Document:

Exhibit 10.4

 

Form of Investor
Note

 

PROMISSORY NOTE

 

	Initial Principal Amount:  $3,000,000.00	Issuance Date:  October 9, 2018

 

FOR
VALUE RECEIVED, the borrower whose name appears on the signature page hereto (“Borrower”), promises
to pay to the order of Immune Pharmaceuticals Inc., a Delaware corporation
(“Lender”), the Initial Principal Amount, together with interest thereon, as follows:

 

1.          Agreement.
This Promissory Note (“Note”), is issued by Borrower as partial consideration, along with concurrent payment
of $2,000,000.00 in cash by wire transfer of immediately available funds, for the issuance by Lender of a Senior Secured Redeemable
Convertible Debenture (“Debenture”), of Lender pursuant to that certain Securities Purchase Agreement (“Agreement”)
of even date herewith, which is incorporated herein by reference. Capitalized terms not otherwise defined herein will have the
meanings defined in the Agreement and Transaction Documents.

 

2.          Interest.
The principal balance outstanding from time to time under this Note will bear interest from and after the date hereof at the rate
of 1.0% per annum. Interest will be calculated on a simple interest basis and the number of days elapsed during the period for
which interest is being calculated. Payments of interest will be due in arrears and the amount of interest not paid will be added
to the principal balance of this Note and such amount will thereafter accrue interest at the rate set forth above.

 

3.          Payments.
If not sooner paid, the unpaid principal balance, interest thereon and any other charges due and payable under this Note will
be due and payable on the first Trading Day immediately after the earlier of (a) the date the Registration Statement is declared
effective, and (b) the one anniversary of the Issuance Date; provided, however, that, notwithstanding the foregoing
or any other provision, Borrower’s payment obligation will be tolled and no payments will be due during any period of time
that all Equity Conditions are not met. As soon as all Equity Conditions are met, the payment obligation will resume and continue
from that point forward. The outside maturity date for all principal and interest due under this Note will be the Trading Day
immediately preceding the Maturity Date of the Debenture. Borrower will have the right to prepay all or any part of the principal
balance of this Note at any time without penalty or premium. All payments on this Note will be first applied to reduce the outstanding
principal balance hereof, and then to satisfaction of any accrued but unpaid interest.

 

4.          Full
Recourse Note. This is a full recourse promissory note. Accordingly, notwithstanding that Borrower’s obligations
under this Note are secured by the Collateral, in the event of a Default hereunder, Lender will have full recourse to the Collateral
and all the other assets of Borrower. Moreover, Lender will not be required to proceed against or exhaust any Collateral, or to
pursue any Collateral in any particular order, before Lender pursues any other remedies against Borrower or against any of Borrower’s
assets.

 

     

     

    

  

5.           Security.

 

a.           Pledge.
As security for the due and prompt payment and performance of all payment obligations under this Note and any modifications,
replacements and extensions hereof (collectively, “Secured Obligations”), Borrower hereby pledges and grants
an equitable charge and security interest to Lender in all of Borrower’s right, title, and interest in and to all of the
following, now owned or hereafter acquired or arising, with the value of securities securing the Note on the date of issuance
to be at least equal to the amount of the Note (together, the “Collateral”):

 

i.         
The Debenture;

 

ii.         Freely
tradable shares of common stock or ordinary shares, shares of preferred stock or preference shares, bonds, notes and debentures
(collectively with the Preferred Shares, the “Pledged Securities”), which Pledged Securities will have a fair
market value on the date hereof, based upon the trading price of such securities at least equal to the principal amount of this
Note; and

 

iii.       all
rights of Borrower with respect to or arising out of the Pledged Securities and all equity and debt securities and other property
distributed or distributable with respect thereto as a result of merger, consolidation, dissolution, reorganization, recapitalization,
stock split, stock dividend, reclassification, exchange, redemption, or other change in capital structure.

 

b.           Substitute
Securities. So long as any Secured Obligations remain outstanding, in the event that Borrower sells or disposes of any
Pledged Securities, Borrower will promptly provide substitute securities of equal or greater value to such Pledged Securities
or cash or cash equivalents or any combination thereof.

 

c.           Rights
With Respect to Distributions. So long as no Default will have occurred and be continuing under this Note, Borrower will
be entitled to receive any and all dividends and distributions made with respect to the Pledged Securities and any other Collateral.
However, upon the occurrence and during the continuance of any Default, Lender will have the right (unless otherwise agreed in
writing by Lender in its sole discretion) to receive and retain dividends and distributions and apply them to the outstanding
balance of this Note or hold them as Collateral, at Lender’s election.

 

d.           Financing
Statement; Further Assurances. Borrower agrees, concurrently with executing this Note, that Lender may file a UCC-1 financing
statement relating to the Collateral in favor of Lender, and any similar financing statements in any jurisdiction in which Lender
reasonably determines such filing to be necessary. Borrower further agrees that following and during the continuance of any Default,
Borrower will if requested by Lender promptly: (i) execute and deliver all further instruments and documents reasonably necessary
in order to perfect and protect the equitable charge and security interest granted hereby, or to enable Lender to exercise and
enforce its rights and remedies with respect to any Collateral, (ii) deliver the Collateral, including original certificates or
other instruments representing the Pledged Securities and stock powers endorsed in blank, to Lender to hold as secured party,
and (iii) execute a securities account control agreement with respect to the Collateral.

 

    	 	2	 

     

    

  

e.           Powers
of Lender. Borrower hereby appoints Lender as Borrower’s true and lawful attorney-in-fact to perform any and all
of the following acts, which power is coupled with an interest, is irrevocable until the Secured Obligations are paid and performed
in full, and may be exercised from time to time by Lender: to take any action and to execute any instrument reasonably necessary
to accomplish the purposes of this Section 4, including without limitation: (i) to exercise then existing rights with respect
to Collateral, when and to the extent permitted by this Note, (ii) following and during the continuance of any Payment Default
hereunder, to receive, endorse and collect all instruments or other forms of payment made payable to Borrower representing the
Collateral or any dividend, interest payment or other distribution in respect of the Collateral or any part thereof and to give
full discharge for the same, when and to the extent permitted by this Note, (iii) to perform or cause the performance of any obligation
of Borrower hereunder in Borrower’s name or otherwise, (iv) following and during the continuance of any Payment Default
hereunder, to liquidate any Collateral pledged to Lender hereunder and to apply proceeds thereof to the payment of the Secured
Obligations or to place such proceeds into a cash collateral account, or to transfer the Collateral into the name of Lender, (v)
to enter into any extension, reorganization or other agreement relating to or affecting the Collateral, and, in connection therewith,
to deposit or surrender control of the Collateral, (vi) to accept other property in exchange for the Collateral, (vii) to make
any compromise or settlement Lender deems desirable or proper, and (viii) to execute on Borrower’s behalf and in Borrower’s
name any documents required in order to give Lender a continuing perfected first lien upon the Collateral or any part thereof.

 

6.            Offset
Right. In connection with a complete redemption of the Debenture in accordance with the terms thereof, Lender may offset
the then outstanding balance of this Note against any amounts otherwise due in cash to Borrower in connection with the redemption.

 

7.            Additional
Terms.

 

a.           No
Waiver. The acceptance by Lender of payment of a portion of any installment when due or an entire installment but after
it is due will neither cure nor excuse the Default caused by the failure of Borrower timely to pay the whole of such installment
and will not constitute a waiver of Lender’s right to require full payment when due of any future or succeeding installments.

 

b.           Default.
The occurrence and continuance of any one or more of the following will constitute a “Default” under this
Note: (i) an uncured material default in the payment when due of any amount hereunder (“Payment Default”),
(ii) Borrower’s refusal or failure to perform any material term, provision or covenant as required under this Note, (iii)
any liquidation, receivership, bankruptcy, assignment for the benefit of creditors or other debtor-relief proceeding by or against
Borrower, or (iv) the levying of any attachment, execution or other process against any material portion of the Collateral.

 

    	 	3	 

     

    

  

c.            Default
Rights.

 

i.          Following
and during the continuance of any Payment Default Lender may, at its election, declare the entire balance of principal and interest
under this Note immediately due and payable. A delay by Lender in exercising any right of acceleration will not constitute a waiver
of the Default or the right of acceleration or any other right or remedy for such Default. The failure by Lender to exercise any
right of acceleration will not constitute a waiver of the right of acceleration or any other right or remedy with respect to any
other Default, whenever occurring.

 

ii.         Further,
following and during the continuance of any Default, Lender will have any and all of the rights and remedies to which a secured
party is entitled after any default under any applicable Uniform Commercial Code, as then in effect. In addition to Lender’s
other rights and remedies, following and during the continuance of any Payment Default, Lender may in its sole discretion do or
cause to be done any one or more of the following:

 

(a)          Proceed
to realize upon the Collateral or any portion thereof as provided by law, and without liability for any diminution in price which
may have occurred, sell the Collateral or any part thereof, in such manner, whether at any public or private sale, and whether
in one lot as an entirety, or in separate portions, and for such price and other terms and conditions as is commercially reasonable
given the nature of the Collateral;

 

(b)          If
notice to Borrower is required, give written notice to Borrower at least ten days before the date of sale of the Collateral or
any portion thereof;

 

(c)          Transfer
all or any part of the Collateral into Lender’s name or in the name of its nominee or nominees; or

 

(d)          Vote
all or any part of the Collateral (whether or not transferred into the name of Lender) and give all consents, waivers and ratifications
in respect of the Collateral and otherwise act with respect thereto, as though Lender were the outright owner thereof.

 

iii.         Borrower
acknowledges that all or part of foreclosure of the Collateral may be restricted by state or federal securities laws, Lender may
be unable to effect a public sale of all or part of the Collateral, that a public sale is or may be impractical and inappropriate
and that, in the event of such restrictions, Lender thus may be compelled to resort to one or more private sales to a restricted
group of purchasers who will be obliged to agree, among other things, to acquire the Collateral for their own account, for investment
and not with a view to its distribution or resale. If reasonably necessary Lender may resort to one or more sales to a single
purchaser or a restricted or limited group of purchasers. Lender will not be obligated to make any sale or other disposition,
unless the terms thereof will be satisfactory to it.

 

iv.         If,
in the opinion of Lender based upon written advice of counsel, any consent, approval or authorization of any federal, state or
other governmental agency or authority should be necessary to effectuate any sale or other disposition of any Collateral, Borrower
will execute all such applications and other instruments as may reasonably be required in connection with securing any such consent,
approval or authorization, and will otherwise use its commercially reasonable best efforts to secure the same.

 

    	 	4	 

     

    

  

d.           The
rights, privileges, powers and remedies of Lender will be cumulative, and no single or partial exercise of any of them will preclude
the further or other exercise of any of them. Any waiver, permit, consent or approval of any kind by Lender of any Default hereunder,
or any such waiver of any provisions or conditions hereof, must be in writing and will be effective only to the extent set forth
in writing. Any proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of
expenses incurred by Lender in connection with the foregoing, and the balance of such proceeds will be applied by Lender toward
the payment of the Secured Obligations.

 

8.           Organization;
Authority. Borrower represents and warrants to Lender that it is an entity validly existing and in good standing under
the laws of the jurisdiction of its organization with full right, company power and authority to enter into and to consummate
the transactions contemplated by this Note and otherwise to carry out its obligations hereunder. The execution, delivery and performance
by Borrower of the transactions contemplated by this Note have been duly authorized by all necessary company or similar action
on the part of Borrower. This Note has been duly executed by Borrower, and when delivered by Borrower in accordance with the terms
hereof, will constitute the valid and legally binding obligation of Borrower, enforceable against it in accordance with its terms,
except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other
laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the
availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution
provisions may be limited by applicable law

 

9.            General
Terms.

 

a.           No
Oral Waivers or Modifications. No provision of this Note may be waived or modified orally, but only in a writing signed
by Lender and Borrower.

 

b.           Attorney
Fees. The prevailing party in any action by Lender to collect any amounts due under this Note will be entitled to recover
its reasonable attorney fees and costs.

 

c.           Governing
Law. This Note has been executed and delivered in, and is to be construed, enforced, and governed according to the internal
laws of, the U.S. Virgin Islands without regard to its principles of conflict of laws that would require or permit the application
of the laws of any other jurisdiction.

 

d.           Severability.
Whenever possible, each provision of this Note will be interpreted in such manner as to be effective and valid under applicable
law. However, if any provision of this Note will be held to be prohibited by or invalid under applicable law, it will be ineffective
only to the extent of such prohibition or invalidity without invalidating the remainder of that provision or the other provisions
of this Note.

 

    	 	5	 

     

    

  

e.           Entire
Agreement. This Note contains the entire promise to pay by Borrower and supersedes all prior agreements and understandings,
oral or written, with respect to such matters.

 

Lender:

 

IMMUNE
PHARMACEUTICALS INC. 

 

	By:	 	 
	Name: 	 	 
	Title: 	 	 

 

	Borrower:	 
	 	 
	 	 

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	 	6EX-4.1

 Exhibit 4.1 

EXECUTION 
 TILRAY, INC.

 AND 
 GLAS TRUST COMPANY LLC,

 as Trustee 
 INDENTURE 

Dated as of October 10, 2018 

5.00% Convertible Senior Notes due 2023 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 DEFINITIONS
	  	 	1	 
			
	 Section 1.01
	 	Definitions	  	 	1	 
	 Section 1.02
	 	References to Interest	  	 	15	 
		
	 ARTICLE 2 ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES
	  	 	15	 
			
	 Section 2.01
	 	Designation and Amount	  	 	15	 
	 Section 2.02
	 	Form of Notes	  	 	15	 
	 Section 2.03
	 	Date and Denomination of Notes; Payments of Interest and Defaulted Amounts	  	 	16	 
	 Section 2.04
	 	Execution, Authentication and Delivery of Notes	  	 	18	 
	 Section 2.05
	 	Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	  	 	18	 
	 Section 2.06
	 	Mutilated, Destroyed, Lost or Stolen Notes	  	 	25	 
	 Section 2.07
	 	Temporary Notes	  	 	26	 
	 Section 2.08
	 	Cancellation of Notes Paid, Converted, Etc.	  	 	26	 
	 Section 2.09
	 	CUSIP Numbers	  	 	26	 
	 Section 2.10
	 	Additional Notes; Repurchases	  	 	26	 
		
	 ARTICLE 3 SATISFACTION AND DISCHARGE
	  	 	27	 
			
	 Section 3.01
	 	Satisfaction and Discharge	  	 	27	 
		
	 ARTICLE 4 PARTICULAR COVENANTS OF THE COMPANY
	  	 	27	 
			
	 Section 4.01
	 	Payment of Principal and Interest	  	 	27	 
	 Section 4.02
	 	Maintenance of Office or Agency	  	 	27	 
	 Section 4.03
	 	Appointments to Fill Vacancies in Trustee’s Office	  	 	28	 
	 Section 4.04
	 	Provisions as to Paying Agent	  	 	28	 
	 Section 4.05
	 	Existence	  	 	29	 
	 Section 4.06
	 	Rule 144A Information Requirement and Annual Reports	  	 	29	 
	 Section 4.07
	 	Stay, Extension and Usury Laws	  	 	31	 
	 Section 4.08
	 	Compliance Certificate; Statements as to Defaults	  	 	32	 
		
	 ARTICLE 5 LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE
	  	 	32	 
			
	 Section 5.01
	 	Lists of Holders	  	 	32	 
	 Section 5.02
	 	Preservation and Disclosure of Lists	  	 	32	 
		
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	 	32	 
			
	 Section 6.01
	 	Events of Default	  	 	32	 
	 Section 6.02
	 	Acceleration; Rescission and Annulment	  	 	34	 
	 Section 6.03
	 	Additional Interest	  	 	35	 
	 Section 6.04
	 	Payments of Notes on Default; Suit Therefor	  	 	35	 

  
 -i- 

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	 Section 6.05
	 	Application of Monies Collected by Trustee	  	 	37	 
	 Section 6.06
	 	Proceedings by Holders	  	 	37	 
	 Section 6.07
	 	Proceedings by Trustee	  	 	38	 
	 Section 6.08
	 	Remedies Cumulative and Continuing	  	 	39	 
	 Section 6.09
	 	Direction of Proceedings and Waiver of Defaults by Majority of Holders	  	 	39	 
	 Section 6.10
	 	Notice of Defaults	  	 	39	 
	 Section 6.11
	 	Undertaking to Pay Costs	  	 	40	 
		
	 ARTICLE 7 CONCERNING THE TRUSTEE
	  	 	40	 
			
	 Section 7.01
	 	Duties and Responsibilities of Trustee	  	 	40	 
	 Section 7.02
	 	Reliance on Documents, Opinions, Etc.	  	 	42	 
	 Section 7.03
	 	No Responsibility for Recitals, Etc.	  	 	43	 
	 Section 7.04
	 	Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes	  	 	43	 
	 Section 7.05
	 	Monies and Shares of Common Stock to Be Held in Trust	  	 	43	 
	 Section 7.06
	 	Compensation and Expenses of Trustee	  	 	44	 
	 Section 7.07
	 	Officer’s Certificate as Evidence	  	 	45	 
	 Section 7.08
	 	Eligibility of Trustee	  	 	45	 
	 Section 7.09
	 	Resignation or Removal of Trustee	  	 	45	 
	 Section 7.10
	 	Acceptance by Successor Trustee	  	 	46	 
	 Section 7.11
	 	Succession by Merger, Etc.	  	 	47	 
	 Section 7.12
	 	Trustee’s Application for Instructions from the Company	  	 	47	 
		
	 ARTICLE 8 CONCERNING THE HOLDERS
	  	 	48	 
			
	 Section 8.01
	 	Action by Holders	  	 	48	 
	 Section 8.02
	 	Proof of Execution by Holders	  	 	48	 
	 Section 8.03
	 	Who Are Deemed Absolute Owners	  	 	48	 
	 Section 8.04
	 	Company-Owned Notes Disregarded	  	 	48	 
	 Section 8.05
	 	Revocation of Consents; Future Holders Bound	  	 	49	 
		
	 ARTICLE 9 HOLDERS’ MEETINGS
	  	 	49	 
			
	 Section 9.01
	 	Purpose of Meetings	  	 	49	 
	 Section 9.02
	 	Call of Meetings by Trustee	  	 	50	 
	 Section 9.03
	 	Call of Meetings by Company or Holders	  	 	50	 
	 Section 9.04
	 	Qualifications for Voting	  	 	50	 
	 Section 9.05
	 	Regulations	  	 	50	 
	 Section 9.06
	 	Voting	  	 	51	 
	 Section 9.07
	 	No Delay of Rights by Meeting	  	 	51	 
		
	 ARTICLE 10 SUPPLEMENTAL INDENTURES
	  	 	51	 
			
	 Section 10.01
	 	Supplemental Indentures Without Consent of Holders	  	 	51	 
	 Section 10.02
	 	Supplemental Indentures with Consent of Holders	  	 	52	 

  
 -ii- 

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	 Section 10.03
	 	Effect of Supplemental Indentures	  	 	53	 
	 Section 10.04
	 	Notation on Notes	  	 	54	 
	 Section 10.05
	 	Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee	  	 	54	 
		
	 ARTICLE 11 CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
	  	 	54	 
			
	 Section 11.01
	 	Company May Consolidate, Etc.	  	 	54	 
	 Section 11.02
	 	Successor Corporation to Be Substituted	  	 	55	 
		
	 ARTICLE 12 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	  	 	55	 
			
	 Section 12.01
	 	Indenture and Notes Solely Corporate Obligations	  	 	55	 
		
	 ARTICLE 13 CONVERSION OF NOTES
	  	 	56	 
			
	 Section 13.01
	 	Conversion Privilege	  	 	56	 
	 Section 13.02
	 	Conversion Procedure; Settlement Upon Conversion	  	 	59	 
	 Section 13.03
	 	Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes or Converted During a Redemption Period	  	 	63	 
	 Section 13.04
	 	Adjustment of Conversion Rate	  	 	66	 
	 Section 13.05
	 	Adjustments of Prices	  	 	75	 
	 Section 13.06
	 	Shares to Be Fully Paid	  	 	75	 
	 Section 13.07
	 	Effect of Recapitalizations, Reclassifications and Changes of the Common Stock	  	 	75	 
	 Section 13.08
	 	Certain Covenants	  	 	77	 
	 Section 13.09
	 	Responsibility of Trustee	  	 	77	 
	 Section 13.10
	 	Stockholder Rights Plans	  	 	78	 
	 Section 13.11
	 	Exchange In Lieu of Conversion	  	 	78	 
		
	 ARTICLE 14 REPURCHASE OF NOTES AT OPTION OF HOLDERS
	  	 	79	 
			
	 Section 14.01
	 	Repurchase at Option of Holders Upon a Fundamental Change	  	 	79	 
	 Section 14.02
	 	Withdrawal of Fundamental Change Repurchase Notice	  	 	82	 
	 Section 14.03
	 	Deposit of Fundamental Change Repurchase Price	  	 	82	 
	 Section 14.04
	 	Covenant to Comply with Applicable Laws Upon Repurchase of Notes	  	 	83	 
		
	 ARTICLE 15 OPTIONAL REDEMPTION
	  	 	83	 
			
	 Section 15.01
	 	Optional Redemption	  	 	83	 
	 Section 15.02
	 	Notice of Optional Redemption; Selection of Notes	  	 	83	 
	 Section 15.03
	 	Payment of Notes Called for Redemption	  	 	85	 
	 Section 15.04
	 	Restrictions on Redemption	  	 	85	 
		
	 ARTICLE 16 MISCELLANEOUS PROVISIONS
	  	 	85	 
			
	 Section 16.01
	 	Provisions Binding on Company’s Successors	  	 	85	 

  
 -iii- 

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	 Section 16.02
	 	Official Acts by Successor Corporation	  	 	85	 
	 Section 16.03
	 	Addresses for Notices, Etc.	  	 	86	 
	 Section 16.04
	 	Governing Law; Jurisdiction	  	 	86	 
	 Section 16.05
	 	Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	  	 	87	 
	 Section 16.06
	 	Legal Holidays	  	 	87	 
	 Section 16.07
	 	No Security Interest Created	  	 	88	 
	 Section 16.08
	 	Benefits of Indenture	  	 	88	 
	 Section 16.09
	 	Table of Contents, Headings, Etc.	  	 	88	 
	 Section 16.10
	 	Authenticating Agent	  	 	88	 
	 Section 16.11
	 	Execution in Counterparts	  	 	89	 
	 Section 16.12
	 	Severability	  	 	89	 
	 Section 16.13
	 	Waiver of Jury Trial	  	 	89	 
	 Section 16.14
	 	Force Majeure	  	 	89	 
	 Section 16.15
	 	Calculations	  	 	90	 
	 Section 16.16
	 	USA PATRIOT Act	  	 	90	 

 EXHIBIT 
  

					
	Exhibit A	  	Form of Note	  	A-1

  

  
 -iv- 

 INDENTURE dated as of October 10, 2018 between TILRAY, INC., a Delaware corporation, as
issuer (the “Company,” as more fully set forth in Section 1.01) and GLAS TRUST COMPANY LLC, a limited liability company organized and existing under the laws of the State of New Hampshire, as trustee (the
“Trustee,” as more fully set forth in Section 1.01). 
 W I T N E S S E T H: 

WHEREAS, for its lawful corporate purposes, the Company has duly authorized the issuance of its 5.00% Convertible Senior Notes due 2023 (the
“Notes”), initially in an aggregate principal amount not to exceed $450,000,000 (as increased by an amount equal to the aggregate principal amount of any additional Notes purchased by the Initial Purchasers pursuant to the exercise
of their option to purchase additional Notes as set forth in the Purchase Agreement), and in order to provide the terms and conditions upon which the Notes are to be authenticated, issued and delivered, the Company has duly authorized the execution
and delivery of this Indenture; and 
 WHEREAS, the Form of Note, the certificate of authentication to be borne by each Note, the Form of
Notice of Conversion, the Form of Fundamental Change Repurchase Notice and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided; and 

WHEREAS, all acts and things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee or a
duly authorized authenticating agent, as in this Indenture provided, the valid, binding and legal obligations of the Company, and this Indenture a valid agreement according to its terms, have been done and performed, and the execution of this
Indenture and the issuance hereunder of the Notes have in all respects been duly authorized. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 That in order to declare the terms and conditions upon which the Notes are, and are to be, authenticated, issued and delivered, and in
consideration of the premises and of the purchase and acceptance of the Notes by the Holders thereof, the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the respective Holders from time to time of the Notes
(except as otherwise provided below), as follows: 
 ARTICLE 1 

DEFINITIONS 
 Section 1.01
Definitions. The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the
respective meanings specified in this Section 1.01. The words “herein,” “hereof,” “hereunder” and words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other
subdivision. The terms defined in this Article include the plural as well as the singular. 
 “Additional Interest” means
all amounts, if any, payable pursuant to Section 4.06(d), Section 4.06(e) and Section 6.03, as applicable. 
  

 “Additional Shares” shall have the meaning specified in
Section 13.03(a). 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person means the power to direct or cause the direction of the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. Notwithstanding anything to the contrary herein, the determination of whether one Person is an “Affiliate” of another Person for purposes of this Indenture shall be made based on the facts at the time such determination
is made or required to be made, as the case may be, hereunder. 
 “Affiliated Holders” means, with respect to any specified
natural person, any company, limited liability company, partnership, trust, foundation or other entity or investment vehicle for which such specified natural person (or such person’s estate) retains sole voting and dispositive power (or shared
voting and/or dispositive power with one or more other Founders or their respective Affiliated Holders) with respect to the Class 1 Common Stock and Common Stock (or such other Common Equity into which the Class 1 Common Stock or the
Common Stock, as applicable, has been reclassified) held by such company, partnership, trust, foundation or other entity or investment vehicle, and the trustees, legal representatives, beneficiaries and/or beneficial owners of such company, limited
liability company, partnership, trust, foundation or other entity or investment vehicle. 
 “Bid Solicitation Agent” means
the Company or the Person appointed by the Company to solicit bids for the Trading Price of the Notes in accordance with Section 13.01(b)(i). The Company shall initially act as the Bid Solicitation Agent. 

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

“Business Day” means, with respect to any Note, any day other than a Saturday, a Sunday or a day on which the Federal Reserve
Bank of New York (and in respect of payments, the place of payment) is authorized or required by law or executive order to close or be closed. 

“Capital Stock” means, for any entity, any and all shares, interests, rights to purchase, warrants, options, participations
or other equivalents of or interests in (however designated) stock issued by that entity, but shall not include any debt securities convertible into or exchangeable for any securities otherwise constituting Capital Stock pursuant to this definition.

 “Cash Settlement” shall have the meaning specified in Section 13.02(a). 

  
 -2- 

 “Class 1 Common Stock” means the Class 1 common
stock of the Company, par value $0.0001 per share. 
 The term “close of business” means 5:00 p.m. (New York City time).

 “Combination Settlement” shall have the meaning specified in Section 13.02(a). 

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

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

“Common Stock” means the Class 2 common stock of the Company, par value $0.0001 per share, at the date of this
Indenture, subject to Section 13.07. 
 “Common Stock Change Event” shall have the meaning specified in
Section 13.07(a). 
 “Company” shall have the meaning specified in the first paragraph of this Indenture, and subject
to the provisions of Article 11, shall include its successors and assigns. 
 “Company Order” means a written order of
the Company, signed by any of its officers and delivered to the Trustee. 
 “Conversion Agent” shall have the meaning
specified in Section 4.02. 
 “Conversion Consideration” shall have the meaning specified in Section 13.11(a).

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

“Conversion Obligation” shall have the meaning specified in Section 13.01(a). 

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

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

“Corporate Trust Office” means the designated office of the Trustee at which at any time this Indenture shall be
administered, which office at the date hereof is located at GLAS Trust Company LLC, 3 Second Street, Suite 206, Jersey City, NJ 07311, Attention: Administrator for Tilray, Inc., or such other address as the Trustee may designate from time to time by
notice to the Holders and the Company, or the designated corporate trust office of any successor trustee (or such other address as such successor trustee may designate from time to time by notice to the Holders and the Company). 

  
 -3- 

 “Custodian” means the Trustee, as custodian for The Depository Trust
Company, with respect to the Global Notes, or any successor Depositary. 
 “Daily Conversion Value” means, for each of the
30 consecutive VWAP Trading Days during the Observation Period, 1/30th of the product of (a) the Conversion Rate on such VWAP Trading Day and (b) the Daily VWAP for such VWAP Trading Day. 

“Daily Measurement Value” means, in respect of any conversion of Notes, the Specified Dollar Amount applicable to such
conversion, divided by 30. 
 “Daily Settlement Amount,” for each of the 30 consecutive VWAP Trading Days during the
Observation Period for any conversion of Notes, shall consist of: 
 (a) cash in an amount equal to the lesser of
(i) the Daily Measurement Value applicable to such conversion and (ii) the Daily Conversion Value on such VWAP Trading Day; and 

(b) if such Daily Conversion Value exceeds such Daily Measurement Value, a number of shares of Common Stock equal to
(i) the difference between such Daily Conversion Value and such Daily Measurement Value, divided by (ii) the Daily VWAP for such VWAP Trading Day. 

“Daily VWAP” means, for each of the 30 consecutive VWAP Trading Days during the relevant Observation Period, the per share
volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “TLRY AQR” (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading
until the scheduled close of trading of the primary trading session on such VWAP Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of the Common Stock on such VWAP Trading Day reasonably determined,
using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by the Company). The “Daily VWAP” shall be determined without regard to after-hours trading or any
other trading outside of the regular trading session trading hours. 
 “Default” means any event that is, or after notice
or passage of time, or both, would be, an Event of Default. 
 “Default Settlement Method” means Combination Settlement
with a Specified Dollar Amount of $1,000 per $1,000 principal amount of Notes; provided, however, the Default Settlement Method may be changed from time to time by the Company in accordance with Section 13.02(a)(iii). 

“Defaulted Amounts” means any amounts on any Note (including, without limitation, the Redemption Price, the Fundamental
Change Repurchase Price, principal and interest) that are payable but are not punctually paid or duly provided for. 

“Depositary” means, with respect to each Global Note, the Person specified in Section 2.05(c) as the Depositary with
respect to such Notes, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary” shall mean or include such successor. 

  
 -4- 

 “Designated Institution” shall have the meaning specified in
Section 13.11(a). 
 “Distributed Property” shall have the meaning specified in Section 13.04(c). 

“Distributions Trigger Irrevocable Physical Settlement Period” shall have the meaning specified in Section 13.01(b)(ii).

 “Effective Date” shall have the meaning specified in Section 13.03(c), except that, as used in Section 13.04
and Section 13.05, “Effective Date” means the first date on which shares of the Common Stock trade on the applicable exchange or in the applicable market, regular way, reflecting the relevant share split or share combination,
as applicable. 
 “Event of Default” shall have the meaning specified in Section 6.01. 

“Ex-Dividend Date” means the first date on which shares of the Common Stock trade on
the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of Common Stock on such exchange or market (in the
form of due bills or otherwise) as determined by such exchange or market. 
 “Exchange Act” means the Securities Exchange
Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “Exchange Election” shall have the
meaning specified in Section 13.11(a). 
 “Form of Assignment and Transfer” means the “Form of Assignment and
Transfer” attached as Attachment 3 to the Form of Note attached hereto as Exhibit A. 
 “Form of Fundamental Change
Repurchase Notice” means the “Form of Fundamental Change Repurchase Notice” attached as Attachment 2 to the Form of Note attached hereto as Exhibit A. 

“Form of Note” means the “Form of Note” attached hereto as Exhibit A. 

“Form of Notice of Conversion” means the “Form of Notice of Conversion” attached as Attachment 1 to the Form of
Note attached hereto as Exhibit A. 
 “Founders” means (i) Brendan Kennedy, (ii) Michael Blue and
(iii) Christian Groh. 
 “Fundamental Change” shall be deemed to have occurred at the time after the Notes are
originally issued if any of the following occurs prior to the Maturity Date: 

  
 -5- 

 (a) (1) a “person” or “group” within the meaning of
Section 13(d) of the Exchange Act, other than the Company, its Wholly Owned Subsidiaries and the employee benefit plans of the Company and its Wholly Owned Subsidiaries, becomes, and files a Schedule TO (or any successor schedule, form or
report) or any schedule, form or report under the Exchange Act disclosing that such person or group has become the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the
Exchange Act, of the Common Stock representing more than 50% of the voting power of the Common Stock (or such other Common Equity into which the Common Stock has been reclassified), or (2) any Permitted Holder or “group” within the
meaning of Section 13(d) of the Exchange Act) of Permitted Holders becomes, and files a Schedule TO (or any successor schedule, form or report) or any schedule, form or report under the Exchange Act and such filing discloses that such Permitted
Holder or “group” composed of one or more of the Permitted Holders has become the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of more than
85% of the outstanding shares of the Class 1 Common Stock and Common Stock (or such other Common Equity into which the Class 1 Common Stock or the Common Stock, as applicable, has been reclassified), taken together as a single class on an as-converted basis, unless, in either case, such beneficial ownership arises solely as a result of a revocable proxy delivered in response to a public proxy or consent solicitation made pursuant to the applicable
rules under the Exchange Act and is not also then reportable on Schedule 13D or Schedule 13G (or any successor schedule) under the Exchange Act, provided, that (i) no person or group shall be deemed to be the beneficial owner
of any securities tendered pursuant to a tender or exchange offer made by or on behalf of such “person” or “group” until such tendered securities are accepted for purchase or exchange under such offer, and (ii) neither the
direct or indirect beneficial ownership and/or acquisition by any Permitted Holder or “group” of Permitted Holders of Common Stock nor any filing by any Permitted Holder or Permitted Holders disclosing such ownership and/or acquisition
shall be a Fundamental Change pursuant to clause (a)(1) unless such Permitted Holder or “group” of Permitted Holders has become, and such filing discloses that such Permitted Holder or “group” of Permitted Holders has become, the
direct or indirect beneficial owner of shares of Common Stock (or such other Common Equity into which the Common Stock has been reclassified) representing more than 10% of the voting power of Common Stock (or such other Common Equity into which the
Common Stock has been reclassified), provided, further, the foregoing percentages shall be calculated by excluding (a), in the case of the percentage in clause (ii) of the first proviso above, any shares of Common Stock (or such
other Common Equity into which the Common Stock has been reclassified) directly or indirectly beneficially owned, or issued or issuable upon conversion of any shares of Class 1 Common Stock (or such other Common Equity into which the
Class 1 Common Stock has been reclassified) directly or indirectly beneficially owned by the Permitted Holders on the date of this Indenture, and (b) in the case of the percentage in clause (ii) of the first proviso above and the
percentage in clause (b), any shares of Common Stock (or such other common equity into which the Common Stock has been reclassified) directly or indirectly owned by the Permitted Holders as a result of the acquisition by any Permitted Holder of
equity grants (or the exercise or conversion thereof) outstanding on the date of this Indenture or subsequently granted under the Company’s equity incentive plans; 

  
 -6- 

 (b) the consummation of (A) any recapitalization, reclassification or
change of the Common Stock (other than a change to par value, or from par value to no par value or changes resulting from a subdivision or combination) as a result of which the Common Stock would be converted into, or exchanged for, stock, other
securities, other property or assets; (B) any share exchange, consolidation or merger of the Company pursuant to which the Common Stock will be converted into cash, securities or other property or assets; or (C) any sale, lease or other
transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any Person other than one or more of the Company’s direct or indirect
Wholly Owned Subsidiaries; provided, however, that a transaction described in clause (A) or (B) in which the holders of all classes of the Company’s Common Equity immediately prior to such transaction own, directly or indirectly,
more than 50% of all classes of Common Equity of the continuing or surviving corporation or transferee or the direct or indirect parent thereof immediately after such transaction in substantially the same proportions (relative to each other) as such
ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause (b); 
 (c) the
stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company; or 
 (d) the
Common Stock (or other common stock underlying the Notes) ceases to be listed or quoted on any of The New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of their respective successors); 

provided, however, that a transaction or transactions described in clause (a) or clause (b) above shall not constitute a Fundamental Change,
if at least 90% of the consideration received or to be received by the common stockholders of the Company, excluding cash payments for fractional shares and cash payments made in respect of dissenters’ statutory appraisal rights, in connection
with such transaction or transactions consists of shares of common stock that are listed or quoted on any of The New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of their respective successors) or will be
so listed or quoted when issued or exchanged in connection with such transaction or transactions and as a result of such transaction or transactions the Notes become convertible into such consideration, excluding cash payments for fractional shares
and cash payments made in respect of dissenters’ statutory appraisal rights (subject to the provisions set forth below under Section 13.02). If any transaction in which the Common Stock is replaced by the common stock or other Common
Equity of another entity occurs, following completion of any related Make-Whole Fundamental Change Period (or, in the case of a transaction that would have been a Fundamental Change or a Make-Whole Fundamental Change but for the proviso immediately
following clause (d) of this definition, following the effective date of such transaction) references to the Company in this definition shall instead be references to such other entity. 

“Fundamental Change Company Notice” shall have the meaning specified in Section 14.01(c). 

“Fundamental Change Repurchase Date” shall have the meaning specified in Section 14.01(a). 

  
 -7- 

 “Fundamental Change Repurchase Notice” shall have the meaning specified in
Section 14.01(b)(i). 
 “Fundamental Change Repurchase Price” shall have the meaning specified in
Section 14.01(a). 
 The terms “given”, “mailed”, “notify” or
“sent” with respect to any notice to be given to a Holder pursuant to this Indenture, shall mean notice (x) given to the Depository (or its designee) pursuant to the standing instructions from the Depository or its designee,
including by electronic mail in accordance with accepted practices or procedures at the Depository (in the case of a Global Note) or (y) mailed to such Holder by first class mail, postage prepaid, at its address as it appears on the Note
Register (in the case of a Physical Note), in each case, in accordance with Section 16.03. Notice “given’ shall be deemed to include any notice to be “mailed” or “delivered,” as applicable, under this Indenture.

 “Global Note” shall have the meaning specified in Section 2.05(b). 

“Holder,” as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any
Person in whose name at the time a particular Note is registered on the Note Register. 
 “Indenture” means this instrument
as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented. 
 “Initial
Purchasers” means Cowen and Company, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and BMO Capital Markets Corp. 

“Interest Payment Date” means each April 1 and October 1 of each year, beginning on April 1, 2019 (or, for
Notes authenticated on a date that is after April 1, 2019, such other date falling on April 1 or October 1 as may be set forth in the certificate representing the applicable Note). 

“Last Original Issue Date” means, (x) with respect to the Notes offered pursuant to the Offering Memorandum, and any
Notes issued in exchange therefor or in substitution thereof, the later of (i) the date of this Indenture, and (ii) the last date any Notes are originally issued pursuant to the Offering Memorandum pursuant to the exercise of the option
granted to the Initial Purchaser(s) of such Notes to purchase additional Notes; and (y) with respect to any additional Notes issued pursuant to the first sentence of Section 2.10, and any Notes issued in exchange therefor or in
substitution thereof, the later of (i) the date such Notes are originally issued and (ii) the last date any Notes are originally issued as part of the same offering pursuant to the exercise of an option granted to the Initial Purchaser(s)
of such Notes to purchase additional Notes. 
 “Last Reported Sale Price” of the Common Stock (or other security for which
a last reported sale price must be determined) on any date means the closing sale price (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the
average ask prices) per share of Common Stock (or such other security) on that date as reported in composite transactions for the principal U.S. national or regional 

  
 -8- 

 
securities exchange on which the Common Stock (or such other security) is traded. If the Common Stock (or such other security) is not listed for trading on a U.S. national or regional securities
exchange on the relevant date, the “Last Reported Sale Price” shall be the last quoted bid price per share for the Common Stock (or such other security) in the
over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock (or such other security) is not so
quoted, the “Last Reported Sale Price” shall be the average of the mid-point of the last bid and ask prices for the Common Stock (or such other security) on the relevant date from a nationally
recognized independent investment banking firm selected by the Company for this purpose. The “Last Reported Sale Price” will be determined without regard to after-hours trading or any other trading outside of regular trading session
hours. 
 “Make-Whole Fundamental Change” means any transaction or event that constitutes a “Fundamental Change”
as defined above and determined after giving effect to any exceptions to or exclusions from such definition, but without regard to the proviso in clause (b) of the definition thereof. 

“Make-Whole Fundamental Change Period” shall have the meaning specified in Section 13.03(a). 

“Market Disruption Event” means (a) a failure by the primary U.S. national or regional securities exchange or market on
which the Common Stock is listed or admitted for trading to open for trading during its regular trading session or (b) the occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the Common Stock for
more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Common
Stock or in any options contracts or futures contracts relating to the Common Stock. 
 “Maturity Date” means
October 1, 2023. 
 “Measurement Period” shall have the meaning specified in Section 13.01(b)(i). 

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

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

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

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

“Observation Period” with respect to any Note surrendered for conversion means: (i) subject to clause (ii) below,
if the relevant Conversion Date occurs prior to April 1, 2023, the 30 consecutive VWAP Trading Day period beginning on, and including, the second VWAP Trading Day immediately succeeding such Conversion Date; (ii) if the relevant Conversion
Date occurs during a Redemption Period as described under Section 15.02, the 30 consecutive VWAP Trading Days beginning on, and including, the 31st Scheduled Trading Day immediately preceding the applicable Redemption Date; and
(iii) subject to clause (ii) above, if the relevant Conversion Date occurs on or after April 1, 2023, the 30 consecutive VWAP Trading Days beginning on, and including, the 31st Scheduled Trading Day immediately preceding the Maturity
Date. 

  
 -9- 

 “Offering Memorandum” means the preliminary offering memorandum dated
October 3, 2018, as supplemented by the related pricing term sheet dated October 4, 2018, relating to the offering and sale of the Notes. 

“Officer” means, with respect to the Company, the President, the Chief Executive Officer, the Treasurer, the Chief Financial
Officer, the Chief Operating Officer, the Chief Legal Officer, the Secretary, any Executive or Senior Vice President or any Vice President (whether or not designated by a number or numbers or word or words added before or after the title “Vice
President”). 
 “Officer’s Certificate,” when used with respect to the Company, means a certificate that is
delivered to the Trustee and that is signed by any Officer of the Company. Each such certificate shall include the statements provided for in Section 16.05 if and to the extent required by the provisions of such Section. The Officer giving an
Officer’s Certificate pursuant to Section 4.08 shall be the principal executive, financial or accounting officer of the Company. 

“1% Provision” shall have the meaning specified in Section 13.04(l). 

The term “open of business” means 9:00 a.m. (New York City time). 

“Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the
Company, or other counsel who is reasonably acceptable to the Trustee, which opinion may contain customary exceptions and qualifications as to the matters set forth therein, that is delivered to the Trustee. Each such opinion shall include the
statements provided for in Section 16.05 if and to the extent required by the provisions of such Section 16.05. 

“Optional Redemption” shall have the meaning specified in Section 15.01. 

The term “outstanding,” when used with reference to Notes, shall, subject to the provisions of Section 8.04, mean, as of
any particular time, all Notes authenticated and delivered by the Trustee under this Indenture, except: 
 (a) Notes
theretofore canceled by the Trustee or accepted by the Trustee for cancellation; 
 (b) Notes, or portions thereof, that have
become due and payable and in respect of which monies in the necessary amount shall have been deposited in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust by the Company
(if the Company shall act as its own Paying Agent); 
 (c) Notes that have been paid pursuant to Section 2.06 or Notes
in lieu of which, or in substitution for which, other Notes shall have been authenticated and delivered pursuant to the terms of Section 2.06 unless proof satisfactory to the Trustee is presented that any such Notes are held by protected
purchasers in due course; 

  
 -10- 

 (d) Notes converted pursuant to Article 13 and required to be cancelled
pursuant to Section 2.08; 
 (e) Notes redeemed pursuant to Article 15; and 

(f) Notes repurchased by the Company pursuant to the penultimate sentence of Section 2.10. 

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

“Permitted Holders” means (i) Privateer Holdings, Inc., (ii) any entity wholly-owned by Privateer Holdings, Inc.
and (iii) the Founders, the respective Affiliated Holders of the Founders and the respective estates of the Founders. 

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

“Physical Notes” means permanent certificated Notes in registered form issued in denominations of $1,000 principal amount and
integral multiples thereof. 
 “Physical Settlement” shall have the meaning specified in Section 13.02(a). 

“Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that
evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.06 in lieu of or in exchange for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same
debt as the mutilated, lost, destroyed or stolen Note that it replaces. 
 “Purchase Agreement” means that certain Purchase
Agreement, dated as of October 4, 2018, among the Company and the Initial Purchasers. 
 “Record Date” means, with
respect to any dividend, distribution or other transaction or event in which the holders of Common Stock (or other applicable security) have the right to receive any cash, securities or other property or in which the Common Stock (or such other
security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of holders of the Common Stock (or such other security) entitled to receive such cash, securities or other property
(whether such date is fixed by the Board of Directors or a duly authorized committee thereof, by statute, by contract or otherwise). 

“Redemption Date” shall have the meaning specified in Section 15.02(a). 

“Redemption Notice” shall have the meaning specified in Section 15.02(a). 

“Redemption Notice Date” shall have the meaning specified in Section 15.01. 

  
 -11- 

 “Redemption Period” means, with respect to any Optional Redemption of Notes
pursuant to Article 15, the period from, and including, the Redemption Notice Date for such Optional Redemption to, and including, the second Scheduled Trading Day immediately preceding the Redemption Date for such conversion. 

“Redemption Price” means, for any Notes to be redeemed pursuant to Section 15.01, 100% of the principal amount of such
Notes, plus accrued and unpaid interest, if any, to, but excluding, the applicable Redemption Date (unless such Redemption Date falls after a Regular Record Date but on or prior to the immediately succeeding Interest Payment Date, in which
case interest accrued on such Notes to the Interest Payment Date will be paid to Holders of record of such Notes as of the close of business on such Regular Record Date, and the Redemption Price will be equal to 100% of the principal amount of such
Notes). 
 “Reference Property” shall have the meaning specified in Section 13.07(a). 

“Reference Property Unit” shall have the meaning specified in Section 13.07(a). 

“Regular Record Date,” with respect to any Interest Payment Date, means the March 15 or September 15 (whether or
not such day is a Business Day) immediately preceding the applicable April 1 or October 1 Interest Payment Date, respectively. 

“Resale Restriction Termination Date” means, with respect to any Note, the date that is the later of (a) the date that
is one year after the last date of original issuance of such Note, or such shorter period of time as permitted by Rule 144 or any successor provision thereto, and (2) such later date, if any, as may be required by applicable law for such Note
to cease to be a Transfer Restricted Note. 
 “Responsible Officer” means, when used with respect to the Trustee, any
officer within the Corporate Trust Office of the Trustee, including any vice president, assistant vice president, any trust officer or assistant 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 relating to this Indenture is referred because of such person’s knowledge of and familiarity with the particular subject and
who, in each case, shall have direct responsibility for the administration of this Indenture. 
 “Restricted Securities”
shall have the meaning specified in Section 2.05(c). 
 “Restrictive Legend” shall have the meaning specified in
Section 2.05(c). 
 “Rule 144” means Rule 144 as promulgated under the Securities Act. 

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

“Scheduled Trading Day” means a day that is scheduled to be a Trading Day on the principal U.S. national or regional
securities exchange or market on which the Common Stock is listed or admitted for trading. If the Common Stock is not so listed or admitted for trading, “Scheduled Trading Day” means a Business Day. 

  
 -12- 

 “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder. 
 “Settlement Amount” has the meaning specified in
Section 13.02(a)(iv). 
 “Settlement Method” means, with respect to any conversion of Notes, Physical Settlement, Cash
Settlement or Combination Settlement, as elected (or deemed to have been elected) by the Company. 
 “Settlement Notice”
has the meaning specified in Section 13.02(a)(iii). 
 “Significant Subsidiary” means, with respect to any Person, a
Subsidiary of the Company that meets the definition of “significant subsidiary” in Article 1, Rule 1-02 of Regulation S-X under the Exchange Act;
provided, that, in the case of a Subsidiary that meets the criteria of clause (3) of the definition thereof, but not clause (1) or (2) thereof, such Subsidiary shall not be deemed to be a Significant Subsidiary unless the
Subsidiary’s income from continuing operations before income taxes, extraordinary items and cumulative effect of a change in accounting principle, exclusive of amounts attributable to any non-controlling
interests, for the last completed fiscal year prior to the date of such determination exceeds $10,000,000. 
 “Specified Dollar
Amount” means, in respect of the conversion of any Note, the maximum cash amount per $1,000 principal amount of such Notes to be received upon conversion. 

“Spin-Off” shall have the meaning specified in Section 13.04(c). 

“Stock Price” shall have the meaning specified in Section 13.03(c). 

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

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

“Trading Day” means a day on which (i) trading in the Common Stock (or other security for which a closing sale price
must be determined) generally occurs on The Nasdaq Global Select Market or, if the Common Stock (or such other security) is not then listed on The Nasdaq Global Select Market, on the principal other U.S. national or regional securities exchange on
which the Common Stock (or such other security) is then listed or, if the Common Stock (or such other security) is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock (or such
other security) is then traded and (ii) a Last Reported Sale Price for the Common Stock (or such other security) is available on such securities exchange or market; provided that if the Common Stock (or such other security) is not so
listed or traded, “Trading Day” means a Business Day. 

  
 -13- 

 “Trading Price” of the Notes on any date of determination means the average
of the secondary market bid quotations obtained by the Bid Solicitation Agent for $2,000,000 principal amount of Notes at approximately 3:30 p.m., New York City time, on such determination date from three independent nationally recognized securities
dealers the Company selects for this purpose; provided that if three such bids cannot reasonably be obtained by the Bid Solicitation Agent but two such bids are obtained, then the average of the two bids shall be used, and if only one such
bid can reasonably be obtained by the Bid Solicitation Agent, that one bid shall be used. If the Bid Solicitation Agent cannot reasonably obtain at least one bid for $2,000,000 principal amount of Notes from a nationally recognized securities dealer
on any determination date, then the Trading Price per $1,000 principal amount of Notes on such determination date shall be deemed to be less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate. 

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

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

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

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

The Trustee is under no obligation to determine whether any Note is a Transfer-Restricted Note and may conclusively rely on an Officer’s
Certificate with respect thereto. 
 “Trigger Event” shall have the meaning specified in Section 13.04(c). 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this
Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after the date hereof, the term “Trust Indenture Act” shall mean, to the extent required by such amendment, the Trust Indenture Act of
1939, as so amended. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this
Indenture until a successor trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder. 

  
 -14- 

 “Valuation Period” shall have the meaning specified in
Section 13.04(c). 
 “VWAP Trading Day” means a day on which (x) there is no Market Disruption Event and
(y) trading in the Common Stock generally occurs on The Nasdaq Global Select Market or, if the Common Stock is not then listed on The Nasdaq Global Select Market, on the principal other U.S. national or regional securities exchange on which the
Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then listed or admitted for trading, except that if the Common
Stock is not so listed or admitted for trading, “VWAP Trading Day” means a Business Day. 
 “Wholly Owned
Subsidiary” means, with respect to any Person, any Subsidiary of such Person, except that, solely for purposes of this definition, (x) the reference to “more than 50%” in the definition of “Subsidiary” shall be
deemed replaced by a reference to “100%”; and (y) directors’ qualifying shares (or equivalent equity interests) will be disregarded in determining whether any Subsidiary is a Wholly Owned Subsidiary of a Person. 

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

ARTICLE 2 
 ISSUE, DESCRIPTION,
EXECUTION, REGISTRATION AND EXCHANGE OF NOTES 
 Section 2.01 Designation and Amount. The Notes shall be designated as the
“5.00% Convertible Senior Notes due 2023.” The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is initially limited to $450,000,000 (as increased by an amount equal to the aggregate
principal amount of any additional Notes purchased by the Initial Purchasers pursuant to the exercise of their option to purchase additional Notes as set forth in the Purchase Agreement), subject to Section 2.10 and except for Notes
authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of other Notes to the extent expressly permitted hereunder. 

Section 2.02 Form of Notes. The Notes and the Trustee’s certificate of authentication to be borne by such Notes shall be
substantially in the respective forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly incorporated in and made a part of this Indenture. To the extent applicable, the Company and the Trustee,
by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. In the case of any conflict between this Indenture and a Note, the provisions of this Indenture shall govern and control to the
extent of such conflict. 

  
 -15- 

 Any Global Note may be endorsed with or have incorporated in the text thereof such legends
or recitals or changes not inconsistent with the provisions of this Indenture as may be required by the Custodian or the Depositary, or as may be required to comply with any applicable law or any regulation thereunder or with the rules and
regulations of any securities exchange or automated quotation system upon which the Notes may be listed or traded or designated for issuance or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to
which any particular Notes are subject. 
 Any of the Notes may have such letters, numbers or other marks of identification and such
notations, legends or endorsements as the Officer executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with
any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage or to indicate
any special limitations or restrictions to which any particular Notes are subject. 
 Each Global Note shall represent such principal amount
of the outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes
represented thereby may from time to time be increased or reduced to reflect redemptions, repurchases, cancellations, conversions, transfers or exchanges permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or
decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon written instructions given by the Holder of such Notes in accordance with this
Indenture. Payment of principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, a Global Note shall be made to the Holder of such Note on the date of payment, unless
a record date or other means of determining Holders eligible to receive payment is provided for herein. 
 Section 2.03 Date and
Denomination of Notes; Payments of Interest and Defaulted Amounts. (a) The Notes shall be issuable in registered form without coupons in denominations of $1,000 principal amount and integral multiples thereof. Each Note shall be dated the
date of its authentication and shall bear interest from the date specified on the face of such Note. Accrued interest on the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of the number of days actually elapsed in a 30-day month. 

(b) The Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of business on any Regular
Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date. The principal amount of any Note (x) in the case of any Physical Note, shall be payable at the office or
agency of the Company maintained by the Company for such purposes in the United States, which shall initially be the Corporate Trust Office and (y) in the case of any Global Note, shall be payable by wire transfer of immediately available funds
to the account of the Depositary or its nominee. The Company shall pay or cause the Paying Agent to pay interest (i) on any Physical Notes (A) to Holders holding Physical Notes having an aggregate principal amount of $5,000,000 or less, by

  
 -16- 

 
check mailed to the Holders of these Notes at their address as it appears in the Note Register and (B) to Holders holding Physical Notes having an aggregate principal amount of more than
$5,000,000, either by check mailed to each Holder or, upon application by such a Holder to the Note Registrar not later than the relevant Regular Record Date, by wire transfer in immediately available funds to that Holder’s account within the
United States, if such Holder has provided the Company, the Trustee or the Paying Agent (if other than the Trustee) with the requisite information necessary to make such wire transfer, which application shall remain in effect until the Holder
notifies, in writing, the Note Registrar to the contrary or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee. 

(c) Any Defaulted Amounts shall forthwith cease to be payable to the Holder on the relevant payment date but shall accrue interest per annum at
the rate borne by the Notes, subject to the enforceability thereof under applicable law, from, and including, such relevant payment date, and such Defaulted Amounts together with such interest thereon shall be paid by the Company, at its election in
each case, as provided in clause (i) or (ii) below: 
 (i) The Company may elect to make payment of any Defaulted
Amounts to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on a special record date for the payment of such Defaulted Amounts, which shall be fixed in the following manner. The
Company shall notify the Trustee in writing of the amount of the Defaulted Amounts proposed to be paid on each Note and the date of the proposed payment (which shall be not less than 25 days after the receipt by the Trustee of such notice, unless
the Trustee shall consent to an earlier date), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Amounts or shall make arrangements satisfactory
to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Amounts as in this clause provided. Thereupon the Company shall
fix a special record date for the payment of such Defaulted Amounts which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment, and not less than 10 days after the receipt by the Trustee of the notice of
the proposed payment (unless the Trustee shall consent to an earlier date). The Company shall promptly notify the Trustee of such special record date, and the Trustee, in the name and at the expense of the Company, shall cause notice of the proposed
payment of such Defaulted Amounts and the special record date therefor to be delivered to each Holder at its address as it appears in the Note Register, or by electronic means to the Depositary in the case of Global Notes, not less than 10 days
prior to such special record date. Notice of the proposed payment of such Defaulted Amounts and the special record date therefor having been so delivered, such Defaulted Amounts shall be paid to the Persons in whose names the Notes (or their
respective Predecessor Notes) are registered at the close of business on such special record date and shall no longer be payable pursuant to the following clause (ii) of this Section 2.03(c). The Trustee shall have no responsibility
whatsoever for the calculation of the Defaulted Amounts. 

  
 -17- 

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

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

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to
the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company Order shall authenticate and deliver such Notes, without any further action by the
Company hereunder; provided, however, that the Trustee shall be entitled, in connection with the original issuance of any additional Notes issued pursuant to the first sentence of Section 2.10, to receive an Officer’s
Certificate and an Opinion of Counsel of the Company with respect to the issuance, authentication and delivery of such Notes. 
 Only such
Notes as shall bear thereon a certificate of authentication substantially in the form set forth on the Form of Note attached as Exhibit A hereto, executed manually or by facsimile by an authorized officer of the Trustee (or an authenticating
agent appointed by the Trustee as provided by Section 16.10), shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee (or such an authenticating agent) upon any Note
executed by the Company shall be conclusive evidence that the Note so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture. 

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

  
 -18- 

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

Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes
to be exchanged at any such office or agency maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that the
Holder making the exchange is entitled to receive, bearing registration numbers not contemporaneously outstanding. 
 All Notes presented or
surrendered for registration of transfer or for exchange, repurchase or conversion shall (if so required by the Company, the Trustee, the Note Registrar or any co-Note Registrar) be duly endorsed, or be
accompanied by a written instrument or instruments of transfer in form satisfactory to the Note Registrar and duly executed, by the Holder thereof or its
attorney-in-fact duly authorized in writing. 
 No service
charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent for any exchange or registration of transfer of Notes, but the Company may require a Holder to
pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in connection therewith as a result of the name of the Holder of new Notes issued upon such exchange or registration of transfer being different from the
name of the Holder of the old Notes surrendered for exchange or registration of transfer. 
 None of the Company, the Trustee, the Note
Registrar or any co-Note Registrar shall be required to exchange or register a transfer of (i) any Notes surrendered for conversion or, if a portion of any Note is surrendered for conversion, such portion
thereof surrendered for conversion, (ii) any Notes, or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with Article 14 or (iii) any Notes selected for redemption in accordance with Article 15,
except the unredeemed portion of any Note being redeemed in part. 
 All Notes issued upon any registration of transfer or exchange of Notes
in accordance with this Indenture shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange. 

(b) So long as the Notes are eligible for book-entry settlement with the Depositary, unless otherwise required by law, subject to the fourth
paragraph from the end of Section 2.05(c) all Notes shall be represented by one or more Notes in global form (each, a “Global Note”) registered in the name of the Depositary or the nominee of the Depositary. The transfer and
exchange of beneficial interests in a Global Note that does not involve the issuance of a Physical Note shall be effected through the Depositary (but not the Trustee or the Custodian) in accordance with this Indenture (including the restrictions on
transfer set forth herein) and the procedures of the Depositary therefor. 

  
 -19- 

 (c) Every Note that bears or is required under this Section 2.05(c) to bear the legend
set forth in this Section 2.05(c) (together with any Common Stock issued upon conversion of the Notes that is required to bear the legend set forth in Section 2.05(d), collectively, the “Restricted Securities”) shall be
subject to the restrictions on transfer set forth in this Section 2.05(c) (including the legend set forth below), unless such restrictions on transfer shall be eliminated or otherwise waived by written consent of the Company, and the Holder of
each such Restricted Security, by such Holder’s acceptance thereof, agrees to be bound by all such restrictions on transfer. As used in this Section 2.05(c) and Section 2.05(d), the term “transfer” encompasses any
sale, pledge, transfer or other disposition whatsoever of any Restricted Security. 
 Each Note that is a Transfer-Restricted Note will be
required to bear a legend in substantially the following form (the “Restrictive Legend”): 
 THIS SECURITY AND THE COMMON
STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN
ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 
 (1)
REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT), AND 

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

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

  
 -20- 

 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE
COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES
ACT. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 No
transfer of any Note prior to its Resale Restriction Termination Date will be registered by the Note Registrar unless the applicable box on the Form of Assignment and Transfer has been checked. 

Any Note that is not a Transfer-Restricted Note may, upon surrender of such Note for exchange to the Note Registrar in accordance with the
provisions of this Section 2.05, be exchanged for a new Note or Notes, of like tenor and aggregate principal amount, which shall not bear the restrictive legend required by this Section 2.05(c) and shall not be assigned a restricted CUSIP
number. The Company shall be entitled to instruct the Custodian in writing to surrender for exchange any such Note that is a Global Note and not a Transfer-Restricted Note and, upon such instruction, the Custodian shall so surrender such Global Note
for exchange; and any new Global Note so exchanged therefor shall not bear the restrictive legend specified in this Section 2.05(c) and shall not be assigned a restricted CUSIP number. The Restrictive Legend set forth above and affixed on any
Note will be deemed, in accordance with the terms of the certificate representing such Note, to be removed therefrom upon the Company’s delivery to the Trustee of written notice to such effect, without further action by the Company, the
Trustee, the Holder(s) thereof or any other Person (it being understood, for the avoidance of doubt, that no delivery of an Officer’s Certificate or Opinion of Counsel will be required in connection therewith). If such Note bears a
“restricted” CUSIP number at the time of such delivery, then, upon such delivery, such Note will be deemed, pursuant to this Section 2.05(c) and the footnote to such CUSIP or ISIN number set forth in the certificate representing such
Note, to thereafter bear the “unrestricted” CUSIP numbers identified in such footnotes; provided, however, that if such Note is a Global Note and the Depositary thereof requires a mandatory exchange or other procedure to
cause such Global Note to be identified by “unrestricted” CUSIP and ISIN numbers in the facilities of such Depositary, then (x) the Company will effect such exchange or procedure as soon as reasonably practicable; and (y) for
purposes of Section 4.06(e), such Global Note will not be deemed to be identified by “unrestricted” CUSIP number until such time as such exchange or procedure is effected. Without limiting the generality of any other provision of this
Indenture, the Trustee will be entitled to receive a Company Order (but not an Opinion of Counsel) from the Company before taking any action with respect to effecting any such mandatory exchange or other process. The Company and the Trustee reserve
the right to require the delivery of such legal opinions, certifications or other evidence as may reasonably be required in order to determine that any proposed transfer of any Note is being made in compliance with the Securities Act and applicable
state securities laws. 
 Notwithstanding any other provisions of this Indenture (other than the provisions set forth in this
Section 2.05(c)), a Global Note may not be transferred as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the
Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary and (ii) for exchange of a Global Note or a portion thereof for one or more Physical Notes in accordance with the second immediately succeeding
paragraph. 

  
 -21- 

 The Depositary shall be a clearing agency registered under the Exchange Act. The Company
initially appoints The Depository Trust Company to act as Depositary with respect to each Global Note. Initially, each Global Note shall be issued to the Depositary, registered in the name of Cede & Co., as the nominee of the Depositary,
and deposited with the Trustee as custodian for Cede & Co. 
 If (i) the Depositary notifies the Company at any time that the
Depositary is unwilling or unable to continue as depositary for the Global Notes and a successor depositary is not appointed within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor
depositary is not appointed within 90 days or (iii) an Event of Default with respect to the Notes has occurred and is continuing and a beneficial owner of any Note requests that its beneficial interest therein be issued as a Physical Note, the
Company shall execute, and the Trustee, upon receipt of an Officer’s Certificate and a Company Order for the authentication and delivery of Notes, shall authenticate and deliver (x) in the case of clause (iii), a Physical Note to such
beneficial owner in a principal amount equal to the principal amount of such Note corresponding to such beneficial owner’s beneficial interest and (y) in the case of clause (i) or (ii), Physical Notes to each beneficial owner of the
related Global Notes (or a portion thereof) in an aggregate principal amount equal to the aggregate principal amount of such Global Notes in exchange for such Global Notes, and upon delivery of the Global Notes to the Trustee such Global Notes shall
be canceled. 
 Physical Notes issued in exchange for all or a part of the Global Note pursuant to this Section 2.05(c) shall be
registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, or, in the case of clause (iii) of the immediately preceding paragraph, the
relevant beneficial owner, shall instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such Physical Notes to the Persons in whose names such Physical Notes are so registered. 

At such time as all interests in a Global Note have been converted, canceled, repurchased, redeemed or transferred, such Global Note shall be,
upon receipt thereof, canceled by the Trustee in accordance with standing procedures and existing instructions between the Depositary and the Custodian. At any time prior to such cancellation, if any interest in a Global Note is exchanged for
Physical Notes, converted, canceled, repurchased, redeemed or transferred to a transferee who receives Physical Notes therefor or any Physical Note is exchanged or transferred for part of such Global Note, the principal amount of such Global Note
shall, in accordance with the standing procedures and instructions existing between the Depositary and the Custodian, be appropriately reduced or increased, as the case may be, and an endorsement shall be made on such Global Note, by the Trustee or
the Custodian, at the direction of the Trustee, to reflect such reduction or increase. 
 None of the Company, the Trustee, the Paying
Agent, the Conversion Agent, or any agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Note or
maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

  
 -22- 

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

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

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

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

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

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

  
 -23- 

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

Any such Common Stock (i) as to which such restrictions on transfer shall have expired in accordance with their terms, (ii) that has
been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer or (iii) that has been sold pursuant to the exemption from
registration provided by Rule 144 or any similar provision then in force under the Securities Act, may, upon surrender of the certificates representing such shares of Common Stock for exchange in accordance with the procedures of the transfer
agent for the Common Stock, be exchanged for a new certificate or certificates for a like aggregate number of shares of Common Stock, which shall not bear the restrictive legend required by this Section 2.05(d). 

(e) Reserved. 
 (f) The Company
shall cause any Note that is repurchased or owned by it to be surrendered to the Trustee for cancellation in accordance with Section 2.08. 

(g) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any securities laws or restrictions on
transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary participants or beneficial owners of interests in any Global Note) 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. 
 (h) The Trustee may rely and shall be fully protected in relying upon information furnished by
the Depositary with respect to its members, participants and beneficial owners. 
 None of the Company, the Trustee or any agent of the
Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Note or maintaining, supervising or reviewing any records relating
to such beneficial ownership interests. 
 Neither the Company nor the Trustee, Paying Agent or Conversion Agent shall have any
responsibility or liability for any act or omission of the Depositary. All notices and communications to be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given or made only to, or upon the order of, the
registered Holder(s) (which shall be the Depositary or its nominee in the case of a Global Note). 

  
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 Section 2.06 Mutilated, Destroyed, Lost or Stolen Notes. In case any Note
shall become mutilated or be destroyed, lost or stolen, the Company in its discretion may execute, and upon receipt of a Company Order the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver, a new Note,
bearing a registration number not contemporaneously outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every case the applicant for a substituted Note
shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless from any loss, liability, cost or expense caused by or connected with
such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of
such Note and of the ownership thereof. 
 The Trustee or such authenticating agent may authenticate any such substituted Note and deliver
the same upon the receipt of a Company Order and of such security or indemnity as the Trustee, the Company and, if applicable, such authenticating agent may require. No service charge shall be imposed by the Company, the Trustee, the Note Registrar,
any co-Note Registrar or the Paying Agent upon the issuance of any substitute Note, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax
required in connection therewith as a result of the name of the Holder of the new substitute Note being different from the name of the Holder of the old Note that became mutilated or was destroyed, lost or stolen. In case any Note that has matured
or is about to mature or has been surrendered for required repurchase or is about to be converted in accordance with Article 13 shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of issuing
a substitute Note, pay or authorize the payment of or convert or authorize the conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment or conversion shall
furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or connected with such
substitution, and, in every case of destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if applicable, any Paying Agent or Conversion Agent evidence of their satisfaction of the destruction, loss or theft of such Note
and of the ownership thereof. 
 Every substitute Note issued pursuant to the provisions of this Section 2.06 by virtue of the fact
that any Note is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be entitled to all the benefits of (but shall be
subject to all the limitations set forth in) this Indenture equally and proportionately with any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held and owned upon the express condition that the
foregoing provisions are exclusive with respect to the replacement, payment, redemption, conversion or repurchase of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or
statute existing or hereafter enacted to the contrary with respect to the replacement, payment, redemption, conversion or repurchase of negotiable instruments or other securities without their surrender. 

  
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 Section 2.07 Temporary Notes. Pending the preparation of Physical Notes,
the Company may execute and the Trustee or an authenticating agent appointed by the Trustee shall, upon receipt of a Company Order, authenticate and deliver temporary Notes (printed or lithographed). Temporary Notes shall be issuable in any
authorized denomination, and substantially in the form of the Physical Notes but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Company. Every such temporary Note shall be
executed by the Company and authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Physical Notes. Without unreasonable delay, the Company shall
execute and deliver to the Trustee or such authenticating agent Physical Notes (other than any Global Note) and thereupon any or all temporary Notes (other than any Global Note) may be surrendered in exchange therefor, at each office or agency
maintained by the Company pursuant to Section 4.02 and the Trustee or such authenticating agent shall, upon receipt of a Company Order, authenticate and deliver in exchange for such temporary Notes an equal aggregate principal amount of
Physical Notes. Such exchange shall be made by the Company at its own expense and without any charge therefor. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits and subject to the same limitations under
this Indenture as Physical Notes authenticated and delivered hereunder. 
 Section 2.08 Cancellation of Notes Paid, Converted,
Etc. The Company shall cause all Notes surrendered for the purpose of payment, repurchase, redemption, registration of transfer or exchange or conversion (except as set forth in Section 13.11), if surrendered to the Company or any of
its agents, Subsidiaries or Affiliates, to be surrendered to the Trustee for cancellation. All such Notes delivered to the Trustee shall be canceled promptly by it. Except for any Notes surrendered for registration of transfer or exchange, or as
otherwise expressly permitted by any of the provisions of this Indenture, no Notes shall be authenticated in exchange for any Notes surrendered to the Trustee for cancellation. The Trustee shall dispose of canceled Notes in accordance with its
customary procedures and, after such disposition, shall deliver a certificate of such disposition to the Company, at the Company’s written request in a Company Order. 

Section 2.09 CUSIP Numbers. The Company in issuing the Notes may use “CUSIP” numbers (if then generally in use),
and, if so, the Trustee shall use “CUSIP” numbers in all notices issued to Holders as a convenience to such Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as
printed on the Notes or on such notice and that reliance may be placed only on the other identification numbers printed on the Notes. The Company shall promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 

Section 2.10 Additional Notes; Repurchases. The Company may, without the consent of, or notice to, the Holders and
notwithstanding Section 2.01, reopen this Indenture and issue additional Notes hereunder with the same terms as the Notes initially issued hereunder (other than differences in the issue date, the issue price, interest accrued prior to the issue
date of such additional Notes and, if applicable, restrictions on transfer in respect of such additional Notes) in an unlimited aggregate principal amount; provided that if any such additional Notes are not fungible with the Notes initially issued
hereunder for U.S. federal income tax or securities law purposes, such additional Notes shall have a separate CUSIP number. Prior to the issuance of any such additional Notes, the Company shall deliver to the Trustee a Company Order, an
Officer’s Certificate and an 

  
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Opinion of Counsel, such Officer’s Certificate and Opinion of Counsel to cover such matters, in addition to those required by Section 16.05, as the Trustee shall reasonably request. In
addition, the Company may, to the extent permitted by law, and directly or indirectly (regardless of whether such Notes are surrendered to the Company), repurchase Notes in the open market or otherwise, whether by the Company or its Subsidiaries or
through a privately negotiated transaction or public tender or exchange offer or through counterparties to private agreements, including by cash-settled swaps or other derivatives, in each case, without the consent of or notice to the Holders of the
Notes. The Company shall cause any Notes so repurchased (other than Notes repurchased pursuant to cash-settled swaps or other cash-settled derivatives) to be surrendered to the Trustee for cancellation and shall deliver a cancellation order to the
Trustee. Upon delivery of such cancellation order, the Trustee shall cancel such repurchased Notes in accordance with Section 2.08 and such Notes shall no longer be considered outstanding under this Indenture upon their repurchase. 

ARTICLE 3 
 SATISFACTION AND
DISCHARGE 
 Section 3.01 Satisfaction and Discharge. This Indenture shall upon request of the Company contained in an
Officer’s Certificate cease to be of further effect, and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when (a) (i) all Notes theretofore
authenticated and delivered (other than Notes which have been destroyed, lost or stolen and which have been replaced, paid or converted as provided in Section 2.06) have been delivered to the Trustee for cancellation; or (ii) the Company
has deposited with the Trustee or delivered to Holders, as applicable, after the Notes have become due and payable, whether on the Maturity Date, any Redemption Date, any Fundamental Change Repurchase Date, upon conversion or otherwise, cash (or
cash and/or shares of Common Stock (or other Reference Property) or a combination thereof, as applicable, solely to satisfy the Company’s Conversion Obligation) sufficient to pay all of the outstanding Notes and all other sums due and payable
under this Indenture by the Company; and (b) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and
discharge of this Indenture have been complied with. Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.06 shall survive. 

ARTICLE 4 
 PARTICULAR COVENANTS OF
THE COMPANY 
 Section 4.01 Payment of Principal and Interest. The Company covenants and agrees that it will cause to be
paid the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, each of the Notes at the places, at the respective times and in the manner provided herein and in
the Notes. 
 Section 4.02 Maintenance of Office or Agency. The Company will maintain in the United States, an office or
agency where the Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase (“Paying Agent”) or for conversion (“Conversion Agent”) and where notices to the
Company in respect of the Notes and this Indenture may be delivered. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to
maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders and notices may be made or delivered at the Corporate Trust Office. 

  
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 The Company may also from time to time designate as
co-Note Registrars one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that
no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the United States, for such purposes. The Company will give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or agency. The terms “Paying Agent” and “Conversion Agent” include any such additional or other offices or agencies, as applicable. 

The Company hereby initially designates the Trustee as the Paying Agent, Note Registrar, Custodian and Conversion Agent and the Corporate
Trust Office as the office or agency located in the United States, where Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase or for conversion and where notices to the Company in respect of
the Notes and this Indenture may be presented. 
 Section 4.03 Appointments to Fill Vacancies in Trustee’s
Office. The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.09, a Trustee, so that there shall at all times be a Trustee hereunder. 

Section 4.04 Provisions as to Paying Agent. (a) If the Company shall appoint a Paying Agent other than the Trustee, the
Company will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.04: 

(i) that it will hold all sums held by it as such agent for the payment of the principal (including the Redemption Price and
the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes in trust for the benefit of the Holders of the Notes; 

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

(iii) that at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the
Trustee all sums so held in trust. 
 The Company shall, on or before each due date of the principal (including the Redemption Price and the
Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, the Notes, deposit with the Paying Agent a sum in immediately available U.S. Dollars sufficient to pay such principal (including the Redemption Price and the
Fundamental Change Repurchase Price, if applicable) or accrued and unpaid interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee in writing of any failure to take such action; provided that if
such deposit is made on the due date, such deposit must be received by the Paying Agent by 11:00 a.m., New York City time, on such date. 

  
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 (b) If the Company shall act as its own Paying Agent, it will, on or before each due date of
the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes, set aside, segregate and hold in trust for the benefit of the Holders of the Notes a sum
sufficient to pay such principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) and accrued and unpaid interest so becoming due and will promptly notify the Trustee in writing of any failure to take such
action and of any failure by the Company to make any payment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, the Notes when the same shall become due
and payable. 
 (c) Anything in this Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of
obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held in trust by the Company or any Paying Agent hereunder as required by this Section 4.04,
such sums or amounts to be held by the Trustee upon the trusts herein contained and upon such payment or delivery by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall be released from all further liability but
only with respect to such sums or amounts. 
 (d) Subject to applicable escheatment laws, any money deposited with the Trustee, the
Conversion Agent, or Paying Agent or any money and shares of Common Stock held by the Company, in trust for the payment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, accrued and
unpaid interest on and the consideration due upon conversion of any Note and remaining unclaimed for two years after such principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable), interest or
consideration due upon conversion has become due and payable shall be paid to the Company on request of the Company contained in an Officer’s Certificate, or (if then held by the Company) shall be discharged from such trust and the Trustee
shall have no further liability with respect to such funds; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease. 
 Section 4.05
Existence. Subject to Article 11, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence. 

Section 4.06 Rule 144A Information Requirement and Annual Reports. (a) At any time the Company is not subject to
Section 13 or 15(d) of the Exchange Act, the Company shall, so long as any of the Notes or any shares of Common Stock issuable upon conversion thereof shall, at such time, constitute “restricted securities” within the meaning of
Rule 144(a)(3) under the Securities Act, promptly provide to the Trustee and, upon written request, any Holder, beneficial owner or prospective purchaser of such Notes or any shares of Common Stock issuable upon conversion of such Notes, the
information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes or shares of Common Stock pursuant to Rule 144A. 

  
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 (b) The Company shall file with the Trustee, within 15 days after the same are required to
be filed with the Commission (giving effect to any grace period provided by Rule 12b-25 under the Exchange Act (or any successor rule)), copies of any documents or reports that the Company is required to
file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act (excluding any such information, documents or reports, or portions thereof, subject to, or with respect to which the Company is actively seeking, confidential
treatment and any correspondence with the Commission). Any such document or report that the Company files with the Commission via the Commission’s EDGAR system (or any successor system) shall be deemed to be filed with the Trustee for purposes
of this Section 4.06(b) at the time such documents are filed via the EDGAR system (or any successor thereto). The Trustee will have no responsibility to determine whether such posting has occurred. 

(c) Delivery of the reports and documents described in subsection (b) above to the Trustee is for informational purposes only, and the
Trustee’s receipt of such shall not constitute 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 conclusively rely on an Officer’s Certificate). 
 (d) If, at any time during the six-month period beginning on, and including, the date that is six months after the Last Original Issuance Date of any Notes, the Company fails to timely file any document or report that it is required to file with
the Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder and other than reports on Form 8-K), or such Notes are not
otherwise freely tradable pursuant to Rule 144 by Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the three months immediately preceding (as a result of restrictions
pursuant to U.S. securities laws or the terms of this Indenture or the Notes), the Company shall pay Additional Interest on such Notes. Such Additional Interest shall accrue on such Notes at the rate of (i) 0.25% per annum of the principal
amount of such Notes outstanding for each of the first 90 days and (ii) 0.50% per annum of the principal amount of such Notes outstanding for each day from, and including, the 91st day during such period for which the Company’s failure to
file has occurred and is continuing or such Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than the Company’s Affiliates (or Holders that were the Company’s Affiliates at any time during the three months
immediately preceding) without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes. As used in this Section 4.06(d), documents or reports that the Company is required to “file” with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act do not include documents or reports that the Company furnishes to the Commission pursuant to Section 13 or 15(d) of the Exchange Act. For purposes of this Section 4.06(d), the phrase
“restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes” shall not include, for the avoidance of doubt, the assignment of a restricted CUSIP number or the existence of a restrictive notes legend on notes
in compliance with this Indenture during the six-month period described in this Section 4.06(d). Nothing in this clause (d) will affect the accrual of interest pursuant to Section 4.06(e). 

  
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 (e) If, and for so long as, the Restrictive Legend on any Notes specified in
Section 2.05(c) has not been removed (or deemed removed as provided in Section 2.05(c)), any Notes are assigned a restricted CUSIP number or any Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than the
Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the three months immediately preceding (without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes) as of the
385th day after the Last Original Issuance Date of such Notes, the Company shall pay Additional Interest on such Notes at a rate equal to 0.50% per annum of the principal amount of Notes outstanding until the Restrictive Legend on such Notes has
been removed in accordance with Section 2.05(c), such Notes are assigned an unrestricted CUSIP number and such Notes are freely tradable pursuant to Rule 144 by Holders other than the Company’s Affiliates (or Holders that were the
Company’s Affiliates at any time during the three months immediately preceding) without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes. The Restrictive Legend and the CUSIP numbers of the Notes will,
for the avoidance of doubt, be subject to Section 2.05(c). 
 (f) Additional Interest will be payable in arrears on each Interest
Payment Date following accrual in the same manner as regular interest on the Notes. 
 (g) The Additional Interest that is payable in
accordance with Section 4.06(d) or Section 4.06(e) shall be in addition to, and not in lieu of, any Additional Interest that may be payable as a result of the Company’s election pursuant to Section 6.03; provided,
however, that in no event shall any Additional Interest payable in accordance with Section 4.06(d) or Section 4.06(e), when taken together with that of any Additional Interest payable at the Company’s election pursuant to
Section 6.03, exceed a total rate of 0.50% per annum on any Note, regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest. 

(h) If Additional Interest is payable by the Company pursuant to Section 4.06(d) or Section 4.06(e), the Company shall deliver to the
Trustee an Officer’s Certificate to that effect stating (i) the amount of such Additional Interest that is payable and (ii) the date on which such Additional Interest is payable. Unless and until a Responsible Officer of the Trustee
receives at the Corporate Trust Office such a certificate, the Trustee may assume without inquiry that no such Additional Interest is payable. If the Company has paid Additional Interest directly to the Persons entitled to it, the Company shall
deliver to the Trustee an Officer’s Certificate setting forth the particulars of such payment. 
 Section 4.07 Stay, Extension
and Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or
other law that would prohibit or forgive the Company from paying all or any portion of the principal of or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the
performance of this Indenture; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution
of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

  
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 Section 4.08 Compliance Certificate; Statements as to Defaults. The Company
shall deliver to the Trustee within 120 days after the end of each calendar year (beginning with the calendar year ending on December 31, 2019) an Officer’s Certificate stating whether the signers thereof have knowledge of any failure by
the Company to comply with all conditions and covenants then required to be performed under this Indenture and, if so, specifying each such failure and the nature thereof. 

In addition, the Company shall deliver to the Trustee, as soon as reasonably practicable, and in any event within 30 days after obtaining
knowledge of the occurrence of any Event of Default or Default, an Officer’s Certificate setting forth the details of such Event of Default or Default, its status and the action that the Company is taking or proposing to take in respect
thereof; provided that the Company is not required to deliver such Officer’s Certificate if such Default or Event of Default has been cured. 

ARTICLE 5 
 LISTS OF HOLDERS AND
REPORTS BY THE COMPANY AND THE TRUSTEE 
 Section 5.01 Lists of Holders. The Company covenants and agrees that it will
furnish or cause to be furnished to the Trustee, semi-annually, not more than five days after each March 15 and September 15 of each year, beginning with March 15, 2019, and at such other times as the Trustee may request in writing,
within 30 days after receipt by the Company of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such form as the Trustee may
reasonably require of the names and addresses of the Holders as of a date not more than 15 days (or such other date as the Trustee may reasonably request in order to so provide any such notices) prior to the time such information is furnished,
except that no such list need be furnished so long as the Trustee is acting as Note Registrar. 
 Section 5.02 Preservation and
Disclosure of Lists. The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the Holders contained in the most recent list furnished to it as provided in
Section 5.01 or maintained by the Trustee in its capacity as Note Registrar, if so acting. The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished. 

ARTICLE 6 
 DEFAULTS AND REMEDIES

 Section 6.01 Events of Default. Each of the following events shall be an “Event of Default” with
respect to the Notes: 
 (a) default in any payment of interest on any Note when due and payable, and the default continues for a period of
30 consecutive days; 
 (b) default in the payment of principal of any Note when due and payable on the Maturity Date, upon Optional
Redemption, upon any required repurchase, upon declaration of acceleration or otherwise; 

  
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 (c) failure by the Company to comply with its obligation to convert the Notes in accordance
with this Indenture upon exercise of a Holder’s conversion right and such failure continues for three Business Days; 
 (d) failure by
the Company to issue (i) a Fundamental Change Company Notice in accordance with Section 14.01(c), (ii) notice of a Make-Whole Fundamental Change in accordance with the last sentence of Section 13.03(b) or (iii) notice of a
specified corporate event in accordance with Section 13.01(b)(ii) or Section 13.01(b)(iii), in each case when due and (in the case of clause (i) or (ii) only) such failure continues for five Business Days; 

(e) failure by the Company to comply with its obligations under Article 11; 

(f) failure by the Company for 60 days after written notice from the Trustee or the Holders of at least 25% in principal amount of the Notes
then outstanding has been received by the Company to comply with any of its other agreements contained in the Notes or this Indenture; 
 (g)
default by the Company or any Significant Subsidiary of the Company with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed
in excess of $20,000,000 (or its foreign currency equivalent) in the aggregate of the Company and/or any such Significant Subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming
or being declared due and payable prior to its stated maturity date or (ii) constituting a failure to pay the principal of any such indebtedness when due and payable, at its stated maturity, upon required repurchase, upon declaration of
acceleration or otherwise, and in the case of clauses (i) and (ii), such acceleration shall not have been rescinded or annulled or such failure to pay or default shall not have been cured or waived, or such indebtedness is not paid or
discharged, as the case may be, within 30 days after written notice 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 Notes then outstanding in accordance with this
Indenture; 
 (h) a final judgment or judgments for the payment in excess of $20,000,000 (or its foreign currency equivalent) (excluding any
amounts covered by insurance) in the aggregate rendered against the Company or any Significant Subsidiary of the Company, which judgment is not discharged, bonded, paid, waived or stayed within 60 days after (i) the date on which the right to
appeal thereof has expired if no such appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished; 

(i) the Company or any Significant Subsidiary shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other
relief with respect to the Company or any such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other
similar official of the Company or any such Significant Subsidiary or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other
proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due; or 

  
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 (j) an involuntary case or other proceeding shall be commenced against the Company or any
Significant Subsidiary seeking liquidation, reorganization or other relief with respect to the Company or such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the
appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company or such Significant Subsidiary or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and
unstayed for a period of 30 consecutive days. 
 Section 6.02 Acceleration; Rescission and Annulment. If one or more Events
of Default shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body), then, and in each and every such case (other than an Event of Default specified in Section 6.01(i) or Section 6.01(j) with respect to the Company), unless the principal
of all of the Notes shall have already become due and payable, either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding determined in accordance with Section 8.04, by notice to the Company
(and to the Trustee if given by Holders), may declare 100% of the principal of, and accrued and unpaid interest on, all the Notes to be due and payable immediately, and upon any such declaration the same shall become and shall automatically be
immediately due and payable, anything contained in this Indenture or in the Notes to the contrary notwithstanding. If an Event of Default specified in Section 6.01(i) or Section 6.01(j) with respect to the Company occurs and is continuing,
100% of the principal of, and accrued and unpaid interest, if any, on, all Notes shall become and shall automatically be immediately due and payable. 

The immediately preceding paragraph, however, is subject to the conditions that if, at any time after the principal of the Notes shall have
become so due and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, and if (1) rescission would not conflict with any judgment or decree of a court of
competent jurisdiction and (2) any and all existing Events of Default under this Indenture, other than the nonpayment of the principal of and accrued and unpaid interest, if any, on Notes that shall have become due solely by such acceleration,
shall have been cured or waived pursuant to Section 6.09, then and in every such case (except as provided in the immediately succeeding sentence) the Holders of a majority in aggregate principal amount of the Notes then outstanding, by notice
to the Company and to the Trustee, may waive all Defaults or Events of Default with respect to the Notes and rescind and annul such declaration and its consequences and such Default shall cease to exist, and any Event of Default arising therefrom
shall be deemed to have been cured for every purpose of this Indenture; but no such waiver or rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall impair any right consequent thereon.
Notwithstanding anything to the contrary herein, no such waiver or rescission and annulment shall extend to or shall affect any Default or Event of Default resulting from (i) the nonpayment of the principal (including the Redemption Price and
the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, any Notes, (ii) a failure to repurchase any Notes when required or (iii) a failure to pay or deliver, as the case may be, the consideration due
upon conversion of the Notes. 

  
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 Section 6.03 Additional Interest. Notwithstanding anything in this
Indenture or in the Notes to the contrary, to the extent the Company elects, the sole remedy for an Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) shall, for the first 365
days after the occurrence of such an Event of Default, consist exclusively of the right to receive Additional Interest on the Notes at a rate equal to 0.25% per annum of the principal amount of the Notes outstanding for the first 180 days during
which such Event of Default is continuing, beginning on, and including, the date on which such an Event of Default first occurs and 0.50% per annum of the principal amount of the Notes outstanding from the 181st day to, and including, the 365th date
following the occurrence of an Event of Default, so long as such Event of Default is continuing. Additional Interest payable pursuant to this Section 6.03 shall be in addition to, not in lieu of, any Additional Interest payable pursuant to
Section 4.06(d) or Section 4.06(e); provided, however, that in no event shall the rate of any such Additional Interest payable under this Section 6.03, when taken together with any such Additional Interest payable
pursuant to Section 4.06(d) or Section 4.06(e), exceed a total rate of 0.50% per annum on any Note, regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest. If the Company so
elects, such Additional Interest shall be payable in the same manner and on the same dates as the stated interest payable on the Notes. On the 366th day after such Event of Default (if the Event of Default relating to the Company’s failure to
file is not cured or waived prior to such 366th day), the Notes shall be immediately subject to acceleration as provided in Section 6.02. The provisions of this paragraph will not affect the rights of Holders of Notes in the event of the
occurrence of any Event of Default other than the Company’s failure to comply with its obligations as set forth in Section 4.06(b). In the event the Company does not elect to pay Additional Interest following an Event of Default in
accordance with this Section 6.03 or the Company elected to make such payment but does not pay the Additional Interest when due, the Notes shall be immediately subject to acceleration as provided in Section 6.02. 

In order to elect to pay Additional Interest as the sole remedy during the first 365 days after the occurrence of any Event of Default
described in the immediately preceding paragraph, the Company must notify all Holders of the Notes, the Trustee and the Paying Agent in writing of such election prior to the beginning of such 365-day period.
Upon the failure to timely give such notice, the Notes shall be immediately subject to acceleration as provided in Section 6.02. 

Section 6.04 Payments of Notes on Default; Suit Therefor. If an Event of Default described in clause (a) or (b) of
Section 6.01 shall have occurred, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on the Notes for principal and interest, if any, with
interest on any overdue principal and interest, if any, at the rate borne by the Notes at such time and, in addition thereto, such further amount as shall be sufficient to cover any amounts due to the Trustee under Section 7.06. If the Company
shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to
judgment or final decree and may enforce the same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor
upon the Notes, wherever situated. 

  
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 In the event there shall be pending proceedings for the bankruptcy or for the reorganization
of the Company or any other obligor on the Notes under Title 11 of the United States Code, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official
shall have been appointed for or taken possession of the Company or such other obligor, the property of the Company or such other obligor, or in the event of any other judicial proceedings relative to the Company or such other obligor upon the
Notes, or to the creditors or property of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of
whether the Trustee shall have made any demand pursuant to the provisions of this Section 6.04, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of
principal and accrued and unpaid interest, if any, in respect of the Notes, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents and to take such other actions as it may deem necessary or advisable in
order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceedings relative to the
Company or any other obligor on the Notes, its or their creditors, or its or their property, and to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute the same after the deduction of any
amounts due to the Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Holders to make such payments to the Trustee, as
administrative expenses, and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for reasonable compensation, expenses, advances and disbursements, including
agents and counsel fees, and including any other amounts due to the Trustee under Section 7.06, incurred by it up to the date of such distribution. To the extent that such payment of reasonable compensation, expenses, advances and disbursements
out of the estate in any such proceedings shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, monies, securities and other property that the Holders of
the Notes may be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any
plan of reorganization, arrangement, adjustment or composition affecting such Holder or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Trustee without the
possession of any of the Notes, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery
of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Notes. 

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

  
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 In case the Trustee shall have proceeded to enforce any right under this Indenture and such
proceedings shall have been discontinued or abandoned because of any waiver pursuant to Section 6.09 or any rescission and annulment pursuant to Section 6.02 or for any other reason or shall have been determined adversely to the Trustee,
then and in every such case the Company, the Holders and the Trustee shall, subject to any determination in such proceeding, be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the
Company, the Holders and the Trustee shall continue as though no such proceeding had been instituted. 
 Section 6.05 Application of
Monies Collected by Trustee. Any monies collected by the Trustee pursuant to this Article 6 with respect to the Notes shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution of such monies,
upon presentation of the several Notes, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid: 

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

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

Third, in case the principal of the outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment
of the whole amount (including, if applicable, the payment of the Redemption Price and the Fundamental Change Repurchase Price and any cash due upon conversion) then owing and unpaid upon the Notes for principal and interest, if any, with interest
on the overdue principal and, to the extent that such interest has been collected by the Trustee, upon overdue installments of interest at the rate borne by the Notes at such time, and in case such monies shall be insufficient to pay in full the
whole amounts so due and unpaid upon the Notes, then to the payment of such principal (including, if applicable, the Redemption Price and the Fundamental Change Repurchase Price and any cash due upon conversion) and interest without preference or
priority of principal over interest, or of interest over principal or of any installment of interest over any other installment of interest, or of any Note over any other Note, ratably to the aggregate of such principal (including, if applicable,
the Redemption Price and the Fundamental Change Repurchase Price and any cash due upon conversion) and accrued and unpaid interest; and 

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

Section 6.06 Proceedings by Holders. Except to enforce the right to receive payment of principal (including, if applicable,
the Redemption Price and the Fundamental Change Repurchase Price) or interest when due, or the right to receive payment or delivery of the consideration due upon conversion, no Holder of any Note shall have any right by virtue of or by availing of
any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment of a receiver, trustee, liquidator, custodian or other similar official, or for
any other remedy hereunder, unless: 

  
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 (a) such Holder previously shall have given to the Trustee written notice of an Event of
Default and of the continuance thereof, as herein provided; 
 (b) Holders of at least 25% in aggregate principal amount of the Notes then
outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; 

(c) such Holders shall have offered to the Trustee such security or indemnity reasonably satisfactory to it against any loss, liability or
expense to be incurred therein or thereby; 
 (d) the Trustee for 60 days after its receipt of such notice, request and offer of such
security or indemnity, shall have neglected or refused to institute any such action, suit or proceeding; and 
 (e) no direction that, in the
opinion of the Trustee, is inconsistent with such written request shall have been given to the Trustee by the Holders of a majority of the aggregate principal amount of the Notes then outstanding within such
60-day period pursuant to Section 6.09, 
 it being understood and intended, and being expressly covenanted by
the taker and Holder of every Note with every other taker and Holder and the Trustee that no one or more Holders shall have any right in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb or
prejudice the rights of any other Holder (it being understood that the Trustee shall not have an affirmative duty to ascertain whether or not any such direction would prejudice the rights of any Holder), or to obtain or seek to obtain priority over
or preference to any other such Holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders (except as otherwise provided herein). For the protection and
enforcement of this Section 6.06, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 

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

Section 6.07 Proceedings by Trustee. In case of an Event of Default, the Trustee may in its discretion proceed to protect and
enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether
for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by
law. 

  
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 Section 6.08 Remedies Cumulative and Continuing. Except as provided in the
last paragraph of Section 2.06, all powers and remedies given by this Article 6 to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other powers and remedies
available to the Trustee or the Holders of the Notes, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of the Trustee or of any
Holder of any of the Notes to exercise any right or power accruing upon any Default or Event of Default shall impair any such right or power, or shall be construed to be a waiver of any such Default or Event of Default or any acquiescence therein;
and, subject to the provisions of Section 6.06, every power and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the
Holders. 
 Section 6.09 Direction of Proceedings and Waiver of Defaults by Majority of Holders. The Holders of a majority
of the aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or
exercising any trust or power conferred on the Trustee with respect to the Notes; provided, however, that such direction shall not be in conflict with any rule of law or with this Indenture, and the Trustee may take any other action deemed proper by
the Trustee that is not inconsistent with such direction. The Trustee may refuse to follow any direction that it determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability (it being
understood that the Trustee shall not have an affirmative duty to ascertain whether or not any such direction would prejudice any Holder). The Holders of a majority in aggregate principal amount of the Notes at the time outstanding determined in
accordance with Section 8.04 may on behalf of the Holders of all of the Notes waive any past Default or Event of Default hereunder and its consequences except (i) a default in the payment of accrued and unpaid interest, if any, on, or the
principal (including any Redemption Price and any Fundamental Change Repurchase Price) of, the Notes when due that has not been cured pursuant to the provisions of Section 6.01, (i) a failure by the Company to pay or deliver, as the case may
be, the consideration due upon conversion of the Notes or (i) a default in respect of a covenant or provision hereof which under Article 10 cannot be modified or amended without the consent of each Holder of an outstanding Note affected. Upon
any such waiver the Company, the Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right
consequent thereon. Whenever any Default or Event of Default hereunder shall have been waived as permitted by this Section 6.09, said Default or Event of Default shall for all purposes of the Notes and this Indenture be deemed to have been
cured and to be not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. 

Section 6.10 Notice of Defaults. The Trustee shall, within 90 days after the occurrence and continuance of a Default of which
a Responsible Officer has actual knowledge, deliver to all Holders notice of all Defaults actually known to a Responsible Officer, unless such Defaults shall have been cured or waived before the giving of such notice; provided that, except in the
case of a Default in the payment of the principal of (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable), or accrued and unpaid interest on, any of the Notes or a Default in the payment or delivery of the
consideration due upon conversion, the Trustee shall be protected in withholding such notice if and so long as the Trustee determines in good faith that the withholding of such notice is in the interests of the Holders. 

  
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 Section 6.11 Undertaking to Pay Costs. All parties to this Indenture agree,
and each Holder of any Note by its acceptance thereof shall be deemed to have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for
any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees
and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided that the provisions of this Section 6.11 (to the extent permitted by law)
shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Notes at the time outstanding determined in accordance with
Section 8.04, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or accrued and unpaid interest, if any, on any Note (including, but not limited to, the Redemption Price and the Fundamental Change
Repurchase Price, if applicable) on or after the due date expressed or provided for in such Note or to any suit for the enforcement of the right to convert any Note, or receive the consideration due upon conversion, in accordance with the provisions
of Article 13. 
 ARTICLE 7 

CONCERNING THE TRUSTEE 

Section 7.01 Duties and Responsibilities of Trustee. The Trustee, prior to the occurrence of an Event of Default and after
the curing or waiver of all Events of Default that may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In the event an Event of Default has occurred and is continuing, the
Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s
own affairs; provided that subject to the provisions of this Article 7, 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 this Indenture at the written request or
direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security reasonably satisfactory to it against any loss, liability or expense (including the reasonable costs of the Trustee’s legal counsel) that
might be incurred by it in compliance with such written request or direction. 
 No provision of this Indenture shall be construed to
relieve the Trustee from liability for its own grossly negligent action, its own gross negligence or willful misconduct, except that: 
 (a)
prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Default that may have occurred: 

(i) the duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the
Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

  
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 (ii) in the absence of gross negligence or willful misconduct on the part of
the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture;
but, in the case of any such certificates or opinions that by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein), provided, however, that the Trustee need not act or refrain from acting based on any certificate or
opinion that it determines to be not in conformity with the requirements of this Indenture. If presented with a non-conforming certificate or opinion, the Trustee may request the delivering party to re-issue the certificate or opinion in the manner required by this Indenture before taking any action; 

(b) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the Trustee; 

(c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the written
direction of the Holders of not less than a majority of the aggregate principal amount of the Notes at the time outstanding determined as provided in Section 8.04 relating to the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; 
 (d) whether or not
therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording protection to, the Trustee shall be subject to the provisions of this Section; 

(e) the Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters
relating to payment) or notice effected by the Company or any Paying Agent or any records maintained by any co-Note Registrar with respect to the Notes; 

(f) if any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent to
the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless a Responsible Officer of the Trustee had actual knowledge of such event; 

(g) in the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a non-interest bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon or for losses incurred as a result of the liquidation of any
such investment prior to its maturity date or the failure of the party directing such investments prior to its maturity date or the failure of the party directing such investment to provide timely written investment direction, and the Trustee shall
have no obligation to invest or reinvest any amounts held hereunder in the absence of such written investment direction from the Company; and 

  
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 (h) in the event that the Trustee is also acting as Custodian, Note Registrar, Paying Agent,
Conversion Agent, Bid Solicitation Agent or transfer agent hereunder, the rights and protections afforded to the Trustee pursuant to this Article 7 shall also be afforded to such Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid
Solicitation Agent or transfer agent. 
 None of the provisions contained in this Indenture shall require the Trustee to expend or risk its
own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers. 

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

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

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

(c) the Trustee may consult with counsel and require an Opinion of Counsel and any advice of such counsel or Opinion of Counsel shall be full
and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel; 

(d) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the expense of the Company and shall incur no
liability of any kind by reason of such inquiry or investigation; 
 (e) the Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents, custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, custodian, nominee or attorney appointed by
it with due care hereunder; and 
 (f) the permissive rights of the Trustee enumerated herein shall not be construed as duties; 

(g) the Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder; 

  
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 (h) the Trustee may request that the Company deliver a certificate setting forth the names
of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture; 
 (i) [reserved];

 (j) the Trustee shall not be responsible or liable for any action it takes or omits to take in good faith which it reasonably believes to
be authorized or within its rights or powers; and 
 neither the Trustee nor any of its directors, officers, employees, agents or affiliates
shall be responsible for nor have any duty to monitor the performance or any action of the Company, or any of its directors, members, officers, agents, affiliates or employees, nor shall it have any liability in connection with the malfeasance or
nonfeasance by any such party. The Trustee shall not be responsible for any inaccuracy or omission in the information obtained from the Company or for any inaccuracy or omission in the records that may result from such information or any failure by
the Trustee to perform its duties as set forth herein as a result of any such inaccuracy or incompleteness. In no event shall the Trustee be liable for any consequential, punitive, special or indirect loss or damage of any kind whatsoever (including
but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. The Trustee shall not be charged with knowledge of any Default or Event of Default with respect to
the Notes, unless either (1) a Responsible Officer shall have actual knowledge of such Default or Event of Default or (2) written notice of such Default or Event of Default shall have been given to a Responsible Officer of the Trustee by
the Company or by any Holder of the Notes at the Corporate Trust Office of the Trustee, and such notice references the Notes and/or this Indenture and states that it is a notice of Default or Event of Default. 

Section 7.03 No Responsibility for Recitals, Etc. The recitals contained herein and in the Notes (except in the
Trustee’s certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Company of any Notes or the proceeds of any Notes authenticated and delivered by the Trustee in conformity with the provisions of this Indenture or any
money paid to the Company or upon the Company’s direction under any provision of this Indenture. 
 Section 7.04 Trustee,
Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes. The Trustee, any Paying Agent, any Conversion Agent, Bid Solicitation Agent (if other than the Company or any Affiliate thereof) or Note Registrar, in
its individual or any other capacity, may become the owner or pledgee of Notes with the same rights it would have if it were not the Trustee, Paying Agent, Conversion Agent, Bid Solicitation Agent or Note Registrar. 

Section 7.05 Monies and Shares of Common Stock to Be Held in Trust. All monies and shares of Common Stock received by the
Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received. Money and shares of Common Stock 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 or shares of Common Stock received by it hereunder except as may be agreed from time to time by the Company and the Trustee. 

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

  
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 Section 7.07 Officer’s Certificate as Evidence. Except
as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder,
such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of gross negligence or willful misconduct, recklessness and bad faith on the part of the Trustee, be deemed to be conclusively proved and
established by an Officer’s Certificate delivered to the Trustee, and such Officer’s Certificate, in the absence of gross negligence or willful misconduct, recklessness and bad faith on the part of the Trustee, shall be full warrant to the
Trustee for any action taken or omitted by it under the provisions of this Indenture upon the faith thereof. 
 Section 7.08
Eligibility of Trustee. (a) There shall at all times be a Trustee hereunder which shall be a Person that is eligible pursuant to the Trust Indenture Act (as if the Trust Indenture Act were applicable hereto) to act as such and has a
combined capital and surplus of at least the minimum amount required by the Trust Indenture Act. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority, then
for the purposes of this Section, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

Section 7.09 Resignation or Removal of Trustee. (a) The Trustee may at any time resign by giving written notice of such
resignation to the Company and by delivering notice thereof to the Holders. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of
Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 60 days after the giving of such
notice of resignation to the Holders, the resigning Trustee may, at the expense of the Company, upon ten Business Days’ notice to the Company and the Holders, petition any court of competent jurisdiction for the appointment of a successor
trustee, or any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since the date of this Indenture) may, subject to the provisions of Section 6.11, on behalf of himself or herself and all others similarly
situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 

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

(i) the Trustee shall cease to be eligible in accordance with the provisions of Section 7.08 and shall fail to resign
after written request therefor by the Company or by any such Holder, or 
 (ii) the Trustee shall become incapable of acting,
or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, 

  
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 then, in either case, the Company may by a Board Resolution remove the Trustee and appoint a successor
trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of
Section 6.11, any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since the date of this Indenture) may, on behalf of himself or herself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 

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

(d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this
Section 7.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.10. 
 (e) The
resigning Trustee shall not be responsible or liable for the actions or inactions of any successor Trustee. 
 Section 7.10
Acceptance by Successor Trustee. Any successor trustee appointed as provided in Section 7.09 shall execute, acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder,
and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its
predecessor hereunder, with like effect as if originally named as Trustee herein; but, nevertheless, on the written request of the Company or of the successor trustee, the trustee ceasing to act shall, upon payment of any amounts then due it
pursuant to the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee all the rights and powers of the trustee so ceasing to act. Upon request of any such successor trustee, the Company shall
execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a senior claim to which the Notes are
hereby made subordinate on all money or property held or collected by such trustee as such, except for funds held in trust for the benefit of Holders of particular Notes, to secure any amounts then due it pursuant to the provisions of
Section 7.06. 
 No successor trustee shall accept appointment as provided in this Section 7.10 unless at the time of such
acceptance such successor trustee shall be eligible under the provisions of Section 7.08. 

  
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 Upon acceptance of appointment by a successor trustee as provided in this Section 7.10,
each of the Company and the successor trustee, at the written direction and at the expense of the Company shall deliver or cause to be delivered notice of the succession of such trustee hereunder to the Holders. If the Company fails to deliver such
notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be delivered at the expense of the Company. 

Section 7.11 Succession by Merger, Etc. Any corporation or other entity into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or other entity succeeding to all or substantially all of the
corporate trust business of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto;
provided that in the case of any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee such corporation or other entity shall be eligible under the provisions of Section 7.08. 

In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been
authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed by such predecessor trustee, and deliver such Notes so authenticated; and in
case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or an authenticating agent appointed by such successor trustee may authenticate such Notes either in the name of any predecessor trustee hereunder or
in the name of the successor trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have; provided, however,
that the right to adopt the certificate of authentication of any predecessor trustee or to authenticate Notes in the name of any predecessor trustee shall apply only to its successor or successors by merger, conversion or consolidation. 

Section 7.12 Trustee’s Application for Instructions from the Company. Any application by the Trustee for
written instructions from the Company (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders of the Notes under this Indenture) may, at the option of the Trustee, set
forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable to the Company for any
action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than three Business Days after the date any officer that the
Company has indicated to the Trustee should receive such application actually receives such application, unless any such officer shall have consented in writing to any earlier date), unless, prior to taking any such action (or the effective date in
the case of any omission), the Trustee shall have received written instructions in accordance with this Indenture in response to such application specifying the action to be taken or omitted. 

  
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 ARTICLE 8 

CONCERNING THE HOLDERS 

Section 8.01 Action by Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage of the
aggregate principal amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action, the
Holders of such specified percentage have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by Holders in person or by agent or proxy appointed in writing, or by the record of the Holders voting
in favor thereof at any meeting of Holders duly called and held in accordance with the provisions of Article 9, or by a combination of such instrument or instruments and any such record of such a meeting of Holders. Whenever the Company or the
Trustee solicits the taking of any action by the Holders of the Notes, the Company or the Trustee may, but shall not be required to, fix in advance of such solicitation, a date as the record date for determining Holders entitled to take such action.
The record date if one is selected shall be not more than fifteen days prior to the date of commencement of solicitation of such action. 

Section 8.02 Proof of Execution by Holders. Subject to the provisions of Section 7.01, Section 7.02 and
Section 9.05, proof of the execution of any instrument by a Holder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be
satisfactory to the Trustee. The holding of Notes shall be proved by the Note Register or by a certificate of the Note Registrar. The record of any Holders’ meeting shall be proved in the manner provided in Section 9.06. 

Section 8.03 Who Are Deemed Absolute Owners. The Company, the Trustee, any authenticating agent, any Paying Agent, any
Conversion Agent and any Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding
any notation of ownership or other writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on account of the principal (including any Redemption Price and any Fundamental Change
Repurchase Price) of and (subject to Section 2.03) accrued and unpaid interest on such Note, for conversion of such Note and for all other purposes; and neither the Company nor the Trustee nor any Paying Agent nor any Conversion Agent nor any
Note Registrar shall be affected by any notice to the contrary. The sole registered holder of a Global Note shall be the Depository or its nominee. All such payments or deliveries so made to any Holder for the time being, or upon its order, shall be
valid, and, to the extent of the sums or shares of Common Stock so paid or delivered, effectual to satisfy and discharge the liability for monies payable or shares deliverable upon any such Note. Notwithstanding anything to the contrary in this
Indenture or the Notes following an Event of Default, any holder of a beneficial interest in a Global Note may directly enforce against the Company, without the consent, solicitation, proxy, authorization or any other action of the Depositary or any
other Person, such holder’s right to exchange such beneficial interest for a Note in certificated form in accordance with the provisions of this Indenture. 

Section 8.04 Company-Owned Notes Disregarded. In determining whether the Holders of the requisite aggregate principal amount
of Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company, by any Subsidiary thereof or by any Affiliate of the Company or any Subsidiary thereof shall be disregarded and
deemed not to be outstanding for the purpose of any such determination; provided that for the purposes of determining whether the Trustee shall be protected in conclusively relying on any such direction, consent, waiver or other action only Notes
that a Responsible Officer actually knows are 

  
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so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as outstanding for the purposes of this Section 8.04 if the pledgee shall establish to
the satisfaction of the Trustee the pledgee’s right to so act with respect to such Notes and that the pledgee is not the Company, a Subsidiary thereof or an Affiliate of the Company or a Subsidiary thereof. In the case of a dispute as to such
right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officer’s Certificate listing and identifying all
Notes, if any, known by the Company to be owned or held by or for the account of any of the above described Persons; and, subject to Section 7.01, the Trustee shall be entitled to accept such Officer’s Certificate as conclusive evidence of
the facts therein set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination. 

Section 8.05 Revocation of Consents; Future Holders Bound. At any time prior to (but not after) the evidencing to the
Trustee, as provided in Section 8.01, of the taking of any action by the Holders of the percentage of the aggregate principal amount of the Notes specified in this Indenture in connection with such action, any Holder of a Note that is shown by
the evidence to be included in the Notes the Holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office and upon proof of holding as provided in Section 8.02, revoke such action
so far as concerns such Note. Except as aforesaid, any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Note and of any Notes issued in exchange or
substitution therefor or upon registration of transfer thereof, irrespective of whether any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor or upon registration of transfer thereof. 

ARTICLE 9 
 HOLDERS’ MEETINGS

 Section 9.01 Purpose of Meetings. A meeting of Holders may be called at any time and from time to time pursuant to the
provisions of this Article 9 for any of the following purposes: 
 (a) to give any notice to the Company or to the Trustee or to give any
directions to the Trustee permitted under this Indenture, or to consent to the waiving of any Default or Event of Default hereunder (in each case, as permitted under this Indenture) and its consequences, or to take any other action authorized to be
taken by Holders pursuant to any of the provisions of Article 6; 
 (b) to remove the Trustee and nominate a successor trustee pursuant to
the provisions of Article 7; 
 (c) to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions
of Section 10.02; or 
 (d) to take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate
principal amount of the Notes under any other provision of this Indenture or under applicable law. 

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

Section 9.04 Qualifications for Voting. To be entitled to vote at any meeting of Holders a Person shall be a Holder of one or
more Notes on the record date pertaining to such meeting or be a Person appointed by an instrument in writing as proxy by a Holder of one or more Notes on the record date pertaining to such meeting. The only Persons who shall be entitled to be
present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 

Section 9.05 Regulations. Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable
regulations as it may deem advisable for any meeting of Holders, in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and examination of
proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit. 

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

  
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 Subject to the provisions of Section 8.04, at any meeting of Holders each Holder or
proxyholder shall be entitled to one vote for each $1,000 principal amount of Notes held or represented by him or her; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not
outstanding and ruled by the chairman of the meeting to be not outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Notes held by it or instruments in writing as aforesaid duly designating it as the proxy to
vote on behalf of other Holders. Any meeting of Holders duly called pursuant to the provisions of Section 9.02 or Section 9.03 may be adjourned from time to time by the Holders of a majority of the aggregate principal amount of Notes
represented at the meeting, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice. 

Section 9.06 Voting. The vote upon any resolution submitted to any meeting of Holders shall be by written ballot on which
shall be subscribed the signatures of the Holders or of their representatives by proxy and the outstanding aggregate principal amount of the Notes held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of
votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of
the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more
Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was delivered as provided in Section 9.02. The record shall show the aggregate principal amount of the Notes voting in favor of
or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by
the Trustee, the latter to have attached thereto the ballots voted at the meeting. 
 Any record so signed and verified shall be conclusive
evidence of the matters therein stated. 
 Section 9.07 No Delay of Rights by Meeting. Nothing contained in this Article 9
shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Holders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights conferred
upon or reserved to the Trustee or to the Holders under any of the provisions of this Indenture or of the Notes. 
 ARTICLE 10 

SUPPLEMENTAL INDENTURES 

Section 10.01 Supplemental Indentures Without Consent of Holders. Notwithstanding anything to the contrary in
Section 10.02, the Company, when authorized by the resolutions of the Board of Directors and the Trustee, at the Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental hereto for one or
more of the following purposes: 
 (a) to cure any ambiguity, omission, defect or inconsistency in this Indenture; 

(b) to provide for the assumption by a Successor Company of the obligations of the Company under this Indenture pursuant to Article 11; 

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

(d) to secure the Notes; 
 (e) to
add to the covenants or Events of Default of the Company for the benefit of the Holders or surrender any right or power conferred upon the Company under this Indenture; 

(f) to make any change that does not adversely affect the rights of any Holder in a material respect; 

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

(h) provide for the acceptance of appointment by a successor trustee or facilitate the administration of the trusts under this Indenture by
more than one trustee; 
 (i) irrevocably elect a Settlement Method or a Specified Dollar Amount, or eliminate the Company’s right to
elect a Settlement Method as permitted under this Indenture; 
 (j) in connection with any transaction described under Section 13.07, to
provide that the notes are convertible as provided, and make such related changes to the terms of the Notes to the extent expressly required, by Section 13.07; 

(k) comply with the rules of the Depositary, so long as such amendment does not materially adversely affect the rights of any Holder of Notes;
or 
 (l) to conform the provisions of this Indenture or the Notes to the “Description of Notes” section of the Offering Memorandum
(as provided for in an Officer’s Certificate delivered by the Company to the Trustee). 
 Upon the written request of the Company, the
Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to, but may
in its discretion, enter into any supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

Any supplemental indenture authorized by the provisions of this Section 10.01 may be executed by the Company and the Trustee without the
consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 10.02. 

Section 10.02 Supplemental Indentures with Consent of Holders. With the consent (evidenced as provided in Article 8) of the
Holders of at least a majority of the aggregate principal amount of the Notes then outstanding (determined in accordance with Article 8 and including, without limitation, consents obtained in connection with a repurchase of, or tender or exchange
offer for, the Notes), the Company, when authorized by the resolutions of the Board of Directors and the Trustee, at the Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or any supplemental indenture or of modifying in any manner the rights of the Holders; provided, however, that, without the consent
of each Holder of an outstanding Note affected, no such supplemental indenture shall: 

  
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 (a) reduce the principal amount of Notes whose Holders must consent to an amendment; 

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

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

(d) except as required by this Indenture, make any change that adversely affects the conversion rights of any Notes; 

(e) reduce the Redemption Price or the Fundamental Change Repurchase Price of any Note or amend or modify in any manner adverse to the Holders
the Company’s obligation to make such payments, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise; 

(f) make any Note payable in a currency, or at a place of payment, other than that stated in the Note; 

(g) change the ranking of the Notes; 

(h) impair the right of any Holder to receive payment of principal and interest on such Holder’s Note on or after the due dates therefor
or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes; or 
 (i) make any change in this
Article 10 that requires each Holder’s consent or in the waiver provisions in Section 6.02 or Section 6.09. 
 Upon the
written request of the Company, and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid and subject to Section 10.05, the Trustee shall join with the Company in the execution of such supplemental indenture unless
such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 

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

Section 10.03 Effect of Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to the provisions
of this Article 10, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the
Holders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms
and conditions of this Indenture for any and all purposes. 

  
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 Section 10.04 Notation on Notes. Notes authenticated and delivered after
the execution of any supplemental indenture pursuant to the provisions of this Article 10 may, at the Company’s expense, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the
Company or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may, at the Company’s
expense, be prepared and executed by the Company, authenticated by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 16.10) and delivered in exchange for the Notes then outstanding, upon surrender of such
Notes then outstanding. 
 Section 10.05 Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee. In
addition to the documents required by Section 16.05, the Trustee shall receive, and shall be fully protected in conclusively relying upon, an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any supplemental
indenture executed pursuant hereto complies with the requirements of this Article 10 and is permitted or authorized by this Indenture (which Opinion of Counsel will state, subject to customary exceptions, that such supplemental indenture constitutes
the legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms). 
 ARTICLE 11 

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE 

Section 11.01 Company May Consolidate, Etc. on Certain Terms. Subject to the provisions of
Section 11.02, the Company shall not consolidate with, merge with or into, or sell, convey, transfer or lease all or substantially all of its properties and assets to another Person, unless: 

(a) the resulting, surviving or transferee Person (the “Successor Company”), if not the Company, shall be a corporation
organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the Successor Company (if not the Company) shall expressly assume, by supplemental indenture all of the obligations of the
Company under the Notes and this Indenture; and 
 (b) immediately after giving effect to such transaction, no Default or Event of Default
has occurred and is continuing under this Indenture. 
 For purposes of this Section 11.01, the sale, conveyance, transfer or lease of
all or substantially all of the properties and assets of one or more Subsidiaries of the Company to another Person, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the
properties and assets of the Company on a consolidated basis, shall be deemed to be the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Company to another Person. Notwithstanding the foregoing,
this Article 11 shall not apply to any sale, conveyance, transfer or lease of assets between or among the Company and its Wholly Owned Subsidiaries and, in such an event, the Company shall not be discharged from its obligations under the Notes and
this Indenture. 
  

  
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 Section 11.02 Successor Corporation to Be Substituted. In case of any such
consolidation, merger, sale, conveyance, transfer or lease and upon the assumption by the Successor Company (if not the Company), by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due
and punctual payment of the principal of and accrued and unpaid interest on all of the Notes, the due and punctual delivery or payment, as the case may be, of any consideration due upon conversion of the Notes and the due and punctual performance of
all of the covenants and conditions of this Indenture to be performed by the Company, such Successor Company (if not the Company) shall succeed to and, except in the case of a lease of all or substantially all of the Company’s properties and
assets, shall be substituted for the Company, with the same effect as if it had been named herein as the party of the first part, and may thereafter exercise every right and power of the Company under this Indenture. Such Successor Company thereupon
may cause to be signed, and may issue either in its own name or in the name of the Company any or all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of
such Successor Company instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver, or cause to be authenticated and delivered, any Notes that
previously shall have been signed and delivered by the Officers of the Company to the Trustee for authentication, and any Notes that such Successor Company thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the
Notes so issued shall in all respects have the same legal rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Notes had been issued at the date of
the execution hereof. In the event of any such consolidation, merger, sale, conveyance or transfer (but not in the case of a lease), upon compliance with this Article 11 the Person named as the “Company” in the first paragraph of this
Indenture (or any successor that shall thereafter have become such in the manner prescribed in this Article 11) may be dissolved, wound up and liquidated at any time thereafter and, except in the case of a lease, such Person shall be released from
its liabilities as obligor and maker of the Notes and from its obligations under this Indenture and the Notes. 
 In case of any such
consolidation, merger, sale, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate. 

ARTICLE 12 
 IMMUNITY OF
INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS 
 Section 12.01 Indenture and Notes Solely Corporate Obligations. No
recourse for the payment of the principal of or accrued and unpaid interest on any Note, nor for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in this
Indenture or in any supplemental indenture or in any Note, nor because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, employee, agent, Officer or director or Subsidiary, as such, past,
present 

  
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or future, of the Company, any Subsidiary thereof or any successor corporation of the foregoing, either directly or through the Company, any such Subsidiary or any such successor corporation,
whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a
consideration for, the execution of this Indenture and the issue of the Notes. 
 ARTICLE 13 

CONVERSION OF NOTES 

Section 13.01 Conversion Privilege. (a) Subject to and upon compliance with the provisions of this Article 13, each Holder of
a Note shall have the right, at such Holder’s option, to convert all or any portion (if the portion to be converted is $1,000 principal amount or an integral multiple thereof) of such Note (i) subject to satisfaction of the conditions
described in Section 13.01(b), at any time prior to the close of business on the Business Day immediately preceding April 1, 2023 under the circumstances and during the periods set forth in Section 13.01(b), and (ii) regardless
of the conditions described in Section 13.01(b), on or after April 1, 2023 and prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, in each case, at an initial conversion rate of
5.9735 shares of Common Stock (subject to adjustment as provided in this Article 13, the “Conversion Rate”) per $1,000 principal amount of Notes (subject to, and in accordance with, the settlement provisions of Section 13.02,
the “Conversion Obligation”). 
 (b) (i) Prior to the close of business on the Business Day immediately preceding
April 1, 2023, a Holder may surrender all or any portion of its Notes for conversion at any time during the five Business Day period immediately after any ten consecutive Trading Day period (the “Measurement Period”) in which
the Trading Price per $1,000 principal amount of Notes, as determined following a request by a Holder of Notes in accordance with this subsection (b)(i), for each Trading Day of the Measurement Period was less than 98% of the product of the Last
Reported Sale Price of the Common Stock and the Conversion Rate on each such Trading Day. The Trading Prices shall be determined by the Bid Solicitation Agent pursuant to this subsection (b)(i) and the definition of Trading Price set forth in this
Indenture. The Company shall provide written notice to the Bid Solicitation Agent (if other than the Company) of the three independent nationally recognized securities dealers selected by the Company pursuant to the definition of Trading Price,
along with appropriate contact information for each. The Bid Solicitation Agent (if other than the Company) shall have no obligation to determine the Trading Price per $1,000 principal amount of Notes unless the Company has requested such
determination, and the Company shall have no obligation to make such request (or, if the Company is acting as Bid Solicitation Agent, the Company shall have no obligation to determine the Trading Price per $1,000 principal amount of Notes) unless a
Holder of at least $2,000,000 principal amount of Notes provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes on any Trading Day would be less than 98% of the product of the Last Reported Sale
Price of the Common Stock on such Trading Day and the Conversion Rate on such Trading Day, at which time the Company shall instruct the Bid Solicitation Agent (if other than the Company) to determine, or, if the Company is acting as Bid Solicitation
Agent, the Company shall determine, the Trading Price per $1,000 principal amount of Notes beginning on the next Trading Day and on each successive Trading Day 

  
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 until the Trading Price per $1,000 principal amount of Notes is greater than or equal to 98% of the product
of the Last Reported Sale Price of the Common Stock and the Conversion Rate. If (x) the Company is not acting as Bid Solicitation Agent, and the Company does not instruct the Bid Solicitation Agent to determine the Trading Price per $1,000
principal amount of Notes when obligated as provided in the preceding sentence, or if the Company instructs the Bid Solicitation Agent to obtain bids and the Bid Solicitation Agent fails to make such determination, or (y) the Company is acting
as Bid Solicitation Agent and the Company fails to make such determination when obligated as provided in the preceding sentence, then, in either case, the Trading Price per $1,000 principal amount of Notes shall be deemed to be less than 98% of the
product of the Last Reported Sale Price of the Common Stock and the Conversion Rate on each Trading Day of such failure. If the Trading Price condition set forth above has been met, the Company shall so notify the Holders, the Trustee and the
Conversion Agent (if other than the Trustee) in writing. Any such determination will be conclusive absent manifest error. If, at any time after the Trading Price condition set forth above has been met, the Trading Price per $1,000 principal amount
of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate for such date, the Company will so notify the Holders, the Trustee and the Conversion Agent (if other than the
Trustee) in writing. 
 (ii) If, prior to the close of business on the Business Day immediately preceding April 1, 2023,
the Company elects to: 
 (A) issue to all or substantially all holders of the Common Stock any rights, options or warrants
(other than in connection with a stockholder rights plan) entitling them, for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase shares of the Common Stock at a price per share that
is less than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance; or 

(B) distribute to all or substantially all holders of the Common Stock the Company’s assets, securities or rights to
purchase securities of the Company (other than in connection with a stockholder rights plan), which distribution has a per share value, as reasonably determined in good faith by the Company, exceeding 10% of the Last Reported Sale Price of the
Common Stock on the Trading Day preceding the date of announcement for such distribution, 
 then, in either case, the Company shall notify all Holders of
the Notes, the Trustee and the Conversion Agent (if other than the Trustee) at least 35 Scheduled Trading Days prior to the Ex-Dividend Date for such issuance or distribution; provided, however,
that if the Company is then otherwise permitted to settle conversions of Notes by Physical Settlement, then the Company may instead elect to provide such notice at least 10 Scheduled Trading Days prior to such
Ex-Dividend Date, in which case the Company shall be required, notwithstanding anything to the contrary in Section 13.02, to settle all conversions of Notes with a Conversion Date occurring during the
period (the “Distributions Trigger Irrevocable Physical Settlement Period”) on or after the date the Company provides such notice and on or before such Ex-Dividend Date (or, if earlier, the
date the 

  
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Company announces that such issuance or distribution will not take place) by Physical Settlement, and the Company shall describe the same in such notice. Once the Company has given such notice, a
Holder may surrender all or any portion of its Notes for conversion at any time until the earlier of (1) the close of business on the Business Day immediately preceding the Ex-Dividend Date for such
issuance or distribution and (2) the Company’s announcement that such issuance or distribution will not take place, in each case, even if the Notes are not otherwise convertible at such time. Notwithstanding the foregoing, Holders may not
convert their Notes under this Section 13.01(b)(ii) if each Holder participates, at the same time and upon the same terms as holders of Common Stock and solely as a result of holding the Notes, in any of the transactions described above without
having to convert the Notes as if such Holder held a number of shares of Common Stock equal to the Conversion Rate for such series of Notes, multiplied by the principal amount (expressed in thousands) of Notes held by such Holder. 

(iii) If (x) a transaction or event that constitutes (x) a Fundamental Change or (y) a Make-Whole Fundamental
Change occurs prior to the close of business on the Business Day immediately preceding April 1, 2023, regardless of whether a Holder has the right to require the Company to repurchase the Notes pursuant to Section 14.01, or if (y) the
Company is a party to a consolidation, merger, binding share exchange, or transfer or lease of all or substantially all of the assets of the Company, that occurs prior to the close of business on the Business Day immediately preceding April 1,
2023, in each case, pursuant to which the Common Stock would be converted into cash, securities or other assets, then, in each case, all or any portion of any Holder’s Notes may be surrendered for conversion at any time from or after the
effective date of such transaction until 35 Trading Days after the date that is the actual effective date of such transaction or, if such transaction also constitutes a Fundamental Change, until the related Fundamental Change Repurchase Date. The
Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing no later than the actual effective date of such transaction. 

(iv) Prior to the close of business on the Business Day immediately preceding April 1, 2023, a Holder may surrender all or
any portion of its Notes for conversion at any time during any calendar quarter commencing after the calendar quarter ending on March 31, 2019 (and only during such calendar quarter), if the Last Reported Sale Price of the Common Stock for at
least 20 Trading Days (whether or not consecutive) during the period of 30 consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar quarter is greater than or equal to 130% of the Conversion Price
on each applicable Trading Day. 
 (v) If the Company issues a Redemption Notice pursuant to Article 15 prior to the close of
business on the Business Day immediately preceding April 1, 2023, then the Holder of such Notes called for redemption may convert all or any portion of such Notes at any time prior to the close of business on the second Scheduled Trading Day
prior to the Redemption Date, even if the Notes are not otherwise convertible at such time. After that time, the right to convert such Notes on the account of the Redemption Notice shall expire, unless the Company defaults in the payment of the
Redemption Price, in which case a Holder of such Note may convert all or any portion of such Note until the Redemption Price has been paid or duly provided for. If the Company calls less than all outstanding Notes for redemption and

  
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any Holder of a Note, or any owner of a beneficial interest in any Global Note, is reasonably not able to determine, before the close of business on the second Scheduled Trading Day immediately
before the relevant Redemption Date, whether such Note or beneficial interest, as applicable, is subject to such redemption, then, notwithstanding anything to the contrary in this Indenture or the Notes, such Holder or owner, as applicable, shall be
entitled to convert such Note or beneficial interest, as applicable, at any time before the close of business on the second Scheduled Trading Day immediately before the related Redemption Date (or, if the Company fails to pay the Redemption Price
due on such Redemption Date in full, at any time until such time as the Company pays such Redemption Price in full), and each such conversion shall be deemed to be of a Note called for redemption for purposes of this Section 13.01(b)(v). 

For the avoidance of doubt, neither the Trustee nor the Conversion Agent shall have any obligation (i) to monitor the stock price or make
any calculation or determination whether or not an event triggering the rights of the Holders to surrender Notes for conversion has occurred, (ii) to notify the Company, the Depositary, or the Holders if the Notes have become subject to
conversion, or (iii) to ensure timely delivery of any Settlement Amounts. 
 Section 13.02 Conversion Procedure; Settlement
Upon Conversion.
 (a) Subject to this Section 13.02, Section 13.03(b) and Section 13.07(a), upon conversion of any Note,
the Company shall pay or deliver, as the case may be, to the converting Holder, in respect of each $1,000 principal amount of Notes being converted, cash (“Cash Settlement”), shares of Common Stock, together, if applicable, with
cash in lieu of delivering any fractional share of Common Stock in accordance with Section 13.02(j) (“Physical Settlement”), or a combination of cash and shares of Common Stock, together, if applicable, with cash in lieu of
delivering any fractional share of Common Stock in accordance with Section 13.02(j) (“Combination Settlement”), at its election, as set forth in this Section 13.02. 

(i) All conversions for which the relevant Conversion Date occurs during a Redemption Period shall be settled using the same
Settlement Method, and all conversions for which the relevant Conversion Date occurs on or after April 1, 2023 shall be settled using the same Settlement Method. 

(ii) Except for any conversions for which the relevant Conversion Date occurs during a Redemption Period and any conversions
for which the relevant Conversion Date occurs on or after April 1, 2023, and except to the extent the Company elects Physical Settlement to apply pursuant to Section 13.01(b)(ii), the Company shall use the same Settlement Method for all
conversions with the same Conversion Date, but the Company shall not have any obligation to use the same Settlement Method with respect to conversions with different Conversion Dates. 

(iii) If, in respect of any Conversion Date (or one of the periods described in the third immediately succeeding set of
parentheses, as the case may be), the Company elects to deliver a notice (the “Settlement Notice”) of the relevant Settlement Method in respect of such Conversion Date (or such period, as the case may be), the Company shall deliver
such 

  
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Settlement Notice to converting Holders no later than the close of business on the Scheduled Trading Day immediately following the relevant Conversion Date (or, in the case of any conversions
(x) of any Notes for which the relevant Conversion Date occurs (A) during a Redemption Period, in the applicable Redemption Notice or (B) on or after April 1, 2023, no later than the close of business on the Business Day
immediately preceding April 1, 2023 or (y) for which the Company has irrevocably elected Physical Settlement pursuant to Section 13.01(b)(ii), in the related notice described therein). If the Company does not elect a Settlement Method
with respect to any conversion prior to the deadline set forth in the immediately preceding sentence, then the Company shall be deemed to have elected the Default Settlement Method in respect of such conversion. Such Settlement Notice, if provided,
shall specify the relevant Settlement Method and, in the case of Combination Settlement, the applicable Specified Dollar Amount. If the Company delivers a Settlement Notice electing Combination Settlement in respect of its Conversion Obligation but
does not indicate a Specified Dollar Amount per $1,000 principal amount of Notes in such Settlement Notice, the Specified Dollar Amount per $1,000 principal amount of Notes shall be deemed to be $1,000. For the avoidance of doubt, the Company’s
failure to so select a Settlement Method or Specified Dollar Amount when so permitted shall not constitute a Default or Event of Default under this Indenture or the Notes. By notice to the Holders, the Company may change the Default Settlement
Method to any permitted Settlement Method, except it may not change the Default Settlement Method during any Redemption Period (in respect of Notes converted with a Conversion Date occurring during such Redemption Period) or on or after
April 1, 2023 (in respect of Notes converted with a Conversion Date that occurs on or after April 1, 2023). 
 (iv)
The cash, shares of Common Stock or combination of cash and shares of Common Stock in respect of any conversion of Notes (the “Settlement Amount”) shall have the following meaning in respect of each $1,000 principal amount of Notes
being converted: 
 (A) if Physical Settlement applies to such conversion, a number of shares of Common Stock equal to the
Conversion Rate in effect on the Conversion Date for such conversion; 
 (B) if Cash Settlement applies to such conversion,
cash in an amount equal to the sum of the Daily Conversion Values for each of the 30 consecutive VWAP Trading Days during the related Observation Period; and 

(C) if Combination Settlement applies to such conversion, a Settlement Amount equal to the sum of the Daily Settlement Amounts
for each of the 30 consecutive VWAP Trading Days during the related Observation Period. 
 (v) The Daily Settlement Amounts
(if applicable) and the Daily Conversion Values (if applicable) shall be determined by the Company as soon as reasonably practicable following the last day of the Observation Period. Following such determination of the Daily Settlement Amounts or
the Daily Conversion Values, as the case may be, and the amount of cash payable in lieu of delivering any fractional share of Common Stock, if any, the Company shall notify the Trustee and the Conversion Agent (if other than the Trustee) of the
same. The Trustee and the Conversion Agent (if other than the Trustee) shall have no responsibility for any such determination. 

  
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 (b) Subject to Section 13.02(e), before any Holder of a Note shall be entitled to
convert a Note as set forth above, such Holder shall (i) in the case of a Global Note, comply with the procedures of the Depositary in effect at that time and pay funds equal to interest payable on the next Interest Payment Date to which the
Holder is not entitled as set forth in Section 13.02(h) and (ii) in the case of a Physical Note (1) complete, manually sign and deliver an irrevocable notice to the Conversion Agent as set forth in the Form of Notice of Conversion (or
a facsimile, PDF or other electronic transmission thereof) (a notice pursuant to the applicable procedure of the Depository or a notice set forth in the Form of Notice of Conversion) (a “Notice of Conversion”) at the office of the
Conversion Agent and state in writing therein the principal amount of Notes to be converted and the name or names (with addresses) in which such Holder wishes the certificate or certificates for any shares of Common Stock to be delivered upon
settlement of the Conversion Obligation to be registered, (2) surrender such Notes, duly endorsed to the Company or in blank (and accompanied by appropriate endorsement and transfer documents), at the office of the Conversion Agent, (3) if
required, furnish appropriate endorsements and transfer documents and (4) pay funds equal to interest payable on the next Interest Payment Date to which the Holder is not entitled as set forth in Section 13.02(h). The Trustee (and if
different, the Conversion Agent) shall notify the Company of any conversion pursuant to this Article 13 on the Conversion Date for such conversion. No Notice of Conversion with respect to any Notes may be surrendered by a Holder thereof if such
Holder has also delivered a Fundamental Change Repurchase Notice to the Company in respect of such Notes and has not validly withdrawn such Fundamental Change Repurchase Notice in accordance with Section 14.02. 

Subject to any procedures or requirements of the applicable Depositary in the case of any Global Note, if more than one Note shall be
surrendered for conversion at one time by the same Holder, the Conversion Obligation with respect to such Notes shall be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted
thereby) so surrendered. 
 (c) A Note shall be deemed to have been converted immediately prior to the close of business on the date (the
“Conversion Date”) that the Holder has complied with the requirements set forth in subsection (b) above. Except as set forth in Section 13.03(b) and Section 13.07(a), the Company shall pay or deliver, as the case may
be, the consideration due in respect of the Conversion Obligation on the second Business Day immediately following the relevant Conversion Date, if Physical Settlement applies, or on the second Business Day immediately following the last VWAP
Trading Day of the Observation Period, if any other Settlement Method applies; provided, however, that the Company shall settle on the Maturity Date (or, if the Maturity Date is not a Business Day, the immediately following Business Day) any
conversions to which Physical Settlement applies and whose Conversion Date occurs on or after September 15, 2023. If any shares of Common Stock are due to a converting Holder, the Company shall issue and deliver (or otherwise cause to be
delivered) to the Conversion Agent or to such Holder, or such Holder’s nominee or nominees, the full number of shares of Common Stock to which such Holder shall be entitled, in book-entry format through the Depositary, in satisfaction of the
Company’s Conversion Obligation. 

  
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 (d) In case any Note shall be surrendered for partial conversion, the Company shall execute
and the Trustee shall authenticate and deliver to or upon the written order of the Holder of the Note so surrendered a new Note or Notes in authorized denominations in an aggregate principal amount equal to the unconverted portion of the surrendered
Note, without payment of any service charge by the converting Holder but, if required by the Company or Trustee, with payment of a sum sufficient to cover any documentary, stamp or similar issue or transfer tax or similar governmental charge
required by law or that may be imposed in connection therewith as a result of the name of the Holder of the new Notes issued upon such conversion being different from the name of the Holder of the old Notes surrendered for such conversion. 

(e) If a Holder submits a Note for conversion, the Company shall pay any documentary, stamp or similar issue or transfer tax due on the issue
of any shares of Common Stock upon conversion, unless the tax is due because the Holder requests such shares to be issued in a name other than the Holder’s name, in which case the Holder shall pay that tax. The Conversion Agent may refuse to
deliver the certificates representing the shares of Common Stock being issued in a name other than the Holder’s name until the Trustee receives a sum sufficient to pay any tax that is due by such Holder in accordance with the immediately
preceding sentence. 
 (f) Except as provided in Section 13.04, no adjustment shall be made for dividends on any shares of Common Stock
issued upon the conversion of any Note as provided in this Article 13. 
 (g) Upon the conversion of an interest in a Global Note, the
Trustee, or the Custodian at the direction of the Trustee, shall make a notation on such Global Note as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any conversion of Notes effected
through any Conversion Agent other than the Trustee. 
 (h) Upon conversion, a Holder shall not receive any separate cash payment for accrued
and unpaid interest, if any, except as set forth below in this Section 13.02(h), and the Company will not adjust the Conversion Rate for any accrued and unpaid interest on any converted Notes. The Company’s settlement of the full
Conversion Obligation shall be deemed to satisfy in full its obligation to pay the principal amount of the Note and accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date. As a result, accrued and unpaid interest,
if any, to, but not including, the relevant Conversion Date shall be deemed to be paid in full rather than cancelled, extinguished or forfeited. Upon a conversion of Notes into a combination of cash and shares of Common Stock, accrued and unpaid
interest will be deemed to be paid first out of the cash paid upon such conversion. Notwithstanding the foregoing, if Notes are converted after the close of business on a Regular Record Date, Holders of such Notes as of the close of business on such
Regular Record Date will receive the full amount of interest payable on such Notes on the corresponding Interest Payment Date notwithstanding the conversion. Notes surrendered for conversion during the period from the close of business on any
Regular Record Date to the open of business on the immediately following Interest Payment Date must be accompanied by funds equal to the amount of interest payable on the Notes so converted; provided, however, that no such payment
shall be required (1) for conversions following the Regular Record Date immediately preceding the Maturity Date; (2) if the Company has specified a Fundamental Change Repurchase Date that is after a Regular Record Date and on or prior to
the Business Day immediately following the corresponding Interest Payment Date; (3) if the Company has specified a Redemption Date that is after a Regular Record Date and on or 

  
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prior to the second Business Day immediately following the corresponding Interest Payment Date; or (4) to the extent of any Defaulted Amounts, if any Defaulted Amounts exists at the time of
conversion with respect to such Note. Therefore, for the avoidance of doubt, all Holders of record as of the close of business on the Regular Record Date immediately preceding the Maturity Date, or a Fundamental Change Repurchase Date or Redemption
Date referred to above, shall receive the full interest payment due on the corresponding Interest Payment Date in cash regardless of whether their Notes have been converted following such Regular Record Date, and the converting Holder shall not be
required to make a corresponding payment. 
 (i) The Person in whose name any shares of Common Stock shall be issuable upon conversion shall
be treated as a stockholder of record of such shares as of the close of business on the relevant Conversion Date (if Physical Settlement applies to such conversion) or as of the close of business on the last VWAP Trading Day of the relevant
Observation Period (if Combination Settlement applies to such conversion), as the case may be. Upon a conversion of Notes, such Person shall no longer be a Holder of such Notes surrendered for conversion. 

(j) The Company shall not issue any fractional share of Common Stock upon conversion of the Notes and shall instead pay cash in lieu of
delivering any fractional share of Common Stock issuable upon conversion based on the Daily VWAP for the relevant Conversion Date (or, if such conversion date is not a VWAP Trading Day, the immediately preceding VWAP Trading Day), in the case of
Physical Settlement, or based on the Daily VWAP for the last VWAP Trading Day of the relevant Observation Period, in the case of Combination Settlement. Subject to any procedures or requirements of the applicable Depositary in the case of any Global
Note, for each Note surrendered for conversion, if the Company has elected Combination Settlement, the full number of shares that shall be deliverable upon conversion thereof shall be computed on the basis of the aggregate Daily Settlement Amounts
for the relevant Observation Period and any fractional shares remaining after such computation shall be paid in cash. 
 Section 13.03
Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes or Converted During a Redemption Period.

(a) If (i) the Effective Date of a Make-Whole Fundamental Change occurs prior to the Maturity Date and a Holder elects to convert any Note
in connection with such Make-Whole Fundamental Change or (ii) the Company issues a Redemption Notice pursuant to Section 15.02 calling any Notes for redemption and a Holder elects to convert such Note with a Conversion Date occurring
during the related Redemption Period, the Company shall, in each case, under the circumstances described below, increase the Conversion Rate applicable to the conversion of such Notes by a number of additional shares of Common Stock (the
“Additional Shares”), as provided below. A conversion of Notes shall be deemed for these purposes to be “in connection with” a Make-Whole Fundamental Change if the relevant Conversion Date occurs during the period from,
and including, the Effective Date of such Make-Whole Fundamental Change to, and including, the Business Day immediately prior to the related Fundamental Change Repurchase Date (or, in the case of a Make-Whole Fundamental Change that would have been
a Fundamental Change but for the proviso in clause (b) of the definition thereof, the 35th Trading Day immediately following the Effective Date of such Make-Whole Fundamental Change) (the “Make-Whole Fundamental Change
Period”). For the avoidance of doubt, if the Company elects to redeem less than all of the outstanding Notes, then Holders of the Notes not called for redemption will not be entitled to an increased Conversion Rate for such Notes as
provided in this Section 13.03(a) on account of such redemption. 

  
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 (b) Upon surrender of Notes for conversion in connection with a Make-Whole Fundamental
Change or of Notes called for redemption with a Conversion Date occurring during the related Redemption Period, the Company shall, at its option, satisfy the related Conversion Obligation by Physical Settlement, Cash Settlement or Combination
Settlement, based on the Conversion Rate as increased to reflect the Additional Shares pursuant to the table set forth below in accordance with Section 13.02; provided, however, that if, at the effective time of a Make-Whole
Fundamental Change described in clause (b) of the definition of Fundamental Change that constitutes a Common Stock Change Event, the Reference Property of which is composed entirely of cash, then, for any conversion of Notes with a Conversion
Date occurring on or after the Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation shall be shall be deemed to be an amount of cash per $1,000 principal amount of converted Notes equal to the Conversion Rate on such
Conversion Date (including any adjustment for Additional Shares), multiplied by the Stock Price for such Make-Whole Fundamental Change. In such event, the Conversion Obligation shall be paid to Holders in cash on the second Business Day
following the Conversion Date. The Company shall provide notice of each Make-Whole Fundamental Change in accordance with Section 13.01(b)(iii) (or, in the case of a Make-Whole Fundamental Change with an Effective Date occurring on or after
April 1, 2023, no later than five Business Days after such Effective Date). 
 (c) The number of Additional Shares, if any, by which the
Conversion Rate shall be increased shall be determined by reference to the table below, based on the date on which the Make-Whole Fundamental Change occurs or becomes effective (the “Effective Date”) or the Redemption Notice Date,
as applicable and the price (the “Stock Price”) paid (or deemed to be paid) per share of the Common Stock in the Make-Whole Fundamental Change or on the Redemption Notice Date in the manner set forth in this Section 13.03(c).
If the holders of the Common Stock receive in exchange for their Common Stock only cash in a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Stock Price shall be the cash amount paid per share.
In all other cases, the Stock Price shall be the average of the Last Reported Sale Prices of the Common Stock over the five consecutive Trading Days ending on, and including, the Trading Day immediately preceding the Effective Date of the Make-Whole
Fundamental Change or the Redemption Notice Date, as the case may be. In the event that a conversion during a Redemption Period would also be deemed to be in connection with a Make-Whole Fundamental Change, a Holder of the Notes to be converted
shall be entitled to a single increase to the Conversion Rate with respect to the first to occur of the applicable Redemption Notice Date or the Effective Date of such Make-Whole Fundamental Change, and the later event will be deemed not to have
occurred for purposes of this Section 13.03(c). 
 (d) The Stock Prices set forth in the column headings of the table below shall be
adjusted as of any date on which the Conversion Rate of the Notes is otherwise adjusted. The adjusted Stock Prices shall equal the Stock Prices applicable immediately prior to such adjustment, multiplied by a fraction, the numerator of which
is the Conversion Rate immediately prior to such adjustment giving rise to the Stock Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The number of Additional Shares set forth in the table below shall be adjusted
in the same manner and at the same time as the Conversion Rate as set forth in Section 13.04. 

  
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 (e) The following table sets forth the number of Additional Shares of Common Stock by which
the Conversion Rate shall be increased per $1,000 principal amount of Notes pursuant to this Section 13.03 for each Stock Price and Effective Date or Redemption Notice Date, as applicable, set forth below: 

 

																																																	
	 Effective Date /
Redemption

Notice Date
	  	  

Stock Price
	 
	  	$145.57	 	  	$150.00	 	  	$160.00	 	  	$167.41	 	  	$180.00	 	  	$200.00	 	  	$217.63	 	  	$250.00	 	  	$300.00	 	  	$350.00	 	  	$400.00	 	  	$450.00	 
	 October 10, 2018
	  	 	0.8960	 	  	 	0.8355	 	  	 	0.7179	 	  	 	0.6446	 	  	 	0.5409	 	  	 	0.4153	 	  	 	0.3317	 	  	 	0.2204	 	  	 	0.1124	 	  	 	0.0496	 	  	 	0.0150	 	  	 	0.0000	 
	 October 1, 2019
	  	 	0.8960	 	  	 	0.7905	 	  	 	0.6679	 	  	 	0.5933	 	  	 	0.4907	 	  	 	0.3708	 	  	 	0.2939	 	  	 	0.1940	 	  	 	0.0984	 	  	 	0.0427	 	  	 	0.0120	 	  	 	0.0000	 
	 October 1, 2020
	  	 	0.8960	 	  	 	0.7481	 	  	 	0.6141	 	  	 	0.5353	 	  	 	0.4311	 	  	 	0.3169	 	  	 	0.2481	 	  	 	0.1628	 	  	 	0.0830	 	  	 	0.0359	 	  	 	0.0096	 	  	 	0.0000	 
	 October 1, 2021
	  	 	0.8960	 	  	 	0.7013	 	  	 	0.5449	 	  	 	0.4574	 	  	 	0.3488	 	  	 	0.2424	 	  	 	0.1855	 	  	 	0.1210	 	  	 	0.0625	 	  	 	0.0270	 	  	 	0.0066	 	  	 	0.0000	 
	 October 1, 2022
	  	 	0.8960	 	  	 	0.6973	 	  	 	0.4478	 	  	 	0.3416	 	  	 	0.2255	 	  	 	0.1369	 	  	 	0.1013	 	  	 	0.0670	 	  	 	0.0358	 	  	 	0.0154	 	  	 	0.0032	 	  	 	0.0000	 
	 October 1, 2023
	  	 	0.8960	 	  	 	0.6932	 	  	 	0.2765	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 

 The exact Stock Price and Effective Date or Redemption Notice Date may not be set forth in the table above, in
which case: 
 (i) if the Stock Price is between two Stock Prices in the table above or the Effective Date or Redemption
Notice Date, as applicable, is between two Effective Dates or Redemption Notice Dates, as applicable, in the table, the number of Additional Shares by which the Conversion Rate will be increased shall be determined by a straight-line interpolation
between the number of Additional Shares set forth for the higher and lower Stock Prices and the earlier and later Effective Dates or Redemption Notice Dates, as applicable, based on a 365- or 366-day year, as applicable; 
 (ii) if the Stock Price is greater than $450.00 per share
(subject to adjustment in the same manner as the Stock Prices set forth in the column headings of the table above pursuant to Section 13.03(d) above), no Additional Shares shall be added to the Conversion Rate; and 

(iii) if the Stock Price is less than $145.57 per share (subject to adjustment in the same manner as the Stock Prices set forth
in the column headings of the table above pursuant to Section 13.03(d) above), no Additional Shares shall be added to the Conversion Rate. 

Notwithstanding the foregoing, in no event shall the Conversion Rate per $1,000 principal amount of Notes exceed 6.8695 shares of Common Stock, subject to
adjustment in the same manner as the Conversion Rate pursuant to Section 13.04. 
 (f) Nothing in this Section 13.03 shall prevent
an adjustment to the Conversion Rate pursuant to Section 13.04 in respect of a Make-Whole Fundamental Change. 

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

 
 

 
 where, 
  

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

 

	CR1    =	 the Conversion Rate in effect immediately after the open of business on such
Ex-Dividend Date or Effective Date, as applicable; 

  

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

 

	OS1    =	 the number of shares of Common Stock outstanding immediately after giving effect to such dividend,
distribution, share split or share combination, as applicable. 

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

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

  
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 where, 
  

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

  

	CR1    =	 the Conversion Rate in effect immediately after the open of business on such
Ex-Dividend Date; 

  

	OS0    =	 the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date; 

  

	X       =	 the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and

  

	Y       =	 the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or
warrants, divided by the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such
rights, options or warrants. 

 Any increase made under this Section 13.04(b) shall be made successively whenever any
such rights, options or warrants are issued and shall become effective immediately after the open of business on the Ex-Dividend Date for such issuance. To the extent that shares of the Common Stock are not
delivered after the expiration of such rights, options or warrants, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect had the increase with respect to the issuance of such rights, options or warrants been
made on the basis of delivery of only the number of shares of Common Stock actually delivered. If such rights, options or warrants are not so issued, or if no such rights, option or warrants are exercised prior to their expiration, the Conversion
Rate shall be decreased to the Conversion Rate that would then be in effect if such Ex-Dividend Date for such issuance had not occurred. 

For purposes of this Section 13.04(b) and for the purpose of Section 13.01(b)(ii)(A), in determining whether any rights, options or
warrants entitle the holders of the Common Stock to subscribe for or purchase shares of the Common Stock at less than such average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and
including, the Trading Day immediately preceding the date of announcement for such issuance, and in determining the aggregate offering price of such shares of Common Stock, there shall be taken into account any consideration received by the Company
for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Company in good faith. 

  
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 (c) If the Company distributes shares of its Capital Stock, evidences of its indebtedness,
other assets or property of the Company, or rights, options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the Common Stock, excluding (i) dividends, distributions or issuances as to which
an adjustment is effected (or would be effected, disregarding the 1% Provision) pursuant to Section 13.04(a) or Section 13.04(b), (ii) rights issued under a stockholders rights plan (except as provided in Section 13.10), (iii)
dividends or distributions paid exclusively in cash as to which the provisions set forth in Section 13.04(d) shall apply, (iv) distributions of Reference Property in a Common Stock Change Event, and (v) Spin-Offs as to which the
provisions set forth below in this Section 13.04(c) shall apply (any of such shares of Capital Stock, evidences of indebtedness, other assets or property or rights, options or warrants to acquire Capital Stock or other securities, the
“Distributed Property”), then the Conversion Rate shall be increased based on the following formula: 
  

 
 where, 
  

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

  

	CR1    =	 the Conversion Rate in effect immediately after the open of business on such
Ex-Dividend Date; 

  

	SP0    =	 the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period
ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and 

  

	FMV =	 the fair market value (as determined by the Company in good faith) of the Distributed Property with respect to
each outstanding share of the Common Stock on the Ex-Dividend Date for such distribution. 

Any increase made under the portion of this Section 13.04(c) above shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution. If such distribution is not so paid or made, the Conversion Rate shall be decreased to be the Conversion Rate that would then be in effect if such distribution had not been
declared. In the case of any distribution of rights, options or warrants to the extent such rights, options or warrants expire unexercised, such Conversion Rate shall be immediately readjusted to the Conversion Rate that would then be in effect had
such unexercised rights, options or warrants not been distributed. Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0” (as defined
above), then, in lieu of the foregoing increase, each Holder of a Note shall receive, in respect of each $1,000 principal amount thereof, at the same time and upon the same terms as holders of the Common Stock receive the Distributed Property, the
amount and kind of Distributed Property such Holder would have received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect on the Ex-Dividend Date for the
distribution. 

  
 -68- 

 With respect to an adjustment pursuant to this Section 13.04(c) where there has been a
payment of a dividend or other distribution on the Common Stock of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Company, that are, or, when issued, will be,
listed or admitted for trading on a U.S. national securities exchange (a “Spin-Off”), the Conversion Rate shall be increased based on the following formula: 

 
 

 
 where, 
  

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

  

	CR1    =	 the Conversion Rate in effect at the close of business on the last Trading Day of such Valuation Period;

  

	FMV0 =	 the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to
holders of the Common Stock applicable to one share of the Common Stock (determined by reference to the definition of Last Reported Sale Price as set forth in Section 1.01 as if references therein to Common Stock were to such Capital Stock or
similar equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of such Spin-Off (the “Valuation
Period”); provided that if there is no last reported sale price of the Capital Stock or similar equity interest distributed to holders of the Common Stock on such Ex-Dividend Date, the Valuation
Period shall be the first ten consecutive trading day period after, and including, the first date such last reported sale price is available; and 

  

	MP0  =	 the average of the Last Reported Sale Prices of the Common Stock over such Valuation Period.

 The increase to the Conversion Rate under the preceding paragraph shall occur at the close of business on the last
Trading Day of the Valuation Period; provided that (x) in respect of any conversion of Notes for which Physical Settlement is applicable, if the relevant Conversion Date occurs during the Valuation Period, references to “10” in
the preceding paragraph shall be deemed to be replaced with such lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date of such Spin-Off
to, and including, the Conversion Date in determining the Conversion Rate and (y) in respect of any conversion of Notes for which Cash Settlement or Combination Settlement is applicable, for any VWAP Trading Day that falls within the relevant
Observation Period for such conversion and within the Valuation Period, references to “10” in the preceding paragraph shall be deemed to be replaced with such lesser number of Trading Days as have elapsed from, and including the Ex-Dividend Date of such Spin-Off to, and including, such VWAP Trading Day in determining the Conversion Rate applicable to such conversion as of such VWAP Trading Day of such
Observation Period. If any dividend or distribution that constitutes a spin-off that results in an adjustment under this clause (c) is declared but not so paid or made, such Conversion Rate shall be
immediately decreased, effective as of the date the Board of Directors determines not to pay or make such dividend or distribution, to the Conversion Rate that would then be in effect if such dividend or distribution had not been declared or
announced. 

  
 -69- 

 For purposes of this Section 13.04(c) (and subject in all respect to
Section 13.10), rights, options or warrants distributed by the Company to all holders of the Common Stock entitling them to subscribe for or purchase shares of the Company’s Capital Stock, including Common Stock (either initially or under
certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events (“Trigger Event”): (i) are deemed to be transferred with such shares of the Common Stock; (ii) are not exercisable;
and (iii) are also issued in respect of future issuances of the Common Stock, shall be deemed not to have been distributed for purposes of this Section 13.04(c) (and no adjustment to the Conversion Rate under this Section 13.04(c)
will be required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate shall be made under
this Section 13.04(c). If any such right, option or warrant, including any such existing rights, options or warrants distributed prior to the date of this Indenture, are subject to events, upon the occurrence of which such rights, options or
warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and
Ex-Dividend Date with respect to new rights, options or warrants with such rights (in which case the existing rights, options or warrants shall be deemed to terminate and expire on such date without exercise
by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately 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 13.04(c) was made, (1) in the case of any such rights, options or warrants that shall all have
been redeemed or purchased without exercise by any holders thereof, upon such final redemption or purchase (x) the Conversion Rate shall be readjusted as if such rights, options or warrants had not been issued and (y) the Conversion Rate
shall then again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or purchase price received by a holder or holders
of Common Stock with respect to such rights, options or warrants (assuming such holder had retained such rights, options or warrants), made to all holders of Common Stock as of the date of such redemption or purchase, and (2) in the case of
such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof, the Conversion Rate shall be readjusted as if such rights, options and warrants had not been issued. 

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

 

  
 -70- 

 where, 
  

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

  

	CR1    =	 the Conversion Rate in effect immediately after the open of business on the
Ex-Dividend Date for such dividend or distribution; 

  

	SP0    =	 the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and 

  

	C       =	 the amount in cash per share the Company distributes to all or substantially all holders of the Common Stock.

 Any increase pursuant to this Section 13.04(d) shall become effective immediately after the open of business on
the Ex-Dividend Date for such dividend or distribution. If such dividend or distribution is not so paid, the Conversion Rate shall be decreased, effective as of the date the Board of Directors determines not
to make or pay such dividend or distribution, to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater
than “SP0” (as defined above), then, in lieu of the foregoing increase, each Holder of a Note shall receive, for each $1,000 principal amount of Notes it holds, at the same time and
upon the same terms as holders of shares of the Common Stock, the amount of cash that such Holder would have received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect on the Ex-Dividend Date for such cash dividend or distribution. 
 (e) If the Company or any of its Subsidiaries
make a payment in respect of a tender or exchange offer for the Common Stock that is subject to the then applicable tender offer rules under the Exchange Act (other than an odd-lot tender offer), to the extent
that the cash and value of any other consideration included in the payment per share of the Common Stock exceeds the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and
including, the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer, the Conversion Rate shall be increased based on the following formula: 

 
 

 
 where, 
  

	CR0    =	 the Conversion Rate in effect immediately prior to the close of business on the 10th Trading Day immediately
following, and including, the Trading Day next succeeding the date such tender or exchange offer expires; 

  

	CR1    =	 the Conversion Rate in effect immediately after the close of business on the 10th Trading Day immediately
following, and including, the Trading Day next succeeding the date such tender or exchange offer expires; 

  
 -71- 

	AC     =	 the aggregate value of all cash and any other consideration (as determined by the Company in good faith) paid
or payable for shares of Common Stock purchased in such tender or exchange offer; 

  

	OS0    =	 the number of shares of Common Stock outstanding immediately prior to the date such tender or exchange offer
expires (prior to giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); 

  

	OS1    =	 the number of shares of Common Stock outstanding immediately after the date such tender or exchange offer
expires (after giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and 

  

	SP1    =	 the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period
commencing on, and including, the Trading Day next succeeding the date such tender or exchange offer expires. 

 The
increase to the Conversion Rate under this Section 13.04(e) shall occur at the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;
provided, however, that (x) in respect of any conversion of Notes for which Physical Settlement is applicable, if the relevant Conversion Date occurs during the 10 Trading Days immediately following, and including, the Trading Day
next succeeding the expiration date of any tender or exchange offer, references to “10” or “10th” in the preceding paragraph shall be deemed replaced with such lesser number of Trading Days as have elapsed from, and including the
Trading Day next succeeding the date that such tender or exchange offer expires to, and including, the Conversion Date in determining the Conversion Rate and (y) in respect of any conversion of Notes for which Cash Settlement or Combination
Settlement is applicable, for any VWAP Trading Day that falls within the relevant Observation Period for such conversion and within the 10 Trading Days immediately following, and including, the Trading Day next succeeding the expiration date of any
tender or exchange offer, references to “10” or “10th” in the preceding paragraph shall be deemed replaced with such lesser number of Trading Days as have elapsed from, and including, the Trading Day next succeeding the
expiration date of such tender or exchange offer to, and including, such VWAP Trading Day in determining the Conversion Rate as of such VWAP Trading Day. 

If the Company or one of its Subsidiaries is obligated to purchase shares of Common Stock pursuant to any such tender or exchange offer
described in this Section 13.04(e) but the Company or such Subsidiary is permanently prevented by applicable law from effecting any such purchase or all such purchases are rescinded, the relevant Conversion Rate will be readjusted to be such
Conversion Rate that would then be in effect if such tender or exchange offer had not been made or had been made only in respect of the purchases that have been made. 

(f) Notwithstanding this Section 13.04 or any other provision of this Indenture or the Notes, if (i) a Conversion Rate adjustment for
any dividend or distribution becomes effective on any Ex-Dividend Date as described in this Section 13.04; (ii) a Note is to be converted for which Physical Settlement or Combination Settlement applies;
(iii) the Conversion Date for such 

  
 -72- 

 
conversion (in the case of Physical Settlement) or any VWAP Trading Day in the Observation Period for such conversion (in the case of Combination Settlement) occurs on or after such Ex-Dividend Date and on or before the related Record Date; (iv) the consideration due upon such conversion includes any whole shares of Common Stock based on a Conversion Rate that is adjusted for such dividend
or distribution; and (v) the Holder would be entitled to participate in such dividend or distribution on account of such shares, then, notwithstanding anything to the contrary, (x) in the case of Physical Settlement, the Conversion Rate
adjustment relating to such Ex-Dividend Date shall not be made for such conversion, and, instead, the shares of Common Stock issuable upon such conversion based on such unadjusted Conversion Rate shall be
entitled to participate in such dividend or distribution; and (y) in the case of Combination Settlement, the Conversion Rate adjustment relating to such Ex-Dividend Date shall be made for such conversion
in respect of such VWAP Trading Day, but the shares of Common Stock issuable upon such conversion shall not be entitled to participate in such dividend or distribution. 

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

(h) In addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this Section 13.04, and to the extent
permitted by applicable law and subject to the applicable rules of any exchange on which any of the Company’s securities are then listed, the Company from time to time may increase the Conversion Rate by any amount for a period of at least 20
Business Days if the Board of Directors determines that such increase would be in the Company’s best interest. In addition, to the extent permitted by applicable law and subject to the applicable rules of any exchange on which any of the
Company’s securities are then listed, the Company may (but is not required to) increase the Conversion Rate to avoid or diminish any income tax to holders of Common Stock or rights to purchase Common Stock in connection with a dividend or
distribution of shares of Common Stock (or rights to acquire shares of Common Stock) or similar event. 
 (i) Notwithstanding anything to the
contrary in this Article 13, the Conversion Rate shall not be adjusted: 
 (i) upon the issuance of any shares of Common
Stock at a price below the Conversion Price for the Notes, other than any such issuance described in Section 13.04(a), Section 13.04(b) or Section 13.04(c)); 

(ii) upon the issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of
dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of Common Stock under any plan; 

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

  
 -73- 

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

(v) for a third party tender offer by any party other than a tender offer by one or more of the Company’s Subsidiaries as
described in Section 13.04(e); 
 (vi) upon the repurchase of any shares of Common Stock pursuant to an open-market
share repurchase program or other buy-back transaction (including, without limitation, through any structured or derivative transactions such as accelerated share repurchase derivatives or similar forward
derivatives) that is not a tender offer or exchange offer of the nature described in Section 13.04(e); 
 (vii) solely
for a change in the par value of the Common Stock; or 
 (viii) for accrued and unpaid interest, if any. 

(j) All calculations and other determinations under this Article 13 shall be made by the Company and shall be made to the nearest one-ten thousandth (1/10,000th) of a share. 
 (k) Whenever the Conversion Rate is adjusted as herein
provided, the Company shall, as soon as reasonably practicable, file with the Trustee (and the Conversion Agent if not the Trustee) an Officer’s Certificate setting forth (i) the adjusted Conversion Rate, (ii) the subsection of this
Section 13.04 pursuant to which such adjustment has been made, showing in reasonable detail and setting forth a brief statement of the facts requiring such adjustment and (iii) the date as of which such adjustment is effective (which
certificates shall be conclusive evidence of the accuracy of such adjustment absent manifest error). Unless and until a Responsible Officer of the Trustee shall have received such Officer’s Certificate, the Trustee shall not be deemed to have
knowledge of any adjustment of the Conversion Rate and may assume without inquiry that the last Conversion Rate of which it has knowledge is still in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such
adjustment of the Conversion Rate setting forth the adjusted Conversion Rate and the date on which each adjustment becomes effective and shall deliver such notice of such adjustment of the Conversion Rate to each Holder. Failure to deliver such
notice shall not affect the legality or validity of any such adjustment. 
 (l) If an adjustment to the Conversion Rate otherwise required
pursuant to this Section 13.04 would result in a change of less than 1% to the Conversion Rate, then notwithstanding the foregoing, the Company may, at its election, defer such adjustment, except that all such deferred adjustments must be given
effect immediately upon the earliest of the following: (i) when all such deferred adjustments would result in an aggregate change of at least 1% to the Conversion Rate; (ii) the Conversion Date of, or any VWAP Trading Day of an Observation
Period for, any Note; (iii) the date a Fundamental Change or Make-Whole Fundamental Change occurs; (iv) if the Company calls any Notes for redemption; or (v) April 1, 2023, in each case, unless the adjustment has already been
made. The provision described in the immediately preceding sentence of this Section 13.04(l) is referred to herein as the “1% Provision.” 

  
 -74- 

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

Section 13.05 Adjustments of Prices. Whenever any provision of this Indenture requires the Company to calculate the Last
Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts over a span of multiple days (including, without limitation, an Observation Period and the period, if any, for determining the Stock Price for
purposes of a Make-Whole Fundamental Change or for purposes of determining whether the Company may issue a Redemption Notice), the Company shall, in good faith, make appropriate adjustments, if any, to each to account for any adjustment to the
Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, Effective Date or expiration date, as the case may be, of the event occurs, at
any time during the period when the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts are to be calculated. 

Section 13.06 Shares to Be Fully Paid The Company shall provide, free from preemptive rights, out of its authorized but unissued
shares or shares held in treasury, sufficient shares of Common Stock to provide for conversion of the Notes from time to time as such Notes are presented for conversion (assuming delivery of the maximum number of Additional Shares pursuant to
Section 13.03 and that at the time of computation of such number of shares, all such Notes would be converted by a single Holder and that Physical Settlement were applicable). 

Section 13.07 Effect of Recapitalizations, Reclassifications and Changes of the Common Stock 

(a) In the case of: 

(i) any recapitalization, reclassification or change of the Common Stock (other than changes in par value from par value to no
par value or changes resulting from a subdivision or combination), 
 (ii) any consolidation, merger, combination or similar
transaction involving the Company, 
 (iii) any sale, lease or other transfer to a third party of the consolidated assets of
the Company and the Company’s Subsidiaries substantially as an entirety or 
 (iv) any statutory share exchange, 

in each case, as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets (including
cash or any combination thereof) (any such event, a “Common Stock Change Event”), then, at the effective time of the transaction, the Company or the successor or acquiring corporation, as the case may be, will execute with the

  
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Trustee a Supplemental Indenture, without the consent of Holders, providing that at and after the effective time of the transaction, the right to convert each $1,000 principal amount of the Notes
will be changed into a right to convert such principal amount of the Notes into the kind of and amount of shares of stock, other securities, or other property or assets (including cash or any combination thereof) that a holder of a number of shares
of Common Stock equal to the Conversion Rate immediately prior to such transaction would have owned or been entitled to receive (the “Reference Property”) upon such transaction. However, at and after the effective time of the
transaction, (i) the Company will continue to have the right to determine the form of consideration to be paid or delivered, as the case may be, upon conversion of the Notes, as set forth under Section 13.02 and (ii)(x) any amount payable
in cash upon conversion of the Notes as set forth under Section 13.02 will continue to be payable in cash, (y) any shares of Common Stock that the Company would have been required to deliver upon conversion of the Notes as set forth under
Section 13.02 will instead be deliverable in the amount and type of Reference Property that a holder of that number of shares of Common Stock would have received in such transaction and (z) the Daily VWAP will be calculated based on the
value of a unit of Reference Property that a holder of one share of Common Stock would have received in such transaction. If the transaction causes the Common Stock to be converted into, or exchanged for, the right to receive more than a single type
of consideration (determined based in part upon any form of stockholder election), the Reference Property into which the Notes will be convertible shall be deemed to be the weighted average of the types and amounts of consideration actually received
by the holders of Common Stock. If the holders of the Common Stock receive only cash in such transaction, then for all conversions that occur after the effective date of such transaction, (A) the consideration due upon conversion of each $1,000
principal amount of Notes shall be solely cash in an amount equal to the Conversion Rate in effect on the Conversion Date (as may be increased by any Additional Shares pursuant to Section 13.03), multiplied by the price paid per share of
Common Stock in such Common Stock Change Event and (B) the Company shall satisfy the Conversion Obligation by paying cash to converting Holders on the second Business Day immediately following the relevant Conversion Date. The Company shall
notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing of such weighted average as soon as practicable after such determination is made. 

The supplemental indenture described in the immediately preceding paragraph shall, if applicable, provide for anti-dilution and other
adjustments that are as nearly equivalent as possible to the adjustments provided for in this Article 13. If the Reference Property in respect of any such transaction includes shares of stock, securities or other property or assets (other than cash
and/or cash equivalents) of a Person other than the Company or the Successor Company, as the case may be, in such transaction and such other Person is a party to the transaction, such supplemental indenture shall also be executed by such other
Person. In addition, each such supplemental indenture shall contain such additional provisions to protect the interests of the Holders as the Company reasonably considers necessary by reason of the foregoing, including the provisions providing for
the purchase rights set forth in Article 14. 
 (b) When the Company executes a supplemental indenture pursuant to subsection (a) of
this Section 13.07, the Company shall, within 20 days after execution thereof, deliver notice to all Holders briefly describing the same and the related change to the conversion right. Failure to deliver such notice shall not affect the
legality or validity of such supplemental indenture. 

  
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 (c) The Company shall not become a party to any Common Stock Change Event unless its terms
are consistent with this Section 13.07. None of the foregoing provisions shall affect the right of a holder of Notes to convert its Notes as set forth in Section 13.01 and Section 13.02 prior to the effective date of such Common Stock
Change Event. 
 (d) The above provisions of this Section shall similarly apply to successive Common Stock Change Events. 

Section 13.08 Certain Covenants. The Company covenants that all shares of Common Stock issued upon conversion of Notes will
be fully paid and non-assessable by the Company and free from all taxes, liens and charges with respect to the issue thereof. 

(a) The Company covenants that if at any time the Common Stock shall be listed on any national securities exchange or automated quotation
system, the Company will use its commercially reasonable efforts to list and keep listed, so long as the Common Stock shall be so listed on such exchange or automated quotation system, any Common Stock issuable upon conversion of the Notes. 

Section 13.09 Responsibility of Trustee. The Trustee and any other Conversion Agent shall not at any time be under any duty
or responsibility to any Holder to determine the Conversion Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment (including any increase) of the Conversion Rate, or with respect to the nature or extent or
calculation of any such adjustment when made, or with respect to the method employed, or 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 securities, property or cash that may at any time be issued or delivered upon the conversion of any Note; and the Trustee and any other Conversion
Agent make no representations with respect thereto. Neither the Trustee nor any Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver any shares of Common Stock or stock certificates or other securities
or property or cash upon the surrender of any Note for the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article. Without limiting the generality of the foregoing, neither
the Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture entered into pursuant to Section 13.07 relating either to the kind or amount of shares
of stock or securities or property (including cash) receivable by Holders upon the conversion of their Notes after any event referred to in such Section 13.07 or to any adjustment to be made with respect thereto, but, subject to the provisions
of Section 7.01, may accept (without any independent investigation) as conclusive evidence of the correctness of any such provisions, and shall be protected in conclusively relying upon, the Officer’s Certificate (which the Company shall
be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with respect thereto. Neither the Trustee nor the Conversion Agent shall be responsible for determining whether any event contemplated by
Section 13.01(b) has occurred that makes the Notes eligible for conversion or no longer eligible therefor until the Company has delivered to the Trustee and the Conversion Agent the notices referred to in Section 13.01(b) with respect to
the commencement or termination of such conversion rights, on which notices the Trustee and the Conversion Agent may conclusively rely, and the Company agrees to deliver such notices to 

  
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the Trustee and the Conversion Agent immediately after the occurrence of any such event or at such other times as shall be provided for in Section 13.01(b). Neither the Trustee nor any other
agent acting under this Indenture (other than the Company, if acting in such capacity) shall have any obligation to make any calculation or to determine whether the Notes may be surrendered for conversion pursuant to this Indenture, or to notify the
Company or the Depositary or any of the Holders if the Notes have become convertible pursuant to the terms of this Indenture. 

Section 13.10 Stockholder Rights Plans. If the Company has a stockholder rights plan in effect upon conversion of the Notes,
each share of Common Stock, if any, issued upon such conversion shall be entitled to receive the applicable number of rights, if any, and the certificates representing the Common Stock issued upon such conversion shall bear such legends, if any, in
each case as may be provided by the terms of any such stockholder rights plan, as the same may be amended from time to time. However, if, prior to any conversion of Notes, the rights have separated from the shares of Common Stock in accordance with
the provisions of the applicable stockholder rights plan, the Conversion Rate shall be adjusted at the time of separation as if the Company distributed to all or substantially all holders of the Common Stock Distributed Property as provided in
Section 13.04(c), subject to readjustment in the event of the expiration, termination or redemption of such rights. 

Section 13.11 Exchange In Lieu of Conversion. (a) When a Holder surrenders its Notes for conversion, the Company may, at its
election (an “Exchange Election”), direct the Conversion Agent to deliver, at or prior to 11:00 a.m. (New York City time) on the first Trading Day immediately following the relevant Conversion Date, such Notes to one or more
financial institutions designated by the Company (the “Designated Institutions”) for exchange in lieu of conversion. In order to accept any Notes surrendered for conversion for exchange in lieu of conversion, the Designated
Institution must agree to timely pay or deliver, as the case may be, in exchange for such Notes, cash, shares of Common Stock or a combination of cash and shares of Common Stock, at the Company’s election, that would otherwise be due upon
conversion as described in Section 13.02 above or such other amount agreed to by the Holder and the Designated Institution(s) (the “Conversion Consideration”). If the Company makes the election described above, the Company
shall, at or prior to close of business on the first Trading Day following the relevant Conversion Date, notify in writing, the Holder surrendering Notes for conversion, the Trustee and the Conversion Agent (if other than the Trustee), that it has
made such Exchange Election, and the Company shall notify the Designated Institution(s) of the relevant deadline for delivery of the Conversion Consideration and the type of Conversion Consideration to be paid and/or delivered, as the case may be.
Any Notes exchanged by any Designated Institution will remain outstanding, subject to applicable procedures of the Depositary. Notwithstanding anything to the contrary in this Indenture or the Notes, any conversion settled in accordance to this
Section 13.11 need not be settled with newly issued shares of Common Stock and any reference in this Indenture or the Notes to a requirement that the Company issue shares of Common Stock in connection with such conversion will be deemed to be
satisfied with the delivery of shares of Common Stock by the applicable Designated Institution in accordance with this Section 13.11. 

(b) If any Designated Institution agrees to accept any Notes for exchange but does not timely pay and/or deliver, as the case may be, the
related Conversion Consideration to the Conversion Agent, or if such Designated Institution does not accept such Notes for exchange, the Company shall, within the time period specified in Section 13.02(c), notify the Conversion Agent and shall
pay and/or deliver, as the case may be, the Conversion Consideration in accordance with the provisions of Section 13.02 as if the Company had not made the Exchange Election and the Notes will be cancelled in accordance with the provisions of
this Indenture. 

  
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 (c) For the avoidance of doubt, in no event will the Company’s designation of a
Designated Institution pursuant to this Section 13.11 require such Designated Institution to accept any Notes for exchange. The Company may, but will not be obligated to, enter into a separate agreement with any Designated Institution that
would compensate it for any such transaction. 
 ARTICLE 14 

REPURCHASE OF NOTES AT OPTION OF HOLDERS 

Section 14.01 Repurchase at Option of Holders Upon a Fundamental Change. (a) If a Fundamental Change occurs at any
time, each Holder shall have the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s Notes, or any portion thereof that is equal to $1,000 or an integral multiple of $1,000, on the date (the
“Fundamental Change Repurchase Date”) specified by the Company that is not less than 20 Business Days or more than 35 Business Days following the date of the related Fundamental Change Company Notice at a repurchase price equal to
100% of the principal amount thereof, plus accrued and unpaid interest thereon to, but excluding, the Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”), unless the Fundamental Change Repurchase Date
falls after a Regular Record Date but on or prior to the Interest Payment Date to which such Regular Record Date relates, in which case the Company shall instead pay, on or, at the Company’s election, before such Interest Payment Date, the full
amount of accrued and unpaid interest to Holders of record as of such Regular Record Date, and the Fundamental Change Repurchase Price shall be equal to 100% of the principal amount of Notes to be repurchased pursuant to this Article 14. 

(b) Repurchases of Notes under this Section 14.01 shall be made, at the option of the Holder thereof, upon: 

(i) delivery to the Paying Agent by a Holder of a duly completed notice (the “Fundamental Change Repurchase
Notice”) in the form set forth in Attachment 2 to the Form of Note attached hereto as Exhibit A, if the Notes are Physical Notes, or in compliance with the Depositary’s procedures for surrendering interests in Global Notes, if the
Notes are Global Notes, in each case on or before the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date; and 

(ii) delivery of the Notes, if the Notes are Physical Notes, to the Paying Agent at any time after delivery of the Fundamental
Change Repurchase Notice (together with all necessary endorsements for transfer) at the Corporate Trust Office of the Paying Agent, or book-entry transfer of the Notes, if the Notes are Global Notes, in compliance with the procedures of the
Depositary, in each case such delivery being a condition to receipt by the Holder of the Fundamental Change Repurchase Price therefor. 

  
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 The Fundamental Change Repurchase Notice in respect of any Notes to be repurchased shall
state: 
 (i) in the case of Physical Notes, the certificate numbers of the Notes to be delivered for repurchase; 

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

 (iii) that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this
Indenture; 
 provided, however, that if the Notes are Global Notes, to exercise the Fundamental Change repurchase right, Holders must
surrender their Notes in accordance with applicable Depositary procedures. 
 Notwithstanding anything herein to the contrary, any Holder
delivering to the Paying Agent the Fundamental Change Repurchase Notice contemplated by this Section 14.01 shall have the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the close of
business on the Business Day immediately preceding the Fundamental Change Repurchase Date by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 14.02. 

The Paying Agent shall promptly notify the Company of the receipt by it of any Fundamental Change Repurchase Notice or written notice of
withdrawal thereof. 
 Notwithstanding the foregoing, the Company will not be required to repurchase, or to make an offer to repurchase, the
Notes upon a Fundamental Change if a third party makes such an offer in the same manner, at the same time and otherwise in compliance with the requirements for an offer made by the Company pursuant to this Article 14 and such third party purchases
all Notes properly surrendered and not validly withdrawn under its offer in the same manner, at the same time and otherwise in compliance with the requirements for an offer made by the Company set forth herein. 

(c) On or before the 20th Business Day after the occurrence of the effective date of a Fundamental Change, the Company shall provide to all
Holders of Notes and the Trustee and the Paying Agent (in the case of a Paying Agent other than the Trustee) a notice (the “Fundamental Change Company Notice”) of the occurrence of the effective date of the Fundamental Change and of
the repurchase right at the option of the Holders arising as a result thereof. In the case of Physical Notes, such notice shall be by first class mail or, in the case of Global Notes, such notice shall be delivered in accordance with the applicable
procedures of the Depositary. Each Fundamental Change Company Notice shall specify: 
 (i) the events causing the Fundamental
Change; 
 (ii) the effective date of the Fundamental Change; 

  
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 (iii) the last date on which a Holder may exercise the repurchase right
pursuant to this Article 14; 
 (iv) the Fundamental Change Repurchase Price; 

(v) the Fundamental Change Repurchase Date; 

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

(vii) if applicable, the Conversion Rate and any adjustments to the Conversion Rate as a result of such Fundamental Change (or
related Make-Whole Fundamental Change); 
 (viii) that the Notes with respect to which a Fundamental Change Repurchase Notice
has been delivered by a Holder may be converted only if the Holder validly withdraws the Fundamental Change Repurchase Notice in accordance with the terms of this Indenture; and 

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

Simultaneously with providing such notice, the Company will publish the information on its website or through such other public medium as it
may use at that time. 
 No failure of the Company to give the foregoing notices and no defect therein shall limit the Holders’
repurchase rights or affect the validity of the proceedings for the repurchase of the Notes pursuant to this Section 14.01. 
 At the
Company’s request, given at least five days prior to the date the Fundamental Change Notice is to be sent (or such shorter period of time as may be acceptable to the Trustee), the Paying Agent shall give such notice in the Company’s name
and at the Company’s expense; provided, however, that, in all cases, the text of such Fundamental Change Company Notice shall be prepared by the Company. 

(d) Notwithstanding the foregoing, no Notes may be repurchased by the Company on any date at the option of the Holders upon a Fundamental
Change if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date (except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental
Change Repurchase Price with respect to such Notes). The Paying Agent will promptly return to the respective Holders thereof any Physical Notes held by it during the acceleration of the Notes (except in the case of an acceleration resulting from a
Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes), or any instructions for book-entry transfer of the Notes in compliance with the procedures of the Depositary shall be deemed to have been
cancelled, and, upon such return or cancellation, as the case may be, the Fundamental Change Repurchase Notice with respect thereto shall be deemed to have been withdrawn. 

  
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 Section 14.02 Withdrawal of Fundamental Change Repurchase Notice. (a) A
Fundamental Change Repurchase Notice may be withdrawn (in whole or in part) by means of a written notice of withdrawal delivered to the Paying Agent in accordance with this Section 14.02 at any time prior to the close of business on the
Business Day immediately preceding the Fundamental Change Repurchase Date, specifying: 
 (i) the principal amount of the
Notes with respect to which such notice of withdrawal is being submitted, which must be in principal amounts of $1,000 or an integral multiple thereof, 

(ii) if Physical Notes have been issued, the certificate number of the Note in respect of which such notice of withdrawal is
being submitted, and 
 (iii) the principal amount, if any, of such Note that remains subject to the original Fundamental
Change Repurchase Notice, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000; 
 provided, however, that
if the Notes are Global Notes, Holders may withdraw their Notes subject to repurchase in accordance with applicable procedures of the Depositary. 

Section 14.03 Deposit of Fundamental Change Repurchase Price. (a) The Company will deposit with the Paying Agent (or, if the
Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 4.04) at or prior to 11:00 a.m., New York City time, on the Fundamental Change Repurchase Date an amount of money sufficient to repurchase
all of the Notes to be repurchased at the appropriate Fundamental Change Repurchase Price. Subject to receipt of funds and/or Notes by the Paying Agent, payment for Notes surrendered for repurchase (and not withdrawn prior to the close of business
on the Business Day immediately preceding the Fundamental Change Repurchase Date) will be made on the later of (i) the Fundamental Change Repurchase Date (provided the Holder has satisfied the conditions in Section 14.01) and (ii) the
time of book-entry transfer or the delivery of such Note to the Paying Agent by the Holder thereof in the manner required by Section 14.01 by mailing checks for the amount payable to the Holders of such Notes entitled thereto as they shall
appear in the Note Register; provided, however, that payments to the Depositary shall be made by wire transfer of immediately available funds to the account of the Depositary or its nominee. The Trustee shall, promptly after such payment and upon
written demand by the Company, return to the Company any funds in excess of the Fundamental Change Repurchase Price. 
 (b) If by 11:00 a.m.
New York City time, on the Fundamental Change Repurchase Date, the Paying Agent holds money sufficient to make payment on all the Notes or portions thereof that are to be repurchased on such Fundamental Change Repurchase Date, then, with respect to
the Notes that have been properly surrendered for repurchase and have not been validly withdrawn, (i) such Notes will cease to be outstanding, (ii) interest will cease to accrue on such Notes (whether or not book-entry transfer of the
Notes has been made or the Notes have been delivered to the Trustee or Paying Agent) and (iii) all other rights of the Holders of such Notes will terminate (other than the right to receive the Fundamental Change Repurchase Price and, if
applicable, accrued and unpaid interest). 

  
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 (c) Upon surrender of a certificated Note that is to be repurchased in part pursuant to
Section 14.01, the Company shall execute and the Trustee shall authenticate and deliver to the Holder a new certificated Note in an authorized denomination equal in principal amount to the unrepurchased portion of the certificated Note
surrendered. 
 Section 14.04 Covenant to Comply with Applicable Laws Upon Repurchase of Notes. In connection with any
repurchase offer, the Company will, if required: 
 (a) comply with the tender offer rules under the Exchange Act that may then be
applicable; 
 (b) file a Schedule TO or any other required schedule under the Exchange Act; and 

(c) otherwise comply with all federal and state securities laws in connection with any offer by the Company to repurchase the Notes; 

in each case, so as to permit the rights and obligations under this Article 14 to be exercised in the time and in the manner specified in this Article 14.
Notwithstanding anything to the contrary in this Indenture or the Notes, to the extent that the Company’s obligations to offer to repurchase and to repurchase Notes pursuant to this Article 14 conflict with any law or regulation adopted after
the date on which the Notes are first issued and that is applicable to the Company, the Company’s compliance with such law or regulation will not be considered to be a default of those obligations. 

For purposes of this Article 14, the Paying Agent may be any agent, depositary, tender agent, paying agent or other agent appointed by the
Company to accomplish the purposes set forth herein. 
 ARTICLE 15 

OPTIONAL REDEMPTION 

Section 15.01 Optional Redemption. No sinking fund is provided for the Notes. The Notes shall not be redeemable by the
Company prior to October 1, 2021. On a Redemption Date occurring on or after October 1, 2021 and on or before the 30th Scheduled Trading Day immediately before the Maturity Date, the Company may redeem (an “Optional
Redemption”) for cash all or any portion of the Notes, at the Redemption Price, if the Last Reported Sale Price of the Common Stock has been at least 130% of the Conversion Price then in effect for at least 20 Trading Days (whether or not
consecutive), including the Trading Day immediately preceding the date (the “Redemption Notice Date”) on which the Company provides the related Redemption Notice, during any 30 consecutive Trading Day period ending on, and
including, the Trading Day immediately preceding such Redemption Notice Date. 
 Section 15.02 Notice of Optional Redemption;
Selection of Notes. (a) In case the Company exercises its Optional Redemption right to redeem all or, as the case may be, any part of the Notes pursuant to Section 15.01, it shall fix a date for redemption (each, a “Redemption
Date”) and it (or, at its written request received by the Trustee not less than five Business Days prior to the Redemption Notice Date (or such shorter period of time as may be acceptable to the Trustee), the Trustee, in the name of and at
the expense of the Company) shall deliver or cause to be delivered a 

  
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notice of such Optional Redemption (a “Redemption Notice”); provided, however, that, if the Company shall give such notice, it shall also give written notice of the
Redemption Date to the Trustee. The Redemption Date will be a Business Day selected by the Company that is not less than 35 nor more than 60 Scheduled Trading Days after the date the Company sends the related Redemption Notice. However, if in
accordance with Section 13.02(a)(iii), the Company elects to settle all conversions with a Conversion Date that occurs on or after the date the Company sends such Redemption Notice and before the related Redemption Date by Physical Settlement,
then the Company may instead elect to select a Redemption Date that is a Business Day not less than 15 nor more than 60 calendar days after the date such Redemption Notice is sent. The Redemption Date must be a Business Day. 

(b) The Redemption Notice, if delivered in the manner herein provided, shall be conclusively presumed to have been duly given, whether or not
the Holder receives such notice. In any case, failure to give such Redemption Notice or any defect in the Redemption Notice to the Holder of any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings
for the redemption of any other Note. 
 (c) Each Redemption Notice shall specify: 

(i) the Redemption Date; 

(ii) the Redemption Price; 

(iii) that on the Redemption Date, the Redemption Price will become due and payable upon each Note to be redeemed, and that
interest thereon, if any, shall cease to accrue on and after the Redemption Date; 
 (iv) the place or places where such
Notes are to be surrendered for payment of the Redemption Price; 
 (v) that Holders may surrender their Notes for conversion
at any time prior to the close of business on second the Scheduled Trading Day immediately preceding the Redemption Date; 

(vi) the procedures a converting Holder must follow to convert its Notes and the Settlement Method and, if applicable,
Specified Dollar Amount that would apply to each conversion with a Conversion Date occurring during the related Redemption Period; 

(vii) the Conversion Rate and, if applicable, the number of Additional Shares added to the Conversion Rate in accordance with
Section 13.03; 
 (viii) the CUSIP, ISIN or other similar numbers, if any, assigned to such Notes; and 

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

  
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 Each Redemption Notice shall be irrevocable. 

(d) Subject to the applicable rules and procedures of the Depositary, if fewer than all of the outstanding Notes are to be redeemed, the
Company shall instruct the Trustee regarding the selection of Notes or portions thereof of a Global Note or the Notes in certificated form to be redeemed (in principal amounts of $1,000 or multiples thereof) by lot, on a pro rata basis or by
another method the Company considers to be fair and appropriate. If any Note selected for partial redemption is submitted for conversion in part after such selection, the portion of the Note submitted for conversion shall be deemed (so far as may be
possible) to be the portion selected for redemption. 
 Section 15.03 Payment of Notes Called for Redemption. (a) If any
Redemption Notice has been given in respect of the Notes in accordance with Section 15.02, the Notes shall become due and payable on the Redemption Date at the place or places stated in the Redemption Notice and at the applicable Redemption
Price. On presentation and surrender of the Notes at the place or places stated in the Redemption Notice, the Notes shall be paid and redeemed by the Company at the applicable Redemption Price. 

(b) At or prior to 11:00 a.m., New York City time, on the Redemption Date, the Company shall deposit with the Paying Agent or, if the Company
or a Subsidiary of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 7.05 an amount of cash (in immediately available funds if deposited on the Redemption Date), sufficient to pay the Redemption
Price of all of the Notes to be redeemed on such Redemption Date. Subject to receipt of funds by the Paying Agent, payment for the Notes to be redeemed shall be made on the Redemption Date for such Notes. The Paying Agent shall, promptly after such
payment and upon written demand by the Company, return to the Company any funds in excess of the Redemption Price. 
 Section 15.04
Restrictions on Redemption. The Company may not call the Notes for redemption if the Redemption Date would fall after the 30th Scheduled Trading Day immediately before the Maturity Date. In addition, no Notes may be redeemed on any date
if the principal amount of the Notes has been accelerated in accordance with the terms of this Indenture, and such acceleration has not been rescinded, on or prior to the Redemption Date (except in the case of an acceleration resulting from a
Default by the Company in the payment of the Redemption Price with respect to such Notes). 
 ARTICLE 16 

MISCELLANEOUS PROVISIONS 

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

Section 16.02 Official Acts by Successor Corporation. Any act or proceeding by any provision of this Indenture authorized or
required to be done or performed by any board, committee or Officer of the Company shall and may be done and performed with like force and effect by the like board, committee or officer of any corporation or other entity that shall at the time be
the lawful sole successor of the Company. 

  
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 Section 16.03 Addresses for Notices, Etc. Any notice or demand that by any
provision of this Indenture is required or permitted to be given by the Trustee or by the Holders to the Company shall be deemed to have been sufficiently given or made, for all purposes if given or served by overnight courier or by being deposited
postage prepaid by registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee) to Tilray, Inc., 1100 Maughan Road, Nanaimo, BC, Canada V9X 1J2. Any notice, direction, or request
hereunder to the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given by being deposited postage prepaid by registered or certified mail in a post office letter box addressed to the Corporate Trust Office or
sent electronically in PDF format to an email address specified by the Trustee. 
 The Trustee, by notice to the Company, may designate
additional or different addresses for subsequent notices or communications. 
 Any notice or communication delivered or to be delivered to a
Holder of Physical Notes shall be mailed to it by first class mail, postage prepaid, at its address as it appears on the Note Register and shall be sufficiently given to it if so mailed within the time prescribed. Any notice or communication
delivered or to be delivered to a Holder of Global Notes shall be delivered in accordance with the applicable procedures of the Depositary and shall be sufficiently given to it if so delivered within the time prescribed (and any such notice so given
will be deemed to have been given in writing for purposes of this Indenture). Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event (including any Fundamental Change
Company Notice) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depository (or its designee) pursuant to the standing instructions from the Depository or its designee, including by
electronic mail in accordance with the Depository’s applicable procedures. 
 Failure to mail or deliver a notice or communication to a
Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed or delivered, as the case may be, in the manner provided above, it is duly given, whether or not the addressee receives
it. 
 In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such
notice to Holders by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

Section 16.04 Governing Law; Jurisdiction. THIS INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER
OR RELATED TO THIS INDENTURE AND EACH NOTE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF WHOSE APPLICATION WOULD RESULT IN THE APPLICATION OF
THE LAW OF ANY OTHER JURISDICTION). 

  
 -86- 

 The Company irrevocably consents and agrees, for the benefit of the Holders from time to
time of the Notes and the Trustee, that any legal action, suit or proceeding against it with respect to obligations, liabilities or any other matter arising out of or in connection with this Indenture or the Notes may be brought in the courts of the
State of New York or the courts of the United States located in the Borough of Manhattan, New York City, New York and, until amounts due and to become due in respect of the Notes have been paid, hereby irrevocably consents and submits to the non-exclusive jurisdiction of each such court in personam, generally and unconditionally with respect to any action, suit or proceeding for itself in respect of its properties, assets and revenues. 

The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which it may now or hereafter have
to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Indenture brought in the courts of the State of New York or the courts of the United States located in the Borough of Manhattan,
New York City, New York and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

Section 16.05 Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee. Upon any
application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall, if requested by the Trustee, furnish to the Trustee an Officer’s Certificate stating that such action is
permitted by the terms of this Indenture. 
 Each Officer’s Certificate and Opinion of Counsel provided for, by or on behalf of the
Company in this Indenture and delivered to the Trustee with respect to compliance with this Indenture (other than the Officer’s Certificates provided for in Section 4.08) shall include (a) a statement that the person signing such
certificate is familiar with the requested action and this Indenture; (b) a brief statement as to the nature and scope of the examination or investigation upon which the statement contained in such certificate is based; (c) a statement
that, in the judgment of such person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed judgment as to whether or not such action is permitted by this Indenture; and (d) a statement
as to whether or not, in the judgment of such person, such action is permitted by this Indenture and, if applicable, that all conditions precedent thereto have been complied with; provided that (1) the Opinion of Counsel to be delivered
in connection with the original issuance of Notes on the date hereof under this Indenture shall not be required to comply with clauses (a) through (d) of this Section 16.05 and (2) no Opinion of Counsel shall be required to be
delivered in connection with (i) the mandatory exchange of the restricted CUSIP of the Restricted Securities to an unrestricted CUSIP pursuant to the applicable procedures of the Depository upon the Notes becoming freely tradable by non-Affiliates of the Company under Rule 144 or (ii) a request by the Company that the Trustee deliver a notice to Holders under the Indenture where the Trustee receives an Officer’s Certificate with
respect to such notice. With respect to matters of fact, an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials. 

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

  
 -87- 

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

Section 16.08 Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed or implied, shall give to any
Person, other than the Holders, the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under this
Indenture. 
 Section 16.09 Table of Contents, Headings, Etc. The table of contents and the titles and headings of the
articles and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 16.10 Authenticating Agent. The Trustee may appoint an authenticating agent that shall be authorized to act on its
behalf and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes hereunder, including under Section 2.04, Section 2.05, Section 2.06,
Section 2.07, Section 10.04 and Section 14.03 as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes. For all
purposes of this Indenture, the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the Trustee” and a certificate of authentication executed on behalf of the
Trustee by an authenticating agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such authenticating agent shall at all times be a Person eligible to serve as trustee
hereunder pursuant to Section 7.08. 
 Any corporation or other entity into which any authenticating agent may be merged or converted
or with which it may be consolidated, or any corporation or other entity resulting from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity succeeding to the corporate trust
business of any authenticating agent, shall be the successor of the authenticating agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section 16.10, without the execution or filing of any paper or
any further act on the part of the parties hereto or the authenticating agent or such successor corporation or other entity. 
 Any
authenticating agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any authenticating agent by giving written notice of termination to such
authenticating agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible under this Section, the Trustee may appoint a successor
authenticating agent (which may be the Trustee), shall give written notice of such appointment to the Company and shall deliver notice of such appointment to all Holders. 

  
 -88- 

 The Company agrees to pay to the authenticating agent from time to time reasonable
compensation for its services although the Company may terminate the authenticating agent, if it determines such agent’s fees to be unreasonable. 

The provisions of Section 7.02, Section 7.03, Section 7.04, Section 8.03 and this Section 16.10 shall be applicable
to any authenticating agent. 
 If an authenticating agent is appointed pursuant to this Section 16.10, the Notes may have endorsed
thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 

__________________________, as Authenticating Agent, certifies that this is one of the Notes described in the within-named Indenture. 

By: ____________________ 
 Authorized Officer

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

Section 16.13 Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 16.14 Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations 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 that are consistent
with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

  
 -89- 

 Section 16.15 Calculations. Except as otherwise provided herein, the
Company shall be responsible for making all calculations called for under the Notes. These calculations include, but are not limited to, determinations of the Last Reported Sale Prices of the Common Stock, the Daily VWAPs, the Daily Conversion
Values, the Daily Settlement Amounts, accrued interest payable on the Notes and the Conversion Rate of the Notes. The Company shall make all these calculations in good faith and, absent manifest error, the Company’s calculations shall be final
and binding on Holders of Notes. The Company shall provide a schedule of its calculations to each of the Trustee and the Conversion Agent, and each of the Trustee and Conversion Agent is entitled to rely conclusively upon the accuracy of the
Company’s calculations without independent verification. The Trustee will forward the Company’s calculations to any Holder of Notes upon the request of that Holder at the sole cost and expense of the Company. For the avoidance of doubt,
the Trustee will not be responsible for making any calculations called for under the Notes. 
 Section 16.16 USA PATRIOT
Act. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to
obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as
it may request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act. 
 [Remainder of page intentionally left
blank] 

  
 -90- 

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

			
	TILRAY, INC.
		
	By:	 	 /s/ Mark Castaneda

		 	Name: Mark Castaneda
		 	Title: Chief Financial Officer
	
	GLAS TRUST COMPANY LLC, as Trustee
		
	By:	 	 /s/ Martin Reed

		 	Name: Martin Reed
		 	Title: Vice President

  
 -91- 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 [INCLUDE
FOLLOWING LEGEND IF A GLOBAL NOTE] 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREUNDER IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 [INCLUDE FOLLOWING LEGEND IF A
RESTRICTED SECURITY] 
 THIS SECURITY AND THE COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN,
THE ACQUIRER: 
 (1) REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER”
(WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT), AND 
 (2) AGREES FOR THE BENEFIT OF TILRAY, INC. (THE
“COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD
OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: 

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

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

  
 A-1 

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

  
 A-2 

 Tilray, Inc. 

5.00% Convertible Senior Note due 2023 
 No.
[            ] [Initially]1 $[            ] 

CUSIP No. [                    ] 

Tilray, Inc., a corporation duly organized and validly existing under the laws of the State of Delaware (the “Company,” which
term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE & CO.]2
[            ]3, or registered assigns, the principal sum [as set forth in the “Schedule of Exchanges of Notes” attached
hereto]4 [of $[            ]]5, which amount, taken together with the principal
amounts of all other outstanding Notes, shall not, unless permitted by the Indenture, exceed $[            ] (as increased by an amount equal to the aggregate principal amount of any
additional Notes purchased by the Initial Purchasers pursuant to the exercise of their option to purchase additional Notes as set forth in the Purchase Agreement) in aggregate at any time, on October 1, 2023, and interest thereon as set forth
below. 
 This Note shall bear interest at the rate of 5.00% per year from October 10, 2018, or from the most recent date to which
interest had been paid or provided for to, but excluding, the next scheduled Interest Payment Date until October 1, 2023. Interest is payable semi-annually in arrears on each April 1 and October 1, commencing on April 1, 2019, to
Holders of record at the close of business on the preceding March 15 and September 15 (whether or not such day is a Business Day), respectively. Additional Interest will be payable as set forth in Section 4.06(d), Section 4.06(e)
and Section 6.03 of the within-mentioned Indenture, and any reference to interest on, or in respect of, any Note therein shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable
pursuant to any of such Section 4.06(d), Section 4.06(e) or Section 6.03, and any express mention of the payment of Additional Interest in any provision therein shall not be construed as excluding Additional Interest in those
provisions thereof where such express mention is not made. 
 Any Defaulted Amounts shall accrue interest per annum at the rate borne by the
Notes, subject to the enforceability thereof under applicable law, from, and including, the relevant payment date to, but excluding, the date on which such Defaulted Amounts shall have been paid by the Company, at its election, in accordance with
Section 2.03(c) of the Indenture. 
  
  

	1 	 Include if a Global Note. 

	2 	 Include if a Global Note. 

	3 	 Include if a Physical Note. 

	4 	 Include if a Global Note. 

	5 	 Include if a Physical Note. 

  
 A-3 

 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 cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, on the terms and subject to the limitations
set forth in the Indenture. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Note, and any claim, controversy or dispute arising under or related to this Note, shall be construed in accordance with and governed
by the laws of the State of New York (without regard to the conflicts of laws provisions thereof). 
 In the case of any conflict
between this Note and the Indenture, the provisions of the Indenture shall control and govern to the extent of such conflict. 
 This Note
shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed manually or by facsimile by the Trustee or a duly authorized authenticating agent under the Indenture. 

[Remainder of page intentionally left blank] 

  
 A-4 

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

 

			
	TILRAY, INC.
		
	By:	 	
                     
                    

		 	Name:
		 	Title:

 Date: [        ] 

  
 A-5 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

GLAS TRUST COMPANY LLC, as Trustee, certifies that this is one of the Notes described in the within-named Indenture. 

 

			
	By:	 	
                     
                

	       Authorized Signatory
	
	Date: [        ]

  
 A-6 

 [FORM OF REVERSE OF NOTE] 

Tilray, Inc. 
 5.00% Convertible
Senior Note due 2023 
 This Note is one of a duly authorized issue of Notes of the Company, designated as its 5.00% Convertible Senior
Notes due 2023 (the “Notes”), all issued or to be issued under and pursuant to an Indenture dated as of October 10, 2018 (the “Indenture”), between the Company and GLAS Trust Company LLC (the
“Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and
the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate principal amount, subject to certain conditions specified in the Indenture. Capitalized terms used in this Note and not defined in this Note shall have the respective
meanings set forth in the Indenture. 
 In case certain Events of Default shall have occurred and be continuing, the principal of, and
interest on, all Notes may be declared, by either the Trustee or Holders of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and payable, in the manner, with the effect and subject to
the conditions and certain exceptions set forth in the Indenture. 
 The Company will pay cash amounts in money of the United States that at
the time of payment is legal tender for payment of public and private debts. 
 The Indenture contains provisions permitting the Company and
the Trustee in certain circumstances, without the consent of the Holders of the Notes, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time
outstanding, evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in
aggregate principal amount of the Notes at the time outstanding may on behalf of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences. 

The Notes are issuable in registered form without coupons in denominations of $1,000 principal amount and integral multiples thereof. At the
office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations,
without payment of any service charge but, if required by the Company or Trustee, with payment of a sum sufficient to cover any transfer or similar tax that may be imposed in connection therewith as a result of the name of the Holder of the new
Notes issued upon such exchange of Notes being different from the name of the Holder of the old Notes surrendered for such exchange. 
 The
Notes shall be redeemable at the Company’s option on a Redemption Date occurring or after October 1, 2021 and on or before the 30th Scheduled Trading Day immediately before the Maturity Date, in accordance with the terms and subject to the
conditions specified in the Indenture. No sinking fund is provided for the Notes. 

  
 A-7 

 Upon the occurrence of a Fundamental Change, the Holder has the right, at such Holder’s
option, to require the Company to repurchase for cash all of such Holder’s Notes or any portion thereof (in principal amounts of $1,000 or integral multiples thereof) on the Fundamental Change Repurchase Date at a price equal to the Fundamental
Change Repurchase Price. 
 Subject to the provisions of the Indenture, the Holder hereof has the right, at its option, during certain
periods and upon the occurrence of certain conditions specified in the Indenture, prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, to convert any Notes or portion thereof that is $1,000 or
an integral multiple thereof, into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, at the Conversion Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture. 

  
 A-8 

 ABBREVIATIONS 

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

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

  
 A-9 

 SCHEDULE A6 

SCHEDULE OF EXCHANGES OF NOTES 

Tilray, Inc. 
 5.00% Convertible
Senior Notes due 2023 
 The initial principal amount of this Global Note is
[            ] DOLLARS ($[                ]). The following increases or decreases in this Global Note have
been made: 
  

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

  

	6 	 Include if a Global Note. 

  
 A-10 

 ATTACHMENT 1 

[FORM OF NOTICE OF CONVERSION] 
 To: Tilray, Inc.

 To: GLAS Trust Company LLC 
 3 Second Street, Suite 206 

Jersey City, NJ 07311 
 Attention: Administrator for Tilray, Inc.

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

			
	Dated:
                                         
                   	  	                                      
                                  
		
		  	                                      
                                  
	                                      
                      	  	Signature(s)
	Signature Guarantee	  	

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

  
 A-11 

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

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

  

			
		 	Principal amount to be converted (if less than all): $            ,000
		
		 	NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.
		
		 	                                      
              
		 	Social Security or Other Taxpayer
		 	Identification Number

  
 A-12 

 ATTACHMENT 2 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE] 

To: Tilray, Inc. 
 To: Paying Agent/Tender Agent 

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

Dated:
                             

 

	
	                                      
                      
	Signature(s)
	                                      
                      
	Social Security or Other Taxpayer
	
	Identification Number
	
	Principal amount to be repaid (if less than all): $______,000
	
	NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

  
 A-13 

 ATTACHMENT 3 

[FORM OF ASSIGNMENT AND TRANSFER] 
 For value
received                      hereby sell(s), assign(s) and transfer(s)
unto                     (Please insert social security or Taxpayer Identification Number of assignee) the within Note, and hereby irrevocably
constitutes and appoints                      attorney to transfer the said Note on the books of the Company, with full power of substitution in the
premises. 
 In connection with any transfer of the within Note occurring prior to the Resale Restriction Termination Date, as defined in the Indenture
governing such Note, the undersigned confirms that such Note is being transferred: 
  

	☐	 To Tilray, Inc. or a subsidiary thereof; or 

 

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

  

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

  

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

  

	
	Dated:
                                         
                           
	
	  

	
	  

	Signature(s)
	  
 Signature Guarantee

 Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and
credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15 if Notes are to be delivered, other than to and in the name of
the registered holder. 
 NOTICE: The signature on the assignment must correspond with the name as written upon the face of the Note in every particular
without alteration or enlargement or any change whatever. 

  
 A-14

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