Document:

Exhibit 10.1

 

APPLIED OPTOELECTRONICS, INC.

 

2021 EQUITY INCENTIVE PLAN

 

1. Purpose of the Plan. The
Company has adopted the 2021 Equity Incentive Plan to attract, retain and motivate individual service providers to the Company and its
Related Companies by providing them the opportunity to acquire an equity interest in the Company and align their interests and efforts
with the long-term interests of the Company’s stockholders. This Plan is intended to be the successor to the Company’s Amended
and Restated 2013 Equity Incentive Plan (the “Prior Plan”). If this Plan is approved by the Company’s stockholders at
the Company’s annual stockholder meeting held in June 2021 (the “2021 Annual Meeting”), no new awards may be granted
under the Prior Plan from and after the date of the 2021 Annual Meeting (if this Plan is approved by the Company’s stockholders,
the date of the 2021 Annual Meeting is the “Effective Date”).

 

2. Definitions. Capitalized
terms used in the Plan have the meanings set forth in Appendix A.

 

3. Administration.

 

(a) Administrator. The
Administrator is the Board or a Committee duly authorized by the Board (for so long as such authorization is extended). The Board and
any Committee may have concurrent authority to administer the Plan. All references in the Plan to the “Administrator” will
be to the Board or the authorized Committee.

 

(i) Rule 16b-3. To
the extent desirable to qualify transactions hereunder as exempt under Rule 16b-3, those transactions will be structured to satisfy
the requirements for exemption under Rule 16b-3, including that the Award will be granted by the Board or a Committee that consists
solely of two or more non-employee directors (as determined under Rule 16b-3(b)(3)) and thereafter any action establishing or modifying
the terms of the Award will be approved by the Board or a Committee meeting such requirements to the extent necessary for such exemption
to remain available.

 

(ii) Delegation to an Officer. The
Administrator may delegate to one or more officers of the Company the authority to do one or both of the following: (A) designate
employees who are not officers of the Company or members of the Board to be recipients of Options and SARs (and, to the extent permitted
by Applicable Law, other types of Awards) and, to the extent permitted by Applicable Law, the terms thereof, and (B) determine the
number of shares of Common Stock to be subject to the Awards granted to those employees; provided, however, that the resolutions or charter
adopted by the Board or any Committee evidencing such delegation will specify the information required under Section 157(c) of the
Delaware General Corporation Law (or any successor statute or rule thereto), including the total number of shares of Common Stock that
may be subject to the Awards granted by the officer and that the officer may not grant an Award to themselves. Any such Awards will be
granted on the applicable form of Award Agreement most recently approved for use by the Administrator, unless otherwise provided in the
resolutions approving the delegation authority. Notwithstanding anything to the contrary herein, the Administrator may not delegate to
an officer who is acting solely in the capacity of an officer (and not also as a member of the Board) the authority to determine Fair
Market Value of a share of Common Stock for purposes of determining the exercise price of Options or SARs.

 

(b) Powers of Administrator. The
Administrator will have full power and exclusive authority, subject to the terms of this Plan, restrictions under Applicable Law, and
the delegation of authority from the Board, to:

 

(i) select which Eligible Persons
will be granted Awards;

 

(ii) determine the type of Awards,
number of shares of Common Stock covered by the Award, the Fair Market Value of the shares, and the terms and conditions of that Award
(including when the Award may vest, be exercised (including prior to vesting), or settled, whether the Award carries rights to dividends
or Dividend Equivalents, and whether the Award is to be settled in cash, shares of Common Stock, or other property) and the form of Award
Agreement;

 

(iii) determine whether, to what
extent and under what circumstances Awards may be amended (including to waive restrictions, accelerate vesting or extend exercise periods),
tolled, cancelled or terminated;

 

 

    	 	 	 

     

    

 

(iv) interpret and administer the
Plan, any Award Agreement and any other agreements or documents related to the administration of Awards;

 

(v) establish rules, and delegate
ministerial duties to the Company’s employees consistent with Applicable Law, for the proper administration of the Plan; and

 

(vi) make any other determination
and take any other action that the Administrator deems necessary or desirable for administration of the Plan.

 

The Administrator’s decisions
will be final, conclusive and binding on all persons, including the Company, any Participant, any stockholder and any Eligible Person.

 

4. Shares Subject to the Plan.

 

(a) Authorized Number of Shares. Subject
to adjustment from time to time as provided in this Plan, the maximum aggregate number of shares of Common Stock available for issuance
under the Plan (the “Share Reserve”) will be the sum of:

 

(i) 3,734,000 shares, plus

 

(ii) any shares of Common Stock
that, as of the Effective Date, are available to be made subject to new grants under the Prior Plan, which shares will cease to be available
for issuance under the Prior Plan as of the Effective Date and instead become available under this Plan, plus

 

(iii) up to 1,613,762 shares of
Common Stock subject to awards granted under the Prior Plan that, on or after the Effective Date, would otherwise return to the share
reserve of the Prior Plan under the terms of the Prior Plan (excluding shares tendered or withheld to pay the exercise or purchase price
of or withholding taxes due on an award granted under the Prior Plan, but including shares subject to Lapsed Awards (as defined in the
Prior Plan)), which shares will cease to be available under the Prior Plan and will become available under this Plan effective on the
date the shares would otherwise return to the Prior Plan.

 

The maximum aggregate Share
Reserve (the sum of (i), (ii) and (iii)) will not exceed 6,981,762 shares of Common Stock. Shares issued under the Plan will be drawn
from authorized and unissued shares or treasury shares.

 

(b) Share Use.

 

(i) If any Award lapses, expires,
terminates or is forfeited or canceled due to failure to earn or exercise the Award prior to the issuance of shares thereunder, if shares
are issued to a Participant but are forfeited to or repurchased by the Company at their original exercise or purchase price pursuant to
the Company’s reacquisition or repurchase rights under the Plan, including any forfeiture or repurchase caused by the failure to
meet a contingency or condition required for the vesting of such shares, or if an Award is settled in cash or other property, then those
shares will revert to and be available for issuance under the Plan.

 

(ii) Shares tendered to or withheld
by the Company to pay the exercise or purchase price of an Award or to satisfy any tax withholding obligation in connection with the exercise
or settlement of an Award will be deemed issued and not be added back to the Share Reserve. Vested shares that have been issued under
an Award and subsequently forfeited or reacquired by the Company will not be added back to the Share Reserve. If any shares of Common
Stock are repurchased by the Company on the open market with the proceeds of the exercise or purchase price of an Award, then the number
of shares so repurchased shall not remain available for subsequent issuance under the Plan.

 

(iii) If a Participant receives
dividends or Dividend Equivalents in respect of an Award in the form of shares or reinvests cash dividends or Dividend Equivalents paid
in respect of Awards into shares of Common Stock, those shares will not reduce the Share Reserve, unless expressly determined otherwise
by the Administrator.

 

 

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(iv) No fractional shares may be
issued under the Plan; however, cash shall be paid in lieu of any fractional Share in settlement of an Award.

 

(v) The Administrator may grant
Substitute Awards under the Plan. If the Board approves a written agreement between the Company and an Acquired Entity pursuant to which
a merger or consolidation is completed and that agreement sets forth the terms and conditions of the substitution for or assumption of
outstanding awards of the Acquired Entity, the grant of those substitute or assumed awards will be deemed to be the action of the Administrator
without any further action by the Administrator, and the persons holding the newly substituted or assumed Awards will be deemed to be
Participants.

 

5. Eligibility & Award Size Limits.

 

(a) Eligible Recipients. The
Administrator may grant Awards (i) to any employee (including any officer) of the Company or a Related Company and (ii) to any
independent contractor (including directors, consultants and advisors) who is a natural person for bona fide services rendered to the
Company or any Related Company, provided (A) the services are not in connection with the offer and sale of the Company’s securities
in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s securities, in
each case within the meaning of Form S-8 promulgated under the Securities Act and (B) the grant of an Award or issuance of the shares
thereunder does not cause the Company to lose the ability to register the issuance of the shares under Form S-8.

 

(b) Award Limits. Subject
to adjustment as provided in Section 12, the Administrator may not grant Awards under the Plan in excess of the following limits
(each, an “Award Limit”):

 

(i) Outside Directors. In
any calendar year, no individual who is an Outside Director on the grant date may be (A) granted stock-settled Awards under this
Plan with an aggregate grant date fair value (as calculated for the Company’s financial reporting purposes) of greater than $300,000,
(B) granted cash-settled Awards under this Plan with an aggregate grant date fair value (as calculated for the Company’s financial
reporting purposes) of greater than $300,000, and (C) paid annual cash retainer fees of greater than $150,000. However, in the calendar
year in which the Outside Director is first appointed or elected to the Board, the foregoing limits in (A) and (B) may each
be increased to $400,000. Any Awards granted to an Outside Director while the Outside Director served as a consultant (other than in the
capacity of an Outside Director) or employee of the Company or any Related Company will not count toward these Award Limits. Awards granted
under the Plan will be considered in determining compliance under the Company’s Stock Ownership and Retention Guidelines.

 

(ii) Other Participants. In
any calendar year, no Participant who is an employee or consultant of the Company or any Related Company (other than in the capacity of
an Outside Director) on the grant date may be granted under this Plan (A) stock-settled Awards with an aggregate grant date fair
value (as calculated for the Company’s financial reporting purposes) of greater than $3,000,000 or (B) cash-settled Awards
with an aggregate grant date fair value (as calculated for the Company’s financial reporting purposes) of greater than $3,000,000,
in each case, increased to $4,000,000 in the calendar year in which the Participant first becomes an employee or consultant of the Company
or a Related Company. Any Awards granted to a Participant while the Participant served as an Outside Director will not count toward these
Award Limits.

 

6. Provisions Applicable to All Awards.

 

(a) Grant Date. Corporate
action constituting a grant by the Company of an Award to any Participant will be deemed completed as of the date of such corporate action,
unless otherwise determined by the Administrator, regardless of when the instrument, certificate, or letter evidencing the Award is communicated
to, received by, or accepted by, the Participant.

 

(i) Clerical Errors. If
the Administrator’s records (e.g., consents, resolutions or minutes) documenting the corporate action granting the Award contain
terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those in the Award Agreement as a result
of a clerical error in the papering of the Award Agreement, the Administrator’s records will control and the Participant will have
no legally binding right to the incorrect term in the Award Agreement.

 

 

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(ii) Grants Prior to Start
Date. If the Administrator attempts to grant an Award effective as of a date in the future, and if the Award recipient is
not in service with the Company or a Related Company as of that future date (either due to failure to commence service by that future
date or a Termination of Service), then as of that future date, the Award will be deemed null, void and of no force and effect without
any further action by the Administrator, and the individual will have no rights, title or interests in or to the Award or the shares of
Common Stock underlying the Award.

 

(b) Evidence of Awards. The
Administrator will document all Awards by a written instrument (which may include electronic writings such as smart contracts and distributed
ledger entries) that contains the material terms of the Award, including but not limited to the consideration to be paid to receive the
award (including the Participant’s services to the Company or a Related Company), the exercise or purchase price (if any), the vesting
schedule (including any performance vesting triggers), and the Company’s rights to repurchase or reacquire the shares subject to
the Award.

 

(c) Other Governing Documents. The
Administrator may require a Participant, as a condition to receiving shares under the Plan, to sign additional documentation as reasonably
required by the Administrator for compliance with Applicable Laws and the orderly administration of the Plan.

 

(d) Payments for Shares and
Taxes. The Administrator will determine the forms of consideration a Participant may use to pay the exercise or purchase
price for shares issued under Awards and any withholding taxes or other amounts due in connection with Awards. A Participant must pay
all consideration due in connection with the Award (including withholding taxes) before the Company will issue the shares being acquired.
The Administrator may (but is not required to) permit the use of the following forms of consideration:

 

(i) cash or cash equivalent, including
checks, wire transfers, ACH payments, and convertible virtual currencies;

 

(ii) having the Company withhold
shares of Common Stock and any other consideration that would otherwise be issued under an Award (other than in respect of an Incentive
Stock Option) that have an aggregate Fair Market Value on that date equal to the consideration owed to the Company, including in connection
with a Change of Control (a “Withhold to Cover”);

 

(iii) tendering (either actually
or, if and so long as the Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act, by attestation) shares of
Common Stock owned by the Participant free and clear of any liens, claims or other encumbrances that have an aggregate Fair Market Value
on that date equal to the consideration owed to the Company, but only if the tender will not result in any adverse accounting consequences
to the Company;

 

(iv) if and so long as the Common
Stock is registered under Section 12(b) or 12(g) of the Exchange Act, and to the extent permitted by Applicable Laws, delivery of
a properly executed agreement, together with irrevocable instructions to a brokerage firm designated or approved by the Company to deliver
promptly to the Company the aggregate amount of proceeds to pay the consideration due to the Company, all in accordance with the regulations
of the Federal Reserve Board (a “Public Sell to Cover”); and/or

 

(v) such other consideration as
the Administrator may permit.

 

A Participant may request or
authorize the Administrator to withhold amounts owed under this Plan from cash payments otherwise owed to the Participant by the Company
or a Related Company. If a Participant engages in a Withhold to Cover transaction to pay for applicable tax withholdings, the value of
the shares so withheld may not exceed the employer’s applicable maximum required tax withholding rate or such other applicable rate
as is necessary to avoid adverse treatment for financial accounting purposes, as determined by the Administrator.

 

(e) Vesting. Unless
otherwise provided by the Administrator, a Participant will cease vesting in an Award at the time of the Participant’s Termination
of Service and the Participant will have no further rights, title or interests in or to the unvested portion of the Award following the
Termination of Service.

 

(f) Performance-Based Awards. The
Administrator may grant Awards subject to performance-based conditions. The Administrator may choose the performance-based conditions
in its sole discretion, which may be determined on a Company-wide, divisional, business unit or individual basis and may include the Performance
Metrics. The time period during which the performance-based conditions must be met will be called the “Performance Period.”

 

 

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(g) Change in Service; Leaves
of Absence. The Administrator will determine the effect on Awards of a Participant’s leave of absence or change in
hours of employment or service. In general, if, after the Grant Date of any Award to a Participant, the Participant’s regular level
of time commitment in the performance of the Participant’s services for the Company and any Related Companies is reduced (for example,
and without limitation, if the Participant has a change in status from a full-time employee to a part-time employee, or if the Participant
goes on a leave of absence without using paid vacation or sick days), the Administrator has the right in its sole discretion (and without
the need to seek or obtain the consent of the affected Participant) to (i) make a corresponding reduction in the number of shares,
other property or cash subject to any portion of such Award that is scheduled to vest or become payable after the date of such change
in time commitment, and (ii) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable
to such Award (but only if the modification would not cause the Participant to incur penalties or additional taxation under Section 409A).
If an Award is reduced, the Participant will have no right with respect to the portion of the Award that is so reduced.

 

(h) Applicability of Award
Terms to New Property. If a Participant receives new or additional shares of Common Stock, other securities, other property,
or cash in respect of an Award, those shares, securities, property and cash will be subject to all the same terms of the Plan and the
Award Agreement as applied to the underlying shares of Common Stock subject to that Award.

 

(i) Dividends and Dividend
Equivalents. The Administrator, in its discretion, may provide in the Award Agreement evidencing any Award that the Participant
will be entitled to receive dividends or Dividend Equivalents with respect to the payment of cash dividends on Shares having a record
date prior to the date on which the Awards are settled or forfeited. The dividends or Dividend Equivalents, if any, will be credited to
an Award in such manner and subject to such terms and conditions as determined by the Administrator in its sole discretion subject to
the provisions of the Plan. However, dividends and Dividend Equivalents will be subject to the same vesting provisions as the Awards to
which they relate, and while amounts may accrue while the Award or Dividend Equivalent is unvested, the amounts payable with respect to
Dividend Equivalents or dividends will not be paid before the Dividend Equivalent or the Award to which it relates vests. If a dividend
or distribution is paid in shares of Common Stock or any other adjustment is made on a change in the capital structure of the Company
as described in Section 12, appropriate adjustments will be made to the Participant’s Award and the associated Dividend Equivalent
so that it represents the right to receive on settlement any and all new, substituted or additional securities or other property (other
than normal cash dividends) to which the Participant would be entitled by reason of the consideration issuable on settlement of the Award,
and all such new, substituted or additional securities or other property will be immediately subject to the same vesting and settlement
conditions as are applicable to the Award. Dividend Equivalents will be subject to the same Award Limits applicable to the underlying
Award.

 

(j) Recoupment. All
Awards are subject to recoupment in accordance with any clawback policy that the Company is required to adopt pursuant to the listing
standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required
by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other Applicable Law. The implementation of any clawback policy will
not be deemed a triggering event for purposes of any definition of “good reason” for resignation or “constructive termination.”

 

(k) Investigations. If
a Participant’s employment or service relationship with the Company is suspended pending an investigation of whether the Participant
will be terminated for Cause, all the Participant’s rights under any Award will likewise be suspended during the period of investigation.

 

(l) No Obligation to Notify
or Minimize Taxes. The Company and the Administrator will have no duty or obligation to any Participant to advise such holder
as to the time or manner of exercising the Participant’s rights under an Award. Furthermore, the Company will have no duty or obligation
to warn or otherwise advise such holder of a pending termination or expiration of an Award or a possible period in which the Award may
not be exercised. The Company has no duty or obligation to minimize the tax consequences of an Award to the holder of such Award.

 

7. Options & SARs.

 

(a) Exercise Price.

 

(i) Generally, the Administrator
may not grant Options or SARs with an exercise price per share less than 100% of the Fair Market Value of the Common Stock on the Grant
Date.

 

 

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(ii) The Administrator may grant
Options or SARs with a price less than 100% of the Fair Market Value in the case of Substitute Awards.

 

(iii) Without the approval of the
Company’s stockholders, the Administrator may not engage in a transaction that is commonly referred to as a “repricing”
of an outstanding Option or SAR, including (A) reducing the exercise price of an outstanding Option or SAR with an exercise price
greater than the then-current Fair Market Value of the Common Stock (an “Underwater Award”), (B) cancelling an Underwater
Award and granting in substitution (1) an Award with a lower exercise price, (2) cash, and/or (3) other consideration determined
by the Administrator, or (C) take any other action that is treated as a “repricing” under generally accepted accounting
principles.

 

(b) Term. The
maximum term of an Option or SAR will be 10 years from the Grant Date, subject to earlier termination in accordance with the terms
of the Plan and the Award Agreement.

 

(c) Conditions to Exercise.

 

(i) To exercise an Option or SAR,
the Participant must deliver (A) the exercise agreement stating the number of shares being purchased and, if applicable, the account
number or digital wallet address into which the shares should be deposited, (B) payment in full of the exercise price and any tax
withholding obligations, and (C) any additional documents required by the Company as a condition to exercise. The Company will not
initiate the settlement on the exercise of an Option or SAR until the Company has verified that all conditions necessary for the exercise
of the Award have been satisfied (including compliance with Applicable Laws), all the foregoing steps have been completed and the Company
initiates the issuance of the shares in the Participant’s name. The Company will issue exercised shares promptly after the exercise.

 

(ii) The Administrator may modify
the exercise agreement form and the procedure for exercise, from time to time, including after the Grant Date of an Award, without the
Participant’s consent. The Administrator may restrict exercise to those times when the exercise will not violate Applicable Laws.
In addition, the Administrator may prohibit exercise during any “blackout” or “closed” trading windows under the
Company’s insider trading policies (as amended from time to time).

 

(iii) The Administrator may require
than an Option may be exercised only for whole shares and for not less than a reasonable number of shares at any one time.

 

(d) Non-Exempt Employees. If
an Option or SAR is granted to an employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as amended,
the Option or SAR will not be first exercisable for any shares of Common Stock until at least 6 months following the Grant Date of
the Option or SAR (although the Award may vest prior to such date). Consistent with the provisions of the Worker Economic Opportunity
Act, (i) if such non-exempt employee dies or suffers a disability, (ii) on a Change of Control in which such Option or SAR is
not assumed, continued, or substituted, or (iii) on the Participant’s retirement (as such term may be defined in the Participant’s
Award Agreement or in another agreement between the Participant and the Company, or, if no such definition, in accordance with the Company’s
then current employment policies and guidelines), the vested portion of any Options and SARs may be exercised earlier than 6 months
following the Grant Date. The foregoing provision is intended to operate so that any income derived by a non-exempt employee from the
exercise or vesting of an Option or SAR will be exempt from the employee’s regular rate of pay. If required for compliance with
the Worker Economic Opportunity Act to ensure that any income derived by a non-exempt employee from the exercise, vesting or issuance
of any shares under any other Award will be exempt from the employee’s regular rate of pay, the provisions of this paragraph will
apply to all Awards and are hereby incorporated by reference into such Award Agreements.

 

(e) Effect of Termination
of Service. The Administrator will establish and define in the Award Agreement how an Option or SAR will be treated on a
Termination of Service. Unless otherwise set forth in the Award Agreement or otherwise determined by the Administrator, the following
treatment will apply:

 

(i) Any portion of an Award that
is not vested and exercisable on the date of a Participant’s Termination of Service will expire on the Participant’s Termination
of Service.

 

 

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(ii) Any portion of an Award that
is vested and exercisable on the date of a Participant’s Termination of Service will expire on the earliest to occur of the following,
if not exercised by that date:

 

(A) if the Participant’s Termination
of Service occurs for reasons other than Cause, Disability or death, the date that is 3 months after such Termination of Service;

 

(B) if the Participant’s Termination
of Service occurs by reason of Cause, the date of the Termination of Service;

 

(C) if the Participant’s Termination
of Service occurs by reason of death or Disability, the date that is 12 months after such Termination of Service;

 

(D) if the Administrator determines
during any of the foregoing post-termination exercise periods that Cause for termination existed at the time of the Participant’s
Termination of Service, immediately on such determination;

 

(E) if, during any of the foregoing
periods, the Company undergoes a Change of Control and the successor or acquiring entity refuses to assume, continue, replace or substitute
an equivalent the Award, then at the effective time of the Change of Control; and

 

(F) the Award Expiration Date.

 

(f) Extension Under Limited
Circumstances. The Administrator may provide that:

 

(i) if the exercise of an Option
or SAR following the Termination of Service (other than upon the Participant’s death or Disability) would result in liability under
Section 16(b) of the Exchange Act, then the Award will terminate on the earlier of (A) the Award Expiration Date, or (B) the
tenth (10th) day after the last date on which such exercise would result in liability under Section 16(b) of the Exchange Act; or

 

(ii) if the exercise of the Award
following the Participant’s Termination of Service (other than upon the Participant’s death or Disability) would be prohibited
at any time solely because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act
or the Company’s insider trading policy, then the Award will terminate on the earlier of (A) the Award Expiration Date or (B) the
expiration of a period of thirty (30) days (or such longer period of time as determined by the Administrator in its sole discretion) after
the Termination of Service during which the exercise of the Award would not be in violation of such registration requirements or insider
trading policy requirements.

 

8. Incentive Stock Option Limitations. The
terms of an Incentive Stock Option must comply in all respects with Section 422 of the Code, or any successor provision, and any
applicable regulations thereunder, each of which is incorporated by reference into this Plan. The Administrator will construe the terms
of any Option granted as an Incentive Stock Option within the meaning of Section 422 of the Code, and if the Option (or a portion
thereof) does not meet the requirements of Section 422 of the Code, that Option (or that portion) will be treated as a Nonqualified
Stock Option The requirements of Section 422 include the following:

 

(a) ISO Limit. The
maximum number of shares that may be issued on the exercise of Incentive Stock Options will equal the Share Reserve (the “ISO Limit”).
Each increase to the Share Reserve authorized by the Board and stockholders after the Effective Date will also result in a corresponding
increase in this ISO Limit, unless otherwise expressly provided in the Board or stockholder resolutions approving such increase.

 

(b) ISO Granting Period. No
Incentive Stock Options may be granted more than 10 years after the later of (i) the adoption of the Plan by the Board and (ii) the
adoption by the Board of any amendment to the Plan that constitutes the adoption of a new plan for purposes of Section 422 of the
Code. For clarity, any stockholder approved amendment of the Share Reserve that also amends the ISO Limit will be deemed the adoption
of a new plan for purposes of Code Section 422 and therefore an extension of the period in which Incentive Stock Options may be granted,
unless otherwise expressly provided for in the stockholder resolutions approving such increase.

 

 

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(c) ISO Qualification. If
the aggregate Fair Market Value (determined as of the Grant Date) of Common Stock with respect to which a Participant’s Incentive
Stock Options become exercisable for the first time during any calendar year (under the Plan and all other stock option plans of the Company
and its parent and subsidiary corporations) exceeds $100,000 (or such other limit established by the Code), or if the Option otherwise
does not comply with the requirements under Section 422 of the Code, the Option (or the portion that does not meet the requirements
of Section 422) will be treated as a Nonqualified Stock Option. Options will be taken into account in the order in which they were
granted. If the Participant holds 2 or more Options that become exercisable for the first time in the same calendar year, such limitation
will be applied on the basis of the order in which such Options are granted.

 

(d) Eligible Employees. Individuals
who are not employees of the Company or one of its parent or subsidiary corporations may not be granted Incentive Stock Options. This
Plan does not prohibit the grant of Incentive Stock Options to employees who reside or work outside of the United States.

 

(e) Exercise Price. Incentive
Stock Options will be granted with an exercise price per share not less than 100% of the Fair Market Value of the Common Stock on the
Grant Date, and in the case of an Incentive Stock Option granted to a Participant who owns more than 10% of the total combined voting
power of all classes of the stock of the Company or of its parent or subsidiary corporations (as determined under the Code, a “Ten
Percent Stockholder”), will be granted with an exercise price per share not less than 110% of the Fair Market Value of the Common
Stock on the Grant Date. The Administrator will determine status as a Ten Percent Stockholder in accordance with Section 422 of the
Code.

 

(f) Option Term. The
maximum term of an Incentive Stock Option will not exceed 10 years, and in the case of an Incentive Stock Option granted to a Ten
Percent Stockholder, will not exceed 5 years, in each case, subject to earlier termination in accordance with the terms of the Plan
and the Award Agreement.

 

(g) Exercisability. An
Option designated as an Incentive Stock Option will cease to qualify for favorable tax treatment as an Incentive Stock Option to the extent
it is exercised (if permitted by the terms of the Option) (i) more than 3 months after the date of a Participant’s termination
of employment if termination was for reasons other than death or disability, (ii) more than 1 year after the date of a Participant’s
termination of employment if termination was by reason of disability (as defined for purposes of Code Section 422), or (iii) more
than 6 months following the first day of a Participant’s leave of absence that exceeds 3 months, unless the Participant’s
reemployment rights are guaranteed by statute or contract (as such rule is explained in Code Section 422).

 

(h) Taxation of Incentive
Stock Options. To obtain the tax benefits afforded to Incentive Stock Options under Section 422 of the Code, the Participant
must hold the shares acquired on the exercise of an Incentive Stock Option for 2 years after the Grant Date and 1 year after the
date of exercise (that is, the Participant must not Transfer the shares until at least the day after the expiration of these periods).
A Participant may be subject to the alternative minimum tax at the time of exercise of an Incentive Stock Option. The Participant must
give the Company prompt notice of any disposition of shares acquired on the exercise of an Incentive Stock Option prior to the expiration
of these holding periods.

 

(i) Code Definitions. For
the purposes of this Section 8, “disability,” “parent corporation” and “subsidiary corporation”
will have the meanings attributed to those terms for purposes of Section 422 of the Code.

 

(j) Stockholder Approval. No
Incentive Stock Options may be granted more than ten years after the earlier of the approval by the Board or the stockholders of
the Plan (or any amendment to the Plan that constitutes the adoption of a new plan for purposes of Section 422 of the Code).

 

9. Restricted Stock, Restricted Stock
Units and Other Stock Based Awards.

 

(a) Restricted Stock. The
Administrator will specify whether the Award is a Restricted Stock Purchase Award or a Restricted Stock Bonus Award.

 

 

    	 	8	 

     

    

 

(i) Section 83(b) Election. The
Administrator may require that the Participant deliver a completed copy of the Participant’s Section 83(b) election, the taxes
due in connection with that election and evidence of timely receipt of the Section 83(b) election by the Internal Revenue Service.
If a Participant fails to satisfy these requirements, the Administrator will instruct the Company to withhold/remit (if applicable) taxes
on, and report to the applicable taxing authorities, the income recognized on each subsequent vesting date of the Award in accordance
with Applicable Law. In the alternative, the Administrator may grant the Award of Restricted Stock subject to a forfeiture condition whereby
failure to satisfy these requirements results in the forfeiture of all unvested shares of Common Stock subject to the Award at the Participant’s
original purchase price (or for no consideration, in the case of a Restricted Stock Bonus Award).

 

(b) Restricted Stock Units.

 

(i) If the Administrator grants
Restricted Stock Units intended to be exempt from Section 409A under Treasury Regulation Section 1.409A-1(b)(4), then (A) the
Company will treat each installment of Restricted Stock Units that vests as a separate installment for purposes of Section 409A,
and (B) the Company will deliver the vested shares of Common Stock (or other property or cash due on vesting) not later than the
last day of the period determined under Treasury Regulation Section 1.409A-1(b)(4), which is incorporated by reference into
this Plan.

 

(ii) If the Administrator grants
Restricted Stock Units intended to be compliant deferred compensation under Treasury Regulation Section 1.409A-3, then (A) the
Company will treat each installment of Restricted Stock Units that vests as a separate installment for purposes of Section 409A,
and (B) if the Award Agreement fails to state at least one permitted distribution event or form of payment, the Award Agreement will
be deemed to provide that the earlier to occur of a Change of Control and the date that is the first day of the 6th calendar year after
the Grant Date as the permitted distribution dates and a lump sum payment as the form of payment.

 

(c) Other Stock Awards. The
Administrator may grant or sell Awards that are valued in whole or in part by reference to, or are otherwise based on the Fair Market
Value of, shares of the Company’s Common Stock. The Administrator will determine the form of such Award and the terms and conditions
to earning the Award in its sole discretion, including the number of shares referenced by the Award, the vesting schedule, whether it
will be settled in Common Stock, cash or other property, and when it will be settled.

 

10. Tax Matters.

 

(a) Withholding. The
Company will require the Participant to pay to the Company or a Related Company, as applicable, the amount of (i) any taxes that
the Company or a Related Company is required by applicable federal, state, local or foreign law to withhold with respect to an Award and
(ii) any other amounts due from the Participant to the Company, any Related Company or any governmental authority. The Company will
not be required to issue any shares of Common Stock or otherwise settle an Award under the Plan until such tax withholding obligations
and other obligations are satisfied. As a result, a Participant may not be able to exercise an Award or have an Award settled, even though
the Award is vested, unless and until such obligations are satisfied. As a condition to acceptance of any Award under the Plan, (i) a
Participant authorizes withholding by the Company or a Related Company from payroll and any other amounts payable to such Participant,
and otherwise agree to make adequate provision for (including), any sums required to satisfy any U.S. federal, state, local and/or foreign
tax or social insurance contribution withholding obligations of the Company or a Related Company which arise in connection with the Award
and (ii) a Participant agrees to indemnify and hold the Company and the Related Companies harmless from any failure by the Company
or a Related Company to withhold the proper amount. The Administrator makes no representations that Awards granted under the Plan will,
and makes no undertaking to, minimize the tax impact to the Participant.

 

(b) Section 409A. The
Company intends that the Plan and Awards granted under the Plan (unless otherwise expressly provided for in the Award Agreement and Administrator
resolutions approving the Award) are exempt from the requirements of Section 409A to the maximum extent possible, whether pursuant
to the short-term deferral exception described in Treasury Regulation Section 1.409A-1(b)(4), the exclusion applicable to stock
options, stock appreciation rights and certain other equity-based compensation under Treasury Regulation Section 1.409A-1(b)(5)
or 1.409A-1(b)(6), or otherwise. The Administrator will use reasonable best efforts to interpret, operate and administer the Plan and
any Award granted under the Plan in a manner consistent with this intention. However, the Administrator makes no representations that
Awards granted under the Plan will be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A
from applying to Awards granted under the Plan.

 

 

    	 	9	 

     

    

 

(i) If Section 409A is applicable
to any Award granted under the Plan (that is, to the extent not so exempt), the Administrator intends that the non-exempt Award will comply
with the deferral, payout, plan termination and other limitations and restrictions imposed under Section 409A.

 

(ii) If necessary for exemption
from, or compliance with, Section 409A:

 

(A) All references in the Plan or
any Award granted under the Plan to the termination of the Participant’s employment or service are intended to mean the Participant’s
“separation from service,” within the meaning of Section 409A(a)(2)(A)(i).

 

(B) The Administrator will treat
each installment that vests or is delivered under an Award in a series of payments or installments as a separate payment for purposes
of Section 409A, unless expressly set forth in the Award Agreement that each installment is not a separate payment.

 

(C) If the Participant is a “specified
employee,” within the meaning of Section 409A, then if necessary to avoid subjecting the Participant to the imposition of any
additional tax under Section 409A, amounts that would otherwise be payable under the Plan or any Award granted under the Plan during
the 6-month period immediately following the Participant’s “separation from service” will not be paid to the Participant
during such period, but will instead be accumulated and paid to the Participant (or, in the event of the Participant’s death, the
Participant’s estate) in a lump sum on the first business day after the earlier of the date that is 6 months following the
Participant’s separation from service or the Participant’s death, unless the amounts can be paid in another manner that complies
with Section 409A.

 

(D) If, after the Grant Date of
an Award, the Administrator determines that an Award is reasonably likely to fail to be either exempt from or compliant with Section 409A,
the Administrator reserves the right, but will not be required, to unilaterally (and without the affected Participant’s consent)
amend or modify the Plan and any Award granted under the Plan so that the Award qualifies for exemption from or complies with Section 409A.
Any such amendment or modification made to avoid the imposition of adverse taxation under Section 409A will be deemed not to materially
adversely impact the Participant.

 

(E) The right to any dividends or
Dividend Equivalents declared and paid on the number of shares underlying an Option or a Stock Appreciation Right may not be contingent,
directly or indirectly, on the exercise of the Option or Stock Appreciation Right and must otherwise comply with or qualify for an exemption
under Section 409A. In addition, the right to any dividends or Dividend Equivalents declared and paid on Restricted Stock must comply
with or qualify for an exemption under Section 409A.

 

11. Restrictions on Transfer of Awards
and Common Stock.

 

(a) No Transfer of Awards. A
Participant may not Transfer an Award or interest in an Award other than (i) Transfers on Participant’s death by will or by
the Applicable Laws of descent and distribution, and (ii) Transfers of vested shares of Common Stock after the period of restrictions
have lapsed or been removed and the shares have been issued to the Participant, and subject to compliance with the Company’s policies
on trading in Company securities and Applicable Laws. In general, during a Participant’s lifetime, only the Participant granted
the Award may exercise the Award or purchase the shares under the Award. The Administrator may permit the Transfer of an Award or an interest
in an Award if that Transfer complies with all Applicable Laws, such as a transfer to a trust if the Participant is considered the sole
beneficial owner of the trust (as determined under Applicable Laws) or pursuant to a court-endorsed domestic relations order in a format
acceptable to the Administrator.

 

(b) Refusal to Transfer. The
Company will not be required (i) to Transfer on its books any shares of Common Stock that have been purportedly Transferred in violation
of any of the provisions of this Plan, or (ii) to treat as owner of the shares or to accord the right to vote or pay dividends to
any purchaser or other transferee to whom the shares have purportedly been so Transferred. In general, any Transfer or purported Transfer
of an Award or of shares of Common Stock issued under the Plan in violation of the Plan will be null and void, will have no force or effect.

 

 

    	 	10	 

     

    

 

12. Changes to Company’s Common
Stock.

 

(a) If the Company undertakes a
stock dividend, stock split, spin-off, combination or exchange of shares, recapitalization, merger, consolidation, distribution to stockholders
other than a normal cash dividend, or other change in the Company’s corporate or capital structure that constitutes an equity restructuring
transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or
any successor thereto) and that results in (i) the outstanding shares of Common Stock, or any securities exchanged therefor or received
in their place, being exchanged for a different number or kind of securities of the Company or any other company or (ii) new, different
or additional securities of the Company or any other company being received by the holders of shares of Common Stock, then the Administrator
will make proportional adjustments in (A) the maximum number and kind of securities available for issuance under the Plan; (B) the
maximum number and kind of securities issuable as Incentive Stock Options; (C) the maximum number and kind of securities subject
to the Award Limits, and (D) the maximum number and kind of securities that are subject to any outstanding Award and the per share
price of such securities, without any change in the aggregate price to be paid under the Award, in each case as necessary to prevent the
diminution or enlargement of rights under this Plan. The determination by the Administrator as to the terms of any of the foregoing adjustments
will be conclusive and binding. For clarity, the issuance by the Company of shares of stock of any class, or securities convertible into
shares of stock of any class, for cash or property, or for labor or services rendered, either on direct sale or on the exercise of rights
or warrants to subscribe therefor, or on conversion of shares or obligations of the Company convertible into such shares or other securities,
will not affect, and no adjustment by reason thereof will be made with respect to, outstanding Awards.

 

(b) Dissolution or Liquidation. To
the extent not previously exercised or settled, and unless otherwise determined by the Administrator in its sole discretion, Awards will
terminate immediately prior to the dissolution or liquidation of the Company. If a vesting condition, forfeiture provision or repurchase
right applicable to an Award has not been waived by the Administrator, the portion of the Award subject to that condition, provision or
right will be forfeited immediately prior to the consummation of the dissolution or liquidation.

 

(c) Change of Control. The
following provisions will apply to Awards in the event of a Change of Control unless otherwise provided in the Award Agreement or any
other written agreement between the Company or any Related Company and the Participant. In the event of a Change of Control:

 

(i) All outstanding Awards that
are subject to vesting based on continued employment or service with the Company or a Related Company shall become fully vested and immediately
exercisable or payable, and all applicable restrictions or forfeiture provisions shall lapse, immediately prior to the Change of Control
and such Awards shall terminate at the effective time of the Change of Control; provided, however, that with respect to a Change of Control
that is a Company Transaction in which such Awards could be converted, assumed, substituted for or replaced by the Successor Company,
such Awards shall become fully vested and exercisable or payable, all applicable restrictions or forfeiture provisions shall lapse, and
such Awards shall terminate at the effective time of the Change of Control, only if and to the extent such Awards are not converted, assumed,
substituted for or replaced by the Successor Company. If and to the extent that the Successor Company converts, assumes, substitutes for
or replaces an Award, the vesting restrictions and/or forfeiture provisions applicable to such Award shall not be accelerated or lapse,
and all such vesting restrictions and/or forfeiture provisions shall continue with respect to any shares of the Successor Company or other
consideration that may be received with respect to such Award.

 

(ii) For the purposes of Section 12(c)(i),
an Award shall be considered converted, assumed, substituted for or replaced by the Successor Company if following the Company Transaction
the Award confers the right to purchase or receive, for each share of Common Stock subject to the Award immediately prior to the Company
Transaction, the consideration (whether stock, cash or other securities or property) received in the Company Transaction by holders of
Common Stock for each share held on the effective date of the transaction (and if holders were offered a choice of consideration, the
type of consideration chosen by the holders of a majority of the outstanding shares); provided, however, that if such consideration received
in the Company Transaction is not solely common stock of the Successor Company, the Administrator may, with the consent of the Successor
Company, provide for the consideration to be received pursuant to the Award, for each share of Common Stock subject thereto, to be solely
common stock of the Successor Company substantially equal in fair market value to the per share consideration received by holders of Common
Stock in the Company Transaction. The determination of such substantial equality of value of consideration shall be made by the Administrator,
and its determination shall be conclusive and binding.

 

 

    	 	11	 

     

    

 

(iii) All outstanding Awards that
are subject to vesting based on the achievement of specified performance goals, and that are earned and outstanding as of the date the
Change of Control is determined to have occurred, and for which the payout level has been determined, shall be payable in full in accordance
with the payout schedule pursuant to the instrument evidencing the Award. Any remaining outstanding Awards that are subject to vesting
based on the achievement of specified performance goals (including any applicable performance period) for which the payout level has not
been determined shall be prorated based on actual results measured against the performance goals as of the Change of Control and shall
be payable in accordance with the payout schedule pursuant to the instrument evidencing the Award. Any existing deferrals or other restrictions
not waived by the Administrator in its sole discretion shall remain in effect. With respect to a Change of Control that is a Company Transaction
in which such Awards could be converted, assumed, substituted for or replaced by the Successor Company, such Awards shall terminate at
the effective time of the Change of Control if and to the extent such Awards are not converted, assumed, substituted for or replaced by
the Successor Company.

 

(iv) Notwithstanding the foregoing,
the Administrator, in its sole discretion, may instead provide in the event of a Change of Control that is a Company Transaction that
a Participant’s outstanding Awards shall terminate upon or immediately prior to such Company Transaction and that such Participant
shall receive, in exchange therefor, a cash payment equal to the amount (if any) by which (A) the value of the per share consideration
received by holders of Common Stock in the Company Transaction, or, in the event the Company Transaction is a transaction that does not
result in direct receipt of consideration by holders of Common Stock, the value of the deemed per share consideration received, in each
case as determined by the Administrator in its sole discretion, multiplied by the number of shares of Common Stock subject to such outstanding
Awards (to the extent then vested and exercisable or whether or not then vested and exercisable, as determined by the Administrator in
its sole discretion) exceeds (B) if applicable, the respective aggregate exercise price or grant price for such Awards.

 

(v) For the avoidance of doubt,
nothing in this Section 12(c) requires all outstanding Awards to be treated similarly.

 

(d) Outside Director Awards. Awards
granted to Outside Directors who remain in Service on the Board as of immediately prior to the effective time of a Change of Control will
become fully vested and exercisable as of immediately prior to the effective time, provided the Outside Director signs and returns a joinder
and release agreement comparable to (and not materially more onerous than) that required of the Company’s stockholders as part of
the definitive agreement relating to the Change of Control.

 

(e) Further Adjustment of
Awards. The Administrator will have the discretion to take additional action as it determines to be necessary or advisable
with respect to Awards. Such authorized action may include (but will not be limited to) establishing, amending or waiving the type, terms,
conditions or duration of, or restrictions on, Awards so as to provide for earlier, later, extended or additional time for exercise, lifting
restrictions and other modifications, and the Administrator may take such actions with respect to all Participants, to certain categories
of Participants or only to individual Participants. The Administrator may take such action before or after granting Awards to which the
action relates and before or after any public announcement with respect to such sale, merger, consolidation, reorganization, liquidation,
dissolution or change of control that is the reason for such action.

 

(f) No Limitations. The
grant of Awards will in no way affect the Company’s right to adjust, reclassify, reorganize or otherwise change its capital or business
structure or to merge, consolidate, dissolve, liquidate or sell or Transfer all or any part of its business or assets.

 

(g) Payment Conditions. By
accepting an Award under the Plan, each Participant agrees that if an Award is to be terminated in connection with a Change of Control
in exchange for a payment in cash, securities or other property, a condition to receipt of any such payment is that the Participant execute
an Award termination agreement providing for, among other things, (i) the Participant’s agreement and consent to (A) the
amount of such consideration to be paid in respect of the Award and (B) the termination of the Award in exchange for such consideration,
(ii) the Participant’s agreement to be bound by the indemnification, escrow, earn-out, holdback or similar arrangements contained
in the definitive agreements relating to the Change of Control that are applicable to holders of Common Stock generally, (iii) a
customary release of any and all claims the Participant may have, whether known, unknown or otherwise, arising from or relating to the
Award and ownership of Company securities, including any claims relating to cash, equity or other compensation, (iv) the Participant’s
agreement to keep all non-public information provided in connection with the Change of Control transaction confidential, and (v) other
customary provisions.

 

 

    	 	12	 

     

    

 

(h) Fractional Shares. In
the event of any adjustment in the number of shares covered by any Award, each such Award will cover only the number of full shares resulting
from such adjustment, and any fractional shares resulting from such adjustment will be disregarded.

 

13. Term of the Plan. This
Plan will expire 10 years after the adoption of the Plan by the Board. The Administrator may not grant new Awards after the expiration
of the Plan or the date the Plan is otherwise terminated. Stockholders of the Company must approve the Plan and any increase in the Share
Reserve and ISO Limit not later than 12 months after the Plan, Share Reserve or ISO Limit increase, as applicable, is adopted by
the Board.

 

14. Amendment and Termination.

 

(a) Plan Amendment, Suspension
or Termination. The Administrator may amend, suspend or terminate the Plan or any portion of the Plan at any time and in
such respects as it will deem advisable. No amendment will be effective absent stockholder approval if required by Applicable Law, including
any amendment that would increase the Share Reserve or ISO Limit.

 

(b) Award Amendment. The
Administrator may amend any Award at any time. However, the Administrator may not amend an Award in a manner that materially adversely
impacts the rights of the Participant holding that Award without the Participant’s written consent. A Participant will not be deemed
to have been materially adversely impacted if, without the consent of the Participant, the Board amends an Award: (i) to maintain
the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code, (ii) to change the terms of an
Incentive Stock Option to the extent such change results in impairment of the Award solely because it impairs the qualified status of
the Award as an Incentive Stock Option under Section 422 of the Code, (iii) to clarify the manner of exemption from, or to bring
the Award into compliance with Section 409A, (iv) to correct clerical or typographical errors, or (v) to comply with other
Applicable Laws.

 

15. No Individual Rights.

 

(a) No individual or Participant
will have any claim to be granted any Award under the Plan. The Company has no obligation for uniformity of treatment of Participants
under the Plan.

 

(b) Nothing in the Plan or any Award
will be deemed to constitute an employment contract or confer or be deemed to confer on any Participant any right to continue in the employ
of, or to continue any other service relationship with, the Company or any Related Company or limit in any way the right of the Company
or any Related Company to terminate a Participant’s Service relationship at any time, with or without cause.

 

16. Conditions on Issuance of Shares.

 

(a) The Company will have no obligation
to issue or deliver any shares of Common Stock under the Plan or make any other distribution of benefits under the Plan unless, in the
opinion of the Company’s counsel, such issuance, delivery or distribution would comply with all Applicable Laws.

 

(b) The Company will be under no
obligation to any Participant to register for offering or resale or to qualify for exemption under the Securities Act, or to register
or qualify under the laws of any state or foreign jurisdiction, any shares of Common Stock, security or interest in a security paid or
issued under, or created by, the Plan, or to continue in effect any such registrations or qualifications if made. If, after reasonable
efforts and at a reasonable cost, the Company is unable to obtain from any regulatory commission or agency the authority that legal counsel
for the Company deems necessary or advisable for the lawful issuance and sale of Common Stock under the Plan, the Company will be relieved
from any liability for failure to issue and sell Common Stock under those Awards.

 

(c) As a condition to the receipt
of Common Stock under the Plan, the Administrator may require the Participant to (i) make any representations or warranties required
for compliance with Applicable Laws and (ii) undertake additional actions as necessary to comply with Applicable Laws.

 

(d) The Company may issue shares
of Common Stock on a noncertificated basis, including as digital assets located on a distributed ledger or blockchain, to the extent not
prohibited by Applicable Law or the applicable rules of any stock exchange. The Company may require that any shares of Common Stock that
are unvested or subject to transfer restrictions will be (i) held in book entry form subject to the Company’s instructions
until such shares become vested or any other restrictions lapse or (ii) evidenced by a certificate, which certificate will be held
in such form and manner as determined by the Administrator.

 

 

    	 	13	 

     

    

 

17. No Rights as a Stockholder. Unless
otherwise provided by the Administrator or in the Award Agreement or in a written employment, services or other agreement, no Participant
will be deemed to be the holder of, or have any rights of a holder of, the shares of the Common Stock subject to an Award unless and until
the date of issuance under the Plan of the shares that are the subject of such Award. No adjustment to an Award will be made for a dividend
or other right for which the record date is prior to the date the shares of Common Stock are issued, except as provided in Section 12.

 

18. Participants in Other Countries
or Jurisdictions. The Administrator may grant Awards to Eligible Persons who are foreign nationals on such terms and conditions
different from those specified in the Plan, as may, in the judgment of the Administrator, be necessary or desirable to foster and promote
achievement of the purposes of the Plan. The Administrator has the authority to adopt Plan modifications, administrative procedures, subplans
and the like as may be necessary or desirable to comply with provisions of the laws or regulations of other countries or jurisdictions
in which the Company or any Related Company may operate or have employees.

 

19. No Trust or Fund. The
Plan is intended to constitute an “unfunded” plan. Nothing contained herein will require the Company to segregate any monies
or other property, or shares of Common Stock, or to create any trusts, or to make any special deposits for any immediate or deferred amounts
payable to any Participant. No Participant will have any rights that are greater than those of a general unsecured creditor of the Company.
Proceeds from the sale of shares of Common Stock pursuant to Awards will constitute general funds of the Company.

 

20. Successors. All obligations
of the Company under the Plan with respect to Awards will be binding on any successor to the Company, whether the existence of such successor
is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all the business and/or assets
of the Company. The Plan and conditions of any Award will be binding on the Participant and the Participant’s estate, executor,
any receiver or trustee in bankruptcy and any representative of Participant’s creditors.

 

21. Severability. If any
provision of the Plan or any Award is determined to be invalid, illegal or unenforceable in any jurisdiction, or as to any person, or
would disqualify the Plan or any Award under any law deemed applicable by the Administrator, such provision will be construed or deemed
amended to conform to Applicable Laws. If any such provision cannot be so construed or deemed amended without, in the Administrator’s
determination, materially altering the intent of the Plan or the Award, such provision will be stricken as to such jurisdiction, person
or Award, and the remainder of the Plan and any such Award will remain in full force and effect.

 

22. Choice of Law and Venue. The
Plan, all Awards granted thereunder, and all determinations made and actions taken pursuant hereto, to the extent not otherwise governed
by the laws of the United States, will be governed by the laws of the state of Texas without giving effect to principles of conflicts
of law. Participants irrevocably consent to the nonexclusive jurisdiction and venue of the state and federal courts located in the state
of Texas.

 

23. Legal Requirements. The
granting of Awards and the issuance of shares of Common Stock under the Plan are subject to and intended to comply with all Applicable
Laws.

 

 

 

 

    	 	14	 

     

    

 

APPENDIX A

 

DEFINITIONS

 

For purposes of the Plan:

 

“Acceleration Conditions”
means the Participant signs, and does not revoke, the Company’s standard form of release of all claims so that it is effective not
later than 60 days after the Termination of Service, resigns from all positions the Participant then holds with the Company, and
otherwise complies with all continuing obligations to the Company.

 

“Acquired Entity”
means any entity acquired by the Company or a Related Company or with which the Company or a Related Company merges or combines.

 

“Admin Portal”
means any third-party online stock plan administration portal used to document and administer the Plan and Awards granted hereunder.

 

“Administrator” has
the meaning set forth in Section 3(a) of the Plan.

 

“Applicable Law”
means the requirements relating to the administration of this Plan and the Awards granted hereunder under any applicable securities, federal,
state, foreign, material local or municipal or other law, statute, constitution, principle of common law, resolution, ordinance, code,
edict, decree, rule, listing rule, regulation, judicial decision, ruling or requirement issued, enacted, adopted, promulgated, implemented
or otherwise put into effect by or under the authority of any governmental body (including under the authority of any applicable self-regulating
organization such as the Nasdaq Stock Market, New York Stock Exchange, or the Financial Industry Regulatory Authority).

 

“Award”
means any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit or cash-based award or other incentive payable in
cash or in shares of Common Stock, as may be designated by the Administrator from time to time.

 

“Award Agreement”
means the written document stating the terms of the Award.

 

“Board” means the
Board of Directors of the Company.

 

“Cause,”
unless otherwise defined in an Award Agreement or in a written employment, services or other agreement between the Participant and the
Company or a Related Company, means, with respect to a Participant, the occurrence of any of the following events: (a) such Participant’s
commission of any felony; (b) such Participant’s commission of a crime involving fraud or dishonesty under the laws of the
United States or any state thereof that are applicable to that Participant and which crime is reasonably likely to result in material
adverse effects on the Company or a Related Company; (c) such Participant’s material violation of any contract or agreement
between the Participant and the Company or a Related Company or material breach of any statutory duty owed to the Company or a Related
Company; (d) such Participant’s unauthorized use or disclosure of the confidential information or trade secrets of the Company
or a Related Company; or (e) such Participant’s gross misconduct that is reasonably likely to result in material adverse effects
on the Company or a Related Company. The determination that a termination of the Participant is either for Cause or without Cause will
be made by the Administrator, in its sole discretion. Any determination by the Administrator that a Participant was terminated with or
without Cause for the purposes of outstanding Awards held by such Participant will have no effect on any determination of the rights or
obligations of the Company or such Participant for any other purpose.

 

“Change of Control,”
unless the Administrator determines otherwise with respect to an Award at the time the Award is granted or unless otherwise defined for
purposes of an Award in a written employment, services or other agreement between the Participant and the Company or a Related Company,
means the consummation, in a single transaction or in a series of related transactions, of any one or more of the following events:

 

(a) Any person or entity becomes
the owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s
then outstanding securities other than by virtue of a merger, consolidation or similar transaction.

 

(b) A Company Transaction.

 

 

    	 	15	 

     

    

 

However, the term Change of
Control will not include a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of
the Company.

 

In addition, a Change of Control
will not be deemed to occur (i) on account of the acquisition of securities of the Company by an investor, any affiliate thereof
or any other entity or person that acquires the Company’s securities in a transaction or series of related transactions the primary
purpose of which is to obtain financing for the Company through the issuance of equity securities, or (ii) solely because the level
of ownership held by any person or entity (the “Subject Person”) exceeds the designated percentage threshold of
the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the number
of shares outstanding. However, if a Change of Control would occur (but for the operation of this sentence) as a result of the acquisition
of voting securities by the Company, and after such share acquisition, the Subject Person becomes the owner of any additional voting securities
that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding voting securities
owned by the Subject Person over the designated percentage threshold, then a Change of Control will be deemed to occur.

 

If necessary for compliance
with Section 409A, no transaction will be a Change of Control unless it is also a change in the ownership or effective control of
the Company, or in the ownership of a substantial portion of the Company’s assets, as provided in Section 409A(a)(2)(A)(v)
of the Code and Treasury Regulations Section 1.409A-3(i)(5).

 

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

 

“Committee”
means a duly authorized committee of the Board that is structured to satisfy Applicable Laws for purposes of the actions being taken by
that Committee.

 

“Common Stock” means
the common stock, par value $0.001 per share, of the Company.

 

“Company” means Applied
Optoelectronics, Inc., a Delaware corporation.

 

“Company Transaction”
means:

 

(a) a merger, consolidation or similar
transaction involving (directly or indirectly) the Company and, immediately after the consummation of such merger, consolidation or similar
transaction, the stockholders of the Company immediately prior thereto do not own, directly or indirectly, either (A) outstanding
voting securities representing more than 50% of the combined outstanding voting power of the surviving entity in such merger, consolidation
or similar transaction, or (B) more than 50% of the combined outstanding voting power of the parent of the surviving entity in such
merger, consolidation or similar transaction, in each case in substantially the same proportions as their ownership of the outstanding
voting securities of the Company immediately prior to such transaction;

 

(b) a sale in one transaction or
a series of transactions undertaken with a common purpose of more than 50% of the Company’s outstanding voting securities; or

 

(c) a sale or other disposition
of all or substantially all of the consolidated assets of the Company and its subsidiaries, other than a sale or other disposition of
all or substantially all of the consolidated assets of the Company and its subsidiaries to a person or entity, more than 50% of the combined
voting power of the voting securities of which are owned by stockholders of the Company in substantially the same proportions as their
ownership of the outstanding voting securities of the Company immediately prior to such sale or other disposition.

 

“Disability,”
unless otherwise defined by the Administrator for purposes of the Plan or in an Award Agreement or in a written employment, services or
other agreement between the Participant and the Company or a Related Company, means a mental or physical impairment of the Participant
that is expected to result in death or that has lasted or is expected to last for a continuous period of 12 months or more and that
causes the Participant to be unable to perform the Participant’s material duties for the Company or a Related Company and to be
engaged in any substantial gainful activity, in each case as determined by the Company’s chief human resources officer or other
person performing that function or, in the case of directors and executive officers, the Administrator, each of whose determination will
be conclusive and binding.

 

 

    	 	16	 

     

    

 

“Dividend Equivalent”
means a credit, made at the discretion of the Administrator or as otherwise provided by the Plan, to the account of a Participant in an
amount equal to the cash dividends paid on one share of Common Stock for each share represented by an Award held by such Participant.
Dividend Equivalents will generally be subject to the same vesting restrictions as the related shares subject to the underlying Award.
The Administrator may settle Dividend Equivalents in cash, shares of Common Stock, or a combination thereof.

 

“Effective Date” means
the date the Plan is approved by the stockholders.

 

“Eligible Person”
means any person eligible to receive an Award as set forth in Section 5 of the Plan.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended from time to time.

 

“Fair Market Value”
means the per share fair market value of the Common Stock as established in good faith by the Administrator. In general, if the Common
Stock is listed on an established stock exchange or national market system, the Administrator will use the closing sales price for the
Common Stock on any given date during regular trading, or if not trading on that date, such price on the last preceding date on which
the Common Stock was traded, unless determined otherwise by the Administrator using such methods or procedures as it may establish. If
the Common Stock is not listed on a national stock exchange or national market system, the Administrator will determine Fair Market Value
in a manner consistent with Sections 409A and 422 of the Code. However, in determining the value of a share for purposes of tax reporting
purposes and such other purposes as determined by the Administrator, the Administrator may calculate Fair Market Value using the foregoing
methods, the actual sales price in the transaction at issue (e.g., “sell to cover”), or such other value determined
by the Company’s general counsel or principal financial officer in good faith in a manner that complies with applicable tax laws.

 

“Good Reason”
will have the meaning ascribed to such term in any written agreement between the Participant and the Company defining such term as applicable
to an Award and, in the absence of such agreement, such term means, with respect to a Participant, the Participant’s resignation
from all positions he or she then-holds with the Company following: (i) a reduction in the Participant’s base salary of more
than 10% or (ii) the required relocation of Participant’s primary work location to a facility that increases the Participant’s
one-way commute by more than 50 miles, in either case, only if (x) Participant provides written notice to the Company’s Chief
Executive Officer within 30 days following such event identifying the nature of the event, (y) the Company fails to cure such
event within 30 days following receipt of such written notice and (z) Participant’s resignation is effective not later
than 30 days thereafter.

 

“Grant Date”
means the later of (a) the date on which the Administrator completes the corporate action authorizing the grant of an Award or such
later date specified by the Administrator and (b) the date on which all conditions precedent to an Award have been satisfied, provided
that conditions to the exercisability or vesting of Awards will not defer the Grant Date.

 

“Incentive Stock Option”
or “ISO” means an Option granted with the intention that it qualify as an “incentive stock option” as that
term is defined for purposes of Section 422 of the Code or any successor provision.

 

“Nonqualified Stock
Option,” “Nonstatutory Stock Option,” or “NSO” means an Option that does not qualify as
an Incentive Stock Option.

 

“Option”
means a right to purchase Common Stock granted under Section 7 of the Plan. Options are either Incentive Stock Options or Nonstatutory
Stock Options.

 

“Outside Director”
means a member of the Board who is not an employee of the Company or any Related Company.

 

“Parent Company”
means a company or other entity which as a result of a Company Transaction owns the Company or all or substantially all of the Company’s
assets either directly or through one or more subsidiaries.

 

“Participant” means
any Eligible Person to whom an Award is granted.

 

 

    	 	17	 

     

    

 

“Performance Metrics”
means performance objectives measuring achievement in earnings (including earnings per share or net earnings); earnings before interest,
taxes and depreciation; earnings before interest, taxes, depreciation and amortization; total stockholder return; return on equity or
average stockholder’s equity; return on assets, investment, or capital employed; stock price; margin (including gross margin); income
(before or after taxes); operating income; operating income after taxes; pre-tax profit; operating cash flow; sales or revenue targets;
increases in revenue or product revenue; expenses and cost reduction goals; improvement in or attainment of working capital levels; economic
value added (or an equivalent metric); market share; cash flow; cash flow per share; share price performance; debt reduction; customer
satisfaction; stockholders’ equity; capital expenditures; debt levels; operating profit or net operating profit; workforce diversity;
growth of net income or operating income; billings; financing; regulatory milestones; stockholder liquidity; corporate governance and
compliance; environmental or climate impact; social good impact; intellectual property; personnel matters; progress of internal research;
progress of partnered programs; partner satisfaction; budget management; partner or collaborator achievements; internal controls, including
those related to the Sarbanes-Oxley Act of 2002; investor relations, analysts and communication; implementation or completion of projects
or processes; employee retention; strategic partnerships or transactions (including in-licensing and out-licensing of intellectual property);
establishing relationships with respect to the marketing, distribution and sale of the Company’s products; supply chain achievements;
co-development, co-marketing, profit sharing, joint venture or other similar arrangements; individual performance goals; corporate development
and planning goals; and other measures of performance selected by the Administrator. Performance Metrics may be measured on an absolute
basis or relative to a pre-established target, across or within Performance Periods, and, with respect to financial metrics, in accordance
with or with deviations from either United States Generally Accepted Accounting Principles (“GAAP”) or International Accounting
Standards Board (“IASB”) principles.

 

“Plan” means this
2021 Equity Incentive Plan.

 

“Related Company”
means any “parent” or “subsidiary” of the Company, as such terms are defined under Rule 405 of the Securities
Act. The Administrator will determine status as a Related Company.

 

“Restricted Stock”
means an Award of shares of Common Stock, either without payment of a purchase price (a “Restricted Stock Bonus Award”)
or with payment of a purchase price (a “Restricted Stock Purchase Award”).

 

“Restricted Stock
Unit” or “RSU” means an Award denominated in units of Common Stock that represents an unfunded, unsecured
right to receive the Fair Market Value of one share of Common Stock for each unit subject to the Award in cash, Common Stock or other
securities, on the date of vesting or settlement.

 

“Rule 16b-3”
means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect when discretion is being exercised with respect
to the Plan.

 

“Section 409A”
means Section 409A of the Code.

 

“Securities Act” means
the Securities Act of 1933, as amended from time to time.

 

“Service” means there
has not been a Termination of Service with respect to a Participant.

 

“Stock Appreciation
Right” or “SAR” means a right to receive, in cash, shares of Common Stock or other securities, (i) the
Fair Market Value per share of Common Stock on the date of exercise minus the grant price per share of Common Stock subject to the SAR,
multiplied by (ii) the number of shares of Common Stock with respect to which the SAR is exercised.

 

“Substitute Awards”
means Awards granted or shares of Common Stock issued by the Company in substitution or exchange for awards previously granted by an Acquired
Entity.

 

“Successor Company”
means the surviving company, the successor company or Parent Company, as applicable, in connection with a Company Transaction.

 

 

    	 	18	 

     

    

 

“Termination of Service,”
unless the Administrator determines otherwise with respect to an Award, means a termination of employment or service relationship with
the Company or a Related Company for any reason, whether voluntary or involuntary, including by reason of death or Disability. Any question
as to whether and when there has been a Termination of Service for the purposes of an Award and the cause of such Termination of Service
will be determined by the Company’s chief human resources officer or other person performing that function or, with respect to directors
and executive officers, by the Administrator, whose determination will be conclusive and binding. Transfer of a Participant’s employment
or service relationship between the Company and any Related Company will not be considered a Termination of Service for purposes of an
Award. Unless the Administrator determines otherwise, a Termination of Service will be deemed to occur if the Participant’s employment
or service relationship is with an entity that has ceased to be a Related Company. A Participant’s change in status from an employee
of the Company or a Related Company to an Outside Director, consultant, advisor or independent contractor of the Company or a Related
Company, or a change in status from an Outside Director, consultant, advisor or independent contractor of the Company or a Related Company
to an employee of the Company or a Related Company, will not be considered a Termination of Service.

 

“Transfer”
means, as the context may require, (a) any sale, assignment, pledge (as collateral for a loan or as security for the performance
of an obligation or for any other purpose), hypothecation, mortgage, encumbrance or other disposition, whether by contract, gift, will,
intestate succession, operation of law or otherwise, of all or any part of an Award or shares issued thereunder, as applicable, (b) any
transaction designed to give the stockholder essentially the same economic benefit as any of the foregoing, and (c) any verb equivalent
of the foregoing.

 

“Vesting Commencement Date”
means the Grant Date or such other date selected by the Administrator as the date from which an Award begins to vest.

 

 

 

    	 	19EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
  

NIKOLA CORPORATION, 
 as the
Company, 
 THE GUARANTORS PARTY HERETO FROM TIME TO TIME, 

as Guarantors 
 AND 

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION 

as Trustee 
 INDENTURE 

Dated as of June 1, 2022 

8.00% / 11.00% Convertible Senior PIK Toggle Notes due 2026 
  

 
  

 TABLE OF CONTENTS 

 
  

 

					
	 	  	PAGE	 
	ARTICLE 1	 
	DEFINITIONS	 
		
	 Section 1.01. Definitions
	  	 	2	 
	 Section 1.02. References to Interest
	  	 	19	 
	
	ARTICLE 2	 
	ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES	 
		
	 Section 2.01. Designation and Amount
	  	 	20	 
	 Section 2.02. Form of Notes
	  	 	20	 
	 Section 2.03. Date and Denomination of Notes; Payments of Interest and Defaulted
Amounts
	  	 	21	 
	 Section 2.04. Execution, Authentication and Delivery of Notes
	  	 	24	 
	 Section 2.05. Exchange and Registration of Transfer of Notes; Restrictions on
Transfer; Depositary
	  	 	25	 
	 Section 2.06. Mutilated, Destroyed, Lost or Stolen Notes
	  	 	31	 
	 Section 2.07. Temporary Notes
	  	 	32	 
	 Section 2.08. Cancellation of Notes Paid, Converted, Etc.
	  	 	32	 
	 Section 2.09. CUSIP Numbers
	  	 	33	 
	 Section 2.10. Additional Notes; Repurchases
	  	 	33	 
	
	ARTICLE 3	 
	SATISFACTION AND DISCHARGE	 
		
	 Section 3.01. Satisfaction and Discharge
	  	 	33	 
	
	ARTICLE 4	 
	PARTICULAR COVENANTS OF THE COMPANY	 
		
	 Section 4.01. Payment of Principal and Interest
	  	 	34	 
	 Section 4.02. Maintenance of Office or Agency
	  	 	34	 
	 Section 4.03. Appointments to Fill Vacancies in Trustee’s Office
	  	 	35	 
	 Section 4.04. Provisions as to Paying Agent
	  	 	35	 
	 Section 4.05. Existence
	  	 	37	 
	 Section 4.06. Rule 144A Information Requirement and Annual Reports
	  	 	37	 
	 Section 4.07. Stay, Extension and Usury Laws
	  	 	38	 
	 Section 4.08. Compliance Certificate; Statements as to Defaults
	  	 	38	 
	 Section 4.09. Further Instruments and Acts
	  	 	39	 
	 Section 4.10. Limitation on Secured Debt
	  	 	39	 

  
 i 

					
	ARTICLE 5	 
	LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE
TRUSTEE	 
		
	 Section 5.01. Lists of Holders
	  	 	40	 
	 Section 5.02. Preservation and Disclosure of Lists
	  	 	40	 
	
	ARTICLE 6	 
	DEFAULTS AND REMEDIES	 
		
	 Section 6.01. Events of Default
	  	 	40	 
	 Section 6.02. Acceleration; Rescission and Annulment
	  	 	42	 
	 Section 6.03. Additional Interest
	  	 	43	 
	 Section 6.04. Payments of Notes on Default; Suit Therefor
	  	 	44	 
	 Section 6.05. Application of Monies Collected by Trustee
	  	 	46	 
	 Section 6.06. Proceedings by Holders
	  	 	47	 
	 Section 6.07. Proceedings by Trustee
	  	 	48	 
	 Section 6.08. Remedies Cumulative and Continuing
	  	 	48	 
	 Section 6.09. Direction of Proceedings and Waiver of Defaults by Majority of
Holders
	  	 	48	 
	 Section 6.10. Notice of Defaults
	  	 	49	 
	 Section 6.11. Undertaking to Pay Costs
	  	 	49	 
	
	ARTICLE 7	 
	CONCERNING THE TRUSTEE	 
		
	 Section 7.01. Duties and Responsibilities of Trustee
	  	 	49	 
	 Section 7.02. Reliance on Documents, Opinions, Etc.
	  	 	51	 
	 Section 7.03. No Responsibility for Recitals, Etc.
	  	 	52	 
	 Section 7.04. Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or
Note Registrar May Own Notes
	  	 	52	 
	 Section 7.05. Monies and Shares of Common Stock to Be Held in Trust
	  	 	53	 
	 Section 7.06. Compensation and Expenses of Trustee
	  	 	53	 
	 Section 7.07. Officer’s Certificate as Evidence
	  	 	54	 
	 Section 7.08. Eligibility of Trustee
	  	 	54	 
	 Section 7.09. Resignation or Removal of Trustee
	  	 	54	 
	 Section 7.10. Acceptance by Successor Trustee
	  	 	55	 
	 Section 7.11. Succession by Merger, Etc.
	  	 	56	 
	 Section 7.12. Trustee’s Application for Instructions from the Company
	  	 	56	 
	
	ARTICLE 8	 
	CONCERNING THE HOLDERS	 
		
	 Section 8.01. Action by Holders
	  	 	57	 
	 Section 8.02. Proof of Execution by Holders
	  	 	57	 
	 Section 8.03. Who Are Deemed Absolute Owners
	  	 	57	 
	 Section 8.04. Company-Owned Notes Disregarded
	  	 	58	 

  
 ii 

					
	 Section 8.05. Revocation of Consents; Future Holders Bound
	  	 	58	 
	
	ARTICLE 9	 
	HOLDERS’ MEETINGS	 
		
	 Section 9.01. Purpose of Meetings
	  	 	59	 
	 Section 9.02. Call of Meetings by Trustee
	  	 	59	 
	 Section 9.03. Call of Meetings by Company or Holders
	  	 	59	 
	 Section 9.04. Qualifications for Voting
	  	 	60	 
	 Section 9.05. Regulations
	  	 	60	 
	 Section 9.06. Voting
	  	 	60	 
	 Section 9.07. No Delay of Rights by Meeting
	  	 	61	 
	
	ARTICLE 10	 
	SUPPLEMENTAL INDENTURES	 
		
	 Section 10.01. Supplemental Indentures Without Consent of Holders
	  	 	61	 
	 Section 10.02. Supplemental Indentures with Consent of Holders
	  	 	62	 
	 Section 10.03. Effect of Supplemental Indentures
	  	 	63	 
	 Section 10.04. Notation on Notes
	  	 	64	 
	 Section 10.05. Evidence of Compliance of Supplemental Indenture to Be Furnished
Trustee
	  	 	64	 
	
	ARTICLE 11	 
	CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE	 
		
	 Section 11.01. Company May Consolidate, Etc. on Certain Terms
	  	 	64	 
	 Section 11.02. Guarantors May Consolidate, Etc. on Certain Terms
	  	 	65	 
	 Section 11.03. Successor Company to Be Substituted
	  	 	65	 
	 Section 11.04. Opinion of Counsel to Be Given to Trustee
	  	 	66	 
	
	ARTICLE 12	 
	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	 
		
	 Section 12.01. Indenture, Notes and Note Guarantees Solely Corporate
Obligations
	  	 	66	 
	
	ARTICLE 13	 
	GUARANTEES	 
		
	 Section 13.01. Guarantees.
	  	 	67	 
	 Section 13.02. No Subrogation
	  	 	68	 
	 Section 13.03. Consideration
	  	 	68	 
	 Section 13.04. Limitation on Guarantor Liability
	  	 	68	 
	 Section 13.05. Execution and Delivery
	  	 	69	 
	 Section 13.06. Release of Guarantors
	  	 	69	 
	 Section 13.07. Future Guarantors
	  	 	70	 

  
 iii 

					
	ARTICLE 14	 
	CONVERSION OF NOTES	 
		
	 Section 14.01. Conversion Privilege
	  	 	70	 
	 Section 14.02. Conversion Procedure; Settlement Upon Conversion
	  	 	74	 
	 Section 14.03. Increased Conversion Rate Applicable to Certain Notes Surrendered in
Connection with Make-Whole Fundamental Changes or Called Notes During a Redemption Period
	  	 	80	 
	 Section 14.04. Adjustment of Conversion Rate
	  	 	82	 
	 Section 14.05. Adjustments of Prices
	  	 	92	 
	 Section 14.06. Shares to Be Fully Paid
	  	 	92	 
	 Section 14.07. Effect of Recapitalizations, Reclassifications and Changes of the
Common Stock
	  	 	92	 
	 Section 14.08. Certain Covenants
	  	 	94	 
	 Section 14.09. Responsibility of Trustee
	  	 	94	 
	 Section 14.10. Notice to Holders Prior to Certain Actions
	  	 	95	 
	 Section 14.11. Stockholder Rights Plans
	  	 	96	 
	 Section 14.12. Exchange In Lieu Of Conversion
	  	 	96	 
	
	ARTICLE 15	 
	REPURCHASE OF NOTES AT OPTION OF HOLDERS	 
		
	 Section 15.01. Intentionally Omitted
	  	 	97	 
	 Section 15.02. Repurchase at Option of Holders Upon a Fundamental Change or
Change in Control Transaction
	  	 	97	 
	 Section 15.03. Withdrawal of Fundamental Change Repurchase Notice
	  	 	100	 
	 Section 15.04. Deposit of Fundamental Change Repurchase Price
	  	 	100	 
	 Section 15.05. Covenant to Comply with Applicable Laws Upon Repurchase of
Notes
	  	 	101	 
	
	ARTICLE 16	 
	OPTIONAL REDEMPTION	 
		
	 Section 16.01. Optional Redemption
	  	 	101	 
	 Section 16.02. Notice of Optional Redemption; Selection of Notes
	  	 	102	 
	 Section 16.03. Payment of Notes Called for Redemption
	  	 	103	 
	 Section 16.04. Restrictions on Redemption
	  	 	103	 
	
	ARTICLE 17	 
	MISCELLANEOUS PROVISIONS	 
		
	 Section 17.01. Provisions Binding on Company’s and Guarantors’
Successors
	  	 	104	 
	 Section 17.02. Official Acts by Successor Entity
	  	 	104	 
	 Section 17.03. Addresses for Notices, Etc.
	  	 	104	 
	 Section 17.04. Governing Law; Jurisdiction
	  	 	105	 

  
 iv 

					
	 Section 17.05. Evidence of Compliance with Conditions Precedent; Certificates and
Opinions of Counsel to Trustee
	  	 	106	 
	 Section 17.06. Legal Holidays
	  	 	106	 
	 Section 17.07. No Security Interest Created
	  	 	106	 
	 Section 17.08. Benefits of Indenture
	  	 	106	 
	 Section 17.09. Table of Contents, Headings, Etc.
	  	 	107	 
	 Section 17.10. Authenticating Agent
	  	 	107	 
	 Section 17.11. Execution in Counterparts
	  	 	108	 
	 Section 17.12. Severability
	  	 	108	 
	 Section 17.13. Waiver of Jury Trial
	  	 	108	 
	 Section 17.14. Force Majeure
	  	 	109	 
	 Section 17.15. Calculations
	  	 	109	 
	 Section 17.16. USA PATRIOT Act
	  	 	109	 
	 Section 17.17. No Personal Liability of Directors, Officers, Employees or
Stockholders
	  	 	109	 
		
	EXHIBITS	  			
		
	 Exhibit A Form of Note
	  	 	A-1	 
	 Exhibit B Form of Notational Guarantee
	  	 	B-1	 

  

  
 v 

 INDENTURE, dated as of June 1, 2022 among NIKOLA CORPORATION, a Delaware corporation,
as issuer (the “Company”, as more fully set forth in Section 1.01), the Guarantors party hereto from time to time and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association organized under the laws of the
United States, 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 8.00% / 11.00% Convertible Senior PIK Toggle
Notes due 2026 (the “Notes”), 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; 

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; 

WHEREAS, the Notes will be guaranteed on a senior basis by the Guarantors party hereto and each of the Company’s existing and future
Domestic Subsidiaries other than any Non-Guarantor Subsidiary to the extent required herein, and each of the Guarantors party hereto has duly authorized the execution and delivery of this Indenture and the
issuance of its Note Guarantee; 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 the Guarantors, and this Indenture a valid agreement according to its
terms, have been done and performed, and the execution of this Indenture and the issuance hereunder of the Notes and the Note Guarantees 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 Guarantors party hereto 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 Section 4.06(d) and Section 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. Notwithstanding anything
to the contrary herein, the determination of whether one Person is an “Affiliate” of another Person for purposes of this Indenture shall be made based on the facts at the time such determination is made or required to be made, as the case
may be, hereunder. 
 “Agreed Guarantee Principles” shall have the meaning specified in Section 13.04. 

“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, but the Company may appoint another Person as the Bid Solicitation Agent without prior notice to the 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. 

  
 2 

 “Called Notes” means Notes called for redemption pursuant to Article 16 or
subject to a Deemed Redemption. 
 “Capital Lease” means, with respect to any Person, any lease of any property which, in
conformity with GAAP, is required to be capitalized on the balance sheet of such Person. 
 “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. 

“Capitalization Amount” means, for any Interest PIK Date, an amount per Note equal to the interest accrued on the principal
amount of such Note as of the immediately preceding Interest Payment Date (or, if there is no immediately preceding Interest Payment Date, the interest accrued on the Initial Principal Amount) and not paid in cash, calculated at the PIK Interest
Rate on the principal amount of such Note for which interest is not paid in cash for the period from, and including, such immediately preceding Interest Payment Date (or, if there is no immediately preceding Interest Payment Date, from, and
including, the issue date of such Notes or such other date from which such Note bears interest as stated on such Note) to, but excluding, such Interest PIK Date. 

“Capitalization Method” shall have the meaning specified in Section 2.03(d)(i). 

“Capitalized Principal Amount” means, for any date, the principal amount per Note equal to the Initial Principal Amount of
such Note, as increased on each Interest PIK Date occurring on or prior to such date by the Capitalization Amount for such Interest PIK Date, if any. When the term “principal amount” of any Note is used herein, such references shall be
deemed to be references to the Capitalized Principal Amount of such Note, unless the context otherwise requires. 
 “Cash Interest
Rate” means 8.00% per annum. 
 “Cash Method” shall have the meaning specified in Section 2.03(d)(i). 

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

“Change in Control Transaction” means any transaction or event that constitutes a Fundamental Change (as defined below and
determined after giving effect to any exceptions to or exclusions from such definition) under clauses (a), (b) or (c) of the definition thereof. 

“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). 

“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). 

  
 3 

 “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 common stock of the Company, $0.0001 par value 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 any of its Officers and delivered to the Trustee. 
 “Conversion Agent” shall have the meaning specified
in Section 4.02. 
 “Conversion Consideration” shall have the meaning specified in Section 14.12(a). 

“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 this Indenture shall be
administered, which office at the date hereof is located at U.S. Bank Trust Company, National Association, West Side Flats, St. Paul, 60 Livingston Avenue, Saint Paul, MN 55107, Attention Global Corporate Trust, 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). With respect to presentation of Notes for payment, registration of transfer or exchange, such office shall be U.S. Bank Trust Company, National Association, Global Corporate Trust, 111 Fillmore Avenue East, Saint Paul, MN 55107. 

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

  
 4 

 “Daily Conversion Value” means, for each of the 25 consecutive Trading Days
during the relevant Observation Period, 4.0% of the product of (a) the Conversion Rate on such Trading Day and (b) the Daily VWAP on such Trading Day. 

“Daily Measurement Value” means the Specified Dollar Amount (if any), divided by 25. 

“Daily Settlement Amount,” for each of the 25 consecutive Trading Days during the relevant 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 Trading Day; and 
 (b) if the Daily Conversion Value on such 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 for such Trading Day. 

“Daily VWAP” means the per share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on
Bloomberg page “NKLA <equity> AQR” (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such
Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of the Common Stock on such 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. 

“Debt” means, with respect to any Person, without duplication: 

(1) all indebtedness of such Person for borrowed money; 

(2) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; 

(3) all obligations of such Person in respect of letters of credit, bankers’ acceptances or other similar instruments; 

(4) all obligations of such Person to pay the deferred and unpaid purchase price of property or services which are recorded as liabilities
under GAAP, excluding trade payables arising in the ordinary course of business; 
 (5) all obligations of such Person as lessee under any
Capital Lease; 
 (6) all Debt of other Persons Guaranteed by such Person to the extent so Guaranteed; 

  
 5 

 (7) all Debt of other Persons secured by a Lien on any asset of such Person, whether or not
such Debt is assumed by such Person; and 
 (8) all obligations of such Person under Hedging Agreements. 

The amount of Debt of any Person will be deemed to be: 

(A) with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the obligation; 

(B) with respect to any Hedging Agreement, the net amount payable if such Hedging Agreement terminated at that time due to default by such
Person; or 
 (C) otherwise, the outstanding principal amount thereof. 

Notwithstanding the foregoing, the term “Debt” shall not include: 

(1) any lease, concession or license of property (or Guarantee thereof) accounted for as an operating lease in accordance with GAAP; 

(2) contingent obligations in the ordinary course of business, other than Guarantees or other assumptions of Debt; 

(3) in connection with the purchase by the Company or any Subsidiary of the Company of any business, any post-closing payment adjustments or
purchase price holdbacks to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet, such payment depends on the performance of such business after the closing or to satisfy warranties or other
unperformed obligations of the applicable seller; provided, however, that, at the time of closing, the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount is paid in a
timely manner; 
 (4) deferred or prepaid revenues in the ordinary course of business; 

(5) accrued expenses, accounts payables, taxes payable and other short-term payables in the ordinary course of business; or 

(6) any contingent obligations in respect of workers’ compensation claims, early retirement or termination obligations, pension fund
obligations or contributions or similar claims, obligations or contributions or social security or wage taxes. 
 “Deemed
Redemption” shall have the meaning specified in Section 14.01(b)(v). 
 “Default” means any event that is, or
after notice or passage of time, or both, would be, an Event of Default. 

  
 6 

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

“delivered” with respect to any notice to be delivered, given or mailed 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 “delivered” shall be deemed to include
any notice to be “mailed” or “given,” as applicable, under this Indenture. 
 “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. 
 “Designated Institution” shall have the
meaning specified in Section 14.12(a). 
 “Distributed Property” shall have the meaning specified in
Section 14.04(c). 
 “Domestic Subsidiary” means any Subsidiary of the Company that was formed under the laws of the
United States or any state or commonwealth of the United States or under the laws of the District of Columbia. 
 “Effective
Date” shall have the meaning specified in Section 14.03(c), except that, as used in Section 14.04 and Section 14.05, “Effective Date” means the first date on which shares of the Common Stock trade on the
applicable exchange or in the applicable market, regular way, reflecting the relevant share split or share combination, as applicable. 

“Equity Interests” means (a) 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; provided, however, that “Equity Interests” does not include any debt security that is convertible into, or exchangeable for,
“Equity Interests” described in clause (a) of this definition or for “Equity Interests” described in clause (a) of this definition and/or cash based on the value of such “Equity Interests.” 

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

“Ex-Dividend Date” means the first date on which shares of the Common Stock trade on
the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of the Common Stock on such exchange or market (in
the form of due bills or otherwise) as determined by such exchange or market. 

  
 7 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder. 
 “Exchange Election” shall have the meaning specified in
Section 14.12(a). 
 “Form of Assignment and Transfer” means the “Form of Assignment and Transfer” attached
as Attachment 3 to the Form of Note attached hereto as Exhibit A. 
 “Form of Fundamental Change Repurchase Notice” means
the “Form of Fundamental Change Repurchase Notice” attached as Attachment 2 to the Form of Note attached hereto as Exhibit A. 

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

“Form of Notice of Conversion” means the “Form of Notice of Conversion” attached as Attachment 1 to the Form of
Note attached hereto as Exhibit A. 
 “Fundamental Change” shall be deemed to have occurred at the time after the Notes are
originally issued if any of the following occurs prior to the Maturity Date: 
 (a) a “person” or “group”
within the meaning of Section 13(d) of the Exchange Act, other than the Company, its Wholly Owned Subsidiaries and the employee benefit plans of the Company and its Wholly Owned Subsidiaries, 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 “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the Common Stock representing
more than 50% of the voting power of the Common Stock; 
 (b) the consummation of (A) any recapitalization,
reclassification or change of the Common Stock (other than changes resulting from a subdivision, a combination or solely a change in par value) as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities,
other property or assets; (B) any share exchange, consolidation or merger of the Company pursuant to which the Common Stock will be converted into cash, securities or other property or assets; or (C) any sale, lease or other transfer in
one transaction or a series of transactions of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any Person other than one or more of the Company’s Wholly Owned Subsidiaries;
provided, however, that a transaction described in clause (B) in which the holders of all classes of the Company’s Common Equity immediately prior to such transaction own, directly or indirectly, more than 50% of all classes of
Common Equity of the continuing or surviving Person or transferee or the parent thereof immediately after such transaction in substantially the same proportions (relative to each other) as such ownership immediately prior to such transaction shall
not be a Fundamental Change pursuant to this clause (b); 

  
 8 

 (c) the stockholders of the Company approve any plan or proposal for the
liquidation or dissolution of the Company; or 
 (d) the Common Stock ceases to be listed or quoted on any of The New York
Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of their respective successors); 
 provided, however,
that a transaction or transactions described in clause (a) or (b) above shall not constitute a Fundamental Change if at least 90% of the consideration received or to be received by the common stockholders of the Company, excluding cash payments
for fractional shares and cash payments made in respect of dissenters’ statutory appraisal rights, in connection with such transaction or transactions consists of shares of common stock that are listed or quoted on any of The New York Stock
Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of their respective successors) or will be so listed or quoted when issued or exchanged in connection with such transaction or transactions and as a result of such
transaction or transactions the Notes become convertible (assuming Physical Settlement) into such consideration, excluding cash payments for fractional shares and cash payments made in respect of dissenters’ statutory appraisal rights (subject
to the provisions of Section 14.07). If any transaction in which the Common Stock is replaced by the securities of another entity occurs, following completion of any related Make-Whole Fundamental Change Period (or, in the case of a transaction
that would have been a Fundamental Change or a Make-Whole Fundamental Change but for the proviso immediately following clause (d) of this definition, following the effective date of such transaction) references to the Company in this
definition shall instead be references to such other entity. 
 For purposes of this definition of “Fundamental Change,” any transaction that
constitutes a Fundamental Change pursuant to both clause (a) and clause (b) (excluding the proviso to such clause (b)) of such definition shall be deemed a Fundamental Change solely under clause (b) of such definition (subject to such
proviso). 
 “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). 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment
of the accounting profession, which are in effect from time to time. 

  
 9 

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

 “Guarantee” means, any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Debt
or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or
payment of) such Debt or other obligation of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered into for purposes of assuring in any other manner the obligee of such Debt or other obligation of the payment
thereof or to protect such obligee against loss in respect thereof, in whole or in part; provided that the term “Guarantee” does not include endorsements for collection or deposit in the ordinary course of business. The term
“Guarantee” used as a verb has a corresponding meaning. 
 “Guarantors” means each of (i) the Guarantors
party hereto and (ii) any other Subsidiary of the Company that executes a Note Guarantee in accordance with the provisions of this Indenture, and its successors and assigns, in each case, until the Note Guarantee of such Person has been
released in accordance with the provisions of this Indenture. Notwithstanding the foregoing, “Guarantors” shall not include any Non-Guarantor Subsidiary unless the Company otherwise elects to
include such Subsidiary as a Guarantor. 
 “Hedging Agreement” means (i) any interest rate swap agreement, interest
rate cap agreement or other agreement designed to protect against fluctuations in interest rates; (ii) any foreign exchange forward contract, currency swap agreement or other agreement designed to protect against fluctuations in foreign
exchange rates or (iii) any commodity or raw material futures contract or any other agreement designed to protect against fluctuations in raw material prices. 

“Holder,” as applied to any Note, or other similar terms, means any Person in whose name at the time a particular Note is
registered on the Note Register. 
 “Immaterial Subsidiary” means, as of any determination date, any Subsidiary that
(a) has not Guaranteed any other indebtedness of the Company and (b) has consolidated total assets and revenues of less than 5.0% of consolidated total assets or revenues, as the case may be, of the Company and its Subsidiaries, and,
together with all other Immaterial Subsidiaries, has consolidated total assets and revenues of less than 10.0% of consolidated total assets or revenues, as the case may be, of the Company and its Subsidiaries, in each case, as determined in
accordance with GAAP and measured based on the most recently ended fiscal quarter for which consolidated financial statements have been delivered under this Indenture pursuant to Section 4.06 with total assets calculated as of the end of such
fiscal quarter and revenues calculated for the four such most recently ended fiscal quarters. Such calculations will give pro forma effect to any acquisitions or dispositions of companies, division or lines of business since such balance sheet date
or the start of such four fiscal quarter period, as applicable. 

  
 10 

 “Indenture” means this instrument as originally executed or, if amended or
supplemented as herein provided, as so amended or supplemented. 
 “Initial Principal Amount” of any Note means the
principal amount of such Note at the time of original issuance of such Note. For the avoidance of doubt, the “Initial Principal Amount” of each minimum denomination of Notes on their issue date shall be $1.00. 

“Interest Payment Date” means each May 31 and November 30 of each year, beginning on November 30, 2022. 

“Interest PIK Date” means each Interest Payment Date with respect to which the Company elects (or is deemed to have elected)
to pay interest accrued on the Notes to, but excluding, such Interest Payment Date by the Capitalization Method pursuant to Section 2.03(d) hereof. 

“Investment Agreement” means the Investment Agreement, dated as of April 30, 2022, by and among the Company and the
parties thereto. 
 “Last Date of Original Issuance” means (A) with respect to any Notes issued pursuant to the
Investment Agreement and any Notes issued in exchange therefor or in substitution thereof, the initial issuance date of the Notes; and (B) with respect to any additional Notes issued pursuant to Section 2.10, and any Notes issued in
exchange therefor or in substitution thereof, either (i) the date such Notes are originally issued or (ii) such other date as is specified in an Officer’s Certificate delivered to the Trustee before the original issuance of such
Notes. 
 “Last Reported Sale Price” of the Common Stock (or other security for which a Last Reported Sale Price must be
determined) on any date means the closing sale price per share (or if no closing sale price is reported, the average of the last bid and last ask prices per share or, if more than one in either case, the average of the average last bid and the
average last ask prices per share) on that date as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock (or such other security) is traded. If the Common Stock (or such other
security) is not listed for trading on a U.S. national or regional securities exchange on the relevant date, the “Last Reported Sale Price” shall be the last quoted bid price per share for the Common Stock (or such other security)
in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock (or such other security) is not
so quoted, the “Last Reported Sale Price” shall be the average of the mid-point of the last bid and ask prices per share for the Common Stock (or such other security) 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 determined without regard to after-hours trading or any other trading
outside of regular trading session hours. 
 “Lien” means any mortgage, security interest, pledge, lien, charge or other
similar encumbrance of any kind whatsoever (including any conditional sale or other title retention agreement or Capital Lease). 

  
 11 

 “Make-Whole Fundamental Change” means any transaction or event that
constitutes a Fundamental Change (as defined above and determined after giving effect to any exceptions to or exclusions from such definition, but without regard to the proviso in clause (b) of the definition thereof). 

“Make-Whole Fundamental Change Period” shall have the meaning specified in Section 14.03(a). 

“Market Disruption Event” means (a) a failure by the principal 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 traded on any U.S. exchange relating to the Common Stock. 
 “Maturity
Date” means May 31, 2026. 
 “Measurement Period” shall have the meaning specified in
Section 14.01(b)(i). 
 “Merger Event” shall have the meaning specified in Section 14.07(a). 

“Minimum Specified Amount” shall have the meaning specified in Section 14.02(a)(iii). 

“Non-Guarantor Subsidiary” means any Immaterial Subsidiary. 

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

 “Note Guarantee” means the guarantee by any Guarantor of the Company’s Obligations under this Indenture and
the Notes. 
 “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). 

“Obligations” shall have the meaning specified in Section 13.01. 

“Observation Period” with respect to any Note surrendered for conversion means: (i) subject to clause (ii), if the
relevant Conversion Date occurs prior to February 28, 2026, the 25 consecutive Trading Day period beginning on, and including, the second Trading Day immediately succeeding such Conversion Date; (ii) with respect to any Called Notes, if
the relevant Conversion Date occurs during the related Redemption Period, the 25 consecutive 

  
 12 

 
Trading Days beginning on, and including, the 26th Scheduled Trading Day immediately preceding the relevant Redemption Date; and (iii) subject to clause (ii), if the relevant Conversion Date
occurs on or after February 28, 2026, the 25 consecutive Trading Days beginning on, and including, the 26th Scheduled Trading Day immediately preceding the Maturity Date. 

“Officer” means, with respect to the Company or any other obligor under the Notes, the Chief Executive Officer, the Chief
Financial Officer, the Chief Legal Officer or General Counsel, the Treasurer, the Secretary, any Executive or Senior Vice President or any Vice President (whether or not designated by a number or numbers or word or words added before or after the
title “Vice President”) of such Person. 
 “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. The Officer giving an Officer’s Certificate pursuant to Section 4.08 shall be the principal executive, financial or accounting officer of the Company. 

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

“Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the
Company, or other counsel who is reasonably acceptable to the Trustee, that is delivered to the Trustee, which opinion may contain customary exceptions and qualifications as to the matters set forth therein. 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. 

“Optional Redemption” shall have the meaning specified in Section 16.01. 

“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; 

  
 13 

 (d) Notes converted pursuant to Article 14 and required to be cancelled
pursuant to Section 2.08; 
 (e) Notes redeemed pursuant to Article 16; and 

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

“Partial Redemption Limitation” shall have the meaning specified in Section 16.02(d). 

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

“Permitted Lien” means: 

(1) any Lien securing Debt of the Company or a Subsidiary of the Company owing to the Company or to any of its Subsidiaries; 

(2) Liens imposed by law, such as materialmen’s, workmen’s or repairmen’s, carriers’, warehousemen’s and
mechanic’s Liens or other similar Liens, in each case for sums not yet overdue by more than 30 calendar days or being contested in good faith by appropriate proceedings; 

(3) Liens for taxes, assessments or other governmental charges not yet due or payable or subject to penalties for non-payment or which are being contested in good faith by appropriate proceedings; 
 (4) pledges or
deposits under worker’s compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts or leases, or to secure public or statutory obligations, surety bonds, customs
duties and the like, or for the payment of rent, in each case incurred in the ordinary course of business and not securing Debt; 
 (5)
Liens consisting of easements, rights-of-way, zoning restrictions, restrictions on the use of real property, and defects and irregularities in the title thereto,
landlords’ Liens and other similar Liens none of which interfere materially with the use of the property covered thereby in the ordinary course of business and which do not, in the Company’s opinion, materially detract from the value of
such properties; 
 (6) Liens securing reimbursement obligations with respect to letters of credit that encumber documents and other
property relating to such letters of credit and the proceeds thereof; 

  
 14 

 (7) Liens on assets pursuant to merger agreements, stock or asset purchase agreements and
similar agreements in respect of the disposition of such assets; 
 (8) judgment liens incurred as a result of a judgment by a court of
competent jurisdiction, so long as no Event of Default (as defined in the Indenture) then exists as a result thereof; 
 (9) Liens on
property (including Capital Stock (as defined in the Indenture)) of a Person existing at the time such Person becomes a Subsidiary or is merged with or into or consolidated with the Company or any Subsidiary; provided that such Liens were in
existence prior to the contemplation of such Person becoming a Subsidiary or such merger or consolidation, were not incurred in contemplation thereof and do not extend to any assets other than those of the Person that becomes a Subsidiary or is
merged with or into or consolidated with the Company or any Subsidiary; 
 (10) Liens in the ordinary course of business on insurance
policies and proceeds thereof, or other deposits, to secure insurance premium financings; 
 (11) Liens on cash (or the accounts in which
such cash is held) or other property arising in connection with the defeasance, discharge or redemption of Debt; 
 (12) Liens on specific
items of inventory or other goods (and the proceeds thereof) of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created in the ordinary course of business for the account of such Person to
facilitate the purchase, shipment or storage of such inventory or other goods; 
 (13) leases, licenses, subleases and sublicenses of assets
in the ordinary course of business and Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of assets entered into in the ordinary course of business; 

(14) (i) mortgages, liens, security interests, restrictions, encumbrances or any other matters of record that have been placed by any
developer, landlord or other third party on property over which the Company or any Subsidiary has easement rights or on any real property leased by the Company or any Subsidiary and subordination or similar agreements relating thereto and
(ii) any condemnation or eminent domain proceedings or compulsory purchase order affecting real property; 
 (15) Liens securing or
arising by reason of any netting or set-off arrangement entered into in the ordinary course of banking or other trading activities; or 

(16) pledges of goods, the related documents of title and/or other related documents arising or created in the ordinary course of business or
operations as Liens only for Debt to a bank or financial institution directly relating to the goods or documents on or over which the pledge exists. 

  
 15 

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

“Physical Notes” means permanent certificated Notes in registered form issued in denominations of $1.00 principal amount and
integral multiples thereof. 
 “Physical Settlement” shall have the meaning specified in Section 14.02(a). 

“PIK Interest” means any interest paid pursuant to Section 2.03(d) by the Capitalization Method. 

“PIK Interest Rate” means 11.00% per annum. 

“PIK Notes” shall have the meaning specified in Section 2.03(d)(ii). 

“PIK Payment” means the payment of any PIK Interest on the Notes. 

“Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that
evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.06 in lieu of or in exchange for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same
debt as the mutilated, lost, destroyed or stolen Note that it replaces. 
 “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 Company, by statute, by contract or otherwise). 
 “Redemption Date” shall have the meaning specified
in Section 16.02(a). 
 “Redemption Notice” shall have the meaning specified in Section 16.02(a). 

“Redemption Notice Date” means the date on which a Redemption Notice is delivered pursuant to Section 16.02. 

“Redemption Period” means the period from, and including, the relevant Redemption Notice Date until the close of business on
the second Scheduled Trading Day immediately preceding the related Redemption Date. 

  
 16 

 “Redemption Price” means, for any Notes to be redeemed pursuant to
Section 16.01, 100% of the Capitalized Principal Amount of such Notes, plus any accrued interest that has not been paid or capitalized, if any, to, but excluding, the Redemption Date (unless the Redemption Date falls after a Regular
Record Date but on or prior to the immediately succeeding Interest Payment Date, in which case interest accrued to the Interest Payment Date will be paid in cash at the Cash Interest Rate to Holders of record of such Notes as of the close of
business on such Regular Record Date (notwithstanding any prior election (or deemed election) by the Company to pay such interest pursuant to the Capitalization Method), and the Redemption Price will be equal to 100% of the Capitalized Principal
Amount of such Notes). 
 “Reference Property” shall have the meaning specified in Section 14.07(a)(iv). 

“Regular Record Date,” with respect to any Interest Payment Date, means the May 15 or November 15 (whether or not
such day is a Business Day) immediately preceding the applicable May 31 or November 30 Interest Payment Date, respectively. 

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

“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). 
 “Significant Subsidiary” means a Subsidiary of the Company that meets the definition of
“significant subsidiary” in Article 1, Rule 1-02 of Regulation S-X promulgated by the Commission (or any successor rule). 

  
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 “Specified Dollar Amount” means the maximum cash amount per $1,000
Capitalized Principal Amount of Notes to be received upon conversion (excluding cash in lieu of any fractional share of Common Stock) as specified in the Settlement Notice related to any converted Notes (or deemed specified pursuant to
Section 14.02(a)). 
 “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. 

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

“Trading Day” means, except for determining amounts due upon conversion as set forth below, 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 Stock Market or, if the Common Stock (or such other security) is not then listed on The Nasdaq Stock 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; and provided, further, that for purposes of determining amounts due upon
conversion only, “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 Stock Market or, if the Common Stock is not then listed on The
Nasdaq Stock 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, “Trading Day” means a Business Day. 

“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 

  
 18 

 
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 on such determination date. 
 “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). 

“Wholly Owned Subsidiary” means, with respect to any Person, any Subsidiary of such Person, except that, solely for purposes
of this definition, the reference to “more than 50%” in the definition of “Subsidiary” shall be deemed replaced by a reference to “100%”; the calculation of which shall exclude nominal amounts of the voting power of
shares of Capital Stock or other interests in the relevant Subsidiary not held by such Person to the extent required to satisfy local minority interest requirements outside of the United States. 

“Wholly Owned Domestic Subsidiary” means any Wholly Owned Subsidiary of the Company that is a Domestic Subsidiary. 

Section 1.02. References to Interest. Unless the context otherwise requires, (x) any reference to interest on, or in respect
of, any Note in this Indenture shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to any of Section 4.06(d) and Section 6.03; (y) 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; and (z) any reference to accrued interest on, or in respect of, any Note that has not
been paid or capitalized in this Indenture shall be deemed to refer to the amount of such interest that would have accrued as of the relevant time at the applicable Cash Interest Rate as if the Company had elected the Cash Method in respect of all
of the relevant interest (whether or not the Company actually elected the Cash Method and notwithstanding any prior election (or deemed election) by the Company to pay such interest pursuant to the Capitalization Method). 

  
 19 

 ARTICLE 2 

ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND
EXCHANGE OF NOTES 
 Section 2.01. Designation and Amount. The Notes shall be
designated as the “8.00% / 11.00% Convertible Senior PIK Toggle Notes due 2026.” The aggregate principal amount of Notes that may be authenticated and issued under this Indenture is limited to $200,000,000 in the aggregate, together with
PIK Notes issued in accordance with the terms of this Indenture. The aggregate Initial Principal Amount of Notes that may be authenticated and delivered under this Indenture is initially limited to $200,000,000, subject to Section 2.10 and
except for Notes authenticated and delivered upon the issuance of PIK Notes or registration or transfer of, or in exchange for, or in lieu of other Notes to the extent permitted hereunder. 

Section 2.02. Form of Notes. The Notes and the Trustee’s certificate of authentication to be borne by such Notes shall be
substantially in the respective forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly incorporated in and made a part of this Indenture. To the extent applicable, the Company, the Guarantors and
the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. In the case of any conflict between this Indenture and a Note, the provisions of this Indenture shall control and
govern to the extent of such conflict. 
 Any Global Note may be endorsed with or have incorporated in the text thereof such legends or
recitals or changes not inconsistent with the provisions of this Indenture as may be required by the Custodian or the Depositary, or as may be required to comply with any applicable law or any regulation thereunder or with the rules and regulations
of any securities exchange or automated quotation system upon which the Notes may be listed or traded or designated for issuance or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any
particular Notes are subject. 
 Any of the Notes may have such letters, numbers or other marks of identification and such notations,
legends or endorsements as the Officer executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or
with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage or to indicate any special
limitations or restrictions to which any particular Notes are subject. 

  
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 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 PIK Interest, redemptions, repurchases, cancellations, conversions, transfers or exchanges permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of
outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon instructions given by the Company or the Holder of such Notes in accordance with this Indenture. Payment of
principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued interest that has not been paid or capitalized 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 $1.00 principal amount and integral multiples thereof. PIK Interest on the
Notes shall be paid in minimum denominations of $1.00 and integral multiples thereof, rounded up to the nearest $1.00. Each Note shall be dated the date of its authentication and shall bear interest from the date specified on the face of such Note.
Accrued interest on the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of the number of
days actually elapsed in a 30-day month. 
 (b) The Person in whose name any Note (or its Predecessor
Note) is registered on the Note Register at the close of business on any Regular Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date. The Capitalized Principal Amount
of any Note (x) in the case of any Physical Note, shall be payable at the office or agency of the Company designated by the Company for such purposes in the contiguous United States of America, which shall initially be the Corporate Trust
Office and (y) in the case of any Global Note, shall be payable by wire transfer of immediately available funds to the account of the Depositary or its nominee. The Company shall pay (or cause the Paying Agent to pay to the extent funded by the
Company) cash 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 (containing the requisite
information for the Trustee or Paying Agent to make such wire transfer) not later than the relevant Regular Record Date, by wire transfer in immediately available funds to that Holder’s account within the United States of America, 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 Cash Interest Rate borne by the Notes from, and including, such relevant payment date, and such Defaulted Amounts together with such interest thereon shall be paid by the Company, at its election in each case, as provided in clause (i) or
(ii) below: 

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

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

(i) The Company may, at its option, elect to pay interest on the Notes on any Interest Payment Date (i) by paying an
amount in cash on such Interest Payment Date equal to all or a portion of interest accrued from, and including, the immediately preceding Interest Payment Date (or if there is no immediately preceding Interest Payment Date, from, and including, the
issue date of such Notes or such other date from which such Note bears interest as stated on such Note) on the principal amount as of the immediately preceding Interest Payment Date (or if there is no immediately preceding Interest Payment Date, on
the Initial Principal Amount), calculated at the Cash Interest 

  
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Rate (the “Cash Method”) and (ii) to the extent not paid by the Cash Method, by
payment-in-kind, in the case of Global Notes, by increasing the principal amount of such Global Notes by the Capitalization Amount for such Interest Payment Date or, in
the case of Physical Notes, by issuing PIK Notes in the form of Physical Notes (the “Capitalization Method”); provided that on any Interest Payment Date on which the Company pays interest using the Capitalization Method, the
aggregate Capitalization Amount shall be rounded up to the nearest $1.00; and provided further that for any Notes (1) surrendered for conversion after a Regular Record Date and on or prior to the corresponding Interest Payment Date;
(2) redeemed in connection with a Redemption Date that is after a Regular Record Date and on or prior to the corresponding Interest Payment Date; or (3) repurchased on a Fundamental Change Repurchase Date that is after a Regular Record
Date and on or prior to the corresponding Interest Payment Date, any Capitalization Amount that would have been paid as PIK Interest for such Notes on such corresponding Interest Payment Date shall instead be paid in cash at the Cash Interest Rate
to the relevant Holder(s) of such Notes as of such Regular Record Date, and no such PIK Payment shall be made on account of such Notes (notwithstanding any prior election (or deemed election) by the Company to pay such interest pursuant to the
Capitalization Method for such Notes). The Company shall elect the method of paying interest on an Interest Payment Date by delivering a notice to the Trustee and Holders on or prior to the 15th calendar day immediately preceding the relevant
Interest Payment Date identifying the method selected and (a) the amount of cash interest to be paid and/or (b) the amount of PIK Interest to be paid, as applicable. In the absence of such an election with respect to an Interest Payment
Date, the Company shall be deemed to have elected the Cash Method for all of the interest due on such Interest Payment Date. All interest payable in respect of the Interest Payment Date scheduled to occur on the Maturity Date shall be paid entirely
by the Cash Method. 
 (ii) The Company shall make payments of interest by the Cash Method in accordance with
Section 4.01 (and Section 2.03(c), in the case of Defaulted Amounts). The Company shall make payments of interest by the Capitalization Method, (x) if the Notes are represented by one or more Physical Notes, by issuing additional
Physical Notes to the relevant record Holder on the relevant Interest Payment Date (the “PIK Notes”) in an aggregate principal amount equal to the relevant Capitalization Amount (rounded up to the nearest $1.00) and the Trustee
will, upon receipt of a Company Order, authenticate and deliver such PIK Notes in the form of Physical Notes for original issuance to the Holders on the relevant Regular Record Date, as shown by the records of the register of Holders, and
(y) if the Notes are represented by one or more Global Notes registered in the name of, or held by, the Depositary or its nominee on the relevant Regular Record Date, by increasing the principal amount of the outstanding Global Note by an
amount equal to the amount of PIK Interest for the applicable interest period (rounded up to the nearest $1.00), and the Trustee, upon receipt of a Company Order, will increase the principal amount of the outstanding Global Note by such amount. The
issuance of any PIK Notes or the increase in the principal amount of the Global Note shall be computed on the basis of the aggregate principal amount of the Notes held by a 

  
 23 

 
Holder. Following an increase in the principal amount of the outstanding Global Notes as a result of a PIK Payment, the Global Notes shall bear interest on such increased principal amount from
and after the date of such PIK Payment. Any PIK Notes issued as Physical Notes shall be dated as of the applicable Interest Payment Date and shall bear interest from and after such date. All PIK Notes issued pursuant to a PIK Payment shall be
governed by, and subject to the terms, provisions and conditions of, this Indenture and shall have the same rights and benefits as the Notes issued on the initial issue date of such Notes. Any PIK Notes shall be issued with the description PIK on
the face of such Note, and references to the “principal amount” of the Notes shall include any increase in the principal amount of the outstanding Notes as a result of any PIK Payment. The Notes issued on the initial issue date and any PIK
Notes shall be treated as a single class for all purposes under this Indenture. 
 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, electronic or facsimile signature of any of its Chief Executive Officer, President, Chief Financial Officer, Chief Legal Officer or General
Counsel, Treasurer, Secretary or any of its Executive or Senior Vice Presidents. 
 At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company
Order shall authenticate and deliver such Notes, without any further action by the Company hereunder; provided that, as set forth in and subject to Section 17.05, the Trustee shall receive and shall be fully protected in conclusively
relying upon an Officer’s Certificate and an Opinion of Counsel of the Company with respect to the issuance, authentication and delivery of such Notes. 

Only such Notes as shall bear thereon a certificate of authentication substantially in the form set forth on the Form of Note attached as
Exhibit A hereto, executed manually or by facsimile by an authorized officer of the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 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. 

  
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 Section 2.05. Exchange and Registration of Transfer of Notes; Restrictions on
Transfer; Depositary. (a) The Company shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office or in any other office or agency of the Company designated pursuant to Section 4.02, the
“Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and of transfers of Notes. Such register shall be in written form or in any form capable
of being converted into written form within a reasonable period of time. The Trustee is hereby initially appointed the “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. The Company may
appoint one or more co-Note Registrars in accordance with Section 4.02. 
 Upon surrender for
registration of transfer of any Physical 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 Physical Notes of any authorized denominations and of a like aggregate principal amount and bearing such restrictive
legends as may be required by this Indenture. 
 Physical Notes may be exchanged for other Physical 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 Physical Notes are so surrendered for exchange, the Company
shall execute, and the Trustee shall authenticate and deliver, the Physical Notes that the Holder making the exchange is entitled to receive, bearing registration numbers not contemporaneously outstanding. A holder of a beneficial interest in a note
in a Global Note may transfer or exchange such beneficial interest in accordance with this Indenture and the applicable procedures of the Depositary. 

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. 

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 or other similar governmental charge
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 or otherwise required by law. 
 None of the Company, the Trustee, the Note Registrar or any
co-Note Registrar shall be required to exchange or register a transfer of (i) any Notes surrendered for conversion or, if a portion of any Note is surrendered for conversion, such portion thereof
surrendered for conversion, (ii) any Notes, or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with Article 15 or (iii) any Notes selected for redemption in accordance with Article 16, except the
unredeemed portion of any Note being redeemed in part or (iv) any Notes between a Regular Record Date and corresponding Interest Payment Date. 

  
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 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. Each Global Note
shall bear the legend required on a Global Note set forth in Exhibit A hereto. 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 Section 2.05(c) and Section 2.05(d), the term “transfer” encompasses any sale, pledge, transfer or other
disposition whatsoever of any Restricted Security. 
 Any certificate evidencing a Note (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 (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 COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

  
 26 

 (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 NIKOLA CORPORATION (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR
OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN EXCEPT: 
 (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF,

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

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

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

No transfer of any Note will be registered by the Note Registrar unless the applicable box on the Form of Assignment and Transfer has been
checked. 
 Any Note (or security issued in exchange or substitution therefor) (i) that has been transferred pursuant to a registration
statement that has become effective or been declared effective under the Securities Act and that continues to be effective at the time of such transfer or (ii) 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 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 any of the conditions set forth in clause (i) or (ii) of the 

  
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immediately preceding sentence have been satisfied, 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 notify the Trustee 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. Any exchange pursuant to the foregoing paragraph shall be in accordance with the applicable procedures of the Depositary. 

Notwithstanding any other provisions of this Indenture (other than the provisions set forth in this Section 2.05(c)), a Global Note may
not be transferred as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary and (ii) for exchange of a Global Note or a portion thereof for one or more Physical Notes in accordance with the second immediately succeeding paragraph. 

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, subject to the Depositary’s applicable procedures, a beneficial owner of any Note requests that its beneficial interest therein be issued as a Physical
Note, the Company shall execute, and the Trustee, upon receipt of an Officer’s Certificate and a Company Order for the authentication and delivery of Notes, shall authenticate and deliver (x) in the case of clause (iii), a Physical Note to
such beneficial owner in a principal amount equal to the principal amount of such Note corresponding to such beneficial owner’s beneficial interest and (y) in the case of clause (i) or (ii), Physical Notes to each beneficial owner of
the related Global Notes (or a portion thereof) in an aggregate principal amount equal to the aggregate principal amount of such Global Notes in exchange for such Global Notes, and upon delivery of the Global Notes to the Trustee such Global Notes
shall be canceled. 
 Physical Notes issued in exchange for all or a part of the Global Note pursuant to this Section 2.05(c) shall be
registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, or, in the case of clause (iii) of the immediately preceding paragraph, the
relevant beneficial owner, shall instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such Physical Notes to the Persons in whose names such Physical Notes are so registered. 

  
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 At such time as all interests in a Global Note have been converted, canceled, redeemed,
repurchased or transferred, such Global Note shall be, upon receipt thereof, canceled by the Trustee in accordance with standing procedures and existing instructions between the Depositary and the Custodian. At any time prior to such cancellation,
if any interest in a Global Note is exchanged for Physical Notes, converted, canceled, redeemed, 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. 

None of the Company, the Guarantors, the Trustee or any agent of the Company, the Guarantors or the Trustee shall have any responsibility or
incur any liability for the payment of amounts to owners of beneficial interest in a Global Note, for any aspect of the records relating to or payments made on account of those interests by the Depositary, or for maintaining, supervising or
reviewing any records of the Depositary relating to such beneficial ownership of those interests. 
 The rights of beneficial owners in any
Global Note shall be exercised only through the Depositary subject to the applicable procedures of the Depositary. The Trustee may conclusively rely and shall be fully protected in relying upon information furnished by the Depositary with respect to
its members, participants and any beneficial owners. 
 (d) Any stock certificate or book-entry representing Common Stock issued upon
conversion of a 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 

  
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 (2) AGREES FOR THE BENEFIT OF NIKOLA CORPORATION (THE “COMPANY”) THAT IT WILL NOT
OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN EXCEPT: 
 (A) TO THE COMPANY OR ANY SUBSIDIARY
THEREOF, 
 (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, 

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

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

(e) 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) may not be resold by such Affiliate (or such Person, as the case may be) 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 Note or Common Stock, as the case may be, no longer being a “restricted security” (as defined under Rule 144). The Company shall cause
any Note that is repurchased or owned by it to be surrendered to the Trustee for cancellation in accordance with Section 2.08. 

  
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 (f) If a Holder of any Note or share of Common Stock issued upon conversion of any Note, or
an owner of a beneficial interest in any Global Note, or in a global certificate representing any share of Common Stock issued upon conversion of any Note, transfers such Note or share in compliance with Rule 144 or pursuant to an effective
registration statement and delivers to the Company a written request in customary form (including, if pursuant to Rule 144, a certification that it is not, and has not been at any time during the preceding three (3) months, an Affiliate of the
Company) to reissue such Note or share without a restrictive legend, then the Company will use commercially reasonable efforts to cause the same to occur (and, if applicable, cause such Note or share to thereafter be represented by an
“unrestricted” CUSIP or ISIN number in the facilities of the related depositary) within two (2) Business Days of such request. 

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, claim, cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or
theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof. 

The Trustee or such authenticating agent may authenticate any such substituted Note and deliver the same upon the receipt of such security or
indemnity as the Trustee, the Company and, if applicable, such authenticating agent may require. No service charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note Registrar or the
Paying Agent upon the issuance of any substitute Note, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax or other similar governmental charge 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. 

  
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 Every substitute Note issued pursuant to the provisions of this Section 2.06 by virtue
of the fact that any Note is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be entitled to all the benefits of
(but shall be subject to all the limitations set forth in) this Indenture equally and proportionately with any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held and owned upon the express condition
that the foregoing provisions are exclusive with respect to the replacement, payment, conversion, redemption 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, conversion, redemption or repurchase 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 in registered form (printed or lithographed). Temporary Notes shall be issuable in any authorized denomination, and
substantially in the form of the Physical Notes but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Company. Every such temporary Note shall be executed by the Company and
authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Physical Notes. Without unreasonable delay, the Company shall execute and deliver to the
Trustee or such authenticating agent Physical Notes (other than any Global Note) and thereupon any or all temporary Notes (other than any Global Note) may be surrendered in exchange therefor, at each office or agency maintained by the Company
pursuant to Section 4.02 and the Trustee or such authenticating agent shall authenticate and deliver in exchange for such temporary Notes an equal aggregate principal amount of Physical Notes. Such exchange shall be made by the Company at its
own expense and without any charge therefor. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as Physical Notes authenticated and delivered
hereunder. 
 Section 2.08. Cancellation of Notes Paid, Converted, Etc. The Company shall cause all Notes surrendered for
payment, redemption, repurchase, 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), to be delivered to the Trustee for
cancellation. All Notes delivered to the Trustee shall be canceled promptly by it, and, except for Notes surrendered for transfer or exchange, or as otherwise expressly permitted by any of the provisions of this Indenture, no Notes shall be
authenticated in exchange therefor. 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 upon the Company’s written
request in a Company Order. Except for Notes surrendered for transfer or exchange, no Notes shall be authenticated in exchange for any Notes cancelled as provided in this Indenture. 

  
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 Section 2.09. CUSIP Numbers. The Company in issuing the Notes may use
“CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in all notices issued to Holders as a convenience to such Holders; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the Notes or on such notice and that reliance may be placed only on the other identification numbers printed on the Notes. The Company shall promptly notify the
Trustee in writing of any change in the “CUSIP” numbers. 
 Section 2.10. Additional Notes; Repurchases. The Company
may, without the consent of or notice to the Holders, reopen this Indenture and issue additional Notes hereunder (in addition to any PIK Notes) with the same terms as the Notes initially issued hereunder (other than differences in the issue date,
the issue price, interest accrued prior to the issue date of such additional Notes and, if applicable, restrictions on transfer in respect of such additional Notes (including pursuant to Section 2.05 hereunder)) in an aggregate principal amount
together with the Initial Principal Amount not to exceed $200,000,000 in the aggregate; provided that if any such additional Notes are not fungible with the Notes initially issued hereunder for U.S. federal income tax or securities law
purposes, such additional Notes shall have one or more separate CUSIP numbers. Any additional Notes will be treated as a single series for all purposes under this Indenture except as set forth in the first sentence of this Section 2.10. 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, in
addition to those required by Section 17.05, as the Trustee shall reasonably request. In addition, the Company may, to the extent permitted by law, and directly or indirectly (regardless of whether such Notes are surrendered to the Company),
repurchase Notes in the open market or otherwise, whether by the Company or its Subsidiaries or through a privately negotiated transaction or 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 written notice to or consent of the Holders. The Company shall cause any Notes so repurchased (other than Notes repurchased pursuant to cash-settled swaps or other derivatives) to
be surrendered to the Trustee for cancellation in accordance with Section 2.08 and such Notes shall no longer be considered outstanding under this Indenture upon their repurchase. 

ARTICLE 3 

SATISFACTION AND DISCHARGE 

Section 3.01. Satisfaction and Discharge. This Indenture shall upon request of the Company contained in an Officer’s
Certificate cease to be of further effect, and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when (a) (i) all Notes theretofore authenticated and
delivered (other than (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 

  
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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 or any Guarantor has irrevocably
deposited with the Trustee (or with the Paying Agent or, with respect to the Company’s Conversion Obligation, the Conversion Agent) or delivered to Holders, as applicable, after the Notes have become due and payable, whether on the Maturity
Date, any Redemption Date, any Fundamental Change Repurchase Date, upon conversion or otherwise, cash or cash, shares of Common Stock or a combination thereof, as applicable, solely to satisfy the Conversion Obligation, sufficient to pay all of the
outstanding Notes and all other sums due and payable under this Indenture by the Company and the Guarantors; 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 and the Guarantors to the
Trustee under Section 7.06 shall survive. 
 ARTICLE 4 

PARTICULAR COVENANTS OF THE COMPANY 

Section 4.01. Payment of Principal and Interest. The Company covenants and agrees that it will cause to be paid the principal
(including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and pay accrued interest that has not been paid or capitalized on, each of the Notes at the places, at the respective times and in the manner provided in
this Section 4.01, Section 2.03(c), Section 2.03(d) and in the Notes. Principal, premium, if any, and interest payable by the Cash Method shall be considered paid on the date due if by 10:00 a.m. (New York time) on such date the
Trustee or the Paying Agent holds in accordance with this Indenture money sufficient to pay all principal, premium, if any, and cash interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money
to the Holders on that date pursuant to the terms of this Indenture. Payments of interest by the Capitalization Method shall be considered paid if the Trustee has received the Company Order required by Section 2.03(d) and, in the case of
Physical Notes, PIK Notes in the form of Physical Notes executed by a proper Officer of the Company. 
 Notwithstanding anything to the
contrary contained in this Indenture, the Company shall have the right to deduct or withhold from any principal, premium or interest (including any Additional Interest) payments with respect to the Notes hereunder, such amounts as are required to be
deducted or withheld with respect to the making of such payments under any applicable law. To the extent that any amounts are so deducted or withheld, such deducted or withheld amounts shall be treated for purposes of this Indenture as having been
paid to the person in respect of which such deduction or withholding was made. 
 Section 4.02. Maintenance of Office or Agency.
The Company will maintain in the contiguous United States of America an office or agency where the Notes may be surrendered for registration of transfer or exchange or presented 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 

  
 34 

 
prompt written notice to the Trustee and the Paying Agent (if other than 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 contiguous United States of America. 
 The Company may also from time to time designate as
co-Note Registrars one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that
no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the contiguous United States of America for such purposes. The Company will give prompt written notice to the Trustee and
the Paying Agent (if other than the Trustee) of any such designation or rescission and of any change in the location of any such other office or agency. The terms “Paying Agent” and “Conversion Agent” include any
such additional or other offices or agencies, as applicable. 
 The Company hereby initially designates the Trustee as the Paying Agent,
Note Registrar, Custodian and Conversion Agent and the Corporate Trust Office as the office or agency in the contiguous United States of America where Notes may be surrendered for registration of transfer or exchange or presented 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 Redemption Price and
the Fundamental Change Repurchase Price, if applicable) of, and accrued interest that has not been paid or capitalized on, the Notes in trust for the benefit of the Holders of the Notes; 

(ii) that it will give the Trustee prompt notice of any failure by the Company to make any payment of the principal (including
the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued interest that has not been paid or capitalized 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. 

  
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 The Company shall, on or before each due date of the principal (including the Redemption
Price and the Fundamental Change Repurchase Price, if applicable) of, or accrued interest that has not been paid or capitalized on, the Notes, deposit with the Paying Agent a sum in immediately available U.S. Dollars sufficient to pay such principal
(including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) or accrued interest that has not been paid or capitalized, 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 10:00 a.m., New York City time, on such date. 

(b) If the Company shall act as its own Paying Agent, it will, on or before each due date of the principal (including the Redemption Price and
the Fundamental Change Repurchase Price, if applicable) of, and accrued interest that has not been paid or capitalized on, the Notes, set aside, segregate and hold in trust for the benefit of the Holders of the Notes a sum sufficient to pay such
principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) and accrued interest that has not been paid or capitalized so becoming due and will promptly notify the Trustee of any failure to take such action
and of any failure by the Company to make any payment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, or accrued interest that has not been paid or capitalized 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. Upon the occurrence of any event specified in Section 6.01(h) or Section 6.01(i), the Trustee shall automatically become the Paying Agent. 

(d) 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 Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, accrued interest that has not been paid or capitalized on and the consideration due upon conversion of any Note and remaining unclaimed
for two years after such principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable), interest or consideration due upon conversion has become due and payable shall be paid to the Company on request of the
Company contained in an Officer’s Certificate, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company and the Guarantors 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. 

  
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 Section 4.05. Existence. Subject to Article 11, the Company shall do or cause to
be done all things necessary to preserve and keep in full force and effect its corporate existence. 
 Section 4.06. Rule 144A
Information Requirement and Annual Reports. (a) At any time the Company is not subject to Section 13 or 15(d) of the Exchange Act, the Company shall, so long as any of the Notes or any shares of Common Stock issuable upon conversion
thereof shall, at such time, constitute “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, promptly provide to the Trustee and will, upon written request, provide to any Holder, beneficial owner or
prospective purchaser of such Notes or any shares of Common Stock issuable upon conversion of such Notes, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes or shares
of Common Stock pursuant to Rule 144A. 
 (b) The Company shall deliver to the Trustee, within 15 days after the same are required to be
filed with the Commission (giving effect to any grace period provided by Rule 12b-25 (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 the Trustee for purposes of this Section 4.06(b) at the time such documents are filed via
the EDGAR system (or any successor thereto), 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 and the Guarantors’ compliance with any of their
respective covenants hereunder (as to which the Trustee is entitled to conclusively rely on an Officer’s Certificate). 
 (d) If, at any
time during the period from, and including, the date that is six months after the Last Original Issue Date of any Note, the Company has not satisfied the reporting conditions (including, for the avoidance of doubt, the requirement for current Form
10 information) set forth in Rule 144(c) and (i)(2) under the Securities Act, or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates
at any time during the three months immediately preceding (as a result of restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes), the Company shall pay Additional Interest on the Notes. Such Additional Interest
shall accrue on the Notes at the rate of 0.50% per annum of the Capitalized Principal Amount of the Notes outstanding for each day during such period on which the condition requiring such Additional Interest is continuing. As used in this
Section 4.06(d), documents or reports that the Company is required to “file” with the Commission pursuant to Section 13 or 15(d) of the Exchange Act do not include documents or reports that the Company furnishes to the Commission
pursuant to Section 13 or 15(d) of the Exchange Act. 

  
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 (e) [Reserved.] 

(f) Additional Interest will be payable in arrears on each Interest Payment Date following accrual in the same manner as regular interest on
the Notes. 
 (g) The Additional Interest that is payable in accordance with Section 4.06(d) shall be in addition to any Additional
Interest that may accrue on the Notes as a result of the Company’s election pursuant to Section 6.03. 
 (h) If Additional Interest
is payable by the Company pursuant to Section 4.06(d), 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. 

(i) For the avoidance of doubt, in the event additional Notes are issued under this Indenture pursuant to Section 2.10 and such additional
Notes are Restricted Securities, for purposes of determining whether Additional Interest shall be payable pursuant to Section 4.06(d) with respect to any Notes issued under this Indenture, all Notes that were not issued with the same CUSIP
number shall be considered separately. 
 Section 4.07. Stay, Extension and Usury Laws. Each of the Company and each Guarantor
covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law that would prohibit or
forgive the Company from paying all or any portion of the principal of or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of this Indenture;
and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to
the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 Section 4.08.
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, 2022) an Officer’s
Certificate stating whether the signers thereof have knowledge of any failure by the Company to comply with all conditions and covenants then required to be performed under this Indenture and, if so, specifying each such failure and the nature
thereof. 

  
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 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; provided that the Company will not be required to deliver such notice if such Event of Default or Default is no longer continuing or has been cured. 

Section 4.09. Further Instruments and Acts. Upon 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 the purposes of this Indenture. 

Section 4.10. Limitation on Secured Debt. The Company will not, and will not permit any of its Subsidiaries to, create,
incur, assume or otherwise cause or permit to exist any Lien securing Debt on any of their properties or assets, now owned or hereafter acquired, other than Permitted Liens; provided, however, the Company and its Subsidiaries will be
permitted to incur Debt secured by Liens if after giving effect to the incurrence of such Debt, the aggregate amount of all Debt of the Company and its Subsidiaries secured by Liens (not including Permitted Liens) does not exceed
$500.0 million. Notwithstanding the foregoing, this Section 4.10 shall be of no further force or effect if the Last Reported Sale Price of the Common Stock has been at least $20.00 (as appropriately adjusted for stock splits, stock
combinations, stock dividends and stock distributions in a manner consistent with the adjustments to the Conversion Rate set forth in Section 14.04) for at least 20 Trading Days (whether or not consecutive) during any 30 consecutive Trading Day
period (including the last Trading Day of such period). 
 Section 4.11. Limitation on Subsidiary Guarantees. The Company will
not permit any of its Subsidiaries, directly or indirectly, to Guarantee any Debt, other than (a) Guarantees of Notes permitted by Section 2.01 of this Indenture (so long as such Subsidiary has Guaranteed all Notes issued under this
Indenture), (b) Debt secured by a Lien permitted by Section 4.10, so long as such Subsidiary has Guaranteed the Notes (for the avoidance of doubt, if Section 4.10 is no longer in effect as a result of the second sentence thereof, this
clause (b) shall be changed to read “Debt secured by a Lien, so long as such Subsidiary has Guaranteed the Notes”), and (c) Guarantees pursuant to contractual obligations existing as of the date of the Investment Agreement
(which, for the avoidance of doubt, shall include any Guarantee of Debt of Nikola Iveco Europe Gmbh). 
 Section 4.12 Limitation on
Sales of Equity Interests of Subsidiary Guarantors. The Company will not, and will not permit any of its Subsidiaries that have Guaranteed the Notes, directly or indirectly, to sell or transfer, including by merger, consolidation or otherwise,
any Equity Interests of any Subsidiary that has Guaranteed the Notes except for any sale or disposition of all of such Subsidiary’s Equity Interests. 

  
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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 May 15 and November 15 in each year beginning with November 15, 2022, 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 Optional Redemption, 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 (5) Business Days; 

(d) failure by the Company to issue (i) a Fundamental Change Company Notice when due in accordance with Section 15.02(c) and such
failure continues for a period of five (5) Business Days or (ii) notice of a specified corporate transaction or event in accordance with Section 14.01(b)(ii) or (iii) when due; 

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

  
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 (f) failure by the Company or any Guarantor for 60 days after written notice from the
Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding has been received by the Company to comply with any of its other agreements contained in the Notes or this Indenture; 

(g) default by the Company, any Guarantor or any Significant Subsidiary of the Company with respect to any mortgage, agreement or other
instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $30,000,000 (or its foreign currency equivalent) in the aggregate of the Company, the Guarantor and/or
any such Significant Subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable prior to its stated maturity or (ii) constituting a failure
to pay the principal of any such indebtedness when due and payable (after the expiration of all applicable grace periods) at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise and, in each such case, such
indebtedness is not discharged, or such acceleration is not otherwise cured or rescinded, within 30 days (or, in the case of clause (ii) above, within the greater of (x) 30 days or (y) the duration of any grace period or extension of time
for payment applicable thereto); 
 (h) the Company, any Guarantor or any Significant Subsidiary shall commence a voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to the Company, any Guarantor or any such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the
appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company, any Guarantor or any such Significant Subsidiary or any substantial part of its property, or shall consent to any such relief or to the appointment
of or taking possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due; 

(i) an involuntary case or other proceeding shall be commenced against the Company, any Guarantor or any Significant Subsidiary seeking
liquidation, reorganization or other relief with respect to the Company, any Guarantor or such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a
trustee, receiver, liquidator, custodian or other similar official of the Company, any Guarantor or such Significant Subsidiary or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and
unstayed for a period of 30 consecutive days; 
 (j) failure by the Company, any Guarantor or a Significant Subsidiary to pay final judgments
aggregating in excess of $30,000,000 (or its foreign currency equivalent) other than any judgments covered by indemnities provided by, or insurance policies issued by, reputable and creditworthy companies, which final judgments remain unpaid,
undischarged and unstayed for a period of more than 60 days after such judgment becomes final (with no right to appeal thereof), and in the event such judgment is covered by insurance, an enforcement proceeding has been commenced by any creditor
upon such judgment or decree which is not promptly stayed; or 

  
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 (k) except as permitted by this Indenture, the Note Guarantee of any Guarantor ceases to be
in full force and effect, or such Guarantor denies or disaffirms in writing its obligations under this Indenture or its Note Guarantee, in each case, other than any such cessation, denial or disaffirmation in connection with a termination of such
Note Guarantee pursuant to Article 13. 
 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 Section 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 (and the Trustee, at the written request of such Holders, shall) declare 100% of the Capitalized Principal Amount of, and accrued interest that has not been paid or capitalized 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 in this Indenture or in the Notes contained to the contrary notwithstanding. If an Event of Default specified
in Section 6.01(h) or Section 6.01(i) with respect to the Company occurs and is continuing, 100% of the Capitalized Principal Amount of, and accrued interest that has not been paid or capitalized, if any, on, all Notes shall become and
shall automatically be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. Notwithstanding the foregoing, if any of the Notes have been accelerated but such payments have not been made before
the date that the Company would be required to provide a Fundamental Change Company Notice for a Change in Control Transaction pursuant to Section 15.02, then the amounts due upon acceleration provided above shall be adjusted by replacing
“100%” with “130%.” Without limiting the generality of the foregoing, it is understood and agreed that if the Notes are accelerated or otherwise become due prior to their stated maturity, in each case, in respect of any Event of
Default (including an Event of Default under Section 6.01(h) or Section 6.01(i)) (each an “Acceleration Event”), the premium provided in the foregoing shall also be due and payable in full at the time of such Acceleration Event
and shall constitute part of the Obligations payable to Holders of the Notes in view of the impracticability and extreme difficulty of ascertaining actual damages and by mutual agreement of the parties as to a reasonable calculation of each
Holder’s loss as a result thereof. If the premium becomes due and payable, it shall be deemed to be principal of the Notes, and interest shall accrue on the full principal amount of the Notes (including the premium) from and after the
applicable triggering event, including in connection with an Event of Default under Section 6.01(h) or Section 6.01(i). Any premium payable above shall be presumed to be the liquidated damages sustained by each Holder of the Notes as the
result of the acceleration of the Notes and the Company agrees that it is reasonable under the circumstances currently existing. THE COMPANY EXPRESSLY WAIVES (TO THE FULLEST EXTENT IT MAY LAWFULLY DO SO) THE PROVISIONS OF ANY PRESENT OR FUTURE
STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING PREMIUM IN CONNECTION WITH ANY SUCH 

  
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ACCELERATION. The Company expressly agrees (to the fullest extent it may lawfully do so) that: (A) the premium is reasonable and is the product of an arm’s length transaction between
sophisticated business people, ably represented by counsel; (B) the premium shall be payable notwithstanding the then prevailing market rates at the time acceleration occurs; (C) there has been a course of conduct between the Holders of
the Notes and the Company giving specific consideration in this transaction for such agreement to pay the premium; and (D) the Company shall be estopped hereafter from claiming differently than as agreed to in this paragraph. The Company
expressly acknowledges that its agreement to pay the premium to the Holders of the Notes as herein described is a material inducement to the Holders to purchase the Notes. 

The immediately 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 interest that has not been paid or capitalized 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 interest that
has not been paid or capitalized, and on such principal at the Cash Interest 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 accrued interest that has not been paid or capitalized, if any, on Notes that
shall have become due solely by such acceleration, shall have been cured or waived pursuant to Section 6.09, then and in every such case (except as provided in the immediately succeeding sentence) the Holders of a majority in aggregate
principal amount of the Notes then outstanding, by 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 (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, or accrued interest that has not been paid or capitalized 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. 

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,
consist exclusively of the right to receive Additional Interest on the Notes at a rate equal to (i) 0.25% per annum of the Capitalized Principal Amount of the Notes outstanding for each day during the first 180 calendar days after the
occurrence of such an Event of Default during which such an Event of Default is continuing (or, if earlier, the date on which such Event of Default is cured or waived 

  
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as provided for in this Indenture) and (ii) 0.50% per annum of the Capitalized Principal Amount of the Notes outstanding for each day from, and including, the 181st calendar day to, but
excluding, the 360th calendar day following the occurrence of such an Event of Default, in each case, 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). Additional Interest payable pursuant to this Section 6.03 shall be in addition to, not in lieu of, any Additional Interest payable pursuant to Section 4.06(d). If the Company so elects, such Additional Interest shall be
payable in the same manner and on the same dates as the stated interest payable on the Notes. On the 361st day after such an 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 subject to acceleration as provided in Section 6.02. The provisions of this paragraph will not affect the rights of Holders in the event of the
occurrence of any Event of Default other than the Company’s failure to comply with its obligations as set forth in Section 4.06(b). In the event the Company does not elect to pay Additional Interest following an Event of Default in
accordance with this Section 6.03 or the Company elected to make such payment but does not pay the Additional Interest when due, the Notes shall be immediately subject to acceleration as provided in Section 6.02. 

In order to elect to pay Additional Interest as the sole remedy during the first 360 days after the occurrence of an Event of Default relating
to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) in accordance with the immediately preceding paragraph, the Company must notify all Holders, the Trustee and the Paying Agent (if other than the
Trustee), in writing, of such election prior to the beginning of such 360-day period. Upon the Company’s failure to timely give such notice, the Notes shall be immediately subject to acceleration as
provided in Section 6.02. 
 Section 6.04. Payments of Notes on Default; Suit Therefor. If an Event of Default described in
clause (a) or (b) of Section 6.01 shall have occurred and be continuing, 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 Cash Interest Rate borne by the Notes at such time, and, in addition thereto, such further amount as shall be sufficient to cover any amounts due to
the Trustee under Section 7.06. If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due
and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the
property of the Company or any other obligor upon the Notes, wherever situated. 
 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 

  
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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 interest that has not been paid or capitalized, if any,
in respect of the Notes, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents and to take such other actions as it may deem necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceedings relative to the Company or any other obligor on the Notes, its or their
creditors, or its or their property, and to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute the same after the deduction of any amounts due to the Trustee under Section 7.06; and any
receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Holders to make such payments to the Trustee, as administrative expenses, and, in the event that the Trustee
shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for reasonable compensation, expenses, advances and disbursements, including agents and counsel fees, and including any other amounts due
to the Trustee under Section 7.06, incurred by it up to the date of such distribution. To the extent that such payment of reasonable compensation, expenses, advances and disbursements out of the estate in any such proceedings shall be denied
for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, monies, securities and other property that the Holders of the Notes may be entitled to receive in such proceedings,
whether in liquidation or under any plan of reorganization or arrangement or otherwise. 
 Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting such Holder or the rights of any Holder thereof, or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding. 
 All rights of action and of asserting claims under this Indenture, or
under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the
ratable benefit of the Holders of the Notes. 
 In any proceedings brought by the Trustee (and in any proceedings involving the
interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Holders of the Notes parties to any such
proceedings. 

  
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 In case the Trustee shall have proceeded to enforce any right under this Indenture and such
proceedings shall have been discontinued or abandoned because of any waiver pursuant to Section 6.09 or any rescission and annulment pursuant to Section 6.02 or for any other reason or shall have been determined adversely to the Trustee,
then and in every such case the Company, the Guarantors, 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 Guarantors, 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, 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 Cash Interest Rate borne by the Notes at such time, such payments to be made ratably to the Persons entitled thereto; 

Third, in case the principal of the outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment
of the whole amount (including, if applicable, the payment of the Redemption Price, 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 Cash Interest Rate borne by the Notes at such time, and in case such monies shall be insufficient to pay in
full the whole amounts so due and unpaid upon the Notes, then to the payment of such principal (including, if applicable, the Redemption Price, the Fundamental Change Repurchase Price and any cash due upon conversion) and interest without preference
or priority of principal over interest, or of interest over principal or of any installment of interest over any other installment of interest, or of any Note over any other Note, ratably to the aggregate of such principal (including, if applicable,
the Redemption Price, the Fundamental Change Repurchase Price and any cash due upon conversion) and accrued interest that has not been paid or capitalized; and 

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

  
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 Section 6.06. Proceedings by Holders. Except to enforce the right to receive
payment of principal (including, if applicable, the Redemption Price and the Fundamental Change Repurchase Price) or interest when due, or the right to receive payment or delivery of the consideration due upon conversion, no Holder of any Note shall
have any right by virtue of or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment of a receiver, trustee, liquidator,
custodian or other similar official, or for any other remedy hereunder, unless: 
 (a) such Holder previously shall have given to the Trustee
written notice of an Event of Default and of the continuance thereof, as herein provided; 
 (b) Holders of at least 25% in aggregate
principal amount of the Notes then outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; 

(c) such Holders shall have offered to the Trustee such security or indemnity reasonably satisfactory to it against any loss, liability or
expense to be incurred therein or thereby; 
 (d) the Trustee for 60 days after its receipt of such notice, request and offer of such
security or indemnity, shall have neglected or refused to institute any such action, suit or proceeding; and 
 (e) no direction that, in the
opinion of the Trustee, is inconsistent with such written request shall have been given to the Trustee by the Holders of a majority of the aggregate principal amount of the Notes then outstanding within such
60-day period pursuant to Section 6.09, 
 it being understood and intended, and being expressly covenanted by
the Holder of every Note with every other 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. 

Notwithstanding any other provision of this Indenture and any provision of any Note, the right of each Holder to receive payment or delivery,
as the case may be, of (x) the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, (y) accrued interest that has not been paid or capitalized, 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, shall not be impaired
or affected without the consent of such Holder. 

  
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 Section 6.07. Proceedings by Trustee. In case of an Event of Default of which a
Responsible Officer of the Trustee has been notified in writing, 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 or the Note Guarantees; provided, however, that the Trustee may refuse to follow any such direction or take any action that conflicts with any rule of law or with this
Indenture, or that, subject to the terms of this Indenture, the Trustee determines may be unduly prejudicial to the rights of other Holders or may involve the Trustee in liability (it being expressly understood that the Trustee shall not have an
affirmative duty to ascertain whether such action is prejudicial), unless the Trustee is offered security and indemnity satisfactory to the Trustee against any loss, claim, liability, cost or expense to the Trustee that may result from the
Trustee’s following such direction. The Holders of a majority in aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 may on behalf of the Holders of all of the Notes waive any past
Default or Event of Default hereunder and its consequences except (i) a default in the payment of accrued interest that has not been paid or capitalized, if any, on, or the principal (including any Redemption Price, any Fundamental Change
Repurchase Price) of, the Notes when due that has not been cured pursuant to the provisions of Section 6.01, (ii) a failure by the Company or any Guarantor to pay or deliver, as the case may be, the consideration due upon conversion of the
Notes or (iii) a default in respect of a covenant or provision hereof which under Article 10 cannot be modified or amended without the consent of each Holder of an outstanding Note affected. Upon any such waiver the Company, the Guarantors, the
Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. Whenever any
Default or Event of Default hereunder shall have been waived as permitted by this Section 6.09, said Default or Event of Default shall for all purposes of the Notes and this Indenture be deemed to have been cured and to be not continuing; but
no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. 

  
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 Section 6.10. Notice of Defaults. The Trustee shall, within 90 days after the
occurrence and continuance of a Default of which a Responsible Officer of the Trustee has actual knowledge, deliver to all Holders notice of all Defaults known to a Responsible Officer, unless such Defaults shall have been cured or waived before the
giving of such notice; provided that, except in the case of a Default in the payment of the principal of (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable), or accrued interest that has not been paid
or capitalized 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 a committee of Responsible Officers of the Trustee 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 interest that has not been paid or capitalized, if any, on any Note (including,
but not limited to, the Redemption Price and the Fundamental Change Repurchase Price, if applicable) on or after the due date expressed or provided for in such Note or to any suit for the enforcement of the right to convert any Note, or receive the
consideration due upon conversion, in accordance with the provisions of Article 14. 
 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, of which a
Responsible Officer of the Trustee has been notified in writing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise
or use under the circumstances in the conduct 

  
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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 it against any loss, liability, claim, cost 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 grossly negligent action, its own grossly 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 gross negligence or willful misconduct on the part of the Trustee, as determined in a final and non-appealable decision by a court of competent jurisdiction, 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 (and, for the avoidance of doubt, the Trustee is not obligated to make or confirm any calculations called for under this Indenture (including any calculations
related to the Notes)); 
 (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 grossly 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 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;

  
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 (d) whether or not therein provided, every provision of this Indenture relating to the
conduct or affecting the liability of, or affording protection to, the Trustee shall be subject to the provisions of this Section; 
 (e) the
Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters relating to payment) or notice effected by the Company or any Paying Agent or any records maintained by any co-Note Registrar with respect to the Notes; 
 (f) if any party fails to deliver a notice relating to an
event the fact of which, pursuant to this Indenture, requires notice to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless a Responsible Officer of
the Trustee had actual knowledge of such event; 
 (g) in the absence of written investment direction from the Company, all cash received by
the Trustee shall be placed in a non-interest bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon or for losses
incurred as a result of the liquidation of any such investment prior to its maturity date or the failure of the party directing such investments prior to its maturity date or the failure of the party directing such investment to provide timely
written investment direction, and the Trustee shall have no obligation to invest or reinvest any amounts held hereunder in the absence of such written investment direction from the Company; and 

(h) in the event that the Trustee is also acting as Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or
transfer agent hereunder, the rights and protections afforded to the Trustee pursuant to this Article 7 shall also be afforded to such Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or transfer agent. 

None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal
financial liability in the performance of any of its duties or in the exercise of any of its rights or powers. 
 Section 7.02.
Reliance on Documents, Opinions, Etc. Except as otherwise provided in Section 7.01: 
 (a) the Trustee may conclusively rely and
shall be fully protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, note, coupon or other paper or document believed by it in good faith to be genuine and to have been
signed or presented by the proper party or parties; 
 (b) any request, direction, order or demand of the Company mentioned herein shall be
sufficiently evidenced by an Officer’s Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee by a copy thereof certified by the Secretary or an
Assistant Secretary of the Company; 

  
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 (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 accordance with such advice or Opinion of Counsel; 

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

In no event shall the Trustee be liable for any indirect, special, 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 willful misconduct or gross
negligence, as determined in a final and non-appealable decision by a court of competent jurisdiction. The Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the
Notes, unless either (1) a Responsible Officer shall have actual knowledge of such Default or Event of Default or (2) written notice of such Default or Event of Default shall have been given to the Trustee by the Company or by any Holder
of the Notes. 
 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.

 Section 7.04. Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes. The Trustee,
any Paying Agent, any Conversion Agent, Bid Solicitation Agent (if other than the Company or any Affiliate thereof) or Note Registrar, in its individual or any other capacity, may become the owner or pledgee of Notes with the same rights it would
have if it were not the Trustee, Paying Agent, Conversion Agent, Bid Solicitation Agent or Note Registrar. 

  
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 Section 7.05. Monies and Shares of Common Stock to Be Held in Trust. All monies
and shares of Common Stock received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received. Money and shares of Common Stock held by the Trustee in trust hereunder need not be
segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money or shares of Common Stock received by it hereunder except as may be agreed from time to time by the Company and the
Trustee. 
 Section 7.06. Compensation and Expenses of Trustee. The Company covenants and agrees to pay to the Trustee from time
to time, and the Trustee shall receive reasonable compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as mutually
agreed to in writing between the Trustee and the Company, and the Company will pay or reimburse the Trustee for all fees, expenses, disbursements and advances reasonably incurred or made by the Trustee in accordance with any of the provisions of
this Indenture in any capacity hereunder (including the compensation and the 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
determined to have been caused by its own gross negligence or willful misconduct, as determined in a final and non-appealable decision by a court of competent jurisdiction. The Company and the Guarantors,
jointly and severally, also covenant to indemnify the Trustee in any capacity under this Indenture and any other document or transaction entered into in connection herewith and its agents and any authenticating agent for, and to hold them harmless
against, any loss, claim, damage, liability or expense incurred without gross negligence or willful misconduct on the part of the Trustee, its officers, directors, agents or employees, or such agent or authenticating agent, as the case may be, and
in each case, as determined in a final and non-appealable decision by a court of competent jurisdiction, and arising out of or in connection with the acceptance or administration of this Indenture, including
the enforcement of this Section 7.06, or in any other capacity hereunder, including the costs and expenses of defending themselves against any claim of liability in the premises and enforcing the Company’s or Guarantors’ obligations
hereunder. The obligations of the Company and the Guarantors under this Section 7.06 to compensate or indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall be secured by a senior claim to which
the Notes are hereby made subordinate on all money or property held or collected by the Trustee, except, subject to the effect of Section 6.05, funds held in trust herewith for the benefit of the Holders of particular Notes. The Trustee’s
right to receive payment of any amounts due under this Section 7.06 shall not be subordinate to any other liability or indebtedness of the Company. The obligations of the Company and the Guarantors under this Section 7.06 shall survive the
satisfaction and discharge of this Indenture and the earlier resignation or removal of the Trustee. Neither the Company nor any Guarantor need pay for any settlement made without its consent, which consent shall not be unreasonably withheld. The
indemnification provided in this Section 7.06 shall extend to the officers, directors, agents and employees of the Trustee. 

  
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 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 Section 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 gross negligence or willful misconduct on the part of the Trustee (as
determined in a final and non-appealable decision by a court of competent jurisdiction), be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee, and such
Officer’s Certificate, in the absence of gross negligence or willful misconduct on the part of the Trustee (as determined in a final and non-appealable decision by a court of competent jurisdiction),
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. 

Section 7.09. Resignation or Removal of Trustee. (a) The Trustee may at any time resign by giving written notice of such
resignation to the Company and by delivering notice thereof to the Holders. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of
Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 60 days after the giving of such
notice of resignation to the Holders, the resigning Trustee may, 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: 

  
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 (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 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. 

  
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 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. If the Company fails to deliver such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be delivered at the expense of the Company.

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

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

Section 7.12. Trustee’s Application for Instructions from the Company. Any application by the Trustee for
written instructions from the Company (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders of the Notes under this Indenture) may, at the option of the Trustee, set
forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable to the Company for any
action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which 

  
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date shall not be less than three Business Days after the date any officer that the Company has indicated to the Trustee should receive such application actually receives such application, unless
any such officer shall have consented in writing to any earlier date), unless, prior to taking any such action (or the effective date in the case of any omission), the Trustee shall have received written instructions in accordance with this
Indenture in response to such application specifying the action to be taken or omitted. 
 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, (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. Whenever
the Company or the Trustee solicits the taking of any action by the Holders of the Notes, the Company or the Trustee may fix, but shall not be required to, in advance of such solicitation, a date as the record date for determining Holders entitled
to take such action. The record date if one is selected shall be not more than fifteen days prior to the date of commencement of solicitation of such action. 

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

Section 8.03. Who Are Deemed Absolute Owners. The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion
Agent and any Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation
of ownership or other writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on account of the principal (including any Redemption Price and any Fundamental Change Repurchase
Price) of and (subject to Section 2.03) accrued interest that has not been paid or capitalized 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

  
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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 that are owned by the Company, by any Subsidiary thereof or by any Affiliate of the Company or any Subsidiary thereof shall be
disregarded and deemed not to be outstanding for the purpose of any such determination; provided that for the purposes of determining whether the Trustee shall be protected in conclusively relying on any such direction, consent, waiver or
other action, only Notes that a Responsible Officer 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 an Affiliate of the Company or a Subsidiary thereof. In the case of a dispute
as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officer’s Certificate listing and
identifying all Notes, if any, known by the Company to be owned or held by or for the account of any of the above described Persons; and, subject to Section 7.01, the Trustee shall be entitled to accept such Officer’s Certificate as
conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination. 

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

  
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 ARTICLE 9 

HOLDERS’ MEETINGS 

Section 9.01. Purpose of Meetings. A meeting of Holders may be called at any time and from time to time pursuant to the provisions
of this Article 9 for any of the following purposes: 
 (a) to give any notice to the Company or to the Trustee or to give any directions to
the Trustee permitted under this Indenture, or to consent to the waiving of any Default or Event of Default hereunder (in each case, as permitted under this Indenture) and its consequences, or to take any other action authorized to be taken by
Holders pursuant to any of the provisions of Article 6; 
 (b) to remove the Trustee and nominate a successor trustee pursuant to the
provisions of Article 7; 
 (c) to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of
Article 10; 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 proposed to be taken at such meeting and the establishment of any record date pursuant to Section 8.01, shall be delivered to Holders of such Notes. Such notice shall also be
delivered to the Company. Such notices shall be delivered not less than 20 nor more than 90 days prior to the date fixed for the meeting. 

Any meeting of Holders shall be valid without notice if the Holders of all Notes then outstanding are present in person or by proxy or if
notice is waived before or after the meeting by the Holders of all Notes then outstanding, and if the Company and the Trustee are either present by duly authorized representatives or have, before or after the meeting, waived notice. 

Section 9.03. Call of Meetings by Company or Holders. In case at any time the Company, pursuant to a Board Resolution, or the
Holders of at least 10% of the aggregate principal amount of the Notes then outstanding, shall have requested the Trustee to call a meeting of Holders, by written request setting forth in reasonable detail the action proposed to be taken at the
meeting, and the Trustee shall not have delivered the notice of such meeting within 20 days after receipt of such request, then the Company or such Holders may determine the time and the place for such meeting and may call such meeting to take any
action authorized in Section 9.01, by delivering notice thereof as provided in Section 9.02. 

  
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 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. 

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
$1.00 principal amount of Notes held or represented by him or her; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the meeting to
be not outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Notes held by it or instruments in writing as aforesaid duly designating it as the proxy to vote on behalf of other Holders. Any meeting of Holders
duly called pursuant to the provisions of Section 9.02 or Section 9.03 may be adjourned from time to time by the Holders of a majority of the aggregate principal amount of Notes represented at the meeting, whether or not constituting a
quorum, and the meeting may be held as so adjourned without further notice. 
 Section 9.06. Voting. The vote upon any
resolution submitted to any meeting of Holders shall be by written ballot on which shall be subscribed the signatures of the Holders or of their representatives by proxy and the outstanding aggregate principal amount of the Notes held or represented
by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written
reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the
inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was delivered as provided in
Section 9.02. The record shall show the aggregate principal amount of the Notes voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and
one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. 

  
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 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. Without the consent of any Holder, the Company, the Guarantors
and the Trustee, at the Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental hereto for one or more of the following purposes: 

(a) to cure any ambiguity, omission, defect or inconsistency in this Indenture, the Notes or the Note Guarantees; 

(b) to provide for the assumption by a Successor Company of the obligations of the Company or a Guarantor under this Indenture pursuant to
Article 11; 
 (c) to add one or more guarantees with respect to the Notes; 

(d) to secure the Notes or the Note Guarantees; 

(e) to add to the covenants or Events of Default of the Company for the benefit of the Holders or surrender any right or power conferred upon
the Company or the Guarantors under this Indenture, the Notes or the Note Guarantees; 
 (f) to make any change that does not adversely
affect the rights of any Holder under this Indenture or the Notes, as determined by the Company in good faith; 
 (g) to increase the
Conversion Rate as provided in this Indenture; 

  
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 (h) to provide for the appointment of and acceptance of appointment by a successor trustee
pursuant to Section 7.09 or to facilitate the administration of the trusts under this Indenture by more than one trustee; 
 (i) to
irrevocably elect a Settlement Method or a Specified Dollar Amount or a Minimum Specified Amount, or eliminate the Company’s right to elect a Settlement Method; provided that no such election or elimination will affect any Settlement
Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to the provisions in Section 14.02; 
 (j) to
make PIK Payments (including to issue PIK Notes) or facilitate the same; 
 (k) to make provisions with respect to conversion rights of the
Holders pursuant to Section 14.07 in accordance with the applicable provisions of this Indenture; 
 (l) to comply with the rules of the
Depositary; or 
 (m) to evidence the release of any Guarantor from its Note Guarantee in accordance with this Indenture. 

Upon the written request of the Company, the Trustee is hereby authorized to, and shall join with the Company and the Guarantors in the
execution of any such 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 Guarantors and the Trustee without the consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of
Section 10.02. 
 Section 10.02. Supplemental Indentures with Consent of Holders. With the consent (evidenced as provided
in Article 8) of the Holders of at least a majority of the aggregate principal amount of the Notes then outstanding (determined in accordance with Article 8 and including, without limitation, consents obtained in connection with a repurchase of, or
tender or exchange offer for, the Notes), the Company, the Guarantors 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, the Notes, the Note Guarantees or any supplemental indenture or of modifying in any manner the rights of the Holders; provided, however,
that, without the consent of each Holder of an outstanding Note affected, no such supplemental indenture shall: 
 (a) reduce the principal
amount of Notes whose Holders must consent to an amendment; 

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

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

(d) make any change that adversely affects the conversion rights of any Notes; 

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

(f) make any Note payable in money, 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; 
 (i) make any change in this Article
10 that requires each Holder’s consent or in the waiver provisions in Section 6.02 or Section 6.09; or 
 (j) release the Note
Guarantee of any Guarantor except as provided in this Indenture, or make any changes to such Note Guarantee in a manner materially adverse to the Holders. 

Upon the written request of the Company, and upon the delivery to the Trustee of evidence of the consent of the requisite Holders as aforesaid
and subject to Section 10.05, the Trustee shall join with the Company and the Guarantors 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 deliver to the Holders a notice briefly describing such supplemental indenture. However, the failure to give such
notice to all the Holders, or any defect in the notice, will not impair or affect the validity of the supplemental indenture. 

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

  
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 Section 10.04. Notation on Notes. Notes authenticated and delivered after the
execution of any supplemental indenture pursuant to the provisions of this Article 10 may, at the Company’s expense, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the
Company or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the 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 that any supplemental indenture executed pursuant hereto complies with the requirements of this
Article 10 and is permitted or authorized by this Indenture. 
 ARTICLE 11 

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE 

Section 11.01. Company May Consolidate, Etc. on Certain Terms. Subject to the provisions of Section 11.03, the Company shall
not consolidate with or merge with or into, or sell, convey, transfer or lease in one transaction or a series of transactions all or substantially all of the consolidated properties and assets of the Company and its Subsidiaries, taken as a whole,
to another Person (other than any such sale, conveyance, transfer or lease to one or more of the Company’s Wholly Owned Domestic Subsidiaries), unless: 

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

  
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 Section 11.02. Guarantors May Consolidate, Etc. on Certain Terms. Subject to the
provisions of Section 11.03, each Guarantor (other than a Guarantor whose Note Guarantee has been released or is entitled to be released, in each case in accordance with the terms of the Note Guarantee and this Indenture) shall not consolidate
with, merge with or into, or sell, lease or transfer in one transaction or a series of related transactions all or substantially all of the consolidated assets of such Guarantor and its Subsidiaries, taken as a whole, to any Person, unless: 

(a) the Successor Company, if not such Guarantor, is organized and existing under the laws of the United States of America, any State thereof
or the District of Columbia and, in each case, such Successor Company (if not such Guarantor) shall expressly assume, by supplemental indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee, all of the obligations of
such Guarantor under the Notes, the applicable Note Guarantee and this Indenture; and 
 (b) immediately after giving effect to such
transaction, no Default or Event of Default shall have occurred and be continuing. 
 Notwithstanding any provision of this Indenture to the contrary, this
Section 11.02 shall not apply to any merger or consolidation of a Guarantor with or into, or any sale, lease or conveyance of assets by a Guarantor to, the Company or any other Guarantor or to any Guarantor upon any termination of the Note
Guarantee of such Guarantor in accordance with this Indenture. 
 Section 11.03. Successor Company to Be Substituted. In case of
any such consolidation, merger, sale, conveyance, transfer or lease (other than any such sale, conveyance, transfer or lease to one or more of the Company’s Wholly Owned Domestic Subsidiaries) and upon the assumption by the Successor Company,
by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of all of the obligations of the Company or Guarantor, as the case may be, under the Notes, the Note Guarantees and this Indenture, such
Successor Company (if not the Company or Guarantor, as the case may be) shall succeed to and, except in the case of such a lease, shall be substituted for the Company or Guarantor, as the case may be, with the same effect as if it had been named
herein as the party of the first part, and may thereafter exercise every right and power of, the Company or Guarantor, as the case may be, under this Indenture. In the case of the Company, such Successor Company thereupon may cause to be signed, and
may issue either in its own name or in the name of the Company any or all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such Successor Company instead
of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver, or cause to be authenticated and delivered, any Notes that previously shall have been signed and
delivered by the Officers of the Company to the Trustee for authentication, and any Notes that such Successor Company thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall in all respects
have the same legal rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Notes had 

  
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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) or the applicable Guarantor (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 (and, in the case of a Guarantor, the applicable Note Guarantee). 

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 11.04. Opinion of Counsel to Be Given to
Trustee. No such consolidation, merger, sale, conveyance, transfer or lease under this Article 11 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, complies with the provisions of this Article 11. 

ARTICLE 12 

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND
DIRECTORS 
 Section 12.01. Indenture, Notes and Note Guarantees Solely Corporate Obligations. No recourse for
the payment of the principal of or any accrued and unpaid interest on any Note or any Note Guarantee, 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
or any Guarantor in this Indenture or in any supplemental indenture or in any Note or any Note Guarantee, nor because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, employee, agent,
Officer or director or Subsidiary, as such, past, present or future, of the Company or any Guarantor or of any of their respective successor Persons, either directly or through the Company, any Guarantor or any of their respective successor Persons,
whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a
consideration for, the execution of this Indenture and the issue of the Notes and the Note Guarantees. 

  
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 ARTICLE 13 

GUARANTEES 

Section 13.01. Guarantees. 

(a) Subject to this Article 13, each of the Guarantors hereby fully unconditionally and irrevocably guarantees, jointly and severally, as
primary obligor and not merely as surety, to each Holder of the Notes and to the Trustee the full and punctual payment or delivery when due, whether at maturity, upon conversion, upon Fundamental Change repurchase, by acceleration, by redemption or
otherwise, of the principal of and Additional Interest, if any, on the Notes, any amounts due upon conversion, and all other obligations of the Company under this Indenture and the Notes (the “Obligations”) to the Trustee and to the
Holders. Each of the Guarantors further agrees (to the extent permitted by law) that the Obligations may be extended or renewed, in whole or in part, without notice or further assent from it, and that it shall remain bound under this Article 13
notwithstanding any extension or renewal of any Obligation. 
 (b) Each of the Guarantors waives presentation to, demand of payment from and
protest to the Company of any of the Obligations and also waives notice of protest for nonpayment. Each of the Guarantors waives notice of any default under the Notes or the Obligations. The obligations of each of the Guarantors hereunder shall not
be affected by (i) the failure of any Holder to assert any claim or demand or to enforce any right or remedy against the Company or any other person under this Indenture, the Notes or any other agreement or otherwise, (ii) any extension or
renewal of any thereof, (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement, (iv) the release of any security held by any Holder or the Trustee for
the Obligations or any of them or (v) any change in the ownership of the Company. 
 (c) Each of the Guarantors further agrees that its
Note Guarantee herein constitutes a guarantee of payment when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder to any security held for payment of the Obligations. 

(d) The obligations of each of the Guarantors hereunder shall not be subject to any reduction, limitation, impairment or termination for any
reason (other than payment of the Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason
of the invalidity, illegality or unenforceability of the Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each of the Guarantors herein shall not be discharged or impaired or otherwise affected by the
failure of any Holder to assert any claim or demand or to enforce any remedy under this Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the
performance of the Obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of each of the Guarantors or would otherwise operate as a discharge of the
Guarantors as a matter of law or equity. 
 (e) Each of the Guarantors further agrees that its Note Guarantee herein shall continue to be
effective or be reinstated, as the case may be, if at any time payment or delivery, or any part thereof, of amounts due upon conversion or principal of or Additional Interest, if any, on any of the Obligations is rescinded or must otherwise be
restored by any Holder upon the bankruptcy or reorganization of the Company or otherwise. 

  
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 (f) In furtherance of the foregoing and not in limitation of any other right which any
Holder has at law or in equity against any of the Guarantors by virtue hereof, upon the failure of the Company to pay or delivery any of the Obligations when and as the same shall become due, whether at maturity, upon conversion, upon redemption,
upon Fundamental Change repurchase, by acceleration or otherwise, each of the Guarantors hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay or delivery, or cause to be paid or delivered, as the case may be
(i) in cash, to the Holders an amount equal to the sum of (x) the unpaid amount of such Obligations then due and owing and (y) accrued and unpaid Additional Interest, if any, on such Obligations then due and owing (but only to the
extent not prohibited by law) and/or (ii) any shares of Common Stock then due and owing. 
 (g) Each of the Guarantors further agrees
that, as between itself, on the one hand, and the Holders, on the other hand, (x) the maturity of the Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of its Note Guarantee herein, notwithstanding
any stay, injunction or other prohibition preventing such acceleration in respect of the Obligations guaranteed hereby and (y) in the event of any such declaration of acceleration of such Obligations, such Obligations (whether or not due and
payable) shall forthwith become due and payable by such Guarantor for the purposes of its Note Guarantee. 
 Section 13.02. No
Subrogation. Notwithstanding any payment or payments made by any Guarantor hereunder, no Guarantor shall be entitled to be subrogated to any of the rights of the Trustee or any Holder against the Company or any collateral security or guarantee
or right of offset held by the Trustee or any Holder for the payment of the Obligations. The Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such
right does not impair the rights of the Holders under the Note Guarantee. If any amount shall be paid to any of the Guarantors on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full, such
amount shall be held by such Guarantor in trust for the Trustee and the Holders, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Trustee in the exact form received by such
Guarantor (duly endorsed by such Guarantor to the Trustee, if required), to be applied against the Obligations. 
 Section 13.03.
Consideration. Each of the Guarantors has received, or shall receive, direct or indirect benefits from the making of its Note Guarantee. 

Section 13.04. Limitation on Guarantor Liability. Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms
that it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or
any similar federal or state law to the extent applicable to any Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each Guarantor shall be limited to
the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws and after giving effect to any collections from, rights to receive contribution
from or payments made by or on behalf of any other Guarantor in respect 

  
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of the obligations of such other Guarantor under this Article 13, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent transfer or conveyance or a
voidable preference, financial assistance or improper corporate benefit, or violating the corporate purpose of the relevant Guarantor or any applicable capital maintenance or similar laws or regulations affecting the rights of creditors generally
under any applicable law or regulation. Each Guarantor that makes a payment under its Note Guarantee shall be entitled upon payment in full of all guaranteed obligations under this Indenture to a contribution from each other Guarantor in an amount
equal to such other Guarantor’s pro rata portion of such payment based on the respective net assets of all the Guarantors at the time of such payment determined in accordance with GAAP. Notwithstanding the foregoing, any Guarantee of any
Guarantor organized outside the United States of America may be limited as necessary to (1) comply with applicable law, (2) avoid any general legal limitations such as general statutory limitations, financial assistance, maintenance of
share capital, corporate benefit, “thin capitalization” rules, retention of title claims or similar matters or (3) avoid a conflict with the fiduciary duties of such company’s directors, contravention of any legal prohibition or
regulatory condition, or the material risk of personal or criminal liability for any officers or directors (collectively referred to as “Agreed Guarantee Principles,” in each case as reasonably determined by the Company). 

Section 13.05. Execution and Delivery. 

(a) To evidence its Note Guarantee set forth in Section 13.01 hereof, each Guarantor hereby agrees that either (i) this Indenture (or
a supplemental indenture, as the case may be) or (ii) a notation of such Note Guarantee as attached hereto as Exhibit B, in each case with such modifications as the Company reasonably determines are appropriate to comply with the Agreed
Guarantee Principles, shall be executed on behalf of such Guarantor by one of its Officers, managers, its trustee, its managing member or its general partner, as the case may be. 

(b) Each Guarantor hereby agrees that its Note Guarantee set forth in Section 13.01 shall remain in full force and effect notwithstanding
the absence of the endorsement of any notation of such Note Guarantee on the Notes. 
 (c) If an Officer, manager, trustee, managing member
or general partner of a Guarantor whose signature is on this Indenture (or a supplemental indenture, as the case may be) no longer holds that office at the time the Trustee authenticates the Notes, the Note Guarantee shall be valid nevertheless.

 (d) The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note
Guarantee set forth in this Indenture on behalf of the Guarantors. 
 Section 13.06. Release of Guarantors. A Guarantor will be
automatically released from all of its obligations under the Notes, this Indenture and its Note Guarantee, and its Note Guarantee will automatically terminate: 

(a) upon satisfaction and discharge of this Indenture pursuant to Section 3.01; 

  
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 (b) upon the consummation of any sale or other disposition of any portion or all of the
Capital Stock of such Guarantor (including by way of merger or consolidation) or other transaction such that after giving effect to such sale, disposition or other transaction such Guarantor is no longer a Domestic Subsidiary of the Company; 

(c) to the extent that such Guarantor is not an Immaterial Subsidiary solely due to the operation of clause (a) of the definition of
“Immaterial Subsidiary,” upon the release of the guarantee referred to in such clause; or 
 (d) entry into a supplemental
indenture pursuant to Section 10.02(j) to confirm and evidence the release, termination, discharge or retaking of any Note Guarantee with respect to the Notes when such release, termination, discharge or
re-taking is provided for under the Indenture. 
 Upon request and at the expense of the Company and
upon receipt of an Officer’s Certificate, the Trustee shall evidence such release by a supplemental indenture or other instrument which may be executed by the Trustee without the consent of any Holder. The Trustee shall have no liability to any
Person for any release, supplemental indenture or instrument to evidence the release of a Guarantor delivered in reliance on such Officer’s Certificate. 

Section 13.07. Future Guarantors. The Company shall cause any Subsidiary that is not, or that has previously been released as, a
Guarantor, and that is not a Non-Guarantor Subsidiary, to become a Guarantor and provide a Note Guarantee of the Obligations. Within 60 days of becoming required to be a Guarantor, such Guarantor shall comply
with the requirements to execute and deliver a Note Guarantee to the Trustee under Section 13.05 hereto. 
 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 any portion (if the portion to be converted is $1,000 Capitalized Principal Amount or any integral multiple of $1.00 in excess 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 February 28, 2026 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 February 28, 2026 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 114.3602 shares of Common Stock (subject to adjustment as provided in this Article 14, the “Conversion Rate”) per $1,000 Capitalized Principal Amount of Notes (subject to, and in
accordance with, the settlement provisions of Section 14.02, the “Conversion Obligation”). 

  
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 (b) (i) Prior to the close of business on the Business Day immediately preceding
February 28, 2026, a Holder may surrender all or any portion of its Notes for conversion at any time during the five Business Day period immediately after any ten consecutive Trading Day period (the “Measurement Period”) in
which the Trading Price per $1,000 principal amount of Notes, as determined following a written 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 on such Trading Day 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. The Bid Solicitation Agent (if other than the Company) shall have no obligation to determine the Trading Price per $1,000 principal amount of Notes
unless the Company has requested such determination, and the Company shall have no obligation to make such request (or, if the Company is acting as Bid Solicitation Agent, the Company shall have no obligation to determine the Trading Price per
$1,000 principal amount of Notes) unless a Holder of at least $2,000,000 aggregate principal amount of Notes provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes on any Trading Day would be less
than 98% of the product of the Last Reported Sale Price of the Common Stock on such Trading Day and the Conversion Rate on such Trading Day, at which time the Company shall instruct the Bid Solicitation Agent (if other than the Company) to
determine, or if the Company is acting as Bid Solicitation Agent, the Company shall determine the Trading Price per $1,000 principal amount of Notes beginning on the next Trading Day and on each successive Trading Day until the Trading Price per
$1,000 principal amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate. If (x) the Company is not acting as Bid Solicitation Agent, and the Company does not
instruct the Bid Solicitation Agent to obtain bids, or if the Company so instructs the Bid Solicitation Agent to obtain bids and the Bid Solicitation Agent fails to make such determination, or (y) the Company is acting as Bid Solicitation Agent
and the Company fails to make such determination. 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). Any such determination will be
conclusive absent manifest error, and the Trustee and the Conversion Agent shall be entitled to conclusively rely on the written notice thereof. 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, the Trustee and the Conversion Agent
(if other than the Trustee) in writing, and thereafter neither the Company nor the Bid Solicitation Agent (if other than the Company) shall be required to solicit bids (or determine the Trading Price of the Notes as set forth in this Indenture)
again until a new Holder request is made pursuant to this Section 14.01(b)(i). 

  
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 (ii) If, prior to the close of business on the Business Day immediately
preceding February 28, 2026, the Company elects to: 
 (A) issue to all or substantially all holders of the Common Stock
any rights, options or warrants (other than in connection with a stockholder rights plan) entitling them, for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase shares of the Common
Stock at a price per share that is less than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such
issuance; or 
 (B) distribute to all or substantially all holders of the Common Stock the Company’s assets, securities
or rights to purchase securities of the Company (other than in connection with a stockholder rights plan prior to the separation of such rights from the Common Stock), which distribution has a per share value, as reasonably determined by the
Company, exceeding 10% of the Last Reported Sale Price of the Common Stock on the Trading Day preceding the date of announcement for such distribution, 

then, in either case, the Company shall notify the Holders of the Notes, the Trustee and the Conversion Agent (if other than the Trustee) at least 60
Scheduled Trading Days prior to the Ex-Dividend Date for such issuance or distribution (or, if later in the case of any such separation of rights issued pursuant to a stockholder rights plan, as soon as
reasonably practicable after the Company becomes aware that such separation or Trigger Event has occurred or will occur); provided, however, that if the Company is then otherwise permitted to settle conversions by Physical Settlement (and,
for the avoidance of doubt, the Company has not elected another Settlement Method to apply, including pursuant to Section 14.02), then the Company may instead elect to provide such notice at least five (5) Scheduled Trading Days prior to
such Ex-Dividend Date. In that event, the Company shall be required to settle all conversions with a Conversion Date occurring on or after the date the Company provides such notice and before such Ex-Dividend Date (or, if earlier, the date the Company announces that such issuance or distribution will not take place) by Physical Settlement, and the Company shall elect the same in such notice. Once the Company
has given such notice, a Holder may surrender all or any portion of its Notes for conversion at any time until the earlier of (1) the close of business on the Business Day immediately preceding the
Ex-Dividend Date for such issuance or distribution and (2) the Company’s announcement that such issuance or distribution will not take place (or in the case of a separation or Trigger Event pursuant
to a stockholder rights plan, until the 20th Trading Day following the date of such notice), even if the Notes are not otherwise convertible at such time. 

No Holder of a Note may convert any of its Notes pursuant to this clause (ii) if such Holder otherwise participates in such issuance or distribution, 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 above in this clause (ii) without having to convert such Holder’s Notes as if such
Holder held a number of shares of Common Stock equal to the applicable Conversion Rate as of the record date for such issuance or distribution, multiplied by the principal amount (expressed in thousands) of Notes held by such Holder. 

  
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 (iii) If (A) 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 February 28, 2026, regardless of whether a Holder has the right to require the Company to repurchase
the Notes pursuant to Section 15.02, or (B) if the Company is a party to a consolidation, merger, binding share exchange, or transfer or lease of all or substantially all of its assets that occurs prior to the close of business on the
Business Day immediately preceding February 28, 2026, in each case pursuant to which the Common Stock would be converted into cash, securities or other assets (other than a merger effected solely to change the Company’s jurisdiction of
incorporation that does not otherwise constitute a Make-Whole Fundamental Change or a Fundamental Change), then, in each case, all or any portion of a Holder’s Notes may be surrendered for conversion at any time from or after the effective date
of the transaction or event until 35 Trading Days after the actual effective date of such transaction or event (or, if the Company gives notice of such transaction or event after the effective date of such transaction or event, until 35 Trading Days
after the date that 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) as promptly as practicable following the date the Company publicly announces such transaction or event. 

(iv) Prior to the close of business on the Business Day immediately preceding February 28, 2026, a Holder may surrender
all or any portion of its Notes for conversion at any time during any calendar quarter commencing after the calendar quarter ending on September 30, 2022 (and only during such calendar quarter), if the Last Reported Sale Price of the Common
Stock for at least 20 Trading Days (whether or not consecutive) during the period of 30 consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar quarter is greater than or equal to 130% of the
Conversion Price on each applicable Trading Day. 
 (v) If the Company calls any or all of the Notes for redemption pursuant
to Article 16 prior to the Maturity Date, then a Holder may surrender all or any portion of its Called Notes for conversion at any time prior to the close of business on the second Scheduled Trading Day prior to the Redemption Date, even if the
Called Notes are not otherwise convertible at such time. After that time, the right to convert such Called Notes on account of the Company’s delivery of a Redemption Notice shall expire, unless the Company defaults in the payment of the
Redemption Price, in which case a Holder of Called Notes may convert all or any portion of its Called Notes until the Redemption Price has been paid or duly provided for. If the Company elects to redeem fewer than all of the outstanding Notes
pursuant to Article 16, and the Holder of any Note (or any owner of a beneficial interest in any Global Note) is reasonably not able to determine, before the close of business on the 29th Scheduled Trading Day immediately before the

  
 73 

 
relevant Redemption Date, whether such Note or beneficial interest, as applicable, is to be redeemed pursuant to such redemption, then such Holder or owner, as applicable, shall be entitled to
convert such Note or beneficial interest, as applicable, at any time before the close of business on the second Scheduled Trading Day prior to such Redemption Date, unless the Company defaults in the payment of the Redemption Price, in which case
such Holder or owner, as applicable, shall be entitled to convert such Note or beneficial interest, as applicable, until the Redemption Price has been paid or duly provided for, and each such conversion shall be deemed to be of a Note called for
redemption, and such Note or beneficial interest shall be deemed called for redemption solely for the purposes of such conversion (“Deemed Redemption”). If a Holder elects to convert Called Notes pursuant to this
Section 14.01(b)(v) during the related Redemption Period, the Company shall, under certain circumstances, increase the Conversion Rate for such Called Notes pursuant to Section 14.03. Accordingly, if the Company elects to redeem fewer than
all of the outstanding Notes pursuant to Article 16, Holders of the Notes that are not Called Notes shall not be entitled to convert such Notes pursuant to this Section 14.01(b)(v) and shall not be entitled to an increased Conversion Rate on
account of the Redemption Notice, even if such Notes are otherwise convertible pursuant to any other provision of this Section 14.01(b) and are converted during the related Redemption Period. 

Section 14.02. Conversion Procedure; Settlement Upon Conversion. 

(a) Subject to this Section 14.02, Section 14.03(b) and Section 14.07(a), upon conversion of any Note, the Company shall satisfy
its Conversion Obligation by paying or delivering, as the case may be, to the converting Holder, in respect of each $1,000 Capitalized 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 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) (x) All conversions of Called Notes for which the relevant Conversion Date occurs during the
related Redemption Period and (y) all conversions for which the relevant Conversion Date occurs on or after February 28, 2026, shall be settled using the same Settlement Method. 

(ii) Except for any such conversions for which the relevant Conversion Date occurs during a Redemption Period and any
conversions for which the relevant Conversion Date occurs on or after February 28, 2026, and except to the extent the Company elects Physical Settlement to apply pursuant to Section 14.01(b)(ii) in a notice as described in such Section,
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 that occur on different
Conversion Dates. 

  
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 (iii) If, in respect of any Conversion Date (or one of the periods described
below, as the case may be), the Company elects a Settlement Method, the Company shall deliver a notice (the “Settlement Notice”) of the Settlement Method so elected in respect of such Conversion Date (or such period, as the case may
be) 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 Trading Day immediately following the relevant Conversion Date (or, in the case of (w) any
conversions of Called Notes for which the relevant Conversion Date occurs during the related Redemption Period, in the related Redemption Notice, (x) any conversions of Notes for which the relevant Conversion Date occurs on or after
February 28, 2026, no later than the close of business on the Business Day immediately preceding February 28, 2026, (y) any conversion for which the Company has irrevocably elected Physical Settlement to apply pursuant to
Section 14.01(b)(ii) in a notice as described in such Section or (z) any conversion for which the Company has irrevocably elected Combination Settlement, with a certain Specified Dollar Amount or a Minimum Specified Amount per $1,000
Capitalized Principal Amount of Notes, to apply pursuant to the provisions of this Section 14.02(a)(iii), as described in this Section 14.02(a)(iii)). If the Company does not timely elect a Settlement Method 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 for such conversion or during such period 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 Capitalized Principal Amount of Notes shall be equal to $1,000. Such Settlement Notice shall specify the relevant Settlement Method and in the case of an election of
Combination Settlement, the relevant Settlement Notice shall indicate the Specified Dollar Amount per $1,000 Capitalized Principal Amount of Notes. If the Company delivers a Settlement Notice electing Combination Settlement in respect of its
Conversion Obligation but does not timely notify converting Holders of the Specified Dollar Amount per $1,000 Capitalized Principal Amount of Notes in such Settlement Notice, the Specified Dollar Amount per $1,000 Capitalized Principal Amount of
Notes shall be deemed to be $1,000. By written notice to the Holders (with a copy to the Trustee and the Conversion Agent (if other than the Trustee)), the Company may, prior to February 28, 2026, at its option, elect to irrevocably fix the
Settlement Method to any Settlement Method that the Company is then permitted to elect, including Combination Settlement with a Specified Dollar Amount per $1,000 Capitalized Principal Amount of Notes of $1,000 or with an ability to continue to set
the Specified Dollar Amount per $1,000 Capitalized Principal Amount of Notes at or above a specific amount (the “Minimum Specified Amount”) set forth in such election notice. If the Company irrevocably elects Combination Settlement
with an ability to continue to set the Specified Dollar Amount per $1,000 Capitalized Principal Amount of Notes at or above a specific amount, the Company shall send written notice to Holders converting their Notes, the Trustee and the Conversion
Agent of such Specified Dollar Amount no later than the relevant deadline for election of a Settlement Method as described in this Section 14.02(a)(iii), or, if the Company does not timely notify Holders, such Specified Dollar Amount shall be
the Minimum Specified Amount set forth in the election notice, unless no Minimum 

  
 75 

 
Specified Amount was set forth in the election notice, in which case such Specified Dollar Amount shall be $1,000 per $1,000 Capitalized Principal Amount of Notes. The irrevocable election shall
apply to all Note conversions on Conversion Dates occurring subsequent to delivery of such notice; provided that no such election will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note. For
the avoidance of doubt, such an irrevocable election, if made, shall be effective without the need to amend this Indenture or the Notes, including pursuant to Section 10.01(i). However, the Company may nonetheless choose to execute such an
amendment at its option. If the Company irrevocably fixes the Settlement Method pursuant to the provisions in this Section 14.02(a)(iii), and such Settlement Method is not Combination Settlement with a Specified Dollar Amount of $1,000 per
$1,000 Capitalized Principal Amount of Notes, then, concurrently with providing written notice to Holders of such election, the Company shall either post the fixed Settlement Method on its website or disclose the same in a current report on Form 8-K (or any successor form) that is filed with the Commission. 
 (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 (for the avoidance of doubt, with pro-ration for any
portion of the Capitalized Principal Amount subject to conversion that is not an integral multiple of $1,000): 
 (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 Capitalized Principal Amount of Notes being converted a number of
shares of Common Stock equal to the Conversion Rate in effect on the Conversion Date; 
 (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 Capitalized Principal Amount of Notes being converted cash in an amount equal to the sum of the
Daily Conversion Values for each of the 25 consecutive 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 Capitalized Principal Amount
of Notes being converted, a Settlement Amount equal to the sum of the Daily Settlement Amounts for each of the 25 consecutive Trading Days during the related Observation Period. 

  
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 (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 for converting a beneficial interest in a Global Note 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, if required, pay all transfer or similar taxes, if any, as set forth in Section 14.02(d) and Section 14.02(e)) and (ii) in the case of a Physical Note
(1) complete, manually sign and deliver an irrevocable notice to the Conversion Agent as set forth in the Form of Notice of Conversion (or a facsimile, PDF or other electronic transmission thereof) (a “Notice 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 any accrued interest that has not been capitalized and is 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 Notes may be
surrendered for conversion 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 more than one Note shall be surrendered for conversion at one time by the same Holder, the Conversion
Obligation with respect to such Notes shall be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered. 

(c) A Note shall be deemed to have been converted immediately prior to the close of business on the date (the “Conversion
Date”) that the Holder has complied with the requirements set forth in subsection (b) above. Except as set forth in Section 14.03(b) and Section 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 second Business Day immediately following the relevant Conversion Date, if the Company elects Physical Settlement, or on the second Business Day immediately following the last Trading
Day of the relevant Observation Period, in the case of any other Settlement Method; provided that, with respect to any Conversion Date occurring during a Redemption Period or after the Regular Record Date immediately preceding the

  
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Maturity Date, the Company will settle any such conversion for which Physical Settlement is applicable on the relevant Redemption Date or the Maturity Date, as applicable. If any shares of Common
Stock are due to converting Holders, the Company shall issue or cause to be issued, and deliver 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 or other similar governmental charge due on any issuance of any shares of Common Stock upon conversion, unless the tax is due because the Holder requests any 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 or the Company’s stock transfer agent, as applicable, may refuse to deliver the certificates representing the shares of Common Stock being
issued in a name other than the Holder’s name until the Trustee receives a sum sufficient to pay any tax that is due by such Holder in accordance with the immediately preceding sentence. 

(f) Except as provided in Section 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 any accrued
interest that has not been paid or capitalized, 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 Capitalized Principal Amount of the Note and any
accrued interest that has not been paid or capitalized, to, but not including, the relevant Conversion Date. As a result, any accrued interest that has not been paid or capitalized to, but not including, the relevant Conversion Date shall be deemed
to be paid in full rather than cancelled, extinguished or forfeited. Upon a conversion of Notes into a combination of cash and shares of Common Stock, accrued interest that has not been paid or capitalized will be deemed to be paid first out of the
cash paid upon 

  
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such conversion. Notwithstanding the foregoing, if Notes are converted after the close of business on a Regular Record Date and on or 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 in cash at the Cash Interest Rate as if the Company had elected the Cash Method for all such
interest (whether or not the Company actually elected the Cash Method) and the principal of such converted Notes shall not be increased by any Capitalization Amount (regardless of whether the Company elected or is deemed to have elected the
Capitalization Method) 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 (regardless of whether the converting Holder was the Holder of record on the corresponding Regular Record 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 succeeding the corresponding Interest Payment Date; (3) if the Company has specified a Redemption Date that is after a Regular Record Date and on or prior to the second
Scheduled Trading Day immediately succeeding the corresponding Interest Payment Date; or (4) to the extent of any overdue interest, if any overdue interest exists at the time of conversion with respect to such Note. Therefore, for the avoidance
of doubt, all Holders of record on the Regular Record Date immediately preceding the Maturity Date shall receive the full interest payment due on the Maturity Date in cash regardless of whether their Notes have been converted following such Regular
Record Date. 
 (i) The Person in whose name the certificate for any shares of Common Stock delivered upon conversion is registered shall be
deemed to be the holder of record of such shares of Common Stock 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 the last 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 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. 

  
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 (k) If a Holder converts more than one Note on a Conversion Date, then the consideration due
upon such conversion will (in the case of any Global Note, to the extent permitted by, and practicable under, the applicable procedures of the Depositary) be computed based on the total principal amount of Notes converted on such Conversion Date by
that Holder. 
 Section 14.03. Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole
Fundamental Changes or Called Notes During a Redemption Period. (a) If (i) the Effective Date of a Make-Whole Fundamental Change occurs prior to the Maturity Date and a Holder elects to convert its Notes in connection with such Make-Whole
Fundamental Change or (ii) the Company issues a Redemption Notice pursuant to Section 16.02 and a Holder elects to convert its Called Notes pursuant to Section 14.01(b)(v) during the related Redemption Period, as the case may be, 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 open of business on the
Effective Date of the Make-Whole Fundamental Change up to, and including, the close of business on the Business Day immediately prior to the related Fundamental Change Repurchase Date (or, in the case of a Make-Whole Fundamental Change that would
have been a Fundamental Change but for the proviso in clause (b) of the definition thereof, the 35th Trading Day immediately following the Effective Date of such Make-Whole Fundamental Change) (such period, the “Make-Whole
Fundamental Change Period”). For the avoidance of doubt, if the Company issues a Redemption Notice pursuant to Section 16.02, the Company shall increase the Conversion Rate hereunder during the related Redemption Period only with
respect to conversions of Called Notes, and not for Notes that are not Called Notes. Accordingly, if the Company elects to redeem fewer than all of the outstanding Notes pursuant to Article 16, Holders of the Notes that are not Called Notes shall
not be entitled to convert such Notes pursuant to Section 14.01(b)(v) and shall not be entitled to an increased Conversion Rate for conversions of such Notes on account of the Redemption Notice, even if such Notes are otherwise convertible
pursuant to Section 14.01(b)(i)-(iv) and are converted during the related Redemption Period. 
 (b) Upon surrender of Notes for
conversion in connection with a Make-Whole Fundamental Change pursuant to Section 14.01(b)(iii) or upon surrender of Called Notes during a Redemption Period pursuant to Section 14.01(b)(v), 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, the Reference Property in any Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change is composed entirely of cash, for any conversion of Notes following 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 the Conversion Rate (including any increase to reflect the Additional Shares), multiplied by such Stock Price. In such event, the Conversion Obligation shall be determined and paid to Holders in cash on the second Business Day following
the Conversion Date. The Company shall notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing of the Effective Date of any Make-Whole Fundamental Change no later than five Business Days after such Effective
Date. 

  
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 (c) The number of Additional Shares, if any, by which the Conversion Rate shall be increased
for conversions during the Make-Whole Fundamental Change Period or, with respect to conversions of Called Notes, during the Redemption Period shall be determined by reference to the table below, based on the date on which the Make-Whole Fundamental
Change occurs or becomes effective (the “Effective Date”) or the Redemption Notice Date, as applicable and the price (the “Stock Price”) paid (or deemed to be paid) per share of Common Stock in the Make-Whole
Fundamental Change or with respect to the Redemption Notice Date, as applicable, as set forth in this Section 14.03. If the holders of the Common Stock receive in exchange for their Common Stock only cash in a Make-Whole Fundamental Change
described in clause (b) of the definition of Fundamental Change, the Stock Price shall be the cash amount paid per share. In the case of any other Make-Whole Fundamental Change or in the case of any Optional Redemption, the Stock Price shall be
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 Effective Date of the Make-Whole Fundamental Change or the Redemption
Notice Date, as the case may be. In the event that a Conversion Date for Called Notes occurs during both the relevant Redemption Period and a Make-Whole Fundamental Change Period, a Holder of any such Notes to be converted will be entitled to a
single increase to the Conversion Rate with respect to the first to occur of the applicable Redemption Notice Date or Effective Date, and the later event shall be deemed not to have occurred for purposes of this Section 14.03. 

(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 for 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 by which the Conversion Rate
shall be increased per $1,000 Capitalized Principal Amount of Notes pursuant to this Section 14.03 for each Stock Price and Effective Date or Redemption Notice Date, as applicable, set forth below: 

 

																																																	
	 Effective/
Redemption/
Notice Date
	  	Stock Price	 
	  	$6.73	 	  	$7.50	 	  	$8.74	 	  	$10.00	 	  	$15.00	 	  	$20.00	 	  	$25.00	 	  	$30.00	 	  	$40.00	 	  	$50.00	 	  	$60.00	 	  	$80.00	 
	 June 1, 2022
	  	 	34.2282	 	  	 	29.4613	 	  	 	23.7735	 	  	 	19.6700	 	  	 	10.9807	 	  	 	7.0665	 	  	 	4.8704	 	  	 	3.4860	 	  	 	1.8855	 	  	 	1.0398	 	  	 	0.5537	 	  	 	0.0000	 
	 May 31, 2023
	  	 	34.2282	 	  	 	27.7813	 	  	 	21.9542	 	  	 	17.8860	 	  	 	9.7147	 	  	 	6.2245	 	  	 	4.2984	 	  	 	3.0860	 	  	 	1.6763	 	  	 	0.9224	 	  	 	0.4860	 	  	 	0.0000	 
	 May 31, 2024
	  	 	34.2282	 	  	 	25.8640	 	  	 	19.5217	 	  	 	15.3500	 	  	 	7.8307	 	  	 	4.9815	 	  	 	3.4644	 	  	 	2.5113	 	  	 	1.3873	 	  	 	0.7696	 	  	 	0.4043	 	  	 	0.0000	 
	 May 31, 2025
	  	 	34.2282	 	  	 	22.8680	 	  	 	15.2643	 	  	 	10.8400	 	  	 	4.6820	 	  	 	2.9635	 	  	 	2.0992	 	  	 	1.5507	 	  	 	0.8828	 	  	 	0.4970	 	  	 	0.2592	 	  	 	0.0000	 
	 May 31, 2026
	  	 	34.2282	 	  	 	19.0347	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 

  
 81 

 The exact Stock Prices and Effective Dates or Redemption Notice 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 or the
Redemption Notice Date, as the case may be, is between two Effective Dates or Redemption Notice Dates, as applicable, in the table above, the number of Additional Shares by which the Conversion Rate shall be increased shall be determined by a
straight-line interpolation between the number of Additional Shares set forth for the higher and lower Stock Prices and the earlier and later Effective Dates or Redemption Notice Dates, as applicable, based on a
365-day year; 
 (ii) if the Stock Price is greater than $80.00 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 $6.73 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 Capitalized Principal Amount of Notes exceed 148.5884 shares of Common Stock,
subject to adjustment in the same manner as the Conversion Rate pursuant to Section 14.04. 
 (f) Nothing in this Section 14.03
shall prevent an adjustment to the Conversion Rate that would otherwise be required pursuant to Section 14.04. 

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), 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 for each $1,000 Capitalized Principal Amount of Notes held by such Holder. 

(a) If the Company exclusively issues shares of Common Stock to all or substantially all holders of the Common Stock as a dividend or
distribution on shares of the Common Stock, or if the Company effects a share split or share combination, the Conversion Rate shall be adjusted based on the following formula: 

 
 

 

  
 82 

 where, 
  

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

 

	CR’    =	 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 (before giving effect to any such dividend, distribution, share split or share combination); and 

 

	OS’    =	 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 Company 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 Common Stock any rights, options or warrants 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 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: 
  
 

 
 where, 
  

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

  

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

  
 83 

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

  

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

  

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

 Any increase made under this Section 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 shares of the Common Stock are not delivered after
the expiration of such rights, options or warrants, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect had the increase with respect to the issuance of such rights, options or warrants been made on the basis
of delivery of only the number of shares of Common Stock actually delivered. If such rights, options or warrants are not so issued, 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 the Common Stock at less than such average of the Last Reported Sale Prices of the Common
Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement 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. 

(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 as to which an adjustment was effected pursuant to
Section 14.04(a) or Section 14.04(b), (ii) dividends or distributions paid exclusively in cash as to which the provisions set forth in Section 14.04(d) shall apply, (iii) distributions of Reference Property issued upon conversion
of, or in exchange for, the Common Stock in 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 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: 

  
 84 

  
 

 
 where, 
  

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

  

	CR’    =	 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) of the Distributed Property with respect to each
outstanding share of the Common Stock on the Ex-Dividend Date for such distribution. 

 Any
increase made under the portion of this Section 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 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 Capitalized Principal Amount thereof, at the same time and upon the same
terms as holders of the Common Stock receive the Distributed Property, the amount and kind of Distributed Property such Holder would have received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect on the Ex-Dividend Date for the distribution. 
 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 any Subsidiary or other business unit of
the Company, that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange (a “Spin-Off”), the Conversion Rate shall be increased based on the
following formula: 
  
  
 

 
 where, 
  

	CR0    =	 the Conversion Rate in effect immediately prior to the end of the Valuation Period; 

 

	CR’    =	 the Conversion Rate in effect immediately after the end of the Valuation Period; 

  
 85 

	FMV0  =	 the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to
holders of the Common Stock applicable to one share of the Common Stock (determined by reference to the definition of Last Reported Sale Price as set forth in Section 1.01 as if references therein to Common Stock were to such Capital Stock or
similar equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of 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 adjustment to the Conversion Rate under the preceding paragraph shall occur at the close of business on the last Trading Day of the
Valuation Period; provided that (x) in respect of any conversion of Notes for which Physical Settlement is applicable, if the relevant Conversion Date occurs during the Valuation Period, references to “10” in the portion of
this Section 14.04(c) related to Spin-Offs shall be deemed replaced with such lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date of such
Spin-Off to, and including, the Conversion Date in determining the Conversion Rate and (y) in respect of any conversion of Notes for which Cash Settlement or Combination Settlement is applicable, for any
Trading Day that falls within the relevant Observation Period for such conversion and within the Valuation Period, references to “10” in the portion of this Section 14.04(c) related to Spin-Offs shall be deemed replaced with such
lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date of such Spin-Off to, and including, such Trading Day in determining the
Conversion Rate as of such Trading Day. If any dividend or distribution that constitutes a Spin-Off is declared but not so paid or made, the Conversion Rate shall be immediately decreased, effective as of the
date the Company determines not to pay or make such dividend or distribution, to the Conversion Rate that would then be in effect if such dividend or distribution had not been declared or announced. 

For purposes of this Section 14.04(c) (and subject in all respect to Section 14.11), rights, options or warrants distributed by the
Company to all holders of the Common Stock entitling them to subscribe for or purchase shares of the Company’s Capital Stock, including Common Stock (either initially or under certain circumstances), which rights, options or warrants, until the
occurrence of a specified event or events (“Trigger Event”): (i) are deemed to be transferred with such shares of the Common Stock; (ii) are not exercisable; and (iii) are also issued in respect of future issuances of the
Common Stock, shall be deemed not to have been distributed for purposes of this Section 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 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

  
 86 

 
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 Section 14.04(a), Section 14.04(b) and this Section 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 Section 14.04(a) and Section 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 is made to all or substantially all holders of the Common Stock, the Conversion Rate shall be
adjusted based on the following formula: 

  
 87 

 

 
 where, 
  

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

  

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

  

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

  

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

 Any increase pursuant to this Section 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 Company 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 Capitalized Principal Amount of Notes it holds, at the same time and upon the same
terms as holders of shares of the Common Stock, the amount of cash that such Holder would have received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect on the
Ex-Dividend Date for such cash dividend or distribution. 
 (e) If the Company or any of its
Subsidiaries make a payment in respect of a tender or exchange offer for the Common Stock (other than any odd-lot tender offer), to the extent that the cash and value of any other consideration included in the
payment per share of the Common Stock exceeds the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the last date on which tenders or
exchanges may be made pursuant to such tender or exchange offer, the Conversion Rate shall be increased based on the following formula: 
  

 
 where, 
  

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

  
 88 

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

  

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

  

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

  

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

  

	SP’    =	 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 adjustment to the
Conversion Rate under this Section 14.04(e) shall occur at the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires; provided that
(x) in respect of any conversion of Notes for which Physical Settlement is applicable, if the relevant Conversion Date occurs during the 10 Trading Days immediately following, and including, the Trading Day next succeeding the expiration date
of any tender or exchange offer, references to “10” or “10th” in this Section 14.04(e) shall be deemed replaced with such lesser number of Trading Days as have elapsed from, and including, the Trading Day next succeeding the
expiration date of such tender or exchange offer to, and including, such Conversion Date in determining the Conversion Rate and (y) in respect of any conversion of Notes for which Cash Settlement or Combination Settlement is applicable, for any
Trading Day that falls within the relevant Observation Period for such conversion and within the 10 Trading Days immediately following, and including, the Trading Day next succeeding the expiration date of any tender or exchange offer, references to
“10” or “10th” in this Section 14.04(e) shall be deemed replaced with such lesser number of Trading Days as have elapsed from, and including, the Trading Day next succeeding the expiration date of such tender or exchange
offer to, and including, such Trading Day in determining the Conversion Rate as of such Trading Day. 
 If the Company is obligated to purchase shares of
Common Stock pursuant to any such tender or exchange offer described in this Section 14.04(e) but is permanently prevented by applicable law from effecting any such purchase or all such purchases are rescinded, the applicable Conversion Rate
will be readjusted to be the Conversion Rate that would then be in effect if such tender or exchange offer had not been made or had been made only in respect of the purchases that have been made. 

  
 89 

 (f) Notwithstanding this Section 14.04 or any other provision of this Indenture or the
Notes, if a Conversion Rate adjustment becomes effective on any Ex-Dividend Date, and 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 deemed to be 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 the Common Stock or any securities convertible into or exchangeable for shares of the Common Stock or the right to purchase shares of the Common Stock or such convertible or exchangeable securities. 

(h) In addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this Section 14.04, and subject to the
listing standards of any exchange on which any of the Company’s securities are then listed, the Company from time to time may increase the Conversion Rate by any amount for a period of at least 20 Business Days if the Company determines that
such increase would be in the Company’s best interest. In addition, subject to the listing standards of any exchange on which any of the Company’s securities are then listed, the Company may (but is not required to) increase the applicable
Conversion Rate to avoid or diminish income tax to holders of Common Stock or rights to purchase shares of 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 deliver to the Holder of each Note 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. 
 (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 or incentive plan or program of or assumed by the Company or any of the Company’s Subsidiaries; 

  
 90 

 (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 shares of Common Stock pursuant to an open-market share repurchase program or other buy-back transaction (including, without limitation, through any structured or derivative transactions such as accelerated share repurchase transactions or similar forward derivatives) that is not a tender offer or
exchange offer of the nature described in Section 14.04(e); 
 (v) solely for a change in the par value of the Common
Stock; or 
 (vi) for accrued interest that has not been paid or capitalized, if any. 

(j) The Company shall not be required to make an adjustment pursuant to clauses (a), (b), (c), (d) or (e) of this Section 14.04
unless such adjustment would result in a change of at least 1% of the then effective Conversion Rate. However, the Company shall carry forward any adjustment that the Company would otherwise have to make and take that adjustment into account in any
subsequent adjustment. Notwithstanding the foregoing, all such carried-forward adjustments shall be made with respect to the Notes (i) where the aggregate of all such carried-forward adjustments equals or exceeds 1% of the Conversion Rate and
(ii) regardless of whether the aggregate adjustment is less than 1% of the Conversion Rate, (x) on the Conversion Date for any Notes (in the case of Physical Settlement) and (y) on each Trading Day of any Observation Period with
respect to any Notes (in the case of Cash Settlement or Combination Settlement). 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. 
 (k) Whenever the Conversion Rate is adjusted as
herein provided, the Company shall promptly deliver to the Trustee (and the Conversion Agent if not the Trustee) an Officer’s Certificate setting forth (i) the adjusted Conversion Rate, (ii) the subsection of this Section 14.04
pursuant to which such adjustment has been made, showing in reasonable detail the facts upon which such adjustment is based and (iii) the date as of which such adjustment is effective (which certificates shall be conclusive evidence of the
accuracy of such adjustment absent manifest error). Unless and until a Responsible Officer of the Trustee shall have received such Officer’s Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate
and may assume without inquiry that the last Conversion Rate of which it has knowledge is still in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the
adjusted Conversion Rate and the date on which each adjustment becomes effective and shall deliver such notice of such adjustment of the Conversion Rate to each Holder. Failure to deliver such notice shall not affect the legality or validity of any
such adjustment. 

  
 91 

 (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. 

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, without limitation, an Observation Period and the period, if any, for determining the Stock Price for purposes of a
Make-Whole Fundamental Change), the Company shall make appropriate adjustments in good faith and in a commercially reasonable manner to each to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an
adjustment to the Conversion Rate where the Ex-Dividend Date, Effective Date or expiration date of the event occurs, at any time during the period when the Last Reported Sale Prices, the Daily VWAPs, the Daily
Conversion Values or the Daily Settlement Amounts are to be calculated. 
 Section 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 delivery of the maximum number of Additional Shares pursuant to Section 14.03 and that at the time of computation of such number of shares, all such Notes would be converted by a single Holder and that Physical Settlement 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 subdivision or
combination), 
 (ii) any consolidation, merger or combination or similar transaction involving the Company, 

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

in each case, as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets (including
cash or any combination thereof) (any such event, a “Merger Event”), then, at and after the effective time of such Merger Event, the right to convert each $1,000 Capitalized Principal Amount of Notes shall be changed into a right to
convert such Capitalized Principal Amount of Notes into the kind and amount of shares of 

  
 92 

 
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 Merger 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 Merger Event and, prior to or at the effective time of such Merger Event, the Company or the successor or acquiring corporation, as the case may be, shall execute with the Trustee a supplemental
indenture permitted under Section 10.01(k) providing for such change in the right to convert each $1,000 Capitalized Principal Amount of Notes; provided, however, that at and after the effective time of the Merger Event
(A) the Company or the successor or acquiring corporation, as the case may be, 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 Merger Event and
(III) the Daily VWAP shall be calculated based on the value of a unit of Reference Property. 
 If the Merger 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 stockholder election), then (i) the Reference Property into which the Notes will be
convertible shall be deemed to be the weighted average of the types and amounts of consideration actually received by the holders of Common Stock, and (ii) the unit of Reference Property for purposes of the immediately preceding paragraph shall
refer to the consideration referred to in clause (i) attributable to one share of Common Stock. If the holders of the Common Stock receive only cash in such Merger Event, then for all conversions for which the relevant Conversion Date occurs
after the effective date of such Merger Event (A) the consideration due upon conversion of each $1,000 Capitalized 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 Merger Event and (B) the Company shall satisfy the Conversion Obligation by paying cash to converting
Holders on the second Business Day immediately following the relevant Conversion Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) of such weighted average as soon as practicable after such
determination is made. 
 Such supplemental indenture described in the second immediately preceding paragraph shall provide for
anti-dilution and other adjustments that are as nearly equivalent as practicable to the adjustments provided for in this Article 14. If, in the case of any Merger Event, the Reference Property includes shares of stock, securities or other property
or assets of a Person other than the Company or the successor or purchasing corporation (excluding, for the avoidance of doubt, cash paid by such surviving company, successor or purchaser corporation, as the case may be, in such Merger Event), then
such supplemental indenture shall also be executed by such other Person and shall contain such additional provisions to protect the interests of the Holders as the Company reasonably considers necessary by reason of the foregoing, including the
provisions providing for the purchase rights set forth in Article 15. 

  
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 (b) When the Company executes a supplemental indenture pursuant to subsection (a) of
this Section 14.07, the Company shall promptly deliver to 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 Merger Event, any adjustment to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly deliver or cause to be delivered notice thereof to all Holders. The Company shall
cause notice of the execution of such supplemental indenture to be delivered to each Holder within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture. 

(c) The Company shall not become a party to any Merger Event unless its terms are consistent with this Section 14.07. 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 Section 14.01 and Section 14.02
prior to the effective date of such Merger Event. 
 (d) The above provisions of this Section shall similarly apply to successive Merger
Events. 
 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 issue thereof. 

(b) The Company covenants that, if any shares of Common Stock to be provided for the purpose of conversion of Notes hereunder require
registration with or approval of any governmental authority under any federal or state law before such shares of Common Stock may be validly issued upon conversion, the Company will, to the extent then permitted by the rules and interpretations of
the Commission, secure such registration or approval, as the case may be. 
 (c) 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 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 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, 

  
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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 deliver to 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 immediately 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. Notice to Holders Prior to Certain Actions. In case of any:

 (a) action by the Company or one of its Subsidiaries that would require an adjustment in the Conversion Rate pursuant to
Section 14.04 or Section 14.11; 
 (b) Merger Event; or 

(c) voluntary or involuntary dissolution, liquidation or winding-up of the Company or any of its
Subsidiaries; 
 then, in each case (unless notice of such event is otherwise required pursuant to another provision of this Indenture), the Company shall
cause to be delivered to the Trustee and the Conversion Agent (if other than the Trustee) and to be delivered to each Holder, as promptly as possible but in any event at least 20 days prior to the applicable date hereinafter specified, a notice
stating (i) the date on which a record is to be taken for the purpose of such action by the Company or one of its Subsidiaries or, if a record is not to be taken, the date as of which the holders of Common Stock of record are to be determined
for the purposes of such action by the Company or one of its Subsidiaries, or (ii) the date on which such Merger Event, dissolution, liquidation or winding-up is expected to become effective or occur, and
the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for securities or other property deliverable upon such Merger Event, dissolution, liquidation or winding-up. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such action by the Company or one of its Subsidiaries, Merger Event, dissolution, liquidation or winding-up. 

  
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 Section 14.11. Stockholder Rights Plans. If the Company has a stockholder rights
plan in effect upon conversion of the Notes, each share of Common Stock, if any, issued upon such conversion shall be entitled to receive the 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 stockholder rights plan, as the same may be amended from time to time. However, if, prior to any conversion of Notes, the rights have separated from
the shares of Common Stock in accordance with the provisions of the applicable stockholder rights plan 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 14.12. Exchange In Lieu Of Conversion. (a) When a Holder
surrenders its Notes for conversion, the Company may, at its election, direct the Conversion Agent to surrender, on or prior to the Business Day immediately following the relevant Conversion Date, such Notes to one or more financial institutions
designated by the Company (each, a “Designated Institution”) for exchange in lieu of conversion (an “Exchange Election”). In order to accept any Notes surrendered for conversion for exchange in lieu of conversion,
the Designated Institution(s) must agree to timely pay or deliver, as the case may be, in exchange for such Notes, cash, shares of Common Stock or a combination of cash and shares of Common Stock, at the Company’s election, that would otherwise
be due upon conversion as described in Section 14.02 above or such other amount agreed to by the converting Holder and the Designated Institution(s) (the “Conversion Consideration”). If the Company makes the election described
above, the Company shall, by the close of business on the Business Day following the relevant Conversion Date, notify in writing the Holder surrendering Notes for conversion, the Trustee and the Conversion Agent (if other than the Trustee), that it
has made such election, and the Company shall notify the Designated Institution(s) of the relevant deadline for delivery of the Conversion Consideration and the type of Conversion Consideration to be paid and/or delivered (unless the form of
Conversion Consideration has been otherwise agreed by the Holder and the Designated Institution(s) as set forth in this Section 14.12). Any Notes exchanged by any Designated Institution will remain outstanding, subject to applicable procedures
of the Depositary. 
 (b) If any Designated Institution agrees to accept any Notes for exchange but does not timely pay and/or deliver, as
the case may be, the related Conversion Consideration to the Conversion Agent, or if such Designated Institution does not accept such Notes for exchange, the Company shall, within the time period specified in Section 14.02(c), pay or deliver,
as the case may be, the Conversion Consideration in accordance with the provisions of Section 14.02 as if the Company had not made the Exchange Election. 

  
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 (c) For the avoidance of doubt, in no event will the Company’s designation of a
Designated Institution pursuant to this Section 14.12 require such Designated Institution to accept any Notes for exchange. 
 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 or Change in Control Transaction. (a) If a
Fundamental Change or Change in Control Transaction 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 any
portion of the principal amount thereof properly surrendered and not validly withdrawn pursuant to Section 15.03 that is equal to $1,000 or any integral multiple of $1.00 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 Business Days following the date of the Fundamental Change Company Notice at a repurchase price equal to (i) in the event of a Change in Control
Transaction, 130% of the Capitalized Principal Amount of such Notes or otherwise (ii) 100% of the Capitalized Principal Amount of such Notes, in each case, plus any accrued interest thereon that has not been paid or capitalized 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 in cash at the Cash Interest Rate the full amount of accrued interest that has not been paid or capitalized (to, but excluding, such Interest Payment Date) to Holders of
record as of such Regular Record Date (notwithstanding any prior election (or deemed election) by the Company to pay such interest pursuant to the Capitalization Method), and the Fundamental Change Repurchase Price shall be equal to (i) in the
event of a Change in Control Transaction, 130% of the Capitalized Principal Amount or otherwise (ii) 100% of the Capitalized Principal Amount, in each case of such Notes to be repurchased pursuant to this Article 15. Any Notes so repurchased by the
Company shall be paid for in cash. The Fundamental Change Repurchase Date shall be subject to postponement in order to allow the Company to comply with applicable law as a result of changes to such applicable law occurring after the date of this
Indenture. 
 (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 

  
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 (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 Notes to be repurchased shall state: 

(i) in the case of Physical Notes, the certificate numbers of the Notes to be delivered for repurchase; 

(ii) the portion of the principal amount of Notes to be repurchased, which must be $1,000 or any integral multiple of $1.00 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. 

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 Business Day after the occurrence of the effective date of a Fundamental Change, the
Company shall provide to all Holders, the Trustee, the Conversion Agent (in the case of a Conversion Agent other than the Trustee) and the Paying Agent (in the case of a Paying Agent other than the Trustee) a notice (the “Fundamental Change
Company Notice”) of the occurrence of the effective date of the Fundamental Change and of the resulting 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 or Change in Control Transaction, as applicable; 

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

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

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. 

(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 or Change in Control Transaction if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date (except in the case of an acceleration resulting from a Default by the Company
in the payment of the Fundamental Change Repurchase Price with respect to such Notes). The Paying Agent will promptly return to the respective Holders thereof any Physical Notes held by it during the acceleration of the Notes (except in the case of
an acceleration resulting from a Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes), or any instructions for book-entry transfer of the Notes in compliance with the procedures of the
Depositary shall be deemed to have been cancelled, and, upon such return or cancellation, as the case may be, the Fundamental Change Repurchase Notice with respect thereto shall be deemed to have been withdrawn. 

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

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 this Section 15.03 at any time prior to the close of business on the Business Day immediately preceding the relevant
Fundamental Change Repurchase Date, specifying: 
 (i) the principal amount of the Notes with respect to which such notice of
withdrawal is being submitted, 
 (ii) if Physical Notes have been issued, the certificate numbers of the Notes in respect of
which such notice of withdrawal is being submitted, and 
 (iii) the principal amount, if any, of such Note that remains
subject to the original Fundamental Change Repurchase Notice, which portion must be in principal amounts of $1,000 or any integral multiple of $1.00 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 10:00 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. 

  
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 (b) If by 10:00 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 pay the Fundamental Change Repurchase Price of the Notes to be repurchased on the Fundamental Change Repurchase Date, then, with respect to the Notes that have been
properly surrendered for repurchase and have not been validly withdrawn, (i) such Notes will cease to be outstanding, (ii) interest will cease to accrue on such Notes (whether or not book-entry transfer of the Notes has been made or the
Notes have been delivered to the Trustee (or other Paying Agent appointed by the Company)) and (iii) all other rights of the Holders of such Notes will terminate (other than the right to receive the Fundamental Change Repurchase Price). 

(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 pursuant
to this Article 15, the Company will, if required: 
 (a) comply with the provisions of any 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 in all material respects 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. To the extent that the provisions of any securities laws or regulations enacted after the date the Company initially issues the Notes conflict with the provisions of this Indenture relating to the Company’s
obligations to repurchase the Notes upon a Fundamental Change, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Article 15 by virtue of such conflict.

 ARTICLE 16 

OPTIONAL REDEMPTION 

Section 16.01. Optional Redemption. The Notes shall not be redeemable by the Company prior to June 1, 2025. On or after
June 1, 2025 and prior to the 26th Scheduled Trading Day immediately preceding the Maturity Date, the Company may, at its option, redeem (an “Optional Redemption”) for cash all or any portion of the Notes (subject to the
Partial Redemption Limitation set forth in Section 16.02(d)), at the Redemption Price. 

  
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 Section 16.02. Notice of Optional Redemption; Selection of Notes. (a) In
case the Company exercises its Optional Redemption right to redeem all or, as the case may be, any part of the Notes pursuant to Section 16.01, it shall fix a date for redemption (each, a “Redemption Date”) and it or, at its
written request received by the Trustee not less than 5 Business Days prior to the date such Redemption Notice is to be sent (or such shorter period of time as may be acceptable to the Trustee), the Trustee, in the name of and at the expense of the
Company, shall deliver or cause to be delivered a written notice of such Optional Redemption (a “Redemption Notice”) not less than 35 nor more than 50 Scheduled Trading Days prior to the Redemption Date to each Holder of Notes so to
be redeemed as a whole or in part; provided, however, that, if the Company shall give such notice, it shall also give written notice of the Redemption Date to the Trustee, the Conversion Agent (if other than the Trustee) and the Paying Agent
(if other than the Trustee). The Redemption Date must be a Business Day. 
 (b) The Redemption Notice, if delivered in the manner herein
provided, shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such Redemption Notice or any defect in the Redemption Notice to the Holder of any Note designated for
redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. 
 (c) Each
Redemption Notice shall specify: 
 (i) the Redemption Date; 

(ii) the Redemption Price; 

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

(vi) the procedures a converting Holder must follow to convert its Called Notes and the Settlement Method; 

(vii) the Conversion Rate and, if applicable, the number of Additional Shares added to the Conversion Rate in accordance with
Section 14.03; 
 (viii) the CUSIP, ISIN or other similar numbers, if any, assigned to such Notes; and 

  
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 (ix) in case any Note is to be redeemed in part only, the portion of the
principal amount thereof to be redeemed and on and after the Redemption Date, upon surrender of such Note, a new Note in principal amount equal to the unredeemed portion thereof shall be issued, which principal amount must be $1,000 or a multiple
thereof. 
 A Redemption Notice shall be irrevocable. 

(d) If fewer than all of the outstanding Notes are to be redeemed, at least $100,000,000 aggregate principal amount of Notes must be
outstanding and not subject to Optional Redemption as of the date of the relevant Redemption Notice (such requirement, the “Partial Redemption Limitation”). If fewer than all of the outstanding Notes are to be redeemed, the Notes to
be redeemed will be selected according to the Depositary’s applicable procedures, in the case of Notes represented by a Global Note, or, in the case of Notes represented by Physical Notes, the Trustee shall the Notes or portions thereof to be
redeemed by lot, on a pro rata basis or by another method the Trustee shall deem fair and appropriate. If any Note selected for partial redemption is submitted for conversion in part after such selection, the portion of the Note submitted for
conversion shall be deemed (so far as may be possible) to be the portion selected for redemption, subject, in the case of Notes represented by a Global Note, to the Depositary’s applicable procedures. 

Section 16.03. Payment of Notes Called for Redemption. (a) If any Redemption Notice has been given in respect of the Notes in
accordance with Section 16.02, the Notes shall become due and payable on the Redemption Date at the place or places stated in the Redemption Notice and at the applicable Redemption Price. On presentation and surrender of the Notes at the place
or places stated in the Redemption Notice, the Notes shall be paid and redeemed by the Company at the applicable Redemption Price. 
 (b)
Prior to 10:00 a.m. New York City time on the Redemption Date, the Company shall deposit with the Paying Agent or, if the Company or a Subsidiary of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in
Section 7.05 an amount of cash (in immediately available funds if deposited on the Redemption Date), sufficient to pay the Redemption Price of all of the Notes to be redeemed on such Redemption Date. Subject to receipt of funds by the Paying
Agent, payment for the Notes to be redeemed shall be made on the Redemption Date for such Notes. The Paying Agent shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the Redemption
Price. 
 Section 16.04. Restrictions on Redemption. The Company may not redeem any Notes on any date if the principal amount of
the Notes has been accelerated in accordance with the terms of this Indenture, and such acceleration has not been rescinded, on or prior to the Redemption Date (except in the case of an acceleration resulting from a Default by the Company in the
payment of the Redemption Price with respect to such Notes). 

  
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 ARTICLE 17 

MISCELLANEOUS PROVISIONS 

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

Section 17.02. Official Acts by Successor Entity. 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 or a Guarantor 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 or such Guarantor, as applicable. 
 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 any 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 delivered by the Company or any Guarantor to the Trustee) to Nikola Corporation, 4141 E Broadway Road,
Phoenix, Arizona 85040, Attention: Chief Legal Officer. Any notice, direction, request or demand hereunder to or upon the Trustee 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 to the Corporate Trust Office or sent electronically in PDF format to an email address specified by the Trustee. 

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

 All notices, approvals, consents, requests and any communications hereunder must be in writing (provided that any communication sent to
Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature provider as specified in writing to Trustee by an authorized representative of the
Company), in English). If a party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such
instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance
with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic notices, instructions or directions agrees to assume all risks arising out of the use of
using digital signatures and electronic methods to submit communications to Trustee, including without limitation the risk of Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. Notwithstanding the
foregoing, the Trustee may in any instance and in its sole discretion require that an original document bearing a manual signature be delivered to the Trustee in lieu of, or in addition to, any such electronic communication. 

  
 104 

 Any notice or communication delivered or to be delivered to a Holder of Physical Notes shall
be mailed to it by first class mail, postage prepaid, at its address as it appears on the Note Register and shall be sufficiently given to it if so mailed within the time prescribed. Any notice or communication delivered or to be delivered to a
Holder of Global Notes shall be delivered in accordance with the applicable procedures of the Depositary and shall be sufficiently given to it if so delivered within the time prescribed. Notwithstanding any other provision of this Indenture or any
Note, where this Indenture or any Note provides for notice of any event (including any Fundamental Change Company Notice) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary
(or its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance with the Depositary’s applicable procedures. 

Failure to mail or deliver a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other
Holders. If a notice or communication is mailed or delivered, as the case may be, in the manner provided above, it is duly given, whether or not the addressee receives it. 

In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice to
Holders by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

Section 17.04. Governing Law; Jurisdiction. THIS INDENTURE, THE NOTE GUARANTEES AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR
DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE AND EACH NOTE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF). 

The Company and each 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 Note Guarantees or the Notes may be brought in the courts of the State of New
York or the courts of the United States located in the Borough of Manhattan, New York City, New York and, until amounts due and to become due in respect of the Notes have been paid, hereby irrevocably consents and submits to the non-exclusive jurisdiction of each such court in personam, generally and unconditionally with respect to any action, suit or proceeding for itself in respect of its properties, assets and revenues. 

The Company and each 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 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. 

  
 105 

 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 an Opinion
of Counsel stating that such action is permitted by the terms of this Indenture and that all conditions precedent have been satisfied; provided that no Opinion of Counsel shall be required to be delivered in connection with (w) the
initial authentication of Notes upon the original issuance thereof under this Indenture, (x) the authentication of an unrestricted Global Note in the name of the Custodian not containing restrictive legends pursuant to Section 2.05(c), (y)
the exchange of the restricted CUSIP of the Restricted Securities to an unrestricted CUSIP pursuant to the applicable procedures of the Depositary upon the Notes or the shares of Common Stock delivered upon conversion thereof becoming freely
tradable by non-Affiliates of the Company under Rule 144, or (z) a request by the Company that the Trustee deliver a notice to Holders under the Indenture where the Trustee receives an Officer’s
Certificate with respect to such notice. With respect to matters of fact, an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials. 

Each Officer’s Certificate and Opinion of Counsel provided for, by or on behalf of the Company in this Indenture and delivered to the
Trustee with respect to compliance with this Indenture (other than the Officer’s Certificates provided for in Section 4.08) shall include (a) a statement that the person signing such certificate is familiar with the requested action
and this Indenture; (b) a brief statement as to the nature and scope of the examination or investigation upon which the statement contained in such certificate is based; (c) a statement that, in the judgment of such person, he or she has
made such examination or investigation as is necessary to enable him or her to express an informed judgment as to whether or not such action is permitted by this Indenture; and (d) a statement as to whether or not, in the judgment of such
person, such action is permitted by this Indenture and that all conditions precedent have been satisfied. 
 Section 17.06. Legal
Holidays. In any case where any Interest Payment Date, any Redemption Date, any Fundamental Change Repurchase Date or the Maturity Date is not a Business Day, then any action to be taken on such date need not be taken on such date, but may be
taken on the next succeeding Business Day with the same force and effect as if taken on such date, and no interest shall accrue in respect of the delay. 

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. 

  
 106 

 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 Section 2.04, Section 2.05, Section 2.06,
Section 2.07, Section 10.04 and Section 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 the corporate trust
business of any authenticating agent, shall be the successor of the authenticating agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section 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. 

The Company agrees to pay to the authenticating agent from time to time the agreed-upon compensation for its services. 

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

  
 107 

 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, PDF or other electronic transmission shall constitute effective execution and
delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, PDF or such other electronic means shall be deemed to be their
original signatures for all purposes. Unless otherwise provided in this Indenture or in any Note, the words “execute,” “execution,” “signed” and “signature” and words of similar import used in or related to
any document to be signed in connection with this Indenture, any Note or any of the transactions contemplated hereby (including amendments, waivers, consents and other modifications) shall be deemed to include electronic signatures and the keeping
of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable, to the fullest extent and as provided
for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other similar state laws based on the Uniform Electronic Transactions Act;
provided that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Trustee pursuant to procedures
approved by the Trustee. 
 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, EACH 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 GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
 108 

 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, pandemics, epidemics, recognized public emergencies, quarantine restrictions, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer
(software and hardware) services, and hacking, cyber-attacks, or other use or infiltration of the Trustee’s technological infrastructure exceeding authorized access; 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 herein, the Company shall be responsible for making all calculations
called for under the Notes. These calculations include, but are not limited to, determinations of the Last Reported Sale Prices of the Common Stock, the Daily VWAPs, the Daily Conversion Values, the Daily Settlement Amounts, accrued interest payable
on the Notes and the Conversion Rate of the Notes. The Company shall make all these calculations in good faith and, absent manifest error, the Company’s calculations shall be final and binding on Holders of Notes. The Company shall provide a
schedule of its calculations to each of the Trustee and the Conversion Agent, and each of the Trustee and Conversion Agent is entitled to rely conclusively upon the accuracy of the Company’s calculations without independent verification. The
Trustee will forward the Company’s calculations to any Holder of Notes upon the request of that Holder at the sole cost and expense of the Company. 

Section 17.16. USA PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act,
the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship
or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act. 

Section 17.17. No Personal Liability of Directors, Officers, Employees or Stockholders. None of the Company’s past, present
or future directors, officers, employees or stockholders, as such, shall have any liability for any of the Company’s obligations under the Notes or this Indenture or for any claim based on, or in respect or by reason of, such obligations or
their creation. By accepting a Note, each Holder waives and releases all such liability. This waiver and release is part of the consideration for the Notes. 

[Remainder of page intentionally left blank] 

  
 109 

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

			
	NIKOLA CORPORATION
		
	By:	 	 /s/ Kim Brady

		 	Name: Kim Brady
		 	Title: Chief Financial Officer
	
	 NIKOLA SUBSIDIARY CORPORATION,
 as
Guarantor

		
	By:	 	 /s/ Kim Brady

		 	Name: Kim Brady
		 	Title: Chief Financial Officer

 [Signature Page to Indenture] 

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

			
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Brandon Bonfig

		 	Name: Brandon Bonfig
		 	Title: Vice President

 [Signature Page to Indenture] 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 [INCLUDE
FOLLOWING LEGEND IF A GLOBAL NOTE] 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREUNDER IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 [INCLUDE FOLLOWING LEGEND IF A
RESTRICTED SECURITY] 
 [THIS SECURITY AND THE COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL
INTEREST HEREIN, THE ACQUIRER: 
 (1) REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED
INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 

(2) AGREES FOR THE BENEFIT OF NIKOLA CORPORATION. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR
OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN EXCEPT: 
 (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF,

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

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

  
 A-1 

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

[INCLUDE FOLLOWING LEGEND FOR ALL NOTES] 
 [THIS
NOTE HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”) FOR UNITED STATES FEDERAL INCOME TAX PURPOSES. UPON REQUEST, THE ISSUER WILL PROMPTLY MAKE AVAILABLE TO A HOLDER OF THIS NOTE INFORMATION REGARDING THE ISSUE PRICE, AMOUNT OF
OID, ISSUE DATE AND YIELD TO MATURITY OF THE NOTES BY SUBMITTING A WRITTEN REQUEST FOR SUCH INFORMATION TO THE ISSUER AT NIKOLA CORPORATION, 4141 E BROADWAY ROAD, PHOENIX, ARIZONA 85040, ATTENTION: CHIEF LEGAL OFFICER, OR VIA EMAIL
AT                 .] 

  
 A-2 

 Nikola Corporation 

8.00% / 11.00% Convertible Senior PIK Toggle Note due 2026 

No.
[__]                                         
                                         
                                       [Initially]1 $[_________] 
 CUSIP No. [_______]2 

Nikola Corporation, a corporation duly organized and validly existing under the laws of the State of Delaware (the “Company,”
which term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE & CO.]3 [_______]4, or registered assigns, the principal sum [as set forth in the “Schedule of Exchanges of Notes” attached hereto]5 [of $[_______]]6, in accordance with the rules and procedures of the Depositary, on May 31, 2026, and interest thereon as set forth below. 

This Note shall bear interest at the applicable Cash Interest Rate or PIK Interest Rate from June 1, 2022, or from and including the most
recent date to which interest has been paid or provided for to, but excluding, the next scheduled Interest Payment Date until May 31, 2026. 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 the number of days actually elapsed in a
30-day month. Interest is payable semi-annually in arrears in cash at the Cash Interest Rate or by PIK Payments at the PIK Interest Rate, pursuant to Section 2.03(d) of the Indenture, on each May 31
and November 30, commencing on November 30, 2022, to Holders of record at the close of business on the preceding May 15 and November 15 (whether or not such day is a Business Day), respectively. The Company shall make payments on
the Notes in the manner set forth in the Indenture. Additional Interest will be payable as set forth in Section 4.06(d) and Section 6.03 of the within-mentioned Indenture, and any reference to interest on, or in respect of, any Note
therein shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to any of such Section 4.06(d) or Section 6.03, and any express mention of the payment of Additional
Interest in any provision therein shall not be construed as excluding Additional Interest in those provisions thereof where such express mention is not made. 

Any Defaulted Amounts shall accrue interest per annum at the Cash Interest Rate borne by the Notes, from, and including, the relevant payment
date to, but excluding, the date on which such Defaulted Amounts shall have been paid by the Company, at its election, in accordance with Section 2.03(c) of the Indenture. 

 
  
  

 
  

 

	1 	 Include if a global note. 

	2 	 This Note will be deemed to be identified by CUSIP No. 654110 AB1 from and after such time when the
restrictive legend is removed pursuant to Section 2.05 of the Indenture. 

	3 	 Include if a global note. 

	4 	 Include if a physical note. 

	5 	 Include if a global note. 

	6 	 Include if a physical note. 

  
 A-3 

 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 Corporate Trust Office in the contiguous United States of America, 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 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. 

 

			
	NIKOLA CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: 
 TRUSTEE’S
CERTIFICATE OF AUTHENTICATION 
 U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee, certifies that this is one of the Notes described in the
within-named Indenture. 
  

			
	By:	 	  

		 	Authorized Officer

 [Signature Page to Note] 

 [FORM OF REVERSE OF NOTE] 

Nikola Corporation 
 8.00% / 11.00%
Convertible Senior PIK Toggle Notes due 2026 
 This Note is one of a duly authorized issue of Notes of the Company, designated as its 8.00%
/ 11.00% Convertible Senior PIK Toggle Notes due 2026 (the “Notes”), initially limited to the aggregate principal amount of $200,000,000 (as may be increased by any PIK Payments) issued under and pursuant to an Indenture dated as of
June 1, 2022 (the “Indenture”), among the Company, the Guarantors and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), to which Indenture and all indentures supplemental thereto
reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate
principal amount, subject to certain conditions specified in the Indenture. Capitalized terms used in this Note and not defined in this Note shall have the respective meanings set forth in the Indenture. The originally issued Notes, all PIK Notes,
and any additional Notes issued as set forth in the Indenture or this Note shall constitute a single class. 
 Events of Default.

 In case certain Events of Default, as defined in the Indenture, 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. 
 Payments. 

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, the Redemption Price on any Redemption Date and the Capitalized 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. 

Amendments and Waivers. 

The Indenture contains provisions permitting the Company, the Guarantors 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 

 Guarantees. 

The Notes are guaranteed to the extent provided in the Indenture. 

Right to Payments. 
 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
Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, accrued interest that has not been paid or capitalized 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 or shares of Common Stock, as the case may be, herein prescribed. 
 Registered Form; Denominations; Transfer and
Exchange. 
 The Notes are issuable in registered form without coupons in minimum denominations of $1.00 principal amount and integral
multiples thereof. At the office or agency of the Company referred to herein, 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. 

Redemption. 
 The Notes
shall not be redeemable at the Company’s option prior to June 1, 2025. The Notes shall be redeemable at the Company’s option on or after June 1, 2025 and prior to the 26th Scheduled Trading Day immediately preceding the Maturity
Date, in accordance with the terms and subject to the conditions specified in the Indenture. No sinking fund is provided for the Notes. 

Fundamental Change Repurchase Right. 

Upon the occurrence of a Fundamental Change or Change in Control Transaction, the Holder has the right, at such Holder’s option, to
require the Company to repurchase for cash all of such Holder’s Notes or any portion thereof (in principal amounts of $1,000 or integral multiples of $1.00 in excess thereof) on the Fundamental Change Repurchase Date at a price equal to the
Fundamental Change Repurchase Price. 

  
 R-2 

 Conversion Rights. 

Subject to the provisions of the Indenture, the Holder hereof has the right, at its option, during certain periods and upon the occurrence of
certain conditions specified in the Indenture, prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, to convert any Notes or portion thereof that is $1,000 or an integral multiple of $1.00 in
excess thereof, into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, at the Conversion Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture. 

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

  
 R-3 

 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-4 

 SCHEDULE A7 

SCHEDULE OF EXCHANGES OF NOTES 

Nikola Corporation 
 8.00% / 11.00%
Convertible Senior PIK Toggle Notes due 2026 
 The initial principal amount of this Global Note is _______ DOLLARS ($[_________]). The
following increases or decreases in this Global Note have been made: 
  

									
	 Date of exchange
	  	Amount of
decrease in
principal amount
of this Global Note	  	Amount of
increase in
principal amount
of this Global Note	  	Principal amount
of this Global Note
following such
decrease or
increase	  	Signature of
authorized
signatory of
Trustee or
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	7 	 Include if a global note. 

  
 R-5 

 ATTACHMENT 1 

[FORM OF NOTICE OF CONVERSION] 
 To: Nikola
Corporation 
 To: U.S. Bank Trust Company, National Association 

Global Corporate Trust 
 111 Fillmore Avenue East 

Saint Paul, MN 55107 
 The undersigned registered
owner of this Note hereby exercises the option to convert this Note, or the portion hereof (that is $1,000 Capitalized Principal Amount or an integral multiple of $1.00 in excess thereof) below designated, into cash, shares of Common Stock or a
combination of cash and shares of Common Stock, as applicable, in accordance with the terms of the Indenture referred to in this Note, and directs that any cash payable and any shares of Common Stock issuable and deliverable upon such conversion,
together with any cash for any fractional share, and any Notes representing any unconverted principal amount hereof, be issued and delivered to the registered Holder hereof unless a different name has been indicated below. If any shares of Common
Stock or any portion of this Note not converted are to be issued in the name of a Person other than the undersigned, the undersigned will pay all documentary, stamp or similar issue or transfer taxes, if any in accordance with Section 14.02(d)
and Section 14.02(e) of the Indenture. Any amount required to be paid to the undersigned on account of interest accompanies this Note. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the
Indenture. 
  

							
	Dated:	  	  
	  	  
	  	
		  		  	  
	  	
		  		  	Signature(s)	  	
	

  

	
	  
 Signature Guarantee

 

	Signature(s) must be guaranteed by an eligible guarantor institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities
and Exchange Commission Rule 17Ad-15 if shares

  
 1 

					
	of Common Stock are to be issued, or Notes are to be delivered, other than to and in the name of the registered holder.	 		 	
			
	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: Nikola Corporation 
 To: U.S. Bank Trust Company, National
Association 
 Global Corporate Trust 
 111 Fillmore Avenue East

 Saint Paul, MN 55107 
 The undersigned
registered owner of this Note hereby acknowledges receipt of a notice from Nikola Corporation (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 the applicable Fundamental Change Repurchase Price. Capitalized terms used herein but
not defined shall have the meanings ascribed to such terms in the Indenture. 
 In the case of Physical Notes, the certificate numbers of
the Notes to be repurchased are as set forth below: 
  

			
	Dated:	 	  

  

	
	  

	Signature(s)
	
	  

	Social Security or Other Taxpayer
	Identification Number
	
	 Principal amount to be 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] 
 To: U.S. Bank
Trust Company, National Association 
 Global Corporate Trust 

111 Fillmore Avenue East 
 Saint Paul, MN 55107 

For value received ______________ hereby sell(s), assign(s) and transfer(s) unto ____________ (Please insert social security or Taxpayer Identification Number
of assignee) the within Note, and hereby irrevocably constitutes and appoints _____________ attorney to transfer the said Note on the books of the Company, with full power of substitution in the premises. 

In connection with any transfer of the within Note, the undersigned confirms that such Note is being transferred: 

☐ To Nikola Corporation 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, and was effective at the
time of such transfer; or 
 ☐ Pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended; or 

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

  
 1 

	
	Dated: ________________________
	
	  

	  

	Signature(s)
	
	  

	 Signature Guarantee
  

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

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

  
 2 

 EXHIBIT B 

[FORM OF NOTATIONAL GUARANTEE] 

____________, 20__ 
 The Guarantor named on the
signature page hereto (hereinafter referred to as the “Guarantor,” which term includes any successors or assigns under that certain Indenture, dated as of June 1, 2022 by and among Nikola Corporation (the
“Company”), the guarantors party thereto and the trustee thereto (as may be amended and supplemented from time to time, the “Indenture”)), has guaranteed the Company’s 8.00% / 11.00% Convertible Senior PIK
Toggle Notes due 2026 (the “Notes”) and the Obligations of the Company under the Indenture. Capitalized terms used herein have the same meanings given in the Indenture unless otherwise indicated. 

The Obligations of each Guarantor to the Holders and to the Trustee pursuant to this Note Guarantee and the Indenture are expressly set forth in Article 13 of
the Indenture which is hereby incorporated by reference herein. 
 No stockholder, employee, officer, director or incorporator, as such, past, present or
future of each Guarantor shall have any liability under this Note Guarantee by reason of his or its status as such stockholder, employee, officer, director or incorporator. 

This is a continuing guarantee and shall remain in full force and effect and shall be binding upon each Guarantor and its successors and assigns until full
and final payment of all of the Company’s obligations under the Notes and Indenture or until released in accordance with the Indenture and shall inure to the benefit of the successors and assigns of the Trustee and the Holders, and, in the
event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and
conditions hereof. This is a guarantee of payment and not of collection. 
 The Obligations of each Guarantor under its Note Guarantee shall be limited to
the extent necessary to ensure that it does not constitute a fraudulent transfer or conveyance or a voidable preference, financial assistance or improper corporate benefit, or violating the corporate purpose of the relevant Guarantor or any
applicable capital maintenance or similar laws or regulations affecting the rights of creditors generally under any applicable law or regulation. 

[Remainder of page intentionally left blank] 

  
 1 

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

			
	[GUARANTOR],
	as a Guarantor
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Notational Guarantee]

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