Document:

Exhibit 4.1 

 

 

 

ALBANY MOLECULAR RESEARCH, INC.

 

AND

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

 

as Trustee

 

INDENTURE

 

Dated as of November 25, 2013

 

2.25% Cash Convertible Senior Notes due
2018

 

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

 

	 	 	Page
	ARTICLE
                                               1

	Definitions
	Section 1.01.	Definitions	1
	Section 1.02.	References to Interest	11
	 	 	 
	ARTICLE
                                               2

	Issue, Description,
    Execution, Registration and Exchange of Notes
	 	 	 
	Section 2.01.	Designation and Amount	11
	Section 2.02.	Form of Notes	12
	Section 2.03.	Date and Denomination
    of Notes; Payments of Interest and Defaulted Amounts	12
	Section 2.04.	Execution, Authentication and Delivery
    of Notes	14
	Section 2.05.	Exchange and Registration of Transfer
    of Notes; Restrictions on Transfer; Depositary	14
	Section 2.06.	Mutilated, Destroyed, Lost or Stolen
    Notes	19
	Section 2.07.	Temporary Notes	20
	Section 2.08.	Cancellation of Notes Paid, Converted,
    Etc	21
	Section 2.09.	CUSIP Numbers	21
	Section 2.10.	Additional Notes; Repurchases	21
	 	 	 
	ARTICLE
                                               3

	Satisfaction
    and Discharge
	 	 	 
	Section 3.01.	Satisfaction and Discharge	22
	 	 	 
	ARTICLE
                                               4

	Particular Covenants
    of the Company
	 	 	 
	Section 4.01.	Payment of Principal and Interest	22
	Section 4.02.	Maintenance of Office or Agency	22
	Section 4.03.	Appointments to Fill Vacancies in
    Trustee’s Office	23
	Section 4.04.	Provisions as to Paying Agent	23
	Section 4.05.	Existence	24
	Section 4.06.	Rule 144A Information Requirement
    and Annual Reports	24
	Section 4.07.	Stay, Extension and Usury Laws	26
	Section 4.08.	Compliance Certificate; Statements
    as to Defaults	26
	Section 4.09.	Further Instruments and Acts	27

 

    	i

    	 

    

 

	ARTICLE
                                                                5

	Lists
    of Holders and Reports by the Company and the Trustee
	 	 	 
	Section 5.01.	Lists of Holders	27
	Section 5.02.	Preservation and
    Disclosure of Lists	27
	 	 	 
	ARTICLE
    6
	Defaults
    and Remedies
	 	 	 
	Section 6.01.	Events of Default	27
	Section 6.02.	Acceleration; Rescission
    and Annulment	29
	Section 6.03.	Additional Interest	30
	Section 6.04.	Payments of Notes
    on Default; Suit Therefor	30
	Section 6.05.	Application of
    Monies Collected by Trustee	32
	Section 6.06.	Proceedings by
    Holders	33
	Section 6.07.	Proceedings by
    Trustee	34
	Section 6.08.	Remedies Cumulative
    and Continuing	34
	Section 6.09.	Direction of Proceedings
    and Waiver of Defaults by Majority of Holders	34
	Section 6.10.	Notice of Defaults	35
	Section 6.11.	Undertaking to
    Pay Costs	35
	 	 	 
	ARTICLE
                                                                7

	Concerning
    the Trustee
	 	 	 
	Section 7.01.	Duties and Responsibilities
    of Trustee	35
	Section 7.02.	Reliance on Documents,
    Opinions, Etc	37
	Section 7.03.	No Responsibility
    for Recitals, Etc	38
	Section 7.04.	Trustee, Paying
    Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes	38
	Section 7.05.	Monies to Be Held
    in Trust	38
	Section 7.06.	Compensation and
    Expenses of Trustee	39
	Section 7.07.	Officer’s
    Certificate as Evidence	39
	Section 7.08.	Eligibility of
    Trustee	40
	Section 7.09.	Resignation or
    Removal of Trustee	40
	Section 7.10.	Acceptance by Successor
    Trustee	41
	Section 7.11.	Succession by Merger,
    Etc	41
	Section 7.12.	Trustee’s
    Application for Instructions from the Company	42
	 	 	 
	ARTICLE
    8
	Concerning
    the Holders
	 	 	 
	Section 8.01.	Action by Holders	42
	Section 8.02.	Proof of Execution
    by Holders	43
	Section 8.03.	Who Are Deemed
    Absolute Owners	43
	Section 8.04.	Company-Owned Notes
    Disregarded	43
	Section 8.05.	Revocation of Consents;
    Future Holders Bound	44

 

    	ii

    	 

    

 

	ARTICLE
    9
	Holders’
    Meetings
	 	 	 
	Section 9.01.	Purpose of Meetings	44
	Section 9.02.	Call of Meetings
    by Trustee	44
	Section 9.03.	Call of Meetings
    by Company or Holders	45
	Section 9.04.	Qualifications
    for Voting	45
	Section 9.05.	Regulations	45
	Section 9.06.	Voting	46
	Section 9.07.	No Delay of Rights
    by Meeting	46
	 	 	 
	ARTICLE
    10
	Supplemental
    Indentures
	 	 	 
	Section 10.01.	Supplemental Indentures
    Without Consent of Holders	46
	Section 10.02.	Supplemental Indentures
    with Consent of Holders	47
	Section 10.03.	Effect of Supplemental
    Indentures	48
	Section 10.04.	Notation on Notes	48
	Section 10.05.	Evidence of Compliance
    of Supplemental Indenture to Be Furnished to Trustee	49
	 	 	 
	ARTICLE
    11
	Consolidation,
    Merger, Sale, Conveyance and Lease
	 	 	 
	Section 11.01.	Company May Consolidate,
    Etc. on Certain Terms	49
	Section 11.02.	Successor Corporation
    to Be Substituted	50
	Section 11.03.	Opinion of Counsel
    to Be Given to Trustee	50
	 	 	 
	ARTICLE
    12
	Immunity
    of Incorporators, Stockholders, Officers and Directors
	 	 	 
	Section 12.01.	Indenture and Notes
    Solely Corporate Obligations	50
	 	 	 
	ARTICLE
    13
	[Intentionally
    Omitted]
	 
	ARTICLE
    14
	Conversion
    of Notes
	 	 	 
	Section 14.01.	Conversion Privilege	51
	Section 14.02.	Conversion Procedure;
    Payment upon Conversion.	53
	Section 14.03.	Increased Conversion
    Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes	55
	Section 14.04.	Adjustment of Conversion
    Rate	57
	Section 14.05.
    	Adjustments of
    Prices	66
	Section 14.06.	[Reserved].	66

 

    	iii

    	 

    

 

	Section 14.07.	Effect of Recapitalizations,
    Reclassifications and Changes of the Common Stock.	66
	Section 14.08.	[Reserved].	67
	Section 14.09.	Responsibility of Trustee	68
	Section 14.10.	[Reserved].	68
	Section 14.11.	Stockholder Rights Plans	68
	Section 14.12.	Exchange in Lieu of Conversion	68
	 	 	 
	ARTICLE
    15
	Repurchase of
    Notes at Option of Holders
	 	 	 
	Section 15.01.	[Reserved].	69
	Section 15.02.	Repurchase at Option of Holders
    upon a Fundamental Change	69
	Section 15.03.	Withdrawal of Fundamental Change
    Repurchase Notice	72
	Section 15.04.	Deposit of Fundamental Change Repurchase
    Price	72
	Section 15.05.	Covenant to Comply with Applicable
    Laws upon Repurchase of Notes	73
	 	 	 
	ARTICLE
    16
	No Redemption
	 	 	 
	Section 16.01.	No Redemption	73
	 	 	 
	ARTICLE
    17
	Miscellaneous
    Provisions
	 	 	 
	Section 17.01.	Provisions Binding on Company’s
    Successors	73
	Section 17.02.	Official Acts by Successor Corporation	74
	Section 17.03.	Addresses for Notices, Etc	74
	Section 17.04.	Governing Law; Jurisdiction	74
	Section 17.05.	Evidence of Compliance with Conditions
    Precedent; Certificates and Opinions of Counsel to Trustee	75
	Section 17.06.	Legal Holidays	75
	Section 17.07.	No Security Interest Created	75
	Section 17.08.	Benefits of Indenture	75
	Section 17.09.	Table of Contents, Headings, Etc	76
	Section 17.10.	Authenticating Agent	76
	Section 17.11.	Execution in Counterparts	77
	Section 17.12.	Severability	77
	Section 17.13.	Waiver of Jury Trial	77
	Section 17.14.	Force Majeure	77
	Section 17.15.	Calculations	77
	Section 17.16.	USA PATRIOT Act	78
	 	 	 
	EXHIBITS
	Exhibit A	Form of Note	A-1
	Exhibit B	Form of Free Transferability Certificate	B-1

 

    	iv

    	 

    

 

This INDENTURE, dated as of November 25,
2013 between ALBANY MOLECULAR RESEARCH, INC., a Delaware corporation, as issuer (the “Company”, as more fully
set forth in Section 1.01) and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”,
as more fully set forth in Section 1.01),

 

WITNESSETH:

 

WHEREAS, for its lawful corporate purposes,
the Company has duly authorized the issuance of its 2.25% Cash Convertible Senior Notes due 2018 (the “Notes”),
initially in an aggregate principal amount not to exceed $130,000,000 (as increased by an amount equal to the aggregate principal
amount of any additional Notes purchased by the Initial Purchasers pursuant to the exercise of their over-allotment option as set
forth in the Purchase Agreement), and in order to provide the terms and conditions upon which the Notes are to be authenticated,
issued and delivered, the Company has duly authorized the execution and delivery of this Indenture;

 

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 and the Form of Free Transferability Certificate are to be substantially
in the forms hereinafter provided;

 

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

 

NOW, THEREFORE:

 

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

 

ARTICLE 1

Definitions

 

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

 

    	 

    	 

    

  

“Additional Interest”
means all amounts, if any, payable pursuant to Section 4.06(d), Section 4.06(e) or Section 6.03.

  

“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.

 

“Bid Solicitation Agent”
means 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 Trustee shall initially act as the Bid Solicitation Agent.

 

“Board of Directors”
means the board of directors of the Company or a committee of such board duly authorized to act for it hereunder.

 

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

 

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

 

“Capital Stock” means,
for any entity, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or
interests in (however designated) stock issued by that entity.

 

“Cash Make-Whole Premium”
shall have the meaning specified in Section 14.03(a).

 

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

 

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

 

“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).

 

“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.

 

    	2

    	 

    

 

“Common Stock” means
the common stock of the Company, par value $0.01 per share, at the date of this Indenture, subject to Section 14.07.

 

“Company” shall have
the meaning specified in the first paragraph of this Indenture, and subject to the provisions of Article 11, shall include its
successors and assigns.

 

“Company Order” means
a written order of the Company, signed by one of the Company’s Chief Executive Officer, General Counsel, Chief Financial
Officer, President, Vice President (whether or not designated by a number or numbers or word or words added before or after the
title “Vice President”), Treasurer or Assistant Treasurer or Secretary or Assistant Secretary, and delivered to the
Trustee.

 

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

 

“Conversion Date” shall
have the meaning specified in Section 14.02(c).

 

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

 

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

 

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

 

“Corporate Trust Office”
means the designated office of the Trustee at which at any time its corporate trust business shall be administered, which office
at the date hereof is located at 50 South Sixth Street, Suite 1290, Minneapolis, MN 55402-1544, Attention: Albany Molecular Research,
Inc. Account Manager, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company,
or the designated corporate trust office of any successor trustee (or such other address as such successor trustee may designate
from time to time by notice to the Holders and the Company).

 

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

 

“Daily Conversion Value”
means, for each of the 80 consecutive Trading Days during the Observation Period, one-eightieth (1/80th) of the product of (a)
the Conversion Rate on such Trading Day and (b) the Daily VWAP for such Trading Day.

 

“Daily VWAP” means, for
each of the 80 consecutive Trading Days during the applicable Observation Period, the per share volume-weighted average price as
displayed under the heading “Bloomberg VWAP” on Bloomberg page “AMRI <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 reasonably determined, using a volume-weighted average method, by a
nationally recognized independent investment banking firm retained for this purpose by the Company). The “Daily VWAP”
shall be determined by the Company without regard to after-hours trading or any other trading outside of the regular trading session
trading hours. On or after the occurrence of a Merger Event, the “Daily VWAP” of a unit of Reference Property
on any date shall be determined in accordance with the two immediately preceding sentences, except that (i) in the case of a Merger
Event in connection with which holders of Common Stock receive only cash as set forth in Section 14.07(a), the “Daily
VWAP” shall be equal to the per share amount of cash received by holders of Common Stock in such Merger Event and (ii)
in the case of a Merger Event in connection with which holders of Common Stock receive a type of consideration other than cash
or common stock as set forth in Section 14.07(a), the “Daily VWAP” shall be the fair market value of such unit
of Reference Property determined by a nationally recognized independent investment banking firm retained for this purpose by the
Company.

 

    	3

    	 

    

 

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

 

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

 

“Depositary” means, with
respect to each Global Note, The Depository Trust Company, until a successor shall have been appointed and become such pursuant
to the applicable provisions of this Indenture, and thereafter, “Depositary” shall mean or include such successor.

 

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

 

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

 

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

 

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

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Form of Assignment and Transfer”
shall mean the “Form of Assignment and Transfer” attached as Attachment 3 to the Form of Note attached hereto as Exhibit
A.

 

“Form of Free Transferability
Certificate” shall mean the “Form of Free Transferability Certificate” attached hereto as Exhibit B. 

 

    	4

    	 

    

 

“Form of Fundamental Change Repurchase
Notice” shall mean the “Form of Fundamental Change Repurchase Notice” attached as Attachment 2 to the Form
of Note attached hereto as Exhibit A.

 

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

 

“Form of Notice of Conversion”
shall mean the “Form of Notice of Conversion” attached as Attachment 1 to the Form of Note attached hereto as Exhibit
A.

 

“Free Transferability Certificate”
shall have the meaning specified in Section 2.05(c).

 

“Fundamental Change”
shall be deemed to have occurred at the time after the Notes are originally issued if any of the following occurs:

 

(a)          a
“person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than the Company, its
Subsidiaries and the employee benefit plans of the Company and its Subsidiaries, has become the direct or indirect “beneficial
owner,” as defined in Rule 13d-3 under the Exchange Act, of the Company’s Common Equity representing more than 50%
of the voting power of the Company’s Common Equity;

 

(b)          the
consummation of (A) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a share
split or share combination or changes solely in par value) as a result of which all or substantially all of the Common Stock would
be converted into, or exchanged for, stock, other securities, other property or assets; (B) any share exchange, consolidation or
merger of the Company pursuant to which the Common Stock will be converted into cash, securities or other property or assets; or
(C) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated
assets of the Company and its Subsidiaries, taken as a whole, to any Person other than one of the Company’s Subsidiaries;
provided, however, that a transaction described in clause (A) or (B) in which the holders of all classes of the Company’s
Common Equity immediately prior to such transaction own, directly or indirectly, more than 50% of all classes of Common Equity
of the continuing or surviving corporation or transferee or the parent thereof immediately after such transaction in substantially
the same proportions as such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this
clause (b);

 

(c)          the
stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company; or

 

(d)          the
Common Stock (or other common stock underlying the Notes) ceases to be listed or quoted on any of The New York Stock Exchange,
The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors);

 

    	5

    	 

    

 

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 all of the common stockholders of the Company, excluding cash payments for fractional shares and cash payments
made pursuant to dissenters’ appraisal rights, in connection with such transaction or transactions consists of shares of
common stock that are listed or quoted on any of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global
Market (or any of their respective successors) or will be so listed or quoted when issued or exchanged in connection with such
transaction or transactions and as a result of such transaction or transactions the Notes become convertible into such consideration,
excluding cash payments for fractional shares and cash payments made pursuant to dissenters’ appraisal rights (subject to
the provisions of Section 14.02).

 

“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).

 

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

 

“Holder,” as applied
to any Note, or other similar terms (but excluding the term “beneficial holder”), shall mean any Person in whose name
at the time a particular Note is registered on the Note Register.

 

“Indenture” means this
instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented.

 

“Initial Purchasers”
means J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.

 

“Interest Payment Date”
means each May 15 and November 15 of each year, beginning on May 15, 2014.

 

“Last Reported Sale Price”
of the Common Stock on any date means the closing sale price per share (or if no closing sale price is reported, the average of
the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that
date as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common
Stock is traded. If the Common Stock is not listed for trading on a U.S. national or regional securities exchange on the relevant
date, the “Last Reported Sale Price” shall be the last quoted bid price per share for the Common Stock in the
over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock
is not so quoted, the “Last Reported Sale Price” shall be the average of the mid-point of the last bid and ask
prices per share for the Common Stock on the relevant date received 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. On or after the occurrence
of a Merger Event, the “Last Reported Sale Price” of a unit of Reference Property on any date shall be determined
in accordance with the four immediately preceding sentences, except that (i) in the case of a Merger Event in connection with which
holders of Common Stock receive only cash as set forth in Section 14.07(a), the “Last Reported Sale Price” shall
be equal to the per share amount of cash received by holders of Common Stock in such Merger Event and (ii) in the case of a Merger
Event in connection with which holders of Common Stock receive a type of consideration other than cash or common stock as set forth
in Section 14.07(a), the “Last Reported Sale Price” shall be the fair market value of such unit of Reference
Property determined by a nationally recognized independent investment banking firm retained for this purpose by the Company.

 

    	6

    	 

    

 

“Make-Whole Fundamental Change”
means any transaction or event that constitutes a Fundamental Change described in clause (a), clause (b) or clause (d) of the definition
thereof (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).

 

“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 (the “relevant stock exchange”) to open for trading during its regular trading session
or (b) the occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the Common Stock for
more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading
(by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Common Stock or
in any options contracts or futures contracts relating to the Common Stock.

 

“Maturity Date” means
November 15, 2018.

 

“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).

 

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

 

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

 

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

 

“Notice of Conversion”
shall have the meaning specified in Section 14.02(b).

 

“Observation Period”
with respect to any Note surrendered for conversion means: (i) if the relevant Conversion Date occurs prior to May 15, 2018, the
80 consecutive Trading Day period beginning on, and including, the second Trading Day immediately succeeding such Conversion Date;
and (ii) if the relevant Conversion Date occurs on or after May 15, 2018, the 80 consecutive Trading Days beginning on, and including,
the 82nd Scheduled Trading Day immediately preceding the Maturity Date. 

 

    	7

    	 

    

 

“Offering Memorandum”
means the preliminary offering memorandum dated November 18, 2013, as supplemented by the related pricing term sheet dated November
19, 2013, relating to the offering and sale of the Notes.

 

“Officer” means, with
respect to the Company, the Chief Executive Officer, General Counsel, Chief Financial Officer, President, Vice President (whether
or not designated by a number or numbers or word or words added before or after the title “Vice President”), Treasurer,
Assistant Treasurer, Secretary or Assistant Secretary.

 

“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 Section 17.05.

 

“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 acceptable
to the Trustee, that is delivered to the Trustee. Each such opinion shall include the statements provided for in Section 17.05
if and to the extent required by the provisions of such Section 17.05.

 

“outstanding,” when used
with reference to Notes, shall, subject to the provisions of Section 8.04, mean, as of any particular time, all Notes authenticated
and delivered by the Trustee under this Indenture, except:

 

(a)          Notes
theretofore canceled by the Trustee or accepted by the Trustee for cancellation;

 

(b)          Notes,
or portions thereof, that have become due and payable and in respect of which monies in the necessary amount shall have been deposited
in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust
by the Company (if the Company shall act as its own Paying Agent);

 

(c)          Notes
that have been paid pursuant to Section 2.06 or Notes in lieu of which, or in substitution for which, other Notes shall have been
authenticated and delivered pursuant to the terms of Section 2.06 unless proof satisfactory to the Trustee is presented that any
such Notes are held by protected purchasers in due course;

 

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

 

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

 

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

 

    	8

    	 

    

 

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

 

“Physical Notes” means
permanent certificated Notes in registered form issued in denominations of $1,000 principal amount and integral multiples thereof. 

 

“Predecessor Note” of
any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular
Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.06 in lieu of or in exchange
for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or
stolen Note that it replaces.

 

“Purchase Agreement”
means that certain Purchase Agreement, dated as of November 19, 2013, among the Company and the Initial Purchasers.

 

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

 

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

 

“Resale Restriction Termination
Date” shall have the meaning specified in Section 2.05(c).

 

“Responsible Officer”
means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, 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 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).

 

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“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 under the Exchange Act; provided that for purposes
of Section 6.01(h), Section 6.01(i) and Section 6.01(j), any Subsidiary
of the Company that meets the criteria of clause (3) of the definition thereof but not clause (1) or (2) thereof shall not be deemed
to be a Significant Subsidiary unless such Subsidiary’s income from continuing operations before income taxes, extraordinary
items and cumulative effect of a change in accounting principle exclusive of amounts attributable to any non-controlling interests
for the last completed fiscal year prior to the date of such determination exceeds $10,000,000.

  

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

 

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

 

    	10

    	 

    

 

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

  

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

 

“Trigger Event” shall
have the meaning specified in Section 14.04(c).

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this Indenture; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after the date hereof, the term “Trust Indenture
Act” shall mean, to the extent required by such amendment, the Trust Indenture Act of 1939, as so amended.

 

“Trustee” means the Person
named as the “Trustee” in the first paragraph of this Indenture until a successor trustee shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include
each Person who is then a Trustee hereunder.

 

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

 

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

 

ARTICLE
2

Issue, Description, Execution, Registration and Exchange of Notes

 

Section 2.01. Designation and Amount.
The Notes shall be designated as the “2.25% Cash Convertible Senior Notes due 2018.” The aggregate principal amount
of Notes that may be authenticated and delivered under this Indenture is initially limited to $130,000,000 (as increased by an
amount equal to the aggregate principal amount of any additional Notes purchased by the Initial Purchasers pursuant to the exercise
of their over-allotment option as set forth in the Purchase Agreement), subject to Section 2.10 and except for Notes authenticated
and delivered upon registration or transfer of, or in exchange for, or in lieu of other Notes pursuant to Section 2.05, Section
2.06, Section 2.07, Section 10.04, Section 14.02 and Section 15.04.

 

    	11

    	 

    

 

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

 

Any Global Note may be endorsed with or
have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Indenture
as may be required by the Custodian or the Depositary, or as may be required to comply with any applicable law or any regulation
thereunder or with the rules and regulations of any securities exchange or automated quotation system upon which the Notes may
be listed or traded or designated for issuance or to conform with any usage with respect thereto, or to indicate any special limitations
or restrictions to which any particular Notes are subject.

 

Any of the Notes may have such letters,
numbers or other marks of identification and such notations, legends or endorsements as the Officer executing the same may approve
(execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture,
or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation
of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform
to usage or to indicate any special limitations or restrictions to which any particular Notes are subject.

 

Each Global Note shall represent such principal
amount of the outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate principal
amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be increased or reduced to reflect 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 Holder of such Notes in accordance with this Indenture. Payment of principal (including the Fundamental
Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, a Global Note shall be made to the Holder of such
Note on the date of payment, unless a record date or other means of determining Holders eligible to receive payment is provided
for herein.

 

Section 2.03. Date and Denomination of
Notes; Payments of Interest and Defaulted Amounts. (a) The Notes shall be issuable in registered form without coupons in denominations
of $1,000 principal amount and integral multiples thereof. Each Note shall be dated the date of its authentication and shall bear
interest from the date specified on the face of such Note. Accrued interest on the Notes shall be computed on the basis of a 360-day
year composed of twelve 30-day months and, for partial months, on the basis of the number of days actually elapsed in a 30-day
month.

 

    	12

    	 

    

 

(b)          The
Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of business on any Regular
Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment
Date. Interest shall be payable at the office or agency of the Company maintained by the Company for such purposes pursuant to
Section 4.02. The Company shall pay interest (i) on any Physical Notes (A) to Holders holding Physical Notes having an aggregate
principal amount of $5,000,000 or less, by check mailed to the Holders of these Notes at their address as it appears in the Note
Register and (B) to Holders holding Physical Notes having an aggregate principal amount of more than $5,000,000, either by check
mailed to each such Holder or, upon written application by such a Holder to the Note Registrar not later than the relevant Regular
Record Date, by wire transfer in immediately available funds to that Holder’s account within the United States, which application
shall remain in effect until the Holder notifies, in writing, the Note Registrar to the contrary or (ii) on any Global Note by
wire transfer of immediately available funds to the account of the Depositary or its nominee. 

 

(c)          Any
Defaulted Amounts shall forthwith cease to be payable to the Holder on the relevant payment date but shall accrue interest per
annum at the rate borne by the Notes, subject to the enforceability thereof under applicable law, from, and including, such relevant
payment date, and such Defaulted Amounts together with such interest thereon shall be paid by the Company, at its election in each
case, as provided in clause (i) or (ii) below:

 

(i)          The
Company may elect to make payment of any Defaulted Amounts to the Persons in whose names the Notes (or their respective Predecessor
Notes) are registered at the close of business on a special record date for the payment of such Defaulted Amounts, which shall
be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of the Defaulted Amounts proposed
to be paid on each Note and the date of the proposed payment (which shall be not less than 25 days after the receipt by the Trustee
of such notice, unless the Trustee shall consent to an earlier date), and at the same time the Company shall deposit with the Trustee
an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Amounts or shall make arrangements satisfactory
to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such Defaulted Amounts as in this clause provided. Thereupon the Company shall fix a
special record date for the payment of such Defaulted Amounts which shall be not more than 15 days and not less than 10 days prior
to the date of the proposed payment, and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment.
The Company shall promptly notify the Trustee in writing of such special record date and the Trustee, in the name and at the expense
of the Company, shall cause notice of the proposed payment of such Defaulted Amounts and the special record date therefor to be
mailed, first-class postage prepaid, to each Holder at its address as it appears in the Note Register, 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 mailed, 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).

 

    	13

    	 

    

 

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

 

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

 

At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication,
together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company
Order shall authenticate and deliver such Notes, without any further action by the Company hereunder.

 

Only such Notes as shall bear thereon a
certificate of authentication substantially in the form set forth on the form of Note attached as Exhibit A hereto, executed manually
by an authorized 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 person as, at the actual date of the execution of such Note, shall be an Officer of the Company, although at the
date of the execution of this Indenture any such Person was not such an Officer.

 

Section 2.05. Exchange and Registration
of Transfer of Notes; Restrictions on Transfer; Depositary. (a) The Company shall cause to be kept a register (the register
maintained in such office or in any other office or agency of the Company designated pursuant to Section 4.02,
the “Note Register”) in which, subject to such reasonable procedures as it may prescribe, the Company
shall provide for the registration of Notes and of transfers of Notes. Such register shall be in written form or in any form capable
of being converted into written form within a reasonable period of time. The Trustee is hereby initially appointed the “Note
Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. The Company may appoint one
or more co-Note Registrars in accordance with Section 4.02.

 

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

 

    	14

    	 

    

  

Notes may be exchanged for other Notes
of any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes to be exchanged at any such
office or agency maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for exchange, the Company
shall execute, and the Trustee shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive,
bearing registration numbers not contemporaneously outstanding. 

 

All Notes presented or surrendered for registration
of transfer or for exchange, repurchase or conversion shall (if so required by the Company, the Trustee, the Note Registrar or
any co-Note Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory
to the Company and duly executed, by the Holder thereof or its attorney-in-fact duly authorized in writing.

 

No service charge shall be imposed by the
Company, the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent for any exchange or registration of transfer
of Notes, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer
tax required in connection therewith as a result of the name of the Holder of new Notes issued upon such exchange or registration
of transfer being different from the name of the Holder of the old Notes surrendered for exchange or registration of transfer.

 

None of the Company, the Trustee, the Note
Registrar and any co-Note Registrar shall be required to exchange or register a transfer of (i) any Notes surrendered for conversion
or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered for conversion or (ii) any Notes,
or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with Article 15.

 

All Notes issued upon any registration of
transfer or exchange of Notes in accordance with this Indenture shall be the valid and binding obligations of the Company, evidencing
the same debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer
or exchange.

 

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

 

    	15

    	 

    

 

(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) (the “Restricted
Securities”) shall be subject to the restrictions on transfer set forth in this Section 2.05(c) (including the legend
set forth below), unless such restrictions on transfer shall be eliminated or otherwise waived by written consent of the Company
with written notice to the Trustee as provided below, 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), the term “transfer”
encompasses any sale, pledge, transfer or other disposition whatsoever of any Restricted Security.

 

Until the date (the “Resale Restriction
Termination Date”) that is the later of (1) the date that is one year after the last date of original issuance of the
Notes, or such shorter period of time as permitted by Rule 144 under the Securities Act or any successor provision thereto, and
(2) such later date, if any, as may be required by applicable law, any certificate evidencing such Note (and all securities issued
in exchange therefor or substitution thereof) 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 written notice thereof
to the Trustee):

 

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

 

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

 

(2)         AGREES
FOR THE BENEFIT OF ALBANY MOLECULAR RESEARCH, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE
TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL
ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO
AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT:

 

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

 

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

 

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

 

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

  

    	16

    	 

    

 

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 prior to the Resale
Restriction Termination Date will be registered by the Note Registrar unless the applicable box on the Form of Assignment and Transfer
has been checked.

 

Any Note (or security issued in exchange
or substitution therefor) as to which such restrictions on transfer shall have expired in accordance with their terms may, upon
surrender of such Note for exchange to the Note Registrar in accordance with the provisions of this Section 2.05, be exchanged
for a new Note or Notes, of like tenor and aggregate principal amount, which shall not bear the restrictive legend required by
this Section 2.05(c) and shall not be assigned a restricted CUSIP number.
No later than the tenth day immediately following the Resale Restriction Termination Date, the Company shall cause every
beneficial interest in any Note represented by a Global Note that bears the restrictive legend specified in this Section 2.05(c)
to be automatically exchanged for beneficial interests in a Global Note that shall not bear such restrictive legend and shall not
be assigned a restricted CUSIP number. To effect such exchange, the Company (A) will deliver to the Depositary an instruction letter
for the Depositary’s mandatory exchange process at least 15 days immediately prior to the Resale Restriction Termination
Date and (B) will deliver to each of the Trustee and the Note Registrar a duly completed free transferability certificate (the
“Free Transferability Certificate”) in the form attached hereto as Exhibit B promptly upon the occurrence of
the Resale Restriction Termination Date. Upon receipt of the Free Transferability Certificate by the Trustee and the Note Registrar,
the restrictive legend set forth above shall be deemed removed from each Global Note specified in the Free Transferability Certificate
and the restricted CUSIP number shall be deemed removed from each such Global Note and deemed replaced with an unrestricted CUSIP
number, with no further action required by the Company, the Trustee or, if applicable, the Depositary. Prior to the Company’s
delivery of the Free Transferability Certificate and afterwards, the Company (with the cooperation of the Trustee) will comply
with the rules and procedures of the Depositary and otherwise use reasonable efforts to cause each Global Note to be identified
by an unrestricted CUSIP number in the facilities of the Depositary by the Resale Restriction Termination Date or as promptly as
possible thereafter. In addition, on the Resale Restriction Termination Date or promptly thereafter, the Company will provide Bloomberg
LLP with a copy of the Free Transferability Certificate and will use reasonable efforts to cause Bloomberg LLP to adjust its screen
page for the Notes to indicate that the Notes are no longer Restricted Securities and are now identified by an unrestricted CUSIP
number. Notwithstanding anything to the contrary in this paragraph, the Company will not be required to deliver or provide the
Free Transferability Certificate if it reasonably believes that removal of the restrictive legend or the changes to the CUSIP number
for the Notes could result in or facilitate transfers of the Notes in violation of applicable law; provided that this sentence
does not limit the application of Section 4.06(e).

  

    	17

    	 

    

  

The Company shall promptly notify the Trustee
in writing upon the occurrence of the Resale Restriction Termination Date and promptly after a registration statement, if any,
with respect to the Notes has been declared effective under the Securities Act. 

 

Notwithstanding any other provisions of
this Indenture (other than the provisions set forth in this Section 2.05(c)), 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 transfers of portions of a Global Note in certificated form made upon request of a member of, or a participant in,
the Depositary (for itself or on behalf of a beneficial owner) by written notice given to the Trustee by or on behalf of the Depositary
in accordance with customary procedures of the Depositary and in compliance with this Section 2.05(c).

 

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. Neither the Trustee nor any agent
of the Trustee shall have any responsibility or liability for any actions taken or not taken by the Depositary.

 

If (i) the Depositary notifies the Company
at any time that the Depositary is unwilling or unable to continue as depositary for the Global Notes and a successor depositary
is not appointed within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange Act and a
successor depositary is not appointed within 90 days or (iii) an Event of Default with respect to the Notes has occurred and is
continuing and a beneficial owner of any Note requests that its beneficial interest therein be issued as a Physical Note, the Company
shall execute, and the Trustee, upon receipt of an Officer’s Certificate and a Company Order for the authentication and delivery
of Notes, shall authenticate and deliver (x) in the case of clause (iii), a Physical Note to such beneficial owner in a principal
amount equal to the principal amount of such Note corresponding to such beneficial owner’s beneficial interest and (y) in
the case of clause (i) or (ii), Physical Notes to each beneficial owner of the related Global Notes (or a portion thereof) in an
aggregate principal amount equal to the aggregate principal amount of such Global Notes in exchange for such Global Notes, and
upon delivery of the Global Notes to the Trustee such Global Notes shall be canceled.

 

Physical Notes issued in exchange for all
or a part of the Global Note pursuant to this Section 2.05(c) shall be registered in such names and in such authorized denominations
as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, 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, 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, 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 Paying Agent and
any agent of the Company or the Paying Agent shall have any responsibility or liability for any aspect of the records relating
to or payments made on account of beneficial ownership interests of a Global Note or maintaining, supervising or reviewing any
records relating to such beneficial ownership interests.

 

(d)          Any
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 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 no longer being a “restricted security” (as defined under Rule 144 under the Securities Act).
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, and such Note shall no longer be considered outstanding under this Indenture upon its repurchase.

 

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

 

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 by Company Order, the Trustee or an authenticating agent appointed by the Trustee shall authenticate
and deliver, a new Note, bearing a registration number not contemporaneously outstanding, in exchange and substitution for the
mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every case the applicant for a
substituted Note shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or
indemnity as may be required by them to save each of them harmless from any loss, liability, cost or expense caused by or connected
with such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company, to the
Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of such
Note and of the ownership thereof.

 

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The Trustee or such authenticating agent
may authenticate any such substituted Note and deliver the same upon the receipt of such security or indemnity as the Trustee,
the Company and, if applicable, such authenticating agent may require. No service charge shall be imposed by the Company, the Trustee,
the Note Registrar, any co-Note Registrar or the Paying Agent upon the issuance of any substitute Note, but the Company may require
a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in connection therewith
as a result of the name of the Holder of the new substitute Note being different from the name of the Holder of the old Note that
became mutilated or was destroyed, lost or stolen. In case any Note that has matured or is about to mature or has been surrendered
for required repurchase or is about to be converted in accordance with Article 14 shall become mutilated or be destroyed, lost
or stolen, the Company may, in its sole discretion, instead of issuing a substitute Note, pay or authorize the payment of or convert
or authorize the conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case may be,
if the applicant for such payment or conversion shall furnish to the Company, to the Trustee and, if applicable, to such authenticating
agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense
caused by or connected with such substitution, and, in every case of destruction, loss or theft, evidence satisfactory to the Company,
the Trustee and, if applicable, any Paying Agent or Conversion Agent evidence of their satisfaction of the destruction, loss or
theft of such Note and of the ownership thereof.

   

Every substitute Note issued pursuant to
the provisions of this Section 2.06 by virtue of the fact that any Note is destroyed, lost or stolen shall constitute an additional
contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall
be entitled to all the benefits of (but shall be subject to all the limitations set forth in) this Indenture equally and proportionately
with any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held and owned upon the
express condition that the foregoing provisions are exclusive with respect to the replacement or payment or conversion or repurchase
of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or
statute existing or hereafter enacted to the contrary with respect to the replacement or payment or conversion of negotiable instruments
or other securities without their surrender.

 

Section 2.07. Temporary Notes. Pending
the preparation of Physical Notes, the Company may execute and the Trustee or an authenticating agent appointed by the Trustee
shall, upon written request of the Company by Company Order, authenticate and deliver temporary Notes (printed or lithographed).
Temporary Notes shall be issuable in any authorized denomination, and substantially in the form of the Physical Notes but with
such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Company. Every
such temporary Note shall be executed by the Company and authenticated by the Trustee or such authenticating agent upon the same
conditions and in substantially the same manner, and with the same effect, as the Physical Notes. Without unreasonable delay, the
Company shall execute and deliver to the Trustee or such authenticating agent Physical Notes (other than any Global Note) and thereupon
any or all temporary Notes (other than any Global Note) may be surrendered in exchange therefor, at each office or agency maintained
by the Company pursuant to Section 4.02 and the Trustee or such authenticating agent shall 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.

 

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Section 2.08. Cancellation of Notes
Paid, Converted, Etc. The Company shall cause all Notes surrendered for the purpose of payment, 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 surrendered to the Trustee for cancellation, and such Notes shall no longer be considered
outstanding under this Indenture. All Notes delivered to the Trustee shall be canceled promptly by it, and no Notes shall be authenticated
in exchange thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose of canceled
Notes in accordance with its customary procedures. At the Company’s written request in a Company Order, the Trustee shall
deliver a certificate of cancellation. 

 

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

 

Section 2.10. Additional Notes; Repurchases.
The Company may, without the consent of the Holders and notwithstanding Section 2.01, reopen this Indenture and issue additional
Notes hereunder with the same terms and the same CUSIP number as the Notes initially issued hereunder (other than differences in
the issue price and interest accrued prior to the issue date, if any, of such additional Notes) in an unlimited aggregate principal
amount; provided that if any such additional Notes are not fungible with the Notes initially issued hereunder for U.S. federal
income tax purposes, such additional Notes shall have one or more separate CUSIP numbers. Prior to the issuance of any such additional
Notes, the Company shall deliver to the Trustee a Company Order, an Officer’s Certificate and an Opinion of Counsel, such
Officer’s Certificate and Opinion of Counsel to cover such matters, in addition to those required by Section 17.05, as the
Trustee shall reasonably request, including, without limitation, that the form and terms of such Notes has been established in
conformity with the provisions of this Indenture and that such Notes, when authenticated and delivered by the Trustee and issued
by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding
obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and other similar laws of general application affecting the rights and remedies of creditors and general
principles of equity (including, without limitation, concepts of materiality, reasonableness, good faith, fair dealing and unconscionability),
regardless of whether considered in a proceeding in equity or law. In addition, the Company may, to the extent permitted by law,
and directly or indirectly (regardless of whether such Notes are surrendered to the Company), repurchase Notes in the open market
or otherwise, whether by the Company or its Subsidiaries or through a privately negotiated transaction or public tender or exchange
offer or through counterparties to private agreements, including by cash-settled swaps or other derivatives, in each case, without
prior notice to the Holders of the Notes. The Company shall cause any Notes so repurchased (other than Notes repurchased pursuant
to cash-settled swaps or other derivatives) to be surrendered to the Trustee for cancellation in accordance with Section 2.08,
and such Notes will no longer be considered outstanding under this Indenture upon their repurchase.

  

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ARTICLE
3

Satisfaction and Discharge

 

Section 3.01. Satisfaction and Discharge.
This Indenture shall upon request of the Company contained in an Officer’s Certificate cease to be of further effect, and
the Trustee, at the expense and written request 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 or paid as provided in Section 2.06 and (y) Notes for whose payment money
has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or
discharged from such trust, as provided in Section 4.04(d)) have been delivered to the Trustee for cancellation; or (ii) the Company
has deposited with the Trustee or paid to Holders, as applicable, after the Notes have become due and payable, whether on the Maturity
Date, any Fundamental Change Repurchase Date, upon conversion or otherwise, cash sufficient to pay all of the outstanding Notes
and all other sums due and payable under this Indenture by the Company; (b) the Company has paid all other amounts due hereunder;
and (c) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.
Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.06
shall survive.

 

ARTICLE
4

Particular Covenants of the Company

 

Section 4.01. Payment of Principal and
Interest. The Company covenants and agrees that it will cause to be paid the principal (including the Fundamental Change Repurchase
Price, if applicable) of, and accrued and unpaid interest on, each of the Notes at the places, at the respective times and in the
manner provided herein and in the Notes.

 

Section 4.02. Maintenance of Office or
Agency. The Company will maintain in the continental United States an office or agency where the Notes may be surrendered for
registration of transfer or exchange or for presentation for payment or repurchase (“Paying Agent”) or for conversion
(“Conversion Agent”). The Company will give prompt written notice to the Trustee of the location, and any change
in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency
or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders may be made at the Corporate Trust
Office or the office or agency of the Trustee in the continental United States.

 

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

 

The Company hereby initially designates
the Trustee as the Paying Agent, Note Registrar, Custodian, Bid Solicitation Agent and Conversion Agent and it shall maintain an
office or agency in the continental United States where Notes may be surrendered for registration of transfer or exchange or for
presentation for payment or repurchase or for conversion.

 

Section 4.03. Appointments to Fill Vacancies
in Trustee’s Office. The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint,
in the manner provided in Section 7.09, a Trustee, so that there shall at all times be a Trustee hereunder.

 

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

 

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

 

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

 

(iii)        that
at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the Trustee all
sums so held in trust.

 

The Company shall, on or before each due
date of the principal (including the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on,
the Notes, deposit with the Paying Agent a sum sufficient to pay such principal (including the Fundamental Change Repurchase Price,
if applicable) or accrued and unpaid interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the
Trustee in writing of any failure to take such action; provided that if such deposit is made on the due date, such deposit
must be received by the Paying Agent by 11:00 a.m., New York City time, on such date.

 

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

 

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(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 or cause to be paid 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 by the Company or any Paying Agent to the Trustee, the Company or such Paying
Agent shall be released from all further liability but only with respect to such sums or amounts.

 

(d)          Any
money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal (including
the Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest on, and cash due upon conversion of, any
Note and remaining unclaimed for two years after such principal (including the Fundamental Change Repurchase Price, if applicable),
interest or cash due upon conversion has become due and payable shall be paid to the Company on request of the Company contained
in an Officer’s Certificate, or (if then held by the Company) shall be discharged from such trust; and the Holder of such
Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon
cease.

 

Section 4.05. Existence. Subject
to Article 11, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its
corporate existence.

 

Section 4.06. Rule 144A Information Requirement
and Annual Reports. (a) At any time the Company is not subject to Section 13 or 15(d) of the Exchange Act, the Company shall,
so long as any of the Notes shall, at such time, constitute “restricted securities” within the meaning of Rule 144(a)(3)
under the Securities Act, promptly provide to the Trustee and, upon written request, any Holder, beneficial owner or prospective
purchaser of such Notes the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate
the resale of such Notes pursuant to Rule 144A. The Company shall take such further action as any Holder or beneficial owner of
such Notes may reasonably request to the extent from time to time required to enable such Holder or beneficial owner to sell such
Notes in accordance with Rule 144A, as such rule may be amended from time to time.

 

(b)          The
Company shall file with the Trustee, within 15 days after the same are required to be filed with the Commission, 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, for the avoidance of doubt, any such documents or reports (or portions thereof) that are subject to confidential treatment
and any correspondence with the Commission) (giving effect to any grace period provided by Rule 12b-25 under the Exchange Act).
Any such document or report that the Company files with the Commission via the Commission’s EDGAR system shall be deemed
to be filed with the Trustee for purposes of this Section 4.06(b) at the time such documents are filed via the EDGAR system. The
Trustee shall have no liability whatsoever to determine if such filings have been made.

  

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(c)          Delivery
of the reports and documents described in subsection (b) above to the Trustee is for informational purposes only, and the Trustee’s
receipt of such shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled
to conclusively rely on an Officer’s Certificate).

 

(d)          If,
at any time during the six-month period beginning on, and including, the date that is six months after the last date of original
issuance of the Notes, the Company fails to timely file any document or report that it is required to file with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder
and other than current reports on Form 8-K), or the Notes are not otherwise freely tradable by Holders other than the Company’s
Affiliates or Holders that were the Company’s Affiliates at any time during the three months 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 (i) for the first 90 days during such period for which the Company’s
failure to file has occurred and is continuing or the Notes are not otherwise freely tradable by Holders other than the Company’s
Affiliates (or Holders that have been the Company’s Affiliates at any time during the three months preceding) without restrictions
pursuant to U.S. securities laws or the terms of this Indenture or the Notes, at a rate of 0.25% per annum of the principal amount
of the Notes outstanding and (ii) for each day thereafter during such period for which the Company’s failure to file has
occurred and is continuing or the Notes are not otherwise freely tradable by Holders other than the Company’s Affiliates
(or Holders that have been the Company’s Affiliates at any time during the three months preceding) without restrictions pursuant
to U.S. securities laws or the terms of this Indenture or the Notes, at a rate of 0.50% per annum of the principal amount of the
Notes outstanding; provided that Additional Interest payable pursuant to this Section 4.06(d) shall cease to accrue on the
one-year anniversary of the last date of original issuance of the Notes. As used in this Section 4.06(d), documents or reports
that the Company is required to “file” with the Commission pursuant to Section 13 or 15(d) of the Exchange Act does
not include documents or reports that the Company furnishes to the Commission pursuant to Section 13 or 15(d) of the Exchange Act.

 

(e)          If,
and for so long as, the restrictive legend on the Notes specified in Section 2.05(c) has not been removed, the Notes are assigned
a restricted CUSIP number or the Notes are not otherwise freely tradable by Holders other than the Company’s Affiliates or
Holders that were the Company’s Affiliates at any time during the three months preceding (without restrictions pursuant to
U.S. securities laws or the terms of this Indenture or the Notes) as of the 375th day after the last date of original issuance
of the Notes, the Company shall pay Additional Interest on the Notes at a rate equal to 0.50% per annum of the principal amount
of Notes outstanding until the restrictive legend on the Notes has been removed in accordance with Section 2.05(c), the Notes are
assigned an unrestricted CUSIP number and the Notes are freely tradable by Holders other than the Company’s Affiliates (or
Holders that were the Company’s Affiliates at any time during the three months preceding) without restrictions pursuant to
U.S. securities laws or the terms of this Indenture or the Notes. On such 375th day, the Company shall notify the Trustee in writing
if such Additional Interest is payable, and the Company shall notify the Trustee thereafter if such Additional Interest is no longer
payable.

  

    	25

    	 

    

 

(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)          Subject
to the immediately succeeding sentence, the Additional Interest that is payable in accordance with Section 4.06(d) or Section 4.06(e)
shall be in addition to, and not in lieu of, any Additional Interest that may be payable as a result of the Company’s election
pursuant to Section 6.03. However, in no event shall any Additional Interest that may accrue as a result of the Company’s
failure to timely file any document or report that it is required to file with the Commission pursuant to Section 13 or 15(d) of
the Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder and other than current reports
on Form 8-K), as described in Section 4.06(d), together with any Additional Interest that may accrue in the event the Company elects
to pay Additional Interest in respect of any Event of Default relating to its failure to comply with its obligations as set forth
under Section 6.03, accrue at a rate in excess of 0.50% per annum, regardless of the number of events or circumstances giving rise
to the requirement to pay such Additional Interest.

  

(h)          If
Additional Interest is payable by the Company pursuant to Section 4.06(d) or Section 4.06(e), the Company shall deliver to the
Trustee an Officer’s Certificate to that effect stating (i) the amount of such Additional Interest that is payable and (ii)
the date on which such Additional Interest is payable. Unless and until a Responsible Officer of the Trustee receives at the Corporate
Trust Office such a certificate, the Trustee may assume without inquiry that no such Additional Interest is payable. If the Company
has paid Additional Interest directly to the Persons entitled to it, the Company shall promptly deliver to the Trustee an Officer’s
Certificate setting forth the particulars of such payment.

 

Section 4.07. Stay, Extension and Usury
Laws. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or
in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law that would prohibit
or forgive the Company from paying all or any portion of the principal of or interest on the Notes as contemplated herein, wherever
enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of this Indenture; and the
Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that
it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no such law had been enacted.

 

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, 2013) 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. The Officer’s Certificate to be provided
pursuant to this Section 4.08 shall be executed by the principal executive officer, principal financial officer or principal accounting
officer of the Company.

  

    	26

    	 

    

 

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, unless such Event of Default or Default shall have been cured or waived before the delivery
of such Officer’s Certificate.

 

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 more effectively the purposes of this Indenture.

 

ARTICLE
5

Lists of Holders and Reports by the Company and the Trustee

 

Section 5.01. Lists of Holders. For
so long as there are any Physical Notes, 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 1 and November 1 in each year beginning with May 1, 2014, 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 such default continues for a period of 30 days;

 

(b)          default
in the payment of principal of any Note when due and payable on the Maturity Date, upon any required repurchase, upon declaration
of acceleration or otherwise;

 

(c)          failure
by the Company to comply with its obligation to pay the cash due upon conversion of the Notes in accordance with this Indenture
upon exercise of a Holder’s conversion right, and such failure continues for a period of three Business Days;

 

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(d)          failure
by the Company to issue a Fundamental Change Company Notice in accordance with Section 15.02(c)
or notice of a specified corporate event in accordance with Section 14.01(b)(ii) or Section 14.01(b)(iii), in each case, when due,
and such failure continues for three Business Days after the due date for such notice;

 

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

 

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

 

(g)          default
by the Company or any Significant Subsidiary 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 $10,000,000 (or
its foreign currency equivalent) in the aggregate of the Company and/or of 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 or interest of any such debt 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 such acceleration shall not have been rescinded or annulled or such failure to pay shall not have been cured,
as the case may be, within 30 days after written notice to the Company by the Trustee or to the Company and the Trustee by the
Holders of at least 25% in principal amount of the Notes then outstanding has been received;

 

(h)          a
final judgment for the payment of $10,000,000 (or its foreign currency equivalent) or more (excluding any amounts covered by insurance)
rendered against the Company or any Significant Subsidiary, which judgment is not discharged or stayed within 60 days after (i)
the date on which the right to appeal thereof has expired if no such appeal has commenced, or (ii) the date on which all rights
to appeal have been extinguished;

 

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

 

(j)          an
involuntary case or other proceeding shall be commenced against the Company or any Significant Subsidiary seeking liquidation,
reorganization or other relief with respect to the Company or such Significant Subsidiary or its debts under any bankruptcy, insolvency
or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other
similar official of the Company or such Significant Subsidiary or any substantial part of its property, and such involuntary case
or other proceeding shall remain undismissed and unstayed for a period of 30 consecutive days.

 

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Section 6.02. Acceleration; Rescission
and Annulment. If one or more Events of Default shall have occurred and be continuing (whatever the reason for such Event of
Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree
or order of any court or any order, rule or regulation of any administrative or governmental body), then, and in each and every
such case (other than an Event of Default specified in Section 6.01(i) or Section 6.01(j) with respect to the Company or any of
its Significant Subsidiaries), unless the principal of all of the Notes shall have already become due and payable, the Trustee
by notice to the Company, or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding determined
in accordance with Section 8.04 by written notice to the Company and the Trustee, may, and the Trustee at the request of such Holders
shall, so long as such requesting Holders have offered indemnity to the Trustee to its reasonable satisfaction and the Trustee
has received no conflicting direction from the Holders of a majority in aggregate principal amount of the Notes then outstanding
determined in accordance with Section 8.04, declare 100% of the principal amount of, and accrued and unpaid interest, if any, on,
all the Notes to be due and payable immediately, and upon any such declaration the same shall become and shall automatically be
immediately due and payable, anything contained in this Indenture or in the Notes to the contrary notwithstanding. If an Event
of Default specified in Section 6.01(i) or Section 6.01(j) with respect to the Company or any of its Significant Subsidiaries occurs
and is continuing, 100% of the principal amount of, and accrued and unpaid interest, if any, on, all Notes shall become and shall
automatically be immediately due and payable.

 

The 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 and unpaid interest upon
all Notes and the principal of any and all Notes that shall have become due otherwise than by acceleration (with interest on overdue
installments of accrued and unpaid interest to the extent that payment of such interest is enforceable under applicable law, and
on such principal at the rate borne by the Notes at such time) and amounts due to the Trustee pursuant to Section 7.06, and if
(1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all existing
Events of Default under this Indenture, other than the nonpayment of the principal of and accrued and unpaid interest, if any,
on Notes that shall have become due solely by such acceleration, shall have been cured or waived pursuant to Section 6.09, then
and in every such case (except as provided in the immediately succeeding sentence) the Holders of a majority in aggregate principal
amount of the Notes then outstanding, by 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 all consequences of such Default, including acceleration, and such Default
shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture;
but no such waiver or rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall
impair any right consequent thereon. Notwithstanding anything to the contrary herein, no such waiver or rescission and annulment
shall extend to or shall affect any Default or Event of Default resulting from (i) the nonpayment of the principal of, or accrued
and unpaid interest on, any Notes, (ii) a failure to repurchase any Notes and pay the Fundamental Change Repurchase Price, in each
case, when required or (iii) a failure to pay the cash due upon conversion of the Notes.

 

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Section 6.03. Additional Interest.
Notwithstanding anything in this Indenture or in the Notes to the contrary, to the extent the Company elects, the sole remedy for
an Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b)
shall (i) for the first 180 days after the occurrence of such an Event of Default (beginning on, and including, the date on which
such an Event of Default first occurs), consist exclusively of the right to receive Additional Interest on the Notes equal to 0.25%
per annum of the principal amount of Notes outstanding for each day during such 180-day period on which such Event of Default is
continuing and (ii) for the period from, and including, the 181st day after the occurrence of such an Event of Default to, and
including, the 270th day after the occurrence of such an Event of Default, consist exclusively of the right to receive Additional
Interest on the Notes equal to 0.50% per annum of the principal amount of Notes outstanding for each day during such additional
90-day period on which such Event of Default is continuing. Subject to the last paragraph of this Section 6.03, Additional
Interest payable pursuant to this Section 6.03 shall be in addition to, not in lieu of, any Additional Interest payable pursuant
to Section 4.06(d) or Section 4.06(e). 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 271st day after such Event of Default (if the Event of Default
relating to the Company’s failure to file is not cured or waived prior to such 271st day), the Notes shall be immediately
subject to acceleration as provided in Section 6.02. In the event the Company does not elect to pay Additional Interest following
an Event of Default in accordance with this Section 6.03 or the Company elected to make such payment but does not pay the Additional
Interest when due, the Notes shall be immediately subject to acceleration as provided in Section 6.02.

 

In order to elect to pay Additional Interest
as the sole remedy during the first 270 days after the occurrence of any Event of Default described in the immediately preceding
paragraph, the Company must notify all Holders of the Notes, the Trustee and the Paying Agent in writing of such election prior
to the beginning of such 270-day period. Upon the failure to timely give such notice, the Notes shall be immediately subject to
acceleration as provided in Section 6.02.

 

In no event shall any Additional Interest
that may accrue in the event the Company elects to pay Additional Interest in respect of an Event of Default relating to its failure
to comply with its obligations under Section 4.06(b) as set forth in this Section 6.03, together with any Additional Interest that
may accrue as a result of the Company’s failure to timely file any document or report that it is required to file with the
Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace periods
thereunder and other than current reports on Form 8-K), as described in Section 4.06(d), accrue at a rate in excess of 0.50% per
annum, regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest.

 

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

 

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

 

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

 

In case the Trustee shall have proceeded
to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because of any waiver
pursuant to Section 6.09 or any rescission and annulment pursuant to Section 6.02 or for any other reason or shall have been determined
adversely to the Trustee, then and in every such case the Company, the Holders and the Trustee shall, subject to any determination
in such proceeding, be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers
of the Company, the Holders and the Trustee shall continue as though no such proceeding had been instituted.

 

Section 6.05. Application of Monies Collected
by Trustee. Any monies 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 the cash due upon any conversion
of, the Notes in default in the order of the date due of the payments of such interest and cash due upon conversion, as the case
may be, with interest (to the extent that such interest has been collected by the Trustee) upon such overdue payments at the rate
borne by the Notes at such time, such payments to be made ratably to the Persons entitled thereto;

 

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

 

(d)          the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity, shall have neglected or refused to institute
any such action, suit or proceeding; and

 

(e)          no
direction that, in the opinion of the Trustee, is inconsistent with such written request shall have been given to the Trustee by
the Holders of a majority of the aggregate principal amount of the Notes then outstanding within such 60-day period pursuant to
Section 6.09,

 

it being understood and intended, and being expressly covenanted
by the taker and Holder of every Note with every other taker and Holder and the Trustee that no one or more Holders shall have
any right in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb or prejudice
the rights of any other Holder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or
not such actions or forbearances are unduly prejudicial to such Holders), 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 any Holder to receive payment of (x) the principal (including the Fundamental
Change Repurchase Price, if applicable) of, (y) accrued and unpaid interest, if any, on, and (z) the cash 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 on or after such respective dates against the Company 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, 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
Notes; provided, however, that (a) such direction shall not be in conflict with any rule of law or with this Indenture,
and (b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. The Trustee
may refuse to follow any direction that it determines is unduly prejudicial to the rights of any other Holder or that would involve
the Trustee in personal liability. The Holders of a majority in aggregate principal amount of the Notes at the time outstanding
determined in accordance with Section 8.04 may on behalf of the Holders of all of the Notes waive (including consents to such waiver
obtained in connection with a repurchase of, or tender or exchange offer for, Notes) any past Default or Event of Default hereunder
and its consequences except (i) a default in the payment of accrued and unpaid interest, if any, on, or the principal (including
any Fundamental Change Repurchase Price) of, the Notes when due that has not been cured pursuant to the provisions of Section 6.01,
(ii) a failure by the Company to pay the cash 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 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.
If a Default occurs and is continuing and is actually known to a Responsible Officer of the Trustee, the Trustee shall, within
90 days after receiving notice thereof, mail to all Holders of Physical Notes as the names and addresses of such Holders appear
upon the Note Register, and send electronically to all Holders of Global Notes, notice of such Default, unless such Default shall
have been cured or waived before the giving of such notice; provided that, except in the case of a Default in the payment
of the principal of (including the Fundamental Change Repurchase Price, if applicable), or accrued and unpaid interest on, any
of the Notes or a Default in the payment of the cash due upon conversion, the Trustee shall be protected in withholding such notice
if and so long as 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 and unpaid interest,
if any, on any Note (including, but not limited to, the Fundamental Change Repurchase Price with respect to the Notes being repurchased
as provided in this Indenture) on or after the due date expressed or provided for in such Note or to any suit for the enforcement
of the right to convert any Note 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, the Trustee shall exercise such of the rights and powers vested
in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under
the circumstances in the conduct of such person’s own affairs; provided that 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 reasonably satisfactory to it against
all losses and expenses that might be incurred by it in compliance with such request or direction.

 

    	35

    	 

    

 

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 bad faith and willful misconduct on the part of the Trustee, the Trustee may conclusively rely, as to the truth
of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee
and conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions that by any provisions
hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine
whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical
calculations or other facts stated therein);

 

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

 

(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 7.01;

 

(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 such Responsible Officer of the Trustee had actual knowledge of such
event;

 

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(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,
transfer agent or any other capacity hereunder, the rights and protections afforded to the Trustee pursuant to this Article 7,
including, without limitation, the right to be indemnified, 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 any financial liability in the performance
of any of its duties or in the exercise of any of its rights or powers.

 

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

 

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

 

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

 

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

  

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(f)     
     the permissive rights of the Trustee enumerated herein shall not be construed as duties;

 

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

 

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

 

(i)      
    the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good
faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this
Indenture, provided that the Trustee’s conduct does not constitute gross negligence, willful misconduct or bad
faith.

 

In no event shall the Trustee be liable
for any special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits),
even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. The Trustee
shall not be charged with knowledge of any Default or Event of Default with respect to the Notes, unless either (1) a Responsible
Officer shall have actual knowledge of such Default or Event of Default or (2) written notice of such Default or Event of Default
shall have been given to a Responsible Officer of the Trustee by the Company or by any Holder of the Notes at the Corporate Trust
Office and such notice references the Notes and this Indenture. Without limiting the foregoing, the Trustee shall only be deemed
to have knowledge or notice of a default referenced in Section 6.01(g) to the extent it has received written notice of such a default
as described in clause (2) above, it being understood and agreed that the Trustee has no obligation to monitor or verify compliance
by the Company with its covenants hereunder (except as may be otherwise expressly provided) or under any other agreements or indebtedness.

 

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 or Note Registrar, in its individual or any other capacity, may become the owner or pledgee of Notes with
the same rights it would have if it were not the Trustee, Paying Agent, Conversion Agent, Bid Solicitation Agent or Note Registrar.

 

Section 7.05. Monies to Be Held in Trust.
All monies 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 held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required
by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as may be agreed from
time to time by the Company and the Trustee.

 

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Section 7.06. Compensation and Expenses
of Trustee. The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to,
compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard
to the compensation of a trustee of an express trust) as mutually agreed to in writing between the Trustee and the Company, and
the Company will pay or reimburse the Trustee for all reasonable expenses, disbursements and advances reasonably incurred or made
by the Trustee in accordance with any of the provisions of this Indenture in any capacity thereunder (including the reasonable
compensation and the expenses and disbursements of its agents and counsel and of all Persons not regularly in its employ) except
any such expense, disbursement or advance as shall have been caused by its gross negligence, willful misconduct or bad faith. The
Company also covenants to indemnify the Trustee in any capacity under this Indenture and any other document or transaction entered
into in connection herewith and its agents and any authenticating agent for, and to hold them harmless against, any loss, claim,
damage, liability or expense incurred without gross negligence, willful misconduct or bad faith on the part of the Trustee, its
officers, directors, agents or employees, or such agent or authenticating agent, as the case may be, and arising out of or in connection
with the acceptance or administration of this Indenture or in any other capacity hereunder, including the costs and expenses of
defending themselves against any claim of liability in the premises, any dispute with the Company or the enforcement of this Section
7.06. The obligations of the Company under this Section 7.06 to compensate or indemnify the Trustee and to pay or reimburse the
Trustee for expenses, disbursements and advances shall be secured by a senior claim to which the Notes are hereby made subordinate
on all money or property held or collected by the Trustee, except, subject to the effect of Section 6.05, funds held in trust herewith
for the benefit of the Holders of Notes. The Trustee’s right to receive payment of any amounts due under this Section 7.06
shall not be subordinate to any other liability or indebtedness of the Company. The obligation of the Company under this Section
7.06 shall survive the satisfaction and discharge of this Indenture and the earlier resignation or removal or the Trustee. The
Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. The indemnification
provided in this Section 7.06 shall extend to the officers, directors, agents and employees of the Trustee.

 

Without prejudice to any other rights available
to the Trustee under applicable law, when the Trustee and its agents and any authenticating agent incur expenses or render services
after an Event of Default specified in Section 6.01(i) or Section 6.01(j)
occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any bankruptcy,
insolvency or similar laws.

 

Section 7.07. Officer’s Certificate
as Evidence. Subject to the provisions 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, willful misconduct and bad faith on the part of the Trustee, be deemed to be conclusively proved and established by
an Officer’s Certificate delivered to the Trustee, and such Officer’s Certificate, in the absence of gross negligence,
willful misconduct and bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken or omitted
by it under the provisions of this Indenture upon the faith thereof.

 

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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 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
7.08, 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 7.08, 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 sending
notice thereof to the Holders at their addresses as they shall appear on the Note Register. Upon receiving such notice of resignation,
the Company shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors,
one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor
trustee shall have been so appointed and have accepted appointment within 30 days after the sending 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, at the expense of the Company, 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 may, subject to the provisions of Section 6.11, on behalf of himself
or herself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may
thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

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

 

(i)          the
Trustee shall cease to be eligible in accordance with the provisions of Section 7.08 and shall fail to resign after written request
therefor by the Company or by any such Holder, or

 

(ii)         the
Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its
property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation,

 

then, in either case, the Company may by a Board Resolution
remove the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors,
one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to
the provisions of Section 6.11, any Holder who has been a bona fide holder of a Note or Notes for at least six months 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.

 

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(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, at the expense of the Company,
petition any court of competent jurisdiction for an appointment of a successor trustee.

 

(d)          Any
resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section
7.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.10.

 

Section 7.10. Acceptance by Successor
Trustee. Any successor trustee appointed as provided in Section 7.09 shall execute, acknowledge and deliver to the Company
and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of
the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named
as Trustee herein; but, nevertheless, on the written request of the Company or of the successor trustee, the trustee ceasing to
act shall, upon payment of any amounts then due it pursuant to the provisions of Section 7.06, execute and deliver an instrument
transferring to such successor trustee all the rights and powers of the trustee so ceasing to act. Upon request of any such successor
trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to
such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a senior claim to which
the Notes are hereby made subordinate on all money or property held or collected by such trustee as such, except for funds held
in trust for the benefit of Holders of particular Notes, to secure any amounts then due it pursuant to the provisions of Section
7.06.

 

No successor trustee shall accept appointment
as provided in this Section 7.10 unless at the time of such acceptance such successor trustee shall be eligible under the provisions
of Section 7.08.

 

Upon acceptance of appointment by a successor
trustee as provided in this Section 7.10, each of the Company and the successor trustee, at the written direction and at the expense
of the Company shall mail or cause to be sent notice of the succession of such trustee hereunder to the Holders at their addresses
as they shall appear on the Note Register. If the Company fails to mail such notice within ten days after acceptance of appointment
by the successor trustee, the successor trustee shall cause such notice to be sent at the expense of the Company.

 

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

 

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

 

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

 

ARTICLE 8

Concerning
the Holders

 

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

 

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Section 8.02. Proof of Execution by Holders.
Subject to the provisions of 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 shall
deem the Person in whose name a Note shall be registered upon the Note Register to be, and shall treat it as, the absolute owner
of such Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership or other writing thereon
made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on account of the principal
of and (subject to Section 2.03) accrued and unpaid interest on such Note, for conversion of such Note and for all other purposes
under this Indenture; and neither the Company nor the Trustee nor any Paying Agent nor any Conversion Agent nor any Note Registrar
shall be affected by any notice to the contrary. All such payments so made to any Holder for the time being, or upon its order,
shall be valid, and, to the extent of the sums so paid, effectual to satisfy and discharge the liability for monies payable upon
any such Note. Notwithstanding anything to the contrary in this Indenture or the Notes following an Event of Default, any Holder
of a beneficial interest in a Global Note may directly enforce against the Company, without the consent, solicitation, proxy, authorization
or any other action of the Depositary or any other Person, such Holder’s right to exchange such beneficial interest for a
Note in certificated form in accordance with the provisions of this Indenture.

 

Section 8.04. Company-Owned Notes Disregarded.
In determining whether the Holders of the requisite aggregate principal amount of Notes have concurred in any direction, consent,
waiver or other action under this Indenture, Notes that are owned by the Company, by any Subsidiary thereof or by any Person directly
or indirectly controlling or controlled by or under direct or indirect common control with the Company or any Subsidiary thereof
shall be disregarded and deemed not to be outstanding for the purpose of any such determination; provided that for the purposes
of determining whether the Trustee shall be protected in relying on any such direction, consent, waiver or other action only Notes
that a Responsible Officer actually knows are so owned shall be so disregarded. Notes so owned that have been pledged in good faith
may be regarded as outstanding for the purposes of this Section 8.04 if the pledgee shall establish to the satisfaction of the
Trustee the pledgee’s right to so act with respect to such Notes and that the pledgee is not the Company, a Subsidiary thereof
or a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or
a Subsidiary thereof. In the case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall
be full protection to the Trustee. Upon the reasonable 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.

 

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

 

ARTICLE 9

Holders’
Meetings

 

Section 9.01. Purpose of Meetings.
A meeting of Holders may be called at any time and from time to time pursuant to the provisions of this Article 9 for any of the
following purposes:

 

(a)          to
give any notice to the Company or to the Trustee or to give any directions to the Trustee permitted under this Indenture, or to
consent to the waiving of any Default or Event of Default hereunder (in each case, as permitted under this Indenture) and its consequences,
or to take any other action authorized to be taken by Holders pursuant to any of the provisions of Article 6;

 

(b)          to
remove the Trustee and nominate a successor trustee pursuant to the provisions of Article 7;

 

(c)          to
consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 10.02; or

 

(d)          to
take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount of the
Notes under any other provision of this Indenture or under applicable law.

 

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 sent to Holders of such Notes at their addresses as they shall appear on the Note Register. Such notice
shall also be sent to the Company. Such notices shall be sent not less than twenty nor more than ninety days prior to the date
fixed for the meeting.

 

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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 in writing 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 sent 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 sending notice thereof as provided
in Section 9.02.

 

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

 

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

 

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

 

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

 

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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 sent as provided in Section 9.02. The record shall show the aggregate principal
amount of the Notes voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of
the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to
the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.

 

Any record so signed and verified shall
be conclusive evidence of the matters therein stated.

 

Section 9.07. No Delay of Rights by Meeting.
Nothing contained in this Article 9 shall be deemed or construed to authorize or permit, by reason of any call of a meeting of
Holders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any
right or rights conferred upon or reserved to the Trustee or to the Holders under any of the provisions of this Indenture or of
the Notes.

 

ARTICLE 10

Supplemental
Indentures

 

Section 10.01. Supplemental Indentures
Without Consent of Holders. The Company, when authorized by the resolutions of the Board of Directors and the Trustee, at the
Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental hereto for one
or more of the following purposes:

 

(a)          to
cure any ambiguity, omission, defect or inconsistency;

 

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

 

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

 

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(d)          to
secure the Notes;

 

(e)          to
add to the covenants or Events of Default of the Company for the benefit of the Holders or surrender any right or power conferred
upon the Company;

 

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

 

(g)          to
increase the Conversion Rate pursuant to Section 14.03 or Section 14.04;

 

(h)          to
provide for the issuance of additional Notes solely in accordance with the limitations set forth in this Indenture;

 

(i)      
    upon the occurrence of a Merger Event, solely to (i) provide that Reference Property shall underlie
the Notes pursuant to Section 14.07 and (ii) effect related changes to the terms of the Notes to the extent expressly
permitted or expressly required by Section 14.07;

 

(j)   
      to provide for the acceptance of appointment by a successor trustee pursuant to Section
7.10 or facilitate the administration of the trusts under
this Indenture by more than one trustee; or

 

(k)          to
conform the provisions of this Indenture or the Notes to the “Description of Notes” section of the Offering Memorandum.

 

Upon the written request of the Company,
the Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, to make any further
appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to, but may in its
discretion, enter into any supplemental indenture that affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.

 

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

 

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

 

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

 

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

 

    	47

    	 

    

 

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

 

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

 

(g)          change
the ranking of the Notes;

 

(h)          impair
the right of any Holder to receive payment of principal and interest on such Holder’s Notes on or after the due dates therefor
or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes; or

 

(i)   
       make any change in this Article 10 that requires each Holder’s consent or in
the waiver provisions in Section 6.02 or Section 6.09.

 

Upon the written request of the Company,
and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid and subject to Section 10.05, the Trustee
shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall
not be obligated to, enter into such supplemental indenture.

 

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

 

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

 

Section 10.04. Notation on Notes.
Notes authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article
10 may, at the Company’s expense, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental
indenture. If the Company or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee
and the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may, at the Company’s
expense, be prepared and executed by the Company, authenticated by the Trustee (or an authenticating agent duly appointed by the
Trustee pursuant to Section 17.10) and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then
outstanding.

 

    	48

    	 

    

 

Section 10.05. Evidence of Compliance
of Supplemental Indenture to Be Furnished to 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 and such opinion
of Counsel shall provide that the supplemental indenture is the valid and binding obligation of the Company, enforceable against
the Company in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
and other similar laws of general application affecting the rights and remedies of creditors and general principles of equity (including,
without limitation, concepts of materiality, reasonableness, good faith, fair dealing and unconscionability), regardless of whether
considered in a proceeding in equity or law.

 

ARTICLE 11

Consolidation,
Merger, Sale, Conveyance and Lease

 

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

 

(a)          the
resulting, surviving or transferee Person (if not the Company) shall be a corporation (a “Successor Corporation”)
organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and such
Successor Corporation (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.

 

    	49

    	 

    

 

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

 

In case of any such consolidation, merger,
sale, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter
to be issued as may be appropriate.

 

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

 

ARTICLE 12

Immunity of
Incorporators, Stockholders, Officers and Directors

 

Section 12.01. Indenture and Notes Solely
Corporate Obligations. No recourse for the payment of the principal of or accrued and unpaid interest on any Note, nor for
any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of
the Company in this Indenture or in any supplemental indenture or in any Note, nor because of the creation of any indebtedness
represented thereby, shall be had against any incorporator, stockholder, employee, agent, Officer or director or Subsidiary, as
such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty
or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of,
and as a consideration for, the execution of this Indenture and the issue of the Notes.

 

    	50

    	 

    

 

ARTICLE 13

[Intentionally
Omitted]

 

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 principal amount or an integral
multiple thereof) of such Note solely into cash (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 May 15, 2018, and (ii) regardless of the conditions
described in Section 14.01(b), at any time during the period from, and including, May 15, 2018 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 63.9844 shares
of Common Stock (subject to adjustment as provided in this Article 14,
the “Conversion Rate”) per $1,000 principal amount of Notes (subject to, and in accordance with, the
settlement provisions of Section 14.02, the “Conversion Obligation”). The Notes shall not be convertible into
shares of Common Stock or any other securities under any circumstances.

 

(b)          (i)
Prior to the close of business on the Business Day immediately preceding May 15, 2018, a Holder may surrender all or any portion
of its Notes for conversion solely into cash at any time during the five Business Day period immediately after any five consecutive
Trading Day period (the “Measurement Period”) in which the Trading Price per $1,000 principal amount of Notes,
as determined following a request by a Holder of Notes in accordance with this subsection (b)(i), for each Trading Day of the Measurement
Period was less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate on each such
Trading Day. The Trading Prices shall be determined by the Bid Solicitation Agent pursuant to this subsection (b)(i) and the definition
of Trading Price set forth in this Indenture. The Company shall provide written notice to the Bid Solicitation Agent 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 shall have no obligation to determine the Trading Price
per $1,000 principal amount of Notes unless the Company has requested such determination in writing; and the Company shall have
no obligation to make such request unless a Holder provides the Company with reasonable evidence that the Trading Price per $1,000
principal amount of Notes would be less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion
Rate, at which time, the Company shall instruct the Bid Solicitation Agent in writing to 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 the Company does not instruct the Bid Solicitation Agent to determine the Trading Price per $1,000 principal
amount of Notes when obligated as provided in the preceding sentence, or if the Company instructs the Bid Solicitation Agent to
obtain bids and the Bid Solicitation Agent fails to make such determination, 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 on any
Trading Day, the Company shall so notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing
within one Business Day of such Trading Day. 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 Trading Day, the Company shall so notify the Holders of the Notes, the Trustee
and the Conversion Agent (if other than the Trustee) in writing.

 

    	51

    	 

    

 

(ii)         If,
prior to the close of business on the Business Day immediately preceding May 15, 2018, the Company elects to:

  

(A)         issue
to all or substantially all holders of the 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 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, debt securities or rights to purchase securities
of the Company, which distribution has a per share value, as reasonably determined by the Board of Directors, exceeding 10% of
the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the date of announcement for such distribution,

 

then, in either case, the Company shall notify all Holders of
the Notes, the Trustee and the Conversion Agent (if other than the Trustee) in writing at least 90 Scheduled Trading Days prior
to the Ex-Dividend Date for such issuance or distribution. Once the Company has given such notice, a Holder may surrender all or
any portion of its Notes for conversion solely into cash at any time until the earlier of (1) the close of business on the Business
Day immediately preceding the Ex-Dividend Date for such issuance or distribution and (2) the Company’s announcement that
such issuance or distribution will not take place, in each case.

 

    	52

    	 

    

 

(iii)        If
a transaction or event that constitutes a Fundamental Change or a Make-Whole Fundamental Change occurs prior to the close of business
on the Business Day immediately preceding May 15, 2018, regardless of whether a Holder has the right to require the Company to
repurchase the Notes pursuant to Section 15.02, or 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, in each case, pursuant to which the Common Stock would be converted
into cash, securities or other assets (other than any merger of the Company solely for the purpose of changing the Company’s
jurisdiction of incorporation that (x) does not constitute a Fundamental Change or a Make-Whole Fundamental Change and (y) results
in a reclassification, conversion or exchange of outstanding shares of Common Stock solely into shares of common stock of the surviving
entity) prior to the close of business on the Business Day immediately preceding May 15, 2018, all or any portion of a Holder’s
Notes may be surrendered for conversion solely into cash at any time from or after the date that is 90 Scheduled Trading Days prior
to the anticipated effective date of the transaction (or, if later, the Business Day after the Company gives notice of such transaction)
until 35 Trading Days after the actual effective date of such transaction or, if such transaction also constitutes a Fundamental
Change, until the related Fundamental Change Repurchase Date. The Company shall notify Holders, the Trustee and the Conversion
Agent (if other than the Trustee) in writing (i) as promptly as practicable following the date the Company publicly announces such
transaction but in no event less than 90 Scheduled Trading Days prior to the anticipated effective date of such transaction or
(ii) if the Company does not have knowledge of the anticipated effective date of such transaction at least 90 Scheduled Trading
Days prior to the anticipated effective date of such transaction, within three Business Days of the date upon which the Company
has knowledge of the anticipated effective date of such transaction, but in no event later than the actual effective date of such
transaction.

  

(iv)        Prior
to the close of business on the Business Day immediately preceding May 15, 2018, a Holder may surrender all or any portion of its
Notes for conversion solely into cash at any time during any calendar quarter commencing after the calendar quarter ending on December
31, 2013 (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 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. The Company
shall determine at the beginning of each calendar quarter commencing after December 31, 2013 whether the Notes may be surrendered
for conversion in accordance with this clause (iv) and shall promptly notify the Trustee and the Conversion Agent of such determination
made in accordance with this clause (iv).

 

Section 14.02. Conversion Procedure;
Payment upon Conversion.

 

(a)          Except
as provided in Section 14.03(b) and Section 14.07(a), upon conversion of any Note, on the third Business Day immediately following
the last Trading Day of the applicable Observation Period, the Company shall pay to the converting Holder, in respect of each $1,000
principal amount of Notes being converted, a “Settlement Amount” in cash equal to the sum of the Daily Conversion
Values for each of the 80 Trading Days during the relevant Observation Period for such Note. The Daily Conversion Values and the
Settlement Amount shall be determined by the Company promptly following the last Trading Day of the applicable Observation Period.
Promptly after such determination of the Daily Conversion Values and the Settlement Amount, the Company shall notify the Trustee
and the Conversion Agent (if other than the Trustee) in writing of the Daily Conversion Values and the Settlement Amount. The Trustee
and the Conversion Agent (if other than the Trustee) shall have no responsibility for any such determination.

 

    	53

    	 

    

 

(b)          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 (it being understood that any instruction to convert transmitted
to the Depositary shall be irrevocable) 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(f) and (ii) in the case of a Physical Note (1) complete, manually
sign and deliver an irrevocable notice to the Conversion Agent as set forth in the Form of Notice of Conversion (or a facsimile
thereof) (a “Notice of Conversion”) at the office of the Conversion Agent and state in writing therein the principal
amount of Notes to be converted, (2) surrender such Notes, duly endorsed to the Company or in blank (and accompanied by appropriate
endorsement and transfer documents), at the office of the Conversion Agent, (3) if required, furnish appropriate endorsements and
transfer documents and (4) if required, pay funds equal to interest payable on the next Interest Payment Date to which such Holder
is not entitled as set forth in Section 14.02(f). The Trustee (and, if different, the Conversion Agent) shall notify the Company
of any conversion pursuant to this Article 14 on the Conversion Date for such conversion. No Notice of Conversion with respect
to any Notes may be surrendered by a Holder thereof if such Holder has also delivered a Fundamental Change Repurchase Notice to
the Company in respect of such Notes and has not validly withdrawn such Fundamental Change Repurchase Notice in accordance with
Section 15.03.

  

If 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.

 

(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)          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.

 

    	54

    	 

    

 

(f)          Upon
conversion, a Holder shall not receive any separate cash payment for accrued and unpaid interest, if any, except as set forth below.
The Company’s payment of the full Conversion Obligation shall be deemed to satisfy in full its obligation to pay the principal
amount of the Note and accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date. As a result, accrued
and unpaid interest, if any, to, but not including, the relevant Conversion Date shall be deemed to be paid in full rather than
cancelled, extinguished or forfeited. Notwithstanding the foregoing, if Notes are converted after the close of business on a Regular
Record Date, Holders of such Notes as of the close of business on such Regular Record Date will receive the full amount of interest
payable on such Notes on the corresponding Interest Payment Date notwithstanding the conversion. Notes surrendered for conversion
during the period from the close of business on any Regular Record Date to the open of business on the immediately following Interest
Payment Date must be accompanied by funds equal to the amount of interest payable on the Notes so converted; provided 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
corresponding Interest Payment Date; or (3) to the extent of any Defaulted Amounts, if any Defaulted Amounts exists at the time
of conversion with respect to such Note. Therefore, for the avoidance of doubt, all Holders of record on the Regular Record Date
immediately preceding the Maturity Date shall receive the full interest payment due on the Maturity Date regardless of whether
their Notes have been converted following such Regular Record Date.

 

Section 14.03. Increased Conversion Rate
Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes. (a) If the Effective Date for 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, the Company shall, under the circumstances described below, pay a cash make-whole premium (the “Cash
Make-Whole Premium”) by increasing the Conversion Rate for the Notes so surrendered for conversion as described below.
A conversion of Notes shall be deemed for these purposes to be “in connection with” such Make-Whole Fundamental Change
if the relevant Notice of Conversion is received by the Conversion Agent from, and including, the Effective Date of the Make-Whole
Fundamental Change up to, and including, the Business Day immediately prior to the related Fundamental Change Repurchase Date (or,
in the case of a Make-Whole Fundamental Change that would have been a Fundamental Change but for the proviso in clause (b)
of the definition thereof, the 35th Trading Day immediately following the Effective Date of such Make-Whole Fundamental Change).

 

(b)          Upon
surrender of Notes for conversion in connection with a Make-Whole Fundamental Change pursuant to Section 14.01(b)(iii), the Company
shall satisfy the related Conversion Obligation in solely cash in accordance with Section 14.02 based on the Conversion Rate as
increased to reflect the Cash Make-Whole Premium pursuant to the table in Section 14.03(e); provided, however, that
if, at the effective time of a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the
Reference Property following such Make-Whole Fundamental Change is comprised 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 Cash Make-Whole Premium), multiplied by such Stock Price. In such
event, the Conversion Obligation shall be paid to Holders in cash on the third Business Day following the Conversion Date. The
Company shall notify the Holders of Notes of the Effective Date of any Make-Whole Fundamental Change and issue a press release
announcing such Effective Date no later than five Business Days after such Effective Date.

 

    	55

    	 

    

 

(c)          The
amount, if any, by which the Conversion Rate shall be increased to reflect the Cash Make-Whole Premium for conversions of Notes
in connection with a Make-Whole Fundamental Change shall be determined by reference to the table in Section 14.03(e), based on
the date on which the Make-Whole Fundamental Change occurs or becomes effective (the “Effective Date”) and the
price (the “Stock Price”) paid (or deemed to be paid) per share of the Common Stock in the Make-Whole Fundamental
Change. If the holders of the Common Stock receive in exchange for their Common Stock only cash in a Make-Whole Fundamental Change
described in clause (b) of the definition of Fundamental Change, the Stock Price shall be the cash amount paid per share. Otherwise,
the Stock Price shall be the average of the Last Reported Sale Prices of the Common Stock over the five Trading Day period ending
on, and including, the Trading Day immediately preceding the Effective Date of the Make-Whole Fundamental Change. The Board of
Directors shall make appropriate adjustments to the Stock Price, in its good faith determination, 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 of the event occurs, during such five consecutive Trading Day period.

 

(d)          The
Stock Prices set forth in the column headings of the table in Section 14.03(e) shall be adjusted as of any date on which the Conversion
Rate of the Notes is otherwise adjusted. The adjusted Stock Prices shall equal the Stock Prices applicable immediately prior to
such adjustment, multiplied by a fraction, the numerator of which is the Conversion Rate immediately prior to such adjustment
giving rise to the Stock Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The amounts by which
the Conversion Rate shall be increased to reflect the Cash Make-Whole Premium as set forth in the table in Section 14.03(e) 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 amount, if any, by which the Conversion Rate will be increased per $1,000 principal amount of Notes
pursuant to this Section 14.03 for each Stock Price and Effective Date set forth below:

 

	 	 	Stock
    Price	 
	Effective Date	 	$	11.84	 	 	$	12.50	 	 	$	15.00	 	 	$	15.63	 	 	$	17.50	 	 	$	20.00	 	 	$	25.00	 	 	$	30.00	 	 	$	40.00	 	 	$	50.00	 	 	$	60.00	 
	November 19, 2013	 	 	20.4750	 	 	 	18.4648	 	 	 	12.5993	 	 	 	11.5295	 	 	 	8.9957	 	 	 	6.6564	 	 	 	3.9504	 	 	 	2.5305	 	 	 	1.1847	 	 	 	0.5977	 	 	 	0.2987	 
	November 15, 2014	 	 	20.4750	 	 	 	18.7963	 	 	 	12.4451	 	 	 	11.3028	 	 	 	8.6283	 	 	 	6.2130	 	 	 	3.5230	 	 	 	2.1824	 	 	 	0.9806	 	 	 	0.4816	 	 	 	0.2330	 
	November 15, 2015	 	 	20.4750	 	 	 	18.8392	 	 	 	11.9502	 	 	 	10.7342	 	 	 	7.9327	 	 	 	5.4820	 	 	 	2.9027	 	 	 	1.7154	 	 	 	0.7358	 	 	 	0.3533	 	 	 	0.1649	 
	November 15, 2016	 	 	20.4750	 	 	 	18.2878	 	 	 	10.8039	 	 	 	9.5221	 	 	 	6.6481	 	 	 	4.2707	 	 	 	2.0122	 	 	 	1.1143	 	 	 	0.4667	 	 	 	0.2257	 	 	 	0.1022	 
	November 15, 2017	 	 	20.4750	 	 	 	16.9983	 	 	 	8.6343	 	 	 	7.2848	 	 	 	4.4389	 	 	 	2.3837	 	 	 	0.8792	 	 	 	0.4672	 	 	 	0.2207	 	 	 	0.1126	 	 	 	0.0477	 
	November 15, 2018	 	 	20.4750	 	 	 	16.0156	 	 	 	2.6823	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

 

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

 

    	56

    	 

    

 

(i)          if
the Stock Price is between two Stock Prices in the table above or the Effective Date is between two Effective Dates in the table,
the amount of the Conversion Rate increase shall be determined by a straight-line interpolation between the amount of the Conversion
Rate increase set forth for the higher and lower Stock Prices and the earlier and later Effective Dates, as applicable, based on
a 365-day year;

 

(ii)         if
the Stock Price is greater than $60.00 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), the Conversion Rate shall not be increased; and

 

(iii)        if
the Stock Price is less than $11.84 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), the Conversion Rate shall not be increased.

 

Notwithstanding the foregoing, in no event
shall the Conversion Rate per $1,000 principal amount of Notes exceed 84.4594 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 pursuant to Section 14.04 in respect of a Make-Whole Fundamental
Change.

 

Section 14.04. Adjustment of Conversion
Rate. The Conversion Rate shall be adjusted from time to time by the Company if any of the following events occurs, except
that the Company shall not make any adjustments to the Conversion Rate if Holders of the Notes participate (other than in the case
of a share split or share combination), at the same time and upon the same terms as holders of the Common Stock and solely as a
result of holding the Notes, in any of the transactions described in this Section 14.04, without having to convert their Notes,
as if they held a number of shares of Common Stock equal to the Conversion Rate, multiplied by the principal amount (expressed
in thousands) of Notes held by such Holder.

 

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

 

 

where,

 

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

 

    	57

    	 

    

 

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

 

Any adjustment to the Conversion Rate made under this Section
14.04(a) shall become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution,
or immediately after the open of business on the Effective Date for such share split or share combination, as applicable. If any
dividend or distribution of the type described in this Section 14.04(a) is declared but not so paid or made, the Conversion Rate
shall be immediately readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution,
to the Conversion Rate that would then be in effect if such dividend or distribution had not been declared.

 

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

  

 

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;
	 	 	 
	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.

 

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Any increase to the Conversion Rate 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
for the purpose of Section 14.01(b)(ii)(A), in determining whether any rights, options or warrants entitle the holders to subscribe
for or purchase shares of the Common Stock at less than such average of the Last Reported Sale Prices of the Common Stock for the
10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement for
such issuance, and in determining the aggregate offering price of such shares of Common Stock, there shall be taken into account
any consideration received by the Company for such rights, options or warrants and any amount payable on exercise or conversion
thereof, the value of such consideration, if other than cash, to be determined by the Board of Directors.

 

(c)          If
the Company distributes shares of its Capital Stock, evidences of its indebtedness, other assets or property of the Company or
rights, options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the Common
Stock, excluding (i) dividends, distributions or issuances as to which an adjustment was effected pursuant to Section 14.04(a)
or Section 14.04(b), (ii) dividends or distributions paid exclusively in cash as to which an adjustment was effected pursuant to
Section 14.04(d), (iii) dividends or distributions of Reference Property in exchange for Common Stock in connection with any Merger
Event 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:

 

 

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

 

    	59

    	 

    

 

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

 

Any increase to the Conversion Rate made under
the portion of this Section 14.04(c) above shall become effective immediately after the open of business on the Ex-Dividend Date
for such distribution. If such distribution is not so paid or made, the Conversion Rate shall be decreased to the Conversion Rate
that would then be in effect if such distribution had not been declared. Notwithstanding the foregoing, if “FMV” (as
defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase,
each Holder of a Note shall receive, in respect of each $1,000 principal amount thereof, 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. If the Board of Directors determines the “FMV” (as defined above) of any distribution for
purposes of this Section 14.04(c) by reference to the actual or when-issued trading market for any securities, it shall in doing
so consider the prices in such market over the same period used in computing 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.

  

With respect to an adjustment pursuant to
this Section 14.04(c) where there has been a payment of a dividend or other distribution on the Common Stock of shares of Capital
Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Company,
that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange (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;
	 	 	 
	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.

 

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The adjustment to the Conversion Rate under the preceding paragraph
shall occur on the last Trading Day of the Valuation Period; provided that in respect of any conversion of Notes during
the Valuation Period, references in the portion of this Section 14.04(c) related to Spin-Offs to 10 Trading Days shall be deemed
to be replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date of such Spin-Off and the Conversion
Date in determining the Conversion Rate. If the Ex-Dividend Date of the Spin-Off is after the 10th Trading Day immediately preceding,
and including, the end of any Observation Period in respect of a conversion of Notes, references in the preceding paragraph to
10 Trading Days will be deemed to be replaced, solely in respect of that conversion of Notes, with such lesser number of Trading
Days as have elapsed from, and including, the Ex-Dividend Date for the Spin-Off to, and including, the last Trading Day of such
Observation Period.

 

For purposes of this Section 14.04(c)
(and subject in all respect to Section 14.11), 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 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.

 

 

    	61

    	 

    

 

For purposes of Section 14.04(a),
Section 14.04(b) and this Section 14.04(c), any dividend or distribution
to which this Section 14.04(c) is applicable that 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 (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
the Company pays any cash dividend or distribution to all or substantially all holders of the Common Stock, the Conversion Rate
shall be adjusted based on the following formula:

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date 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.

 

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Any increase to the Conversion Rate pursuant to this Section
14.04(d) shall become effective immediately after the open of business
on the Ex-Dividend Date for such dividend or distribution. If such dividend or distribution is not so paid, the Conversion Rate
shall be decreased, effective as of the date the Board of Directors determines not to make or pay such dividend or distribution,
to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. Notwithstanding
the foregoing, if “C” (as defined above) is equal to or greater than “SP0” (as defined above),
in lieu of the foregoing increase, each Holder of a Note shall receive, for each $1,000 principal amount of Notes, 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 on the Ex-Dividend Date for such cash dividend
or distribution.

 

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

  

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;
	 	 	 
	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 Board of Directors) paid or payable for shares of Common Stock purchased or exchanged 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 or exchange 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 or exchange of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and

  

    	63

    	 

    

 

	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 in respect of any conversion of Notes within the
10 Trading Days immediately following, and including, the expiration date of any tender or exchange offer, references in this Section
14.04(e) with respect to 10 Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed between
the date that such tender or exchange offer expires and the Conversion Date in determining the Conversion Rate. In addition, if
the Trading Day next succeeding the date such tender or exchange offer expires is after the 10th Trading Day immediately preceding,
and including, the end of any Observation Period in respect of a conversion of Notes, references in the preceding paragraph to
10 Trading Days shall be deemed to be replaced, solely in respect of that conversion of Notes, with such lesser number of Trading
Days as have elapsed from, and including, the Trading Day next succeeding the date such tender or exchange offer expires to, and
including, the last Trading Day of such Observation Period.

 

(f)          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.

 

(g)          In
addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this Section 14.04, and to the extent permitted
by applicable law and subject to the applicable rules of The NASDAQ Global Select Market and any exchange on which any of the Company’s
securities are then listed, the Company from time to time may increase the Conversion Rate by any amount for a period of at least
20 Business Days if the Board of Directors determines that such increase would be in the Company’s best interest. In addition,
to the extent permitted by applicable law and subject to the applicable rules of The NASDAQ Global Select Market and any exchange
on which any of the Company’s securities are then listed, the Company may (but is not required to) increase the Conversion
Rate to avoid or diminish any income tax to holders of Common Stock or rights to purchase Common Stock in connection with a dividend
or distribution of shares of Common Stock (or rights to acquire shares of Common Stock) or similar event. Whenever the Conversion
Rate is increased pursuant to either of the preceding two sentences, the Company shall mail to the Holder of each Note at its last
address appearing on the Note Register a notice of the increase at least 15 days prior to the date the increased Conversion Rate
takes effect, and such notice shall state the increased Conversion Rate and the period during which it will be in effect.

 

(h)          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;

 

    	64

    	 

    

 

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

 

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

 

(iv)        upon
the repurchase of any shares of Common Stock pursuant to an open-market share repurchase program or other buy-back transaction
that is not a tender offer or exchange offer of the nature described in Section 14.04(e);

 

(v)         solely
for a change in the par value of the Common Stock; or

 

(vi)        for
accrued and unpaid interest, if any.

 

(i)          All
calculations and other determinations under this Article 14 shall be made by the Company and shall be made to the nearest one-ten
thousandth (1/10,000th) of a share. The Company shall not adjust the Conversion Rate pursuant to this Section 14.04 unless the
adjustment would result in a change of at least 1% in the then-effective Conversion Rate. However, the Company shall carry forward
any adjustment that it 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) annually on December 31 of
each year, (ii) in connection with any subsequent adjustment to the Conversion Rate of at least 1% of the Conversion Rate, (iii) on
each Trading Day of any Observation Period and (iv) on each Conversion Date.

 

(j)          Whenever
the Conversion Rate is adjusted as herein provided, the Company shall promptly file with the Trustee (and the Conversion Agent
if not the Trustee) an Officer’s Certificate setting forth the Conversion Rate after such adjustment and setting forth a
brief statement of the facts requiring such adjustment. Unless and until a Responsible Officer of the Trustee shall have received
such Officer’s Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate and
may assume without inquiry that the last Conversion Rate of which it has knowledge is still in effect. 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 mail such notice of such adjustment of the Conversion Rate
to each Holder at its last address appearing on the Note Register of this Indenture. Failure to deliver such notice shall not affect
the legality or validity of any such adjustment.

 

(k)          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.

 

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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 or
the Daily Conversion Values over a span of multiple days (including an Observation Period and the period for determining the Stock
Price for purposes of a Make-Whole Fundamental Change), the Company shall make appropriate adjustments (without duplication in
respect of any adjustment otherwise made pursuant to Section 14.04) 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 of the event occurs,
at any time during the period when such Last Reported Sale Prices, Daily VWAPs or Daily Conversion Values are to be calculated.

 

Section 14.06. [Reserved].

 

Section 14.07. Effect of Recapitalizations,
Reclassifications and Changes of the Common Stock.

 

(a)          In
the case of:

 

(i)          any
recapitalization, reclassification or change of the Common Stock (other than changes resulting from a share split or share combination
or changes solely in par value),

 

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

 

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

 

(iv)        any
statutory share exchange,

 

in each case, as a result of which the Common
Stock would be converted into, or exchanged for, stock, other securities, 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
Settlement Amount due upon conversion of the Notes shall continue to be paid in solely cash; provided, however, that
the Daily VWAP shall be calculated based on the value of a unit of the amount of shares of stock, other securities or other property
or assets (including cash or any combination thereof) that a holder of one share of Common Stock immediately prior to such Merger
Event would have owned or been entitled to receive upon the occurrence of such Merger Event (the “Reference Property”)
and, prior to or at the effective time of such Merger Event, the Company or the successor or purchasing Person, as the case may
be, shall execute with the Trustee a supplemental indenture permitted under Section 10.01(i) providing for such change in the right
to convert each $1,000 principal amount of Notes.

 

    	66

    	 

    

 

For purposes of the foregoing, 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), the Reference Property used to determine the amount of cash into
which the Notes will be convertible shall be deemed to be (x) the weighted average of the types and amounts of consideration received
by the holders of Common Stock that affirmatively make such an election or (y) if no holders of Common Stock affirmatively make
such an election, the types and amounts of consideration actually received by the holders of Common Stock. The Company shall notify
Holders, the Trustee and the Conversion Agent (if other than the Trustee) of such weighted average as soon as practicable after
such determination is made. If holders of Common Stock receive only cash in such Merger Event, then for all conversions of Notes
that occur after the effective date of such Merger Event (A) the consideration due upon conversion of each $1,000 principal amount
of Notes shall be solely cash in an amount equal to the Conversion Rate in effect on the relevant Conversion Date (as may be increased
by any Cash Make-Whole Premium 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 third Business
Day immediately following the relevant Conversion Date.

 

Such supplemental indenture described in
the second immediately preceding paragraph shall provide for anti-dilution and other adjustments that shall be as nearly equivalent
as is possible 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 (including cash or any combination thereof) of a Person other
than the successor or purchasing 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 of the
Notes as the Board of Directors shall reasonably consider necessary by reason of the foregoing, including the provisions providing
for the purchase rights set forth in Article 15.

 

(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 the 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 mail notice thereof to all Holders. The Company shall
cause notice of the execution of such supplemental indenture to be sent to each Holder, at its address appearing on the Note Register
provided for in this Indenture, within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality
or validity of such supplemental indenture.

 

(c)          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 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 14.07 shall similarly apply to successive Merger Events.

 

Section 14.08. [Reserved].

 

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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 amount of any cash that may at any time be paid upon the
conversion of any Note; and the Trustee and any other Conversion Agent make no representations with respect thereto. 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) upon which the Conversion Obligation of a Holder’s
Notes may be based 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 relying upon, the Officer’s Certificate (which the Company shall be obligated
to file with the Trustee prior to the execution of any such supplemental indenture) with respect thereto. Neither the Trustee nor
the Conversion Agent shall be responsible for determining whether any event contemplated by Section 14.01(b) has occurred that
makes the Notes eligible for conversion or no longer eligible therefor until the Company has delivered to the Trustee and the Conversion
Agent the notices referred to in Section 14.01(b) with respect to the commencement or termination of such conversion rights, on
which notices the Trustee and the Conversion Agent may conclusively rely, and the Company agrees to deliver such notices to the
Trustee and the Conversion Agent 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. [Reserved].

 

Section 14.11. Stockholder Rights Plans.
If, at any time, the Company has a rights plan in effect and prior to any conversion of Notes, and the rights have separated from
the shares of Common Stock in accordance with the provisions of the applicable rights plan, the Conversion Rate shall be adjusted
at the time of separation as if the Company distributed to all or substantially all holders of the Common Stock Distributed Property
as provided in Section 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.
Notwithstanding anything herein to the contrary, when a Holder surrenders Notes for conversion, the Company may direct the
Conversion Agent in writing to surrender, on or prior to the Scheduled Trading Day immediately preceding the first Trading Day
of the applicable Observation Period, such Notes to a financial institution designated by the Company for exchange in lieu of conversion.
In order to accept any Notes surrendered for conversion, the designated financial institution must agree to pay to the Conversion
Agent for payment to such Holder, in exchange for such Notes, all of the cash due upon conversion, as provided under this Article
14.  By the close of business on the Scheduled Trading Day immediately preceding the first Trading Day of the applicable Observation
Period, the Company shall notify the Holder surrendering Notes for conversion that it has directed the designated financial institution
to make an exchange in lieu of conversion.

 

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If the designated financial institution
accepts any such Notes, it will pay the cash due upon conversion to the Conversion Agent, and the Conversion Agent will pay such
cash to such Holder on the third Business Day immediately following the last Trading Day of the applicable Observation Period.
Any Notes exchanged by the designated institution will remain outstanding. If the designated financial institution agrees to accept
any Notes for exchange but does not timely pay the related cash, or if such designated financial institution does not accept the
Notes for exchange, the Company shall convert the Notes and pay the cash due on the third Business Day immediately following the
last day of the applicable Observation Period, in accordance with this Article 14.

 

The Company’s designation of a financial
institution to which the Notes may be submitted for exchange does not require the financial institution to accept any Notes (unless
the financial institution has separately made an agreement with the Company). The Company may, but is not obligated to, enter into
a separate agreement with any designated financial institution that would compensate it for any such transactions.

 

ARTICLE 15

Repurchase of Notes at Option of Holders

 

Section 15.01. [Reserved]. 

 

Section 15.02. Repurchase at Option
of Holders upon a Fundamental Change. (a) If a Fundamental Change occurs at any time prior to the Maturity Date, each Holder
shall have the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s Notes,
or any portion thereof that is equal to $1,000 or an integral multiple of $1,000, on the date (the “Fundamental Change
Repurchase Date”) specified by the Company that is not less than 20 Business Days or more than 35 Business Days following
the date of the Fundamental Change Company Notice, subject to postponement to comply with applicable law, at a repurchase price
equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon to, but excluding, the Fundamental
Change Repurchase Date (the “Fundamental Change Repurchase Price”), unless the Fundamental Change Repurchase
Date falls after a Regular Record Date but on or prior to the Interest Payment Date to which such Regular Record Date relates,
in which case the Company shall instead pay the full amount of accrued and unpaid interest, if any, to Holders of record as of
such Regular Record Date, and the Fundamental Change Repurchase Price shall be equal to 100% of the principal amount of Notes to
be repurchased pursuant to this Article 15.

 

(b)          Repurchases
of Notes under this Section 15.02 shall be made, at the option of the Holder thereof, upon:

 

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

 

(iii)        that
the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this Indenture;

 

provided, however, that if the Notes are Global
Notes, 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 of Notes and the Trustee and the Paying Agent (in the case of a Paying Agent other than the Trustee) a written notice
(the “Fundamental Change Company Notice”) of the occurrence of the effective date of the Fundamental Change
and of the repurchase right at the option of the Holders arising as a result thereof. In the case of Physical Notes, such notice
shall be by first class mail or, in the case of Global Notes, such notice shall be delivered in accordance with the applicable
procedures of the Depositary. Simultaneously with providing such notice, the Company shall publish a notice containing the information
set forth in the Fundamental Change Company Notice in a newspaper of general circulation in The City of New York or publish such
information on the Company’s website or through such other public medium as the Company may use at that time. Each Fundamental
Change Company Notice shall specify:

 

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(i)          the
events causing the Fundamental Change;

 

(ii)         the
effective date of the Fundamental Change;

 

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

 

(iv)        the
Fundamental Change Repurchase Price;

 

(v)         the
Fundamental Change Repurchase Date;

 

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

 

(vii)       if
applicable, the Conversion Rate and any adjustments to the Conversion Rate;

 

(viii)      that
the Notes with respect to which a Fundamental Change Repurchase Notice has been delivered by a Holder may be converted only if
the Holder withdraws the Fundamental Change Repurchase Notice in accordance with the terms of this Indenture; 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 written 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 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)          Notwithstanding
the foregoing, the Company shall not be required to purchase, or to make an offer to purchase, any Notes upon a Fundamental Change
if a third party makes such an offer in the same manner, at the same time and otherwise in compliance with the requirements for
an offer made by the Company as set forth in this Article 15 and such third party purchases all Notes properly surrendered and
not validly withdrawn under its offer in the same manner, at the same time and otherwise in compliance with the requirements for
an offer made by the Company as set forth in this Article 15.

 

(f)          To
the extent that the provisions of any securities laws or regulations conflict with the provisions of this Article 15, the Company
shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under
such provisions of this Article 15 by virtue of such conflict.

 

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 Corporate Trust Office of 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 Fundamental Change Repurchase Date, specifying:

 

(i)          the
principal amount of the Notes with respect to which such notice of withdrawal is being submitted, which must be $1,000 or an integral
multiple thereof,

 

(ii)         if
Physical Notes have been issued, the certificate number of the Note in respect of which such notice of withdrawal is being submitted,
and

 

(iii)        the
principal amount, if any, of such Note that remains subject to the original Fundamental Change Repurchase Notice, which portion
must be in principal amounts of $1,000 or an integral multiple of $1,000;

 

provided, however, that if the Notes are Global
Notes, the notice must comply with appropriate procedures of the Depositary.

 

Section 15.04. Deposit of Fundamental
Change Repurchase Price. (a) The Company will deposit with the Trustee (or other Paying Agent appointed by the Company, or
if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 4.04) on or prior
to 11:00 a.m., New York City time, on the Fundamental Change Repurchase Date an amount of money sufficient to repurchase all of
the Notes to be repurchased at the appropriate Fundamental Change Repurchase Price. Subject to receipt of funds and/or Notes by
the Trustee (or other Paying Agent appointed by the Company), payment for Notes surrendered for repurchase (and not withdrawn prior
to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date) will be made on the
later of (i) the Fundamental Change Repurchase Date (provided the Holder has satisfied the conditions in Section 15.02)
and (ii) the time of book-entry transfer or the delivery of such Note to the Trustee (or other Paying Agent appointed by the Company)
by the Holder thereof in the manner required by Section 15.02 by
mailing checks for the amount payable to the Holders of such Notes entitled thereto as they shall appear in the Note Register;
provided, however, that payments to the Depositary shall be made by wire transfer of immediately available funds
to the account of the Depositary or its nominee. The Trustee shall, promptly after such payment and upon written demand by the
Company, return to the Company any funds in excess of the Fundamental Change Repurchase Price.

 

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(b)          If
by 11:00 a.m. New York City time, on the Fundamental Change Repurchase Date, the Trustee (or other Paying Agent appointed by the
Company) holds money sufficient to make payment on all the Notes or portions thereof that are to be repurchased on such Fundamental
Change Repurchase Date, then, with respect to the Notes that have been properly surrendered for repurchase and have not been validly
withdrawn in accordance with the provisions of this Indenture, (i) such Notes will cease to be outstanding, (ii) interest will
cease to accrue on such Notes (whether or not book-entry transfer of the Notes has been made or the Notes have been delivered to
the Trustee or Paying Agent) and (iii) all other rights of the Holders of such Notes will terminate (other than the right to receive
the Fundamental Change Repurchase Price).

 

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

 

Section 15.05. Covenant to Comply with
Applicable Laws upon Repurchase of Notes. In connection with any repurchase offer, the Company will, if required:

 

(a)          comply
with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act;

 

(b)          file
a Schedule TO or any other required schedule under the Exchange Act; and

 

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

 

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

 

ARTICLE 16

No Redemption

 

Section 16.01. No Redemption. The
Notes shall not be redeemable by the Company prior to the Maturity Date, and no sinking fund is provided for the Notes.

 

ARTICLE 17

Miscellaneous Provisions

 

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

 

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Section 17.02. Official Acts by Successor
Corporation. Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any
board, committee or Officer of the Company shall and may be done and performed with like force and effect by the like board, committee
or officer of any corporation or other entity that shall at the time be the lawful sole successor of the Company.

 

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 shall be deemed to have been sufficiently given or made, for all purposes if given or served by
being deposited postage prepaid by registered or certified mail in a post office letter box addressed (until another address is
filed by the Company with the Trustee) to Albany Molecular Research, Inc., 26 Corporate Circle, Albany, NY 12212 (fax: 518-512-2075),
Attention: General Counsel, with a copy to Goodwin Procter LLP, 53 State Street, Boston, MA 02109 (fax: 617-523-1231), Attention:
James P.C. Barri, Esq., or sent electronically in PDF format. 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 in writing and 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.

 

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

 

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

 

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

 

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

 

Section 17.04. Governing Law; Jurisdiction.
THIS INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE AND EACH NOTE, SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

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

 

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

 

Section 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 Opinion of Counsel stating that such action is permitted by the terms of this Indenture.

 

Each Officer’s Certificate 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.

 

Notwithstanding anything to the contrary
in this Section 17.05, if any provision in this Indenture specifically provides that the Trustee shall or may receive an Opinion
of Counsel in connection with any action to be taken by the Trustee or the Company hereunder, the Trustee shall be entitled to,
or entitled to request, such Opinion of Counsel.

 

Section 17.06. Legal Holidays. In
any case where any Interest Payment Date, Conversion Date, Fundamental Change Repurchase Date or Maturity Date is not a Business
Day, then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding Business
Day with the same force and effect as if taken on such date, and no interest shall accrue or be paid 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.

 

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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 17.10, 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 mail notice of such appointment to all Holders as the names and addresses of
such Holders appear on the Note Register.

 

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

 

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

 

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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 Signatory

 

Section 17.11. Execution in Counterparts.
This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF
transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu
of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to
be their original signatures for all purposes.

 

Section 17.12. Severability. In the
event any provision of this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted
by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired.

 

Section 17.13. Waiver of Jury Trial.
EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT
TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

Section 17.14. Force Majeure. In
no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising
out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee
shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon
as practicable under the circumstances.

 

Section 17.15. Calculations. Except
as otherwise provided 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 Stock Price, the Last Reported Sale Prices of the Common Stock, the Daily
VWAPs, the Daily Conversion Values, the 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. Upon written request, the Company shall provide a schedule of its calculations
to each of the Trustee, the Bid Solicitation Agent and the Conversion Agent, and each of the Trustee, the Bid Solicitation Agent
and the Conversion Agent is entitled to rely conclusively upon the accuracy of the Company’s calculations without independent
verification. The Trustee will forward the Company’s calculations to any Holder of Notes upon the written request of that
Holder at the sole cost and expense of the Company.

 

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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.

 

[Remainder of page
intentionally left blank]

 

    	78

    	 

    

 

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

 

	 	ALBANY MOLECULAR RESEARCH,
	 	INC.
	 	 	 
	 	By:	/s/ Michael Nolan
	 	 	Name:  Michael Nolan
	 	 	Title:    Chief Financial Officer and Treasurer
	 	 	 
	 	WILMINGTON TRUST, NATIONAL
	 	ASSOCIATION, as Trustee
	 	 	 
	 	By:	/s/ Lynn M. Steiner
	 	 	Name:  Lynn M. Steiner
	 	 	Title:    Vice President

 

    	 

    	 

    

 

EXHIBIT A

 

[FORM OF FACE OF NOTE]

 

[INCLUDE FOLLOWING LEGEND
IF A GLOBAL NOTE]

 

[UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO 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 HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL
INTEREST HEREIN, THE ACQUIRER:

 

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

 

(2) AGREES
FOR THE BENEFIT OF ALBANY MOLECULAR RESEARCH, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE
TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL
ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO
AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT:

 

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

 

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

 

    	A-1

    	 

    

 

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

 

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

 

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.]1

 

 

1 This
Restricted Security legend shall be deemed removed from the face of this Security without further action of the Company, the Trustee,
or the holders of this Security at such time as the Company instructs the Trustee to remove such legend pursuant to Section 2.05(c)
of the Indenture.

 

    	A-2

    	 

    

 

Albany Molecular Research, Inc.

 

2.25% Cash Convertible Senior Note due 2018

 

	No. [_____]	[Initially]2 $[_________]

 

CUSIP No. [_____]3

 

Albany Molecular Research, Inc., a corporation
duly organized and validly existing under the laws of the State of Delaware (the “Company,” which term includes
any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises
to pay to [CEDE & CO.]4 [_______]5, or registered assigns, the principal sum [as set forth in the “Schedule
of Exchanges of Notes” attached hereto]6 [of $[______]7, which amount, taken together with the principal
amounts of all other outstanding Notes, shall not, unless permitted by the Indenture, exceed $[________] in aggregate at any time
(or $150,000,000 if the Initial Purchasers exercise in full their over-allotment option as set forth in the Purchase Agreement),
in accordance with the rules and procedures of the Depositary, on November 15, 2018, and interest thereon as set forth below.

 

This Note shall bear interest at the rate
of 2.25% per year from November 25, 2013, or from the most recent date to which interest had been paid or provided for to, but
excluding, the next scheduled Interest Payment Date until November 15, 2018. Interest is payable semi-annually in arrears on each
May 15 and November 15, commencing on May 15, 2014, to Holders of record at the close of business on the preceding May 1 or November
1 (whether or not such day is a Business Day), as applicable. Additional Interest will be payable as set forth in Section 4.06(d),
Section 4.06(e) or Section 6.03 of the within-mentioned Indenture, and any reference to interest on, or in respect of, any Note
therein shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant
to any of such Section 4.06(d), Section 4.06(e) and 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 therein in which such express
mention is not made.

 

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

 

 

2 Include if a global note.

3 At such time as the Company
instructs the Trustee to remove the Restricted Security legend pursuant to Section 2.05(c) of the Indenture, the CUSIP number
for this Security shall be deemed to be CUSIP No. [_____].

4 Include if a global note.

5 Include if a physical note.

6 Include if a global note.

7 Include if a physical note.

 

    	A-3

    	 

    

 

The Company shall pay the principal of and
interest on this Note, so long as this Note is a Global Note, in immediately available funds 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 a Note (other than a Note that is a Global Note) 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 as a place where this Note may be presented for payment or for registration of transfer.

 

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 solely into cash 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.

 

	 	ALBANY MOLECULAR RESEARCH,
	 	INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

WILMINGTON TRUST, NATIONAL ASSOCIATION

as Trustee, certifies that this is one of the Notes described

in the within-named Indenture.

 

	By:	 	 
	 	Authorized Signatory	 

 

    	A-5

    	 

    

 

[FORM OF REVERSE OF NOTE]

 

Albany Molecular Research, Inc.

2.25% Cash Convertible Senior Note due 2018

 

This Note is one of a duly authorized issue
of Notes of the Company, designated as its 2.25% Cash Convertible Senior Notes due 2018 (the “Notes”), limited
to the aggregate principal amount of $[________] (as increased by an amount equal to the aggregate principal amount of any additional
Notes purchased by the Initial Purchasers pursuant to the exercise of their over-allotment option as set forth in the Purchase
Agreement) all issued or to be issued under and pursuant to an Indenture dated as of November 25, 2013 (the “Indenture”),
between the Company and Wilmington Trust, 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.

 

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.

 

Subject to the terms and conditions of the
Indenture, the Company will make all payments in respect of the Fundamental Change Repurchase Price on the Fundamental Change Repurchase
Date and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to a Paying Agent to
collect such payments in respect of the Note. The Company will pay cash amounts in money of the United States that at the time
of payment is legal tender for payment of public and private debts.

 

The Indenture contains provisions permitting
the Company 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.

 

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 the principal (including the Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest on, and
the cash due upon conversion of, this Note at the place, at the respective times, at the rate and in the lawful money herein prescribed.

 

    	A-6

    	 

    

 

The Notes are issuable in registered form
without coupons in denominations of $1,000 principal amount and integral multiples thereof. At the office or agency of the Company
referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, Notes may be exchanged
for a like aggregate principal amount of Notes of other authorized denominations, without payment of any service charge but, if
required by the Company or Trustee, with payment of a sum sufficient to cover any transfer or similar tax that may be imposed in
connection therewith as a result of the name of the Holder of the new Notes issued upon such exchange of Notes being different
from the name of the Holder of the old Notes surrendered for such exchange.

 

The Notes are not subject to redemption
through the operation of any sinking fund or otherwise.

 

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

 

Subject to the provisions of the Indenture,
the Holder hereof has the right, at its option, during certain periods and upon the occurrence of certain conditions specified
in the Indenture, prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, to
convert any Notes or portion thereof that is $1,000 or an integral multiple thereof, solely into cash 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.

 

    	A-7

    	 

    

 

ABBREVIATIONS

 

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

 

TEN COM = as tenants in common

 

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act

 

CUST = Custodian

 

TEN ENT = as tenants by the entireties

 

JT TEN = joint tenants with right of survivorship and not as
tenants in common 

 

Additional abbreviations may also be used
though not in the above list.

 

    	A-8

    	 

    

 

SCHEDULE A8

 

SCHEDULE OF EXCHANGES OF NOTES

 

Albany Molecular Research, Inc.

2.25% Cash Convertible Senior Notes due 2018

 

The initial principal amount of this Global
Note is _______ DOLLARS ($[_________]). The following increases or decreases in this Global Note have been made:

 

	Date of exchange	 	
        Amount of

        decrease in

        principal amount

        of this Global Note
	 	
        Amount of

        increase in

        principal amount

        of this Global Note
	 	
        Principal amount

        of this Global Note

        following such

        decrease or

        increase
	 	
        Signature of

        authorized

        signatory of

        Trustee or

        Custodian

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

8 Include if a global note.

 

    	A-9

    	 

    

 

ATTACHMENT 1

 

[FORM OF NOTICE OF CONVERSION]

 

To:   Albany Molecular Research, Inc.

Wilmington Trust, National Association,
as Trustee

 

The undersigned registered owner of this
Note hereby exercises the option to convert this Note, or the portion hereof (that is $1,000 principal amount or an integral multiple
thereof) below designated, solely into cash in accordance with the terms of the Indenture referred to in this Note, and directs
that all cash payable upon such conversion, 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. Any amount required to be paid to the undersigned
on account of interest accompanies this Note.

 

	Dated:	 	 	 
	 	 	 
	 	 	 
	 	 	Signature(s)

 

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

 

    	1

    	 

    

 

	Fill in if Notes 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:	Albany Molecular Research, Inc.

Wilmington Trust, National Association,
as Trustee

 

The undersigned registered owner of this
Note hereby acknowledges receipt of a notice from Albany Molecular Research, Inc. (the “Company”) as to the
occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests
and instructs the Company to pay to the registered holder hereof in accordance with Section 15.02 of the Indenture referred to
in this Note (1) the entire principal amount of this Note, or the portion thereof (that is $1,000 principal amount or an integral
multiple thereof) below designated, and (2) if such Fundamental Change Repurchase Date does not fall during the period after a
Regular Record Date and on or prior to the corresponding Interest Payment Date, accrued and unpaid interest, if any, thereon to,
but excluding, such Fundamental Change Repurchase Date.

 

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

 

	Dated: 	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	Signature(s)	 
	 	 	 	 
	 	 	 	 
	 	 	Social Security or Other Taxpayer	 
	 	 	Identification Number	 
	 	 	 	 
	 	 	Principal amount to be repaid (if less than all):  

$______,000
	 	 	 	 
	 	 	NOTICE:  The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

 

    	1

    	 

    

 

ATTACHMENT 3

 

[FORM OF ASSIGNMENT AND TRANSFER]

 

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

 

In connection with any transfer of the within Note occurring
prior to the Resale Restriction Termination Date, as defined in the Indenture governing such Note, the undersigned confirms that
such Note is being transferred:

 

 ̈          To
Albany Molecular Research, Inc. or a subsidiary thereof; or

 

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

 

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

 

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

 

    	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 FREE TRANSFERABILITY CERTIFICATE]

 

Wilmington Trust, National Association

 

Dear Sir or Madam:

 

Whereas the 2.25% Cash Convertible Senior Notes due 2018 (the
“Notes”) have become freely tradable without restriction by non-affiliates of Albany Molecular Research, Inc.
(the “Company”) pursuant to Rule 144(b)(1) under the Securities Act of 1933, as amended, in accordance with
Section 2.05(c) of the Indenture, dated as of November 25, 2013 (the “Indenture”), between the Company and Wilmington
Trust, National Association, as Trustee, pursuant to which the Notes were issued, the Company hereby instructs you that:

 

		(i)	the restrictive legends described in Section 2.05(c) of the Indenture and set forth on the Notes will be deemed removed from
the Global Notes, in accordance with the terms and conditions of the Notes and as provided in the Indenture, without further action
on the part of Holders; and

 

		(ii)	the restricted CUSIP number for the Notes will be deemed
removed from the Global Notes and replaced with the unrestricted CUSIP number set forth therein, in accordance with the terms
and conditions of the Notes and as provided in the Indenture, without further action on the part of Holders.

 

Capitalized terms used but not defined herein have the meanings
set forth in the Indenture.

 

Very truly yours,

 

	ALBANY MOLECULAR RESEARCH,
	INC.
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	B-1Exhibit 10.1

 

JPMorgan Chase Bank, National Association

London Branch

25 Bank Street

Canary Wharf

London E14 5JP

England

November 19, 2013

 

	To:	Albany Molecular Research, Inc.
	 	26 Corporate Circle
	 	Albany, New York 12212
	 	Attention:             Michael M. Nolan, Vice President Finance,
Chief Financial Officer and Treasurer
	 	Telephone No.:    (518) 512-2000
	 	 	 

	Re:	Call Option Transaction

 

The purpose of this
letter agreement (this “Confirmation”) is to confirm the terms and conditions of the call option transaction
entered into between JPMorgan Chase Bank, National Association, London Branch (“Dealer”) and Albany Molecular
Research, Inc. (“Counterparty”) as of the Trade Date specified below (the “Transaction”).
This letter agreement constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. This
Confirmation shall replace any previous agreements and serve as the final documentation for the Transaction.

 

The definitions and
provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published
by the International Swaps and Derivatives Association, Inc. (“ISDA”) are incorporated into this Confirmation.
In the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation shall govern. Certain
defined terms used herein are based on terms that are defined in the Offering Memorandum dated November 19, 2013 (the “Offering
Memorandum”) relating to the 2.25% Cash Convertible Senior Notes due 2018 (as originally issued by Counterparty, the
“Convertible Notes” and each USD 1,000 principal amount of Convertible Notes, a “Convertible Note”)
issued by Counterparty in an aggregate initial principal amount of USD 130,000,000 (as increased by up to an aggregate principal
amount of USD 150,000,000 if and to the extent that the Initial Purchasers (as defined herein) exercise their over-allotment option
pursuant to the Purchase Agreement (as defined herein)) pursuant14.5

 

to an Indenture to
be dated November 25, 2013 the “Indenture”). In the event of any inconsistency between the terms defined in
the Offering Memorandum, the Indenture and this Confirmation, this Confirmation shall govern. The parties acknowledge that this
Confirmation is entered into on the date hereof with the understanding that (i) definitions set forth in the Indenture which are
also defined herein by reference to the Indenture and (ii) sections of the Indenture that are referred to herein will conform to
the descriptions thereof in the Offering Memorandum. If any such definitions in the Indenture or any such sections of the Indenture
differ from the descriptions thereof in the Offering Memorandum, the descriptions thereof in the Offering Memorandum will govern
for purposes of this Confirmation. The parties further acknowledge that the Indenture section numbers used herein are based on
the draft of the Indenture dated as of November 18, 2013, and if any such section numbers are changed in the Indenture as executed,
the parties will amend this Confirmation in good faith to preserve the intent of the parties. Subject to the foregoing, references
to the Indenture herein are references to the Indenture as in effect on the date of its execution, and if the Indenture is amended
following such date, any such amendment will be disregarded for purposes of this Confirmation unless the parties agree otherwise
in writing.

 

JPMorgan Chase Bank, National Association

Organised under the laws of the United States as a National Banking Association.

Main Office 1111 Polaris Parkway, Columbus, Ohio 43240

Registered as a branch in England & Wales branch No. BR000746

Registered Branch Office 25 Bank Street, Canary Wharf, London, E14 5JP

Authorised and regulated by the Financial Services Authority

 

    	 

    	 

    

 

Each party is hereby
advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial
transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this
Confirmation relates on the terms and conditions set forth below.

 

1.             This Confirmation
evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which this Confirmation
relates. This Confirmation shall supplement, form a part of, and be subject to an agreement in the form of the 1992 ISDA Master
Agreement (the “Agreement”) as if Dealer and Counterparty had executed an agreement in such form (but without
any Schedule except for the elections set forth in this Confirmation) on the Trade Date. In the event of any inconsistency between
provisions of the Agreement and this Confirmation, this Confirmation will prevail for the purpose of the Transaction to which this
Confirmation relates. The parties hereby agree that no transaction other than the Transaction to which this Confirmation relates
shall be governed by the Agreement.

 

		2.	The terms of the particular Transaction to which this
Confirmation relates are as follows:

 

General Terms.

 

		Trade Date: 	November 19, 2013

 

		Effective Date: 	The third Exchange Business Day immediately prior
to the Premium Payment Date

 

		Option Style: 	“Modified American”, as described
under “Procedures for Exercise” below

 

		Option Type: 	Call

 

		Buyer:	Counterparty

 

		Seller:	Dealer

 

		Shares:	The common stock of Counterparty, par value USD 0.01 per share (Exchange symbol “AMRI”).

  

		Number of Options:	 130,000.  For the avoidance
of doubt, the Number of Options shall be reduced by any Options exercised by Counterparty.  In no event will the Number
of Options be less than zero.

   

		Applicable Percentage: 	50%

 

		Option Entitlement: 	A number equal to the product of the Applicable
Percentage and 63.9844.

 

		Strike Price: 	USD 15.6288

 

		Premium:	USD 14,560,000

 

		Premium Payment Date: 	The closing date of the initial issuance
of the Convertible Notes.

 

		Exchange:	The NASDAQ Global Select Market

 

		Related Exchange(s): 	All Exchanges

 

		Excluded Provisions: 	Section 14.04(g) and Section 14.03 of the
Indenture.

 

    	2

    	 

    

 

Procedures for Exercise.

 

		Conversion Date: 	With respect to any conversion of a Convertible
Note, the date on which the Holder (as such term is defined in the Indenture) of such Convertible Note satisfies all of the requirements
for conversion thereof as set forth in Section 14.02(b) of the Indenture; provided that in no event shall a Conversion
Date be deemed to occur hereunder (and no Option shall be exercised or deemed to be exercised hereunder) with respect to any Convertible
Note surrendered for conversion in respect of which Counterparty has elected to designate (and such designation is accepted) a
financial institution for exchange in lieu of conversion of such Convertible Note pursuant to Section 14.12 of the
Indenture (regardless of whether such financial institution delivers any amounts due in respect of such Convertible Note).

 

		Free Convertibility Date: 	May 15, 2018

 

		Expiration Time: 	The Valuation Time

 

		Expiration Date:	November 15, 2018, subject to earlier exercise.

 

		Multiple Exercise:	Applicable, as described under “Automatic Exercise”
below.

 

		Automatic Exercise: 	Notwithstanding Section 3.4 of the Equity
Definitions, and subject to Section 9(h)(ii), on each Conversion Date, a number of Options equal to the number of Convertible
Notes in denominations of USD 1,000 as to which such Conversion Date has occurred shall be deemed to be automatically exercised;
provided that such Options shall be exercised or deemed exercised only if Counterparty has provided a Notice of Exercise
to Dealer in accordance with “Notice of Exercise” below.

 

			Notwithstanding the foregoing, in no event shall the number of Options that are exercised or deemed
exercised hereunder exceed the Number of Options.

 

		Notice of Exercise:	Notwithstanding anything to the contrary in the Equity
Definitions or under “Automatic Exercise” above, in order to exercise any Options, Counterparty must notify Dealer
in writing before 5:00 p.m. (New York City time) on the Scheduled Valid Day immediately preceding the scheduled first day of the
Settlement Averaging Period for the Options being exercised of (i) the number of such Options and (ii) the scheduled first day
of the Settlement Averaging Period and the scheduled Settlement Date; provided that in respect of Options relating to Convertible
Notes with a Conversion Date occurring on or after the Free Convertibility Date, such notice may be given on or prior to the Scheduled
Valid Day immediately preceding the Expiration Date and need only specify the number of such Options.

 

		Valuation Time:	At the close of trading of the regular trading session
on the Exchange; provided that if the principal trading session is extended, the Calculation Agent shall determine the
Valuation Time in its reasonable discretion.

 

    	3

    	 

    

 

		Market Disruption Event:	Section 6.3(a) of the Equity Definitions is hereby
replaced in its entirety by the following:

 

			“‘Market Disruption Event’ means, in respect of a Share, (i) a failure by the
principal United States national or regional securities exchange or market on which the Shares are listed or admitted for trading
(the “relevant stock exchange”) to open for trading during its regular trading session or (ii) the occurrence
or existence prior to 1:00 p.m. (New York City time) on any Scheduled Valid Day for the Shares 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 Shares or in any options, contracts or futures contracts
relating to the Shares.”

 

Settlement Terms.

 

		Settlement Method:	Cash Settlement

 

		Cash Settlement:	In lieu of Section 8.1 of the Equity Definitions,
Dealer will pay to Counterparty, on the relevant Settlement Date, the Option Cash Settlement Amount in respect of any Option exercised
or deemed exercised hereunder. In no event will the Option Cash Settlement Amount be less than zero.

 

		Option Cash Settlement Amount:	 In respect of any Option exercised
or deemed exercised, an amount in cash equal to (A) the sum of the products, for each Valid Day during the Settlement Averaging
Period for such Option, of (x) the Option Entitlement on such Valid Day multiplied by (y) the Relevant Price on such Valid
Day less the Strike Price, divided by (B) the number of Valid Days in the Settlement Averaging Period; provided
that if the calculation contained in clause (y) above results in a negative number, such number shall be replaced with the
number “zero”.

 

		Valid Day: 	A day on which (i) there is no Market Disruption
Event and (ii) trading in the Shares generally occurs on the Exchange or, if the Shares are not then listed on the Exchange, on
the principal other United States national or regional securities exchange on which the Shares are then listed or, if the Shares
are not then listed on a United States national or regional securities exchange, on the principal other market on which the Shares
are then listed or admitted for trading. If the Shares are not so listed or admitted for trading, “Valid Day” means
a Business Day.

 

		Scheduled Valid Day: 	A day that is scheduled to be a Valid Day
on the principal United States national or regional securities exchange or market on which the Shares are listed or admitted for
trading. If the Shares are not so listed or admitted for trading, “Scheduled Valid Day” means a Business Day.

 

    	4

    	 

    

 

		Business Day: 	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.

 

		Relevant Price:	On any Valid Day, the per Share volume-weighted average
price as displayed under the heading “Bloomberg VWAP” on Bloomberg page AMRI <equity> AQR (or any successor
thereto) in respect of the period from the scheduled opening time of the Exchange to the Scheduled Closing Time of the Exchange
on such Valid Day (or if such volume-weighted average price is unavailable at such time, the market value of one Share on such
Valid Day, as determined by the Calculation Agent using, if practicable, a volume-weighted average method). The Relevant Price
will be determined without regard to after hours trading or any other trading outside of the regular trading session trading hours.

 

		Settlement Averaging Period: 	For any Option:

 

		(i)	if the related Conversion Date occurs prior to the Free Convertibility Date, the 80 consecutive
Valid Days commencing on, and including, the second Valid Day following such Conversion Date; or

 

		(ii)	if the related Conversion Date occurs on or following the Free Convertibility Date, the 80 consecutive
Valid Days commencing on, and including, the 82nd Scheduled Valid Day immediately prior to the Expiration Date.

 

		Settlement Date: 	For any Option, the date cash is paid under
the terms of the Indenture with respect to the conversion of the Convertible Note related to such Option.

 

		Settlement Currency: 	USD

 

		Representation and Agreement: 	Notwithstanding anything to the contrary
in Equity Definitions (including, but not limited to, Section 9.11 thereof), the parties acknowledge that (i) any Shares delivered
to Counterparty shall be, upon delivery, subject to restrictions and limitations arising from Counterparty’s status as issuer
of the Shares under applicable securities laws, (ii) Dealer may deliver any Shares required to be delivered hereunder in certificated
form in lieu of delivery through the Clearance System and (iii) any Shares delivered to Counterparty may be “restricted
securities” (as defined in Rule 144 under the Securities Act of 1933, as amended (the “Securities Act”)).

 

    	5

    	 

    

 

		3.	Additional Terms applicable to the Transaction.

 

Adjustments applicable to the
Transaction:

 

		Potential Adjustment Events:	Notwithstanding Section 11.2(e) of the Equity Definitions,
a “Potential Adjustment Event” means an occurrence of any event or condition, as set forth in any Dilution Adjustment
Provision, that would result in an adjustment under the Indenture to the “Conversion Rate” or the composition of a
“unit of Reference Property” or to any “Last Reported Sale Price”, “Daily VWAP,” “Daily
Conversion Value” or “Daily Settlement Amount” (each as defined in the Indenture). For the avoidance of doubt,
Dealer shall not have any delivery or payment obligation hereunder, and no adjustment shall be made to the terms of the Transaction,
on account of (x) any distribution of cash, property or securities by Counterparty to holders of the Convertible Notes (upon
conversion or otherwise) or (y) any other transaction in which holders of the Convertible Notes are entitled to participate,
in each case, in lieu of an adjustment under the Indenture of the type referred to in the immediately preceding sentence (including,
without limitation, pursuant to the fourth sentence of Section 14.04(c) of the Indenture or the fourth sentence of Section 14.04(d)
of the Indenture).

 

		Method of Adjustment:	Calculation Agent Adjustment, which means that, notwithstanding
Section 11.2(c) of the Equity Definitions, upon any Potential Adjustment Event, the Calculation Agent shall make an adjustment
to any one or more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise,
settlement or payment for the Transaction corresponding to the adjustments under the Indenture; provided that, notwithstanding
the foregoing, if the Calculation Agent in good faith disagrees with any adjustment to the Convertible Notes that involves an
exercise of discretion by Counterparty or its board of directors (including, without limitation, pursuant to Section 14.05 of
the Indenture or in connection with any proportional adjustment or the determination of the fair value of any securities, property,
rights or other assets), then in each such case, the Calculation Agent will determine the adjustment to be made to any one or
more of the Strike Price, Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or
payment for the Transaction in a commercially reasonable manner.

 

		Dilution Adjustment Provisions:	Section 14.04(a), (b), (c), (d), (e) and Section 14.05
of the Indenture.

 

Extraordinary Events applicable
to the Transaction:

 

		Merger Events:	Applicable; provided that notwithstanding Section
12.1(b) of the Equity Definitions, a “Merger Event” means the occurrence of any event or condition set forth in the
definition of “Merger Event” in Section 14.07(a) of the Indenture.

 

		Tender Offers:	Not Applicable

 

    	6

    	 

    

 

		Consequence of Merger Events:	Notwithstanding Section 12.2 and Section 12.3 of the
Equity Definitions, upon the occurrence of a Merger Event, the Calculation Agent shall make a corresponding adjustment in respect
of any adjustment under the Indenture to any one or more of the nature of the Shares (in the case of a Merger Event), Strike Price,
Number of Options, Option Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction;
provided, however, that such adjustment shall be made without regard to any adjustment to the Conversion Rate pursuant
to any Excluded Provision; provided further that if, with respect to a Merger Event, (i) the consideration for the Shares
includes (or, at the option of a holder of Shares, may include) shares of an entity or person that is not a corporation or is
not organized under the laws of the United States, any State thereof or the District of Columbia or (ii) the Counterparty to the
Transaction following such Merger Event, will not be a corporation or will not be the Issuer following such Merger Event, then
Cancellation and Payment (Calculation Agent Determination) may apply at Dealer’s sole election; .

 

		Nationalization, Insolvency or Delisting:	Cancellation and Payment (Calculation Agent Determination);
provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute
a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted
on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors);
if the Shares are immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select
Market or The NASDAQ Global Market (or their respective successors), such exchange or quotation system shall thereafter be deemed
to be the Exchange.

 

Additional
Disruption Events:

 

		Change in Law:	Applicable; provided that Section 12.9(a)(ii)
of the Equity Definitions is hereby amended by (i) replacing the word “Shares” with the phrase “Hedge Positions”
in clause (X) thereof and (ii) inserting the parenthetical “(including, for the avoidance of doubt and without limitation,
adoption or promulgation of new regulations authorized or mandated by existing statute)” at the end of clause (A) thereof.

 

		Failure to Deliver:	Applicable

 

		Hedging Disruption:	Applicable; provided that:

 

		(i)	Section 12.9(a)(v) of the Equity Definitions is hereby amended by inserting the following two phrases
at the end of such Section:

 

    	7

    	 

    

 

			“For the avoidance of doubt, the term “equity price risk” shall be deemed to
include, but shall not be limited to, stock price and volatility risk. And, for the further avoidance of doubt, any such transactions
or assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing terms.”; and

 

		(ii)	Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line
thereof, after the words “to terminate the Transaction”, the words “or a portion of the Transaction affected
by such Hedging Disruption”.

 

		Increased Cost of Hedging:	Not Applicable

 

		Hedging Party:	 For all applicable Additional Disruption Events,
Dealer.

 

		Determining Party:	For all applicable Extraordinary Events, Dealer.

 

		Non-Reliance:	Applicable

 

Agreements and Acknowledgments

 

		Regarding Hedging Activities:	Applicable

 

		Additional Acknowledgments:	Applicable

 

		4.	Calculation Agent. 	Dealer; provided that following the occurrence and during the continuation of an Event of Default pursuant to Section 5(a)(vii)
of the Agreement with respect to which Dealer is the Defaulting Party, (i) Dealer may designate a nationally or internationally
recognized third-party dealer with expertise in over-the-counter corporate equity derivatives (an “Equity Derivatives
Dealer”) that is not an affiliate of Dealer and with respect to which no event of the type described in Section 5(a)(vii)
of the Agreement is ongoing to replace Dealer as Calculation Agent, or (ii) if Dealer does not so designate any replacement Calculation
Agent by the 10th Exchange Business Day following the date a calculation or determination is required to be made hereunder by
the Calculation Agent and no such calculation or determination is made, Counterparty shall have the right to designate an independent
Equity Derivatives Dealer to replace Dealer as Calculation Agent and, in each case, the parties shall work in good faith to execute
any appropriate documentation required by such replacement Calculation Agent.

         

Any determination or calculation
by the Calculation Agent pursuant to this Confirmation, the Agreement and the Equity Definitions shall be made in good faith and
in a commercially reasonable manner. In the event the Calculation Agent makes any determination or calculations pursuant to this
Confirmation, the Agreement or the Equity Definitions, promptly following receipt of a written request from Counterparty, the
Calculation Agent shall provide an explanation in reasonable detail of the basis for such determination or calculation, it being
understood that the Calculation Agent shall not be obligated to disclose any proprietary models or confidential information used
by it for such determination or calculation.

  

    	8

    	 

    

 

		5.	Account Details.

 

		(a)	Account for payments to Counterparty:
	 	 	 

Bank:            Wells Fargo Bank

ABA#:          121000248

Acct No.:      4123411910

Beneficiary: Albany Molecular Research, Inc.

 

		(b)	Account for payments to Dealer:
	 	 	 

Bank:            JPMorgan Chase Bank, N.A.

ABA#:          021000021

Acct No.:      099997979

Beneficiary: JPMorgan Chase Bank, N.A. New York

Ref:              Derivatives

 

		6.	Offices.

 

		(a)	The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch
Party.

 

		(b)	The Office of Dealer for the Transaction is: London

 

JPMorgan Chase Bank, National Association

London Branch

25 Bank Street

Canary Wharf

London E14 5JP

England

 

		7.	Notices.

 

		(a)	Address for notices or communications to Counterparty:

 

Albany Molecular Research, Inc.

26 Corporate Circle

Albany, New York 12212

Attention:            Michael M. Nolan, Vice President Finance, Chief Financial Officer and Treasurer

Telephone No.:   (518) 512-2000

 

		(b)	Address for notices or communications to Dealer:

 

JPMorgan Chase Bank, National Association

EDG Marketing Support

Email:                 edg_notices@jpmorgan.com

                            edg_ny_corporate_sales_support@jpmorgan.com

Facsimile No:     1-866-886-4506

 

With a copy to:

 

    	9

    	 

    

 

Attention:          Santosh Sreenivasan

Title:                  Managing Director, Head of Equity-Linked Capital Markets, Americas

Telephone No:  1-212-622-5604

Facsimile No:   1-212-622-6037

 

		8.	Representations and Warranties of Counterparty.

 

Each of the representations and
warranties of Counterparty set forth in Section 3 of the Purchase Agreement (the “Purchase Agreement”),
dated as of November 19, 2013, between Counterparty and J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC, as representatives
of the several initial purchasers (the “Initial Purchasers”), are true and correct and are hereby deemed to
be repeated to Dealer as if set forth herein. Counterparty hereby further represents and warrants to Dealer on the date hereof
and on and as of the Premium Payment Date that:

 

		(a)	Counterparty has all necessary corporate power and authority to execute, deliver and perform its
obligations in respect of the Transaction; such execution, delivery and performance have been duly authorized by all necessary
corporate action on Counterparty’s part; and this Confirmation has been duly and validly executed and delivered by Counterparty
and constitutes its valid and binding obligation, enforceable against Counterparty in accordance with its terms, subject to applicable
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and
remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness,
good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity) and except that rights
to indemnification and contribution hereunder may be limited by federal or state securities laws or public policy relating thereto.

 

		(b)	Neither the execution and delivery of this Confirmation nor the incurrence or performance of obligations
of Counterparty hereunder will conflict with or result in a breach of the certificate of incorporation or by-laws (or any equivalent
documents) of Counterparty, or any applicable law or regulation, or any order, writ, injunction or decree of any court or governmental
authority or agency, or any agreement or instrument filed as an exhibit to, or incorporated by reference into, Counterparty’s
Form 10-K filed on March 18, 2013, as amended, Form 10-Q filed on May 9, 2013, Form 10-Q filed on August 8, 2013 or Form 10-Q filed
on November 8, 2013, in each case, with the Securities and Exchange Commission to which Counterparty or any of its subsidiaries
is a party or by which Counterparty or any of its subsidiaries is bound or to which Counterparty or any of its subsidiaries is
subject, or constitute a default under, or result in the creation of any lien under, any such agreement or instrument.

 

		(c)	No consent, approval, authorization, or order of, or filing with, any governmental agency or body
or any court is required in connection with the execution, delivery or performance by Counterparty of this Confirmation, except
such as have been obtained or made and such as may be required under the Securities Act or state securities laws.

 

		(d)	Counterparty is not and, after consummation of the transactions contemplated hereby, will not be
required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.

 

		(e)	Counterparty is an “eligible contract participant” (as such term is defined in Section
1a(18) of the Commodity Exchange Act, as amended, other than a person that is an eligible contract participant under Section 1a(18)(C)
of the Commodity Exchange Act).

 

		(f)	Counterparty is not, on the date hereof, in possession of any material non-public information with
respect to Counterparty or the Shares.

 

		(g)	No state or local (including any non-U.S. jurisdiction’s) law, rule, regulation or regulatory
order applicable to the Shares would give rise to any reporting, consent, registration or other requirement (including without
limitation a requirement to obtain prior approval from any person or entity) as a result of Dealer or its affiliates owning or
holding (however defined) Shares.

 

    	10

    	 

    

 

		(h)	Counterparty (A) is capable of evaluating investment risks independently, both in general and with
regard to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment
in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer
in writing; and (C) has total assets of at least USD 50 million.

 

		9.	Other Provisions.

 

		(a)	Opinions. Counterparty shall deliver to Dealer an opinion of counsel, dated as of
the Trade Date, with respect to the matters set forth in Sections 8(a) through (c) of this Confirmation (subject to customary assumptions,
exceptions and qualifications). Delivery of such opinion to Dealer shall be a condition precedent for the purpose of Section 2(a)(iii)
of the Agreement with respect to each obligation of Dealer under Section 2(a)(i) of the Agreement.

 

		(b)	Repurchase Notices. Counterparty shall, on any day on which Counterparty effects
any repurchase of Shares, promptly give Dealer a written notice of such repurchase (a “Repurchase Notice”) on
such day if following such repurchase, the number of outstanding Shares as determined on such day is (i) less than 30.589 million
(in the case of the first such notice) or (ii) thereafter more than 0.945 million less than the number of Shares included in the
immediately preceding Repurchase Notice. Counterparty agrees to indemnify and hold harmless Dealer and its affiliates and their
respective officers, directors, employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified
Person”) from and against any and all losses (including losses relating to Dealer’s hedging activities as a consequence
of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance from
hedging activities or cessation of hedging activities and any losses in connection therewith with respect to the Transaction),
claims, damages, judgments, liabilities and reasonable expenses (including reasonable attorney’s fees), joint or several,
which an Indemnified Person may become subject to, as a result of Counterparty’s failure to provide Dealer with a Repurchase
Notice on the day and in the manner specified in this paragraph, and to reimburse, within 30 days, upon written request, each of
such Indemnified Persons for any reasonable legal or other expenses incurred in connection with investigating, preparing for, providing
testimony or other evidence in connection with or defending any of the foregoing. If any suit, action, proceeding (including any
governmental or regulatory investigation), claim or demand shall be brought or asserted against the Indemnified Person as a result
of Counterparty’s failure to timely provide Dealer with a Repurchase Notice in accordance with this paragraph, such Indemnified
Person shall promptly notify Counterparty in writing, and Counterparty, upon request of the Indemnified Person, shall retain counsel
reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others Counterparty may designate
in such proceeding and shall pay the reasonable fees and expenses of such counsel related to such proceeding. Counterparty shall
not be liable for any settlement of any proceeding contemplated by this paragraph that is effected without its written consent,
but if settled with such consent or if there be a final judgment for the plaintiff, Counterparty agrees to indemnify any Indemnified
Person from and against any loss or liability by reason of such settlement or judgment. Counterparty shall not, without the prior
written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding contemplated by this paragraph
that is in respect of which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder
by such Indemnified Person, unless such settlement includes an unconditional release of such Indemnified Person from all liability
on claims that are the subject matter of such proceeding on terms reasonably satisfactory to such Indemnified Person. If the indemnification
provided for in this paragraph is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages
or liabilities referred to therein, then Counterparty hereunder, in lieu of indemnifying such Indemnified Person thereunder, shall
contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities.
The remedies provided for in this paragraph (b) are not exclusive and shall not limit any rights or remedies which may otherwise
be available to any Indemnified Person at law or in equity. The indemnity and contribution agreements contained in this paragraph
shall remain operative and in full force and effect regardless of the termination of the Transaction.

 

    	11

    	 

    

 

		(c)	Regulation M. Counterparty is not on the Trade Date engaged in a distribution, as
such term is used in Regulation M under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
of any securities of Counterparty, other than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10)
and 102(b)(7) of Regulation M. Counterparty shall not, until the second Scheduled Trading Day
immediately following the Effective Date, engage in any such distribution.

 

		(d)	No Manipulation. Counterparty is not entering into the Transaction to create actual
or apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress
or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares) or otherwise
in violation of the Exchange Act.

 

		(e)	Transfer or Assignment.

 

		(i)	Counterparty shall have the right to transfer or assign its rights and obligations hereunder with
respect to all, but not less than all, of the Options hereunder (such Options, the “Transfer Options”); provided
that such transfer or assignment shall be subject to reasonable conditions that Dealer may impose, including but not limited, to
the following conditions:

 

		(A)	With respect to any Transfer Options, Counterparty shall not be released from its notice and indemnification
obligations pursuant to Section 9(b) or any obligations under Section 9(m) or 9(q) of this Confirmation;

 

		(B)	Any Transfer Options shall only be transferred or assigned to a third party that is a United States
person (as defined in the Internal Revenue Code of 1986, as amended);

 

		(C)	Such transfer or assignment shall be effected on terms, including any reasonable undertakings by
such third party (including, but not limited to, an undertaking with respect to compliance with applicable securities laws in a
manner that, in the reasonable judgment of Dealer, will not expose Dealer to material risks under applicable securities laws) and
execution of any documentation and delivery of legal opinions with respect to securities laws and other matters by such third party
and Counterparty, as are reasonably requested and reasonably satisfactory to Dealer;

 

		(D)	Dealer will not, as a result of such transfer and assignment, be required to pay the transferee
on any payment date an amount under Section 2(d)(i)(4) of the Agreement greater than an amount that Dealer would have been required
to pay to Counterparty in the absence of such transfer and assignment;

 

		(E)	An Event of Default, Potential Event of Default or Termination Event will not occur as a result
of such transfer and assignment;

 

		(F)	Without limiting the generality of clause (B), Counterparty shall cause the transferee to make
such Payee Tax Representations and to provide such tax documentation as may be reasonably requested by Dealer to permit Dealer
to determine that results described in clauses (D) and (E) will not occur upon or after such transfer and assignment; and

 

		(G)	Counterparty shall be responsible for all reasonable costs and expenses, including reasonable counsel
fees, incurred by Dealer in connection with such transfer or assignment.

  

    	12

    	 

    

 

		(ii)	Dealer may transfer or assign all or any part of its rights or obligations under the Transaction
(A) without Counterparty’s consent, to any third party (including, without limitation, any affiliate of Dealer) organized
in the United States that has a rating at the time of such transfer or assignment for its long term, unsecured and unsubordinated
indebtedness that is equal to or better than Dealer’s credit rating on the date hereof, or (B) with Counterparty's consent
(such consent not to be unreasonably withheld), to any other third party (including, without limitation, any affiliate of Dealer)
organized in the United States with a rating for its long term, unsecured and unsubordinated indebtedness equal to or better than
the credit rating of Dealer at the time of the transfer. If at any time at which (A) the Section 16 Percentage exceeds 7.5%, (B)
the Option Equity Percentage exceeds 15.7%, or (C) the Share Amount exceeds the Applicable Share Limit (if any applies) (any such
condition described in clauses (A), (B) or (C), an “Excess Ownership Position”), Dealer is unable after using
its commercially reasonable efforts to effect a transfer or assignment of Options to a third party on pricing terms reasonably
acceptable to Dealer and within a time period reasonably acceptable to Dealer such that no Excess Ownership Position exists, then
Dealer may designate any Exchange Business Day as an Early Termination Date with respect to a portion of the Transaction (the “Terminated
Portion”), such that following such partial termination no Excess Ownership Position exists. In the event that Dealer
so designates an Early Termination Date with respect to a portion of the Transaction, a payment shall be made pursuant to Section
6 of the Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to
the Transaction and a Number of Options equal to the number of Options underlying the Terminated Portion, (2) Counterparty were
the sole Affected Party with respect to such partial termination and (3) the Terminated Portion were the sole Affected Transaction
(and, for the avoidance of doubt, the provisions of Section 9(k) shall apply to any amount that is payable by Dealer to Counterparty
pursuant to this sentence as if Counterparty was not the Affected Party). The “Section 16 Percentage” as of
any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Dealer and each person
subject to aggregation of Shares with Dealer under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder
directly or indirectly beneficially own (as defined under Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder)
and (B) the denominator of which is the number of Shares outstanding. The “Option Equity Percentage” as of any
day is the fraction, expressed as a percentage, (A) the numerator of which is the sum of (1) the product of the Number of Options
and the Option Entitlement and (2) the aggregate number of Shares underlying any other call option transaction sold by Dealer to
Counterparty, and (B) the denominator of which is the number of Shares outstanding. The “Share Amount” as of
any day is the number of Shares that Dealer and any person whose ownership position would be aggregated with that of Dealer (Dealer
or any such person, a “Dealer Person”) under any law, rule, regulation, regulatory order or organizational documents
or contracts of Counterparty that are, in each case, applicable to ownership of Shares (“Applicable Restrictions”),
owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership
under any Applicable Restriction, as determined by Dealer in its reasonable discretion. The “Applicable Share Limit”
means a number of Shares equal to (A) the minimum number of Shares that could give rise to reporting or registration obligations
or other requirements (including obtaining prior approval from any person or entity) of a Dealer Person, or could result in an
adverse effect on a Dealer Person, under any Applicable Restriction, as determined by Dealer in its reasonable discretion, minus
(B) 1% of the number of Shares outstanding.

 

		(iii)	Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing
Dealer to purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from
Counterparty, Dealer may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities,
or to make or receive such payment in cash, and otherwise to perform Dealer’s obligations in respect of the Transaction and
any such designee may assume such obligations. Dealer shall be discharged of its obligations to Counterparty to the extent of any
such performance.

 

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		(f)	Ratings Decline. If at any time the long term, unsecured and unsubordinated indebtedness
of Dealer is rated Ba1 or lower by Moody’s or BB+ or lower by S&P (any such rating, a “Ratings Downgrade”),
then Counterparty may, at any time following the occurrence and during the continuation of such Ratings Downgrade, provide written
notice to Dealer specifying that it elects for this Section 9(f) to apply (a “Trigger Notice”). Upon receipt
by Dealer of a Trigger Notice from Counterparty, Dealer shall promptly elect that either (i) the parties shall negotiate in good
faith terms for collateral arrangements pursuant to which Dealer is required to provide collateral (including, but not limited
to, equity or equity-linked securities issued by Counterparty) to Counterparty in respect of the Transaction with a value equal
to the full mark-to-market exposure of Counterparty under the Transaction, as determined by Dealer in a good faith commercially
reasonable manner, or (ii) an Additional Termination Event shall occur and, with respect to such Additional Termination Event,
(A) Counterparty shall be deemed to be the sole Affected Party, and (B) the Transaction shall be the sole Affected Transaction.

 

		(g)	Role of Agent.
Each party agrees and acknowledges that (i) J.P. Morgan Securities LLC, an affiliate of Dealer (“JPMS”),
has acted solely as agent and not as principal with respect to the Transaction and (ii) JPMS has no obligation or liability, by
way of guaranty, endorsement or otherwise, in any manner in respect of the Transaction (including, if applicable, in respect of
the settlement thereof). Each party agrees it will look solely to the other party (or any guarantor in respect thereof) for performance
of such other party’s obligations under the Transaction.

 

		(h)	Additional Termination Events.

 

		(i)	Notwithstanding anything to the contrary in this Confirmation if an event of default with respect
to Counterparty occurs under the terms of the Convertible Notes that results in the acceleration of the Convertible Notes as set
forth in Section 6.01 of the Indenture, then such event of default shall constitute an Additional Termination Event applicable
to the Transaction and, with respect to such Additional Termination Event, (A) Counterparty shall be deemed to be the sole Affected
Party, (B) the Transaction shall be the sole Affected Transaction and (C) Dealer shall be the party entitled to designate an Early
Termination Date pursuant to Section 6(b) of the Agreement.

 

		(ii)	Notwithstanding anything to the contrary in this Confirmation, the receipt by Dealer from Counterparty,
within the applicable time period set forth under “Notice of Exercise” above, of any Notice of Exercise in respect
of Options that relate to Convertible Notes as to which additional Shares would be added to the Conversion Rate pursuant to Section
14.03 of the Indenture in connection with a “Make-Whole Fundamental Change” (as defined in the Indenture) shall constitute
an Additional Termination Event as provided in this Section 9(h)(ii). Upon receipt of any such Notice of Exercise, Dealer shall
designate an Exchange Business Day following such Additional Termination Event (which Exchange Business Day shall in no event be
earlier than the related settlement date for such Convertible Notes) as an Early Termination Date with respect to the portion of
this Transaction corresponding to a number of Options (the “Make-Whole Conversion Options”) equal to the lesser
of (A) the number of such Options specified in such Notice of Exercise and (B) the Number of Options as of the date Dealer designates
such Early Termination Date and, as of such date, the Number of Options shall be reduced by the number of Make-Whole Conversion
Options. Any payment hereunder with respect to such termination shall be calculated pursuant to Section 6 of the Agreement as if
(1) an Early Termination Date had been designated in respect of a Transaction having terms identical to this Transaction and a
Number of Options equal to the number of Make-Whole Conversion Options, (2) Counterparty were the sole Affected Party with respect
to such Additional Termination Event and (3) the terminated portion of the Transaction were the sole Affected Transaction (and,
for the avoidance of doubt, in determining the amount payable pursuant to Section 6 of the Agreement, the Calculation Agent shall
not take into account any adjustments to the Option Entitlement that result from corresponding adjustments to the Conversion Rate
pursuant to Section 14.03 of the Indenture); provided that the amount of cash deliverable in respect of such early termination
by Dealer to Counterparty shall not be greater than the product of (x) the Applicable Percentage and (y) the excess of (I) (1)
the number of Make-Whole Conversion Options multiplied by (2) the Conversion Rate (after taking into account any applicable
adjustments to the Conversion Rate pursuant to Section 14.03 of the Indenture) multiplied by (3) the per Share opening price
as displayed under the heading “Op” on Bloomberg page AMRI <equity> (or any successor thereto) on the date on
which Shares are delivered upon conversion to Holders of the Convertible Notes corresponding to such Make-Whole Conversion Options
over (II) the aggregate principal amount of such Convertible Notes, as determined by the Calculation Agent in a commercially reasonable
manner.

 

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		(i)	Amendments to Equity Definitions. 

 

		(i)	Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1) deleting from the fourth
line thereof the word “or” after the word “official” and inserting a comma therefor, and (2) deleting the
semi-colon at the end of subsection (B) thereof and inserting the following words therefor “or (C) the occurrence of any
of the events specified in Section 5(a)(vii)(1) through (9) of the ISDA Master Agreement with respect to that Issuer.”

 

		(ii)	Section 12.9(b)(i) of the Equity Definitions is hereby amended by (1) replacing “either party
may elect” with “Dealer may elect” and (2) replacing “notice to the other party” with “notice
to Counterparty” in the first sentence of such section.

 

		(j)	Setoff. Each party waives any and all rights it may have to set off obligations arising
under the Agreement and the Transaction against other obligations between the parties, whether arising under any other agreement,
applicable law or otherwise.

 

		(k)	Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events.
If (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated with
respect to the Transaction or (b) the Transaction is cancelled or terminated upon the occurrence of an Extraordinary Event (except
as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid to holders of Shares consists
solely of cash, (ii) a Merger Event that is within Counterparty’s control, or (iii) an Event of Default in which Counterparty
is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party other than an Event of Default of the
type described in Section 5(a)(iii), (v), (vi), (vii) or (viii) of the Agreement or a Termination Event of the type described in
Section 5(b) of the Agreement, in each case that resulted from an event or events outside Counterparty’s control), and if
Dealer would owe any amount to Counterparty pursuant to Section 6(d)(ii) of the Agreement or any Cancellation Amount pursuant to
Article 12 of the Equity Definitions (any such amount, a “Payment Obligation”), then Dealer shall satisfy the
Payment Obligation by the Share Termination Alternative (as defined below), unless (a) Counterparty gives irrevocable telephonic
notice to Dealer, confirmed in writing within one Scheduled Trading Day, no later than 12:00 p.m. (New York City time) on the Merger
Date, Announcement Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation,
as applicable, of its election that the Share Termination Alternative shall not apply, (b) Counterparty remakes the representation
set forth in Section 8(f) as of the date of such election and (c) Dealer agrees, in its sole discretion, to such election, in which
case the provisions of Section 12.7 or Section 12.9 of the Equity Definitions, or the provisions of Section 6(d)(ii) of the Agreement,
as the case may be, shall apply.

 

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		Share Termination Alternative:	If applicable, Dealer shall deliver to Counterparty
the Share Termination Delivery Property on, or within a commercially reasonable period of time after, the date when the relevant
Payment Obligation would otherwise be due pursuant to Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) and 6(e)
of the Agreement, as applicable (the “Share Termination Payment Date”), in satisfaction of such Payment Obligation
in the manner reasonably requested by Counterparty free of payment.

 

		Share Termination Delivery Property:	A number of Share Termination Delivery Units, as calculated
by the Calculation Agent, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent shall
adjust the Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash
equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price.

 

		Share Termination Unit Price:	The value to Dealer of property contained in one Share
Termination Delivery Unit, as determined by the Calculation Agent in its good faith discretion by commercially reasonable means
and notified by the Calculation Agent to Dealer at the time of notification of the Payment Obligation. For the avoidance of doubt,
the parties agree that in determining the Share Termination Delivery Unit Price the Calculation Agent may consider the purchase
price paid in connection with the purchase of Share Termination Delivery Property.

 

		Share Termination Delivery Unit:	One Share or, if the Shares have changed into cash
or any other property or the right to receive cash or any other property as the result of a Nationalization, Insolvency or Merger
Event (any such cash or other property, the “Exchange Property”), a unit consisting of the type and amount
of such Exchange Property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration
in lieu of fractional amounts of any securities) in such Nationalization, Insolvency or Merger Event, as determined by the Calculation
Agent.

 

		Failure to Deliver:	Applicable

 

		Other applicable provisions:	If Share Termination Alternative is applicable, the
provisions of Sections 9.8, 9.9 and 9.11 (as modified above) of the Equity Definitions and the provisions set forth opposite the
caption “Representation and Agreement” in Section 2 will be applicable, except that all references in such provisions
to “Physically-settled” shall be read as references to “Share Termination Settled” and all references
to “Shares” shall be read as references to “Share Termination Delivery Units”. “Share Termination
Settled” in relation to the Transaction means that the Share Termination Alternative is applicable to the Transaction.

 

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		(l)	Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable
law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction. Each party
(i) certifies that no representative, agent or attorney of either party has represented, expressly or otherwise, that such other
party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges
that it and the other party have been induced to enter into the Transaction, as applicable, by, among other things, the mutual
waivers and certifications provided herein.

 

		(m)	Registration. Counterparty hereby agrees that if, in the good faith reasonable judgment
of Dealer, based on the advice of counsel, the Shares (“Hedge Shares”) acquired by Dealer for the purpose of
hedging its obligations pursuant to the Transaction cannot be sold in the public market by Dealer without registration under the
Securities Act (other than any such Hedge Shares that were, at the time of acquisition by Dealer, “restricted securities”
(as defined in Rule 144 under the Securities Act)), Counterparty shall, at its election, either (i) in order to allow Dealer to
sell the Hedge Shares in a registered offering, make available to Dealer an effective registration statement under the Securities
Act and enter into an agreement, in form and substance reasonably satisfactory to Dealer, substantially in the form of an underwriting
agreement for a registered secondary offering; provided, however, that if Dealer, in its sole reasonable discretion,
is not satisfied with access to due diligence materials, the results of its due diligence investigation, or the procedures and
documentation for the registered offering referred to above, then clause (ii) of this paragraph shall apply at the election of
Counterparty or (ii) in order to allow Dealer to sell the Hedge Shares in a private placement, enter into a private placement agreement
substantially similar to private placement purchase agreements customary for private placements of equity securities, in form and
substance reasonably satisfactory to Dealer (in which case, the Calculation Agent shall make any adjustments to the terms of the
Transaction that are necessary, in its reasonable judgment, to compensate Dealer for any discount from the public market price
of the Shares incurred on the sale of Hedge Shares in a private placement).

 

		(n)	Tax Disclosure. Effective from the date of commencement of discussions concerning
the Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons,
without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including
opinions or other tax analyses) that are provided by either party to the other relating to such tax treatment and tax structure.

 

		(o)	Right to Extend. Dealer may postpone or add, in whole or in part, any Valid Day or
Valid Days during the Settlement Averaging Period or any other date of valuation, payment or delivery by Dealer, with respect to
some or all of the Options hereunder, if Dealer reasonably determines, in its discretion, that such action is reasonably necessary
or appropriate to preserve Dealer’s hedging or hedge unwind activity hereunder in light of existing liquidity conditions
or to enable Dealer to effect purchases of Shares in connection with its hedging, hedge unwind or settlement activity hereunder
in a manner that would, if Dealer were Counterparty or an affiliated purchaser of Counterparty, be in compliance with applicable
legal, regulatory or self-regulatory requirements, or with related policies and procedures applicable to Dealer; provided
that no such Valid Day or other date of valuation, payment or delivery may be postponed or added more than 30 Valid Days after
the final day in the original Settlement Averaging Period or original other date of valuation, payment or delivery, as the case
may be.

 

		(p)	Securities Contract; Swap Agreement. The parties hereto intend for (i) the Transaction
to be a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code (Title 11 of the
United States Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections afforded
by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s
right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement
with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii)
each payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement
payment” and a “transfer” as defined in the Bankruptcy Code.

 

    	17

    	 

    

 

		(q)	Notice of Certain Other Events. Counterparty covenants and agrees that:

 

		(i)	promptly following the public announcement of the results of any election by the holders of Shares
with respect to the consideration due upon consummation of any Merger Event, Counterparty shall give Dealer written notice of the
types and amounts of consideration that holders of Shares have elected to receive upon consummation of such Merger Event (the date
of such notification, the “Consideration Notification Date”); provided that in no event shall the Consideration
Notification Date be later than the date on which such Merger Event is consummated; and

 

		(ii)	promptly following any adjustment to the Convertible Notes in connection with any Potential Adjustment
Event or Merger Event, Counterparty shall give Dealer written notice of the details of such adjustment.

 

		(r)	Wall Street Transparency and Accountability Act. In connection with Section 739 of
the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither
the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall
limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement
this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs,
regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including,
but not limited to, rights arising from Change in Law, Hedging Disruption, Increased Cost of Hedging, an Excess Ownership Position,
or Illegality (as defined in the Agreement)).

 

		(s)	Agreements and Acknowledgments Regarding Hedging. Counterparty understands, acknowledges
and agrees that: (A) at any time on and prior to the Expiration Date, Dealer and its affiliates may buy or sell Shares or other
securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to adjust its
hedge position with respect to the Transaction; (B) Dealer and its affiliates also may be active in the market for Shares other
than in connection with hedging activities in relation to the Transaction; (C) Dealer shall make its own determination as to whether,
when or in what manner any hedging or market activities in securities of Issuer shall be conducted and shall do so in a manner
that it deems appropriate to hedge its price and market risk with respect to the Relevant Prices; and (D) any market activities
of Dealer and its affiliates with respect to Shares may affect the market price and volatility of Shares, as well as the Relevant
Prices, each in a manner that may be adverse to Counterparty.

 

		(t)	Early Unwind. In the event the sale of the “Underwritten Securities”
(as defined in the Purchase Agreement) is not consummated with the Initial Purchasers for any reason, or Counterparty fails to
deliver to Dealer opinions of counsel as required pursuant to Section 9(a), in each case by 5:00 p.m. (New York City time) on the
Premium Payment Date, or such later date as agreed upon by the parties (the Premium Payment Date or such later date, the “Early
Unwind Date”), the Transaction shall automatically terminate (the “Early Unwind”) on
the Early Unwind Date and (i) the Transaction and all of the respective rights and obligations of Dealer and Counterparty under
the Transaction shall be cancelled and terminated and (ii) each party shall be released and discharged by the other party from
and agrees not to make any claim against the other party with respect to any obligations or liabilities of the other party arising
out of and to be performed in connection with the Transaction either prior to or after the Early Unwind Date. Each of Dealer and
Counterparty represents and acknowledges to the other that upon an Early Unwind, all obligations with respect to the Transaction
shall be deemed fully and finally discharged.

 

    	18

    	 

    

 

		(u)	ISDA Schedule Elections.

 

		(i)	The “Cross Default” provisions of Section 5(a)(vi) of the Agreement will apply
to Dealer, and for such purpose:

 

		(A)	“Specified Indebtedness” will have the meaning specified in Section 14 of the Agreement,
except that such term shall not include obligations in respect of deposits received in the ordinary course of a party’s banking
business;

 

		(B)	“Threshold Amount” means in relation to Dealer, three percent (3%) of shareholders’
equity of JPMorgan Chase & Co.; and

 

		(C)	The following language shall be added to the end of Section 5(a)(vi): “Notwithstanding the
foregoing, a default under subsection (2) hereof shall not constitute an Event of Default if (A) the default was caused solely
by error or omission of an administrative or operational nature; (B) funds were available to enable the party to make the payment
when due; and (C) the payment is made within one Local Business Day of such party’s receipt of written notice of its failure
to pay.”

 

		(ii)	Payments on Early Termination. The Second Method and Loss will apply for the purpose of
Section 6(e) of the Agreement.

 

		(iii)	Governing Law. The laws of the State of New York (without reference to choice of law doctrine).

 

		(v)	Payment by Counterparty. Following payment of the Premium by Counterparty to Dealer,
in the event that (i) an Early Termination Date occurs or is designated with respect to the Transaction as a result of a Termination
Event or an Event of Default (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and,
as a result, Counterparty owes to Dealer an amount calculated under Section 6(e) of the Agreement, or (ii) Counterparty owes to
Dealer an amount calculated under Section 12.7 or Section 12.8 of the Equity Definitions, such amount shall be deemed to be zero.

 

		(w)	Status of Claims in Bankruptcy. Dealer acknowledges and agrees that this Confirmation
is not intended to convey to Dealer rights against Counterparty with respect to the Transaction that are senior to the claims of
common stockholders of Counterparty in any United States bankruptcy proceedings of Counterparty; provided that nothing herein
shall limit or shall be deemed to limit Dealer’s right to pursue remedies in the event of a breach by  Counterparty
of its obligations and agreements with respect to the Transaction.

 

		(x)	No Collateral. Notwithstanding any provision of this Confirmation, the Agreement,
the Equity Definitions, or any other agreement between the parties to the contrary, the obligations of Counterparty under the Transaction
are not secured by any collateral.

 

    	19

    	 

    

 

 

Please confirm that
the foregoing correctly sets forth the terms of our agreement by executing this Confirmation and returning it to J.P. Morgan Securities
LLC, 383 Madison Ave, New York, NY 10179, and by email to EDG_Notices@jpmorgan.com and EDG_NY_Corporate_Sales_Support@jpmorgan.com.

 

Very truly yours,

 

	 	 
	 	
        J.P. Morgan Securities LLC, as agent
        for 

        JPMorgan Chase Bank, National Association

	 	 
	 	By: 	/s/ Yun Xie
	 	Authorized Signatory
	 	Name:  Yun Xie

 

Accepted and confirmed

as of the Trade Date:

 

	Albany Molecular Research, Inc.	 
	 	 
	By:  	/s/ Michael Nolan	 
	Authorized Signatory	 
	Name:  Michael Nolan	 

 

JPMorgan Chase Bank, National Association

Organised under the laws of the United States as a National Banking Association.

Main Office 1111 Polaris Parkway, Columbus, Ohio 43240

Registered as a branch in England & Wales branch No. BR000746

Registered Branch Office 25 Bank Street, Canary Wharf, London, E14 5JP

Authorised and regulated by the Financial Services Authority

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