Document:

Exhibit10.1-RexnordCorporation-DeferredCompensationPlan

Exhibit 10.1

REXNORD CORPORATION 
DEFERRED COMPENSATION PLAN 
Effective as of January 1, 2016

Table of Contents

	
					
	 
	 
	 
	Page
	

	ARTICLE I
	 
	DEFINITIONS
	1
	

	1.01
	 
	"Account"
	1
	

	1.02
	 
	"Affiliate"
	1
	

	1.03
	 
	"Annual Addition Limitation"
	1
	

	1.04
	 
	"Annual Installment Method"
	1
	

	1.05
	 
	"Base Salary"
	1
	

	1.06
	 
	"Base Salary Deferral"
	2
	

	1.07
	 
	"Beneficiary"
	2
	

	1.08
	 
	"Beneficiary Designation Form"
	2
	

	1.09
	 
	"Board"
	2
	

	1.10
	 
	"Change in Control"
	2
	

	1.11
	 
	"Committee"
	2
	

	1.12
	 
	"Company"
	2
	

	1.13
	 
	"Company Contributions Account"
	2
	

	1.14
	 
	"Compensation Limit"
	2
	

	1.15
	 
	"Controlled Group"
	2
	

	1.16
	 
	"Deferral Account"
	3
	

	1.17
	 
	"Deferral Amount"
	3
	

	1.18
	 
	"Deferral Election"
	3
	

	1.19
	 
	"Deferral Election Form"
	3
	

	1.20
	 
	"Distribution Election"
	3
	

	1.21
	 
	"Distribution Election Form"
	3
	

	1.22
	 
	"Eligible Employee"
	3
	

	1.23
	 
	"Employee"
	3
	

	1.24
	 
	"ERISA"
	3
	

	1.25
	 
	"Incentive Compensation"
	3
	

	1.26
	 
	"Incentive Compensation Deferral"
	3
	

	1.27
	 
	"Matching Contributions"
	3
	

	1.28
	 
	"Measurement Funds"
	4
	

	1.29
	 
	"Participant"
	4
	

	1.30
	 
	"Performance-Based Compensation"
	4
	

	1.31
	 
	"Performance Period"
	4
	

	1.32
	 
	" Personal Retirement Account Contributions"
	4
	

	1.33
	 
	"Plan Year"
	4
	

	1.34
	 
	"Qualified Plan"
	4
	

	1.35
	 
	"Retirement"
	4
	

	1.36
	 
	"Retirement Benefit"
	4
	

	1.37
	 
	"Separation from Service"
	4
	

	
			
	 
	i
	 

Table of Contents
(continued)

	
					
	 
	 
	 
	Page
	

	1.38
	 
	"Termination Benefit"
	5
	

	1.39
	 
	"Trustee"
	5
	

	1.40
	 
	"Unforeseeable Emergency"
	5
	

	 
	 
	 
	 

	ARTICLE II
	 
	DEFERRAL AND PERSONAL RETIREMENT ACCOUNT CREDITS
	5
	

	2.01
	 
	Base Salary Deferral
	5
	

	2.02
	 
	Incentive Compensation Deferral
	6
	

	2.03
	 
	Matching Contribution
	6
	

	2.04
	 
	Personal Retirement Account Contribution
	7
	

	2.05
	 
	Termination of Participation and/or Deferrals
	7
	

	 
	 
	 
	 

	ARTICLE III
	 
	PLAN ACCOUNTS
	7
	

	3.01
	 
	Vesting
	7
	

	3.02
	 
	Crediting/Debiting of Account Balances
	7
	

	3.03
	 
	FICA and Other Taxes
	9
	

	 
	 
	 
	 

	ARTICLE IV
	 
	RETIREMENT BENEFIT
	9
	

	4.01
	 
	Retirement Benefit
	9
	

	4.02
	 
	Distribution Election
	9
	

	4.03
	 
	Commencement of Payments
	10
	

	4.04
	 
	Changes to Retirement Benefit Payment Methods
	10
	

	4.05
	 
	Death Prior to Completion of Retirement Benefit
	10
	

	4.06
	 
	Death Prior to Retirement
	10
	

	4.07
	 
	Small Accounts
	10
	

	4.08
	 
	Change in Control After Retirement
	10
	

	4.09
	 
	Deduction Limitation
	11
	

	 
	 
	 
	 

	ARTICLE V
	 
	TERMINATION PRIOR TO RETIREMENT BENEFIT
	11
	

	5.01
	 
	Termination Benefit
	11
	

	5.02
	 
	Payment of Termination Benefit
	11
	

	5.03
	 
	Change in Control before Retirement
	11
	

	5.04
	 
	Deduction Limitation
	11
	

	 
	 
	 
	 

	ARTICLE VI
	 
	FINANCIAL EMERGENCY
	12
	

	6.01
	 
	Financial Hardship
	12
	

	6.02
	 
	Amount of Financial Hardship Distribution
	12
	

	6.03
	 
	Cancellation of Deferral Election upon Financial Emergency Distribution
	12
	

	
			
	 
	ii
	 

Table of Contents
(continued)

	
					
	 
	 
	 
	Page
	

	ARTICLE VII
	 
	BENEFICIARY DESIGNATION
	12
	

	7.01
	 
	Beneficiary
	12
	

	7.02
	 
	Beneficiary Designation or Change of Designation
	13
	

	7.03
	 
	Spousal Consent Required
	13
	

	7.04
	 
	Acknowledgment
	13
	

	7.05
	 
	Absence of Valid Beneficiary Designation
	13
	

	7.06
	 
	Doubt as to Beneficiary
	13
	

	7.07
	 
	Discharge of Obligations
	13
	

	 
	 
	 
	 

	ARTICLE VIII
	 
	LEAVE OF ABSENCE
	13
	

	8.01
	 
	Paid Leave of Absence
	13
	

	8.02
	 
	Unpaid Leave of Absence
	14
	

	 
	 
	 
	 

	ARTICLE IX
	 
	TERMINATION, AMENDMENT OR MODIFICATION
	14
	

	9.01
	 
	Termination
	14
	

	9.02
	 
	Amendment
	14
	

	9.03
	 
	Effect of Payment
	15
	

	 
	 
	 
	 

	ARTICLE X
	 
	ADMINISTRATION
	15
	

	10.01
	 
	Committee Duties
	15
	

	10.02
	 
	Agents
	15
	

	10.03
	 
	Binding Effect of Decisions
	15
	

	10.04
	 
	Indemnity of Committee
	15
	

	10.05
	 
	Employer Information
	15
	

	 
	 
	 
	 

	ARTICLE XI
	 
	CLAIMS PROCEDURE
	16
	

	11.01
	 
	Presentation of Claim
	16
	

	11.02
	 
	Notification of Decision
	16
	

	11.03
	 
	Review of a Denied Claim
	16
	

	11.04
	 
	Decision on Review
	17
	

	11.05
	 
	Legal Action
	17
	

	 
	 
	 
	 

	ARTICLE XII
	 
	MISCELLANEOUS
	17
	

	12.01
	 
	Plan Not Funded
	17
	

	12.02
	 
	Coordination with Other Benefits
	17
	

	12.03
	 
	Company Liability
	18
	

	12.04
	 
	Nonassignability
	18
	

	
			
	 
	iii
	 

Table of Contents
(continued)

	
					
	 
	 
	 
	Page
	

	12.05
	 
	No Right to Continued Employment
	18
	

	12.06
	 
	Choice of Law
	18
	

	12.07
	 
	Severability
	18
	

	12.08
	 
	Clawback
	18
	

	12.09
	 
	Captions
	18
	

	12.10
	 
	Non-Exclusivity of Plan
	18
	

	12.11
	 
	Notice
	18
	

	12.12
	 
	Successors
	19
	

	12.13
	 
	Spouse's Interest
	19
	

	12.14
	 
	Minors, Incompetent Persons, etc.
	19
	

	12.15
	 
	Court Order
	19
	

	12.16
	 
	Requirement for Release
	19
	

	
			
	 
	iv
	 

REXNORD CORPORATION 
DEFERRED COMPENSATION PLAN
Rexnord Corporation hereby establishes this Rexnord Corporation Deferred Compensation Plan (the "Plan") effective as of January 1, 2016.  The purpose of this Plan is to provide certain specified benefits to a select group of management and highly compensated employees who contribute materially to the continued growth, development and future business success of Rexnord Corporation by (i) allowing those employees to receive credit for Company contributions which exceed the limits imposed by the Internal Revenue Code under the tax-qualified Rexnord Corporation 401(k) Plan and (ii) providing a means whereby certain amounts payable by the Company to selected employees may be deferred to some future period. 
This Plan is unfunded for tax purposes and for purposes of Title I of ERISA and is intended to satisfy and be in compliance with the provisions of the Internal Revenue Code of 1986 (the “Code”) as they relate to deferred compensation benefits, with particular emphasis on Code §409A.  If any provision or term of this document would be prohibited by or inconsistent with the requirements of Code §409A, then such provision or term shall be deemed to be reformed to comply with Code §409A.
ARTICLE I
DEFINITIONS
1.01    "Account" shall mean the total of a Participant's Deferral Account and Personal Retirement Contribution Account.
1.02    "Affiliate" shall mean a member of the Controlled Group.  
1.03    "Annual Addition Limitation" shall mean the limitation on the annual additions to the account of a participant in the Qualified Plan imposed by Code §415(c).
1.04    "Annual Installment Method" shall mean a benefit payment method involving a series of annual installment payments over either five (5) years or ten (10) years as selected by the Participant in accordance with this Plan, which will be calculated in the manner set forth in this Section.  The Account Balance of the Participant will be determined as of the close of the business day that is closest to the date of distribution as administratively practicable. The annual installment will be calculated by multiplying this balance by a fraction, the numerator of which is one (1), and the denominator of which is the remaining number of annual payments due the Participant.  Each annual installment will be paid within the first sixty (60) days of the calendar year following the applicable year or as soon as administratively practicable.
1.05    "Base Salary" shall mean all amounts included in a Participant's Compensation as defined in the Qualified Plan for Salary Deferral Contributions purposes other than amounts which are also Incentive Compensation (even if such other amounts would be included in Compensation under the Qualified Plan) and which, but for an Incentive Compensation Deferral 

	
			
	 
	1
	 

Election under this Plan, would be paid to a Participant and considered to be "wages" for purposes of United States federal income tax withholding.  
1.06    "Base Salary Deferral" shall mean a deferral by a Participant of part or all of any Base Salary otherwise payable to him in accordance with Section 2.01.
1.07    "Beneficiary" shall mean one or more persons, trusts, estates or other entities, designated in accordance with Article VII who or which are entitled to receive benefits under this Plan upon the death of a Participant.
1.08    "Beneficiary Designation Form" shall mean the form established from time to time by the Committee or its delegate that a Participant completes, signs and returns to the Committee or its delegate, in order to designate one or more Beneficiaries.
1.09    "Board" shall mean the Company’s Board of Directors. 
1.10    "Change in Control" shall mean any of the following events in which the Corporation does not survive: any merger, combination, consolidation, or other reorganization; any exchange of common stock or other securities of the Corporation; a sale of all or substantially all the business, stock or assets of the Corporation; a dissolution of the Corporation; or any other event in which the Corporation does not survive
1.11    "Committee" shall mean the Compensation Committee of the Board.
1.12    "Company" shall mean Rexnord Corporation, a Delaware corporation.
1.13    "Company Contributions Account" shall mean the bookkeeping account used to measure and determine a Participant’s interest in this Plan attributable to Matching Contributions and Personal Retirement Account Contributions, as adjusted for earnings and losses and distributions.
1.14    "Compensation Limit" shall mean the limitation imposed by Code § 401(a)(17) on the amount of Compensation which can be considered in determining the amount of an individual's Participant Contributions to the Qualified Plan.
1.15    "Controlled Group" shall mean any corporation which is a member of a controlled group of corporations (as defined by Code §414(b)) of which the Company is a member, any other trade or business (whether or not incorporated) which is under common control (as defined by Code §414(c)) with respect to the Company or any organization which is a member of an affiliated service group (as defined by s Code §414(m)) of which the Company is a member and any other entity required to be aggregated with the Company pursuant to regulations Code §414(o), but only for the period during which such other corporation, trade or business or organization and the Company are members of such controlled group of corporations, are under such common control or are serving as members of such an affiliated service group.  

	
			
	 
	2
	 

1.16    "Deferral Account" shall mean the bookkeeping account used to measure and determine a Participant’s interest in this Plan attributable to Base Salary Deferrals and Incentive Compensation Deferrals, as adjusted for earnings and losses and distributions.
1.17    "Deferral Amount" shall mean that portion of a Participant's Base Salary and Incentive Compensation that a Participant elects to have deferred, in accordance with Article II, for any one Plan Year.
1.18    "Deferral Election" shall mean an election made pursuant to Article II by a Participant to defer receipt of a part of his Base Salary or to defer receipt of all or a part of his Incentive Compensation. 
1.19    "Deferral Election Form" shall mean the form established from time to time by the Committee or its delegate that a Participant completes, signs and returns to the Committee or its delegate or completes electronically to make a Deferral Election pursuant to Article II, in order to defer receipt of a part of his Base Salary or to defer receipt of all or a part of his Incentive Compensation.
1.20    "Distribution Election" shall mean an election made pursuant to Article IV by a Participant to designate the form of distribution for his Retirement Benefit. 
1.21    "Distribution Election Form" shall mean the form established from time to time by the Committee or its delegate that a Participant completes, signs, and returns to the Committee or its delegates or completes electronically to designate the Distribution Election.
1.22    "Eligible Employee" shall mean an Employee who is employed in the United States or paid from United States payroll, in pay grade 44 or above and approved by the Compensation Committee or its designee as an Eligible Employee. 
1.23    "Employee" shall mean any person who is employed by the Company or an Affiliate.
1.24    "ERISA" shall mean the Employee Retirement Income Security Act of 1974, as from time to time amended.
1.25    "Incentive Compensation" shall mean any award payable to a Participant under the Company's Management Incentive Plan or Sales Incentive Compensation Program or any other similar annual incentive plan maintained by the Company or an Affiliate with respect to a particular fiscal year of the Company and any signing or hiring bonus payable to a Participant with respect to a Plan Year, which, but for a Compensation Deferral Election under this Plan, would be paid to a Participant and considered to be "wages" for purposes of United States federal income tax withholding.
1.26    "Incentive Compensation Deferral" shall mean a deferral by a Participant of part or all of any Incentive Compensation otherwise payable to him in accordance with Section 2.02.
1.27    "Matching Contributions" for any Plan Year shall mean the amount determined in accordance with Section 2.03.

	
			
	 
	3
	 

1.28    "Measurement Funds" shall mean the investment vehicles offered under this Plan which are the same as the investment options offered under the Qualified Plan other than a  Company stock fund, each of whose purpose is to mirror, to the greatest extent reasonably possible, the investment performance of a particular benchmark fund.  Notwithstanding the foregoing, Measurement Funds shall not include any collective investment trusts, even if offered under the Qualified Plan.
1.29    "Participant" shall mean:
		
	(a)
	An Eligible Employee who elects to participate in the Plan and whose signed Deferral Election Form is accepted by the Committee or its delegate; or

		
	(b)
	An Eligible Employee entitled to a Personal Retirement Account Contribution under the Plan. 

A spouse or former spouse of a Participant will not be treated as a Participant in the Plan or have an Account Balance under the Plan, even if the spouse or former spouse has an interest in the Participant's benefits under the Plan as a result of applicable law or property settlements resulting from legal separation or divorce.
1.30    "Performance-Based Compensation" shall have the meaning set forth in Code §409A and the regulations thereunder.
1.31    "Performance Period" shall mean the period over which a Participant's entitlement to and amount of Incentive Compensation is measured.    
1.32    " Personal Retirement Account Contributions" for any Plan Year shall mean the amount determined in accordance with Section 2.04.
1.33    "Plan Year" shall mean the twelve (12) consecutive month period from January 1 through the following December 31. 
1.34    "Qualified Plan" shall mean the Rexnord LLC 401(k) Plan, as amended from time to time. 
1.35    "Retirement " shall mean a Participant's Separation from Service on or after attainment of age sixty (60).  
1.36    "Retirement Benefit" shall mean the benefit due to a Participant upon Retirement.  
1.37    "Separation from Service" shall have the meaning assigned to such term under Code §409A and regulations thereunder.  In general, a Participant shall have a Separation from Service upon the termination of all employment with the Company and any Affiliate for any reason or a reduction in the level of bona fide services by the Participant to no more than 20 percent of the average level of bona fide services performed over the immediately preceding 36 month period, other than while the individual is on sick leave, military leave, or other bona fide leave of absence (such as temporary employment by the government) if the period of such leaves does 

	
			
	 
	4
	 

not exceed twelve (12) months or, if longer, so long as the individual’s right to reemployment with the Company or any Affiliate is provided either by statute or contract. If the period of leaves exceeds twelve (12) months and the individual’s right to reemployment is not provided either by statute or by contract, the employment relationship is deemed to terminate on the first day immediately following such twelve-month period.   
1.38    "Termination Benefit" shall mean the benefit set forth in Article V.
1.39    "Trustee" shall mean the trustee of any trust established by the Company to fund benefits under this Plan.
1.40    "Unforeseeable Emergency" shall mean a severe financial hardship to a Participant resulting from an illness or accident of the Participant or the Participant’s spouse or dependent (as defined in Code §152(a)), loss of the Participant’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example, as a result of a natural disaster), or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.  For example, the imminent foreclosure of or eviction from the Participant’s primary residence may constitute an Unforeseeable Emergency.  In addition, the need to pay for medical expenses, including non-refundable deductibles, as well as for the costs of prescription drug medication, may constitute an Unforeseeable Emergency.  Finally, the need to pay for funeral expenses of a spouse or a dependent (as defined in Code §152(a)) may also constitute an Unforeseeable Emergency.  Except as otherwise provided above, the purchase of a home and the payment of college tuition are not Unforeseeable Emergencies.  Whether a Participant is faced with an Unforeseeable Emergency is to be determined based on the relevant facts and circumstances of each case 
Terms that are not otherwise defined in this Article I shall have the meanings set forth in the Qualified Plan document.
ARTICLE II
DEFERRAL AND PERSONAL RETIREMENT ACCOUNT CREDITS
2.01    Base Salary Deferral.  
		
	(a)
	Each Plan Participant will be permitted to make an irrevocable election to defer (such Deferral Election to be made in whole percentages) receipt of an amount equal to one percent (1%) through seventy-five percent (75%) of his Base Salary.  The Participant must deliver such Deferral Election Form to the Company before December 15th of the Plan Year immediately preceding the Plan Year for which the deferral is intended. Deferral Elections for Base Salary Deferrals shall not carry over from year to year.  

		
	(b)
	If an individual first becomes an Eligible Employee after the first day of a Plan Year, any Base Salary Deferral Election Form must be submitted within thirty (30) days of the date the individual first became an Eligible Employee.  Any such 

	
			
	 
	5
	 

deferral will be implemented with the effect that the Participant’s deferred Base Salary would be limited to the amount of Base Salary not yet earned by the Participant as of the date the Participant submits a Deferral Election Form to the Company for acceptance.  
		
	(c)
	During each Plan Year, the Base Salary Deferral amount elected under this Section 2.01 will be withheld from each regularly scheduled Base Salary payroll in equal amounts, as adjusted from time to time for increases and decreases in Base Salary.

2.02    Incentive Compensation Deferral.  
		
	(a)
	Each Plan Participant will be permitted to make an irrevocable election to defer (such Deferral Election to be made in whole percentages) receipt of an amount equal to one percent (1%) through seventy-five percent (75%) of his Incentive Compensation.  To the extent that such Incentive Compensation constitutes Performance-Based Compensation, a Participant must deliver a Deferral Election Form to the Company at least six months before the last business day of the Performance Period.  To the extent that such Incentive Compensation does not constitute Performance-Based Compensation, a Participant must deliver a Deferral Election Form to the Company prior to the commencement of the Performance Period over which the Participant earns such Incentive Compensation.  Deferral Elections for Incentive Compensation Deferrals shall not carry over from year to year.

		
	(b)
	If an Employee first becomes an Eligible Employee after the first day of a Performance Period, the amount of Incentive Compensation that the Participant may defer with respect to such Performance Period will be prorated to the extent necessary to reflect only the period beginning on the date the Participant submits a Deferral Election form to the Company or an Affiliate for acceptance and ending on the last day of the Performance Period.  Any election by such an Employee must be submitted within thirty (30) days of the date the individual first became an Eligible Employee, or, if later and to the extent that such Incentive Compensation qualifies is Performance-Based Compensation, at least six (6) months prior to the last business day of the Performance Period to which the Deferral Election relates.

		
	(c)
	The Incentive Compensation Deferral will be withheld at the time the Incentive Compensation is or otherwise would be paid to the Participant, whether or not this occurs during the Plan Year itself.

2.03    Matching Contribution.  A Participant's Matching Contribution for any Plan Year shall be equal to fifty percent (50%) of the first eight percent (8%) of Base Salary and Incentive Compensation that the Participant defers under this Plan as a Base Salary Deferral and Incentive Compensation Deferral.    

	
			
	 
	6
	 

2.04    Personal Retirement Account Contribution.  A Participant's Personal Retirement Account Contribution for any Plan Year will be equal to the amount that the Company would have contributed to the Participant’s account in the Qualified Plan as a Personal Retirement Account Contribution to that Qualified Plan but for the application of the Annual Additions Limitation or the Annual Compensation Limitation under the Qualified Plan.  The Personal Retirement Account Contribution will be calculated quarterly and will be credited to the Participant’s Personal Retirement Account by the end of the month following the close of each calendar quarter.
2.05    Termination of Participation and/or Deferrals.  
		
	(a)
	Participant No Longer Eligible Employee.  If the Committee or its delegate determines in good faith that a Participant no longer qualifies as an Eligible Employee or a member of a select group of management or highly compensated employees, as membership in such group is determined in accordance with ERISA §§201(2), 301(a)(3) and 401(a)(1), the Participant shall be prevented from making future Deferral Elections.

		
	(b)
	Cancellation Upon Unforeseeable Emergency Distribution.  In the event that a Participant receives a distribution under Article VI due to an Unforeseeable Emergency, a Participant's Deferral Election shall be cancelled as provided in such Article VI.  

ARTICLE III
PLAN ACCOUNTS
3.01    Vesting.  A Participant will have a one hundred percent (100%) vested interest in his Deferral Account.  A Participant will be vested in his Company Contributions Account after three (3) full years as an Eligible Employee or, if sooner, upon a Change in Control.  If a Participant has a Separation from Service prior to the completion of three (3) full years as an Eligible Employee or a Change in Control, he will forfeit his Company Contributions Account.    
3.02    Crediting/Debiting of Account Balances.  In accordance with, and subject to, the rules and procedures that are established from time to time by the Committee or its delegate, in its sole discretion, amounts will be credited or debited to a Participant's Account Balance in the manner set forth in the provisions of this Section.  
		
	(a)
	Allocation to Measurement Funds.  A Participant, in connection with his initial Deferral Election in accordance with Section 2.01 or 2.02 above, will be permitted to also elect to have one or more Measurement Funds used to determine the amounts to be credited to his Account Balance and his election will continue to be in effect thereafter, unless it should be changed in accordance with subsection (c).

	
			
	 
	7
	 

		
	(b)
	Crediting or Debiting Method.  The performance (either positive or negative) of each elected Measurement Fund will be determined by the Committee or its delegate, based on the performance of the Measurement Funds themselves.  A Participant's Account Balance will be credited or debited on a daily basis based on the performance of each Measurement Fund selected by the Participant, as determined by the Committee or its delegate in its sole discretion, as though: 

		
	(1)
	a Participant's Account Balance were actually invested in the Measurement Fund(s) selected by the Participant as of the close of business on any business day, at the closing price on that day; 

		
	(2)
	the portion of the Deferral Amount that was actually deferred during any calendar quarter were invested in the Measurement Fund(s) selected by the Participant, in the percentages applicable on such day, no later than the close of business on the first business day after the day on which such amounts are actually deferred from the Participant's Base Salary or Incentive Compensation through reductions in his payroll, at the closing price on such date; and

		
	(3)
	any distribution made to a Participant that decreases such Participant's Account Balance ceased being invested in the Measurement Fund(s), in the applicable percentages, no earlier than one business day prior to the distribution, at the closing price on such date.  

		
	(c)
	Transfers among Measurement Funds.  The Participant will be permitted to change, on a daily basis, any previous Measurement Fund election or elections he has made with regard to his Account Balance.  The elections and changes to such elections which a Participant makes pursuant to this subsection will be made by means of any method (including any available telephonic or electronic method which is acceptable to the Committee or its delegate at the time the election or change is made by the Participant), and may be made at any time and will be effective as of the New York Stock Exchange closing immediately following the making of that election or change; provided, however, if it is determined by the Committee or its delegate that an investment election made by a Participant is invalid or defective, the Participant’s election, until duly corrected by him, will be deemed to have been made in favor of whatever short-term, money market vehicle is available under the Plan at that time.  

		
	(d)
	No Actual Investment.  Notwithstanding any other provision of this Plan that may be interpreted to the contrary, the Measurement Funds are to be used for measurement purposes only, and a Participant's election of any such Measurement Fund, the allocation to his Account Balance thereto, the calculation of additional amounts and the crediting or debiting of such amounts to a Participant's Account Balance will not be considered or construed in any manner as an actual investment of his Account Balance in any such Measurement Fund.  In the event that the Company or the Trustee, in its own discretion, decides to invest funds in 

	
			
	 
	8
	 

any or all of the Measurement Funds, no Participant will have any rights in or to such investments themselves.  Without limiting the foregoing, a Participant's Account Balance will at all times be a bookkeeping entry only and will not represent any investment made on his behalf by the Company or any trust established by the Company to fund benefits under this Plan.  The Participant will at all times remain an unsecured creditor of the Company.
		
	(e)
	Company Reservation of Rights.  Consistent with the preceding sentence, nothing to the contrary in this Plan or any of its forms or communication material, nor in any document associated with the Trust, should be interpreted or understood to provide Participants or their Beneficiaries with any current, direct rights with respect to any assets held by the Trustee.

3.03    FICA and Other Taxes.
		
	(a)
	Deferral Amounts.  For each Plan Year in which a Deferral Amount is being withheld from a Participant or a Personal Retirement Account Contribution is credited, the Company or any Affiliate employing the Participant will withhold from that portion of the Participant’s Base Salary and Incentive Compensation which is not being deferred the Participant’s share of FICA and other employment taxes on such Deferral Amount and Personal Retirement Account Contribution.

		
	(b)
	Distributions.  The Company or any Affiliate employing the Participant, or the Trustee, will withhold from any payments made to a Participant under this Plan all federal, state and local income, employment and other taxes required to be withheld in connection with such payments, in amounts and in a manner to be determined in the sole discretion of the Company and the Trustee.

ARTICLE IV
RETIREMENT BENEFIT
4.01    Retirement Benefit.  Following a Participant's Retirement, such Participant shall receive his vested Account Balance as a Retirement Benefit payable in accordance with Section 4.02.
4.02    Distribution Election.  A Participant, in connection with his commencement of participation in the Plan, may elect to receive his Retirement Benefit in a lump sum or pursuant to an Annual Installment Method by submitting a Distribution Election Form to the Company at the time of his initial Deferral Election or, if earlier, within thirty (30) days of the date he first becomes a Participant.  A Participant who becomes a Participant by commencing a Deferral Election must submit a Distribution Election Form at the time he submits his Deferral Election Form.  A Participant who becomes a Participant due to eligibility for a Personal Retirement Account Contribution must submit a Distribution Election Form within thirty (30) days of the date he first becomes a Participant. Any Participant who fails to complete and deliver a valid 

	
			
	 
	9
	 

Distribution Election Form within the timeframes set forth in this Section 4.02 shall receive his Retirement Benefit in a lump sum distribution at the time specified in Section 4.03 below.
4.03    Commencement of Payments.  A lump sum payment will be made, or installment payments will commence, as soon as administratively practicable after the date that is six (6) months after the date of a Participant's Separation from Service.  Any subsequent annual installments will be paid in January of each Plan Year.  
4.04    Changes to Retirement Benefit Payment Methods.
		
	(a)
	A Participant may change any Distribution Election he has previously made pursuant to Section 4.01, provided, however, that only one such change may be made and that any such change must:  

		
	(1)
	not result in the acceleration of payments;

		
	(2)
	not be effective for 12 months after such change is made;

		
	(3)
	result in the deferral of payments with respect to which the election is changed for a period of at least 5 years (e.g., change from lump sum to installments commencing 5 years from a participant’s termination date);

		
	(4)
	not be made less than 12 months prior to the first scheduled payment.

		
	(b)
	Such change will be accomplished by the Participant submitting notice of such change to the Company on a new Distribution Election Form, but such change will not be valid, unless it has been submitted by the Participant and accepted by the Company at least one (1) year prior to the Participant's Retirement.  The Distribution Election Form most recently accepted by the Committee or its delegate shall govern the payout of the Retirement Benefit.

4.05    Death Prior to Completion of Retirement Benefit.  If a Participant dies after Retirement but before the Retirement Benefit is paid in full, the Participant's unpaid Retirement Benefit payments shall paid to the Participant's Beneficiary in a lump sum distribution as soon as administratively practicable following the Participant's death. 
4.06    Death Prior to Retirement.  If a Participant dies while still employed with the Company but while eligible for Retirement, the Participant's benefits shall be paid to the Participant's Beneficiary in a lump sum distribution as soon as administratively practicable following the Participant's death. 
4.07    Small Accounts.  Notwithstanding any other provision herein to the contrary, if the aggregate total of a Participant’s Account Balance along with the value of such Participant’s account balance or benefits under any other plan of the Company with which this Plan is required to be aggregated with under Code §409A as of such Participant’s Retirement date does not exceed the dollar amount of the deferral limit then in effect under Code §402(g), the Participant’s Retirement Benefit shall be paid in a lump sum.

	
			
	 
	10
	 

4.08    Change in Control After Retirement.  If a Change in Control occurs after a Participant's Retirement or while a Participant is Retirement-eligible but before the Retirement Benefit is paid in full, the Participant's entire Account Balance shall paid to the Participant in a lump sum distribution as soon as administratively practicable following the Change in Control.  
4.09    Deduction Limitation.  A payment otherwise required to be made pursuant to the provisions of this Article IV shall be delayed if the Company reasonably anticipates that the Company’s deduction with respect to such payment would be limited or eliminated by application of Code Section 162(m); provided, however that such payment shall be made on the earliest date on which the Company anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).  In any event, such payment shall be made no later than the last day of the calendar year in which the Participant has a Separation from Service. 
ARTICLE V
TERMINATION PRIOR TO RETIREMENT BENEFIT  
5.01    Termination Benefit.  Following a Participant's Separation from Service prior to Retirement, such Participant shall receive his vested Account Balance as a Termination Benefit payable in accordance with Section 5.02.
5.02    Payment of Termination Benefit.  The form of payment of a Participant’s Account Balance, if such payment is due to the Participant’s Separation from Service prior to Retirement, will in all cases be a lump sum, which will be distributed as soon as administratively practicable after the date that is six (6) months after the date of a Participant's Separation from Service.  
5.03    Change in Control before Retirement.  If a Change in Control occurs prior to a Participant's Separation from Service, the Participant's entire Account Balance will be paid to the Participant in a lump sum distribution as soon as administratively practicable following the Change in Control.
5.04    Deduction Limitation.  A payment otherwise required to be made pursuant to the provisions of this Article V shall be delayed if the Company reasonably anticipates that the Company’s deduction with respect to such payment would be limited or eliminated by application of Code Section 162(m); provided, however that such payment shall be made on the earliest date on which the Company anticipates that the deduction of the payment of the amount will not be limited or eliminated by application of Code Section 162(m).  In any event, such payment shall be made no later than the last day of the calendar year in which occurs the six (6) month anniversary the Participant's Separation from Service.

	
			
	 
	11
	 

ARTICLE VI
FINANCIAL EMERGENCY
6.01    Financial Hardship.  A partial or total distribution of the Participant’s Account shall be made prior to a Participant's Separation from Service upon the Participant’s request and a demonstration by the Participant of severe financial hardship as a result of an Unforeseeable Emergency.  Such distribution shall be made in a single sum as soon as administratively practicable following the Committee’s or its delegate's determination that the foregoing requirements have been met.  In any case, a distribution due to Unforeseeable Emergency may not be made to the extent that such emergency is or may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not cause severe financial hardship, or by cessation of deferrals under Section 6.02  and any other nonqualified deferred compensation plan of the account balance type sponsored by the Company or an Affiliate.  
6.02    Amount of Financial Hardship Distribution.  Distributions because of an Unforeseeable Emergency must be limited to the amount reasonably necessary to satisfy the emergency need (which may include amounts necessary to pay any Federal, state, or local income taxes or penalties reasonably anticipated to result from the distribution).  Determinations of amounts reasonably necessary to satisfy the emergency need must take into account any additional compensation that is available because of cancellation of a deferral election under Section 2.01 or Section 2.02 and any other nonqualified deferred compensation plan of the account balance type sponsored by the Company or an Affiliate upon a payment due to an Unforeseeable Emergency.  The payment may be made from any arrangement in which the Participant participates that provides for payment upon an Unforeseeable Emergency, provided that the arrangement under which the payment was made must be designated at the time of payment.
6.03    Cancellation of Deferral Election upon Financial Emergency Distribution.  In the event that a Participant makes application for a hardship distribution under Section 6.01 and the Committee or its designee determines that an Unforeseeable Emergency exists, all deferral elections otherwise in effect under Article II and any other nonqualified deferred compensation plan of the account balance type sponsored by the Company or its Affiliates shall immediately terminate upon such determination.  To resume deferrals thereafter, a Participant must make an election satisfying the provisions of Section 2.01 or 2.02, as the case may be, as those provisions apply to someone who is already a Participant in the Plan.    
ARTICLE VII
BENEFICIARY DESIGNATION
7.01    Beneficiary.  Each Participant will have the right, at any time, to designate his Beneficiary or Beneficiaries (both primary and contingent) to receive any benefits payable under the Plan to a beneficiary upon the death of a Participant.  The Beneficiary designated under this 

	
			
	 
	12
	 

Plan may be the same as or different from the Beneficiary designation under any other plan of the Company or an Affiliate in which the Participant participates.
7.02    Beneficiary Designation or Change of Designation.  A Participant will be permitted to designate his Beneficiary by completing and signing the Beneficiary Designation Form, and returning it to the Company.  A Participant will have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Company’s rules and procedures, as in effect from time to time.  Upon the acceptance by the Company of a new Beneficiary Designation Form, all Beneficiary designations previously filed will be canceled.  The Company will be entitled to rely on the last Beneficiary Designation Form filed by the Participant and accepted by the Company prior to the Participant’s death.
7.03    Spousal Consent Required.  If a Participant names someone other than his spouse as a Beneficiary, a spousal consent, in the form designated by the Company, must be signed by that Participant's spouse and returned to the Company. 
7.04    Acknowledgment.  No designation or change in designation of a Beneficiary will be effective until received by the Company.
7.05    Absence of Valid Beneficiary Designation.  If a Participant fails to designate a Beneficiary as provided in the preceding Sections or, if all designated Beneficiaries predecease the Participant or die prior to complete distribution of the Participant's benefits, then the Participant's designated Beneficiary will be deemed to be his surviving spouse.  If the Participant has no surviving spouse, the benefits remaining under the Plan to be paid to a Beneficiary will be payable to the executor or personal representative of the Participant's estate.
7.06    Doubt as to Beneficiary.  If the Committee or its delegate has any doubt as to the proper Beneficiary to receive payments pursuant to this Plan, the Committee or its delegate will have the right, exercisable in its discretion, to withhold such payments until this matter is resolved to the Committee's or the delegate’s satisfaction.
7.07    Discharge of Obligations.  The payment of benefits under the Plan to a Beneficiary will fully and completely discharge the Company and all of its Affiliates and the Committee from all further obligations under this Plan with respect to the Participant, and that Participant's participation in this Plan will terminate upon such full payment of benefits.
ARTICLE VIII
LEAVE OF ABSENCE
8.01    Paid Leave of Absence.  If a Participant is authorized by the Company or the Affiliate employing the Participant for any reason to take a paid leave of absence, the Participant will continue to be considered to be an Employee and the Deferral Amount will continue to be withheld during such paid leave of absence.

	
			
	 
	13
	 

8.02    Unpaid Leave of Absence.  If a Participant is authorized by the Company or the Affiliate employing the Participant to take an unpaid leave of absence, the Participant will continue to be considered to be an Employee and the Participant will be excused from making deferrals until the earlier of the date the leave of absence expires or the Participant returns to a paid employment status.  Upon such expiration or return, deferrals will resume for the remaining portion of the Plan Year in which the expiration or return occurs, based on the Deferral Election, if any, made for that Plan Year.  If no Deferral Election was made for that Plan Year, no deferral will be withheld.
ARTICLE IX
TERMINATION, AMENDMENT OR MODIFICATION
9.01    Termination.  Although the Company and each Affiliate anticipates that it will continue the Plan for an indefinite period of time, there is no guarantee that the Company or any such Affiliate will continue the Plan or will not terminate the Plan at any time in the future.  Accordingly, the Company reserves the right to discontinue sponsorship of the Plan and/or to terminate the Plan at any time with respect to any or all of its participating Employees, by action of the Committee.  
If this Plan is terminated, no additional deferrals or contributions shall be credited to any Participant Account hereunder.  Following Plan termination, Participants’ Accounts shall be paid at such time and in such form as provided under the Plan.  Notwithstanding the preceding sentence, either at the time of termination or on a subsequent date the Company may, in its discretion, determine to distribute the then existing Account balances of Participants and Beneficiaries and, following such distribution, there shall be no further obligation to any Participant or Beneficiary under this Plan; provided, however, that the authority granted to the Company under this sentence shall be implemented only to the extent permissible under Code §409A and regulations and other guidance issued by the Internal Revenue Service interpreting the provisions of that Section.
9.02    Amendment.  The Company may, at any time, amend or modify the Plan in whole or in part by action of the Committee; provided, however, that:
		
	(a)
	no amendment or modification shall be effective to decrease or restrict the value of a Participant's Account Balance in existence at the time the amendment or modification is made, calculated as if the Participant had experienced a Separation from Service as of the effective date of the amendment or modification or, if the amendment or modification occurs after the date upon which the Participant was eligible to Retire, the Participant had Retired as of the effective date of the amendment or modification; and

		
	(b)
	the amendment or modification of the Plan shall not affect any Participant or Beneficiary who has become entitled to the payment of benefits under the Plan as of the date of the amendment or modification.

	
			
	 
	14
	 

Notwithstanding the foregoing, the Committee may make any amendment it deems necessary or desirable for purposes of compliance with the requirements of Code §409A and regulations thereunder. 
9.03    Effect of Payment.  The full payment of all applicable benefits hereunder shall completely discharge all obligations to a Participant and his Beneficiaries under this Plan.
ARTICLE X
ADMINISTRATION
10.01    Committee Duties.  Except as otherwise provided in this Article, this Plan will be administered by the Committee and its delegates.  The Committee will also have the discretion and authority to:
		
	(a)
	make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Plan, and 

		
	(b)
	decide or resolve any and all questions including interpretations of this Plan, as may arise in connection with the Plan.  

When making a determination or calculation, the Committee will be entitled to rely on information furnished by a Participant or the Company.
10.02    Agents.  In the administration of this Plan, the Committee may, from time to time, employ agents and delegate to them such administrative duties as it sees fit (including acting through a duly appointed representative) and may from time to time consult with counsel who may be counsel to the Company any Affiliate.  The Company’s Chief Human Resources Officer, will at all times, unless otherwise determined by the Committee, be deemed to be and shall be specifically referred to herein as the Committee’s delegate for all purposes herein.
10.03    Binding Effect of Decisions.  The decision or action of the Committee or its delegate with respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder will be final and conclusive and binding upon all persons having any interest in the Plan.
10.04    Indemnity of Committee.  The Company and its Affiliates shall indemnify and hold harmless the members of the Committee, any Employee to whom the duties of the Committee may be delegated, and the Committee or its delegate against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct by the Committee, any of its members, or such Employee.
10.05    Employer Information.  To enable the Committee and its delegates to perform their functions, the Company will supply full and timely information to the Committee and delegates on all matters relating to the compensation of its Participants, the date and circumstances of the Retirement, Disability, death or circumstances of the Retirement, Disability, death or Separation 

	
			
	 
	15
	 

from Service of its Participants, and such other pertinent information as the Committee or its delegate may reasonably require.
ARTICLE XI
CLAIMS PROCEDURE
11.01    Presentation of Claim.  Any Participant or Beneficiary of a deceased Participant (such Participant or Beneficiary being referred to below as a “Claimant”) may deliver to the Committee or its delegate a written claim for a determination with respect to the amounts distributable to such Claimant from the Plan.  If such a claim relates to the contents of a notice received by the Claimant, the claim must be made within sixty (60) days after such notice was received by the Claimant. All other claims must be made within one hundred and eighty (180) days of the date on which the event that caused the claim to arise occurred.  The claim must state with particularity the determination desired by the Claimant.
11.02    Notification of Decision.  The Committee or its delegate will consider a Claimant's claim within a reasonable time, and will notify the Claimant in writing:
		
	(a)
	that the Claimant's requested determination has been made, and that the claim has been allowed in full; or

		
	(b)
	that the Committee or its delegate has reached a conclusion contrary, in whole or in part, to the Claimant's requested determination, and such notice must set forth in a manner calculated to be understood by the Claimant;

		
	(c)
	the specific reason(s) for the denial of the claim, or any part of it;

		
	(1)
	specific reference(s) to pertinent provisions of the Plan upon which such denial was based;

		
	(2)
	a description of any additional material or information necessary for the Claimant to perfect the claim, and an explanation of why such material or information is necessary; and

		
	(3)
	an explanation of the claim review procedure set forth in Section 11.03 below.

11.03    Review of a Denied Claim.  Within sixty (60) days after receiving a notice from the Committee or its delegate that a claim has been denied, in whole or in part, a Claimant (or the Claimant's duly authorized representative) may file with the Committee or its delegate a written request for a review of the denial of the claim.  Thereafter, but not later than thirty (30) days after the review procedure began, the Claimant (or the Claimant's duly authorized representative):
		
	(a)
	may review pertinent documents;

		
	(b)
	may submit written comments or other documents; and/or

	
			
	 
	16
	 

		
	(c)
	may request a hearing, which the Committee or its delegate, in its sole discretion, may grant.

11.04    Decision on Review.  The Committee or its delegate will render any decision on review promptly, and not later than 60 days after the filing of a written request for review of the denial, unless a hearing is held or other special circumstances require additional time, in which case the Committee's or its delegate’s decision must be rendered within one hundred and twenty (120) days after such date.  Such decision must be written in a manner calculated to be understood by the Claimant, and it must contain:
		
	(a)
	specific reasons for the decision;

		
	(b)
	specific reference(s) to the pertinent Plan provisions upon which the decision was based; and

		
	(c)
	such other matters as the Committee or its delegate deems relevant.

11.05    Legal Action.  A Claimant's compliance with the foregoing provisions of this Article 11 is a mandatory prerequisite to a Claimant's right to commence any legal action with respect to any claim for benefits under this Plan.
ARTICLE XII
MISCELLANEOUS
12.01    Plan Not Funded.  Awards payable under this Plan shall be payable from the general assets of the Company, and no special or separate reserve, fund or deposit shall be made to assure payment of such awards. No participant,  beneficiary or other person shall have any right, title or interest in any fund or in any specific asset of the Company or any of its Subsidiaries by reason of any award hereunder. Neither the provisions of this Plan (or of any related documents), nor the creation or adoption of this Plan, nor any action taken pursuant to the provisions of this Plan shall create, or be construed to create, a trust of any kind or a fiduciary relationship between the Company or any of its Subsidiaries and any participant, beneficiary or other person. To the extent that a participant, beneficiary or other person acquires a right to receive payment pursuant to any award hereunder, such right shall be no greater than the right of any unsecured general creditor of the Company.  Notwithstanding the foregoing, the Company may finance its obligation hereunder on an ongoing or periodic basis via a grantor trust that the Company implements.
12.02    Coordination with Other Benefits.  The benefits provided for a Participant and Participant's Beneficiary under the Plan are in addition to any other benefits available to such Participant under any other plan or program for employees of the Company and its Affiliates.  The Plan will supplement and will not supersede, modify or amend any other such plan or program except as may otherwise be expressly provided.

	
			
	 
	17
	 

12.03    Company Liability.  The Company’s or an Affiliate's liability for the payment of benefits will be defined only by the Plan.  The Company and its Affiliates will have no obligation to a Participant under the Plan, except as expressly provided in the Plan.
12.04    Nonassignability.  Neither a Participant nor any other person will have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey in advance of actual receipt, the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are expressly declared to be, unassignable and non-transferable.  No part of the amounts payable will, prior to actual payment, be subject to seizure, attachment, garnishment or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, be transferable by operation of law in the event of a Participant's or any other person's bankruptcy or insolvency or be transferable to a spouse as a result of a property settlement or otherwise.
12.05    No Right to Continued Employment.  Nothing contained in this Plan (or in any other documents under this Plan or in any award) shall confer upon any Eligible Person or other participant any right to continue in the employ or other service of the Corporation or any of its Subsidiaries, constitute any contract or agreement of employment or other service or affect an employee’s status as an employee at will, nor shall interfere in any way with the right of the Corporation or any of its Subsidiaries to change a person’s compensation or other benefits, or to terminate his or her employment or other service, with or without cause. Nothing in this Section 12.05, however, is intended to adversely affect any express independent right of such person under a separate employment or service contract other than an award agreement.
12.06    Choice of Law.  Subject to ERISA, this Plan and all other related documents shall be governed by and construed in accordance with the laws of the State of Delaware.
12.07    Severability.  If a court of competent jurisdiction holds any provision invalid and unenforceable, the remaining provisions of this Plan shall continue in effect.
12.08    Clawback.  The awards granted under this Plan are subject to the terms of the Company’s recoupment, clawback or similar policy as it may be in effect from time to time, as well as any similar provisions of applicable law, any of which could in certain circumstances require repayment or forfeiture of cash received under this Plan.  
12.09    Captions.  Captions and headings are given to the sections and subsections of this Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of this Plan or any provision thereof.
12.10    Non-Exclusivity of Plan.  Nothing in this Plan shall limit or be deemed to limit the authority of the Committee to authorize any other compensation under any other plan or authority.  
12.11    Notice.  Any notice or filing required or permitted to be given to the Committee under this Plan shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address below: 

	
			
	 
	18
	 

Chief Human Resources Officer 
Rexnord Corporation 
247 Freshwater Way 
Milwaukee, WI  53204
Such notice will be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.
Any notice or filing required or permitted to be given to a Participant under this Plan shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Participant.
12.12    Successors.  The provisions of this Plan shall bind and inure to the benefit of the Company and its successors and assigns and the Participant and the Participant's designated Beneficiaries.
12.13    Spouse's Interest.  The interest in the benefits hereunder of a spouse of a Participant who has predeceased the Participant will automatically pass to the Participant and will not be transferable by such spouse in any manner, including but not limited to such spouse's will, nor will such interest pass under the laws of intestate succession.
12.14    Minors, Incompetent Persons, etc.  If the Committee or its delegate determines that a benefit under this Plan is to be paid to a minor, a person declared incompetent or to a person incapable of handling the disposition of that person's property, the Committee or its delegate may direct payment of such benefit to the guardian, legal representative or person having the care and custody of such minor, incompetent or incapable person.  The Committee or its delegate may require proof of minority, incompetence, incapacity or guardianship, as it may deem appropriate prior to distribution of the benefit.  Any payment of a benefit shall be a payment for the account of the Participant and the Participant's Beneficiary, as the case may be, and will be a complete discharge of any liability under the Plan for such payment amount.
12.15    Court Order.  The Committee or its delegate is authorized to make any payments directed by court order in any action in which the Plan or the Committee has been named as a party.  In addition, if a court determines that a spouse or former spouse of a Participant has an interest in the Participant’s benefits under the Plan in connection with a property settlement or otherwise, the Committee or its delegate, in its sole discretion, will have the right, notwithstanding any election made by a Participant, to immediately distribute the spouse's or former spouse's interest in the Participant’s benefits under the Plan to that spouse or former spouse.
12.16    Requirement for Release.  Any payment to any Participant or a Participant's present, future or former spouse or Beneficiary in accordance with the provisions of this Plan will, to the extent thereof, be in full satisfaction of all claims against the Plan and the Company, and the Company may require such Participant or Beneficiary, as a condition precedent to such payment to execute a receipt and release to such effect.

	
			
	 
	19EX-4.1

 Exhibit 4.1 
  

 
  

PATTERN ENERGY GROUP INC. 
 as
Issuer 
 PATTERN US FINANCE COMPANY LLC 

as Subsidiary Guarantor 
 AND 

DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Trustee 
  

 
 INDENTURE 

Dated as of July 28, 2015 
  

 
 4.00%
Convertible Senior Notes due 2020 
  
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	ARTICLE 1	  
	DEFINITIONS	 
			
	 Section 1.01.
	 	Definitions	  	 	1	 
	 Section 1.02.
	 	References to Interest	  	 	14	 
	
	ARTICLE 2	  
	ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES	 
			
	 Section 2.01.
	 	Designation and Amount	  	 	14	 
	 Section 2.02.
	 	Form of Notes	  	 	14	 
	 Section 2.03.
	 	Date and Denomination of Notes; Payments of Interest and Defaulted Amounts	  	 	15	 
	 Section 2.04.
	 	Execution, Authentication and Delivery of Notes	  	 	16	 
	 Section 2.05.
	 	Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	  	 	17	  
	 Section 2.06.
	 	Mutilated, Destroyed, Lost or Stolen Notes	  	 	24	 
	 Section 2.07.
	 	Temporary Notes	  	 	25	 
	 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	 
			
	 Section 3.01.
	 	Satisfaction and Discharge	  	 	27	 
	
	ARTICLE 4	  
	PARTICULAR COVENANTS OF THE COMPANY	 
			
	 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.
	 	Compliance Certificate; Statements as to Defaults	  	 	31	 
	 Section 4.08.
	 	Further Instruments and Acts	  	 	31	 
	
	ARTICLE 5	  
	LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE
TRUSTEE	 
			
	 Section 5.01.
	 	Lists of Holders	  	 	32	 
	 Section 5.02.
	 	Preservation and Disclosure of Lists	  	 	32	 

  
 i 

							
	ARTICLE 6	  
	DEFAULTS AND REMEDIES	 
			
	 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	 
	 Section 6.05.
	 	Application of Monies Collected by Trustee	  	 	37	 
	 Section 6.06.
	 	Proceedings by Holders	  	 	38	 
	 Section 6.07.
	 	Proceedings by Trustee	  	 	39	 
	 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	  	 	40	 
	 Section 6.11.
	 	Undertaking to Pay Costs	  	 	40	 
	
	ARTICLE 7	  
	CONCERNING THE TRUSTEE	 
			
	 Section 7.01.
	 	Duties and Responsibilities of Trustee	  	 	41	 
	 Section 7.02.
	 	Reliance on Documents, Opinions, Etc	  	 	42	 
	 Section 7.03.
	 	No Responsibility for Recitals, Etc	  	 	44	 
	 Section 7.04.
	 	Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes	  	 	44	  
	 Section 7.05.
	 	Monies and Shares of Common Stock to Be Held in Trust	  	 	44	 
	 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	  	 	46	 
	 Section 7.10.
	 	Acceptance by Successor Trustee	  	 	47	 
	 Section 7.11.
	 	Succession by Merger, Etc	  	 	47	 
	 Section 7.12.
	 	Trustee’s Application for Instructions from the Company	  	 	48	 
	
	ARTICLE 8	  
	CONCERNING THE HOLDERS	 
			
	 Section 8.01.
	 	Action by Holders	  	 	48	 
	 Section 8.02.
	 	Proof of Execution by Holders	  	 	49	 
	 Section 8.03.
	 	Who Are Deemed Absolute Owners	  	 	49	 
	 Section 8.04.
	 	Company-Owned Notes Disregarded	  	 	49	 
	 Section 8.05.
	 	Revocation of Consents; Future Holders Bound	  	 	50	 
	
	ARTICLE 9	  
	HOLDERS’ MEETINGS	 
			
	 Section 9.01.
	 	Purpose of Meetings	  	 	50	 
	 Section 9.02.
	 	Call of Meetings by Trustee	  	 	50	 

  
 ii 

							
	 Section 9.03.
	 	 Call of Meetings by Company or Holders
	  	 	51	 
	 Section 9.04.
	 	 Qualifications for Voting
	  	 	51	 
	 Section 9.05.
	 	 Regulations
	  	 	51	 
	 Section 9.06.
	 	 Voting
	  	 	52	 
	 Section 9.07.
	 	 No Delay of Rights by Meeting
	  	 	52	 
	
	ARTICLE 10	  
	SUPPLEMENTAL INDENTURES	 
			
	 Section 10.01.
	 	 Supplemental Indentures Without Consent of Holders
	  	 	52	 
	 Section 10.02.
	 	 Supplemental Indentures with Consent of Holders
	  	 	54	 
	 Section 10.03.
	 	 Effect of Supplemental Indentures
	  	 	55	 
	 Section 10.04.
	 	 Notation on Notes
	  	 	55	 
	 Section 10.05.
	 	 Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee
	  	 	55	 
	
	ARTICLE 11	  
	CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE	 
			
	 Section 11.01.
	 	 Company May Consolidate, Etc. on Certain Terms
	  	 	56	 
	 Section 11.02.
	 	 Successor Corporation to Be Substituted
	  	 	56	 
	 Section 11.03.
	 	 Opinion of Counsel to Be Given to Trustee
	  	 	57	 
	
	ARTICLE 12	  
	IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS AND DIRECTORS	 
			
	 Section 12.01.
	 	 Indenture and Notes Solely Corporate Obligations
	  	 	57	 
	
	ARTICLE 13	  
	GUARANTEE OF NOTES	 
			
	 Section 13.01.
	 	 The Subsidiary Guarantee
	  	 	57	 
	 Section 13.02.
	 	 Subsidiary Guarantee Unconditional
	  	 	58	 
	 Section 13.03.
	 	 Discharge; Reinstatement
	  	 	58	 
	 Section 13.04.
	 	 Subsidiary Guarantor May Consolidate, etc., on Certain Terms
	  	 	59	 
	 Section 13.05.
	 	 Limitation on Amount of Subsidiary Guarantee
	  	 	60	 
	 Section 13.06.
	 	 Execution and Delivery of Subsidiary Guarantee
	  	 	60	 
	 Section 13.07.
	 	 Release of Subsidiary Guarantee
	  	 	60	 
	
	ARTICLE 14	  
	CONVERSION OF NOTES	 
			
	 Section 14.01.
	 	 Conversion Privilege
	  	 	61	 
	 Section 14.02.
	 	 Conversion Procedure; Settlement Upon Conversion
	  	 	63	 
	 Section 14.03.
	 	 Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes
	  	 	68	 
	 Section 14.04.
	 	 Adjustment of Conversion Rate
	  	 	70	 
	 Section 14.05.
	 	 Adjustments of Prices
	  	 	80	 

  
 iii 

							
	 Section 14.06.
	 	 Shares to Be Fully Paid
	  	 	80	 
	 Section 14.07.
	 	 Effect of Recapitalizations, Reclassifications and Changes of the Common Stock
	  	 	80	 
	 Section 14.08.
	 	 Certain Covenants
	  	 	83	 
	 Section 14.09.
	 	 Responsibility of Trustee
	  	 	83	 
	 Section 14.10.
	 	 Shareholder Rights Plans
	  	 	84	 
	 Section 14.11.
	 	 Exchange in Lieu of Conversion
	  	 	84	 
	
	ARTICLE 15	  
	REPURCHASE OF NOTES AT OPTION OF HOLDERS	 
			
	 Section 15.01.
	 	 Intentionally Omitted
	  	 	86	 
	 Section 15.02.
	 	 Repurchase at Option of Holders Upon a Fundamental Change
	  	 	86	 
	 Section 15.03.
	 	 Withdrawal of Fundamental Change Repurchase Notice
	  	 	88	 
	 Section 15.04.
	 	 Deposit of Fundamental Change Repurchase Price
	  	 	89	 
	 Section 15.05.
	 	 Covenant to Comply with Applicable Laws Upon Repurchase of Notes
	  	 	90	 
	
	ARTICLE 16	  
	NO OPTIONAL REDEMPTION	 
			
	 Section 16.01.
	 	 No Optional Redemption
	  	 	90	 
	
	ARTICLE 17	  
	MISCELLANEOUS PROVISIONS	 
			
	 Section 17.01.
	 	 Provisions Binding on Company’s Successors
	  	 	90	 
	 Section 17.02.
	 	 Official Acts by Successor Corporation
	  	 	90	 
	 Section 17.03.
	 	 Addresses for Notices, Etc
	  	 	91	 
	 Section 17.04.
	 	 Governing Law; Jurisdiction
	  	 	91	 
	 Section 17.05.
	 	 Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee
	  	 	92	 
	 Section 17.06.
	 	 Legal Holidays
	  	 	92	 
	 Section 17.07.
	 	 No Security Interest Created
	  	 	93	 
	 Section 17.08.
	 	 Benefits of Indenture
	  	 	93	 
	 Section 17.09.
	 	 Table of Contents, Headings, Etc
	  	 	93	 
	 Section 17.10.
	 	 Authenticating Agent
	  	 	93	 
	 Section 17.11.
	 	 Execution in Counterparts
	  	 	94	 
	 Section 17.12.
	 	 Severability
	  	 	94	 
	 Section 17.13.
	 	 Waiver of Jury Trial
	  	 	94	 
	 Section 17.14.
	 	 Force Majeure
	  	 	94	 
	 Section 17.15.
	 	 Calculations
	  	 	95	 
	 Section 17.16.
	 	 U.S.A. Patriot Act
	  	 	95	 
	
	EXHIBIT	  
		
	 Exhibit A Form of Note
	  	 	A-1	  

  
 iv 

 INDENTURE, dated as of July 28, 2015, among PATTERN ENERGY GROUP INC., a Delaware
corporation, as issuer (the “Company,” as more fully set forth in Section 1.01), PATTERN US FINANCE COMPANY LLC, a Delaware limited liability company, as guarantor (the “Subsidiary Guarantor,” as more fully set
forth in Section 1.01) and Deutsche Bank Trust Company Americas, 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 4.00% Convertible Senior Notes due 2020 (the
“Notes”), initially in an aggregate principal amount not to exceed $225,000,000 (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 over-allotment option 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 of both the Company and the Subsidiary Guarantor 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 and the Subsidiary Guarantor covenant and agree 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 Sections 4.06(d),
4.06(e) and 6.03, as applicable. 
 “Additional Shares” shall have the meaning specified in Section 14.03(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. 

“Agent Member” shall have the meaning specified in Section 2.05(f). 

“Applicable Law” shall have the meaning specified in Section 17.16. 

“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 14.01(b)(i). The Company shall initially act as the Bid Solicitation Agent. The Company may, however, appoint another Person (which may be any of the Company’s Affiliates) to act as Bid Solicitation Agent at
any time without prior notice to Holders. 
 “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 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. 

“Cash Settlement” shall have the meaning specified in Section 14.02(a). 

“Clause A Distribution” shall have the meaning specified in Section 14.04(c). 

“Clause B Distribution” shall have the meaning specified in Section 14.04(c). 

  
 2 

 “Clause C Distribution” shall have the meaning specified in Section 14.04(c).

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

“Combination Settlement” shall have the meaning specified in Section 14.02(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 A common stock of the Company, par value $0.01 per share, at the date of this Indenture,
subject to Section 14.07. 
 “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 an Officer thereof and delivered to the Trustee. 
 “Conversion Agent” shall have the meaning
specified in Section 4.02. 
 “Conversion Date” shall have the meaning specified in Section 14.02(c). 

“Conversion Obligation” shall have the meaning specified in Section 14.01(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 14.01(a). 

“Corporate Trust Office” means the designated office of the Trustee at which at any time its corporate trust business shall
be administered, which office at the date hereof is located at 60 Wall Street, 16th Floor, Mail Stop NYC60-1630, New York, NY 10005, Attention: Corporate Team, Pattern Energy Group 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). 

“Custodian” means the Trustee, as custodian for The Depository Trust Company, with respect to the Global Notes, or any
successor entity thereto. 

  
 3 

 “Daily Conversion Value” means, for each of the 40 consecutive VWAP Trading Days
during the Observation Period, one-fortieth (1/40) of the product of (a) the Conversion Rate on such VWAP Trading Day and (b) the Daily VWAP on such VWAP Trading Day. 

“Daily Measurement Value” means the Specified Dollar Amount (if any), divided by 40. 

“Daily Settlement Amount,” for each of the 40 consecutive VWAP Trading Days during the Observation Period, shall consist of:

 (a) cash in an amount equal to the lesser of (i) the Daily Measurement Value and (ii) the Daily Conversion Value on such VWAP
Trading Day; and 
 (b) if the Daily Conversion Value on such VWAP Trading Day exceeds the Daily Measurement Value, a number of shares of
Common Stock equal to (i) the difference between the Daily Conversion Value and the Daily Measurement Value, divided by (ii) the Daily VWAP on such VWAP Trading Day. 

“Daily VWAP” means, for each of the 40 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 “PEGI <equity> AQR” (or its equivalent successor if such page is not available) in respect of the period from and including the
scheduled open of trading to and including 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 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. 
 “Defaulted Amounts” means any
amounts on any Note (including, without limitation, the Fundamental Change Repurchase Price, principal and interest, including Additional Interest) that are payable but have not been 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. 

“Distributed Property” shall have the meaning specified in Section 14.04(c). 

“Effective Date” shall have the meaning specified in Section 14.03(c), except that, as used in Sections 14.04 and 14.05,
“Effective Date” means the first date on which shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, reflecting the relevant share split or share combination, as applicable. 

  
 4 

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

“Ex-Dividend Date” means the first date on which shares of Common Stock trade on the applicable exchange or in the applicable
market, regular way, without the right to receive 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. 
 “Financial Institution” shall have the meaning specified in Section 14.11.

 “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. 
 “Fundamental
Change” shall be deemed to have occurred at the time after the Notes are originally issued if any of the following occurs: 
 (a) a
“person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than the Company, its Subsidiaries and the employee benefit plans of the Company and its Subsidiaries, files a Schedule TO or any schedule,
form or report under the Exchange Act disclosing that such person or group has become the direct or indirect ultimate “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the Company’s Common Equity representing
more than 50% of the voting power of the Company’s Common Equity, other than in connection with a Merger Transaction (as defined below); provided, however, that a Person shall not be deemed a beneficial owner of, or to own beneficially,
(x) any securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person or any of such Person’s Affiliates until such tendered securities are accepted for purchase or exchange thereunder, or (y) any
securities if such beneficial ownership (i) arises solely as a result of a revocable proxy delivered in response to a proxy or consent solicitation made pursuant to the applicable rules and regulations under the Exchange Act, and (ii) is
not also then reportable on Schedule 13D (or any successor schedule) under the Exchange Act; provided, further, that any shares of the Company’s Common Equity (x) beneficially owned by Pattern Energy Group LP or any successor
thereto (“PEG LP”) or any Subsidiary of PEG LP, or 

  
 5 

 
any person or entity included in a “group” of which PEG LP is a member (any of the foregoing, a “PEG LP Person”) as of the date hereof, or (y) that the Company
delivers to any PEG LP Person in exchange for assets (including any other shares of the Company’s Common Equity held by any PEG LP Person), directly or indirectly, in one transaction or a series of related transactions following the date
hereof, in each case, shall be excluded from the calculation of each PEG LP Person’s beneficial ownership for the purposes of this clause (a); 

(b) the consummation of (A) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a
share split or share combination or changes solely to par value) as a result of which all of 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 all of 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 of the Company’s Subsidiaries (any such transaction or event or series of transactions or events described under sub-clause (A),
(B) or (C) of this clause (b), a “Merger Transaction”); provided, however, that neither (i) a transaction or event or series of transactions or events described in sub-clause (A) or (B) above in which
the holders of all classes of the Company’s Common Equity immediately prior to such transaction or event or series of transactions or events own, directly or indirectly, more than 50% of all classes of Common Equity of the continuing or
surviving corporation or transferee or the parent thereof immediately after such transaction or event or series of transactions or events in substantially the same proportions as such ownership immediately prior thereto nor (ii) any merger or
consolidation of the Company solely for the purpose of changing the Company’s jurisdiction of incorporation that results in a reclassification, conversion or exchange of outstanding shares of Common Stock solely into shares of common stock of
the surviving entity shall be a Fundamental Change pursuant to this clause (b); 
 (c) the shareholders of the Company approve any plan or
proposal for the liquidation or dissolution of the Company, other than in connection with a Merger Transaction; or 
 (d) the Common Stock
(or other common stock, common shares or ordinary shares or American Depositary Receipts 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 event or series of transactions or events 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 holders of the Common Stock, excluding cash payments for fractional shares and cash payments made pursuant
to dissenters’ appraisal rights, in connection with such transaction or event or series of transactions or events consists of shares of common stock, common shares or ordinary shares or American Depositary Receipts representing common stock,
common shares or 

  
 6 

 
ordinary shares, in each case, 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 event or series of transactions or events and as a result thereof the Notes become convertible or exchangeable (assuming Physical Settlement) into such
consideration, excluding cash payments for fractional shares and cash payments made pursuant to dissenters’ appraisal rights (subject to the provisions of Section 14.02(a) and Section 14.07). 

“Fundamental Change Company Notice” shall have the meaning specified in Section 15.02(c). 

“Fundamental Change Repurchase Date” shall have the meaning specified in Section 15.02(a). 

“Fundamental Change Repurchase Notice” shall have the meaning specified in Section 15.02(b)(i). 

“Fundamental Change Repurchase Price” shall have the meaning specified in Section 15.02(a). 

“given,” with respect to any notice to be given to a Holder pursuant to this Indenture, shall mean notice (x) given to
the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices or procedures at the Depositary (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 each case in accordance with Section 17.03. Notice so “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). 
 “Guarantor Release Event” shall have the meaning specified in Section 13.07(a). 

“Holder,” as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), shall mean
any Person in whose name at the time a particular Note is registered on the Note Register. 
 “Indenture” means this
instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented. 
 “Initial
Dividend Threshold” shall have the meaning specified in Section 14.04(d). 
 “Interest Payment Date” means each
January 15 and July 15 of each year, beginning on January 15, 2016. 

  
 7 

 “Last Reported Sale Price” of the Common Stock on any date means the closing
sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions
for the principal U.S. national or regional securities exchange on which the Common Stock is traded. If the Common Stock is not listed for trading on a U.S. national or regional securities exchange on the relevant date, the “Last Reported
Sale Price” shall be the last quoted bid price for the Common Stock in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock is not so quoted, the “Last
Reported Sale Price” shall be the average of the mid-point of the last bid and ask prices for the Common Stock on the relevant date from each of at least three nationally recognized independent investment banking firms selected by the
Company for this purpose. The “Last Reported Sale Price” shall be 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 subclause (i) of the proviso in clause (b) of the definition thereof). 

“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 July 15,
2020. 
 “Measurement Period” shall have the meaning specified in Section 14.01(b)(i). 

“Merger Common Stock” means the common stock, if any, received by holders of Common Stock in a Share Exchange Event. 

“Merger Valuation Percentage” for any Share Exchange Event shall be equal to: 

(i) if the Merger Common Stock is listed, quoted or traded on any securities exchange or quotation system during the Merger Valuation Period,
(x) the arithmetic average of the Last Reported Sale Prices of one share of such Merger Common Stock over the relevant Merger Valuation Period (determined as if references to “Common Stock” in the definition of “Last Reported
Sale Price” were references to the “Merger Common Stock” for such Share Exchange Event), divided by (y) the arithmetic average of the Last Reported Sale Prices of one share of Common Stock over the relevant Merger
Valuation Period; or 

  
 8 

 (ii) otherwise, a percentage equal to (x) the Last Reported Sale Price of one share of such
Merger Common Stock (determined as if references to “Common Stock” in the definition of “Last Reported Sale Price” were references to such Merger Common Stock), divided by (y) the value of one Unit of Reference
Property (as determined in good faith by the Company), determined in each case, as of the effective date of such Share Exchange Event (or, if such effective date is not a Trading Day, the immediately succeeding Trading Day). 

“Merger Valuation Period” for any Share Exchange Event means the five consecutive Trading Day period immediately preceding,
but excluding, the effective date for such Share Exchange Event. 
 “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 14.02(b). 

“Observation Period” with respect to any Note surrendered for conversion means: (i) if the relevant Conversion Date
occurs prior to January 15, 2020, the 40 consecutive VWAP Trading Day period beginning on, and including, the third VWAP Trading Day immediately succeeding such Conversion Date; and (ii) if the relevant Conversion Date occurs on or after
January 15, 2020, the 40 consecutive VWAP Trading Days beginning on, and including, the 42nd Scheduled Trading Day immediately preceding the Maturity Date. 

“Offering Memorandum” means the preliminary offering memorandum dated July 21, 2015, as supplemented by the related
pricing term sheet dated July 22, 2015, relating to the offering and sale of the Notes. 
 “Officer” means, with
respect to the Company, the Chief Executive Officer, the Chief Financial Officer, the Chief Investment Officer, the Secretary, any Assistant 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 an Officer of the Company. Each such certificate shall include the statements provided for in Section 17.05 if
and to the extent required by the provisions of such Section. 
 “open of business” means 9:00 a.m. (New York City time).

  
 9 

 “Opinion of Counsel” means an opinion in writing, signed by legal counsel, who
may be an employee of or counsel to the Company, that is delivered to the Trustee, which opinion may contain customary assumptions, exceptions and qualifications as to the matters set forth therein and which legal counsel may, in providing such
opinion, rely upon certifications as to matters of fact. Each such opinion shall include the statements provided for in Section 17.05 if and to the extent required by the provisions of such Section 17.05. 

“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; 

(d) Notes converted pursuant to Article 14 and required to be canceled pursuant to Section 2.08; and 

(e) Notes repurchased by the Company pursuant to the penultimate sentence of Section 2.10 (other than Notes repurchased pursuant to
cash-settled swaps or other derivatives). 
 “Paying Agent” shall have the meaning specified in Section 4.02. 

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

“Physical Notes” means permanent certificated Notes in registered form issued in minimum denominations of $1,000 principal
amount and integral multiples of $1,000 in excess thereof. 
 “Physical Settlement” shall have the meaning specified in
Section 14.02(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; 

  
 10 

 
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 July 22, 2015, among the Company and the Representatives, as representatives of the initial purchasers named therein. 

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

“Reference Property” shall have the meaning specified in Section 14.07(a). 

“Regular Record Date,” with respect to any Interest Payment Date, shall mean the January 1 or July 1 (whether or
not such day is a Business Day) immediately preceding the applicable January 15 or July 15 Interest Payment Date, respectively. 

“Representatives” means Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc. and BMO
Capital Markets Corp. 
 “Resale Restriction Termination Date” shall have the meaning specified in Section 2.05(c). 

“Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the
Trustee who shall have direct responsibility for the administration of this Indenture and also means any other officer of the Trustee to whom any corporate trust matter related to this Indenture is referred because of such person’s knowledge of
and familiarity with the particular subject. 
 “Restricted Securities” 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. 

  
 11 

 “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 14.02(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 14.02(a)(iii). 
 “Share Exchange Event” shall have the meaning specified in Section 14.07(a). 

“Specified Dollar Amount” means the maximum cash amount per $1,000 principal amount of Notes to be received upon conversion
as specified in the Settlement Notice related to any converted Notes (or deemed specified pursuant to this Indenture). 

“Spin-Off” shall have the meaning specified in Section 14.04(c). 

“Stock Price” shall have the meaning specified in Section 14.03(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. 

“Subsidiary Guarantee” shall have the meaning specified in Section 13.01. 

“Subsidiary Guarantor” shall have the meaning specified in the first paragraph of this Indenture, and subject to the
provisions of Article 13, shall include its successors and assigns. 
 “Successor Company” shall have the meaning specified
in Section 11.01(a). 
 “Successor Guarantor” shall have the meaning specified in Section 13.04. 

“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 closing sale price for 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. 

  
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 “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 $1,000,000 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 $1,000,000 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. Any
determination of the Trading Price shall be conclusive absent manifest error. 
 “transfer” shall have the meaning
specified in Section 2.05(c). 
 “Trigger Event” shall have the meaning specified in Section 14.04(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. 

“unit of Reference Property” shall have the meaning specified in Section 14.07(a). 

“Valuation Period” shall have the meaning specified in Section 14.04(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. 

  
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 Section 1.02. References to Interest. Unless the context otherwise requires, any
reference to interest on, or in respect of, any Note in this Indenture shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to any of Sections 4.06(d), 4.06(e) and 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 “4.00% Convertible Senior Notes due 2020.”
The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is initially limited to $225,000,000 (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 over-allotment option 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 pursuant to the express provisions of this Indenture. 
 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, the Subsidiary Guarantor and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. If there is any
conflict between the terms of this Indenture and those of a Note, the Indenture shall govern. 
 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 Officers executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of
this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated
for issuance, or to conform to usage or to indicate any special limitations or restrictions to which any particular Notes are subject. 

  
 14 

 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 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 instructions given by the Company or the Holder of such Notes in accordance with this Indenture. Payment of principal (including the
Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, a Global Note shall be made to the Holder of such Note on the date of payment, unless a record date or other means of determining Holders eligible to receive
payment is provided for 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 minimum denominations of $1,000 principal amount and integral multiples of $1,000 in excess 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. Interest 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, or any other office or agency located in the United States of America so designated by the Company. The Company shall pay interest (i) on any Physical
Notes (A) to Holders holding Physical Notes having an aggregate principal amount of $5,000,000 or less, by check 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 such 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, 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 then 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 

  
 15 

 
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. The Company shall promptly notify the
Trustee in writing of such special record date and the Trustee, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Amounts and the special record date therefor to be delivered to each
Holder at its address as it appears in the Note Register, or by electronic means to the Depositary in the case of Global Notes, not less than 10 days prior to such special record date (provided the Trustee has received such notice at
least 10 days prior to such special record date). Notice of the proposed payment of such Defaulted Amounts and the special record date therefor having been so delivered, such Defaulted Amounts shall be paid to the Persons in whose names the Notes
(or their respective Predecessor Notes) are registered at the close of business on such special record date and shall no longer be payable pursuant to the following clause (ii) of this Section 2.03(c). 

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

Section 2.04. Execution, Authentication and Delivery of Notes. The Notes shall be signed in the name and on behalf of the Company
by the manual or facsimile signature of a duly authorized Officer thereof. 
 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. 

  
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 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 by an authorized signatory of the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 17.10), 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 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. 
 Upon surrender for registration of transfer of
any Note to the Note Registrar or any co-Note Registrar, and satisfaction of the requirements for such transfer set forth in this Section 2.05, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal amount and bearing such restrictive legends as may be required by this Indenture. 

Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes
to be exchanged at any such office or agency maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that the Holder
making the exchange is entitled to receive, bearing registration numbers not contemporaneously outstanding. 
 All Notes presented or
surrendered for registration of transfer or for exchange, repurchase or conversion shall (if so required by the Company, the Trustee, the Note Registrar or any co-Note Registrar) be duly endorsed, or be accompanied by a written instrument or
instruments of transfer in form satisfactory to the Company and duly executed, by the Holder thereof or its attorney-in-fact duly authorized in writing. 

  
 17 

 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 or (ii) any Notes, or a portion of any Note, surrendered for repurchase (and not
withdrawn) in accordance with Article 15. 
 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. 
 (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 those contained in 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 Sections 2.05(c) and 2.05(d), the term
“transfer” encompasses any sale, pledge, transfer or other disposition whatsoever of any Restricted Security. 
 Until the
date (the “Resale Restriction Termination Date”) that is the later of (1) the date that is one year after the last date of original issuance of the Notes, or such shorter period of time as permitted by Rule 144 under the
Securities Act or any successor provision thereto, and (2) such later date, if any, as may be required by applicable law, any certificate evidencing the Notes (and all securities issued in exchange therefor or

  
 18 

 
substitution thereof, other than Common Stock, if any, issued upon conversion thereof, which shall bear the legend set forth in Section 2.05(d), if applicable) shall bear a legend in
substantially the following form (unless such Notes have been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer, or
sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company in writing, with notice thereof to the Trustee): 

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

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

IN EACH CASE, IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES. 

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, 

  
 19 

 
CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES
LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 No
transfer of any Note prior to the Resale Restriction Termination Date will be registered by the Note Registrar unless the applicable box on the Form of Assignment and Transfer has been checked. 

In addition, where applicable, any certificate evidencing the Notes sold in Canada (and all securities issued in exchange therefor or
substitution thereof, other than Common Stock, if any, issued upon conversion thereof, which shall bear the legend set forth in Section 2.05(d), if applicable) shall bear a legend in substantially the following form (the “Canadian
Restricted Notes Legend”) (unless the Canadian Restricted Notes Legend is no longer required under any applicable Canadian securities laws): 

WITH RESPECT TO ANY SECURITY THAT IS SOLD PURSUANT TO THE ORIGINAL DISTRIBUTION IN CANADA, UNLESS PERMITTED UNDER CANADIAN SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [INSERT THE DATE THAT IS FOUR MONTHS FROM AND A DAY AFTER THE ORIGINAL DISTRIBUTION OF THE NOTES]. 

Any Note (or security issued in exchange or substitution therefor) as to which such restrictions on transfer shall have expired in accordance
with their terms may, upon surrender of such Note for exchange to the Note Registrar in accordance with the provisions of this Section 2.05, be exchanged for a new Note or Notes, of like tenor and aggregate principal amount, which shall not bear the
restrictive legend required by this Section 2.05(c) and shall not be assigned a restricted CUSIP number. The Company shall be entitled to instruct the Custodian in writing to so surrender any Global Note as to which such restrictions on transfer
shall have expired in accordance with their terms for exchange, and, upon such instruction, the 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 Company shall promptly notify the Trustee upon the occurrence of the Resale Restriction Termination Date and promptly after a registration statement, if any, with
respect to the Notes or any Common Stock issued upon conversion of the Notes has been declared effective under the Securities Act. 

Notwithstanding any other provisions of this Indenture (other than the provisions set forth in this Section 2.05(c)) to the contrary, 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 exchanges of portions of a Global Note for Physical 

  
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Notes made upon request of a member of, or a participant in, the Depositary (for itself or on behalf of a beneficial owner) by written notice given to the Trustee by or on behalf of the
Depositary in accordance with customary procedures of the Depositary, pursuant to clause (iii) of the second following paragraph. 

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 exchanged for 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 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, shall instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such Physical Notes to the
Persons in whose names such Physical Notes are so registered. 
 At such time as all interests in a Global Note have been converted,
canceled, repurchased or transferred, such Global Note shall be, upon receipt thereof, canceled by the Trustee in accordance with its customary procedures. At any time prior to such cancellation, if any interest in a Global Note is exchanged for
Physical Notes, converted, canceled, repurchased or transferred to a transferee who receives Physical Notes therefor or any Physical Note is exchanged or transferred for part of such Global Note, the principal amount of such Global Note shall, in
accordance with the standing procedures and instructions existing between the Depositary and the 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. 

  
 21 

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

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

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

  
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 (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. 

IN EACH CASE, IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES. 

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

Any such Common Stock (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). 

In addition, where applicable, any stock certificate representing Common Stock issued upon conversion of any Note that was sold in Canada
shall bear the Canadian Restricted Notes Legend unless the Canadian Restricted Notes Legend is no longer required under any applicable Canadian securities laws. Any such Common Stock as to which such restrictions on transfer shall have expired in
accordance with their terms under applicable Canadian securities laws, 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 Canadian Restricted Notes Legend. 

(e) The Company shall use commercially reasonable efforts to cause any Note or Common Stock issued upon the conversion or exchange of a Note
that is repurchased or owned by any Affiliate of the Company (or any Person who was an Affiliate of the Company at any time during the three months immediately preceding) and that the Company knows is so owned, not to be resold by such Affiliate (or
such Person, as the case may be) unless registered under the Securities Act or resold pursuant to an 

  
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exemption from the registration requirements of the Securities Act in a transaction that results in such Note or Common Stock, as the case may be, no longer being a “restricted
security” (as defined under Rule 144). Any Note that is repurchased or owned by the Company will not be counted as “outstanding” for the purposes of any vote by Holders under this Indenture. 

(f) The Trustee shall have no duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this
Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among depositary participants or beneficial owners or holders of any Global Note) other than to require delivery of the
Form of Assignment and Transfer attached to the Note, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

None of the Trustee, the Note Registrar or the Paying Agent shall have any responsibility or obligation to any beneficial owner of an interest
in a Global Note, any agent member of the Depositary (an “Agent Member”) or other member of, or a participant in, the Depositary or other Person with respect to the accuracy of the records of the Depositary or any nominee or
participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any Agent Member or other participant, member, beneficial owner or other Person (other than the Depositary) of any notice or the
payment of any amount or delivery of any Notes (or other security or property) under or with respect to such Notes. 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 Holders (which shall be the Depositary or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depositary, subject
to its applicable rules and procedures. The Trustee, Note Registrar and Paying Agent may rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its Agent Members and other members, participants and
any beneficial owners. 
 (g) Neither the Trustee nor any agent shall have any responsibility or liability for any actions taken or not
taken by the Depositary. 
 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 its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver, a new Note, bearing a registration number not
contemporaneously outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every case the applicant for a substituted Note shall furnish to the Company, to the
Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless from any loss, liability, cost or expense caused by or connected with such substitution, and, in every case
of destruction, loss or theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership
thereof. 

  
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 The Trustee or such authenticating agent may authenticate any such substituted Note and deliver
the same upon the receipt of such security or indemnity as the Trustee, the Company and, if applicable, such authenticating agent may require. No service charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note Registrar
or the Paying Agent upon the issuance of any substitute Note, but the Company and the Trustee 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 14 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 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 or payment or 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, repurchase or conversion of negotiable instruments or other securities without their surrender. 

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 written request of the Company, authenticate and deliver temporary Notes (printed or lithographed). Temporary Notes shall be issuable in any authorized denomination, and substantially in the
form of the Physical Notes but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Company. Every such temporary Note shall be executed by the Company and authenticated by the
Trustee or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Physical Notes. Without unreasonable delay, the Company shall execute and deliver to the Trustee or such
authenticating agent Physical Notes (other than any Global Note) and thereupon any or all temporary Notes (other than any Global Note) may be surrendered in 

  
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exchange therefor, at each office or agency maintained by the Company pursuant to Section 4.02 and the Trustee or such authenticating agent shall authenticate and deliver in exchange for such
temporary Notes an equal aggregate principal amount of Physical Notes. Such exchange shall be made by the Company at its own expense and without any charge therefor. Until so exchanged, the temporary Notes shall in all respects be entitled to the
same benefits and subject to the same limitations under this Indenture as Physical Notes authenticated and delivered hereunder. 

Section 2.08. Cancellation of Notes Paid, Converted, Etc. Except as provided for in Section 2.10, the Company shall cause all
Notes surrendered for the purpose of payment, required repurchase upon a Fundamental Change, registration of transfer or exchange or conversion, if surrendered to any Person other than the Trustee (including any of the Company’s agents,
Subsidiaries or Affiliates that the Company controls), to be delivered to the Trustee for cancellation, and such Notes shall no longer be considered outstanding under this Indenture. All Notes delivered to the Trustee shall be canceled promptly by
it, and no Notes shall be authenticated in exchange therefor except as expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose of canceled Notes in accordance with its customary procedures and, after such
disposition, shall deliver a certificate of such disposition to the Company, at the Company’s 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 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 any differences in the issue date, issue price and interest accrued prior to the issue date of such additional Notes)
in an unlimited aggregate principal amount; provided that if any such additional Notes are not fungible with the Notes initially issued hereunder for U.S. federal income tax and securities law purposes, such additional Notes shall have one or
more separate CUSIP numbers. Prior to the issuance of any such additional Notes, the Company shall deliver to the Trustee a Company Order, an Officer’s Certificate and an Opinion of Counsel, such Officer’s Certificate and Opinion of
Counsel to cover such matters required by Section 17.05. 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 private or public tender or exchange offer or through counterparties to private agreements, including by cash-settled swaps or other derivatives, in each case without prior notice
to Holders. Any Notes purchased by the Company may not be resold unless registered under the Securities Act or resold pursuant to an exemption from the registration requirements of the Securities Act in a transaction that results in such Notes no
longer being “restricted securities” (as defined under Rule 144). 

  
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 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 such instruments reasonably requested by the Company acknowledging satisfaction and discharge of this Indenture, when (a) (i) all
Notes theretofore authenticated and delivered (other than (x) Notes which have been destroyed, lost or stolen and which have been replaced, paid or converted as provided in Section 2.06 and (y) Notes for whose payment money has theretofore
been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 4.04(d)) have been delivered to the Trustee for cancellation; or (ii) the Company
has deposited with the Trustee or delivered to Holders, as applicable, after the Notes have become due and payable, whether on the Maturity Date, any Fundamental Change Repurchase Date, upon conversion or otherwise, cash or cash, shares of Common
Stock 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. For the avoidance of doubt, the Notes are not subject to defeasance. 

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 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 and demands to or upon the Company
in respect of the Notes and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any
such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office or the office or agency of the Trustee in the
United States so designated by the Trustee as a place where Notes may be presented for payment or for registration of transfer. 

  
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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. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any
change in the location of any such other office or agency. The terms “Paying Agent” and “Conversion Agent” include any such additional or other offices or agencies, as applicable. 

The Company hereby initially designates the Trustee as the Paying Agent, Note Registrar and Conversion Agent and the Corporate Trust Office as
the office or agency in the United States where Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase or for conversion and where notices and demands to or upon the Company in respect of the
Notes and this Indenture may be served. 
 Section 4.03. Appointments to Fill Vacancies in Trustee’s Office. The Company,
whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.09, a trustee, so that there shall at all times be a Trustee 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 Fundamental Change
Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes in trust for the benefit of the Holders of the Notes; 

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

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

  
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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 Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes, set aside, segregate and hold in trust for the benefit of the Holders of the Notes a sum sufficient to pay such principal
(including the Fundamental Change Repurchase Price, if applicable) and accrued and unpaid interest so becoming due and will promptly notify the Trustee in writing of any failure to take such action and of any failure by the Company to make any
payment of the principal (including the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, the Notes when the same shall become due and payable. 

(c) Anything in this Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction
and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held in trust by the Company or any Paying Agent 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 abandoned property laws, any money and shares of Common Stock deposited with the Trustee or
any Paying Agent, or then held by the Company, in trust for the payment of the principal (including the Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest on and the consideration due upon conversion of any Note and
remaining unclaimed for two years after such principal (including the Fundamental Change Repurchase Price, if applicable), interest or consideration due upon conversion has become due and payable shall be paid to the Company on request of the
Company contained in an Officer’s Certificate, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof,
and all liability of the Trustee or such Paying Agent with respect to such trust money and shares of Common Stock, 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, 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, the Company will, upon written request, provide to any Holder, beneficial owner or prospective purchaser of such Notes or any shares of Common Stock

  
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issuable upon conversion of such Notes, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes or shares of Common
Stock pursuant to Rule 144A. 
 (b) The Company shall file with the Trustee, within 15 days after the same are required to be delivered to
or filed with the Commission (giving effect to any grace period provided by Rule 12b-25 (or any successor rule) under the Exchange Act), copies of any documents or reports that the Company is required to file with the Commission pursuant to
Section 13 or 15(d) of the Exchange Act (excluding any such information, documents or reports, or portions thereof, subject to confidential treatment and any correspondence with the Commission). Any such document or report that the Company
files with the Commission via the Commission’s EDGAR system (or any successor thereto) shall be deemed to be delivered to and filed with the Trustee for purposes of this Section 4.06(b) at the time such document or report is filed via the EDGAR
system (or any successor thereto), it being understood that the Trustee shall not be responsible for determining whether such filings have been made. 

(c) Delivery of the reports and documents described in subsection (b) above to the Trustee is for informational purposes only, and the
Trustee’s receipt of such shall not constitute 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 date of original issuance of the 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 the Notes are not otherwise freely tradable by Holders other than the Company’s Affiliates or Holders that were
the Company’s Affiliates at any time during the 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 the
Notes. Such Additional Interest shall accrue on the Notes at the rate of 0.50% per annum of the principal amount of the Notes outstanding for each day during such period for which the Company’s failure to file has occurred and is
continuing or the Notes are not otherwise freely tradable by Holders other than the Company’s Affiliates (or Holders that have been 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 does not include documents or reports that the Company furnishes to the Commission pursuant to Section 13 or 15(d) of the Exchange Act. 

(e) If, and for so long as, the restrictive legend on the Notes specified in Section 2.05(c) has not been removed, the Notes are assigned a
restricted CUSIP number or the Notes are not otherwise freely tradable by Holders other than the Company’s 

  
 30 

 
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 375th day after the last date of original issuance of the Notes, the Company shall pay Additional Interest on the Notes at a rate equal to 0.50% per annum of the principal amount of Notes outstanding for each
day from, and including, such 375th day until the restrictive legend on the Notes has been removed in accordance with Section 2.05(c), the Notes are assigned an unrestricted CUSIP and the Notes are freely tradable 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). 

(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) Notwithstanding the foregoing, in no event shall Additional Interest accrue under the terms of this Indenture (aggregating
any Additional Interest payable pursuant to Sections 4.06(d) or 4.06(e) with any Additional Interest payable pursuant to Section 6.03) at a rate per annum in excess of 0.50%, regardless of the number of events or circumstances giving rise to the
requirement to pay such Additional Interest. 
 (h) If Additional Interest is payable by the Company pursuant to Sections 4.06(d) or
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. The Trustee shall have no duty to verify the Company’s determination as to whether Additional Interest
is due. 
 Section 4.07. Compliance Certificate; Statements as to Defaults. The Company shall deliver to the Trustee within 120
days after the end of each fiscal year of the Company (beginning with the fiscal year ending on December 31, 2015) an Officer’s Certificate stating whether the signers thereof have knowledge of any Default that has occurred and, if so,
specifying each such Default and the nature thereof. 
 In addition, the Company shall deliver to the Trustee, as soon as possible, and in
any event within 30 days after the occurrence of any Event of Default or Default, an Officer’s Certificate setting forth the details of such Event of Default or Default, its status and the action that the Company is taking or proposing to take
in respect thereof. 
 Section 4.08. Further Instruments and Acts. Upon the reasonable request of the Trustee, the Company will
execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 

  
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 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 15 days after each January 1 and July 1 in each year beginning with January 1, 2016, 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 days; 

(b) default in the payment of principal of any Note when due and payable on the Maturity Date, upon any required repurchase, upon declaration
of acceleration or otherwise; 
 (c) failure by the Company to comply with its obligation to convert the Notes in accordance with this
Indenture upon exercise of a Holder’s conversion right and such failure continues for a period of five Business Days; 
 (d) failure by
the Company to issue a Fundamental Change Company Notice in accordance with Section 15.02(c) or notice of any of the events described in Section 14.01(b)(ii) or (iii), in each case when due and such failure continues for a period of five Business
Days after the due date; 
 (e) failure by the Company to comply with its obligations under Article 11; 

  
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 (f) failure by the Company or the Subsidiary Guarantor 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 the Company’s or the Subsidiary Guarantor’s other agreements contained in the Notes or this
Indenture; 
 (g) default by the Company or any 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, the repayment of which the Company has guaranteed or for which the Company is directly responsible or liable as obligor or guarantor,
in an outstanding principal amount in excess of $75,000,000 (or its foreign currency equivalent) in the aggregate of the Company and/or any such Subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting in
such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal of any such indebtedness when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or
otherwise (after giving effect to any applicable grace periods), if such default shall not have been cured or waived, or such acceleration shall not have been rescinded, within 30 days after notice to the Company by the Trustee or to the Company and
the Trustee by Holders of at least 25% of the aggregate principal amount of Notes then outstanding, determined in accordance with Section 8.04; 

(h) the Company or the Subsidiary Guarantor shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other
relief with respect to the Company or the Subsidiary Guarantor 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 the Subsidiary Guarantor 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; 

(i) an involuntary case or other proceeding shall be commenced against the Company or the Subsidiary Guarantor seeking liquidation,
reorganization or other relief with respect to the Company or the Subsidiary Guarantor 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 the Subsidiary Guarantor or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 90 consecutive days; or 

(j) except as permitted under this Indenture, the Subsidiary Guarantee shall be held in any judicial proceeding to be unenforceable or invalid
or shall cease for any reason to be in full force and effect, or the Subsidiary Guarantor, or any Person acting on its behalf, shall deny or disaffirm its obligation under the Subsidiary Guarantee. 

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

The second preceding paragraph, however, is subject to the conditions that if, at any time after the principal of the Notes shall have been so
declared 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, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay installments
of accrued and unpaid interest upon all Notes and the principal of any and all Notes that shall have become due otherwise than by acceleration (with interest on overdue installments of accrued and unpaid interest, and on such principal at the rate
borne by the Notes at such time) and amounts due to the Trustee pursuant to Section 7.06, and if (1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all existing Events of
Default under this Indenture, other than the nonpayment of the principal of, and interest on, the 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 written 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 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 360 days after the
occurrence of such an Event of Default (which, for the avoidance of doubt, shall not commence until the notice described in Section 6.01(f) above has been given, and the related 60-day period has passed), consist exclusively of the right to receive
Additional Interest on the Notes at a rate equal to (i) 0.25% per annum of the principal amount of the Notes outstanding for each day during the first 180 calendar days on which such Event of Default is continuing beginning on, and
including, the date on which such Event of Default first occurs (or, if earlier, the date on which such Event of Default is cured or waived as provided for in this Indenture) and (ii) 0.50% per annum of the principal amount of the Notes
outstanding for each day from, and including, the 181st calendar day until the 360th calendar day after the occurrence of such an Event of Default during which such Event of Default is continuing (or, if earlier, the date on which such Event of
Default is cured or waived as provided for in this Indenture). If the Company so elects, such Additional Interest shall be payable in the same manner and on the same dates as regular interest on the Notes. On the 361st day after such Event of
Default (if the Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) is not cured or waived prior to such 361st day), the Notes shall be immediately subject to acceleration as
provided in Section 6.02. In the event the Company does not elect to pay Additional Interest following an Event of Default in accordance with this Section 6.03 or the Company elected to make such payment but does not pay the Additional Interest when
due, the Notes shall be immediately subject to acceleration as and to the extent provided in Section 6.02. 
 In order to elect to pay
Additional Interest as the sole remedy during the first 360 days after the occurrence of any Event of Default described in the immediately preceding paragraph, the Company must notify in writing all Holders of the Notes, the Trustee and the Paying
Agent of such election prior to the beginning of such 360-day period. Upon the failure to timely give such notice, the Notes shall be immediately subject to acceleration as and to the extent provided in Section 6.02. 

In no event shall Additional Interest accrue under the terms of this Indenture (aggregating any Additional Interest payable pursuant to this
Section 6.03 with any Additional Interest payable pursuant to Sections 4.06(d) or 4.06(e)) at a rate per annum in excess of 0.50%, regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest.

 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 

  
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Notes at such time, and, in addition thereto, such further amount as shall be sufficient to cover any amounts due to the Trustee under Section 7.06. If the Company shall fail to pay such amounts
forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may
enforce the same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon the Notes, wherever
situated. 
 In the event there shall be pending proceedings for the bankruptcy or for the reorganization of the Company or any other
obligor on the Notes under Title 11 of the United States Code, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Company or such other obligor, the property of the Company or such other obligor, or in the event of any other judicial proceedings relative to the Company or such other obligor upon the Notes, or to the creditors or property
of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any
demand pursuant to the provisions of this Section 6.04, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal and accrued and unpaid interest, if any,
in respect of the Notes, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents and to take such other actions as it may deem necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceedings relative to the Company or any other obligor on the Notes, 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. 

  
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 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. 

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 or
property 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 or property, 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 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 

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

Fourth, to the payment of the remainder, if any, to the Company or as a court of competent jurisdiction may direct in a final
non-appealable order. 
 Section 6.06. Proceedings by Holders. Except to enforce the right to receive payment of principal
(including, if applicable, the Fundamental Change Repurchase Price) or interest when due, or the right to receive payment or delivery of the consideration due upon conversion, no Holder 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: 
 (a) such Holder previously shall have given to the Trustee 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 indemnity or security reasonably satisfactory to the Trustee 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 indemnity or security, shall have neglected or refused
to institute any such action, suit or proceeding; and 
 (e) no direction that, in the opinion of the Trustee, is inconsistent with such
written request shall have been given to the Trustee by the Holders of a majority of the aggregate principal amount of the Notes then outstanding within such 60-day period pursuant to Section 6.09, 

it being understood and intended, and being expressly covenanted by the taker and Holder of every Note with every other taker and Holder and
the Trustee that no one or more Holders shall have any right in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other Holder, or to obtain or seek to obtain
priority over or preference to any other such Holder, or to enforce any right under this Indenture, except in the manner 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. 

  
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 Notwithstanding any other provision of this Indenture and any provision of any Note, the right of
any Holder to receive payment or delivery, as the case may be, of (x) the principal (including the Fundamental Change Repurchase Price, if applicable) of, (y) accrued and unpaid interest, if any, on, and (z) the consideration due upon
conversion of, such Note, on or after the respective due dates expressed or provided for in such Note or in this Indenture, or to institute suit for the enforcement of any such payment or delivery, as the case may be, on or after such respective
dates against the Company shall not be impaired or affected without the consent of such Holder. 
 Section 6.07. Proceedings by
Trustee. In case of an Event of Default, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such
rights, either by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this
Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law. 
 Section 6.08.
Remedies Cumulative and Continuing. Except as provided in the last paragraph of Section 2.06, 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 (a) such direction shall not be in conflict with any rule of law or with this
Indenture, and (b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. The Trustee may refuse to follow any direction that it determines is in conflict with any rule of law or this
Indenture, is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability. The Holders of a majority in aggregate principal amount of the Notes at the time outstanding (determined in accordance with
Section 8.04 and including 

  
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waivers obtained in connection with a repurchase of, or tender or exchange offer for, Notes) 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 Fundamental Change Repurchase Price) of, the Notes when due that has not been cured or (ii) a failure by
the Company to pay or deliver, as the case may be, the consideration due upon conversion of the Notes. 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, and 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. 
 Section 6.10. Notice of
Defaults. The Trustee shall, within the later of (i) 90 days after the occurrence and continuance of a Default and (ii) 10 days after the Trustee has knowledge of the occurrence and continuance of such Default, send to all Holders as
the names and addresses of such Holders appear upon the Note Register, notice of all such Defaults, unless such Defaults shall have been cured or waived before the giving of such notice; provided that, except in the case of a Default in the
payment of the principal of (including the Fundamental Change Repurchase Price, if applicable), or accrued and unpaid interest on, any of the Notes or a Default in the payment or delivery of the consideration due upon conversion, the Trustee shall
be protected in withholding such notice if and so long as it in good faith determines that the withholding of such notice is in the interests of the Holders. 

Section 6.11. Undertaking to Pay Costs. All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof
shall be deemed to have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the
filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such
suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided that the provisions of this Section 6.11 (to the extent permitted by law) shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Notes at the time outstanding determined in accordance with Section 8.04, or to any suit instituted by any Holder
for the enforcement of the payment of the principal of or accrued and unpaid interest, if any, on any Note (including, but not limited to, the Fundamental Change Repurchase Price with respect to the Notes being repurchased as provided in this
Indenture) on or after the due date expressed or provided for in such Note or to any suit for the enforcement of the right to convert any Note (including the right to receive the consideration due upon conversion) in accordance with the provisions
of Article 14. 

  
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 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 in the conduct of such person’s own affairs; provided that
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 request or direction of any of the Holders unless such Holders have offered to the Trustee
indemnity or security reasonably satisfactory to the Trustee against any loss, liability or expense that might be incurred by it in compliance with such request or direction. 

No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct, except that: 
 (a) prior to the occurrence of an Event of Default and after the curing or
waiving of all Events of Default that may have occurred: 
 (i) the duties and obligations of the Trustee shall be determined
solely by the express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no implied covenants or obligations shall be read
into this Indenture against the Trustee; and 
 (ii) in the absence of bad faith, 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); 

(b) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the Trustee, unless
it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (c) the Trustee shall not be liable with respect
to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than a majority of the aggregate principal amount of the Notes at the time outstanding

  
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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 has received written notice of such event;
and 
 (g) 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 of its selection and require an Opinion of Counsel and any
advice of such counsel or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in reliance upon such advice or Opinion of Counsel; 

  
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 (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; 
 (f) the permissive rights of the Trustee enumerated herein shall not be
construed as duties; 
 (g) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture
at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the losses, costs, expenses and liabilities
which might be incurred by it in compliance with such request or direction; 
 (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) the Trustee shall not be obligated to take possession of any Common Stock, whether upon conversion or in connection with any discharge of
this Indenture pursuant to Article 3 hereof, but shall satisfy its obligation as Conversion Agent by working through the stock transfer agent of the Company and/or the Depositary from time to time as directed by the Company; 

(j) in no event shall the Trustee be liable for any special, indirect, punitive or consequential 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, other than any such loss or damage caused by the Trustee’s negligence or willful
misconduct; and 
 (k) the Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Notes, unless
a Responsible Officer shall have received written notice of such Default or Event of Default from the Company or from any Holder of the Notes. 

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

  
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 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. Neither the Trustee nor any of its agents will be accountable for the use or application by the Company of the Notes or the proceeds thereof. The Trustee shall have no responsibility or liability with respect to any
information, statement or recital in the Offering Memorandum or other disclosure material prepared or distributed with respect to the issuance of the Notes. 

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 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 any 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 or property 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. 
 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, 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 reasonable expenses and
disbursements of its agents and counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as shall have been caused by its own negligence, willful misconduct or bad faith. The Company also covenants to
indemnify the Trustee in any capacity under this Indenture and any other document or transaction entered into in connection herewith and its officers, directors, employees and agents and any authenticating agent for, and to hold them harmless

  
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against, any loss, claim, damage, liability or expense incurred without negligence, willful misconduct or bad faith on the part of the Trustee, its officers, directors, agents or employees, or
such agent or authenticating agent, as the case may be, and arising out of or in connection with the acceptance or administration of this Indenture (whether involving the Company or a third party) 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 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 and the earlier resignation or removal or the Trustee. The Company need not pay for any settlement made without its consent. The indemnification provided in this Section 7.06 shall extend to
the officers, directors, agents and employees of the Trustee. 
 Without prejudice to any other rights available to the Trustee under
applicable law, when the Trustee and its agents and any authenticating agent incur expenses or render services after an Event of Default specified in Section 6.01(h) or 6.01(i) occurs, the expenses and the compensation for the services are intended
to constitute expenses of administration under any bankruptcy, insolvency or similar laws. 
 Section 7.07. Officer’s
Certificate as Evidence. Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or
omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence, willful misconduct 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 negligence, willful misconduct and bad faith on the part of the Trustee, shall be full warrant to the Trustee
for any action taken or omitted by it under the provisions of this Indenture upon the faith thereof. 
 Section 7.08. Eligibility of
Trustee. There shall at all times be a Trustee 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 $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such
Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect hereinafter specified in this Article. With respect to conflicts of interest, the Trustee shall be governed by Section 310(b) of the Trust Indenture Act: if the Trustee has or acquires any
conflicting interest within the meaning 

  
 45 

 
of the Trust Indenture Act, it shall either eliminate such conflicting interest or resign to the extent, in the manner and with the effect, and subject to the conditions, provided in
Section 310(b) of the Trust Indenture Act. 
 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 at their addresses as they shall appear on the Note Register. 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 delivering 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, 
 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

  
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Company objects thereto, in which case the Trustee so removed or any Holder, upon the terms and conditions and otherwise as in Section 7.09(a) provided, may petition any court of competent
jurisdiction for an appointment of a successor trustee. 
 (d) Any resignation or removal of the Trustee and appointment of a successor
trustee pursuant to any of the provisions of this Section 7.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.10. 

Section 7.10. Acceptance by Successor Trustee. Any successor trustee appointed as provided in Section 7.09 shall execute,
acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment 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. 

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 at their addresses as they shall appear on the Note Register. 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. 

  
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 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. 

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 (a) by any instrument or any number of instruments of similar tenor executed by Holders in person or by agent or proxy appointed in writing, or (b) by the record of
the Holders voting in favor thereof at any meeting of Holders duly called and held in accordance with the provisions of Article 9, or (c) by a combination of such instrument or instruments and any such record of such a meeting of Holders or
(d) in the case of Notes evidenced by a Global Note, by any electronic transmission or other message, whether or not in written format, that complies with the Depositary’s applicable procedures. 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. 

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

Section 8.03. Who Are Deemed Absolute Owners. The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion
Agent and any Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation
of ownership or other writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on account of the principal of and (subject to Section 2.03) accrued and unpaid interest on such Note,
for conversion of such Note and for all other purposes under this Indenture; and neither the Company nor the Trustee nor any Paying Agent nor any Conversion Agent nor any Note Registrar shall be affected by any notice to the contrary. The sole
registered holder of a Global Note shall be the Depositary or its nominee. All such payments or deliveries so made to any Holder for the time being, or upon its order, shall be valid, and, to the extent of the sums or shares of Common Stock so paid
or delivered, effectual to satisfy and discharge the liability for monies payable or shares deliverable upon any such Note. Notwithstanding anything to the contrary in this Indenture or the Notes, following an Event of Default, any owner of a
beneficial interest in a Global Note may directly enforce against the Company, without the consent, solicitation, proxy, authorization or any other action of the Depositary or any other Person, such Holder’s right to exchange such beneficial
interest for a Physical Note 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 (other than Notes repurchased pursuant to
cash-settled swaps or other derivatives) that are owned by the Company, by any Subsidiary thereof or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any Subsidiary
thereof shall be disregarded and deemed not to be outstanding for the purpose of any such determination; provided that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, consent, waiver or
other action only Notes that a Responsible Officer actually knows are so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as outstanding for the purposes of this Section 8.04 if the pledgee shall
establish to the satisfaction of the Trustee the pledgee’s right to so act with respect to such Notes and that the pledgee is not the Company, a Subsidiary thereof or a Person directly or indirectly controlling or controlled by or under direct
or indirect common control with the Company or a Subsidiary thereof. In the case of a dispute as to such right, any decision or indecision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the
Trustee, the Company shall furnish to the Trustee 

  
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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, the Subsidiary Guarantor or 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. 
 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 

  
 50 

 
proposed to be taken at such meeting and the establishment of any record date pursuant to Section 8.01, shall be delivered electronically or mailed to Holders of such Notes at their addresses as
they shall appear on the Note Register. Such notice shall also be mailed 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 (a) be a Holder of
one or more Notes on the record date pertaining to such meeting or (b) be a Person appointed by an instrument in writing as proxy by a Holder of one or more Notes on the record date pertaining to such meeting. The only Persons who shall be
entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 

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

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

  
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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 Sections 9.02 or 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 mailed 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. Nothing contained in this Article 9 shall be deemed or construed to limit any Holder’s actions pursuant to the applicable procedures of the Depositary so long as the Notes
are Global Notes. 
 ARTICLE 10 

SUPPLEMENTAL INDENTURES 

Section 10.01. Supplemental Indentures Without Consent of Holders. The Company, when authorized by the resolutions of the Board of
Directors, the Subsidiary 

  
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Guarantor 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, mistake, omission, defect or inconsistency; 

(b) to provide for the assumption by (i) a Successor Company of the obligations of the Company under this Indenture and the Notes
pursuant to Article 11 or (ii) a Successor Guarantor of the obligations of the Subsidiary Guarantor under this Indenture and the Subsidiary Guarantee pursuant to Article 13; 

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

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

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

(g) in connection with any Share Exchange Event, provide that the Notes are convertible or exchangeable into Reference Property, subject to
the provisions of Section 14.02, and make related changes to the terms of the Notes in accordance with Section 14.07; 
 (h) to
increase the Conversion Rate as provided in this Indenture; 
 (i) to provide for the issuance of additional Notes pursuant to this
Indenture solely in accordance with the limitations set forth in this Indenture; 
 (j) to provide for the acceptance of appointment by a
successor trustee pursuant to Section 7.10 or to facilitate the administration of the trusts by more than one trustee; 
 (k) to conform the
provisions of this Indenture or the Notes to the “Description of Notes” section of the Offering Memorandum; 
 (l) to comply with
applicable law or any rules or regulations of any regulatory body; 
 (m) to eliminate the Subsidiary Guarantee in accordance with the
provisions of this Indenture; or 
 (n) to irrevocably elect one or more, or eliminate any, of the Settlement Methods or irrevocably elect a
Specified Dollar Amount for all conversions. 
 Upon the written request of the Company, the Trustee is hereby authorized to, and shall join
with the Company and the Subsidiary Guarantor in the execution of any such 

  
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supplemental indenture, to make any further appropriate agreements and stipulations that may be therein contained, except that the Trustee shall not be obligated to, but may in its discretion,
enter into any supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

Any supplemental indenture authorized by the provisions of this Section 10.01 may be executed by the Company, the Subsidiary Guarantor and the
Trustee without the notice to or 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, Notes), the Company, when authorized by the resolutions of the Board of Directors, the Subsidiary Guarantor 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, subject to Section 10.01, no such supplemental indenture shall: 

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

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

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

(d) make any change that adversely affects the conversion rights of any Note in any material respect other than as required by this Indenture;

 (e) reduce the Fundamental Change Repurchase Price of any Note or amend or modify in any manner adverse to the Holders the Company’s
obligation to make such 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 Notes 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 Note; 

  
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 (i) make any change that is adverse to Holders in this proviso relating to the amendments
that require each Holder’s consent or in the waiver provisions in Sections 6.02 or 6.09; or 
 (j) other than in accordance with the
provision of this Indenture, eliminate the Subsidiary Guarantee. 
 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 and the Subsidiary Guarantor in the execution of such supplemental indenture unless such supplemental indenture affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 

Holders do not need under this Section 10.02 to approve the particular form of any proposed supplemental indenture. It shall be sufficient if
such Holders approve the substance thereof. After any such supplemental indenture becomes effective, the Company shall give 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, the Subsidiary Guarantor 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. 

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 Company, 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 17.10) and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then outstanding. 

Section 10.05. Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee. In addition to the documents required by
Section 17.05, the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence and stating that any supplemental indenture executed pursuant hereto complies with the requirements of this Article 10 and is
permitted or authorized by this Indenture and that all conditions precedent thereto have been satisfied. 

  
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 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 or a
limited partnership or limited liability company that, in each case, is treated as a corporation for U.S. tax purposes, in each case, 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; 

(b) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing under this
Indenture; and 
 (c) an Officer’s Certificate and Opinion of Counsel, each stating that such consolidation, merger, sale, conveyance,
transfer or lease and such supplemental indenture, if any, comply with this Indenture shall be delivered to the Trustee. 

Section 11.02. Successor Corporation to Be Substituted. In case of any such consolidation, merger, sale, conveyance, transfer or
lease in which there is a Successor Company and upon the assumption by the Successor Company, by supplemental indenture (if required by Section 11.01), 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. 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

  
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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. 

Section 11.03. Opinion of Counsel to Be Given to Trustee. No such consolidation, merger, sale, conveyance, transfer or lease shall
be effective unless the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or lease and any such assumption and, if a supplemental
indenture is required in connection with such transaction, such supplemental indenture, comply with the provisions of this Article 11 and that all conditions precedent thereto have been satisfied. 

ARTICLE 12 

IMMUNITY OF INCORPORATORS, SHAREHOLDERS, 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, shareholder, employee, agent, Officer or director or Subsidiary, as such, past, present or future, of the Company
or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly
understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of the Notes. 

ARTICLE 13 

GUARANTEE OF NOTES 

Section 13.01. The Subsidiary Guarantee. Subject to the provisions of this Article 13, the Subsidiary Guarantor hereby irrevocably
and unconditionally guarantees on an unsecured basis, the full and punctual payment (whether at the Maturity Date, at the Fundamental Change Repurchase Date, upon acceleration or otherwise) of the principal of, and interest on, and all other amounts
or consideration payable or deliverable (as the case may be) under (including the Conversion Obligation), each Note, 

  
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and the full and punctual payment of all other amounts or consideration payable or deliverable (as the case may be) by the Company under this Indenture (such guaranty, the “Subsidiary
Guarantee”). Upon failure by the Company to pay or deliver (as the case may be) punctually any such amount or consideration, the Subsidiary Guarantor shall forthwith on demand pay or deliver (as the case may be) the amount or consideration
(as the case may be) not so paid or delivered (as the case may be) at the place and in the manner specified in this Indenture. 

Section 13.02. Subsidiary Guarantee Unconditional. The obligations of the Subsidiary Guarantor hereunder are unconditional and
absolute and, without limiting the generality of the foregoing, will not be released, discharged or otherwise affected by: 
 (1) any
extension, renewal, settlement, compromise, waiver or release in respect of any obligation of the Company under this Indenture or any Note, by operation of law or otherwise; 

(2) any modification or amendment of or supplement to this Indenture or any Note; 

(3) any change in the corporate existence, structure or ownership of the Company, or any insolvency, bankruptcy, reorganization or other
similar proceeding affecting the Company or its assets or any resulting release or discharge of any obligation of the Company contained in this Indenture or any Note; 

(4) the existence of any claim, set-off or other rights which the Subsidiary Guarantor may have at any time against the Company, the Trustee
or any other Person, whether in connection with this Indenture or any unrelated transactions, provided that nothing herein prevents the assertion of any such claim by separate suit or compulsory counterclaim; 

(5) any invalidity or unenforceability relating to or against the Company for any reason of this Indenture or any Note, or any provision of
applicable law or regulation purporting to prohibit the payment or delivery by the Company of the principal of or interest on any Note or any other amount or consideration payable or deliverable (as the case may be) by the Company under this
Indenture; or 
 (6) any other act or omission to act or delay of any kind by the Company, the Trustee or any other Person or any other
circumstance whatsoever which might, but for the provisions of this paragraph, constitute a legal or equitable discharge of or defense to the Subsidiary Guarantor’s obligations hereunder. 

Section 13.03. Discharge; Reinstatement. The Subsidiary Guarantor’s obligations hereunder will remain in full force and
effect until the principal of and interest on the Notes and all other amounts or consideration payable or deliverable (as the case may be) by the Company under this Indenture have been paid or delivered (as the case may be) in full. If at any time
any payment of the principal of or interest on any Note or any other amount or consideration payable or deliverable (as the case may be) by the Company under this Indenture is rescinded or must be otherwise restored or returned upon the

  
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insolvency, bankruptcy or reorganization of the Company or otherwise, the Subsidiary Guarantor’s obligations hereunder with respect to such payment or delivery (as the case may be) will be
reinstated as though such payment or delivery had been due but not made at such time. 
 Section 13.04. Subsidiary Guarantor May
Consolidate, etc., on Certain Terms. Unless it is released from its Subsidiary Guarantee pursuant to Section 13.07 hereof, the Subsidiary Guarantor shall not consolidate with or merge with or into, or sell, convey, transfer or lease all or
substantially all of its properties and assets to, another Subsidiary of the Company unless: 
 (1) the resulting, surviving or transferee
Person (the “Successor Guarantor”) (if not the Subsidiary Guarantor) shall be, in each case, organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the Successor
Guarantor (if not the Subsidiary Guarantor) expressly assumes by supplemental indenture all of the obligations of the Subsidiary Guarantor under the Subsidiary Guarantee; 

(2) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing under this
Indenture; and 
 (3) an Officer’s Certificate and Opinion of Counsel, each stating that such consolidation, merger, sale, conveyance,
transfer or lease and such supplemental indenture, if any, complies with this Indenture shall be delivered to the Trustee. 
 For the
avoidance of doubt, this Section 13.04 shall not apply in the case of a Guarantor Release Event. 
 In case of any such consolidation,
merger, sale, conveyance, transfer or lease in which there is a Successor Guarantor and upon the assumption by the Successor Guarantor, by supplemental indenture (if required by this Section 13.04), executed and delivered to the Trustee and
satisfactory in form to the Trustee, of the Subsidiary Guarantee and all other obligations of the Subsidiary Guarantor under this Indenture and the Subsidiary Guarantee, such Successor Guarantor (if not the Subsidiary Guarantor) shall succeed to
and, except in the case of a lease of all or substantially all of the Subsidiary Guarantor’s properties and assets, shall be substituted for the Subsidiary Guarantor, with the same effect as if it had been named herein as such. In the event of
any such consolidation, merger, sale, conveyance or transfer (but not in the case of a lease), upon compliance with this Section 13.04 the Person named as the “Subsidiary Guarantor” in the first paragraph of this Indenture (or any
successor that shall thereafter have become such in the manner prescribed in this Section 13.04) 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 obligations
under the Subsidiary Guarantee and any other obligations it may have under this Indenture and the Subsidiary Guarantee. 

  
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 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. 
 Section 13.05.
Limitation on Amount of Subsidiary Guarantee. Notwithstanding anything to the contrary in this Article 13, the Subsidiary Guarantor, and by its acceptance of Notes, each Holder, hereby confirm that it is the intention of all such parties that
the Subsidiary Guarantee of the Subsidiary Guarantor not constitute a fraudulent conveyance under applicable fraudulent conveyance provisions of the United States Bankruptcy Code or any comparable provision of state law. To effectuate that
intention, the Trustee, the Holders and the Subsidiary Guarantor hereby irrevocably agree that the obligations of the Subsidiary Guarantor under the Subsidiary Guarantee are limited to the maximum amount that would not render the Subsidiary
Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance provisions of the United States Bankruptcy Code or any comparable provision of state law. 

Section 13.06. Execution and Delivery of Subsidiary Guarantee. The execution by the Subsidiary Guarantee of this Indenture (or a
supplemental indenture in accordance with the terms hereunder) evidences the Subsidiary Guarantee of the Subsidiary Guarantor, whether or not the person signing as an officer of the Subsidiary Guarantor still holds that office at the time of
authentication of any Note. The delivery of any Note by the Trustee after authentication constitutes due delivery of the Subsidiary Guarantee set forth in this Indenture on behalf of the Subsidiary Guarantor. 

Section 13.07. Release of Subsidiary Guarantee. (a) The Subsidiary Guarantee of the Subsidiary Guarantor will terminate: 

(i) upon the sale or other disposition (including by way of consolidation or merger), in one transaction or a series of related
transactions, of a majority of the total voting power of the common stock or other interests of the Subsidiary Guarantor (other than to the Company or any of the Company’s Subsidiaries); 

(ii) upon the sale or other disposition of all or substantially all the assets of the Subsidiary Guarantor (other than to the
Company or any of the Company’s Subsidiaries) 
 Any transaction or event, or a series of transactions or events, described in clause (i) or (ii)
above, is referred to herein as a “Guarantor Release Event.” 
 In addition, the Subsidiary Guarantee will automatically terminate upon
discharge of the Notes, as provided in Article 3. 
 (b) Upon delivery by the Company to the Trustee of an Officer’s Certificate and an
Opinion of Counsel to the foregoing effect, the Trustee will execute any documents reasonably required in order to evidence the release of the Subsidiary Guarantor from its obligations under the Subsidiary Guarantee. 

  
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 ARTICLE 14 

CONVERSION OF NOTES 

Section 14.01. Conversion Privilege. (a) Subject to and upon compliance with the provisions of this Article 14, each Holder
of a Note shall have the right, at such Holder’s option, to convert all or a 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 14.01(b), at any time prior to the close of business on the Business Day immediately preceding January 15, 2020 under the circumstances and during the periods set forth in Section 14.01(b), and (ii) regardless of the
conditions described in Section 14.01(b), on or after January 15, 2020 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 35.4925 shares
of Common Stock (subject to adjustment as provided in this Article 14, the “Conversion Rate”) per $1,000 principal amount of Notes (subject to, and in accordance with, the settlement provisions of Section 14.02, the
“Conversion Obligation”). 
 (b) (i) Prior to the close of business on the Business Day immediately preceding
January 15, 2020, a Holder may surrender all or a portion of its Notes for conversion at any time during the five Business Day period immediately after any 10 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 Section 14.01(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 Section 14.01(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, and the Company shall further direct each such securities dealer to provide bids to the Bid Solicitation Agent (if other than the Company). 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 it to do so in writing, 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 $5,000,000 aggregate principal amount of Notes provides the Company with reasonable evidence
that the Trading Price per $1,000 principal amount of Notes would be less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate, 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
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 

  
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Conversion Rate. If (x) the Company is not acting as Bid Solicitation Agent, and the Company does not instruct the Bid Solicitation Agent in writing when obligated as provided in the
preceding sentence to obtain bids, or if the Company instructs the Bid Solicitation Agent in writing to obtain bids and the Bid Solicitation Agent fails to obtain such bids, or (y) the Company is acting as Bid Solicitation Agent and the Company
fails to obtain such bids, 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. 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 shall so
notify the Holders of the Notes, 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 January 15, 2020, 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 shareholder 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 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, debt securities or rights to purchase securities of the Company, which distribution has a per share value, as reasonably determined by the Company in good faith, exceeding 10% of the Last
Reported Sale Price of the Common Stock on the Trading Day immediately preceding the date of announcement of 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 45 Scheduled Trading Days prior to the Ex-Dividend Date for such issuance or distribution. Once the Company shall have so
notified all Holders of the Notes, the Trustee and the Conversion Agent (if other than the Trustee), Holders may surrender all or a portion of the Notes for conversion at any time until the earlier of (i) the close of business on the Business
Day immediately preceding the Ex-Dividend Date for such issuance or distribution and (ii) the announcement by the Company that such issuance or distribution will not take place, even if the Notes are not otherwise convertible at such time;
provided that Holders of the Notes may not surrender their Notes for conversion on account of this Section 14.01(b) if such Holders participate, at the same time and upon the same terms as holders of the

  
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Common Stock and solely as a result of holding the Notes, in any of the transactions described in this Section 14.01(b), without having to convert their Notes, as if they held a number of shares
of Common Stock equal to the Conversion Rate, multiplied by the principal amount (expressed in thousands) of Notes held by such Holder. 

(iii) If (i) 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 January 15, 2020, regardless of whether a Holder has the right to require the Company to repurchase the Notes pursuant to Section 15.02, or (ii) the
Company is a party to a Share Exchange Event (other than any Share Exchange Event that is solely for the purpose of changing the Company’s jurisdiction of organization) that occurs prior to the close of business on the Business Day immediately
preceding January 15, 2020, then, in each case, all or a portion of a Holder’s Notes may be surrendered for conversion at any time from or after the effective date of such transaction or event until the 35th Trading Day after the effective
date of such transaction or event (or, if the Company gives notice after the effective date of such transaction or event pursuant to the succeeding sentence, until the 35th Trading Day after the Company gives such notice) or, if such transaction or
event 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) within five Business Days of the occurrence of such
transaction or event. 
 (iv) Prior to the close of business on the Business Day immediately preceding January 15, 2020,
a Holder may surrender all or a portion of its Notes for conversion at any time during any calendar quarter commencing after the calendar quarter ending on September 30, 2015 (and only during such calendar quarter), if, for at least 20 Trading
Days (whether or not consecutive) during the period of 30 consecutive Trading Days ending on the last Trading Day of the immediately preceding calendar quarter, the Last Reported Sale Price of the Common Stock on each such Trading Day is greater
than or equal to 130% of the Conversion Price on such Trading Day. 
 Notwithstanding the foregoing, none of the Trustee, Bid Solicitation
Agent or Conversion Agent shall have a duty to determine or verify the Company’s determination of whether certain specified transactions or events triggering conversion rights as described in this Section 14.01 have occurred. 

Section 14.02. Conversion Procedure; Settlement Upon Conversion. 

(a) Subject to this Sections 14.02, 14.03(b) and 14.07(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 with cash, if applicable, in lieu of delivering any fractional share of Common
Stock in accordance with subsection (j) of this Section 14.02 (“Physical Settlement”) or a combination of cash and shares of 

  
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Common Stock, together with cash, if applicable, in lieu of delivering any fractional share of Common Stock in accordance with subsection (j) of this Section 14.02 (“Combination
Settlement”), at its election, as set forth in this Section 14.02. 
 (i) All conversions for which the relevant
Conversion Date occurs on or after January 15, 2020 shall be settled using the same Settlement Method. 
 (ii) For any
conversions for which the relevant Conversion Date occurs prior to January 15, 2020, the Company shall use the same Settlement Method for all conversions occurring on 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 the period described in the set of parentheses at the end of this sentence, 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 Settlement Notice to converting Holders, with a copy to the Trustee and the Conversion Agent (if other than the Trustee), no later than the close of business
on the second Scheduled Trading Day immediately following the relevant Conversion Date (or, in the case of any conversions for which the relevant Conversion Date occurs on or after January 15, 2020, no later than the close of business on the
Business Day immediately preceding January 15, 2020). If the Company does not elect a Settlement Method for a particular Conversion Date prior to the deadline set forth in the immediately preceding sentence, the Company shall no longer have the
right to elect Cash Settlement or Physical Settlement with respect to such Conversion Date and the Company shall be deemed to have elected Combination Settlement in respect of its Conversion Obligation, and the Specified Dollar Amount per $1,000
principal amount of Notes shall be equal to $1,000. 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. 

(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 be computed as follows: 
 (A) if the Company elects to satisfy its
Conversion Obligation in respect of such conversion by Physical Settlement, the Company shall deliver to the converting Holder in respect of each $1,000 principal amount of Notes being converted a number of shares of Common Stock equal to the
Conversion Rate in effect on the Conversion Date (together with cash, if applicable, in lieu of delivering any fractional share of Common Stock in accordance with subsection (j) of this Section 14.02); 

  
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 (B) if the Company elects to satisfy its Conversion Obligation in respect of such
conversion by Cash Settlement, the Company shall pay to the converting Holder in respect of each $1,000 principal amount of Notes being converted cash in an amount equal to the sum of the Daily Conversion Values for each of the 40 consecutive VWAP
Trading Days during the related Observation Period; and 
 (C) if the Company elects (or is deemed to have elected) to
satisfy its Conversion Obligation in respect of such conversion by Combination Settlement, the Company shall pay or deliver, as the case may be, in respect of each $1,000 principal amount of Notes being converted, a Settlement Amount equal to the
sum of the Daily Settlement Amounts for each of the 40 consecutive VWAP Trading Days during the related Observation Period (together with cash, if applicable, in lieu of delivering any fractional share of Common Stock in accordance with subsection
(j) of this Section 14.02). 
 (v) The Daily Settlement Amounts (if applicable) and the Daily Conversion Values (if
applicable) shall be determined by the Company promptly following the last day of the Observation Period. Promptly after 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, the Company shall notify the Trustee and the Conversion Agent (if other than the Trustee) 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 fractional shares of Common Stock. The Trustee and the Conversion Agent (if other than the Trustee) shall have no responsibility for any such determination. 

(b) Subject to Section 14.02(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, if required, pay funds equal to interest payable on the next Interest Payment Date to which such Holder is not entitled as set forth in
Section 14.02(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 thereof) (a “Notice of
Conversion”) at the office of the Conversion Agent and state in writing therein the principal amount of Notes to be converted and the name or names (with addresses) in which such Holder wishes the certificate or certificates for 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) if required, pay funds equal to interest payable on the next Interest Payment Date to which such Holder is not entitled as set forth
in Section 14.02(h). The Trustee (and, if different, the Conversion Agent) shall notify the Company of any conversion pursuant to this Article 14 on the Conversion Date for such conversion. No Notice of Conversion with

  
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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 15.03. If a Holder has delivered a Fundamental Change Repurchase Notice, such Holder’s right to withdraw such Fundamental Change Repurchase Notice and convert the
Notes that are subject thereto shall terminate at the close of business on the Business Day immediately preceding the relevant Fundamental Change Repurchase Date. 

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 Sections 14.03(b) and 14.07(a), the Company shall pay or deliver, as the case may be, the consideration due in respect of
the Conversion Obligation on the third Business Day immediately following the relevant Conversion Date, if the Company elects Physical Settlement (provided that, with respect to any Conversion Date occurring on or after the Regular Record
Date immediately preceding the Maturity Date, the Company shall settle any such conversion on the Maturity Date), or on the third Business Day immediately following the last VWAP Trading Day of the relevant Observation Period, in the case of any
other Settlement Method. If any shares of Common Stock are due to converting Holders, the Company shall issue or cause to be issued, and deliver to the Conversion Agent or to such Holder, or such Holder’s nominee or nominees, certificates or a
book-entry transfer through the Depositary for the full number of shares of Common Stock to which such Holder shall be entitled in satisfaction of the Company’s Conversion Obligation. 

(d) In case any 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
issuance 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 or refuse to instruct the 

  
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stock transfer agent 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 14.04, 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 14. 

(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, including Additional Interest if
any, except as set forth below. The Company’s settlement of the full Conversion Obligation shall be deemed to satisfy in full its obligation to pay the principal amount of the Note and accrued and unpaid interest, if any, to, but not including,
the relevant Conversion Date. As a result, accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date shall be deemed to be paid in full rather than canceled, extinguished or 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 but prior to the open of business on the corresponding Interest Payment 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 on such Interest Payment Date; provided 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, and the conversion occurs after such Regular Record Date and on or prior to such Business Day; or (3) to the extent of any Defaulted Amounts, if any Defaulted Amounts exist at the time of conversion with respect to such Note. Therefore,
for the avoidance of doubt, all Holders of record at the close of business on the Regular Record Date immediately preceding the Maturity Date or any Fundamental Change Repurchase Date as described in the immediately preceding sentence shall receive
the full interest payment due on the Maturity Date or other applicable Interest Payment Date regardless of whether their Notes have been converted following such Regular Record Date. 

  
 67 

 (i) The Person in whose name the certificate for any shares of Common Stock delivered upon
conversion is registered shall be treated as a shareholder of record as of the close of business on the relevant Conversion Date (if the Company elects to satisfy the related Conversion Obligation by Physical Settlement) or as of the last VWAP
Trading Day of the relevant Observation Period (if the Company elects to satisfy the related Conversion Obligation by Combination Settlement), 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 on the relevant Conversion Date (in the case of Physical Settlement) or based on the Daily VWAP on the last VWAP Trading Day
of the relevant Observation Period (in the case of Combination Settlement). For each Note surrendered for conversion, if the Company has elected (or is deemed to have elected) Combination Settlement, the full number of shares that shall be issued
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 14.03. Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental
Changes. (a) If a Make-Whole Fundamental Change occurs or becomes effective prior to the Maturity Date and a Holder elects to convert its Notes in connection with such Make-Whole Fundamental Change, the Company shall, under the
circumstances described below, increase the Conversion Rate for the Notes so surrendered for conversion by a number of additional shares of Common Stock (the “Additional Shares”), as described below. A conversion of Notes shall be
deemed for these purposes to be “in connection with” such Make-Whole Fundamental Change if the relevant Notice of Conversion is received by the Conversion Agent from, and including, the Effective Date of the Make-Whole Fundamental Change
up 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 subclause (i) of the proviso in
clause (b) of the definition thereof, the 35th Trading Day immediately following the Effective Date of such Make-Whole Fundamental Change). 

(b) Upon surrender of Notes for conversion in connection with a Make-Whole Fundamental Change, the Company shall, at its option, satisfy the
related Conversion Obligation by Physical Settlement, Cash Settlement or Combination Settlement in accordance with Section 14.02 based on the Conversion Rate as increased to reflect the Additional Shares pursuant to the table below; provided,
however, that if, at the effective time of a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Reference Property following such Make-Whole Fundamental Change is composed entirely of cash,
for any conversion of Notes on or after the Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation shall be calculated based solely on the Stock Price for the transaction and shall be deemed to be an amount of cash per
$1,000 principal amount of converted Notes equal to 

  
 68 

 
the Conversion Rate (including any adjustment for Additional Shares), multiplied by such Stock Price. In such event, the Conversion Obligation shall be determined and paid to Holders in cash on
the third Business Day following the Conversion Date. The Company shall notify the Holders of Notes, the Trustee and the Conversion Agent (if other than the Trustee) of the Effective Date of any Make-Whole Fundamental Change 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”) and the price (the “Stock Price”) paid (or deemed
to be paid) per share of the Common Stock in the Make-Whole Fundamental Change. If the holders of the Common Stock receive in exchange for their Common Stock only cash in a Make-Whole Fundamental Change described in clause (b) of the definition
of Fundamental Change, the Stock Price shall be the cash amount paid per share. Otherwise, the Stock Price shall be the average of the Last Reported Sale Prices of the Common Stock over the five Trading Day period ending on, and including, the
Trading Day immediately preceding the Effective Date of the Make-Whole Fundamental Change. 
 (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 14.04. 
 (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 upon any conversion of Notes in connection with a Make-Whole Fundamental Change pursuant
to this Section 14.03 for each Stock Price and Effective Date set forth below: 
  

																																					
	 	  	Stock Price	 
	 Effective Date
	  	$23.00	 	  	$25.00	 	  	$27.00	 	  	$28.18	 	  	$30.00	 	  	$35.00	 	  	$40.00	 	  	$45.00	 	  	$50.00	 
	 July 28, 2015
	  	 	7.9857	  	  	 	5.6833	  	  	 	3.9997	  	  	 	3.2328	  	  	 	2.3091	  	  	 	0.8629	  	  	 	0.2811	  	  	 	0.0735	  	  	 	0.0000	  
	 July 15, 2016
	  	 	7.9857	  	  	 	5.6833	  	  	 	3.9997	  	  	 	3.2328	  	  	 	2.3091	  	  	 	0.8207	  	  	 	0.2400	  	  	 	0.0521	  	  	 	0.0000	  
	 July 15, 2017
	  	 	7.9857	  	  	 	5.6833	  	  	 	3.9997	  	  	 	3.2328	  	  	 	2.2610	  	  	 	0.7100	  	  	 	0.1708	  	  	 	0.0253	  	  	 	0.0000	  
	 July 15, 2018
	  	 	7.9857	  	  	 	5.6833	  	  	 	3.9464	  	  	 	3.0472	  	  	 	1.9926	  	  	 	0.5037	  	  	 	0.0807	  	  	 	0.0000	  	  	 	0.0000	  
	 July 15, 2019
	  	 	7.9857	  	  	 	5.4728	  	  	 	3.3353	  	  	 	2.4080	  	  	 	1.3777	  	  	 	0.1890	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  
	 July 15, 2020
	  	 	7.9857	  	  	 	4.5075	  	  	 	1.5445	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  

 The exact Stock Prices and Effective Dates may not be set forth in the table above, in which case: 

(i) if the Stock Price is between two Stock Prices in the table above or the Effective Date is between two Effective Dates in
the table above, the number of Additional Shares by which the Conversion Rate shall be increased shall be 

  
 69 

 
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, as applicable, based
on a 365-day year; 
 (ii) if the Stock Price is greater than $50.00 per share (subject to adjustment in the same manner as
the Stock Prices set forth in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate; and 

(iii) if the Stock Price is less than $23.00 per share (subject to adjustment in the same manner as the Stock Prices set forth
in the column headings of the table above pursuant to subsection (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 43.4782 shares of Common Stock, subject to adjustment in the same manner, and at the same time, as the Conversion Rate pursuant to Section 14.04. 

For the avoidance of doubt, if a Holder converts its Notes prior to the Effective Date of a Make-Whole Fundamental Change, then, whether or not the Make-Whole
Fundamental Change occurs, the Holder shall not be entitled to an increased Conversion Rate in connection with such conversion. 
 (f)
Nothing in this Section 14.03 shall prevent an adjustment to the Conversion Rate pursuant to Section 14.04 in respect of a Make-Whole Fundamental Change. 

Section 14.04. 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 Holders of the Notes participate (other than in the case of (x) a share split or share combination or (y) a tender or exchange offer,
in each case, that would result in an adjustment to the Conversion Rate pursuant to Section 14.04(a) or Section 14.04(e) below, as applicable), 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 14.04, without having to convert their Notes, as if they held a number of shares of Common Stock equal to the Conversion Rate, multiplied by the principal amount (expressed in
thousands) of Notes held by such Holder. 
 (a) If the Company exclusively issues shares of Common Stock as a dividend or distribution on
all or substantially all outstanding shares of Common Stock, or if the Company effects a share split or share combination, the Conversion Rate shall be adjusted based on the following formula: 

 

					
	 CR1 = CR0 ×
	 	 OS1
	  	
	 	OS0	  	

 where, 

  
 70 

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

 Any adjustment made under this Section 14.04(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
14.04(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 in connection with a shareholder 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 Common Stock at a price per share that is less than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of
announcement of such issuance, the Conversion Rate shall be increased based on the following formula: 
  

					
	 CR1 = CR0 ×
	 	 OS0 + X
	  	
	 	OS0 + Y	  	

 where, 
  

			
	CR0     =	 	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such issuance;
		
	CR1     =	 	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;
		
	OS0     =	 	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date;

  
 71 

			
		
	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 14.04(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 such rights, options or warrants are not exercised prior to their expiration or shares of 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 right, option or warrant is exercised prior to its 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 14.04(b) and Section 14.01(b)(ii)(A), in determining whether any rights, options or warrants entitle the holders of Common Stock to subscribe for or purchase shares of 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 of such issuance, and in determining the aggregate offering price of such
shares of Common Stock, there shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash,
to be determined by the Company in good faith. 
 (c) If the Company distributes shares of its Capital Stock, evidences of its indebtedness,
other assets or property of the Company or rights, options or warrants to acquire its Capital Stock or other securities of the Company, to all or substantially all holders of the Common Stock, excluding (i) dividends, distributions or issuances
described in Section 14.04(a) or 14.04(b), (ii) dividends or distributions paid exclusively in cash, (iii) any dividends or distributions of Reference Property in exchange for Common Stock in connection with a transaction described in
Section 14.07 and (iv) Spin-Offs as to which the provisions set forth below in this Section 14.04(c) shall apply (any of such shares of Capital Stock, evidences of indebtedness, other assets or property or

  
 72 

 
rights, options or warrants to acquire Capital Stock or other securities, the “Distributed Property”), then the Conversion Rate shall be increased based on the following formula:

  

					
	 CR1 = CR0 ×
	 	 SP0
	  	
	 	SP0 – FMV	  	

 where, 
  

					
	CR0	 	 =
	 	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;
			
	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 to the Conversion Rate made under the portion of this Section 14.04(c) above shall become effective immediately
after the open of business on the Ex-Dividend Date for such distribution. If such distribution is not so paid or made, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect if such distribution had not been
declared. Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, in respect of each $1,000
principal amount thereof, upon conversion, 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. 
 With respect to an adjustment pursuant to this Section 14.04(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 or a reasonably comparable non-U.S. equivalent (as determined by the Company in good faith) (a “Spin-Off”), the Conversion Rate shall be increased based on the following formula: 

 

					
	 CR1 = CR0 ×
	 	 FMV0 + MP0
	  	
	 	MP0	  	

 where, 
  

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

  
 73 

					
			
	CR1	 	=	 	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such Spin-Off;
			
	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 VWAP Trading Day period after, and including, the Effective Date of the
Spin-Off (the “Valuation Period”); and
			
	MP0	 	=	 	the average of the Last Reported Sale Prices of the Common Stock over the Valuation Period.

 The increase to the Conversion Rate under the preceding paragraph shall be determined on the last Trading Day of the Valuation
Period, with effect immediately after the open of business on the Ex-Dividend Date of the Spin-Off; provided that in respect of any conversion of Notes during the Valuation Period, references in the portion of this Section 14.04(c) related to
Spin-Offs with respect to 10 Trading Days shall be deemed to be replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date of such Spin-Off and the Conversion Date in determining the Conversion Rate. If the
Ex-Dividend Date of the Spin-Off is after the 10th Trading Day immediately preceding, and including, the end of any Observation Period in respect of a conversion of Notes, references in the portion of this Section 14.04(c) related to Spin-Offs to 10
Trading Days will be deemed to be replaced, solely in respect of that conversion of Notes, with such lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date for the Spin-Off to, and including, the last Trading Day of
such Observation Period. 
 For purposes of this Section 14.04(c) (and subject in all respect to Section 14.10), 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 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 14.04(c) (and no adjustment to the Conversion Rate under this Section 14.04(c) will be required) until the occurrence of the earliest
Trigger Event, whereupon such rights, options or 

  
 74 

 
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 14.04(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 14.04(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. 
 For purposes of Sections 14.04(a),
14.04(b) and this 14.04(c), if any dividend or distribution to which this Section 14.04(c) is applicable also includes one or both of: 

(A) a dividend or distribution of shares of Common Stock to which Section 14.04(a) is applicable (the “Clause A
Distribution”); or 
 (B) a dividend or distribution of rights, options or warrants to which Section 14.04(b) is applicable (the
“Clause B Distribution”), 
 then, in either case, (1) such dividend or distribution, other than the Clause A Distribution and the
Clause B Distribution, shall be deemed to be a dividend or distribution to which this Section 14.04(c) is applicable (the “Clause C Distribution”) and any Conversion Rate adjustment required by this Section 14.04(c) with respect to
such Clause C Distribution shall then be made, and (2) the Clause A Distribution and Clause B Distribution shall be deemed to immediately follow the Clause C Distribution and any Conversion Rate adjustment required by Sections 14.04(a) and
14.04(b) with respect thereto shall then be made, except that, if determined by the Company (I) the “Ex-Dividend Date” of the Clause A Distribution and the Clause B Distribution shall be deemed to be the Ex-Dividend Date of the Clause
C Distribution and (II) any shares of Common Stock included in the Clause A Distribution or Clause B Distribution shall be deemed not to be “outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date”
within the meaning of Section 14.04(a) or “outstanding immediately prior to the open of business on such Ex-Dividend Date” within the meaning of Section 14.04(b). 

(d) If any cash dividend or distribution (other than dividends or distributions as to which an adjustment was effective pursuant to Section
14.04(c) above or Section 14.04(e) below) is made to all or substantially all holders of the Common Stock, other 

  
 75 

 
than a regular, periodic cash dividend that does not exceed $0.363 per quarter per share (the “Initial Dividend Threshold”), the Conversion Rate shall be adjusted based on the
following formula: 
  

					
	 CR1 = CR0 ×
	 	
SP0 – T
	  	
	 	SP0 –  C	  	

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;
			
	SP0	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the five consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such dividend or
distribution;
			
	T	  	=	  	the Initial Dividend Threshold; provided that if the dividend or distribution is not a regular periodic cash dividend, the Initial Dividend Threshold shall be deemed to be zero; provided further that if the Board of
Directors announces any change to the length of a regular dividend period, the Company shall proportionally adjust the Initial Dividend Threshold; and
			
	C	  	=	  	the amount in cash per share the Company distributes to all or substantially all holders of the Common Stock.

 The Initial Dividend Threshold shall be subject to adjustment in a manner inversely proportional to adjustments to the
Conversion Rate; provided that no adjustment shall be made to the Initial Dividend Threshold for any adjustment to the Conversion Rate pursuant to this Section 14.04(d). 

Any increase to the Conversion Rate pursuant to this Section 14.04(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), in lieu of the foregoing increase, each Holder of a Note shall receive, for each $1,000 principal amount of Notes, upon conversion, 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 on the Ex-Dividend Date for such cash dividend or distribution. 

  
 76 

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

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

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the close of business on the 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 Trading Day next succeeding the date such tender or exchange offer expires;
			
	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 time such tender or exchange offer expires (prior to giving effect to the purchase or exchange of all shares of Common Stock accepted for purchase or exchange
in such tender or exchange offer);
			
	OS1	  	=	  	the number of shares of Common Stock outstanding immediately after the time such tender or exchange offer expires (after giving effect to the purchase or exchange of all shares of Common Stock accepted for purchase or exchange in
such tender or exchange offer); and
			
	SP1	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the 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 14.04(e) shall be determined 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, with effect immediately after the close of business on the Trading Day next succeeding such expiration date;
provided that in respect of any conversion of Notes within the 10 Trading Days immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires, references in this Section 14.04(e) with
respect to 10 Trading Days shall be deemed replaced with such lesser number of Trading Days as 

  
 77 

 
have elapsed between the date that such tender or exchange offer expires and the Conversion Date in determining the Conversion Rate. In addition, if the Trading Day next succeeding the date such
tender or exchange offer expires is after the 10th Trading Day immediately preceding, and including, the end of any Observation Period in respect of a conversion of Notes, references in this Section 14.04(e) to 10 Trading Days shall be deemed to be
replaced, solely in respect of that conversion of Notes, with such lesser number of Trading Days as have elapsed from, and including, the Trading Day next succeeding the date such tender or exchange offer expires to, and including, the last Trading
Day of such Observation Period. 
 (f) Notwithstanding anything herein to the contrary, the Company may delay the settlement of any
conversion of Notes to the extent necessary to calculate the amount of consideration due upon conversion in connection with any adjustment to the Conversion Rate. In addition, notwithstanding this Section 14.04 or any other provision of this
Indenture or the Notes to the contrary, if a Conversion Rate adjustment becomes effective on any Ex-Dividend Date, and if a Holder that has converted its Notes on or after such Ex-Dividend Date and on or prior to the related Record Date would be
treated as the record holder of the shares of Common Stock as of the related Conversion Date as described under Section 14.02(i) based on an adjusted Conversion Rate for such Ex-Dividend Date, then, notwithstanding the Conversion Rate adjustment
provisions in this Section 14.04, the Conversion Rate adjustment relating to such Ex-Dividend Date shall not be made for such converting Holder. Instead, such Holder shall be treated as if such Holder were the record owner of the shares of Common
Stock on an unadjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment. 
 (g)
Except as stated herein, the Company shall not adjust the Conversion Rate for the issuance of shares of Common Stock or any securities convertible into or exchangeable for shares of Common Stock or the right to purchase shares of 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 14.04, subject to the applicable listing standards of The NASDAQ Global Select Market and the Toronto Stock Exchange, 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, subject to the applicable listing standards of The NASDAQ Global Select Market and the Toronto Stock Exchange, the
Company may (but is not required to) increase the Conversion Rate to avoid or diminish any income tax payable by holders of Common Stock or holders of rights to purchase Common Stock in connection with a dividend or distribution of shares of Common
Stock (or rights to acquire shares of Common Stock) or similar event. Whenever the Conversion Rate is increased pursuant to either of the preceding two sentences, the Company shall give to the Holder of each Note at its last address appearing on the
Note Register a notice of the increase at least 15 days prior to the date the increased Conversion Rate takes effect, and such notice shall state the increased Conversion Rate and the period during which it will be in effect. 

  
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 (i) Notwithstanding anything to the contrary in this Article 14, the Conversion Rate shall not be
adjusted: 
 (i) upon the issuance of any shares of Common Stock pursuant to any present or future plan providing for the
reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of Common Stock under any plan; 

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

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

(iv) upon the repurchase of any shares of Common Stock pursuant to an open-market share repurchase program or other buy-back
transaction that is not a tender offer or exchange offer of the nature described under Section 14.04(e); 
 (v) solely for a
change in the par value of the Common Stock; or 
 (vi) for accrued and unpaid interest, if any. 

(j) All calculations and other determinations under this Article 14 shall be made by the Company and shall be made to the nearest one-ten
thousandth (1/10,000th) of a share. The Company shall not be required to make an adjustment to the Conversion Rate under the Indenture unless the adjustment would result in a change of at least 1% in the then-applicable Conversion Rate.
However, the Company shall carry forward any adjustment to the Conversion Rate that it would otherwise have been required to make and take such carried-forward adjustment into account in any subsequent adjustment. Notwithstanding the foregoing, the
Company shall make such carried-forward adjustments with respect to the Notes, (i) in connection with any subsequent adjustment to the Conversion Rate that (taken together with such carried-forward adjustments) would result in a change of at
least 1% in the then-applicable Conversion Rate and (ii) (x) on the Conversion Date for any Notes (in the case of Physical Settlement) or (y) on each Trading Day during any Observation Period related to any conversion of the Notes (in
the case of Cash Settlement or Combination Settlement). The Company shall notify Holders of any adjustment to the Conversion Rate promptly after such adjustment to the Conversion Rate becomes effective. Failure to provide such notice shall not
affect the legality or validity of any such adjustment. 
 (k) Whenever the Conversion Rate is adjusted as herein provided, the Company
shall promptly file with the Trustee (and the Conversion Agent if not the Trustee) an Officer’s Certificate setting forth the Conversion Rate after such adjustment and setting 

  
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forth a brief statement of the facts requiring such adjustment. Unless and until a Responsible Officer of the Trustee shall have received such Officer’s Certificate, the Trustee shall not be
deemed to have knowledge of any adjustment of the Conversion Rate and may assume without inquiry that the last Conversion Rate of which it has knowledge is still in effect. 

(l) For purposes of this Section 14.04, 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. 
 (m) The Company or the Paying Agent may, to the extent required to do
so by law, withhold or deduct U.S. federal withholding taxes due with respect to Notes from payments of cash and Common Stock on the Notes. In the case of any such set-off against Common Stock delivered upon conversion of the Notes, such Common
Stock shall be valued based on the arithmetic average of the Daily VWAP for each VWAP Trading Day in the relevant Observation Period. 

Section 14.05. 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 an Observation Period and the period for determining the Stock Price for purposes of a Make-Whole Fundamental Change),
the Company shall make any adjustments to each that the Company reasonably determines to be appropriate 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 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, without
duplication of any adjustments made pursuant to Section 14.04. 
 Section 14.06. Shares to Be Fully Paid. The Company shall
provide, free from preemptive rights, out of its authorized but unissued shares or shares held in treasury, sufficient shares of Common Stock to provide for conversion of the Notes from time to time as such Notes are presented for conversion
(assuming that at the time of computation of such number of shares, all such Notes would be converted by a single Holder and that Physical Settlement is applicable). 

Section 14.07. 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 resulting from a share split,
share combination, or change in par value); 

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

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

in each case, as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities or other property or assets (including
cash or any combination thereof) (any such event, a “Share Exchange Event”), then, at and after the effective time of such Share Exchange Event, the right to convert each $1,000 principal amount of Notes shall be changed into a
right to convert such principal amount of Notes into the kind 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 Share Exchange Event would have owned or been entitled to receive (the “Reference Property,” with each “unit of Reference Property” meaning the kind and amount of Reference
Property that a holder of one share of Common Stock is entitled to receive) upon such Share Exchange Event and, prior to or at the effective time of such Share Exchange Event, the Company or the successor or purchasing Person, as the case may be,
shall execute with the Trustee a supplemental indenture permitted under Section 10.01(g) providing for such change in the right to convert each $1,000 principal amount of Notes; provided, however, that at and after the effective time of the
Share Exchange Event (A) the Company shall continue to have the right to determine the form of consideration to be paid or delivered, as the case may be, upon conversion of Notes in accordance with Section 14.02 and (B) (I) any amount
payable in cash upon conversion of the Notes in accordance with Section 14.02 shall continue to be payable in cash, (II) any shares of Common Stock that the Company would have been required to deliver upon conversion of the Notes in accordance with
Section 14.02 shall 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 Share Exchange Event and (III) the Daily VWAP shall be calculated based on the
value (as determined by the Company in good faith) of a unit of Reference Property. 
 If the Share Exchange Event 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 shareholder election), then (i) the Reference Property into which the Notes will be convertible
shall be deemed to be (x) the weighted average of the types and amounts of consideration received by the holders of Common Stock that affirmatively make such an election or (y) if no holders of Common Stock affirmatively make such an
election, the types and amounts of consideration actually received by the holders of Common Stock, and (ii) the unit of Reference Property for purposes of the 

  
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immediately preceding paragraph shall refer to the consideration referred to in clause (i) attributable to one share of Common Stock. The Company shall notify Holders, the Trustee and the
Conversion Agent (if other than the Trustee) of such weighted average as soon as practicable after such determination is made. If the holders of Common Stock receive only cash in such Share Exchange Event, then for all conversions for which the
relevant Conversion Date occurs on or after the effective date of such Share Exchange Event (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 14.03), multiplied by the price paid per share of Common Stock in such Share Exchange Event and (B) the Company shall satisfy the Conversion
Obligation by paying cash to converting Holders on the third Business Day immediately following the relevant Conversion Date. 
 Such
supplemental indenture entered into in connection with any Share Exchange Event shall provide that, following such Share Exchange Event, references to the Common Stock set forth in Section 14.04 shall be replaced with references to any common equity
securities included in the Reference Property, except that the relevant adjustment shall be applied to the number of such common equity securities included in one Unit of Reference Property rather than to the Conversion Rate. In addition, if the
Reference Property includes common equity securities of any Person other than the Company, references to the Company (or similar references) in the definition of “Fundamental Change” shall be deemed to be replaced with references to such
other Person. The Company may also make such other technical changes to the terms of the Notes that the Company reasonably determines to be necessary or advisable on account of such Share Exchange Event. 

(b) When the Company executes a supplemental indenture pursuant to subsection (a) of this Section 14.07, the Company shall promptly file with
the Trustee an Officer’s Certificate briefly stating the reasons therefor, the kind or amount of cash, securities or property or asset that will comprise a unit of Reference Property after any such Share Exchange Event, any adjustment to be
made with respect thereto and that all conditions precedent have been complied with. The Company shall cause notice of the execution of such supplemental indenture to be delivered to each Holder, at its address appearing on the Note Register
provided for in this Indenture, within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture. 

(c) None of the foregoing provisions shall affect the right of a holder of Notes to convert its Notes into cash, shares of Common Stock or a
combination of cash and shares of Common Stock, as applicable, as set forth in Sections 14.01 and 14.02 prior to the effective date of such Share Exchange Event. 

(d) The above provisions of this Section shall similarly apply to successive Share Exchange Events. 

  
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 (e) In connection with any Share Exchange Event, the Initial Dividend Threshold shall be subject
to adjustment as described in clause (i), clause (ii) or clause (iii) below, as the case may be. 
 (i) In the case
of a Share Exchange Event in which the Reference Property (determined, as appropriate, pursuant to subsection (a) above and excluding any dissenters’ appraisal rights) is composed entirely of shares of Merger Common Stock, the Initial
Dividend Threshold at and after the effective time of such Share Exchange Event will be equal to (x) the Initial Dividend Threshold immediately prior to the effective time of such Share Exchange Event, divided by (y) the number of
shares of Merger Common Stock that a holder of one share of Common Stock would receive in such Share Exchange Event (such quotient rounded down to the nearest cent). 

(ii) In the case of a Share Exchange Event in which the Reference Property (determined, as appropriate, pursuant to subsection
(a) above and excluding any dissenters’ appraisal rights) is composed in part of shares of Merger Common Stock, the Initial Dividend Threshold at and after the effective time of such Share Exchange Event will be equal to (x) the
Initial Dividend Threshold immediately prior to the effective time of such Share Exchange Event, multiplied by (y) the Merger Valuation Percentage for such Share Exchange Event (such product rounded down to the nearest cent). 

(iii) For the avoidance of doubt, in the case of a Share Exchange Event in which the Reference Property (determined, as
appropriate, pursuant to subsection (a) above and excluding any dissenters’ appraisal rights) is composed entirely of consideration other than shares of common stock, the Initial Dividend Threshold at and after the effective time of such
Share Exchange Event will be equal to zero. 
 Section 14.08. Certain Covenants. (a) The Company covenants that all shares
of Common Stock issued upon conversion of Notes will be fully paid and non-assessable by the Company and free from all taxes, liens and charges with respect to the issuance thereof. 

(b) The Company further covenants that if at any time the Common Stock shall be listed on any national securities exchange or automated
quotation system the Company will 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 14.09. 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 

  
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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 14.07 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 14.07 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 14.01(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 14.01(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 the Trustee and the Conversion Agent promptly after the occurrence of any such event or at such other times as shall be provided for in Section 14.01(b). 

Section 14.10. Shareholder Rights Plans. If the Company has a shareholder rights plan in effect upon conversion of the Notes into
shares of Common Stock, each share of Common Stock, if any, issued upon such conversion shall be entitled to receive the appropriate 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 shareholder 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 shareholder rights plan so that the Holders would not be entitled to receive any rights in respect of Common Stock, if any, issuable upon conversion of the Notes, 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 14.04(c), subject to readjustment in the event of the expiration, termination or
redemption of such rights. 
 Section 14.11. Exchange in Lieu of Conversion. Notwithstanding anything herein to the contrary,
when a Holder surrenders Notes for conversion and the Conversion Date for such Note occurs prior to January 15, 2020, the Company may, at its election, direct 

  
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the Conversion Agent to surrender, on or prior to the Scheduled Trading Day immediately preceding the first VWAP Trading Day of the applicable Observation Period (or, if the Company has elected
Physical Settlement, on or prior to the second Scheduled Trading Day immediately preceding the settlement date), such Notes to a financial institution designated by the Company for exchange in lieu of conversion (the “Financial
Institution”). For so long as the Notes are subject to restrictions on transfer under the Securities Act, any such Financial Institution must be a “qualified institutional buyer” as defined in Rule 144A under the Securities Act,
and for so long as the Notes are subject to restrictions on transfer under applicable Canadian securities laws, any such Financial Institution in Canada (if any is so designated) must be an “accredited investor” under applicable Canadian
securities laws and otherwise meet the requirements for a transfer of such Notes pursuant to applicable exemptions from the prospectus requirements of Canadian securities laws. In order to accept any Notes surrendered for conversion, the Financial
Institution must agree to pay and/or deliver, as the case may be, in exchange for such Notes, all of the cash, shares of Common Stock or a combination thereof otherwise due upon conversion, all in accordance with Section 14.02. By the close of
business on the Scheduled Trading Day immediately preceding the first VWAP Trading Day of the applicable Observation Period (or, if the Company has elected Physical Settlement, by the close of business on the second Scheduled Trading Day immediately
preceding the settlement date), the Company will notify the Holder surrendering Notes for conversion that the Company has directed the Financial Institution to make an exchange in lieu of conversion. If the Financial Institution accepts any such
Notes, it will pay and/or deliver, as the case may be, the cash, shares of Common Stock or a combination thereof otherwise due upon conversion to the Conversion Agent, and the Conversion Agent will pay and/or deliver such cash, shares of Common
Stock or a combination thereof to the Holder on the third Business Day immediately following the last VWAP Trading Day of the applicable Observation Period (or, if the Company has elected Physical Settlement, on the third Business Day immediately
following the relevant Conversion Date). Any Notes exchanged by the Financial Institution will remain outstanding. If the Financial Institution agrees to accept any Notes for exchange but does not timely pay and/or deliver the related cash, shares
of Common Stock or a combination thereof, as the case may be, or if the Financial Institution does not accept the Notes for exchange, the Company shall convert the Notes and pay and/or deliver, as the case may be, the cash, shares of Common Stock or
a combination thereof otherwise due upon conversion on the third Business Day immediately following the last VWAP Trading Day of the applicable Observation Period (or, if the Company has elected Physical Settlement, on the third Business Day
immediately following the relevant Conversion Date) as provided in Section 14.01. The Company’s designation of the Financial Institution to which the Notes may be submitted for exchange does not require the Financial Institution to accept any
Notes (unless the Financial Institution has separately made an agreement with the Company). The Company may, but will not be obligated to, enter into a separate agreement with any Financial Institution that would compensate it for any such
transaction. 

  
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 ARTICLE 15 

REPURCHASE OF NOTES AT OPTION OF
HOLDERS 
 Section 15.01. Intentionally Omitted. 

Section 15.02. Repurchase at Option of Holders Upon a Fundamental Change. (a) If a Fundamental Change occurs at any time prior
to the Maturity Date, each Holder shall have the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s Notes, or a portion of the principal thereof that is equal to a minimum of $1,000 or an
integral multiple of $1,000 in excess thereof, on the date (the “Fundamental Change Repurchase Date”) specified by the Company that is not less than 20 or more than 35 calendar days following the date of the 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 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 15. 

(b) Repurchases of Notes under this Section 15.02 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. 

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

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

  
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 (ii) the portion of the principal amount of Notes to be repurchased, which must be a minimum of
$1,000 or an integral multiple of $1,000 in excess 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, the Fundamental Change Repurchase
Notice must comply with appropriate Depositary procedures. 
 Notwithstanding anything herein to the contrary, any Holder delivering to the
Paying Agent the Fundamental Change Repurchase Notice contemplated by this Section 15.02 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 15.03, in the case of Physical Notes, or through the applicable procedures of the Depositary,
in the case of Global Notes. 
 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. 
 (c) On or before the 20th calendar 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 a 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 date of the Fundamental Change; 

(iii) the last date on which a Holder may exercise the repurchase right pursuant to this Article 15; 

(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; 

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

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

(x) any other information the Company shall determine is appropriate to include therein. 

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 15.02. 
 At the Company’s request, the Trustee
shall give such notice in the Company’s name and at the Company’s expense; provided, however, that, in all cases, the text of such Fundamental Change Company Notice shall be prepared by the Company and any such request shall be made
by the Company at least three Business Days (or such shorter period as may be agreed to by the Trustee) prior to the date such notice is required to be sent to Holders. 

(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
canceled, and, upon such return or cancellation, as the case may be, the Fundamental Change Repurchase Notice with respect thereto shall be deemed to have been withdrawn. 

(e) Notwithstanding the foregoing, the Company shall not be required to make an offer to repurchase Notes upon the occurrence of a Fundamental
Change as would otherwise be required under this Section 15.02 if a third party makes such an offer to purchase the Notes in the same manner, at the same time and otherwise in compliance with the requirements set forth in this Indenture applicable
to such an offer by the Company and such third party repurchases all Notes properly tendered and not validly withdrawn under such offer to repurchase. 

Section 15.03. 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 

  
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this Section 15.03 at any time prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date, specifying: 

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

(ii) the certificate number of the Note in respect of which such notice of withdrawal is being submitted, and 

(iii) the aggregate 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 in excess thereof; 
 provided, however, that if the
Notes are Global Notes, the notice must comply with appropriate procedures of the Depositary. 
 Section 15.04. Deposit of
Fundamental Change Repurchase Price. (a) The Company will deposit with the Trustee (or other Paying Agent appointed by the Company, or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in
Section 4.04) on or prior to 11:00 a.m., New York City time, on the Fundamental Change Repurchase Date an amount of money sufficient to repurchase all of the Notes to be repurchased at the appropriate Fundamental Change Repurchase Price. Subject to
receipt of funds and/or Notes by the Trustee (or other Paying Agent appointed by the Company), payment for Notes 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 15.02) and (ii) the time of book-entry transfer or the delivery of such
Note to the Trustee (or other Paying Agent appointed by the Company) by the Holder thereof in the manner required by Section 15.02 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 Trustee (or other Paying Agent appointed by the Company) 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 in accordance with the provisions of this Indenture, (i) such Notes will cease to be outstanding,
(ii) interest will cease to accrue on such Notes (whether or not book-entry transfer of the Notes has been made or the Notes have been delivered to the Trustee or Paying Agent) and (iii) all other rights of the Holders of such Notes will
terminate (other than the right to receive the Fundamental Change Repurchase Price). 

  
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 (c) Upon surrender of a Note that is to be repurchased in part pursuant to Section 15.02, the
Company shall execute and the Trustee shall authenticate and deliver to the Holder a new Note in an authorized denomination equal in principal amount to the unrepurchased portion of the Note surrendered. 

Section 15.05. 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 provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange
Act that may then be applicable; 
 (b) file a Schedule TO or any other required schedule under the Exchange Act; and 

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

in each case, so as to permit the rights and obligations under this Article 15 to be exercised in the time and in the manner specified in this Article 15.

 Notwithstanding anything to the contrary herein, to the extent that compliance with this Article 15 relating to the Company’s
obligations to repurchase the Notes upon a Fundamental Change would result in a violation of any federal or state securities laws or other applicable laws or regulations, the Company will comply with the applicable securities laws and regulations
and will not be deemed to have breached its obligations under this Article 15 by virtue of such conflict. 
 ARTICLE 16 

NO OPTIONAL REDEMPTION 

Section 16.01. No Optional Redemption. The Notes shall not be redeemable at the Company’s option prior to the Maturity Date,
and no sinking fund is provided for the Notes. 
 ARTICLE 17 

MISCELLANEOUS PROVISIONS 

Section 17.01. Provisions Binding on Company’s Successors. All the covenants, stipulations, promises and agreements of each
of the Company and the Subsidiary Guarantor contained in this Indenture shall bind its successors and assigns whether so expressed or not. 

Section 17.02. 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. 

  
 90 

 Section 17.03. Addresses for Notices, Etc. Any notice or demand that by any provision
of this Indenture is required or permitted to be given or served by the Trustee or by the Holders on the Company or the Subsidiary Guarantor shall be deemed to have been sufficiently given or made, for all purposes if given or served by being
deposited postage prepaid by registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee) to Pattern Energy Group Inc., Pier 1, Bay 3, San Francisco, CA 94111, Attention: Chief
Financial Officer with a copy to the General Counsel. Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made at its Corporate Trust Office or sent electronically in PDF
format, in each case, upon receipt by the Trustee. If so requested by the Company, the Trustee shall confirm receipt of any such notice, direction, request or demand hereunder within one Business Day. 

The Trustee, by notice to the Company, may designate additional or different addresses for subsequent notices or communications. 

Any notice or communication mailed to a Holder shall be mailed to it by first class mail, postage prepaid, at its address as it appears on the
Note Register and shall be sufficiently given to it if so mailed within the time prescribed; provided that notices given to Holders of Global Notes may be given electronically through the facilities of the Depositary. 

Failure to mail 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 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. 
 The Trustee may rely upon and comply with instructions or directions sent via unsecured
facsimile or email transmission and the Trustee shall not be liable for any loss, liability or expense of any kind incurred by the Company or the Holders due to the Trustee’s reliance upon and compliance with instructions or directions given by
unsecured facsimile or email transmission, provided, however, that such losses have not arisen from the negligence or willful misconduct of the Trustee, it being understood that the failure of the Trustee to verify or confirm that the person
providing the instructions or directions, is in fact, an authorized person does not constitute negligence or willful misconduct. 

Section 17.04. 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. 

  
 91 

 Each of the Company and the Subsidiary Guarantor 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, the Notes or the
Subsidiary Guarantee 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. 
 Each of the Company and the Subsidiary Guarantor 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, the Notes or the Subsidiary Guarantee 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 17.05. Evidence of Compliance
with Conditions Precedent; Certificates and Opinions of Counsel to Trustee. Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee
an Officer’s Certificate and, upon written request by the Trustee, an Opinion of Counsel stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with. The Trustee shall be
entitled to refrain from so acting (and shall have no liability for refraining from acting) until any requested Opinion of Counsel has been delivered. 

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 4.07) 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 that all conditions precedent thereto have been complied with. 
 Section 17.06.
Legal Holidays. In any case where any Interest Payment Date, Fundamental Change Repurchase Date or Maturity Date is not a Business Day, then any action to be taken on such date need not be taken on such date, but may be taken on the next
succeeding Business Day with the same force and effect as if taken on such date, and no interest shall accrue in respect of the delay. 

  
 92 

 Section 17.07. 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 17.08. 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 17.09. 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 17.10. 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 Sections 2.04, 2.05, 2.06, 2.07, 10.04 and 15.04 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 all or substantially all of the corporate trust business of the
authenticating agent (including the administration of this Indenture), shall be the successor of the authenticating agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section 17.10, 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 as the names and addresses of such Holders appear on the Note Register. 

  
 93 

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

The provisions of Sections 7.02, 7.03, 7.04, 8.03 and this 17.10 shall be applicable to any authenticating agent. 

If an authenticating agent is appointed pursuant to this Section 17.10, 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 17.11. Execution in Counterparts. This Indenture may be executed in any number of
counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute
effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original
signatures for all purposes. 
 Section 17.12. 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 17.13. Waiver of Jury Trial. EACH OF THE COMPANY, THE SUBSIDIARY GUARANTOR 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, THE SUBSIDIARY GUARANTEE OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 17.14. 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 

  
 94 

 
malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts that are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 Section 17.15.
Calculations. Except as otherwise provided in this Indenture, the Company shall be responsible for making all calculations called for under the Notes. These calculations include, but are not limited to, determinations of the Stock Price, the
Last Reported Sale Prices of the Common Stock, the Daily VWAPs, the Daily Conversion Values, the Daily Settlement Amounts, accrued interest payable on the Notes, any Additional 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 written request of that Holder at the sole cost and expense of the Company. 
 Section 17.16. U.S.A.
Patriot Act. In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including, without limitation, those relating to the funding of terrorist activities and money
laundering, including Section 326 of the USA PATRIOT Act of the United States (“Applicable Law”), the Trustee is required to obtain, verify, record and update certain information relating to individuals and entities which
maintain a business relationship with the Trustee. Accordingly, each of the parties agree to provide to the Trustee, upon their request from time to time such identifying information and documentation as may be available for such party in order to
enable the Trustee to comply with Applicable Law. 
 [Remainder of page intentionally left blank] 

  
 95 

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

			
	PATTERN ENERGY GROUP INC.
		
	By:	 	 /s/ Michael J. Lyon

	Name:	 	Michael J. Lyon
	Title:	 	Chief Financial Officer
	
	PATTERN US FINANCE COMPANY LLC, as Subsidiary Guarantor
		
	By:	 	 /s/ Michael J. Lyon

	Name:	 	Michael J. Lyon
	Title:	 	Chief Financial Officer
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	 /s/ Wanda Camacho

	Name:	 	Wanda Camacho
	Title:	 	Vice President
		
	By:	 	 /s/ Robert Peschler

	Name:	 	Robert Peschler
	Title:	 	Vice President

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

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

(2) AGREES FOR THE BENEFIT OF PATTERN ENERGY GROUP 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. 

IN EACH CASE, IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES. 

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO
REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO
REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.] 
 WITH RESPECT TO
ANY SECURITY THAT IS SOLD PURSUANT TO THE ORIGINAL DISTRIBUTION IN CANADA, UNLESS PERMITTED UNDER CANADIAN SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [INSERT THE DATE THAT IS FOUR MONTHS FROM AND A DAY
AFTER THE ORIGINAL DISTRIBUTION OF THE NOTES]. 

  
 A-2 

 Pattern Energy Group Inc. 

4.00% Convertible Senior Note due 2020 
  

			
	No. [        ]	  	[Initially]1 $[            ]
		
	CUSIP No.            	  	

 Pattern Energy Group Inc., a corporation duly incorporated 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 $225,000,000 (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 over-allotment option as set forth in the Purchase Agreement) [, in accordance with the rules and procedures of the Depositary,]6 on July 15, 2020, and interest thereon as set forth below. 
 This Note shall bear
interest at the rate of 4.00% per year from July 28, 2015, or from the most recent date to which interest has been paid or provided for to, but excluding, the next scheduled Interest Payment Date until July 15, 2020. Accrued interest
on this Note shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of actual days elapsed over a 30-day month. Interest is payable semi-annually in arrears on each January 15 and
July 15, commencing on January 15, 2016, to Holders of record at the close of business on the preceding January 1 and July 1 (whether or not such day is a Business Day), respectively. Additional Interest will be payable as set
forth in Sections 4.06(d), 4.06(e) and 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 Sections 4.06(d), 4.06(e) or 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. 
  
  

	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. 

	6 	Include if a global note 

  
 A-3 

 Any Defaulted Amounts shall accrue interest per annum at the rate then 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. 
 The Company shall pay the principal of and interest on this Note, if and so long as such Note is a Global Note,
in immediately available funds in lawful money of the United States at the time to the Depositary or its nominee, as the case may be, as the registered Holder of such Note. As provided in and subject to the provisions of the Indenture, the Company
shall pay the principal of any Notes (other than Notes that are Global Notes) at the office or agency designated by the Company for that purpose. The Company has initially designated the Trustee as its Paying Agent and Note Registrar in respect of
the Notes and its agency in the United States, as a place where Notes may be presented for payment or for registration of transfer and exchange. 

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, at the Company’s election, 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. 

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

This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed
manually 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. 

 

			
	PATTERN ENERGY GROUP INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

					
	 Dated:
                    
  

TRUSTEE’S CERTIFICATE OF AUTHENTICATION
  

DEUTSCHE BANK TRUST COMPANY AMERICAS
 as
Trustee, certifies that this is one of the Notes described in the within-named Indenture.
	 	
			
	By:	 	Deutsche Bank National Trust Company	 	
			
	By:	 	  
	 	
		 	Authorized Signatory	 	
			
	By:	 	  
	 	
		 	Authorized Signatory	 	

  

 [FORM OF REVERSE OF NOTE] 

Pattern Energy Group Inc. 
 4.00%
Convertible Senior Note due 2020 
 This Note is one of a duly authorized issue of Notes of the Company, designated as its 4.00% Convertible
Senior Notes due 2020 (the “Notes”), initially limited to the aggregate principal amount of $225,000,000 (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 over-allotment option as set forth in the Purchase Agreement) all issued or to be issued under and pursuant to an Indenture dated as of July 28, 2015 (the “Indenture”), among the Company,
Pattern US Finance Company LLC, a Delaware limited liability company (the “Subsidiary Guarantor”) and Deutsche Bank Trust Company Americas (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, the Subsidiary Guarantor 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 the event of any
inconsistency between this Note and the Indenture, the terms of the Indenture shall govern. 
 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. 
 Subject to the
terms and conditions of the Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental Change Repurchase Date and the principal amount on the Maturity Date, as the case may
be, to the Holder who surrenders a Note to a Paying Agent to collect such payments in respect of the Note. The Company will pay cash amounts in money of the United States that at the time of payment is legal tender for payment of public and private
debts. 
 The Indenture contains provisions permitting the Company, the Subsidiary Guarantor 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 as described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate principal amount
of the Notes at the time outstanding may on behalf of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences. 

  
 R-1 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay or deliver, as the case may be, the principal (including the Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest on, and the
consideration due upon conversion of, this Note at the place, at the respective times, at the rate and in the lawful money herein prescribed. 

The Notes are issuable in registered form without coupons in minimum denominations of $1,000 principal amount and integral multiples of $1,000
in excess 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 are not subject to redemption through the operation of any sinking fund or otherwise. 

Upon the occurrence of a Fundamental Change prior to the Maturity Date, the Holder has the right, at such Holder’s option exercised in
the manner specified in the Indenture, to require the Company to repurchase for cash all of such Holder’s Notes or a portion thereof (in minimum principal amounts of $1,000 or integral multiples of $1,000 in excess 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 of the principal amount thereof that is $1,000 or an integral multiple of $1,000 in excess thereof, into, at the Company’s election, cash, shares of Common Stock or a combination of cash and shares of Common
Stock, as applicable, as set forth in the Indenture at the Conversion Rate specified in the Indenture and as adjusted from time to time as provided in the Indenture. 

Terms used in this Note and defined in the Indenture are used herein as therein defined. 

  
 R-2 

 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. 

  
 R-3 

 SCHEDULE A 

SCHEDULE OF EXCHANGES OF NOTES 

Pattern Energy Group Inc. 
 4.00%
Convertible Senior Notes due 2020 
 The initial principal amount of this Global Note is
[                    ] ($[        ]). 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

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

	  
	 	  
	 	  
	 	  
	 	  

  
 R-4 

 ATTACHMENT 1 

[FORM OF NOTICE OF CONVERSION] 
 To: Pattern
Energy Group Inc. 
 To: Deutsche Bank Trust Company Americas 

60 Wall Street, 16th Floor 
 Mail Stop NYC60-1630 

New York, NY 10005 
 Attention: Corporate Team, Pattern Energy
Group 
 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, at the Company’s election, 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 a 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 Sections 14.02(d) and 14.02(e) of the Indenture. Any amount required to be paid to the undersigned on account of interest
accompanies this Note. 
  

							
	Dated:	 	  
	    		 	  

				
		 		    		 	  

		 		    		 	Signature(s)

  

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

  
 1 

					
	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

  

  
 2 

 ATTACHMENT 2 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE] 

To: Pattern Energy Group Inc. 
 To: Deutsche Bank Trust Company
Americas 
 60 Wall Street, 16th Floor 
 Mail Stop NYC60-1630

 New York, NY 10005 
 Attention: Corporate Team, Pattern
Energy Group 
 The undersigned registered owner of this Note hereby acknowledges receipt of a notice from Pattern Energy Group Inc. (the
“Company”) as to the occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs the Company to pay to the registered holder hereof in accordance with
Section 15.02 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 a 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 Business Day immediately following 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 herein shall have the respective meanings set forth in the Indenture. 

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

 

							
	Dated:	 	  
	  		 	
				
		 		  		 	  

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

  
 1 

 ATTACHMENT 3 

[FORM OF ASSIGNMENT AND TRANSFER] 
 Deutsche Bank
Trust Company Americas 
 as Trustee and Registrar 
 60 Wall
Street, 16th Floor 
 Mail Stop NYC60-1630 
 New York, NY 10005

 Attention: Corporate Team, Pattern Energy Group 
 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 Pattern Energy Group Inc. (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 the Company 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. 

 In connection with
a transfer pursuant to the fourth clause above, by its execution below, the undersigned hereby acknowledges and agrees that, prior to effecting the transfer requested hereby, the Company and/or the Trustee may reasonably require additional
certifications, legal opinions and other documents and information to confirm that such condition to transfer (as indicated in the preceding sentence) has been satisfied. 

  
 1 

			
	Dated:                     	 	
		
	  
	 	
		
	  
	 	
	Signature(s)	 	
		
	  
	 	
	Signature Guarantee	 	
		
	Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stockbrokers, 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. 

  
 2

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