluding, the Change of Control Repurchase Date. 
 “Reference Period” has the meaning specified in Section 9.07(c). 

“Repurchase Notice” has the meaning specified in Section 6.01(b). 

“Service Agent” means the Person authorized to perform the obligations expressly designated to the Trustee hereunder.

 “Spin-off” has the meaning specified in Section 9.07(c). 

“Spin-off Valuation Period” has the meaning specified in Section 9.07(c). 

“Successor Entity” means the Person formed by, resulting from or surviving any Change of Control or the Person with which such
Change of Control shall have been entered into. 
 “Trading Day” means any day on which the Common Stock is traded on
the Nasdaq Global Market, or, if the Nasdaq Global Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded; provided that “Trading
Day” shall not include any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day on which the Common Stock is suspended from trading during the final hour on such exchange or market
(or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time). 

“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange or the OTC Bulletin Board (or any successors to any of the foregoing). 

“Trigger Event” has the meaning specified in Section 9.07(d). 

“VWAP” means the dollar volume-weighted average price for the Common Stock on the Nasdsaq Global Market (or a successor market)
during the period beginning at 9:30:01 a.m., New York time (or such other time as the Trading Market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such other time as the Trading Market publicly
announces is the official close of trading), as reported by Bloomberg, L.P. through its “Volume at Price” function or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter
market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time (or such other time as the Trading Market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York
City Time (or such other time as the Trading Market publicly announces is the official close of trading), as reported by Bloomberg, L.P., or, if no dollar volume-weighted average price is reported for such security by Bloomberg, L.P. for such hours,
the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the VWAP cannot be
calculated for the Common Stock on a particular date on any of the foregoing bases, the VWAP of the Common Stock shall be the fair market value of the Common Stock on such date as determined by our Board of Directors in good faith. 

  
 5 

 Section 1.02 Other Definitions. 

 

					
	 Term
	  	Defined in Section	 
	 “Agent Members”
	  	 	3.04(g)	  
	 “Bankruptcy Law”
	  	 	5.01	  
	 “Base Indenture”
	  	 	Recitals	  
	 “Conversion Agent”
	  	 	3.07	  
	 “Custodian”
	  	 	5.01	  
	 “First Supplemental Indenture”
	  	 	Preamble	  
	 “Indenture”
	  	 	Recitals	  
	 “Trustee”
	  	 	Preamble	  

 ARTICLE II 
 FORM OF NOTE  
 Section 2.01 Form of Face of Note. [If a
Global Note, insert legend required by Section 2.03 of this First Supplemental Indenture]. 
 FuelCell Energy, Inc.

 8% Senior Convertible Notes due 2018 
  

					
	 No. A1
	  	 	CUSIP: 35952HAA4	  

 FuelCell Energy, Inc., a Delaware corporation, promises to pay to Cede & Co. or registered
assigns the principal amount of Thirty Eight Million Dollars ($38,000,000.00) on June 15, 2018. 
 Issue Date:
June 25, 2013. 
 Interest Payment Dates: June 15 and December 15. 

Record Dates: May 31 and November 30. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, including, without limitation, provisions giving the Holder of this Note the right to convert this Note into
Common Stock, on the terms and subject to the limitations referred to on the reverse hereof and as more fully specified in the Indenture. Such further provisions shall for all purposes have the same effect as though fully set forth at this place.

 This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have
been manually signed by the Trustee or a duly authorized authenticating agent under the Indenture. 
 SIGNATURE PAGE FOLLOWS

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

 

			
	FUELCELL ENERGY, INC.
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  
 6 

 Trustee’s Certificate of Authentication: 

This is one of the Notes referred to in the within-mentioned Indenture. 

U.S. Bank National Association, as Trustee 
  

							
		 		 	By:	 	 
	Dated:
                                         
           	 		 		 	Authorized Signatory:

 Section 2.02 Form of Reverse of Note. 

FuelCell Energy, Inc. 
 8% Senior Convertible Notes due 2018 
 1. Interest 

FuelCell Energy, Inc., a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred
to, being herein called the “Company”), promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Company will pay interest semiannually on June 15 and December 15 of each year
commencing on December 15, 2013. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the Issue Date. Interest will be computed on the basis of a 360-day year of
twelve 30-day months. If a payment date is not a Business Day, payment will be made on the next succeeding Business Day, and no additional interest will accrue in respect of such payment by virtue of the payment being made on such later date.

 2. Method of Payment 
 The Company will pay interest on the Notes (except defaulted interest) to the Persons who are registered holders of Notes at the close of business on the May 31 and November 30 next preceding
the interest payment date even if Notes are canceled after the record date and on or before the interest payment date, except as otherwise provided in the Indenture. Holders must surrender Notes to a Paying Agent to collect principal payments. The
Company will pay principal in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. The Company shall pay interest through the delivery of shares of Common Stock, provided that the
Equity Conditions are then satisfied and subject to the Exchange Cap limitation in Section 9.03, or, at the Company’s option, in money of the United States of America that at the time of payment is legal tender for payment of public and
private debts. In the case of any payment of interest in shares of Common Stock, the number of shares issuable will be based upon a price equal to a 7.5% discount to the arithmetic average of the daily VWAP for Common Stock for the ten Trading Days
prior to the applicable Interest Payment Date. On or before the third (3rd) Trading Day following the applicable Interest Payment Date, the Company shall (X) provided that the Company’s Transfer Agent is participating in The
Depository Trust Company Fast Automated Securities Transfer Program, credit the number of shares of Common Stock payable as an interest payment to such Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal at
Custodian system, or (Y) if the Company’s Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and dispatch by overnight courier to each holder, a certificate, registered in our share register in
the name of such holder or its designee, for the number of shares of Common Stock to which such Holder is entitled pursuant to such exercise. On or before then eleventh (11th) Trading Day before the applicable Interest Payment Date, the Company shall notify the Holder of whether it will
make such interest payment in shares of Common Stock or in cash; provided that, if no such notice is given, the Company shall be deemed to have notified the Holder that it will pay interest in shares of Common Stock. 

The Company shall pay any interest payable in cash (i) on any Global Notes by wire transfer of immediately available funds to the
account of the Depositary or its nominee, (ii) on any Notes in certificated form having a principal amount of less than $2,000,000, by check mailed to the address of the Person entitled thereto as it appears in the Register, provided, however,
that at maturity interest will be payable at the office of the Company maintained by the Company for such purposes, which shall initially be an office or agency of the Trustee (as defined below) and (iii) on any Notes in certificated form
having a principal amount of $2,000,000 or more, by check or otherwise by wire transfer in immediately available funds at the election of the Holder of such Notes duly delivered to the Trustee at least five Business Days prior to the relevant
interest payment date, provided, however, that at maturity interest will be payable at the office of the Company maintained by the Company for such purposes, which shall initially be an office or agency of the Trustee. 

  
 7 

 3. Paying Agent, Registrar, Service Agent and Conversion Agent 

Initially, U.S. Bank National Association (the “Trustee”), will act as Paying Agent, Registrar, Service Agent and Conversion
Agent. The Company may appoint and change any Paying Agent, Registrar or co-registrar, Service Agent or Conversion Agent without notice. The Company or any of its domestically incorporated Subsidiaries may act as Paying Agent, Registrar or
co-registrar, Service Agent or Conversion Agent. 
 4. Indenture 

The Company issued the Notes under an Indenture dated as of June 25, 2013 (the “Base Indenture”), as supplemented by the
First Supplemental Indenture dated as of June 25, 2013 (the “First Supplemental Indenture” and together with the Base Indenture the “Indenture”), between the Company and the Trustee. The terms of the Notes include those
stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined in the Indenture and
not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and Noteholders are referred to the Indenture and the TIA for a statement of those terms. 

The Notes are senior unsecured obligations of the Company, and rank equal in right of payment with all future senior unsecured
indebtedness. This Note is one of the Notes referred to in the Indenture issued in an aggregate principal amount of $38,000,000. 
 5.
Sinking Fund 
 The Notes are not subject to any sinking fund. 
 6. Repurchase of Notes at the Option of Noteholders 
 If a Change of
Control occurs at any time prior to maturity of the Notes, and the Successor Entity (if different than the Company) assumes in writing all of the obligations under the Notes and this Indenture in accordance with Article VII of the Indenture, this
Note will be subject to a repurchase, at the option of the Holder, on a Change of Control Repurchase Date, specified by the Company, that is not less than 20 Business Days nor more than 35 Business Days after notice thereof, at an amount equal to
the Change of Control Repurchase Price; provided, however, that if such Change of Control Repurchase Date falls after a record date and on or prior the corresponding interest payment date, the accrued and unpaid interest shall be payable to the
Holder of record of this Note on the preceding May 31 and November 30, as the case may be. The Notes submitted for repurchase must be $1,000 in principal amount or whole multiples thereof. The Company shall deliver to all holders of record
of the Notes a notice of the occurrence of a Change of Control and of the repurchase right arising as a result thereof on or before the fifth calendar day after the occurrence of such Change of Control. For Notes to be so repurchased at the option
of the Holder, the Holder must deliver to the Paying Agent in accordance with the terms of the Indenture, the Repurchase Notice containing the information specified by the Indenture, together with such Notes, duly endorsed for transfer, or (if the
Notes are Global Notes) book-entry transfer of the Notes, prior to 5:00 p.m., New York City time, on the Change of Control Repurchase Date. The repurchase price must be paid in cash. 

Holders have the right to withdraw any Repurchase Notice by delivering to the Paying Agent a written notice of withdrawal at any time
prior to 5:00 p.m., New York City time, on the Business Day immediately preceding the Change of Control Repurchase Date, as provided in the Indenture. 

  
 8 

 If cash sufficient to pay the repurchase price on all Notes or portions thereof to be
repurchased as of the Change of Control Repurchase Date is deposited with the Paying Agent, on the Business Day immediately following the Change of Control Repurchase Date, then such Notes will cease to be outstanding and interest will cease to
accrue, and the Holder thereof shall have no other rights as such other than the right to receive the repurchase price upon delivery or book-entry transfer of such Notes. 
 7. Mandatory Repurchase of Notes  
 If a Change of Control occurs at any
time prior to maturity of the Notes, and the Successor Entity does not assume in writing all of the obligations under the Notes and the Indenture in accordance with Article VII of the Indenture, the Company shall repurchase, and the Holder shall
sell, all of the Note on a Change of Control Repurchase Date, specified by the Company, that is not less than 20 Business Days nor more than 35 Business Days after notice thereof, at an amount equal to the Change of Control Repurchase Price;
provided, however, that if such Change of Control Repurchase Date falls after a record date and on or prior the corresponding interest payment date, the accrued and unpaid interest shall be payable to the Holder of record of this Note on the
preceding May 31 and November 30, as the case may be. The repurchase price must be paid in cash. 
 If cash sufficient
to pay the repurchase price of the Notes to be repurchased as of the Change of Control Repurchase Date is deposited with the Paying Agent, on the Business Day immediately following the Change of Control Repurchase Date, then such Notes will cease to
be outstanding and interest will cease to accrue, and the Holder thereof shall have no other rights as such other than the right to receive the repurchase price upon delivery or book-entry transfer of such Notes. 

8. Conversion 
 In
compliance with the provisions of the Indenture, on or prior to the close of business on the Business Day immediately preceding the Maturity Date of this Note, the Holder hereof has the right, at its option, to convert each $1,000 principal amount
of this Note into Common Stock based on a Conversion Rate of 645.1613 shares of Common Stock per $1,000 principal amount of Notes (a Conversion Price of approximately $1.55 per share), as the same may be adjusted pursuant to the terms of the
Indenture and subject to the provisions of the Exchange Cap in Section 9.03 of the First Supplemental Indenture, as such shares shall be constituted at the date of conversion, upon surrender of this Note (if in certificated form) with the form
entitled “Conversion Notice” on the reverse hereof duly completed and manually signed, to the Company at the office or agency of the Company maintained for that purpose in accordance with the terms of the Indenture, or at the option of
such Holder, the Corporate Trust Office, together with any funds required pursuant to the terms of the Indenture, and, unless any shares issuable on conversion are to be issued in the same name as this Note, duly endorsed by, or accompanied by
instruments of transfer in form satisfactory to the Company duly executed by, the Holder or by such Holder’s duly authorized attorney. In order to exercise the conversion right with respect to any interest in a Global Note, the Holder must
complete the appropriate instruction form pursuant to the Depositary’s book-entry conversion program, deliver by book-entry delivery an interest in such Global Note, furnish appropriate endorsements and transfer documents if required by the
Company or the Trustee or Conversion Agent, and pay the funds, if any, required pursuant to the terms of the Indenture. As specified in the Indenture, upon conversion, the Company will issue shares of Common Stock based on the Conversion Rate, as
adjusted as specified in the Indenture, or cash in the event the provisions of Section 9.03 of the First Supplemental Indenture are applicable. 
 If a Holder surrenders Notes for conversion, such Holder will be entitled to receive upon conversion of such Holder’s Notes into shares of Common Stock, in addition to the Shares of Common Stock, a
payment, in the Company’s option, either in cash or in shares of Common Stock in an amount equal to the Interest Make-Whole Amount. In the case of a payment of the Interest Make-Whole Amount through delivery of shares of Common Stock, the
number of shares issuable will be based upon a price equal to a 7.5% discount to the arithmetic average of the daily VWAP for Common Stock for the ten Trading Days prior to the Conversion Date. 

No fractional shares will be issued upon any conversion of Notes, but rather the number of shares of Common Stock to be issued shall be
rounded up to the nearest whole number. 

  
 9 

 A Note in respect of which a Holder is exercising its right to require repurchase may be
converted only if such Holder validly withdraws its election to exercise such right to require repurchase in accordance with the terms of the Indenture. 
 9. Limitations on Beneficial Ownership 
 Notwithstanding the foregoing, no
Holder shall be entitled to receive shares of Common Stock upon conversion to the extent (but only to the extent) that such receipt would cause such converting Holder to become, directly or indirectly, a “beneficial owner” (within the
meaning of Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder) of 4.99% or more of the shares of Common Stock outstanding at such time. This limitation on beneficial ownership shall be terminated
(i) upon 61 days’ notice to the Company by any Holder, solely with respect to the Notes beneficially owned by such Holder, (ii) immediately upon delivery by the Company of notice of a Change of Control or (iii) on
June 15, 2018. Any purported delivery of shares of Common Stock upon conversion of Notes shall be void and have no effect to the extent (but only to the extent) that such delivery would result in the converting Holder becoming the beneficial
owner of 4.99% or more of the shares of Common Stock outstanding at such time. If any delivery of shares of Common Stock owed to a Holder upon conversion of Notes is not made, in whole or in part, as a result of this limitation, the Company’s
obligation to make such delivery shall not be extinguished and the Company shall deliver such shares of Common Stock as promptly as practicable after any such converting Holder gives notice to the Company that such delivery would not result in such
limitation being triggered. 
 10. Limitations on Issuance due to Market Regulation 

Notwithstanding the foregoing, the Company shall not be obligated to issue shares of Common Stock upon conversion of the Notes or
otherwise, and shall not be entitled to issue shares of Common Stock as payment of the Interest Make-Whole Amount or as payment of interest on the Notes or otherwise hereunder, to the extent (and only to the extent) the issuance of such shares of
Common Stock would exceed the Exchange Cap. The Exchange Cap limitation shall not apply in the event that the Company obtains Stockholder Approval for issuances of shares of Common Stock in excess of such amount and satisfies the requirements of
Nasdaq Rule 5635(d). In the event that a Holder seeks to convert such Holder’s Notes into shares of Common Stock in excess of the Exchange Cap, the Company will notify such Holder within three Business Days that the Exchange Cap has
been exceeded and that the Company will instead settle such amount in excess of the Exchange Cap in cash and not in shares of Common Stock. The Holder will then have three Business Days to elect to proceed with a cash settlement or withdraw such
Holder’s conversion notice. If the Holder has not withdrawn such Holder’s notice by the close of business on the third Business Day after the date the Company gives notice of its intention to settle such portion of the Note in cash, then
the Company will, by wire transfer of U.S. dollars in immediately available funds to the account designated by the Holder, pay cash to the Holder in an amount equal to the product of (x) the number of shares of Common Stock which would have
been issuable upon conversion but cannot be issued as a result of the Exchange Cap and (y) the arithmetic average of the daily VWAP for Common Stock for the five consecutive Trading Days ending on and included the Trading Day immediately prior
to the Conversion Date. 
 11. Denominations, Transfer, Exchange 

The Notes are in registered form without coupons in denominations of $1,000 and whole multiples of $1,000. A Noteholder may transfer or
exchange Notes in accordance with the Indenture. Upon any transfer or exchange, the Registrar or the Company may require a Noteholder, among other things, to furnish appropriate endorsements or a written instrument or instruments of transfer in form
satisfactory to the Company. Neither the Company, the Trustee nor the Registrar shall be required to exchange, issue or register a transfer of (a) any Notes for a period of 15 calendar days next preceding the date of mailing of a notice of
redemption of Notes selected for redemption, (b) any Notes or portions thereof surrendered for conversion pursuant to Article IX of the First Supplemental Indenture, or (c) any Notes or portions thereof tendered for repurchase (and
not withdrawn) pursuant to Section 6.05 of the First Supplemental Indenture. 

  
 10 

 12. Persons Deemed Owners 
 The registered Holder of this Note may be treated as the owner of it for all purposes. 
 13.
Unclaimed Money 
 Subject to any applicable abandoned property law, the Trustee and the Paying Agent shall pay to the
Company upon written request any money held by them for the payment of principal or interest and any shares of Common Stock or other property due in respect of converted Notes that remains unclaimed for two years, and, thereafter, Noteholders
entitled to the money and/or securities must look to the Company for payment as general creditors. 
 14. Amendment, Waiver 

Subject to certain exceptions set forth in the Indenture, (i) the Indenture or the Notes may be amended without prior notice to any
Holder but with the written consent of the holders of at least a majority in aggregate principal amount of the outstanding Notes and (ii) any default or noncompliance with any provision may be waived with the written consent or affirmative vote
of the holders of at least a majority in principal amount of the outstanding Notes. Without the consent of any Holder, the Company and the Trustee may amend the Indenture or the Notes (i) to provide for conversion rights of Holders and the
Company’s repurchase obligations in connection with a Change of Control in the event of any reclassification of the Common Stock, merger or consolidation, or sale, conveyance, transfer or lease of the Company’s property and assets
substantially as an entirety (solely to the extent not adverse to the Holders); (ii) to secure the Notes; (iii) to comply with Article VII of the First Supplemental Indenture; (iv) to surrender any right or power conferred upon
the Company in the Indenture; (v) to add to the covenants of the Company for the benefit of the Holders; (vi) to cure any ambiguity or correct or supplement any inconsistent or defective provision contained in the Indenture; provided,
however, that such modification or amendment does not adversely affect the interests of the Holders in any material respect, provided, further, that any amendment made solely to conform the provisions of the Indenture or the Notes to the description
of the Notes contained in the Prospectus Supplement shall not be deemed to adversely affect the interests of the Holders; (vii) to make any provision with respect to matters or questions arising under the Base Indenture, the First Supplemental
Indenture or the Notes that the Company may deem necessary or desirable and that shall not be inconsistent with the Base Indenture or the First Supplemental Indenture or the Notes, provided, however, that such change or modification does not, in the
good faith opinion of the Board of Directors, adversely affect the interests of the Holders in any material respect; (viii) to comply with requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA;
(ix) to add guarantees of the obligations under the Notes; and (x) to evidence and provide for the acceptance of appointment by a successor Trustee with respect to the Notes. 
 15. Defaults and Remedies 
 If an Event of Default occurs (other than an
Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company) and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then-outstanding Notes, by written notice to
the Company and the Trustee, may declare due and payable 100% of the principal amount of all outstanding Notes plus any accrued and unpaid interest to the date of payment. If an Event of Default relating to certain events of bankruptcy, insolvency
or reorganization of the Company occurs, all unpaid principal and accrued and unpaid interest on the outstanding Notes shall become due and immediately payable without any declaration or other act on the part of the Trustee or any Holder. Under
certain circumstances, the Holders of a majority in aggregate principal amount of the outstanding Notes may rescind and annul any such acceleration with respect to the Notes and its consequences. 

If an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers under
the Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee reasonable indemnity or security against any loss, liability or expense. Subject to certain exceptions, no Holder may pursue any remedy
with respect to the Indenture or the Notes unless (i) such Holder has previously given the Trustee notice that an Event of Default is continuing, (ii) holders of at least 25% in principal amount of the outstanding Notes have requested the
Trustee in writing to pursue the remedy, (iii) such Holders have offered the Trustee security or indemnity reasonably satisfactory to the Trustee against any loss, liability or expense, (iv) the Trustee has not complied with such request
within 60 days after the receipt of the request and the offer of indemnity and (v) the holders of a majority in principal amount of the outstanding Notes have not given the Trustee a direction inconsistent with such request within such
60-day period. Subject to certain restrictions, the holders of a majority in principal amount of the outstanding Notes are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or
of exercising any trust or power conferred on the Trustee. Subject to the Indenture, the Trustee, however, may refuse to follow any direction if the Trustee, in good faith shall, by a Trust Officer of the Trustee, determine that the proceeding so
directed would involve the Trustee in personal liability. The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by the Indenture at the request, order or direction of any Holder pursuant to the provision of
the Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities which may be incurred therein or thereby. 

  
 11 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
impair, as among the Company and the Holder of the Notes, the obligation of the Company, which is absolute and unconditional, to pay the principal, redemption price, the repurchase price upon a Change of Control, interest or make-whole premium, if
any with respect of the Note at the place, at the respective times, at the rate and in the coin or currency herein and in the Indenture prescribed. 
 16. Trustee Dealings with the Company 
 Subject to certain limitations
imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise
deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 
 17. No Recourse Against Others

 A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the
Company under the Notes or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Noteholder by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for the issue of the Notes. 
 18. Authentication 
 This Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Note. 

19. Abbreviations 

Customary abbreviations may be used in the name of a Noteholder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants
by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 
 20. GOVERNING LAW 
 THIS NOTE SHALL BE DEEMED TO BE A CONTRACT UNDER THE
LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH STATE INCLUDING, WITHOUT LIMITATION, SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 

21. CUSIP Number 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused the CUSIP
number to be printed on the Notes and has directed the Trustee to use the CUSIP number in notices of redemption as a convenience to Noteholders. No representation is made as to the accuracy of such number either as printed on the Notes or as
contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

  
 12 

 The Company will furnish to any Holder upon written request and without charge to the
Holder a copy of the Indenture which has in it the text of this Note.  

  
 13 

 CONVERSION NOTICE 

 

			
		
	TO:	 	 FUELCELL ENERGY, INC.
 (via
e-mail to Michael Bishop (mbishop@fce.com) and
 Ross Levine, Esq. (rlevine@fce.com))

 
 U.S. Bank National Association, as Trustee

 The undersigned registered holder of this Note hereby irrevocably exercises the option to convert this
Note, or the portion thereof (which is $1,000 or a multiple thereof) below designated, into shares of Common Stock of FuelCell Energy, Inc. in accordance with the terms of the Indenture referred to in this Note, and directs that the shares issuable
and deliverable and the cash (if any), and any Notes representing any unconverted principal amount hereof, be issued and delivered to the registered holder hereof unless a different name has been indicated below. Capitalized terms used herein but
not defined shall have the meanings ascribed to such terms in the Indenture. If shares or any portion of this Note not converted are to be issued in the name of a person other than the undersigned, the undersigned will provide the appropriate
information below and pay all transfer taxes payable with respect thereto. Any amount required to be paid by the undersigned on account of interest accompanies this Note. 

 

					
			
	
Dated:                       
                          
	 		 	
			
		 	Signature(s)	 	
		
		 	Signature(s) must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.
			
		 	  
	 	
		 	Signature Guarantee	 	

 Fill in the registration of Notes if to be delivered, and the person to whom any cash payment is to be
made, if to be made, other than to and in the name of the registered holder: 
  

	
	 Please print name and address

	
	 
	 (Name)

	
	 
	 (Street Address)

	
	 
	 (City, State and Zip Code)

	
	 Principal amount to be converted

	 (if less than all): $_____________________

	
	 Social Security or Other Taxpayer:

	
	 
	
	 Account Number: _____________________

	 (if electronic book entry transfer)

	
	 Transaction Code Number:

	
	 
	 (if electronic book entry transfer)

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

  
 14 

 REPURCHASE NOTICE 

 

			
	TO:	 	 FUELCELL ENERGY, INC.
  

U.S. Bank National Association, as Trustee

 The undersigned registered holder of this Note hereby irrevocably acknowledges receipt of a notice from
FuelCell Energy, Inc. (the “Company”) regarding the right of holders to elect to require the Company to repurchase the Notes and requests and instructs the Company to repay the entire principal amount of this Note, or the portion thereof
(which is $1,000 or an integral multiple thereof) below designated, in accordance with the terms of the Indenture at the Change of Control Repurchase Price. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms
in the Indenture. The Notes shall be repurchased by the Company as of the Change of Control Repurchase Date pursuant to the terms and conditions specified in the Indenture. 
 Dated:
                                        

  

			
	  	 	  
	 Signature(s): 
	 	 
		
		 	 

 NOTICE: The above signatures of the holder(s) hereof must correspond with the name as written upon the face of the
Notes in every particular without alteration or enlargement or any change whatever. 
 Notes Certificate Number (if applicable):
                             
 Principal amount to be repurchased (if less than all, must be $1,000 or whole multiples
thereof):                              

Social Security or Other Taxpayer Identification Number:
                             

  
 15 

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 I or we assign and transfer this Security to

 (Insert assignee’s soc. sec. or tax I.D. no.) 
 (Print or type assignee’s name, address and zip code) and irrevocably appoint 
 Agent to
transfer this Note on the books of the Company. The agent may substitute another to act for him or her. 
  

							
	Date:	 		 	Your Signature: 	 	 
		 		 		 	(Sign exactly as your name appears on the other side of this Note)
				
	*Signature guaranteed by:	 		 		 	
				
	By:	 		 		 	

  

	*	The signature must be guaranteed by an institution which is a member of one of the following recognized signature guaranty programs: (i) the Securities Transfer
Agent Medallion Program (STAMP); (ii) the New York Stock Exchange Medallion Program (MSP); (iii) the Stock Exchange Medallion Program (SEMP); or (iv) such other guaranty program acceptable to the Trustee. 

SCHEDULE OF INCREASES AND DECREASES IN GLOBAL NOTE 
 The following increases or decreases in this Global Note have been made: 
  

									
	 	  	 	  	 	  	 	  	Signature of
	 	  	 	  	 	  	Principal Amount of	  	authorized
	 	  	Amount of decrease	  	 	  	this Global Note	  	signatory of
	 	  	in Principal Amount	  	Amount of increase	  	following such	  	Trustee or
	 	  	of this Global	  	in Principal Amount	  	decrease or	  	Securities
	 Date
	  	 Note
	  	of this Global Note	  	increase	  	Custodian

 Section 2.03 Form of Legend for Global Note. 
 UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY 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 THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), 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. THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

  
 16 

 ARTICLE III 
 THE NOTES  
 Section 3.01 Designation and Amount of
Notes. There is hereby authorized a series of senior convertible Notes designated as “8% Senior Convertible Notes due 2018”. The Notes will initially not exceed the aggregate principal amount of $38,000,000 (except pursuant to the Base
Indenture). 
 Section 3.02 Maturity Date; Interest. The Notes shall be issuable in registered form without coupons
in denominations of $1,000 principal amount and integral multiples thereof. Each Note shall be dated the date of its authentication and shall bear interest from the date specified on the face of the form of Notes in Article II hereto. Interest
on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 On the Maturity Date, each
Holder shall be entitled to receive on such date $1,000 in cash for each $1,000 principal amount per Notes, together with accrued and unpaid interest to, but not including, the Maturity Date. With respect to Global Notes, principal shall be paid to
the Depositary in immediately available funds, and interest shall be paid to the Depositary through the delivery of shares of Common Stock, provided that the Equity Conditions are then satisfied and subject to the Exchange Cap limitation in
Section 9.03, or, at the Company’s option, in immediately available funds. With respect to any certificated Notes, principal and interest will be payable at the Company’s office or agency maintained for such purpose, which initially
shall be the Corporate Trust Office of the Trustee. 
 In the case of any payment of interest in shares of
Common Stock, the number of shares issuable (“Dividend Shares”) will be based upon a price equal to a 7.5% discount to the arithmetic average of the daily VWAP for Common Stock for the ten Trading Days prior to the applicable
Interest Payment Date. On or before the third (3rd) Trading Day following the applicable Interest Payment Date, the Company shall (X) provided that the Company’s Transfer Agent is participating in The Depository Trust Company
(“DTC”) Fast Automated Securities Transfer Program, credit the number of Dividend Shares to which each Holder is entitled to such Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal at
Custodian system, or (Y) if the Company’s Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and dispatch by overnight courier to each holder, a certificate, registered in our share register in
the name of such holder or its designee, for the number of Dividend Shares to which such Holder is entitled pursuant to such exercise. Each Holder entitled to receive an interest payment in Dividend Shares on an Interest Payment Date shall be
treated for all purposes as the holder of such shares of Common Stock on the applicable Interest Payment Date, irrespective of the date such Dividend Shares are credited to the Holder’s DTC account or the date of delivery of the certificates
evidencing such Dividend Shares, as the case may be. No fractional shares of Common Stock are to be issued upon the issuance of Dividend Shares, but rather the number Dividend Shares to be issued shall be rounded up to the nearest whole number. The
Company shall pay any and all taxes which may be payable with respect to the issuance and delivery of Dividend Shares. On or before then eleventh (11th) Trading Day before the applicable Interest Payment Date, the Company shall notify the Holders of whether it will
make such interest payment in shares of Common Stock or in cash; provided that, if no such notice is given, the Company shall be deemed to have notified the Holders that it will pay interest in shares of Common Stock. 

The Person in whose name any Note is registered on the Register at 5:00 p.m., New York City time, on any Record Date with respect to any
Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date. 
 The Company shall
provide, free from preemptive rights, out of its authorized but unissued shares or shares held in treasury, sufficient shares of Common Stock to pay the Dividend Shares hereunder. 

  
 17 

 The Company shall pay interest payable in cash (i) on any Global Notes by wire transfer
of immediately available funds to the account of the Depositary or its nominee, (ii) on any Notes in certificated form having a principal amount of less than $2,000,000, by check mailed to the address of the Person entitled thereto as it
appears in the Register, provided, however, that at maturity interest will be payable at the office of the Company maintained by the Company for such purposes, which shall initially be the Corporate Trust Office of the Trustee and (iii) on any
Notes in certificated form having a principal amount of $2,000,000 or more, by wire transfer in immediately available funds at the election of the Holder of such Notes duly delivered to the trustee at least five Business Days prior to the relevant
Interest Payment Date or by check if no such election is made, provided, however, that on the Maturity Date, interest will be payable at the office of the Company maintained by the Company for such purposes, which shall initially the Corporate Trust
Office of the Trustee. If a payment date is not a Business Day, payment shall be made on the next succeeding Business Day, and no additional interest shall accrue thereon. 
 Any interest on any Notes which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall be subject to Section 3.06. 

Section 3.03 Exchange and Registration on Transfer. In addition to Section 2.7 of the Base Indenture (other than
transfers of Global Securities in accordance with Section 2.8 of the Base Indenture which shall not apply for purposes of this First Supplemental Indenture and the Notes), (a) all Notes presented or surrendered for repurchase or conversion
shall (if so required by the Company or the Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company, and the Notes shall be duly executed by the Holder thereof or his
attorney duly authorized in writing and (b) neither the Company nor the Trustee nor any Registrar shall be required to exchange, issue or register transfer of (1) any Notes or portions thereof surrendered for conversion pursuant to
Article IX of this First Supplemental Indenture, which may not be withdrawn or (2) any Notes or portions thereof tendered for repurchase (and not withdrawn) pursuant to Section 6.01 of this First Supplemental Indenture. 

Section 3.04 Global Notes. 
 (a) Each Global Note authenticated under this First Supplemental Indenture shall be registered in the name of the Depositary or a nominee thereof and delivered to such Depositary or a nominee thereof
or custodian therefore, and each such Global Note shall constitute a single Note for purposes of this First Supplemental Indenture. 
 (b) Notwithstanding any other provisions of this First Supplemental Indenture, the Base Indenture or the Notes, no Global Notes may be exchanged in whole or in part for Notes registered, and no
transfer of a Global Note in whole or in part may be registered, in the name of any Person other than the Depositary or a nominee thereof unless (A) the Depositary (x) has notified the Company that it is unwilling or unable to continue as
Depositary for such Global Note or (y) has ceased to be a clearing agency registered under the Exchange Act, and a successor depositary has not been appointed by the Company within 90 calendar days, or (B) the Company, in its sole
discretion, notifies the Trustee in writing that it no longer wishes to have all the Notes represented by Global Notes. Any Global Notes exchanged pursuant to this Section 3.04(b) shall be so exchanged in whole and not in part. 

(c) In addition, certificated Notes will be issued in exchange for beneficial interests in a Global Note upon request by or on behalf
of the Depositary in accordance with customary procedures following the request of a beneficial owner seeking to enforce its rights under the Notes or this Indenture, including its rights following the occurrence of an Event of Default. 

(d) Notes issued in exchange for a Global Note or any portion thereof pursuant to clause (b) or (c) above shall be issued
in definitive, fully registered form, without interest coupons, shall have a principal amount equal to that of such Global Note or portion thereof to be so exchanged, and shall be registered in such names and be in such authorized denominations as
the Depositary shall designate and shall bear the legend set forth in Section 2.03 hereto. Any Global Note to be exchanged in whole shall be surrendered by the Depositary to the Trustee or the Registrar. With regard to any Global Note to be
exchanged in part, either such Global Note shall be so surrendered for exchange or, if the Trustee is acting as custodian for the Depositary or its nominee with respect to such Global Note, the principal amount thereof shall be reduced, by an amount
equal to the portion thereof to be so exchanged, by means of an appropriate adjustment made on the records of the Trustee. Upon any such surrender or adjustment, the Trustee shall authenticate and deliver the Note issuable on such exchange to or
upon the order of the Depositary or an authorized representative thereof. 

  
 18 

 (e) Subject to the provisions of Section 3.04(g) below, the registered Holder may
grant proxies and otherwise authorize any Person, including Agent Members (as defined below) and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this First Supplemental Indenture or
the Notes. 
 (f) In the event of the occurrence of any of the events specified in Section 3.05(b) above or upon any
request described in Section 3.04(c) above, the Company will promptly make available to the Trustee a reasonable supply of certificated Notes in definitive, fully registered form, without interest coupons. 

(g) Neither any members of, or participants in, the Depositary (collectively, the “Agent Members”) nor any other
Persons on whose behalf Agent Members may act shall have any rights under this First Supplemental Indenture or the Base Indenture with respect to any Global Note registered in the name of the Depositary or any nominee thereof, or under any such
Global Note, and the Depositary or such nominee, as the case may be, may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and Holder of such Global Note for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Company or the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or such
nominee, as the case may be, or impair, as between the Depositary, its Agent Members and any other Person on whose behalf an Agent Member may act, the operation of customary practices of such Persons governing the exercise of the rights of a Holder
of any Note. 
 (h) At such time as all interests in a Global Note have been redeemed, repurchased, converted, cancelled or
exchanged for Notes in certificated form, such Global Note shall, upon receipt thereof, be cancelled by the Trustee in accordance with standing procedures and instructions existing between the Depositary and the custodian for the Global Note,
subject to Section 2.13 of the Base Indenture. At any time prior to such cancellation, if any interest in a Global Note is redeemed, repurchased, converted, canceled or exchanged for Notes in certificated form, the principal amount of such
Global Note shall, in accordance with the standing procedures and instructions existing between the Depositary and the custodian for the Global Note, be appropriately reduced, and an endorsement shall be made on such Global Note, by the Trustee or
the custodian for the Global Note, at the direction of the Trustee, to reflect such reduction. 
 Section 3.05
Reserved. 
 Section 3.06 Defaulted Interest. Notwithstanding Section 2.15 of the Base Indenture, if the
Company defaults on a payment of interest on the Notes, the Company shall pay the defaulted interest (plus interest on such defaulted interest at the rate of 4% per annum above the then applicable interest rate from the required payment date to
the extent lawful) in any lawful manner. The Company may pay the defaulted interest to the Persons who are Noteholders on a subsequent special record date. The Company shall fix or cause to be fixed any such special record date and payment date to
the reasonable satisfaction of the Trustee and shall promptly deliver or cause to be delivered to each Noteholder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 

Section 3.07 Registrar, Paying Agent, Conversion Agent and Trustee. 

In addition to Section 2.4 of the Base Indenture, the Company shall maintain an office or agency where Notes may be presented for
conversion (the “Conversion Agent”). The Company hereby initially designates the Trustee as the Conversion Agent. The Company further designates the Corporate Trust Office of the Trustee as its office where Notes may be surrendered
for conversion. 
 The Company may at any time and from time to time vary or terminate the appointment of any such office or
appoint any additional offices for any or all purposes; provided, however, that until all of the Notes have been delivered to the Trustee for cancellation, or moneys sufficient to pay the principal of and premium, if any, and interest on the Notes
have been made available for payment and either paid or returned to the Company pursuant to the provisions of Section 4.03 hereof, the Company shall maintain an office or agency where Notes may be surrendered for conversion. The Company shall
give prompt written notice to the Trustee, and notice to the Holders, of the appointment or termination of any such agents and of the location and any change in the location of any such office or agency. 

  
 19 

 The Company may also from time to time designate on or more Conversion Agents and from time
to time rescind such designations. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of such Conversion Agent. 

The rights, privileges, protections, immunities and benefits given to the Trustee under the Base Indenture and this First Supplemental
Indenture including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each Conversion Agent or other Agent acting hereunder. 

ARTICLE IV 

DISCHARGE OF INDENTURE  
 Notwithstanding Article VIII of the Base Indenture, the following Article IV (and not Article VIII of the Base Indenture) shall apply for purposes of this First Supplemental Indenture and the Notes.

 Section 4.01 Discharge of Liability on Notes. (a) When (i) the Company delivers to the Trustee all
outstanding Notes (other than Notes replaced pursuant to Section 2.9 of the Base Indenture) for cancellation or (ii) all outstanding Notes have become due and payable, whether at maturity or as a result of the delivery of a notice of
redemption or upon a repurchase pursuant to Article VI hereof, and the Company irrevocably deposits with the Trustee money sufficient to pay at maturity or upon redemption or repurchase all outstanding Notes, including interest thereon to
maturity or such redemption or repurchase date (other than Notes replaced pursuant to Section 2.9 of the Base Indenture), and any shares of Common Stock or other property due in respect of converted Notes, and if in each such case the Company
pays all other sums payable hereunder by the Company, then this First Supplemental Indenture shall, subject to Section 4.01(b), cease to be of further effect. The Trustee shall acknowledge satisfaction and discharge of this Indenture on demand
of the Company accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Company. 
 (b) Notwithstanding clause (a) above, the Company’s obligations in Sections 2.7, 2.8, 2.9 and 8.2 of the Base Indenture, in Sections 3.03 and 3.07 hereof and in this
Article IV shall survive until the Notes have been paid in full. Thereafter, the Company’s obligations in Section 7.8 of the Base Indenture and Sections 4.03 and 4.04 hereof shall survive. 

Section 4.02 Application of Trust Money. The Trustee shall hold in trust money and any shares of Common Stock or other
property due in respect of converted Notes deposited with it pursuant to this Article IV. It shall apply the deposited money through the Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Notes
or, in the case of any shares of Common Stock or other property due in respect of converted Notes, in accordance with this Indenture in relation to the conversion of Notes pursuant to the terms hereof. 

Section 4.03 Repayment to Company. The Trustee and the Paying Agent shall promptly turn over to the Company upon request any
excess money or securities held by them at any time. 
 Subject to any applicable abandoned property law, the Trustee and the
Paying Agent shall pay to the Company upon written request any money held by them for the payment of principal or interest and any shares of Common Stock or other property due in respect of converted Notes that remains unclaimed for two years, and,
thereafter, Noteholders entitled to the money and/or securities must look to the Company for payment as general creditors. 

  
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 Section 4.04 Reinstatement. If the Trustee or Paying Agent is unable to apply
any money or to deliver any shares of Common Stock or other property due in respect of converted Notes in accordance with this Article IV by reason of any legal proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to this Article IV until
such time as the Trustee or Paying Agent is permitted to apply all such money and any shares of Common Stock or other property due in respect of converted Notes in accordance with this Article IV; provided, however, that, if the Company has
made any payment of interest on or principal of any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Noteholders of such Notes to receive such payment from the money held by the Trustee or
Paying Agent. 
 Section 4.05 Defeasance. Sections 8.3 and 8.4 of the Base Indenture shall not apply to the
Notes authorized and designated under this First Supplemental Indenture. 
 ARTICLE V 

REMEDIES  
 Section 5.01 Events of Default. 
 Notwithstanding Section 6.1 of
the Base Indenture, the following Section 5.01 shall apply (and Section 6.1 of the Base Indenture shall not apply) for purposes of this First Supplemental Indenture and the Notes. 

An “Event of Default” shall occur when any of the following occurs (whatever the reason for such Event of Default and
whether it shall be occasioned by the provisions of Article VII hereof or be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): 
 (a) the Company shall fail to pay any interest on the Notes when due and such
failure continues for a period of 30 calendar days; or 
 (b) the Company shall fail to pay the principal of the Notes when
due at maturity, or the Company shall fail to pay the redemption price, repurchase price upon a Change of Control, or any make-whole payment payable in cash, in respect of any Notes when due; or 

(c) the Company shall fail to deliver shares of Common Stock (including any additional shares payable as a result of a make-whole
payment) upon the conversion of any Notes and such failure continues for five calendar days following the scheduled settlement date for such conversion; or 
 (d) the Company shall fail to provide the notice required in Section 6.04(b) of an effective date of a Change of Control for a period of five Business Days after such notice was required to be
delivered; or 
 (e) the Company fails to perform or observe any other term, covenant or agreement contained in the Notes,
this First Supplemental Indenture or the Base Indenture and the failure continues for a period of 60 calendar days after written notice of such failure, requiring the Company to remedy the same, shall have been given to the Company by the Trustee or
to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the then-outstanding Notes; or 

(f) the Company fails to pay when due (whether at stated maturity or otherwise), or a default occurs that results in the acceleration
of maturity of, any Indebtedness for borrowed money in excess of $25,000,000 of the Company or any Significant Subsidiary of the Company, unless such Indebtedness is discharged or such acceleration is rescinded, stayed or annulled, within a period
of 30 calendar days after written notice of such failure or default to the Company by the Trustee or to the Company and the Trustee by Holders of at least 25% in aggregate principal amount of the then-outstanding Notes; or 

  
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 (g) the Company or any Significant Subsidiary pursuant to or within the meaning of any
Bankruptcy Law: 
 (1) commences a voluntary case; 
 (2) consents to the entry of an order for relief against it in an involuntary case; 

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

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

(5) takes any comparable action under any foreign laws relating to insolvency; or 

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

(1) is for relief against the Company or any Significant Subsidiary in an involuntary case; 

(2) appoints a Custodian of the Company or any Significant Subsidiary or for any substantial part of its property; or 

(3) orders the winding up or liquidation of the Company or any Significant Subsidiary; or any similar relief is granted under any foreign
laws and, in each case, the order or decree remains unstayed and in effect for 60 days. 
 The term “Bankruptcy
Law” means Title 11 of the United States Code (or any successor thereto) or any similar federal or state law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or
similar official under any Bankruptcy Law. 
 Section 5.02 Acceleration of Maturity; Rescission and Annulment.
Notwithstanding Section 6.2 of the Base Indenture, this Section 5.02 (and not Section 6.2 of the Base Indenture) shall apply for purposes of this First Supplemental Indenture and the Notes. 

If an Event of Default with respect to outstanding Notes (other than an Event of Default specified in Section 5.01(g) or 5.01(h)
hereof) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then-outstanding Notes, by written notice to the Company and the Trustee, may declare due and payable 100% of the principal amount of
all outstanding Notes plus any accrued and unpaid interest to the date of payment. Upon a declaration of acceleration, such principal and accrued and unpaid interest to the date of payment shall be immediately due and payable. 

If an Event of Default specified in Section 5.01(g) or 5.01(h) hereof occurs, all unpaid principal of and accrued and unpaid
interest on the outstanding Notes shall become and be immediately due and payable, without any declaration or other act on the part of the Trustee or any Holder. 
 The Holders of a majority in aggregate principal amount of the outstanding Notes by written notice to the Trustee may rescind and annul an acceleration and its consequences if: 

(1) the Company has paid (or deposited with the Trustee a sum sufficient to pay) (i) all overdue interest on all Notes; (ii) the
principal amount of any Notes that has become due otherwise than by such declaration of acceleration; (iii) to the extent that payment of such interest is lawful, interest upon overdue interest; and (iv) all sums paid or advanced by the
Trustee under the Indenture and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 
 (2) all Events of Default, other than the nonpayment of principal or interest on the Notes which has become due solely because of the acceleration, have been remedied, cured or waived, 

provided, however, that in the event such declaration of acceleration has been made based on the existence of an Event of Default under
Section 5.01(f) hereof and such Event of Default has been remedied, cured or waived in accordance with Section 5.01(f) hereof, then, without any further action by the Holders, such declaration of acceleration shall be rescinded
automatically and the consequences of such declaration shall be annulled. No such rescission or annulment shall affect any subsequent Default or impair any right consequent thereon. 

  
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 Section 5.03 Waiver of Past Defaults. Notwithstanding Section 6.4 of the
Base Indenture, this Section 5.03 (and not 6.4 of the Base Indenture) shall apply for purposes of this First Supplemental Indenture and the Notes. The Holders, either (a) through the written consent of not less than a majority in aggregate
principal amount of the outstanding Notes or (b) by the adoption of a resolution, at a meeting of Holders of the outstanding Notes at which a quorum is present, by the Holders of at least a majority in aggregate principal amount of the
outstanding Notes, may, on behalf of the Holders of all of the Notes, waive an existing Default or Event of Default, except a Default or Event of Default: 
 (1) in the payment of the principal of or interest or other amount on any Note when due; 
 (2) in respect of the right to convert any Note (and receive an Interest Make-Whole Amount payment, if any, upon a conversion of Notes) in accordance with Article IX; 

(3) in the payment of the redemption price on the redemption date, or the repurchase price on the Change of Control Repurchase Date in
connection with the repurchase rights under Sections 6.01 and 6.02; or 
 (4) in respect of a covenant or provision hereof
which, under Section 8.02 hereof, cannot be modified or amended without the consent of the Holder of each outstanding Note affected. 
 Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of the Indenture; provided, however, that no such
waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
 Section 5.04
Limitation on Suits. Notwithstanding Section 6.6 of the Base Indenture, this Section 5.04 (and not Section 6.6 of the Base Indenture) shall apply for purposes of this First Supplemental Indenture and the Notes. 

Except to enforce the right to receive payment of principal or interest (including any Interest Make-Whole Amount payments) when due, no
Holder may pursue any remedy with respect to the Indenture or the Notes unless: 
 (a) the Holder gives to the Trustee
written notice stating that an Event of Default is continuing; 
 (b) the Holders of at least 25% in principal amount of the
Notes make a written request to the Trustee to pursue the remedy; 
 (c) such Holder or Holders offer to the Trustee
security or indemnity reasonably satisfactory to the Trustee against any loss, liability or expense; 
 (d) the Trustee does
not comply with the request within 60 days after receipt of the request and the offer of indemnity; and 
 (e) the
Holders of a majority in principal amount of the Notes do not give the Trustee a direction inconsistent with the request during such 60-day period. 
 A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder. 

Section 5.05 Unconditional Rights of Holders to Receive Payment and to Convert. In addition to the other rights and remedies
set forth in this Article V and in Article VI of the Base Indenture (to the extent applicable to the Notes), notwithstanding any other provision in this First Supplemental Indenture, the Holder of any Note shall have the right, which is
absolute and unconditional and shall not be impaired or affected without the consent of such Holder, to receive payment of the principal amount, redemption price, repurchase price upon a Change of Control, interest or make-whole premium, if any, in
respect of the Notes held by such Holder, on or after the respective due dates expressed in the Notes and this First Supplemental Indenture, and to convert such Note in accordance with Article IX hereof, and to bring suit for the enforcement of
any such payment on or after such respective due dates or for the right to convert in accordance with Article IX hereof. 

  
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 ARTICLE VI 
 REDEMPTION AND REPURCHASE OF NOTES  
 Notwithstanding
Article III of the Base Indenture, the following Article VI (and not Article III of the Base Indenture) shall apply for purposes of this First Supplemental Indenture and the Notes. 

Section 6.01 Repurchase at Option of Holders Upon a Change of Control. 

(a) If there shall occur a Change of Control at any time prior to the Maturity Date of the Notes, and the Successor Entity (if
different than the Company) assumes in writing all of the obligations under the Notes and this Indenture in accordance with Article VII of this Indenture, then each Holder shall have the right, at such Holder’s option, to require the Company to
repurchase all of such Holder’s Notes, or any portion thereof that is a multiple of $1,000 principal amount, on the Change of Control Repurchase Date. 
 (b) For Notes to be repurchased at the option of the Holder, the Holder must deliver to the Paying Agent, prior to 5:00 p.m., New York City time, on the Change of Control Repurchase Date, (i) a
written notice of repurchase (the “Repurchase Notice”) in the form set forth on the reverse of the Notes duly completed (if the Notes are certificated) or stating the following (if the Notes are represented by a Global Note):
(A) the certificate number of the Notes which the Holder will deliver to be repurchased or compliance with the appropriate Depositary procedures, (B) the portion of the principal amount of the Notes which the Holder will deliver to be
repurchased, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000 and (C) that such Notes shall be repurchased by the Company pursuant to the terms and conditions specified in the Notes and in this Indenture,
together with (ii) such Notes duly endorsed for transfer (if the Notes are certificated) or book-entry transfer of such Notes (if such Notes are represented by a Global Note). The delivery of such Notes to the Paying Agent with, or at any time
after delivery of, the Repurchase Notice (together with all necessary endorsements) at the office of the Paying Agent shall be a condition to the receipt by the Holder of the repurchase price therefor; provided, however, that such repurchase price
shall be so paid pursuant to this Article VI only if the Notes so delivered to the Paying Agent shall conform in all respects to the description thereof in the Repurchase Notice. All questions as to the validity, eligibility (including time of
receipt) and acceptance of any Notes for repurchase shall be determined by the Company, whose determination shall be final and binding absent manifest error. 
 (c) The Company shall repurchase from the Holder thereof, pursuant to this Article VI, a portion of a Note, if the principal amount of such portion is $1,000 or a whole multiple of $1,000. Provisions
of this Indenture that apply to the repurchase of all of a Note also apply to the repurchase of such portion of such Note. 

(d) The Paying Agent shall promptly notify the Company of the receipt by it of any Repurchase Notice or written notice of withdrawal
thereof. 
 Section 6.02 Mandatory Repurchase Upon a Change of Control. If there shall occur a Change of Control at
any time prior to the Maturity Date of the Notes, and the Successor Entity (if different than the Company) does not assume in writing all of the obligations under the Notes and this Indenture in accordance with Article VII of this Indenture, then
the Company shall repurchase, and the Holders shall sell, all of the Notes. In the event that the Company is required to repurchase the Notes pursuant to this Section 6.02, the Holder shall retain the right to convert the Notes in accordance
with Article IX hereof prior to the Change of Control Repurchase Date. 
 Section 6.03 Repurchase of Notes.

 (a) If the event of any repurchase of Notes pursuant to Section 6.01 or Section 6.02, the Company shall
repurchase the applicable Notes, or portions thereof, on a date (the “Change of Control Repurchase Date”) specified by the Company, that is not less than 20 Business Days nor more than 35 Business Days after the date of the Company
Repurchase Notice related to such Change of Control at a cash repurchase price equal to the Change of Control Repurchase Price; provided, however, that if such Change of Control Repurchase Date falls after a record date and on or prior the
corresponding interest payment date, the accrued and unpaid interest shall be payable to the Holder of record of this Note on the preceding May 31 and November 30, as the case may be. The Notes submitted for repurchase must be $1,000 in
principal amount or whole multiples thereof. 

  
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 (b) On or before the fifth calendar day after the occurrence of a Change of Control,
the Company shall deliver or cause to be delivered to all holders of record of the Notes on the date of the Change of Control at their addresses shown in the Register a Company Repurchase Notice as set forth in Section 6.04 with respect to such
Change of Control. The Company shall also deliver a copy of the Company Repurchase Notice to the Trustee and the Paying Agent at such time as it is delivered to holders of Notes. Concurrently with the delivery of such Company Repurchase Notice, the
Company shall issue a press release announcing such Change of Control referred to in the Company Repurchase Notice, the form and content of which press release shall be determined by the Company in its sole discretion. No failure of the Company to
give the foregoing notices and press release and no defect therein shall limit the repurchase rights of holders of Notes or affect the validity of the proceedings for the repurchase of the Notes pursuant to this Section 6.03. 

Any repurchase by the Company contemplated pursuant to the provisions of this Section 6.03 shall be consummated by the delivery of
the consideration to be received by the Holder promptly following the later of the Change of Control Repurchase Date and the time of the book-entry transfer or delivery of the Notes. 

Section 6.04 Company Repurchase Notice. In connection with any repurchase of Notes under this Article VI, the Company shall
on or before the fifth calendar day after the occurrence of such Change of Control give notice to holders (with a copy to the Trustee) setting forth information specified in this Section 6.04 (in either case, the “Company Repurchase
Notice”). 
 Each Company Repurchase Notice shall: 

(a) state the repurchase price and the Change of Control Repurchase Date to which the Company Repurchase Notice relates; 

(b) state the circumstances constituting the Change of Control; 

(c) state that the repurchase price will be paid in cash; 
 (d) state whether the Successor Entity has assumed in writing all of the obligations under the Notes and this Indenture in accordance with Section 7.01 of this Indenture; 

(e) if the Successor Entity has not so assumed all of the obligations, state that holders must exercise their right to elect
repurchase prior to 5:00 p.m., New York City time, on the Change of Control Repurchase Date; 
 (f) include a form of
Repurchase Notice, to the extent applicable; 
 (g) state the name and address of the Paying Agent; 

(h) state that Notes must be surrendered to the Paying Agent to collect the repurchase price; 

(i) state that a Holder may withdraw its Repurchase Notice at any time prior to 5:00 p.m., New York City time, on the Business Day
immediately preceding the Change of Control Repurchase Date by delivering a valid written notice of withdrawal in accordance with Section 6.05; 
 (j) state the then applicable Conversion Rate, including expected changes in the Conversion Rate resulting from such Change of Control transaction and expected changes in the cash, shares or other
property deliverable upon conversion of the Notes as a result of the occurrence of the Change of Control; 

  
 25 

 (k) state that Notes as to which a Repurchase Notice has been given under
Section 6.01 may be converted only if the Repurchase Notice is withdrawn in accordance with the terms of this First Supplemental Indenture; 
 (l) state the amount of interest accrued and unpaid per $1,000 principal amount of Notes to, but excluding, the Change of Control Repurchase Date; and 

(m) state the CUSIP number of the Notes. 
 A Company Repurchase Notice may be given by the Company or, at the Company’s request, the Trustee shall give such Company Repurchase Notice in the Company’s name and at the Company’s
expense; provided, however, that the text of the Company Repurchase Notice shall be prepared by the Company. 
 The Company
will, to the extent applicable, comply with the provisions of Rule 13e-4 and Rule 14e-1 (or any successor provision) under the Exchange Act that may be applicable at the time of the repurchase of the Notes, file the related Schedule TO (or
any successor schedule, form or report) under the Exchange Act and comply with all other federal and state securities laws in connection with the repurchase of the Notes. 
 Section 6.05 Effect of Repurchase Notice; Withdrawal. Upon receipt by the Paying Agent of the Repurchase Notice specified in Section 6.01, the Holder of the Notes in respect of which such
Repurchase Notice was given shall (unless such Repurchase Notice is validly withdrawn in accordance with the following paragraph) thereafter be entitled to receive solely the repurchase price with respect to such Notes. Such repurchase price shall
be paid to such Holder, subject to receipt of funds and/or the Notes by the Paying Agent, promptly following the later of (x) the Change of Control Repurchase Date with respect to such Notes (provided the Holder has satisfied the conditions in
Section 6.01) and (y) the time of book-entry transfer or delivery of such Notes to the Paying Agent by the Holder thereof in the manner required by Section 6.03. The Notes in respect of which a Repurchase Notice has been given by the
Holder thereof may not be converted pursuant to Article IX hereof on or after the date of the delivery of such Repurchase Notice unless such Repurchase Notice has first been validly withdrawn. 

A Repurchase Notice may be withdrawn by means of a written notice of withdrawal delivered to the office of the Paying Agent in accordance
with the Repurchase Notice at any time prior to 5:00 p.m., New York City time, on the Business Day immediately preceding the Change of Control Repurchase Date, specifying: 
 (a) the certificate number, if any, of the Notes in respect of which such notice of withdrawal is being submitted, or the appropriate Depositary information, in accordance with appropriate Depositary
procedures, if the Notes in respect of which such notice of withdrawal is being submitted is represented by a Global Note, 

(b) the principal amount of the Notes with respect to which such notice of withdrawal is being submitted, and 

(c) the principal amount, if any, of such Notes which remains subject to the original Repurchase Notice and which has been or will be
delivered for repurchase by the Company. 
 If a Repurchase Notice is properly withdrawn, the Company shall not be obligated to
repurchase the Notes listed in such Repurchase Notice. 
 Section 6.06 Deposit of Repurchase Price. Prior to
10:00 a.m., New York City Time, on the Business Day immediately following the Change of Control Repurchase Date, the Company shall deposit with the Paying Agent or, if the Company is acting as the Paying Agent, shall segregate and hold in trust
as provided in Section 10.03 of the Base Indenture, an amount of cash (in immediately available funds if deposited on the Change of Control Repurchase Date, as the case may be), sufficient to pay the aggregate repurchase price of all the Notes
or portions thereof that are to be repurchased as of the Change of Control Repurchase Date. 
 If on the Business Day
immediately following the Change of Control Repurchase Date the Paying Agent holds cash sufficient to pay the repurchase price of the Notes that holders have elected to require the Company to repurchase in accordance with Section 6.01, then, on
the Change of Control Repurchase Date such Notes will cease to be outstanding, interest will cease to accrue and all other rights of the holders of such Notes will terminate, other than the right to receive the repurchase price upon delivery or
book-entry transfer of the Notes. This will be the case whether or not book-entry transfer of the Notes has been made or the Notes have been delivered to the Paying Agent. 

  
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 Section 6.07 Notes Repurchased in Part. Upon presentation of any Notes
repurchased only in part, the Company shall execute and the Trustee shall authenticate and make available for delivery to the Holder thereof, at the expense of the Company, a new Notes or Notes, of any authorized denomination, in aggregate principal
amount equal to the unrepurchased portion of the Notes presented. 
 Section 6.08 Purchase of Notes in the Open
Market. The Company may purchase Notes in the open market, by tender at any price or pursuant to private agreements. 

Section 6.09 Cancellation of Notes Redeemed or Repurchased. The Company may, at its option, surrender any Note redeemed or
repurchased pursuant to this Article VI to the Trustee for cancellation; provided, however, such Notes may not be reissued or resold by the Company. Any Notes surrendered to the Trustee for cancellation may not be reissued or resold by the
Company and will be canceled promptly in accordance with Section 2.13 of the Base Indenture. 
 Section 6.10
Sinking Funds. No sinking fund is provided for the Notes. 
 ARTICLE VII 

SUCCESSORS  
 Notwithstanding Article V of the Base Indenture, the following Article VII (and not Article V of the Base Indenture) shall apply for purposes of this First Supplemental Indenture and the Notes.

 Section 7.01 Assumption. In the event of any Change of Control, the Successor Entity shall have the right, but
not the obligation, to assume in writing all of the obligations of the Company under the Notes and this Indenture by complying with the terms of Section 7.02. 
 Section 7.02 Successor Substituted. In the event that a Successor Entity elects to assume the obligations under the Notes and this Indenture, such Successor Entity shall execute and deliver a
supplemental indenture, in form and substance reasonably satisfactory to the Trustee, pursuant to which it shall agree to the due and punctual payment of the principal of, and premium, if any, and interest on all of the Notes, and the due and
punctual performance and observance of all of the covenants and conditions of the Indenture to be performed or satisfied by the Company. Upon such execution and delivery, such Successor Entity shall succeed to and be substituted for the Company,
with the same effect as if it had been named herein as the party of this first part, and FuelCell Energy, Inc. shall be discharged from its obligations under the Notes and the Indenture. Such Successor Entity thereupon may cause to be signed, and
may issue either in its own name or in the name of FuelCell Energy, Inc. any or all of the Notes, issuable hereunder that theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such Successor
Entity instead of the Company and subject to all the terms, conditions and limitations in the Indenture prescribed, the Trustee shall authenticate and shall deliver, or cause to be authenticated and delivered, any Notes that previously shall have
been signed and delivered by the officers of the Company to the Trustee for authentication, and any Notes that such Successor Entity thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall in
all respects have the same legal rank and benefit under the Indenture as the Notes theretofore or thereafter issued in accordance with the terms of the Indenture as though all of such Notes had been issued at the date of the execution hereof. In the
event of any such Change of Control, upon compliance with this Article VII the Person named as the “Company” in the first paragraph of the Indenture or any successor that shall thereafter have become such in the manner prescribed in
this Article VII may be dissolved, wound up and liquidated at any time thereafter and such Person shall be discharged from its liabilities as obligor and maker of the Notes and from its obligations under the Indenture. 

  
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 Section 7.03 Opinion of Counsel to be Given Trustee. Prior to execution of any
supplemental indenture pursuant to this Article VII, the Trustee shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or lease and any such
assumption complies with the provisions of this Article VII. 
 ARTICLE VIII 

AMENDMENTS; SUPPLEMENTS AND WAIVERS  
 Section 8.01 Without Consent of Holders. 
 In addition to the
provisions of Section 9.1 of the Base Indenture, the Company and the Trustee may also amend or supplement this First Supplemental Indenture or the Notes without notice to or consent of any Holder of a Note for any of the following purposes:

 (a) to provide for conversion rights of Holders of the Notes and the Company’s repurchase obligations in connection
with a Change of Control in the event of any reclassification of the Common Stock, merger or consolidation, or sale, conveyance, transfer or lease of the Company’s property and assets substantially as an entirety (solely to the extent not
adverse to the Holders of the Notes); 
 (b) to secure the Notes; 

(c) to provide for the assumption of the Company’s obligations to the Holders of the Notes in the event of a merger or
consolidation, or sale, conveyance, transfer or lease of the Company’s property and assets substantially as an entirety; 

(d) to surrender any right or power herein conferred upon the Company; 

(e) to add to the covenants of the Company for the benefit of the Noteholders; 

(f) to cure any ambiguity or correct or supplement any inconsistent or otherwise defective provision contained in the Base Indenture
or this First Supplemental Indenture or the Notes; provided, that such modification or amendment does not adversely affect the interests of the Noteholders in any material respect; provided, further, that any amendment made solely to
conform the provisions of the Base Indenture or this First Supplemental Indenture or the Notes to the description of the Notes contained in the Prospectus Supplement shall not be deemed to adversely affect the interests of the holders of the Notes;

 (g) to make any provision with respect to matters or questions arising under the Base Indenture or this First
Supplemental Indenture or the Notes that the Company may deem necessary or desirable and that shall not be inconsistent with provisions of the Base Indenture or this First Supplemental Indenture or the Notes; provided, that such change or
modification does not, in the good faith opinion of the Board of Directors, adversely affect the interests of the Noteholders in any material respect; 
 (h) to comply with the requirements of the SEC in order to effect or maintain the qualification of the Base Indenture or this First Supplemental Indenture under the TIA; 

(i) to add guarantees of obligations under the Notes; or 
 (j) to provide for a successor trustee. 
 Section 8.02 With Consent
of Holders. 
 Notwithstanding Section 9.2 of the Base Indenture, this Section 8.02 (and not Section 9.2 of
the Base Indenture) shall apply for purposes of this First Supplemental Indenture and the Notes. 

  
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 Except as provided below in this Section 8.02, this First Supplemental Indenture, the
Base Indenture or the Notes may be amended or supplemented, and noncompliance by the Company in any particular instance with any provision of the Indenture or the Notes may be waived, in each case (i) with the written consent of the Holders of
at least a majority in aggregate principal amount of the outstanding Notes or (ii) by the adoption of a resolution, at a meeting of Holders of the Notes outstanding at which a quorum is present, by the Holders of a majority in aggregate
principal amount of the outstanding Notes. 
 Without the written consent or the affirmative vote of each Holder of Notes
affected, an amendment or waiver under this Section 8.02 may not: 
 (a) extend the maturity of any Notes; 

(b) reduce the rate or extend the time for payment of interest on any Notes; 

(c) reduce the principal amount of any Notes; 
 (d) reduce any amount payable upon redemption or repurchase of any Notes in accordance with Article VI; 
 (e) impair the right of a Holder to institute suit for payment of any Notes; 

(f) change the currency in which any principal of, or interest on, the Notes is payable; 

(g) change the redemption provisions in a manner adverse to the Holders; 

(h) change the Company’s obligation to repurchase any Notes at the option of the Holder in a manner adverse to the holders
except as provided in Section 8.01(a); 
 (i) change the Company’s obligation to repurchase any Notes upon a
Change of Control in a manner adverse to the Holders after the occurrence of a Change of Control; 
 (j) affect the right of
a Holder to convert any Notes into shares of Common Stock or reduce the number of shares of Common Stock or any other property, including cash, receivable upon conversion pursuant to Article IX hereof; 

(k) change the Company’s obligation to maintain an agency for service of process in New York City; 

(l) modify this paragraph or Section 5.03 hereof; or 
 (m) reduce the percentage of the Notes required for consent to any modification of the Base Indenture or this First Supplemental Indenture that does not require the consent of each affected Holder.

 It shall not be necessary for any act of Holders of Notes under this Section 8.02 to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such act shall approve the substance thereof. 
 After an
amendment, supplement or waiver under this Section 8.02 becomes effective, the Company shall promptly deliver to the Holders affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to deliver
such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or waiver. Any Notes held by the Company or any of its subsidiaries shall not be entitled to vote on any matter
submitted to the Holders of the Notes. 

  
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 ARTICLE IX 
 CONVERSION OF NOTES  
 Section 9.01 Right to Convert.

 (a) Subject to and upon compliance with the provisions of this First Supplemental Indenture, on or prior to the close of
business on the Business Day immediately preceding the Maturity Date, the Holder of any outstanding Notes shall have the right, at such Holder’s option, to convert the principal amount of the Notes held by such Holder, or any portion of such
principal amount which is an integral multiple of $1,000, into fully paid and non-assessable shares of Common Stock (as such shares shall then be constituted) at the Conversion Rate in effect at such time, by surrender of the Notes so to be
converted, together with any required funds, under the circumstances described in this Section 9.01 and in the manner provided in Section 9.02 hereof. Notwithstanding the foregoing, if the number of shares of Common Stock issuable upon
conversion of the Notes exceeds the Exchange Cap, the Notes will be converted in the manner provided in Section 9.03. 

(b) Notes in respect of which a Holder has delivered a Repurchase Notice exercising such Holder’s right to require the Company
to repurchase such Notes pursuant to Section 6.03 hereof may be converted only if such Repurchase Notice is withdrawn in accordance with Section 6.05 hereof prior to 5:00 p.m., New York City time, on the Business Day immediately preceding
the Change of Control Repurchase Date. 
 (c) A Holder of Notes is not entitled to any rights of a holder of Common Stock
until such Holder has converted his Notes to Common Stock, and only to the extent such Notes are deemed to have been converted to Common Stock under this Article IX. 
 Section 9.02 Exercise of Conversion Right; Issuance of Common Stock on Conversion; No Adjustment for Interest or Dividends. In order to exercise the conversion right with respect to any Notes
in certificated form, the Company must receive at the office or agency of the Company maintained for that purpose or, at the option of such Holder, the Corporate Trust Office, such Notes with the original or facsimile of the form entitled
“Conversion Notice” on the reverse thereof, duly completed and manually signed, together with such Notes duly endorsed for transfer, together with any other required transfer documents, accompanied by the funds, if any, required by
this Section 9.02. Such notice shall also state the name or names (with address or addresses) in which the certificate or certificates for shares of Common Stock which shall be issuable on such conversion, if any, shall be issued, and shall be
accompanied by transfer or similar taxes, if required pursuant to Section 9.09 hereof. Once delivered, a Conversion Notice is irrevocable. 
 In order to exercise the conversion right with respect to any interest in a Global Note, the Holder must complete, or cause to be completed, the appropriate instruction form for conversion pursuant to the
Depositary’s book-entry conversion program; deliver, or cause to be delivered, by book-entry delivery an interest in such Global Note; furnish appropriate endorsements and transfer documents if required by the Company or the Trustee or
conversion agent; and pay the funds, if any, required by this Section 9.02 and any transfer or similar taxes if required pursuant to Section 9.09 hereof. 
 A certificate or certificates for the number of full shares of Common Stock into which the Notes are converted will be delivered to such Holder after satisfaction of the requirements for conversion set
forth above, in accordance with Section 9.13 hereof. In case any Notes of a denomination greater than $1,000 shall be surrendered for partial conversion, and subject to Section 3.02 hereof, the Company shall execute and the Trustee shall
authenticate and deliver to the Holder of the Notes so surrendered, without charge to the Holder, a new Note or Notes in authorized denominations in an aggregate principal amount equal to the unconverted portion of the surrendered Notes. 

Each conversion shall be deemed to have been effected as to any such Notes (or portion thereof) on the date on which the requirements set
forth above in this Section 9.02 have been satisfied as to such Notes (or portion thereof) (the “Conversion Date”) and such Notes will be deemed to have been converted immediately prior to 5:00 p.m., New York City time, on the
Conversion Date. The Person in whose name any certificate or certificates for shares of Common Stock shall be issuable upon such conversion, if any, shall be deemed to have become, on said date, the holder of record of the shares represented
thereby; provided that in the event of any such surrender on any date when the stock transfer books of the Company shall be closed, that Person shall constitute the Person in whose name the certificates are to be issued as the record holder thereof
for all purposes on the next succeeding day on which such stock transfer books are open, but such conversion shall be at the Conversion Rate in effect on the Conversion Date. 

  
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 If a Holders surrenders Notes for conversion in accordance with Section 9.02 of the
First Supplemental Indenture, such Holder will be entitled to receive upon conversion of such Holder’s Notes into shares of Common Stock, a payment, at the Company’s option, either in cash or, subject to the Exchange Cap limitation in
Section 9.03, by delivery of additional shares of Common Stock in an amount equal to the Interest Make-Whole Amount. In the case of a payment of the Interest Make-Whole Amount through delivery of shares of Common Stock, the number of shares
(the “Interest Make-Whole Shares”) will be based upon a price equal to a 7.5% discount to the arithmetic average of the daily VWAP for Common Stock for the ten Trading Days prior to the Conversion Date. The Interest Make-Whole
Shares shall be delivered in the same manner as the other shares of Common Stock to which the Holder is entitled to upon conversion of such Holder’s Notes. 
 Upon the conversion of an interest in a Global Note, the Trustee (or other Conversion Agent appointed by the Company), or the custodian for the Global Note at the direction of the Trustee (or other
Conversion Agent appointed by the Company), shall make a notation on such Global Note as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any conversions of Notes effected through any
Conversion Agent other than the Trustee. 
 Upon the conversion of any Notes, the accrued but unpaid interest and accrued tax
original issue discount, if any, attributable to the period from the Issue Date of the Notes to the Conversion Date, with respect to the converted Notes, shall not be cancelled, extinguished or forfeited, but rather shall be deemed to be paid in
full to the Holder thereof through delivery of the shares of Common Stock in exchange for the Notes being converted pursuant to the provisions hereof. No fractional shares of Common Stock are to be issued upon the conversion of any Note, but rather
the number of shares of Common Stock to which a Holder shall be entitled to upon conversion of such Holder’s Notes shall be rounded up to the nearest whole number. 
 Section 9.03 Limitations on Issuance of Shares Due to Market Regulation. Notwithstanding the foregoing, the Company shall not be obligated to issue shares of Common Stock upon conversion of
the Notes or otherwise, and shall not be entitled to issue Interest Make-Whole Shares, Dividend Shares or other shares of Common Stock hereunder, to the extent (and only to the extent) the issuance of such shares of Common Stock would exceed
38,393,294 in the aggregate (which number is 19.9% of the Company’s outstanding shares of Common Stock on the June 20, 2013, without giving effect to the issuance of shares of Common Stock underlying the Notes) (the “Exchange
Cap”). The Exchange Cap limitation shall not apply in the event that the Company obtains the approval of its holders of Common Stock for issuances of shares of Common Stock in excess of such amount in accordance with Nasdaq Rule 5635(d). In
the event that a Holder seeks to convert such Holder’s Notes into shares of Common Stock in excess of the Exchange Cap, the Company will notify such Holder within three Business Days that the Exchange Cap has been exceeded and that the Company
will instead settle such amount in excess of the Exchange Cap in cash and not in shares of Common Stock. The Holder will then have three Business Days to elect to proceed with a cash settlement or withdraw such Holder’s conversion notice. If
the Holder has not withdrawn such Holder’s notice by the close of business on the third Business Day after the date the Company gives notice of its intention to settle such portion of the Note in cash, then the Company will, by wire transfer of
U.S. dollars in immediately available funds to the account designated by the Holder, pay cash to the Holder in an amount equal to the product of (x) the number of shares of Common Stock which would have been issuable upon conversion but cannot
be issued as a result of the Exchange Cap and (y) the arithmetic average of the daily VWAP for Common Stock for the five consecutive Trading Days ending on and included the Trading Day immediately prior to the Conversion Date. 

Section 9.04 Limitation on Beneficial Ownership. Notwithstanding anything to the contrary in this Article IX, no Holder
shall be entitled to receive shares of Common Stock upon conversion to the extent (but only to the extent) that such receipt would cause such converting Holder to become, directly or indirectly, a “beneficial owner” (within the meaning of
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder) of 4.99% or more of the shares of Common Stock outstanding at such time. This limitation on beneficial ownership shall be terminated (i) upon
61 days’ notice to the Company by any Holder, solely with respect to the Notes beneficially owned by such Holder, (ii) immediately upon delivery by the Company of a Company Repurchase Notice or (iii) on June 15, 2018. Any
purported delivery of shares of Common Stock upon conversion of Notes shall be void and have no effect to the extent (but only to the extent) that such delivery would result in the converting Holder becoming the beneficial owner of 4.99% or more of
the shares of Common Stock outstanding at such time. If any delivery of shares of Common Stock owed to a Holder upon conversion of Notes is not made, in whole or in part, as a result of this limitation, the Company’s obligation to make such
delivery shall not be extinguished and the Company shall deliver such shares of Common Stock as promptly as practicable after any such converting Holder gives notice to the Company that such delivery would not result in such limitation being
triggered. 

  
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 Section 9.05 No Fractional Shares. No fractional shares will be issued upon any
conversion of Notes, but rather the number of shares of Common stock to be issued shall be rounded up to the nearest whole number. 
 Section 9.06 Conversion Rate. Each $1,000 principal amount of the Notes shall be convertible into the number of shares of Common Stock, based upon the Conversion Rate which is specified in the
form of Notes in Article II hereto, subject to adjustment as provided in Section 9.07 hereof. 
 Section 9.07
Adjustment of Conversion Rate. The Conversion Rate shall be adjusted from time to time by the Company as follows: 

(a) In case the Company shall, at any time or from time to time while any of the Notes are outstanding, pay a dividend in shares of
Common Stock or make a distribution in shares of Common Stock to all or substantially all holders of its outstanding shares of Common Stock, then the Conversion Rate in effect at the opening of business on the date following the record date fixed
for the determination of stockholders entitled to receive such dividend or other distribution shall be increased by multiplying such Conversion Rate by a fraction: 
 (1) the numerator of which shall be the sum of the number of shares of Common Stock outstanding at the close of business on the date fixed for the determination of stockholders entitled to receive such
dividend or other distribution plus the total number of shares of Common Stock constituting such dividend or other distribution; and 
 (2) the denominator of which shall be the number of shares of Common Stock outstanding at the close of business on the date fixed for such determination, 

such increase to become effective immediately after the opening of business on the day following the record date fixed for such determination. For the
purpose of this paragraph (a), the number of shares of Common Stock at any time outstanding shall not include shares held in the treasury of the Company. The Company will not pay any dividend or make any distribution on shares of Common Stock held
in the treasury of the Company. If any dividend or distribution of the type described in this Section 9.07(a) is declared but not so paid or made, the Conversion Rate shall again be adjusted to the Conversion Rate that would then be in effect
if such dividend or distribution had not been declared. 
 (b) In case outstanding shares of Common Stock shall be
subdivided into a greater number of shares of Common Stock, the Conversion Rate in effect at the opening of business on the day following the day upon which such subdivision becomes effective shall be proportionately increased, and conversely, in
case outstanding shares of Common Stock shall be combined into a smaller number of shares of Common Stock, the Conversion Rate in effect at the opening of business on the day following the day upon which such combination becomes effective shall be
proportionately reduced, such increase or reduction, as the case may be, to become effective immediately after the opening of business on the day following the day upon which such subdivision or combination becomes effective. 

(c) In case the Company shall, by dividend or otherwise, distribute to all or substantially all holders of its outstanding shares of
Common Stock shares of any class of Capital Stock of the Company or evidences of its Indebtedness or assets (including securities, but excluding (i) any dividends or distributions in connection with a reclassification, consolidation, merger,
combination or sale or conveyance to which Section 9.08 hereof applies, (ii) any dividends or distributions paid exclusively in cash or (iii) any dividends or distributions referred to in Section 9.07(a) hereof) (any of the
foregoing hereinafter in this Section 9.07(c)) called the “Distributed Assets”), then, in each such case, the Conversion Rate shall be increased so that the same shall be equal to the rate determined by multiplying the
Conversion Rate in effect on the record date with respect to such distribution by a fraction, 
 (1) the numerator of which shall
be the Current Market Price on such record date; and 

  
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 (2) the denominator of which shall be the Current Market Price on such record date less the
Fair Market Value (as determined by the Board of Directors, whose determination shall be conclusive, and set forth in a resolution of the Board of Directors) on the record date of the portion of the Distributed Assets so distributed applicable to
one share of Common Stock, 
 such adjustment to become effective immediately prior to the opening of business on the day following such record
date; provided, that if the then Fair Market Value (as so determined) of the portion of the Distributed Assets so distributed applicable to one share of Common Stock is equal to or greater than the Current Market Price on the record date or
the Current Market Price exceeds such Fair Market Value by less than $0.10, in lieu of the foregoing adjustment, adequate provision shall be made so that each Holder shall have the right to receive upon conversion the amount of Distributed Assets
such Holder would have received had such Holder converted each Notes solely into Common Stock immediately prior to the record date. If such dividend or distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the
Conversion Rate that would then be in effect if such dividend or distribution had not been declared. 
 If the Board of
Directors determines the Fair Market Value of any distribution for purposes of this Section 9.07(c) by reference to the actual or when issued trading market for any Distributed Assets comprising all or part of such distribution, it must in
doing so consider the prices in such market over the same period (the “Reference Period”) used in computing the Current Market Price pursuant to Section 9.07(g)(1) hereof to the extent possible, unless the Board of Directors
determines in good faith that determining the Fair Market Value during the Reference Period would not be a reasonably accurate measure of value. Notwithstanding the foregoing, in the event any such distribution consists of shares of Capital Stock
of, or similar equity interests in, one or more of the Company’s Subsidiaries (a “Spin-Off”), the Conversion Rate shall be increased so that the same shall be equal to the rate determined by multiplying the Conversion Rate in
effect immediately prior to the close of business on the record date with respect to such distribution by a fraction: 
 (1) the
numerator of which shall be the Current Market Price of the Common Stock, plus the Fair Market Value of the portion of the distributed assets so distributed applicable to one share of Common Stock (determined on the basis of the number of shares of
Common Stock outstanding on the record date), determined as set forth above, and 
 (2) the denominator of which shall be
the Current Market Price on such record date, 
 such increase shall become effective immediately prior to the opening of business on the day
following the last Trading Day of the Spin-Off Valuation Period (as defined below). In the event that such dividend or distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in
effect if such dividend or distribution had not been declared. In the case of a Spin-Off of a Subsidiary whose securities are publicly traded, the Fair Market Value of the securities to be distributed shall equal the average of the Closing Sale
Prices of such securities on the principal securities market on which such securities are traded for the five consecutive Trading Days commencing on and including the sixth day of trading of those securities after the effectiveness of the Spin-Off
(the “Spin-Off Valuation Period”), and the Current Market Price shall be measured for the same period. In the event, however, that an underwritten initial public offering of the securities in the Spin-Off occurs simultaneously with
the Spin-Off, Fair Market Value of the securities distributed in the Spin-Off shall mean the initial public offering price of such securities and the Current Market Price shall mean the Closing Sale Price for the Common Stock on the same Trading
Day. 
 (d) Rights or warrants distributed by the Company to all holders of Common Stock entitling the holders thereof to
subscribe for or purchase shares of the Company’s Capital Stock (either initially or under certain circumstances), which rights or warrants, until the occurrence of a specified event or events (“Trigger Event”): (i) are
deemed to be transferred with such shares of Common Stock; (ii) are not exercisable; and (iii) are also issued in respect of future issuances of Common Stock, shall be deemed not to have been distributed for purposes of this
Section 9.07 (and no adjustment to the Conversion Rate under this Section 9.07 will be required) until the occurrence of the earliest Trigger Event, whereupon such rights and warrants shall be deemed to have been distributed and an
appropriate adjustment (if any is required) to the Conversion Rate shall be made under Section 9.07(c). If any such right or warrant, including any such existing rights or warrants distributed prior to the date of this First Supplemental
Indenture, are subject to events, upon the occurrence of which such rights or warrants become exercisable to purchase different securities, evidences of Indebtedness or other assets, then the date of the occurrence of any and each such event shall
be deemed to be the date of distribution and record date with respect to new rights or warrants with such rights (and a termination or expiration of the existing rights or warrants without exercise by any of the holders thereof). In addition, in the
event of any distribution (or deemed distribution) of rights or warrants, or any Trigger Event or other event (of the type described in the preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount
for which an adjustment to the Conversion Rate under this Section 9.07 was made, (1) in the case of any such rights or warrants that shall all have been redeemed or repurchased without exercise by any holders thereof, the Conversion Rate
shall be readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or repurchase price received by a holder
or holders of Common Stock with respect to such rights or warrants (assuming such holder had retained such rights or warrants), made to all holders of Common Stock as of the date of such redemption or repurchase, and (2) in the case of such
rights or warrants that shall have expired or been terminated without exercise by any holders thereof, the Conversion Rate shall be readjusted as if such rights and warrants had not been issued. 

  
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 No adjustment of the Conversion Rate shall be made pursuant to this Section 9.07(d) in
respect of rights or warrants distributed or deemed distributed on any Trigger Event to the extent that such rights or warrants are actually distributed or reserved by the Company for distribution to Holders of Notes upon conversion by such Holders
of Notes to Common Stock. 
 For purposes of this Section 9.07(d) and Sections 9.07(a) and (b) hereof, any
dividend or distribution to which this Section 9.07(d) is applicable that also includes shares of Common Stock, or rights or warrants to subscribe for or purchase shares of Common Stock (or both), shall be deemed instead to be (1) a
dividend or distribution of the evidences of Indebtedness, assets or shares of Capital Stock other than such shares of Common Stock or rights or warrants (and any Conversion Rate adjustment required by this Section 9.07(d) with respect to such
dividend or distribution shall then be made) immediately followed by (2) a dividend or distribution of such shares of Common Stock or such rights or warrants (and any further Conversion Rate adjustment required by Sections 9.07(a) or
9.07(b) hereof with respect to such dividend or distribution shall then be made), except (A) the record date of such dividend or distribution shall be substituted as “the date fixed for the determination of stockholders entitled to receive
such dividend or other distribution”, “the date fixed for the determination of stockholders entitled to receive such rights or warrants” and “the date fixed for such determination” within the meaning of Sections 9.07(a)
and 9.07(b) hereof and (B) any shares of Common Stock included in such dividend or distribution shall not be deemed “outstanding at the close of business on the date fixed for such determination” within the meaning of
Section 9.07(a) hereof. 
 (e) In case the Company shall, by dividend or otherwise, distribute to all holders of its
Common Stock cash (including any quarterly cash dividend, but excluding (x) any dividend or distribution in connection with the liquidation, dissolution or winding up of the Company, whether voluntary or involuntary and (y) any dividend or
distribution in connection with a reclassification, consolidation, merger, binding share exchange or sale to which Section 9.07 hereof applies), then the Conversion Rate shall be increased so that the same shall equal the rate determined by
multiplying the Conversion Rate in effect on the applicable record date by a fraction, 
 (1) the numerator of which shall be the
Current Market Price on such record date; and 
 (2) the denominator of which shall be the Current Market Price on such record
date less the amount of the cash distribution applicable to one share of Common Stock, 
 such adjustment to be effective immediately prior to
the opening of business on the day following the record date; provided, that if the portion of the cash so distributed applicable to one share of Common Stock is equal to or greater than the Current Market Price on the record date, in lieu of
the foregoing adjustment, adequate provision shall be made so that each Holder shall have the right to receive upon conversion the amount of cash such Holder would have received had such Holder converted each Notes solely into Common Stock
immediately prior to the record date. If such dividend or distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared.

  
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 (f) In case a tender or exchange offer made by the Company or any Subsidiary for all or
any portion of the Common Stock shall expire and such tender or exchange offer (as amended upon the expiration thereof) shall require the payment to stockholders of consideration per share of Common Stock having a Fair Market Value (as determined by
the Board of Directors, whose determination shall be conclusive and set forth in a resolution of the Board of Directors) that as of the last time (the “Expiration Time”) tenders or exchanges may be made pursuant to such tender or
exchange offer (as it may be amended) exceeds the Closing Sale Price of a share of Common Stock on the Trading Day next succeeding the Expiration Time, the Conversion Rate shall be increased so that the same shall equal the rate determined by
multiplying the Conversion Rate in effect immediately prior to the Expiration Time by a fraction, 
 (1) the numerator of which
shall be the sum of (x) the Fair Market Value (determined as aforesaid) of the aggregate consideration payable to stockholders based on the acceptance (up to any maximum specified in the terms of the tender or exchange offer) of all shares
validly tendered or exchanged and not withdrawn as of the Expiration Time (the shares deemed so accepted up to any such maximum, being referred to as the “Purchased Shares”) and (y) the product of the number of shares of Common
Stock outstanding (less any Purchased Shares) at the Expiration Time and the Closing Sale Price of a share of Common Stock on the Trading Day next succeeding the Expiration Time, and 

(2) the denominator of which shall be the number of shares of Common Stock outstanding (including any Purchased Shares) at the Expiration
Time multiplied by the Closing Sale Price of a share of Common Stock on the Trading Day next succeeding the Expiration Time, 
 such adjustment
to become effective immediately prior to the opening of business on the day following the Expiration Time. If the Company is obligated to purchase shares pursuant to any such tender or exchange offer, but the Company is permanently prevented by
applicable law from effecting any such purchases or all such purchases are rescinded, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such tender or exchange offer had not been made. 

(g) For purposes of this Section 9.07, the following terms shall have the meaning indicated: 

(1) “Current Market Price” on any date means the average of the daily Closing Sale Prices per share of Common Stock for
the ten consecutive Trading Days immediately prior to such date (the “day in question”); provided that if: 
 (A) the
“ex” date (as hereinafter defined) for any event (other than the issuance or distribution requiring such computation) that requires an adjustment to the Conversion Rate pursuant to Section 9.07 (a), (b), (c), (d), or (e) occurs
during such ten consecutive Trading Days, the Closing Sale Price for each Trading Day prior to the “ex” date for such other event shall be adjusted by dividing such Closing Sale Price by the same fraction by which the Conversion Rate is so
required to be multiplied as a result of such other event; 
 (B) the “ex” date for the issuance or distribution
requiring such computation is prior to the day in question, after taking into account any adjustment required pursuant to clause (A) of this proviso, the Closing Sale Price for each Trading Day on or after such “ex” date shall be
adjusted by adding thereto the amount of any cash and the Fair Market Value (as determined by the Board of Directors in a manner consistent with any determination of such value for purposes of Section 9.07(c), (d) or (e)) of the evidences
of Indebtedness, shares of Capital Stock or assets being distributed applicable to one share of Common Stock as of the close of business on the day before such “ex” date. 
 Notwithstanding the foregoing, whenever successive adjustments to the Conversion Rate are called for pursuant to this Section 9.07, such adjustments shall be made to the Current Market Price as may
be necessary or appropriate to effectuate the intent of this Section 9.07 and to avoid unjust or inequitable results as determined in good faith by the Board of Directors. 

  
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 “Ex” date, when used: 

(i) with respect to any issuance or distribution, means the first date on which the shares of Common Stock trade regular way on the
relevant exchange or in the relevant market from which the Closing Sale Price was obtained without the right to receive such issuance or distribution; 
 (ii) with respect to any subdivision or combination of shares of Common Stock, means the first date on which the shares of Common Stock trade regular way on such exchange or in such market after the
time at which such subdivision or combination becomes effective; and 
 (iii) with respect to any tender or exchange offer,
means the first date on which the shares of Common Stock trade regular way on such exchange or in such market after the Expiration Time of such offer. 
 (2) “Fair Market Value” shall mean the amount which a willing buyer would pay a willing seller in an arm’s-length transaction. 

(3) “record date” shall mean, with respect to any dividend, distribution or other transaction or event in which the
holders of Common Stock have the right to receive any cash, securities or other property or in which the Common Stock (or other applicable security) is exchanged for or converted into any combination of cash, securities or other property, the date
fixed for determination of stockholders entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors or by statute, contract or otherwise). 

(h) The Company, in its sole discretion, may make such increases in the Conversion Rate, in addition to those required by
Sections 9.07(a)-(f) hereof, as the Board of Directors considers to be advisable to avoid or diminish any income tax to holders of Common Stock or rights to purchase Common Stock resulting from any dividend or distribution of stock (or
rights to acquire stock) or from any event treated as such for income tax purposes. 
 To the extent permitted by applicable
law, the Company from time to time may increase the Conversion Rate by any amount for any period of time if the period is at least 20 Business Days, the increase is irrevocable during the period and the Board of Directors shall have made a
determination that such increase would be in the best interests of the Company, which determination shall be conclusive. Whenever the Conversion Rate is increased pursuant to the preceding sentence, the Company shall deliver to Holders of record of
the Notes and the Trustee a notice of the increase, which notice will be given at least 15 days prior to the effectiveness of any such increase, and such notice shall state the increased Conversion Rate and the period during which it will be in
effect. 
 (i) No adjustment in the Conversion Rate shall be required unless such adjustment would require an increase or
decrease of at least one percent (1%) in such rate; provided, however, that any adjustments that by reason of this Section 9.07(i) are not required to be made shall be carried forward and the Company shall make such carry forward
adjustments, regardless of whether the aggregate adjustment is less than 1%, (x) annually on the anniversary of the Closing Date and otherwise (y)(1) five Business Days prior to the maturity of the Notes (whether at stated maturity or
otherwise) or (2) prior to the redemption date Change of Control Repurchase Date, unless such adjustment has already been made. All calculations under this Article IX shall be made by the Company and shall be made to the nearest cent or to
the nearest one-ten thousandth (1/10,000) of a share, as the case may be. No adjustment need be made for rights to purchase Common Stock pursuant to a Company plan for reinvestment of dividends or interest or for any issuance of Common Stock or
convertible or exchangeable securities or rights to purchase Common Stock or convertible or exchangeable securities. Interest will not accrue on any cash into which the Notes are convertible. 

(j) Whenever the Conversion Rate is adjusted as herein provided, the Company will issue a press release through Business Wire or
another widely accepted business wire service containing the relevant information and make this information available on the Company’s website or through another public medium as the Company may use at that time. In addition, the Company shall
promptly file with the Trustee and any conversion agent other than the Trustee an Officers’ Certificate setting forth the Conversion Rate after such adjustment and setting forth a brief statement of the facts requiring such adjustment. Unless
and until a Trust Officer of the Trustee shall have received such Officers’ Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate and may assume that the last Conversion Rate of which it has
actual knowledge is still in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the adjusted Conversion Rate and the date on which each adjustment becomes
effective and shall deliver such notice of such adjustment of the Conversion Rate to the Holder of each Notes at his last address appearing on the Register, within 20 calendar days after execution of such notice. Failure to deliver such notice shall
not affect the legality or validity of any such adjustment. 

  
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 (k) In any case in which this Section 9.07 provides that an adjustment shall
become effective immediately after (1) a record date for an event, (2) the date fixed for the determination of stockholders entitled to receive a dividend or distribution pursuant to Section 9.07(a) hereof, (3) a date fixed for
the determination of stockholders entitled to receive rights or warrants pursuant to Section 9.07(d) hereof, or (4) the Expiration Time for any tender or exchange offer pursuant to Section 9.07(f) hereof, (each a
“Determination Date”), the Company may elect to defer until the occurrence of the applicable Adjustment Event (as hereinafter defined) issuing to the Holder of any Notes converted after such Determination Date and before the
occurrence of such Adjustment Event, the additional shares of Common Stock, if any, or other securities, cash or other property issuable upon such conversion by reason of the adjustment required by such Adjustment Event over and above the Common
Stock, if any, issuable upon such conversion before giving effect to such adjustment. For purposes of this Section 9.07(k), the term “Adjustment Event” shall mean: 

(i) in any case referred to in clause (1) hereof, the occurrence of such event, 

(ii) in any case referred to in clause (2) hereof, the date any such dividend or distribution is paid or made, 

(iii) in any case referred to in clause (3) hereof, the date of expiration of such rights or warrants, and 

(iv) in any case referred to in clause (4) hereof, the date a sale or exchange of Common Stock pursuant to such tender or
exchange offer is consummated and becomes irrevocable. 
 (l) For purposes of this Section 9.07, the number of shares
of Common Stock at any time outstanding shall not include shares held in the treasury of the Company but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock. The Company will not pay
any dividend or make any distribution on shares of Common Stock held in the treasury of the Company. 
 (m) No adjustment to
the Conversion Rate shall be made pursuant to this Section 9.07 if the holders of the Notes may participate in the transaction that would otherwise give rise to adjustment pursuant to this Section 9.07 

Section 9.08 Effect of Reclassification, Consolidation, Merger or Sale. If any of the following events occur, namely:

 (a) any reclassification or change of the outstanding Common Stock (other than a change in par value, or from par value
to no par value, or from no par value to par value, or as a result of a subdivision or combination), 
 (b) any
consolidation or merger of the Company with or into another Person, or 
 (c) any sale, lease, transfer, conveyance or other
disposition of all or substantially all of the Company’s assets and those of its Subsidiaries taken as a whole to any other Person or Persons, as a result of which holders of Common Stock shall be entitled to receive stock, other securities or
other property or assets (including cash or any combination thereof) with respect to or in exchange for such Common Stock, 
 in each case, the
Company or the successor or purchasing corporation, as the case may be, shall execute with the Trustee a supplemental indenture (which shall comply with the Trust Indenture Act as in force at the date of execution of such supplemental indenture, if
such supplemental indenture is then required to so comply) providing that such Notes shall, without the consent of any holders of Notes, be convertible into the kind and amount of shares of stock and other securities or property or assets (including
cash or any combination thereof) (the “Applicable Consideration”) that such Holder would have been entitled to receive upon such reclassification, change, consolidation, merger, sale, lease, transfer, conveyance or other disposition
had such Notes been converted into Common Stock immediately prior to such reclassification, change, consolidation, merger, sale, lease, transfer, conveyance or other disposition; provided, however, that in the event that holders of Common Stock have
the opportunity to elect the form of consideration to be received in such transaction, then from and after the effective date of such transaction, the Notes shall be convertible into the consideration that a majority of the holders of Common Stock
who made such an election received in such transaction and the term “Applicable Consideration” shall be construed accordingly; and provided, further, that Section 9.14 hereof shall continue to apply following any such transaction.
Such supplemental indenture shall provide for adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article IX. If, in the case of any such reclassification, change, consolidation, merger,
sale, lease, transfer, conveyance or other disposition, the stock or other securities and assets receivable thereupon by a holder of Common Stock includes shares of stock or other securities and assets of a corporation other than the successor or
purchasing corporation, as the case may be, in such reclassification, change, consolidation, merger, sale, lease, transfer, conveyance or other disposition, then such supplemental indenture shall also be executed by such other corporation and shall
contain such additional provisions to protect the interests of the holders of the Notes as the Board of Directors shall reasonably consider necessary by reason of the foregoing, including to the extent practicable the provisions providing for the
conversion rights set forth in this Article IX. 

  
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 The Company shall cause notice of the execution of such supplemental indenture to be
delivered to each Holder, at the address of such Holder as it appears on the register of the Notes maintained by the Registrar, within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of
such supplemental indenture. 
 The above provisions of this Section 9.08 shall similarly apply to successive
reclassifications, changes, consolidations, mergers, sales, leases, transfers, conveyances or other dispositions. 
 If this
Section 9.08 applies to any event or occurrence, Section 9.07 hereof shall not apply. 
 Any additional shares of
Common Stock that a Holder is entitled to receive upon conversion pursuant to Section 9.07(b) hereof, if applicable, shall not be payable in shares of Common Stock, but shall represent a right to receive the aggregate amount of cash, securities
or other property into which the additional shares of Common Stock would convert as a result of such recapitalization, change, consolidation, merger, sale, lease, transfer, conveyance or other disposition. 

The Company may not become party to any such transaction described in clauses (a), (b) or (c) of this Section 9.08, unless
the terms of such transactions are consistent with this Section 9.08. 
 Section 9.09 Taxes on Shares Issued.
The issue of stock certificates on conversions of Notes shall be made without charge to the converting Holder of Notes for any documentary, stamp or similar issue or transfer tax in respect of the issue thereof. The Company shall not, however, be
required to pay any such tax which may be payable in respect of any transfer involved in the issue and delivery of stock in any name other than that of the Holder of any Notes converted, and the Company shall not be required to issue or deliver any
such stock certificate unless and until the Person or Persons requesting the issue thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid. 

Section 9.10 Reservation of Shares, Shares to be Fully Paid; Compliance with Governmental Requirements; Listing of Common
Stock. The Company shall provide, free from preemptive rights, out of its authorized but unissued shares or shares held in treasury, sufficient shares of Common Stock to provide for the conversion of the Notes, from time to time as such Notes
are presented for conversion. 
 Before taking any action which would cause an adjustment increasing the Conversion Rate to an
amount that would cause the Conversion Price to be reduced below the then par value, if any, of the shares of Common Stock issuable upon conversion of the Notes, the Company will take all corporate action which may, in the opinion of its counsel, be
necessary in order that the Company may validly and legally issue shares of such Common Stock at such adjusted Conversion Rate. 

  
 38 

 The Company covenants that all shares of Common Stock which may be issued upon conversion of
Notes will upon issue be fully paid and non-assessable by the Company and free from all taxes, liens and charges with respect to the issue thereof. 
 The Company covenants that, if any shares of Common Stock to be provided for the purpose of conversion of Notes hereunder require registration with or approval of any governmental authority under any
federal or state law before such shares may be validly issued upon conversion, the Company will in good faith and as expeditiously as possible, to the extent then permitted by the rules and interpretations of the Commission (or any successor
thereto), endeavor to secure such registration or approval, as the case may be. 
 The Company further covenants that, if at any
time the Common Stock shall be listed on any national securities exchange or automated quotation system, the Company will, if permitted by the rules of such exchange or automated quotation system, list and keep listed, so long as the Common Stock
shall be so listed on such exchange or automated quotation system, all Common Stock issuable upon conversion of the Notes; provided that if the rules of such exchange or automated quotation system permit the Company to defer the listing of such
Common Stock until the first conversion of the Notes into Common Stock in accordance with the provisions of this Indenture, the Company covenants to list such Common Stock issuable upon conversion of the Notes in accordance with the requirements of
such exchange or automated quotation system at such time. 
 Section 9.11 Responsibility of Trustee. The Trustee and
any other Conversion Agent shall not at any time be under any duty or responsibility to any Holder to determine the Conversion Price or the Conversion Rate or whether any facts exist which may require any adjustment of the Conversion Rate, or with
respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the same. The Trustee and any other Conversion
Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock, or of any Capital Stock, other securities or other assets or property, which may at any time be issued or delivered upon the
conversion of any Notes; and the Trustee and any other conversion agent make no representations with respect thereto. Neither the Trustee nor any conversion agent shall be responsible for any failure of the Company to issue, transfer or deliver any
shares of Common Stock or stock certificates or other securities or property or cash upon the surrender of any Notes for the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the Company contained in this
Article IX. Without limiting the generality of the foregoing, neither the Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture entered into
pursuant to Section 9.07 hereof relating either to the kind or amount of shares of capital stock or other securities or other assets or property (including cash) receivable by holders of Notes upon the conversion of their Notes after any event
referred to in such Section 9.07 hereof or to any adjustment to be made with respect thereto, but, subject to the provisions of Section 6.01 of the Base Indenture, may accept as conclusive evidence of the correctness of any such
provisions, and shall be protected in relying upon, the Officers’ Certificate (which the Company shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with respect thereto. 

Section 9.12 Notice to Holders Prior to Certain Actions. In case: 

(a) the Company shall declare a dividend (or any other distribution) on its Common Stock that would require an adjustment in the
Conversion Rate pursuant to Section 9.06 hereof; or 
 (b) the Company shall authorize the granting to the holders of
all or substantially all of its Common Stock or rights or warrants to subscribe for or purchase any share of any class or any other rights or warrants; or 
 (c) of any reclassification or reorganization of the Common Stock of the Company (other than a subdivision or combination of its outstanding Common Stock, or a change in par value, or from par value
to no par value, or from no par value to par value), or of any consolidation or merger to which the Company is a party and for which approval of any stockholders of the Company is required, or of the sale or transfer of all or substantially all of
the assets of the Company; or 
 (d) of the voluntary or involuntary dissolution, liquidation or winding up of the Company;
the Company shall cause to be filed with the Trustee and to be delivered to each Holder at his address appearing on the Register provided for in Section 3.05 of the Base Indenture, as promptly as possible but in any event at least ten calendar
days prior to the applicable date hereinafter specified to the extent the Company has the knowledge to do so, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution or rights or warrants,
or, if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such dividend, distribution or rights are to be determined, or (y) the date on which such reclassification, consolidation, merger,
sale, transfer, dissolution, liquidation or winding up is expected to become effective or occur, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for securities or other
property deliverable upon such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such dividend,
distribution, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up. 

  
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 Section 9.13 Stockholder Rights Plans. If the rights provided for in any rights
plan adopted by the Company have separated from the shares of Common Stock in accordance with the provisions of the applicable stockholder rights agreement so that the holders of the Notes would not be entitled to receive any rights in respect of
Common Stock issuable upon conversion of the Notes, the Conversion Rate will be adjusted as provided in Section 9.07(d) hereof. If such rights have not separated, any shares of Common Stock delivered upon the conversion of Notes shall be
accompanied by such rights. 
 Section 9.14 Conversion Settlement. Shares of Common Stock issuable upon conversion
of Notes will be delivered to the converting Holders on the Trading Day following the applicable Conversion Date. A Holder receiving shares of Common Stock upon conversion shall not be entitled to any rights as a holder of Common Stock, including,
among other things, the right to vote or receive dividends and notices of stockholder meetings, until the close of business on the applicable Conversion Date. 
 ARTICLE X 
 COVENANTS  

In addition to the covenants set forth in Article IV of the Base Indenture (except for the covenants set forth in Sections 4.1,
4.2 and 4.6 of the Base Indenture, which will not apply with respect to the Notes authorized and designated under this First Supplemental Indenture), the following covenants shall apply with respect to the Notes authorized and designated under this
First Supplemental Indenture. 
 Section 10.01 Payment of Notes. The Company shall promptly pay the principal of and
interest on the Notes on the dates and in the manner provided in the Notes and in this First Supplemental Indenture. Principal and interest shall be considered paid on the date due if (a) on such date the Trustee or the Paying Agent holds in
accordance with this First Supplemental Indenture money sufficient to pay all principal and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the Noteholders on that date pursuant
to the terms of this First Supplemental Indenture, or (b) the Company delivers the shares of Common Stock constituting such payment in accordance with the terms of the Notes and this First Supplemental Indenture. 

The Company shall pay interest on overdue principal at the rate specified therefor in the Notes, and it shall pay interest on overdue
installments of interest at the same rate to the extent lawful. 
 Section 10.02 Maintenance of Office or Agency.
The Company shall maintain an office or agency, where the Notes may be surrendered for registration of transfer or exchange or for presentation for payment or for conversion, redemption or repurchase. As of the date of this First Supplemental
Indenture, such office is located at the office of the Trustee located at 60 Livingston Ave, St Paul, MN 55107 and, at any other time, at such other address as the Trustee may designate from time to time by notice to the Company. The Company shall
give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency not designated or appointed by the Trustee. If at any time the Company shall fail to maintain any such required office or agency or
shall fail to furnish the Trustee with the address thereof, such presentations and surrenders may be made at the Corporate Trust Office. 

  
 40 

 The Company may also from time to time designate co-registrars and one or more offices or
agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any
change in the location of any such other office or agency. 
 In addition, the Company shall maintain an office or agency in the
Borough of Manhattan, The City of New York, where notices and demands to or upon the Company in respect of the Notes and the Indenture may be served. As of the date of this First Supplemental Indenture, such office is located at the agency for
service of process of the Trustee located at U.S. Bank National Association, Attn: Corporate Trust Services, 100 Wall Street—Suite 1600, New York, NY 10005, Ref: FuelCell Energy, Inc. and, at any other time, at such other address as
the Trustee may designate from time to time by notice to the Company. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency not designated or appointed by the Trustee.

 Section 10.03 Compliance Certificate. The Company shall deliver to the Trustee within 150 days after the end of
each fiscal year of the Company an Officers’ Certificate stating that a review of the Company’s activities during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the
Company has kept, observed, performed and fulfilled its obligations under the Indenture and further stating, as to each such Officer signing such certificate, whether to the best of such Officer’s knowledge the Company during such preceding
fiscal year has kept, observed, performed and fulfilled each and every such covenant contained in the Indenture and that in the course of the performance by the signers of their duties as Officers of the Company they would normally have knowledge of
any Default and whether or not the signers know of any Default that occurred during such period. If they do know of any Default, the certificate shall describe the Default, its status and what action the Company is taking or proposes to take with
respect thereto. The Company also shall comply with Section 314(a)(4) of the TIA. 
 Section 10.04 Payment of Taxes
and Other Claims. The Company shall pay or discharge, or cause to be paid or discharged, before the same may become delinquent, (i) all taxes, assessments and governmental charges levied or imposed upon the Company or any Significant
Subsidiary or upon the income, profits or property of the Company or any Significant Subsidiary, (ii) all claims for labor, materials and supplies which, if unpaid, might by law become a lien or charge upon the property of the Company or any
Significant Subsidiary and (iii) all stamp taxes and other duties, if any, which may be imposed by the United States or any political subdivision thereof or therein in connection with the issuance, transfer, exchange, conversion, redemption or
repurchase of any Notes or with respect to this Indenture; provided, that, in the case of clauses (i) and (ii), the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim
(A) if the failure to do so will not, in the aggregate, have a material adverse impact on the Company, or (B) if the amount, applicability or validity is being contested in good faith by appropriate proceedings. 

Section 10.05 Further Instruments and Acts. The Company shall execute and deliver such further instruments and do such
further acts as may be reasonably necessary or proper to carry out more effectively the purpose of the Indenture. 
 ARTICLE
XI 
 TRUSTEE MATTERS 
 Section 11.01 Rights and Duties of Trustee. Notwithstanding anything in the Base Indenture to the contrary, the following shall apply: 

(a) The permissive rights of the Trustee to do things enumerated in the Base Indenture shall not be construed as a duty and the Trustee
shall not be answerable for other than its negligence or willful misconduct. 
 (b) The Trustee shall not be deemed to have
notice of any Default or Event of Default unless written notice of any such Default or Event of Default is actually received by Trustee’s Responsible Officer. 

  
 41 

 Section 11.02 Additional Indemnification. In addition to any indemnification
rights set forth in the Base Indenture, the Company agrees to indemnify each of the Trustee, or any successor Trustee, and its officers, directors, agents and employees, for, and to hold it harmless against, any and all loss, liability, damage,
claim or expense, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee), incurred without negligence or willful misconduct on its part, as determined by a final order of a court or competent
jurisdiction, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the reasonable costs and expenses of defending itself against any claim (whether asserted by the Company, or any Holder
or any other person) or liability in connection with the exercise or performance of any of its powers or duties hereunder or in connection with enforcing the provisions of this Section. The Trustee shall notify the Company promptly of any claim for
which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim with counsel who shall be reasonably satisfactory to the Trustee, and the
Trustee shall cooperate in the defense. In addition, the Trustee may retain one separate counsel on behalf of itself and the Holders (and in the case of an actual or perceived conflict of interest, one additional separate counsel on behalf of the
Holders) and, if deemed advisable by such counsel, local counsel, and the Company shall pay the reasonable fees and expenses of such separate counsel and local counsel. The indemnification herein also extends to a settlement. 

Section 11.03 Trustee as Creditor. If and when the Trustee shall be or become a creditor of the Company (or any other obligor
upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). 

Section 11.04 Reports by the Company. In addition to the Company’s obligations pursuant to Section 4.3 of the Base
Indenture, the Company shall: 
 (a) Whether or not required under the Exchange Act, so long as any Securities are outstanding,
the Company shall file a copy of all of the information and reports referred to in clauses (i) above with the SEC for public availability within the time periods specified in the SEC rules and regulations (unless the SEC will not accept such a
filing) and make such information available to Holders, securities analysts and prospective investors upon request. 

Section 11.05 Execution of Supplemental Indentures. Notwithstanding anything in the Base Indenture to the contrary, the
Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties, liabilities or immunities under the Base Indenture or otherwise. 

Section 11.06 Statements by Officers as to Default. In addition to the Company’s obligations pursuant to
Section 4.4 of the Base Indenture, the Company agrees as follows: 
 (a) The Company shall, so long as any of the Securities
are outstanding, deliver to the Trustee, as soon as practicable and in any event within 30 days after the Company becomes aware of any Default, an Officers’ Certificate specifying such Default, its status and the actions that the Company is
taking or proposes to take in respect thereof. 
 (b) The Company shall deliver to the Trustee within 90 days after the end of
each fiscal year of the Company, an Opinion of Counsel to the extent required under the Trust Indenture Act. 

Section 11.07 Further Instruments and Acts. Upon request of the Trustee, the Company will execute and deliver such further
instruments and perform such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of the Indenture. 
 Section 11.08 Expenses. Notwithstanding anything in the Base Indenture to the contrary, any actions taken by the Trustee in its various capacities hereunder shall be at the Company’s
reasonable expense. 

  
 42 

 Section 11.09 Responsible Officer. In lieu of the definition of
“Responsible Officer” in Section 1.1 of the Base Indenture, the following definition shall apply with respect to the Indenture: 
 “Responsible Officer” when used with respect to the Trustee, means any officer within the Global Corporate Trust Services division 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 the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred
because of his knowledge of and familiarity with the particular subject. 
 ARTICLE XII 

MISCELLANEOUS  
 Section 12.01 Governing Law. This First Supplemental Indenture and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York. 

Section 12.02 No Note Interest Created. Nothing in this First Supplemental Indenture or in the Notes, express or implied,
shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, now in effect or hereafter enacted and made effective, in any jurisdiction. 

Section 12.03 Successors. All agreements of the Company in this First Supplemental Indenture and the Notes shall bind its
successor. All agreements of the Trustee in this First Supplemental Indenture shall bind its successor. 
 Section 12.04
Counterparts. This First Supplemental Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together
shall constitute one and the same agreement. 
 Section 12.05 Severability. In case any provision in this First
Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 12.06 Table of Contents, Headings, Etc. The table of contents, cross-reference sheet and headings of the Articles and
Sections of this First Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 12.07 Inconsistency. In the event of any inconsistency or conflict between the Base Indenture and this First
Supplemental Indenture, this First Supplemental Indenture shall govern. 
 Section 12.08 Calculations in Respect of
Notes. Except as explicitly stated herein, the Company will be responsible for making all calculations required pursuant to this First Supplemental Indenture, including, without limitation, calculations with respect to determinations of the
Conversion Price and Conversion Rate. The Company or its Agents shall make all such calculations in good faith and, absent manifest error, the Company’s calculations shall be binding on the Holders. The Company shall provide a written schedule
of such calculations to the Trustee and the Conversion Agent, and each of the Trustee and the Conversion Agent shall be entitled to rely upon the accuracy of the Company’s calculations without responsibility for independent verification
thereof. The Trustee shall forward a copy of such calculations to any Holder upon such Holder’s written request. 

[SIGNATURE PAGE FOLLOWS] 

  
 43 

 IN WITNESS WHEREOF, the parties hereto have hereunto set their hands as of the date and year
first above written. 
  

			
	FUELCELL ENERGY, INC.
		
	 By:
	 	 /s/ Michael Bishop

		 	 Name: Michael Bishop

		 	 Title: Senior Vice President and Chief Financial
           Officer

	
	U.S. BANK NATIONAL ASSOCIATION
		
	 By:
	 	 /s/ Andrew Fung

		 	 Name: Andrew Fung

		 	 Title: Vice President

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