Document:

Purchase Agreement

 EXHIBIT 10.98 
  
 EXECUTION COPY 
  
 EQUINIX, INC. 
  
 $75,000,000 2.50% Convertible Subordinated Debentures due 2024 
  
 PURCHASE AGREEMENT 
  
 New York, New York 
 February 5, 2004 

 
 Citigroup Global Markets Inc. 
 As Representative of the several 
 Initial
Purchasers named in 
 Schedule I hereto 
  
 c/o Citigroup Global Markets Inc.  
 388 Greenwich Street 

New York, New York 10013 
  
 Ladies and Gentlemen: 
  
 Equinix,
Inc., a corporation organized under the laws of Delaware (the “Company”), proposes to issue and sell to the several parties named in Schedule I hereto (the “Initial Purchasers”), for whom you (the
“Representative”) are acting as Representative, $75,000,000 principal amount of its 2.50% Convertible Subordinated Debentures due 2024 (the “Firm Securities”). The Company also proposes to grant to the Initial
Purchasers an option to purchase up to $11,250,000 additional principal amount of such Debentures to cover over-allotments, if any (the “Option Securities” and, together with the Firm Securities, the “Securities”).
The Securities are convertible into shares of Common Stock, par value $0.001 per share (the “Common Stock”), of the Company at the conversion price set forth herein. The Securities are to be issued under an indenture (the
“Indenture”), to be dated as of the Closing Date (as defined herein), between the Company and U.S. Bank National Association, as trustee (the “Trustee”). The Securities will have the benefit of a registration rights
agreement (the “Registration Rights Agreement”), to be dated as of the Closing Date, among the Company and the Initial Purchasers, pursuant to which the Company will agree to register the resale of the Securities under the Act
subject to the terms and conditions therein specified. To the extent there are no additional parties listed on Schedule I other than you, the term Representative as used herein shall mean you as the Initial Purchaser, and the terms
Representative and Initial Purchaser shall mean either the singular or plural as the context requires. The use of the neuter in this Agreement shall include the feminine and masculine wherever appropriate. Certain terms used herein are defined in
Section 18 hereof. 
  
 The sale of the Securities to the Initial
Purchaser will be made without registration of the Securities or the Common Stock issuable upon conversion thereof under the Act in reliance upon exemptions from the registration requirements of the Act. 
  

 1 

 In connection with the sale of the Securities, the Company has prepared a preliminary offering
memorandum, dated February 4, 2004 (as amended or supplemented at the date thereof, including any and all exhibits thereto and any information incorporated by reference therein, the “Preliminary Memorandum”), and a final offering
memorandum, dated February 5, 2004 (as amended or supplemented at the Execution Time, including any and all exhibits thereto and any information incorporated by reference therein, the “Final Memorandum”). Each of the Preliminary
Memorandum and the Final Memorandum sets forth certain information concerning the Company, the Securities and the Common Stock issuable upon conversion thereof. The Company hereby confirms that it has authorized the use of the Preliminary Memorandum
and the Final Memorandum, and any amendment or supplement thereto, in connection with the offer and sale of the Securities by the Initial Purchasers. Unless stated to the contrary, any references herein to the terms “amend”,
“amendment” or “supplement” with respect to the Final Memorandum shall be deemed to refer to and include any information filed under the Exchange Act subsequent to the Execution Time but prior to the Closing that is incorporated
by reference therein. 
  
 SECTION 1. Representations and
Warranties. The Company represents and warrants to each Initial Purchaser as set forth below in this Section 1. 
  
 (a) The Preliminary Memorandum, at the date thereof, did not contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to
any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by an Initial Purchaser through the Representative expressly for use therein. 
  
 (b) At the Execution Time and on the Closing Date, the Final
Memorandum did not and on any date on which Option Securities are purchased, if such date is not the Closing Date (a “Settlement Date”), the Final Memorandum (and any amendment or supplement thereto) will not include any untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Company makes no
representations or warranties as to the information contained in or omitted from the Final Memorandum (or any amendment or any supplement thereto) in reliance upon and in conformity with information furnished in writing to the Company by or on
behalf of any Initial Purchaser specifically for inclusion in the Final Memorandum (or any amendment or any supplement thereto). 
  
 (c) Subject to the accuracy of the representations and warranties of the Initial Purchasers in Section 4 hereof, none of the Company, its
Affiliates, or any person acting on its or their behalf has, directly or indirectly, made offers or sales of any Security, or solicited offers to buy, any Security under circumstances that would require the registration of the Securities or the
Common Stock issuable upon conversion thereof under the Act. 
  

 2 

 (d) Subject to the accuracy of the representations and warranties of the Initial
Purchasers in Section 4 hereof, none of the Company, its Affiliates, or any person acting on its or their behalf has: (i) engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with any
offer or sale of the Securities or (ii) engaged in any directed selling efforts (within the meaning of Regulation S) with respect to the Securities or the Common Stock issuable upon conversion thereof; and each of the Company, its Affiliates and
each person acting on its or their behalf has complied with the offering restrictions requirement of Regulation S. 
  
 (e) The Securities satisfy the eligibility requirements of Rule 144A(d)(3) under the Act. 
  
 (f) No registration under the Act of the Securities is
required for the offer and sale of the Securities to or by the Initial Purchasers in the manner contemplated herein and in the Final Memorandum. 
  
 (g) The Company is not and, after giving effect to the offering and sale of the Securities, will not be an “investment company”,
as such term is defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”). 
  
 (h) The Company is subject to and in compliance with the reporting requirements of Section 13 or Section 15(d) of the Exchange Act.

  
 (i) The Company has not paid or agreed to pay
to any person any compensation for soliciting another to purchase any Securities of the Company (except as contemplated in this Agreement). 
  
 (j) Each of the Company, Equinix-DC, Inc. and Equinix OpCo, Inc. has been duly incorporated and is validly existing as a corporation in
good standing under the laws of Delaware with power and authority (corporate and other) to own its properties and conduct its business as described in the Final Memorandum. The Company is duly qualified as a foreign corporation for the transaction
of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, or is subject to no liability or disability by reason of the failure to
be so qualified in any such jurisdiction. 
  
 (k)
The subsidiaries listed on Annex A attached hereto are the only “significant subsidiaries” of the Company (as defined in Rule l-02 of Regulation S-X under the Act). 
  
 (l) The Company has an authorized capitalization as set forth in the Final Memorandum, and all of the issued
shares of capital stock of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and the Securities conform to the description thereof contained in the Final Memorandum; the shares of Common Stock initially
issuable upon conversion of the Securities have been duly authorized and, when issued upon conversion of the Securities against payment of the conversion price, will be validly issued, fully paid and nonassessable; the Board of Directors 

  

 3 

 
of the Company has duly and validly adopted resolutions reserving such shares of Common Stock for issuance upon conversion of the Securities; the holders of
outstanding shares of capital stock of the Company are not entitled to preemptive or other rights to subscribe for the Securities or the shares of Common Stock issuable upon conversion thereof; and, except as set forth in the Final Memorandum, no
options, warrants or other rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into or exchange any securities for, shares of capital stock of, or ownership interests in, the Company are outstanding.

  
 (m) The statements set forth in the Final
Memorandum under the caption “Description of the Debentures”, insofar as they purport to constitute a summary of the terms of the Securities and under the captions “Plan of Distribution” and “Description of Common
Stock” included or incorporated by reference in the Final Memorandum insofar as they purport to describe the provisions of the laws and documents referred to therein, are accurate, complete and fair. 
  
 (n) This Agreement has been duly authorized, executed and
delivered by the Company; the Indenture has been duly authorized and, assuming due authorization, execution and delivery thereof by the Trustee, when executed and delivered by the Company, will constitute a legal, valid, binding instrument
enforceable against the Company in accordance with its terms (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in
effect and to general principles of equity); the Securities have been duly authorized, and, when executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Initial Purchasers, will be duly
executed and delivered by the Company and will constitute the legal, valid and binding obligations of the Company entitled to the benefits of the Indenture (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization,
insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and to general principles of equity) and will be convertible into Common Stock in accordance with their terms; and the Registration Rights
Agreement has been duly authorized by the Company and, when executed and delivered by the Company, will constitute the legal, valid, binding and enforceable instrument of the Company (subject, as to the enforcement of remedies, to applicable
bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and to general principles of equity), provided that no representation is made with respect to Section 6 thereof.

  
 (o) The issue and sale of the Securities by
the Company and the compliance by the Company with all of the provisions of this Agreement, the Indenture and the Registration Rights Agreement and the consummation of the transactions contemplated herein or therein will not conflict with or result
in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company is a party or by which the Company is bound or
to which any of the property or assets of the Company is subject, except for such breach, violation or default as would not have a Material 

  

 4 

 
Adverse Effect on the business, financial condition, results of operations or prospects of the Company (a “Material Adverse Effect”) or the
performance by the Company of its obligations hereunder, nor will such action result in any violation of the provisions of the Certificate of Incorporation or Bylaws of the Company or any statute or any order, rule or regulation of any court or
governmental agency or body having jurisdiction over the Company or any of the properties of the Company; and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is
required for the issue and sale of the Securities or the consummation by the Company of the transactions contemplated herein, in the Indenture or in the Registration Rights Agreement, except such consents, approvals, authorizations, registrations or
qualifications as may be required under state securities or Blue Sky laws in connection with the purchase and distribution of the Securities by the Initial Purchasers and, in the case of the Registration Rights Agreement, such as will be obtained
under the Act and the Trust Indenture Act. 
  
 (p) Other than as set forth in the Final Memorandum, the Company has good and marketable title to all personal property owned by it free and clear of all liens, encumbrances and defects except such as are described in the Final Memorandum
or such as do not materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Company; and any real property and buildings held under lease by the Company are held by them under
valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with the use made and proposed to be made of such property and buildings by the Company. 
  
 (q) Other than as set forth in the Final Memorandum, there
are no legal or governmental proceedings pending to which the Company is a party or of which any property of the Company is the subject which, if determined adversely to the Company, would individually or in the aggregate (i) have a material adverse
effect on the performance of this Agreement, the Indenture or the Registration Rights Agreement, or the consummation of any of the transactions contemplated hereby or (ii) have a Material Adverse Effect; and, to the Company’s knowledge, no such
proceedings are threatened or contemplated by governmental authorities or threatened by others. 
  
 (r) The Company is not in violation of its Certificate of Incorporation, Bylaws or other organizational documents or in default in the
performance or observance of any material obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it or any of its
properties may be bound. 
  
 (s)
PricewaterhouseCoopers, LLP, who have certified certain financial statements of the Company and its consolidated subsidiaries, are independent public accountants as required by the Act. 
  
 (t) Other than fixed assets taxes relating to the Company’s Japan IBX and certain business related
taxes relating to the Company’s business operations in Japan, which taxes are currently under review by the Company, the Company has filed all 

  

 5 

 
foreign, federal, state and local tax returns that are required to be filed or has requested extensions thereof and has paid all taxes required to be paid by
it and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except for any such assessment, fine or penalty that is currently being contested in good faith or as would not, individually
or in the aggregate, have a Material Adverse Effect. 
  
 (u) No labor dispute with the employees of the Company exists or, to the Company’s knowledge, is imminent. 
  
 (v) The Company is insured by insurers of recognized financial responsibility; the Company has no reason to believe that it will not be
able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect. 
  
 (w) Except as otherwise disclosed in the Final Memorandum,
the Company owns or possesses adequate rights to use, all material trademarks, service marks, trademark registrations, service mark registrations, domain names, copyrights, licenses, inventions and know-how (including trade secrets and other
unpatented and/or unpatentable proprietary or confidential information, systems or procedures) necessary for the conduct of its business as described in the Final Memorandum, and the Company has no reason to believe that the conduct of its business
will conflict with, and has not received any notice of any claim of conflict with, any such rights of others, except any failure or conflict as would not, individually or in the aggregate, have a Material Adverse Effect; and to the Company’s
knowledge, the Company has not infringed or is infringing any trademarks, service marks, trademark registrations, service mark registrations, domain names or copyrights, which infringement could reasonably be expected to result in a Material Adverse
Effect. 
  
 (x) Except as otherwise disclosed in
the Final Memorandum, to the Company’s knowledge, the Company possesses adequate rights to use all material patents necessary for the conduct of its business; to the Company’s knowledge, no valid United States patent is or would be
infringed by the activities of the Company, except any failure or infringement as would not, individually or in the aggregate, have a Material Adverse Effect; there are no actions, suits or proceedings pending relating to patents or proprietary
information to which the Company is a party or of which any property of the Company is subject and, to the Company’s knowledge, no such actions, suits or proceedings are threatened by governmental authorities or others; the Company is not aware
of any claim by others that the Company is infringing or otherwise violating the patents or other intellectual property of others and is not aware of any rights of third parties to any of its licensed patents or licenses which could materially
affect its use thereof. 
  
 (y) The Company is
not aware of any material fact with respect to the patent applications of the Company presently on file that (a) would preclude the issuance of patents with respect to such applications or (b) would lead such counsel to conclude that 

  

 6 

 
such patents, when issued, would not be valid and enforceable in accordance with applicable regulations. 
  
 (z) The Company maintains a system of internal accounting
controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements
in conformity with generally accepted accounting principles and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 
  
 (aa) Other than its wholly-owned subsidiaries, the Company does not own any shares of capital in or any interest in any corporation,
partnership, association, joint venture or other business entity. 
  
 (bb) Other than as set forth or contemplated in the Final Memorandum, the Company has not sustained since the date of the latest audited financial statements of the Company included in the Final Memorandum any
material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree; and, since the respective dates as of
which information is given in the Final Memorandum, there has not been any change in the capital stock (except pursuant to the exercise of options and warrants), short-term debt, long-term debt, net current assets or net assets of the Company or any
material adverse change, or any development involving a prospective material adverse change, in or affecting the general affairs, management, financial position, stockholders’ equity or results of operations of the Company. 
  
 (cc) Neither the Company nor any of its affiliates does
business with the government of Cuba or with any person or affiliate located in Cuba within the meaning of Section 517.075, Florida Statutes. 
  
 (dd) Except as disclosed in the Final Memorandum, there are no contracts, agreements or understandings between the Company and any person
granting such person the right to require the Company to file a registration statement under the Act with respect to any securities of the Company owned or to be owned by such person or to require the Company to include such securities in the
securities registered pursuant to a registration statement or in any securities being registered pursuant to any other registration statement filed by the Company under the Act, other than those that have been effectively satisfied or waived in
writing. 
  
 Any certificate signed by any officer of the Company
and delivered to the Representative or counsel for the Initial Purchasers in connection with the offering of the Securities shall be deemed a representation and warranty by the Company, as to matters covered thereby, to each Initial Purchaser.

  

 7 

 SECTION 2. Purchase and Sale. (a) Subject to the terms and conditions and in reliance upon the
representations and warranties herein set forth, the Company agrees to sell to each Initial Purchaser, and each Initial Purchaser agrees, severally and not jointly, to purchase from the Company, at a purchase price of 96.75% of the principal amount
thereof, plus accrued interest, if any, from February 11, 2004 to the Closing Date, the principal amount of Firm Securities set forth opposite such Initial Purchaser’s name in Schedule I hereto. 
  
 (b) Subject to the terms and conditions and in reliance upon the
representations and warranties herein set forth, the Company hereby grants an option to the several Initial Purchasers to purchase, severally and not jointly, the Option Securities at the same purchase price as the Initial Purchasers shall pay for
the Firm Securities, plus accrued interest, if any, from February 11, 2004 to the settlement date for the Option Securities. The option may be exercised in whole or in part at any time (but not more than once) on or before the 30th day after the
date of the Final Memorandum upon written or telegraphic notice by the Representative to the Company setting forth the principal amount of Option Securities as to which the several Initial Purchasers are exercising the option and the settlement
date. Delivery of the Option Securities, and payment therefor, shall be made as provided in Section 3 hereof. The principal amount of Option Securities to be purchased by each Initial Purchaser shall be the same percentage of the total principal
amount of Option Securities to be purchased by the several Initial Purchasers as such Initial Purchaser is purchasing of the Firm Securities, subject to such adjustments as you in your absolute discretion shall make to eliminate any fractional
Securities. 
  
 SECTION 3. Delivery and Payment. (a)
Delivery of and payment for the Firm Securities and the Option Securities (if the option provided for in Section 2(b) hereof shall have been exercised on or before the third Business Day prior to the Closing Date) shall be made at 10:00 A.M., New
York City time, on February 11, 2004, or at such time on such later date not more than three Business Days after the foregoing date as the Representative shall designate, which date and time may be postponed by agreement between the Representative
and the Company or as provided in Section 9 hereof (such date and time of delivery and payment for the Securities being herein called the “Closing Date”). Delivery of the Securities shall be made to the Representative for the
respective accounts of the several Initial Purchasers against payment by the several Initial Purchasers through the Representative of the purchase price thereof to or upon the order of the Company by wire transfer payable in same-day funds to the
account specified by the Company. Delivery of the Securities shall be made through the facilities of The Depository Trust Company unless the Representative shall otherwise instruct. 
  
 (b) If the option provided for in Section 2(b) hereof is exercised after the third Business Day prior to the Closing Date,
the Company will deliver the Option Securities (at the expense of the Company) to the Representative on the date specified by the Representative (which shall be within three Business Days after exercise of said option) for the respective accounts of
the several Initial Purchasers, against payment by the several Initial Purchasers through the Representative of the purchase price thereof to or upon the order of the Company by wire transfer payable in same-day funds to the account specified by the
Company. If settlement for the Option Securities occurs after the Closing Date, the Company will deliver to the Representative on the settlement date for the Option Securities, and the obligation of the Initial Purchasers to purchase the Option
Securities shall be conditioned upon receipt of, supplemental opinions, 

  

 8 

 
certificates and letters confirming as of such date the opinions, certificates and letters delivered on the Closing Date pursuant to Section 6 hereof.

  
 SECTION 4. Offering by Initial Purchasers. (a) Each
Initial Purchaser acknowledges that the Securities and the Common Stock issuable upon conversion thereof have not been and will not be registered under the Act and may not be offered or sold within the United States or to, or for the account or
benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Act. 
  
 (b) Each Initial Purchaser, severally and not jointly, represents and warrants to and agrees with the Company that: 
  
 (i) it has not offered or sold, and will not offer or sell,
any Securities within the United States or to, or for the account or benefit of, U.S. persons (x) as part of their distribution at any time or (y) otherwise until one year after the later of the commencement of the offering and the date of closing
of the offering except: 
  
 (A) to those it
reasonably believes to be “qualified institutional buyers” (as defined in Rule 144A under the Act) or 
  
 (B) in accordance with Rule 903 of Regulation S; 
  

(ii) neither it nor any person acting on its behalf has made or will make offers or sales of the Securities in the United States by
means of any form of general solicitation or general advertising (within the meaning of Regulation D) in the United States; 
  
 (iii) in connection with each sale pursuant to Section 4(b)(i)(A), it has taken or will take reasonable steps to ensure that the purchaser
of such Securities is aware that such sale is being made in reliance on Rule 144A; 
  
 (iv) any information provided by the Initial Purchasers to publishers of publicly available databases about the terms of the Securities
shall include a statement that the Securities have not been registered under the Act and are subject to restrictions under Rule 144A under the Act and Regulation S; 
  
 (v) it will not engage in hedging transactions with regard to the Securities prior to the expiration of the
distribution compliance period as (defined in Regulation S), unless in compliance with the Act; 
  
 (vi) neither it, nor any of its Affiliates nor any person acting on its or their behalf has engaged or will engage in any directed selling
efforts (within the meaning of Regulation S) with respect to the Securities; 
  
 (vii) it has not entered and will not enter into any contractual arrangement with any distributor (within the meaning of Regulation S) with respect to the 

  

 9 

 
distribution of the Securities, except with its affiliates or with the prior written consent of the Company; 
  
 (viii) it and they have complied and will comply with the
offering restrictions requirement of Regulation S; 
  
 (ix) at or prior to the confirmation of sale of Securities (other than a sale of Securities pursuant to Section 4(b)(i)(A) of this Agreement), it shall have sent to each distributor, dealer or person receiving a selling concession, fee or
other remuneration that purchases Securities from it during the distribution compliance period (within the meaning of Regulation S) a confirmation or notice to substantially the following effect: 
  
 “The Securities covered hereby have not been registered under the U.S.
Securities Act of 1933 (the “Act”) and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until one year after
the later of the commencement of the offering and the date of closing of the offering, except in either case in accordance with Regulation S or Rule 144A under the Act. Additional restrictions on the offer and sale of the Securities and the Common
Stock issuable upon conversion thereof are described in the offering memorandum for the Securities. Terms used in this paragraph have the meanings given to them by Regulation S.” 
  
 (x) it acknowledges that additional restrictions on the offer and sale of the Securities and the Common
Stock issuable upon conversion thereof are described in the Final Memorandum; 
  
 (xi) it has not offered or sold and, prior to the date six months after the date of issuance of the Securities, will not offer or sell any Securities to persons in the United Kingdom except to persons whose ordinary
activities involve them in acquiring, holding, managing or disposing of investments (as principal or as agent) for the purposes of their businesses or otherwise in circumstances which have not resulted and will not result in an offer to the public
in the United Kingdom within the meaning of the Public Offers of Securities Regulations 1995; 
  
 (xii) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the
Securities in, from or otherwise involving the United Kingdom; 
  
 (xiii) it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of the
FSMA) received by it in connection with the issue or sale of any Securities, in circumstances in which section 21(1) of the FSMA does not apply to the Company; and 
  

 10 

 (xiv) it is an “accredited investor” (as defined in Rule 501(a) of Regulation
D). 
  
 SECTION 5. Agreements. The Company agrees with each
Initial Purchaser that: 
  
 (a) The Company will
furnish to each Initial Purchaser and to counsel for the Initial Purchasers, without charge, during the period referred to in paragraph (c) below, as many copies of the Final Memorandum and any amendments and supplements thereto as they may
reasonably request. 
  
 (b) The Company will not
amend or supplement the Final Memorandum, other than by filing documents under the Exchange Act that are incorporated by reference therein, without the prior written consent of the Representative; provided, however, that, prior to the
date that is the earlier of 30 days after the date hereof and the date on which the Initial Purchasers purchase the Option Securities in full, the Company will not file any document under the Exchange Act that is incorporated by reference in the
Final Memorandum unless, prior to such proposed filing, the Company has furnished the Representative with a copy of such document for its review and the Representative has not reasonably objected to the filing of such document. The Company will
promptly advise the Representative when any document filed under the Exchange Act that is incorporated by reference in the Final Memorandum shall have been filed with the Commission. 
  
 (c) If at any time prior to the completion of the sale of the Securities by the Initial Purchasers (as
determined by the Representative), any event occurs as a result of which the Final Memorandum, as then amended or supplemented, would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading, or if it should be necessary to amend or supplement the Final Memorandum to comply with applicable law, the Company will promptly (i) notify the Representative of
any such event; (ii) subject to the requirements of paragraph (b) of this Section 5, prepare an amendment or supplement that will correct such statement or omission or effect such compliance; and (iii) supply any supplemented or amended Final
Memorandum to the several Initial Purchasers and counsel for the Initial Purchasers without charge in such quantities as they may reasonably request. 
  
 (d) The Company will arrange, if necessary, for the qualification of the Securities for sale by the Initial Purchasers under the laws of
such jurisdictions as the Representative may designate and will maintain such qualifications in effect so long as required for the sale of the Securities; provided that in no event shall the Company be obligated to qualify to do business in
any jurisdiction where it is not now so qualified or to take any action that would subject it to service of process in suits, other than those arising out of the offering or sale of the Securities, in any jurisdiction where it is not now so subject.
The Company will promptly advise the Representative of the receipt by the Company of any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose. 
  

 11 

 (e) During the period of two years after the Closing Date, the Company will not resell
any Securities or shares of Common Stock issued upon conversion thereof that have been acquired by it. 
  
 (f) None of the Company or any person acting on its or their behalf will, directly or indirectly, make offers or sales of any Security, or
solicit offers to buy any Security, under circumstances that would require the registration of the Securities or Common Stock issuable upon conversion thereof under the Act. 
  
 (g) None of the Company, its Affiliates, or any person acting on its or their behalf will engage in any form
of general solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Securities in the United States. 
  
 (h) So long as any of the Securities or the Common Stock issuable upon the conversion thereof are
“restricted securities” within the meaning of Rule 144(a)(3) under the Act, the Company will, during any period in which it is not subject to and in compliance with Section 13 or 15(d) of the Exchange Act, provide to each holder of such
restricted securities and to each prospective purchaser (as designated by such holder) of such restricted securities, upon the request of such holder or prospective purchaser, any information required to be provided by Rule 144A(d)(4) under the Act.
This covenant is intended to be for the benefit of the holders, and the prospective purchasers designated by such holders, from time to time of such restricted securities. 
  
 (i) None of the Company, its Affiliates, or any person acting on its or their behalf will engage in any
directed selling efforts with respect to the Securities, and each of them will comply with the offering restrictions requirement of Regulation S. Terms used in this paragraph have the meanings given to them by Regulation S. 
  
 (j) Any information provided by the Company to publishers of
publicly available databases about the terms of the Securities shall include a statement that the Securities have not been registered under the Act and are subject to restrictions under Rule 144A under the Act and Regulation S. 
  
 (k) The Company will cooperate with the Representative and
use its commercially reasonable best efforts to permit the Securities to be eligible for clearance and settlement through The Depository Trust Company. 
  
 (l) The Company will reserve and keep available at all times, free of pre-emptive rights, the full number of shares of Common Stock
issuable upon conversion of the Securities. 
  
 (m) Except as set forth in Exhibit C (“Permitted Issuances”), the Company will not for a period of 90 days following the Execution Time, without the prior written consent of Citigroup Global Markets Inc., directly or
indirectly, offer, sell, contract to sell, pledge, otherwise dispose of, enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or 

  

 12 

 
effective economic disposition due to cash settlement or otherwise) by the Company or any Affiliate of the Company or any person in privity with the Company
or any Affiliate of the Company of, file (or participate in the filing of) a registration statement with the Commission in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the
meaning of Section 16 of the Exchange Act in respect of, any shares of capital stock of the Company or any securities convertible into, or exercisable or exchangeable for, shares of capital stock of the Company (other than the Securities), or
publicly announce an intention to effect any such transaction; provided, however, that the Company may issue and sell Common Stock or securities convertible into or exchangeable for Common Stock pursuant to any employee stock option
plan, stock ownership plan or dividend reinvestment plan of the Company described in the Final Memorandum and in effect at the Execution Time, and the Company may issue Common Stock issuable upon the conversion of securities or the exercise of
warrants outstanding at the Execution Time and described in the Final Memorandum. 
  
 (n) For a period of 90 days after the date of this Agreement, the Company will not take, directly or indirectly, any action designed to or
which has constituted or which might reasonably be expected to cause or result, under the Exchange Act or otherwise, in stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities.

  
 (o) Between the date hereof and the Closing
Date, the Company will not do or authorize any act or thing that would result in an adjustment of the conversion price. 
  
 (p) The Company agrees to pay its costs and expenses relating to the following matters: (i) the preparation of the Indenture and the
Registration Rights Agreement, the issuance of the Securities, the fees of the Trustee and the issuance of the Common Stock upon conversion of the Securities; (ii) the preparation, printing or reproduction of the Preliminary Memorandum and the Final
Memorandum and each amendment or supplement to either of them; (iii) the printing (or reproduction) and delivery (including postage, air freight charges and charges for counting and packaging) of such copies of the Preliminary Memorandum and the
Final Memorandum, and all amendments or supplements to either of them, as may, in each case, be reasonably requested for use in connection with the offering and sale of the Securities; (iv) the preparation, printing, authentication, issuance and
delivery of certificates for the Securities; (v) any stamp or transfer taxes in connection with the original issuance and sale of the Securities; (vi) the printing (or reproduction) and delivery of this Agreement, any blue sky memorandum and all
other agreements or documents printed (or reproduced) and delivered in connection with the offering of the Securities; (vii) any registration or qualification of the Securities for offer and sale under the securities or blue sky laws of the several
states and any other jurisdictions specified pursuant to Section 5(d) (including filing fees and the reasonable fees and expenses of counsel for the Initial Purchasers relating to such registration and qualification); (viii) admitting the Securities
for trading in the PORTAL Market; (ix) the transportation and other expenses incurred by or on behalf of Company representatives in connection with presentations to prospective purchasers of the Securities; (x) the fees and expenses of the
Company’s accountants and the fees and expenses of counsel (including 

  

 13 

 
local and special counsel) for the Company; and (xi) all other costs and expenses incurred by the Company incident to the performance by the Company of its
obligations hereunder. Subject to the provisions of Section 7 hereof, the Representative shall be responsible for all expenses incurred by it in connection with this Agreement and the transactions contemplated herein, including, without limitation,
the fees and expenses of counsel to the Representative. 
  
 (q) The Company will not knowingly take any action or omit to take any action (such as issuing any press release relating to any Securities without an appropriate legend) which may result in the loss by any of the
Initial Purchases of the ability to rely on any stabilization safe harbor provided by the Financial Services Authority under the FSMA. 
  
 SECTION 6. Conditions to the Obligations of the Initial Purchasers. The obligations of the Initial Purchasers to purchase the Firm Securities and
the Option Securities, as the case may be, shall be subject to the accuracy of the representations and warranties of the Company contained herein at the Execution Time, the Closing Date and any settlement date pursuant to Section 3 hereof, to the
accuracy of the statements of the Company made in any certificates pursuant to the provisions hereof, to the performance by the Company of its obligations hereunder and to the following additional conditions: 
  
 (a) The Company shall have requested and caused Gunderson
Dettmer Stough Villeneuve Franklin & Hachigian LLP, counsel for the Company, to furnish to the Representative its opinion, dated the Closing Date and addressed to the Representative, to the effect that: 
  
 (i) The Company has been duly incorporated and is validly
existing as a corporation in good standing under the laws of Delaware, with corporate power and authority to own its properties and conduct its business as described in the Final Memorandum; 
  
 (ii) The Company has been duly qualified as a foreign
corporation for the transaction of business and is in good standing under the laws of California, Illinois, New Jersey, Ohio, Texas and Virginia; 
  
 (iii) The Company has an authorized capitalization as set forth in the Final Memorandum, and all of the issued shares of capital stock of
the Company have been duly and validly authorized and issued and are, to the knowledge of such counsel, fully paid and non-assessable; the shares of Common Stock initially issuable upon conversion of the Securities have been duly authorized and,
when issued upon conversion of the Securities against payment of the conversion price, will be validly issued, fully paid and nonassessable; the Board of Directors of the Company has duly and validly adopted resolutions reserving such shares of
Common Stock for issuance upon conversion of the Securities; 
  
 (iv) The Indenture has been duly authorized, executed and delivered; 
  

 14 

 (v) The Registration Rights Agreement has been duly authorized, executed and delivered
and constitutes the legal, valid, binding and enforceable obligation of the Company (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights
generally from time to time in effect and to general principles of equity), provided that no opinion is given with respect to Section 6 thereof; 
  
 (vi) The statements set forth in the Final Memorandum under the captions “Plan of Distribution” and “Description of Common
Stock” included or incorporated by reference in the Final Memorandum insofar as they purport to describe the provisions of the laws referred to therein, are accurate; 
  
 (vii) The statements set forth in the Final Memorandum under the caption “Description of the
Debentures”, insofar as they purport to constitute a summary of the conversion terms of the Securities, fairly present such information; 
  
 (viii) To such counsel’s knowledge and other than as set forth in the Final Memorandum, there are no legal or governmental
proceedings pending to which the Company is a party which, if determined adversely to the Company, would individually or in the aggregate have a Material Adverse Effect; and, to such counsel’s knowledge, no such proceedings are threatened by
governmental authorities or threatened by others; 
  
 (ix) The Final Memorandum and any further amendments and supplements thereto made by the Company prior to the Closing Date (other than the financial statements and related schedules thereto and the financial data derived from the financial
statements included therein, as to which such counsel need express no belief) comply as to form in all material respects with the requirements of the Act; although they do not assume any responsibility for the accuracy, completeness or fairness of
the statements contained in the Final Memorandum, except for those referred to in the opinion in subsection (iv) and (vi) of this section 6(a), they have no reason to believe that, as of its date, the Final Memorandum or any further amendment or
supplement thereto made by the Company prior to the Closing Date (other than the financial statements and related schedules thereto and the financial data derived from the financial statements included therein or other financial and statistical
data, as to which such counsel need express no opinion) contained an untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading or that, as of the Closing Date, the Final Memorandum or any further amendment or supplement thereto made by the Company prior to the Closing Date (other than the financial statements and related schedules thereto and the financial data
derived from the financial statements included therein or other financial data, as to which such counsel need express no opinion) contains an untrue statement of a material fact or omits to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading; and they do not know 

  

 15 

 
of any contracts or other documents of a character required to be described in the Final Memorandum which are not filed or described as required. 

 
 (x) This Agreement has been duly authorized, executed and
delivered by the Company; 
  
 (xi) The issue and
sale of the Securities being delivered at the Closing Date by the Company and the compliance by the Company with all of the provisions of this Agreement, the Indenture and the Registration Rights Agreement and the consummation of the transactions
contemplated herein or therein will not result in any violation of the provisions of the Certificate of Incorporation or Bylaws of the Company or, with respect to this Agreement and the Registration Rights Agreement only, any statute or any order,
rule or regulation known to such counsel of any court or governmental agency or body having jurisdiction over the Company or any of the properties of the Company; 
  
 (xii) Assuming (a) the accuracy of the representations and warranties of the Company and of the Initial
Purchasers set forth in this Agreement, (b) the due performance by the Company and the due performance by the Initial Purchasers of the covenants and agreements set forth in this Agreement, (c) compliance by the Initial Purchasers with the offering
and transfer procedures and restrictions described in the Final Memorandum, (d) the accuracy of the representations and warranties made in accordance with this Agreement and the Final Memorandum by purchasers to whom the Initial Purchasers initially
resell Securities and (e) that purchasers to whom the Initial Purchasers initially resell Securities receive a copy of the Final Memorandum prior to such sale, neither (i) the offer, sale and delivery of the Securities to the Initial Purchasers in
the manner contemplated by this Agreement and the Final Memorandum nor (ii) the initial resale of the Securities by the Initial Purchasers in the manner contemplated by this Agreement and the Final Memorandum require registration under the Act and
the Indenture does not require qualification under the Trust Indenture Act, it being understood that such counsel need not express an opinion as to any subsequent resale of any Securities or any shares of Common Stock issuable upon conversion
thereof; 
  
 (xiii) The Company is not an
“investment company”, as such term is defined in the Investment Company Act; and 
  
 (xiv) To such counsel’s knowledge, the Company is not in violation of its Certificate of Incorporation or Bylaws; 
  
 In rendering such opinion, such counsel may rely (A) as to matters involving
the application of laws of any jurisdiction other than the jurisdiction of incorporation of the Company, the State of New York or the federal laws of the United States, to the extent they deem proper and specified in such opinion, upon the opinion
of other counsel of good standing whom they believe to be reliable and who are satisfactory to counsel for the Initial Purchasers; and (B) as to matters of fact, to the extent they deem proper, on certificates of responsible officers of the 

  

 16 

 
Company and public officials. References to the Final Memorandum in this Section 6(a) include any amendment or supplement thereto at the Closing Date.

  
 (b) The Company shall have requested and
caused Brandi L. Galvin, General Counsel for the Company, to have furnished to the Representative her opinion, dated the Closing Date and addressed to the Representative, to the effect that: 
  
 (i) The issue and sale of the Securities being delivered at
the Closing Date by the Company and the compliance by the Company with all of the provisions of this Agreement, the Indenture and the Registration Rights Agreement and the consummation of the transactions contemplated herein or therein will not
result in a breach or violation of any of the terms or provisions of, or constitute a default under, any agreement or instrument filed as an exhibit to the Company’s Form 10-K/A for the year ended December 31, 2002 and which are not the subject
of the opinions to be delivered pursuant to Sections 6(a) or 6(c) hereof; and 
  
 (ii) To such counsel’s knowledge, the Company is not in default in the performance or observance of any material obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust,
loan agreement, lease or other agreement or instrument filed as an exhibit to the Company’s Form 10-K/A for the year ended December 31, 2002 to which it is a party or by which it or any of its properties may be bound. 
  
 (c) The Company shall have requested and caused Willkie,
Farr & Gallagher LLP, counsel to the Company, to have furnished to the Representative their opinion, dated the Closing Date and addressed to the Representative, to the effect that: 
  
 (i) The issue and sale of the Securities being delivered at the Closing Date by the Company, and the
performance by the Company of its obligations under this Agreement, the Indenture and the Registration Rights Agreement, will not result in a breach or violation of any of the terms or provisions of or constitute a default under the Indenture, dated
as of December 1, 1999, between the Company and State Street Bank and Trust Company of California, N.A., as trustee (the “Prior Trustee”), as amended by the First Supplemental Indenture thereto dated as of December 28, 2002;

  
 (ii) Other than with respect to the
conversion terms thereof, the Securities conform in all material respects to the description of the Securities contained in the Final Memorandum; 
  
 (iii) The Indenture constitutes a legal, valid and binding instrument enforceable against the Company in accordance with its terms
(subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium, fraudulent transfer or other laws affecting creditors’ rights generally from time to time in effect and to general principles of
equity); the Securities, when executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Initial Purchasers under this Agreement, 

  

 17 

 
will constitute legal, valid, binding and enforceable obligations of the Company entitled to the benefits of the Indenture (subject, as to the enforcement of
remedies, to applicable bankruptcy, reorganization, insolvency, moratorium, fraudulent transfer or other laws affecting creditors’ rights generally from time to time in effect and to general principles of equity) and will be convertible into
Common Stock in accordance with their terms and the terms of the Indenture; 
  
 (iv) Other than with respect to the conversion terms of the Securities, the statements set forth in the Final Memorandum under the caption “Description of the Debentures”, insofar as they purport to
constitute a summary of the terms of the Securities, fairly present such information; 
  
 (v) The issue and sale of the Securities being delivered at the Closing Date by the Company, and the performance by the Company of its
obligations under the Indenture, will not result in any violation of any statute of the State of New York or any order, rule or regulation known to such counsel of any court or governmental agency or body of such State having jurisdiction over the
Company or any of the properties of the Company (except that no opinion is expressed with respect to securities or Blue Sky laws or regulations); and 
  
 (vi) No consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is
required for the issue and sale of the Securities or for the performance by the Company of its obligations under this Agreement, the Indenture or the Registration Rights Agreement, except such consents, approvals, authorizations, registrations or
qualifications as may be required under the securities or Blue Sky laws or regulations of the State of New York in connection with the purchase and distribution of the Securities by the Initial Purchasers. 
  
 (d) The Representative shall have received from Cahill
Gordon & Reindel LLP, counsel for the Initial Purchasers, such opinion or opinions, dated the Closing Date and addressed to the Representative, with respect to the issuance and sale of the Securities, the Indenture, the Registration Rights
Agreement, the Final Memorandum (as amended or supplemented at the Closing Date) and other related matters as the Representative may reasonably require, and the Company shall have furnished to such counsel such documents as they request for the
purpose of enabling them to pass upon such matters. 
  
 (e) The Company shall have furnished to the Representative a certificate of the Company, signed by (x) the Chairman of the Board or the Chief Executive Officer and (y) the principal financial or accounting officer of the Company, dated the
Closing Date, to the effect that the signers of such certificate have carefully examined the Final Memorandum, any amendment or supplement to the Final Memorandum and this Agreement and that: 
  
 (i) the representations and warranties of the Company in
this Agreement are true and correct on and as of the Closing Date with the same effect as if 

  

 18 

 
made on the Closing Date and the Company has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or
prior to the Closing Date; and 
  
 (ii) since the
date of the most recent financial statements included or incorporated by reference in the Final Memorandum (exclusive of any amendment or supplement thereto), there has been no Material Adverse Effect. 
  
 (f) At the Execution Time and also on the Closing Date,
PricewaterhouseCoopers LLP shall have furnished to the Initial Purchasers letters, dated the respective dates of delivery thereof, in form and substance satisfactory to you, containing statements and information of the type customarily included in
accountants’ “comfort letters” with respect to the financial statements and certain financial information contained in the Final Memorandum (including any amendment or supplement thereto at the date of the applicable letter).

  
 (g) Subsequent to the Execution Time or, if
earlier, the dates as of which information is given in the Final Memorandum (exclusive of any amendment or supplement thereto), there shall not have been (i) any change or decrease specified in the letter or letters referred to in paragraph (f) of
this Section 6 or (ii) any change, or any development involving a prospective change, in or affecting the condition (financial or otherwise), prospects, earnings, business or properties of the Company, taken as a whole, whether or not arising from
transactions in the ordinary course of business, except as set forth in or contemplated in the Final Memorandum (exclusive of any amendment or supplement thereto) the effect of which, in any case referred to in clause (i) or (ii) above, is, in the
sole judgment of the Representative, so material and adverse as to make it impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated in the Final Memorandum (exclusive of any amendment or supplement
thereto). 
  
 (h) The Securities shall have been
designated as PORTAL-eligible securities in accordance with the rules and regulations of the NASD and the Securities shall be eligible for clearance and settlement through The Depository Trust Company. 
  
 (i) At the Execution Time, the Company shall have furnished
to the Representative a letter substantially in the form of Exhibit A hereto (or such other form that has been previously approved by the Representative) from each officer and director of the Company and the stockholders listed on Exhibit
B addressed to the Representative. 
  
 (j)
The Company shall have caused the shares of Common Stock initially issuable upon conversion of the Securities to be approved for listing, subject to issuance, on the Nasdaq National Market. 
  
 (k) Prior to the Closing Date, the Company shall have
furnished to the Representative such further information, certificates and documents as the Representative may reasonably request. 
  

 19 

 If any of the conditions specified in this Section 6 shall not have been fulfilled when and as provided
in this Agreement, or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory in form and substance to the Representative and counsel for the Initial Purchasers, this Agreement and
all obligations of the Initial Purchasers hereunder may be cancelled at, or at any time prior to, the Closing Date by the Representative. Notice of such cancellation shall be given to the Company in writing or by telephone or facsimile confirmed in
writing. 
  
 The documents required to be delivered by this
Section 6 will be delivered at the office of Cahill Gordon & Reindel LLP, 80 Pine Street, New York, New York 10005 on the Closing Date. 
  
 SECTION 7. Reimbursement of Expenses. If the sale of the Securities provided for herein is not consummated because any condition to the obligations
of the Initial Purchasers set forth in Section 6 hereof is not satisfied, because of any termination pursuant to Section 10 hereof or because of any refusal, inability or failure on the part of the Company to perform any agreement herein or comply
with any provision hereof other than by reason of a default by any of the Initial Purchasers, the Company will reimburse the Initial Purchasers severally through Citigroup Global Markets Inc. on demand for all out-of-pocket expenses (including
reasonable fees and disbursements of counsel) that shall have been incurred by them in connection with the proposed purchase and sale of the Securities. 
  
 SECTION 8. Indemnification and Contribution. (a) The Company agrees to indemnify and hold harmless each Initial Purchaser, the directors, officers,
employees, Affiliates and agents of each Initial Purchaser and each person who controls any Initial Purchaser within the meaning of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to
which they or any of them may become subject under the Act, the Exchange Act or other U.S. federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Memorandum, the Final Memorandum or in any amendment or supplement thereto, or arise out of or are based upon
the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and agrees to reimburse each
such indemnified party, as incurred, for any legal or other expenses reasonably incurred by it in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will
not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made in the Preliminary Memorandum, the
Final Memorandum, or in any amendment thereof or supplement thereto, in reliance upon and in conformity with written information furnished to the Company by or on behalf of any Initial Purchaser through the Representative specifically for inclusion
therein. This indemnity agreement will be in addition to any liability that the Company may otherwise have. 
  
 (b) Each Initial Purchaser severally, and not jointly, agrees to indemnify and hold harmless the Company, each of its directors, each of its officers, and
each person who 

  

 20 

 
controls the Company within the meaning of either the Act or the Exchange Act, to the same extent as the foregoing indemnity from the Company to each Initial
Purchaser, but only with reference to written information relating to such Initial Purchaser furnished to the Company by or on behalf of such Initial Purchaser through the Representative specifically for inclusion in the Preliminary Memorandum, the
Final Memorandum or in any amendment or supplement thereto. This indemnity agreement will be in addition to any liability that any Initial Purchaser may otherwise have. The Company acknowledges that (i) the statements set forth in the last paragraph
of the cover page regarding delivery of the Securities and (ii), under the heading “Plan of Distribution”, (A) the 1st sentence of the 3rd paragraph relating to resales by the Initial Purchasers, (B) the 4th sentence of the 9th paragraph
relating to market making activities and (C) the 10th paragraph relating to stabilization, syndicate covering transactions and penalty bids in the Preliminary Memorandum and the Final Memorandum constitute the only information furnished in writing
by or on behalf of the Initial Purchasers for inclusion in the Preliminary Memorandum, the Final Memorandum or in any amendment or supplement thereto. 
  
 (c) Promptly after receipt by an indemnified party under this Section 8 of notice of the commencement of any action, such indemnified party will, if a
claim in respect thereof is to be made against the indemnifying party under this Section 8, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from
liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event,
relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel (including local counsel) of
the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees
and expenses of any separate counsel, other than local counsel if not appointed by the indemnifying party, retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall be
satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel (including local counsel) to represent the indemnified party in an action, the indemnified party shall have the right to employ separate
counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present
such counsel with a conflict of interest; (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there
may be legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party; (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified
party to represent the indemnified party within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying
party. An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect
of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such 

  

 21 

 
claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of
such claim, action, suit or proceeding. 
  
 (d) In the event that
the indemnity provided in paragraph (a) or (b) of this Section 8 is unavailable to or insufficient to hold harmless an indemnified party for any reason, the Company and the Initial Purchasers severally agree to contribute to the aggregate losses,
claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating or defending any loss, claim, damage, liability or action) (collectively “Losses”) to which the Company and one
or more of the Initial Purchasers may be subject in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and by the Initial Purchasers on the other from the offering of the Securities;
provided, however, that in no case shall any Initial Purchaser be responsible for any amount in excess of the purchase discount or commission applicable to the Securities purchased by such Initial Purchaser hereunder. If the allocation
provided by the immediately preceding sentence is unavailable for any reason, the Company and the Initial Purchasers severally shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative
fault of the Company on the one hand and the Initial Purchasers on the other in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. Benefits received by the Company shall
be deemed to be equal to the total net proceeds from the offering (before deducting expenses) received by it, and benefits received by the Initial Purchasers shall be deemed to be equal to the total purchase discounts and commissions. Relative fault
shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information provided by the Company on the one hand or
the Initial Purchasers on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Company and the Initial Purchasers agree that it would
not be just and equitable if contribution were determined by pro rata allocation or any other method of allocation that does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (d), no
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 8, each person who
controls an Initial Purchaser within the meaning of either the Act or the Exchange Act and each director, officer, employee, Affiliate and agent of an Initial Purchaser shall have the same rights to contribution as such Initial Purchaser, and each
person who controls the Company within the meaning of either the Act or the Exchange Act and each officer and director of the Company shall have the same rights to contribution as the Company, subject in each case to the applicable terms and
conditions of this paragraph (d). 
  
 SECTION 9. Default by an
Initial Purchaser. If any one or more Initial Purchasers shall fail to purchase and pay for any of the Securities agreed to be purchased by such Initial Purchaser hereunder and such failure to purchase shall constitute a default in the
performance of its or their obligations under this Agreement, the remaining Initial Purchasers shall be obligated severally to take up and pay for (in the respective proportions which the principal amount of Securities set forth opposite their names
in Schedule I hereto bears to the aggregate principal amount of Securities set forth opposite the names of all the remaining Initial Purchasers) the Securities which the defaulting Initial Purchaser or Initial Purchasers agreed but failed to
purchase; 

  

 22 

 
provided, however, that in the event that the aggregate principal amount of Securities which the defaulting Initial Purchaser or Initial
Purchasers agreed but failed to purchase shall exceed 10% of the aggregate principal amount of Securities set forth in Schedule I hereto, the remaining Initial Purchasers shall have the right to purchase all, but shall not be under any
obligation to purchase any, of the Securities, and if such nondefaulting Initial Purchasers do not purchase all the Securities, this Agreement will terminate without liability to any nondefaulting Initial Purchaser or the Company. In the event of a
default by any Initial Purchaser as set forth in this Section 9, the Closing Date shall be postponed for such period, not exceeding five Business Days, as the Representative shall determine in order that the required changes in the Final Memorandum
or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting Initial Purchaser of its liability, if any, to the Company or any nondefaulting Initial Purchaser for damages occasioned by
its default hereunder. 
  
 SECTION 10. Termination. This
Agreement shall be subject to termination in the absolute discretion of the Representative, by notice given to the Company prior to delivery of and payment for the Securities, if at any time prior to such time (i) trading in the Company’s
Common Stock shall have been suspended by the Commission or the Nasdaq National Market or trading in securities generally on the Nasdaq National Market shall have been suspended or limited or minimum prices shall have been established on the Nasdaq
National Market; (ii) a banking moratorium shall have been declared either by U.S. federal or New York State authorities; or (iii) there shall have occurred any outbreak or escalation of hostilities, declaration by the United States of a national
emergency or war or other calamity or crisis the effect of which on financial markets is such as to make it, in the sole judgment of the Representative, impractical or inadvisable to proceed with the offering or delivery of the Securities as
contemplated in the Final Memorandum (exclusive of any amendment or supplement thereto). 
  
 SECTION 11. Representations and Indemnities to Survive. The respective agreements, representations, warranties, indemnities and other statements of the Company or its officers and of the Initial Purchasers set
forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Initial Purchasers or the Company or any of the indemnified persons referred to in Section 8 hereof, and
will survive delivery of and payment for the Securities. The provisions of Sections 7 and 8 hereof shall survive the termination or cancellation of this Agreement. 
  
 SECTION 12. Notices. All communications hereunder will be in writing and effective only on receipt, and, if sent to
the Representative, will be mailed, delivered or telefaxed to the Citigroup Global Markets Inc. General Counsel (fax no.: (212) 816-7912) and confirmed to the General Counsel, Citigroup Global Markets Inc., at 388 Greenwich Street, New York, New
York 10013, Attention: General Counsel; or, if sent to the Company, will be mailed, delivered or telefaxed to Equinix, Inc. General Counsel (fax no.: (650) 513-7909) and confirmed to it at 301 Velocity Way, Foster City, California 94404, Attention:
General Counsel. 
  
 SECTION 13. Successors. This Agreement
will inure to the benefit of and be binding upon the parties hereto and their respective successors and the indemnified persons referred to in Section 8 hereof and their respective successors, and, except as expressly set forth in Section 5(h)
hereof, no other person will have any right or obligation hereunder. 
  

 23 

 SECTION 14. Applicable Law. This Agreement will be governed by and construed in accordance with
the laws of the State of New York applicable to contracts made and to be performed within the State of New York. The parties hereto each hereby waive any right to trial by jury in any action, proceeding or counterclaim arising out of or relating to
this Agreement. 
  
 SECTION 15. Waiver of Tax
Confidentiality. Notwithstanding anything herein to the contrary, purchasers of the Securities (and each employee, representative or other agent of the Company) may disclose to any and all persons, without limitation of any kind, the U.S. tax
treatment and U.S. tax structure of any transaction contemplated herein and all materials of any kind (including opinions or other tax analyses) that are provided to the purchasers of the Securities relating to such U.S. tax treatment and U.S. tax
structure, other than any information for which nondisclosure is reasonably necessary in order to comply with applicable securities laws. 
  
 SECTION 16. Counterparts. This Agreement may be signed in one or more counterparts, each of which shall constitute an original and all of which
together shall constitute one and the same agreement. 
  
 SECTION
17. Headings. The section headings used herein are for convenience only and shall not affect the construction hereof. 
  
 SECTION 18. Definitions. The terms that follow, when used in this Agreement, shall have the meanings indicated. 
  
 “Act” shall mean the Securities Act of 1933, as amended, and
the rules and regulations of the Commission promulgated thereunder. 
  
 “Affiliate” shall have the meaning specified in Rule 501(b) of Regulation D. 
  
 “Business Day” shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust
companies are authorized or obligated by law to close in The City of New York. 
  
 “Code” shall mean the Internal Revenue Code of 1986, as amended. 
  
 “Commission” shall mean the Securities and Exchange Commission. 
  
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of
the Commission promulgated thereunder. 
  
 “Execution
Time” shall mean the date and time that this Agreement is executed and delivered by the parties hereto. 
  
 “Investment Company Act” shall mean the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission
promulgated thereunder. 
  
 “NASD” shall mean the
National Association of Securities Dealers, Inc. 
  

 24 

 “PORTAL” shall mean the Private Offerings, Resales and Trading through Automated
Linkages system of the NASD. 
  
 “Regulation
D” shall mean Regulation D under the Act. 
  
 “Regulation S” shall mean Regulation S under the Act. 
  
 “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission promulgated thereunder. 
  

 25 

 If the foregoing is in accordance with your understanding of our agreement, please sign and return to us
the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement among the Company and the several Initial Purchasers. 
  

			
	 Very truly yours,
  
 EQUINIX, INC.

		
	By:	 	 /s/ RENEE F. LANAM

	 	 	

	 	 	 Name: Renée F. Lanam

	 	 	 Title:   Chief Financial Officer

  

 S-1 

			
	The foregoing Agreement is hereby confirmed and accepted as of the date first above written.
		
	By:	 	Citigroup Global Markets Inc. for itself and the other several Initial Purchasers, if any, named in Schedule I to the foregoing Agreement.
		
	 	 	CITIGROUP GLOBAL MARKETS INC.
		
	By:	 	 /s/ JONATHAN F. MAUCK

	 	 	

	 	 	 Name: Jonathan F. Mauck

	 	 	 Title:   Vice President

  

 S-2 

 SCHEDULE I 
  

				
	 Initial Purchasers

	  	Principal Amount
of Firm Securities
to be Purchased

	 Citigroup Global Markets Inc
	  	$	67,500,000
	 SG Cowen Securities Corporation
	  	$	7,500,000
	 Total
	  	$	75,000,000
	 	  	
	

  

 ANNEX A 
  
 SIGNIFICANT SUBSIDIARIES 
  
 EQUINIX OPERATING CO, INC. 
  
 EQUINIX EUROPE, INC. 
  
 EQUINIX CAYMAN ISLANDS
HOLDINGS 
  
 EQUINIX DUTCH HOLDINGS N.V. 
  
 EQUINIX NETHERLANDS B.V. 
  

 Exhibit A 
  

[Letterhead of officer, director or major stockholder of Equinix Inc.] 
  
 Equinix Inc. 
  
 Offering of Convertible Subordinated Debentures due 2024 
  
 February [    ], 2004 
  
 Citigroup Global Markets Inc. 
 as Representative of

 the several Initial Purchasers, 
  
 c/o Citigroup Global Markets Inc. 
 388 Greenwich Street 
 New York, New York 10013 
  
 Ladies and Gentlemen: 
  
 This
letter is being delivered to you in connection with the proposed Purchase Agreement (the “Purchase Agreement”), between Equinix, Inc., a Delaware corporation (the “Company”), and you as representative of a group of
Initial Purchasers named therein, relating to an offering of Convertible Subordinated Debentures due 2024 (the “Offering”), which will be convertible into common stock, $0.001 par value (the “Common Stock”), of the
Company. 
  
 In order to induce you and other Initial Purchasers
to enter into the Purchase Agreement, the undersigned will not, without the prior written consent of Citigroup Global Markets Inc., offer, sell, contract to sell, pledge or otherwise dispose of (or enter into any transaction which is designed to, or
might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the undersigned or any affiliate of the undersigned or any person in privity with the
undersigned or any affiliate of the undersigned) directly or indirectly, including the filing (or participation in the filing) of a registration statement with the Securities and Exchange Commission in respect of, or establish or increase a put
equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated
thereunder with respect to, any shares of capital stock of the Company or any securities convertible into, or exercisable or exchangeable for such capital stock, or publicly announce an intention to effect any such transaction, for a period of 90
days after the date of the Purchase Agreement, other than shares of Common Stock disposed of as bona fide gifts approved by Citigroup Global Markets Inc. 
  

 If for any reason the Purchase Agreement shall be terminated prior to the Closing Date (as defined in the
Purchase Agreement), the agreement set forth above shall likewise be terminated. 
  

			
	Yours very truly,
		
	 	 	[Signature]
	

		
	 Name:
	 	 
	 	 	

	 Title:
	 	 
	 	 	

  

 -2- 

 Exhibit B 
  

Stockholders Subject to Agreement Described in Section 6(i) 
  
 Cisco Systems Investments Ltd. 
 Benchmark
Capital Partners II, L.P. 
 Benchmark Capital Partners IV, L.P. 
 Crosslink Ventures IV, L.P. 
 Crosslink Omega Ventures I GmbH & Co. KG 
 Offshore Crosslink Omega Ventures IV 
 Omega Bayview IV 
 Crosslink Crossover Fund III 
 Offshore Crosslink Crossover Fund III 
  

 Exhibit C 
  

Permitted Issuances 
  
 Notwithstanding the terms of Section 5(m) hereof, the Company may: 
  
 (a) negotiate or enter into business transactions which result in the offer or sale of shares of the Company’s capital stock so long as no such
capital stock is issued and sold and no such transaction is publicly announced during such 90 day period without the prior written consent of Citigroup Global Markets Inc.; and 
  
 (b) issue and sell warrants to purchase up to 100,000 shares of Common Stock to the Company’s existing real estate
lessors in Asia.Indenture

 EXHIBIT 10.99 
  

  
 EQUINIX, INC. 
  
 as Issuer 
  
 and 
  
 U.S. BANK NATIONAL ASSOCIATION 
  
 as Trustee 
  

  
 INDENTURE 
  
 Dated as of February 11, 2004 
  

  
 $75,000,000 
  
 2.50% CONVERTIBLE SUBORDINATED DEBENTURES DUE 2024 
  

  

 CROSS-REFERENCE TABLE 
  

			
	 TIA Section

	  	Indenture
Section

	 310(a)(1)
	  	5.11
	       (a)(2)
	  	5.11
	       (a)(3)
	  	n/a
	       (a)(4)
	  	n/a
	       (a)(5)
	  	5.11
	       (b)
	  	5.3; 5.11
	       (c)
	  	n/a
	 311(a)
	  	5.12
	       (b)
	  	5.12
	       (c)
	  	n/a
	 312(a)
	  	2.10
	       (b)
	  	14.3
	       (c)
	  	14.3
	 313(a)
	  	5.7
	       (b)(1)
	  	n/a
	       (b)(2)
	  	5.7
	       (c)
	  	5.7; 14.2
	       (d)
	  	5.7
	 314(a)(1),(2),(3)
	  	9.6; 14.6
	       (a)(4)
	  	9.6; 9.7; 14.6
	       (b)
	  	n/a
	       (c)(1)
	  	14.5
	       (c)(2)
	  	14.5
	       (c)(3)
	  	n/a
	       (d)
	  	n/a
	       (e)
	  	14.6
	       (f)
	  	n/a
	 315(a)
	  	5.1(a)
	       (b)
	  	5.6; 14.2
	       (c)
	  	5.1(b)
	       (d)
	  	5.1(c)
	       (e)
	  	4.14
	 316(a)(last sentence)
	  	2.13
	       (a)(1)(A)
	  	4.5
	       (a)(1)(B)
	  	4.4
	       (a)(2)
	  	n/a
	       (b)
	  	4.7
	       (c)
	  	7.4
	 317(a)(1)
	  	4.8
	       (a)(2)
	  	4.9
	       (b)
	  	2.5
	 318(a)
	  	14.1
	       (b)
	  	n/a
	       (c)
	  	14.1

 “n/a” means not applicable. 
  
 This Cross-Reference Table shall not, for any purpose, be deemed to be a part of the
Indenture. 
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

	
	 ARTICLE 1

	
	 DEFINITIONS AND INCORPORATION BY REFERENCE

			
	 SECTION 1.1.
	 	Definitions	  	1
	 SECTION 1.2.
	 	Incorporation by Reference of Trust Indenture Act	  	9
	 SECTION 1.3.
	 	Rules of Construction	  	10
	
	 ARTICLE 2

	
	 THE SECURITIES

			
	 SECTION 2.1.
	 	Title and Terms	  	10
	 SECTION 2.2.
	 	Form of Securities	  	11
	 SECTION 2.3.
	 	Legends	  	12
	 SECTION 2.4.
	 	Execution, Authentication, Delivery and Dating	  	14
	 SECTION 2.5.
	 	Registrar and Paying Agent	  	15
	 SECTION 2.6.
	 	Paying Agent to Hold Assets in Trust	  	15
	 SECTION 2.7.
	 	General Provisions Relating to Transfer and Exchange	  	15
	 SECTION 2.8.
	 	Book–Entry Provisions for the Global Securities	  	16
	 SECTION 2.9.
	 	Special Transfer Provisions	  	17
	 SECTION 2.10.
	 	Holder Lists	  	19
	 SECTION 2.11.
	 	Persons Deemed Owners	  	19
	 SECTION 2.12.
	 	Mutilated, Destroyed, Lost or Stolen Securities	  	19
	 SECTION 2.13.
	 	Treasury Securities	  	20
	 SECTION 2.14.
	 	Temporary Securities	  	20
	 SECTION 2.15.
	 	Cancellation	  	20
	 SECTION 2.16.
	 	CUSIP Numbers	  	20
	 SECTION 2.17.
	 	Defaulted Interest	  	20
	
	 ARTICLE 3

	
	 SATISFACTION AND DISCHARGE

			
	 SECTION 3.1.
	 	Satisfaction and Discharge of Indenture	  	21
	 SECTION 3.2.
	 	Deposited Monies To Be Held in Trust	  	21
	 SECTION 3.3.
	 	Return of Unclaimed Monies	  	21
	
	 ARTICLE 4

	
	 DEFAULTS AND REMEDIES

			
	 SECTION 4.1.
	 	Events of Default	  	22
	 SECTION 4.2.
	 	Acceleration of Maturity; Rescission and Annulment	  	23
	 SECTION 4.3.
	 	Other Remedies	  	23
	 SECTION 4.4.
	 	Waiver of Past Defaults	  	23
	 SECTION 4.5.
	 	Control by Majority	  	24
	 SECTION 4.6.
	 	Limitation on Suit	  	24
	 SECTION 4.7.
	 	Unconditional Rights of Holders to Receive Payment and to Convert	  	25
	 SECTION 4.8.
	 	Collection of Indebtedness and Suits for Enforcement by the Trustee	  	25
	 SECTION 4.9.
	 	Trustee May File Proofs of Claim	  	25

  

 -i- 

					
	 	 	 	  	Page

			
	 SECTION 4.10.
	 	Restoration of Rights and Remedies	  	26
	 SECTION 4.11.
	 	Rights and Remedies Cumulative	  	26
	 SECTION 4.12.
	 	Delay or Omission Not Waiver	  	26
	 SECTION 4.13.
	 	Application of Money Collected	  	26
	 SECTION 4.14.
	 	Undertaking for Costs	  	26
	 SECTION 4.15.
	 	Waiver of Stay or Extension Laws	  	27
	
	 ARTICLE 5

	
	 THE TRUSTEE

			
	 SECTION 5.1.
	 	Certain Duties and Responsibilities	  	27
	 SECTION 5.2.
	 	Certain Rights of Trustee	  	28
	 SECTION 5.3.
	 	Individual Rights of Trustee	  	29
	 SECTION 5.4.
	 	Money Held in Trust	  	29
	 SECTION 5.5.
	 	Trustee’s Disclaimer	  	29
	 SECTION 5.6.
	 	Notice of Defaults	  	29
	 SECTION 5.7.
	 	Reports by Trustee to Holders	  	29
	 SECTION 5.8.
	 	Compensation and Indemnification	  	29
	 SECTION 5.9.
	 	Replacement of Trustee	  	30
	 SECTION 5.10.
	 	Successor Trustee by Merger, Etc.	  	30
	 SECTION 5.11.
	 	Corporate Trustee Required; Eligibility	  	30
	 SECTION 5.12.
	 	Collection of Claims Against the Company	  	31
	
	 ARTICLE 6

	
	 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

			
	 SECTION 6.1.
	 	Company May Consolidate, Etc., Only on Certain Terms	  	31
	 SECTION 6.2.
	 	Successor Substituted	  	31
	
	 ARTICLE 7

	
	 AMENDMENTS, SUPPLEMENTS AND WAIVERS

			
	 SECTION 7.1.
	 	Without Consent of Holders of Securities	  	31
	 SECTION 7.2.
	 	With Consent of Holders of Securities	  	32
	 SECTION 7.3.
	 	Compliance with Trust Indenture Act	  	33
	 SECTION 7.4.
	 	Revocation of Consents and Effect of Consents or Votes	  	33
	 SECTION 7.5.
	 	Notation on or Exchange of Securities	  	33
	 SECTION 7.6.
	 	Trustee to Sign Amendment, Etc.	  	34
	
	 ARTICLE 8

	
	 MEETING OF HOLDERS OF SECURITIES

			
	 SECTION 8.1.
	 	Purposes for Which Meetings May Be Called	  	34
	 SECTION 8.2.
	 	Call Notice and Place of Meetings	  	34
	 SECTION 8.3.
	 	Persons Entitled to Vote at Meetings	  	34
	 SECTION 8.4.
	 	Quorum; Action	  	34
	 SECTION 8.5.
	 	Determination of Voting Rights; Conduct and Adjournment of Meetings	  	35
	 SECTION 8.6.
	 	Counting Votes and Recording Action of Meetings	  	35

  

 -ii- 

					
	 	 	 	  	Page

	
	 ARTICLE 9

	
	 COVENANTS

			
	 SECTION 9.1.
	 	Payment of Principal and Interest	  	36
	 SECTION 9.2.
	 	Maintenance of Offices or Agencies	  	36
	 SECTION 9.3.
	 	Corporate Existence	  	36
	 SECTION 9.4.
	 	Maintenance of Properties	  	36
	 SECTION 9.5.
	 	Payment of Taxes and Other Claims	  	36
	 SECTION 9.6.
	 	Reports	  	37
	 SECTION 9.7.
	 	Compliance Certificate	  	37
	 SECTION 9.8.
	 	Resale of Certain Securities	  	37
	 SECTION 9.9.
	 	Liquidated Damages	  	37
	
	 ARTICLE 10

	
	 REDEMPTION OF SECURITIES

			
	 SECTION 10.1.
	 	Optional Redemption	  	38
	 SECTION 10.2.
	 	Notice to Trustee	  	38
	 SECTION 10.3.
	 	Selection of Securities to Be Redeemed	  	38
	 SECTION 10.4.
	 	Notice of Redemption	  	38
	 SECTION 10.5.
	 	Effect of Notice of Redemption	  	39
	 SECTION 10.6.
	 	Deposit of Redemption Price	  	39
	 SECTION 10.7.
	 	Securities Redeemed in Part	  	39
	
	 ARTICLE 11

	
	 PURCHASE OF SECURITIES

			
	 SECTION 11.1.
	 	Purchase Right Upon Fundamental Change	  	39
	 SECTION 11.2.
	 	Purchase of Securities by the Company at Option of the Holder	  	40
	 SECTION 11.3.
	 	Notices; Method of Exercising Purchase Right, Etc.	  	41
	
	 ARTICLE 12

	
	 CONVERSION OF SECURITIES

			
	 SECTION 12.1.
	 	Conversion Right and Conversion Price	  	43
	 SECTION 12.2.
	 	Exercise of Conversion Right	  	43
	 SECTION 12.3.
	 	Fractions of Shares	  	44
	 SECTION 12.4.
	 	Adjustment of Conversion Price	  	44
	 SECTION 12.5.
	 	Notice of Adjustments of Conversion Price	  	51
	 SECTION 12.6.
	 	Notice Prior to Certain Actions	  	51
	 SECTION 12.7.
	 	Company to Reserve Common Stock	  	52
	 SECTION 12.8.
	 	Taxes on Conversions	  	52
	 SECTION 12.9.
	 	Covenant as to Common Stock	  	52
	 SECTION 12.10.
	 	Cancellation of Converted Securities	  	52
	 SECTION 12.11.
	 	Effect of Recapitalization, Reclassification, Consolidation, Merger or Sale	  	52
	 SECTION 12.12.
	 	Responsibility of Trustee for Conversion Provisions	  	53

  

 -iii- 

					
	 	 	 	  	Page

	
	 ARTICLE 13

	
	 SUBORDINATION

			
	 SECTION 13.1.
	 	Securities Subordinated to Senior Debt	  	53
	 SECTION 13.2.
	 	Subrogation	  	55
	 SECTION 13.3.
	 	Obligation of the Company Is Absolute and Unconditional	  	55
	 SECTION 13.4.
	 	Maturity of or Default on Senior Debt	  	55
	 SECTION 13.5.
	 	Payments on Securities Permitted	  	56
	 SECTION 13.6.
	 	Effectuation of Subordination by Trustee	  	56
	 SECTION 13.7.
	 	Knowledge of Trustee	  	56
	 SECTION 13.8.
	 	Trustee’s Relation to Senior Debt	  	56
	 SECTION 13.9.
	 	Rights of Holders of Senior Debt Not Impaired	  	57
	 SECTION 13.10.
	 	Modification of Terms of Senior Debt	  	57
	 SECTION 13.11.
	 	Certain Conversions Not Deemed Payment	  	57
	
	 ARTICLE 14

	
	 OTHER PROVISIONS OF GENERAL APPLICATION

			
	 SECTION 14.1.
	 	Trust Indenture Act Controls	  	57
	 SECTION 14.2.
	 	Notices	  	57
	 SECTION 14.3.
	 	Communication by Holders with Other Holders	  	58
	 SECTION 14.4.
	 	Acts of Holders of Securities	  	58
	 SECTION 14.5.
	 	Certificate and Opinion as to Conditions Precedent	  	59
	 SECTION 14.6.
	 	Statements Required in Certificate or Opinion	  	59
	 SECTION 14.7.
	 	Effect of Headings and Table of Contents	  	60
	 SECTION 14.8.
	 	Successors and Assigns	  	60
	 SECTION 14.9.
	 	Separability Clause	  	60
	 SECTION 14.10.
	 	Benefits of Indenture	  	60
	 SECTION 14.11.
	 	Governing Law	  	60
	 SECTION 14.12.
	 	Counterparts	  	60
	 SECTION 14.13.
	 	Legal Holidays	  	60
	 SECTION 14.14.
	 	Recourse Against Others	  	60

  

 -iv- 

 INDENTURE, dated as of February 11, 2004, between EQUINIX, INC., a corporation duly organized and
existing under the laws of the State of Delaware, having its principal office at 301 Velocity Way, 5th Floor, Foster City, California 94404 (the “Issuer” or the “Company”), and U.S. BANK NATIONAL ASSOCIATION, as
Trustee (the “Trustee”), having its principal corporate trust office at 633 West Fifth Street, 24th Floor, LM-CA-T24T, Los Angeles, California 90071. 
  
 RECITALS OF THE COMPANY 
  
 The Company has duly authorized the creation of an issue of its 2.50% Convertible Subordinated Debentures due 2024 (herein called the
“Securities”) of substantially the tenor and amount hereinafter set forth, and to provide therefor the Company has duly authorized the execution and delivery of this Indenture. 
  
 All things necessary to make the Securities, when the Securities are executed
by the Company and authenticated and delivered hereunder and duly issued by the Company, the valid obligations of the Company, and to make this Indenture a valid agreement of the Company, in accordance with their and its terms, have been done.

  
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

 
 For and in consideration of the premises and the purchase of the
Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities, as follows: 
  

ARTICLE 1 
  
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 SECTION 1.1. Definitions. For all purposes of this Indenture and the Securities, the following terms are defined as follows: 
  
 “Act”, when used with respect to any Holder of a Security,
has the meaning specified in Section 14.4(a) hereof. 
  
 “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 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. 
  
 “Bankruptcy Law” means Title 11 of the U.S. Code or any similar federal or state law for the relief of debtors. 
  
 “Board of Directors” means either the board of directors of
the Company or any committee of that board empowered to act for it with respect to this Indenture. 
  
 “Board Resolution” means a resolution duly adopted by the Board of Directors, a copy of which, certified by the Secretary or an Assistant
Secretary of the Company to be in full force and effect on the date of such certification, shall have been delivered to the Trustee. 
  
 “Business Day”, when used with respect to any Place of Payment or Place of Conversion, means each Monday, Tuesday, Wednesday, Thursday
and Friday which is not a day on which banking institutions in that Place of Payment or Place of Conversion, as the case may be, are authorized or obligated by law to close. 
  
 “Chief Executive Officer” means the chief executive officer of the Company. 

 “Closing Price” of any security on any date of determination means: 
  
 (1) the closing sale price (or, if no closing sale price is
reported, the last reported sale price) of such security (regular way) on the New York Stock Exchange on such date; 
  
 (2) if such security is not listed for trading on the New York Stock Exchange on any such date, the closing sale price as reported in the
composite transactions for the principal U.S. securities exchange on which such security is so listed; 
  
 (3) if such security is not so listed on a U.S. national or regional securities exchange, the closing sale price as reported by the Nasdaq
National Market; 
  
 (4) if such security is not
so reported, the last quoted bid price for such security in the over-the-counter market as reported by the National Quotation Bureau or similar organization; or 
  
 (5) if such bid price is not available, the average of the mid-point of the last bid and ask prices of such
security on such date from at least three nationally recognized independent investment banking firms retained for this purpose by the Company. 
  
 “Common Stock” means any stock of any class of the Company which has no preference in respect of dividends or of amounts payable in the
event of any voluntary or involuntary liquidation, dissolution or winding up of the Company and which is not subject to redemption by the Company. However, subject to the provisions of Section 12.11 hereof, shares issuable on conversion of
Securities shall include only shares of the class designated as Common Stock, par value $0.001 per share, of the Company at the Issue Date or shares of any class or classes resulting from any reclassification or reclassifications thereof and which
have no preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company and which are not subject to redemption by the Company, provided,
however, that if at any time there shall be more than one such resulting class, the shares of each such class then so issuable shall be substantially in the proportion which the total number of shares of such class resulting from all such
reclassifications bears to the total number of shares of all such classes resulting from all such reclassifications. 
  
 “Company” means the corporation named as the “Company” in the first paragraph of this instrument until a successor corporation
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor corporation. 
  
 “Company Notice” has the meaning specified in Section 11.3 hereof. 
  
 “Company Order” means a written order signed in the name of the Company by both (1) the Chief Executive
Officer, the President or a Vice President and (2) so long as not the same as the officer signing pursuant to clause (1), the Chief Financial Officer, the Treasurer, the Secretary or any Assistant Secretary of the Company, and delivered to the
Trustee. 
  
 “Conversion Agent” means any Person
authorized by the Company to convert Securities in accordance with Article 12 hereof. 
  
 “Conversion Price” has the meaning specified in Section 12.1 hereof. 
  
 “Corporate Trust Office” means for purposes of presentation or surrender of Securities for payment, registration, transfer, exchange or
conversion or for service of notices or demands upon the Company, the office of U.S. Bank Trust National Association, an Affiliate of the Trustee, located in the City of New York (which at the Issue Date is located at 100 Wall Street, Suite 1600,
EX-NY-WALL, New York, New York 10005, and for all other purposes, the office of the Trustee located in the City of Los Angeles, California (which at the Issue Date is located at 633 West Fifth Street, 24th Floor, LM-CA-T24T, Los Angeles, California
90071). 
  

 -2- 

 “Corporation” means corporations, associations, limited liability companies, companies
and business trusts. 
  
 “Current Market Price”
has the meaning set forth in Section 12.4(g). 
  
 “Custodian” means any receiver, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law. 
  
 “Default” means an event which is, or after notice or lapse of time or both would be, an Event of Default. 
  
 “Defaulted Interest” has the meaning specified in Section
2.17 hereof. 
  
 “Depositary” means The
Depository Trust Company, its nominees and their respective successors. 
  
 “Designated Senior Debt” means Senior Debt of the Company which, on the date of a payment event of default or the delivery of a Payment Blockage Notice, has an aggregate amount outstanding of, or under which, on such date,
the holders thereof are committed to lend up to, at least $5.0 million and is specifically designated in the instrument, agreement or other document evidencing or governing that Senior Debt as “Designated Senior Debt” for purposes of this
Indenture (provided, however, that such instrument, agreement or other document may place limitations and conditions on the right of such Senior Debt to exercise the rights of Designated Senior Debt). 
  
 “Dollar”, “U.S. Dollar” or “U.S.
$” means a dollar or other equivalent unit in such coin or currency of the United States as at the time shall be legal tender for the payment of public and private debts. 
  
 “DTC Participants” has the meaning specified in Section 2.8 hereof. 
  
 “Event of Default” has the meaning specified in Section 4.1
hereof. 
  
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended. 
  
 “Expiration
Time” has the meaning specified in Section 12.4(f) hereof. 
  
 “fair market value” has the meaning set forth in Section 12.4(g) hereof. 
  
 “Fundamental Change” means the occurrence of any of the following after the Issue Date: 
  
 (1) the acquisition by any person, including any syndicate
or group deemed to be a “person” under Section 13(d)(3) of the Exchange Act, of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of transactions, of shares of capital stock
of the Company entitling such person to exercise 50% or more of the total voting power of all shares of capital stock of the Company entitled to vote generally in elections of directors, other than any such acquisition by the Company, any subsidiary
of the Company or any employee benefit plan of the Company; provided, however, that the conversion of notes or exercise of warrants outstanding on the Issue Date by the holders thereof, shall not be deemed a Fundamental Change; and
provided further, that shares issuable upon conversion of payment-in-kind notes issued to any holder of such notes as payment of interest on such notes shall not be deemed a Fundamental Change; 
  
 (2) (a) the direct or indirect sale or transfer of all or
substantially all of the Company’s assets; (b) any business combination which results in the Holders of the Company’s capital stock, calculated on an as-converted basis, prior to such business combination beneficially owning less than 50%
of the voting securities of the resulting parent entity in such business combination; or (c) a change in the composition of the Board of Directors, as a result of which fewer than 50% of the incumbent directors are directors who either (i) had been
members of the Board of Directors on the corresponding calendar day of the second preceding year (the “Original Directors”); or (ii) were nominated for election or appointed to the Board of 

  

 -3- 

 
Directors by a majority of the aggregate of the Original Directors and other directors nominated or appointed in a manner consistent with this clause (ii);

  
 (3) the Common Stock of the Company (or other
common stock into which the debentures are then convertible) is neither listed for trading on a U.S. national securities exchange nor approved for trading on the Nasdaq National Market; or 
  
 (4) the Company is liquidated or dissolved or a resolution
is passed by the Company’s stockholders approving a plan of liquidation or dissolution of the Company other than in a transaction which complies with the provisions described in Article 6 of this Indenture. 
  
 However, a Fundamental Change will not be deemed to have occurred if:

  
 (x) the daily market price per share of
Common Stock for any five Trading Days within the period of 10 consecutive Trading Days beginning immediately after the later of the Fundamental Change or the public announcement of the Fundamental Change (in the case of a clause (1) or (2)(c)
above) or the period of 10 consecutive Trading Days ending immediately before the Fundamental Change (in the case of clause (2)(a) and (2)(b) above) shall equal or exceed 110% of the conversion price of the debentures in effect on the date of the
Fundamental Change or the public announcement of the Fundamental Change, as applicable; or 
  
 (y) in the case of the clause (2) above, at least 95% of the consideration (excluding cash payments for fractional shares) in the
transaction or transactions constituting the Fundamental Change consists of shares of common stock that are, or upon issuance will be, traded on the New York Stock Exchange or quoted on the Nasdaq National Market. 
  
 Beneficial ownership shall be determined in accordance with Rule 13d-3
promulgated by the SEC under the Exchange Act. The term “person” shall include any syndicate or group which would be deemed to be a “person” under Section 13(d)(3) of the Exchange Act. 
  
 “Global Security” has the meaning specified in Section 2.2
hereof. 
  
 “Guarantee” means any obligation,
contingent or otherwise, of any Person, directly or indirectly guaranteeing any Indebtedness of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person: 
  
 (1) to purchase or pay (or advance or supply funds for the
purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or maintain financial statement
conditions or otherwise); or 
  
 (2) entered into
for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); 
  
 provided, however, that the term “guarantee” will not include endorsements for collection or deposit in the ordinary course
of business. The term “guarantee” used as a verb has a corresponding meaning. 
  
 “Holder”, when used with respect to any Security, means the Person in whose name the Security is registered in the Register. 
  
 “Indebtedness”, when used with respect to any Person, and without duplication means: 
  
 (1) all indebtedness, obligations and other liabilities
(contingent or otherwise) of such Person for borrowed money (including obligations of the Company in respect of overdrafts, foreign exchange contracts, currency exchange agreements, Interest Rate Protection Agreements, and any loans or advances

  

 -4- 

 
from banks, whether or not evidenced by notes or similar instruments) or evidenced by bonds, debentures, notes or other instruments for the payment of money,
or incurred in connection with the acquisition of any property, services or assets (whether or not the recourse of the lender is to the whole of the assets of such Person or to only a portion thereof), other than any account payable or other accrued
current liability or obligation to trade creditors incurred in the ordinary course of business in connection with the obtaining of materials or services; 
  
 (2) all reimbursement obligations and other liabilities (contingent or otherwise) of such Person with respect to letters of credit, bank
guarantees, bankers’ acceptances, surety bonds, performance bonds or other guaranty of contractual performance; 
  
 (3) all obligations and liabilities (contingent or otherwise) in respect of (a) leases of such Person required, in conformity with
generally accepted accounting principles, to be accounted for as capitalized lease obligations on the balance sheet of such Person and (b) any lease or related documents (including a purchase agreement) in connection with the lease of real property
which provides that such Person is contractually obligated to purchase or cause a third party to purchase the leased property and thereby guarantee a minimum residual value of the leased property to the landlord and the obligations of such Person
under such lease or related document to purchase or to cause a third party to purchase the leased property; 
  
 (4) all obligations of such Person (contingent or otherwise) with respect to an interest rate or other swap, cap or collar agreement or
other similar instrument or agreement or foreign currency hedge, exchange, purchase or similar instrument or agreement; 
  
 (5) all direct or indirect guaranties or similar agreements by such Person in respect of, and obligations or liabilities (contingent or
otherwise) of such Person to purchase or otherwise acquire or otherwise assure a creditor against loss in respect of, indebtedness, obligations or liabilities of another Person of the kind described in clauses (1) through (4); 
  
 (6) any indebtedness or other obligations described in
clauses (1) through (4) secured by any mortgage, pledge, lien or other encumbrance existing on property which is owned or held by such Person, regardless of whether the indebtedness or other obligation secured thereby shall have been assumed by such
Person; and 
  
 (7) any and all deferrals,
renewals, extensions, refinancings, replacements, restatements and refundings of, or amendments, modifications or supplements to, any indebtedness, obligation or liability of the kind described in clauses (1) through (6). 
  
 “Indenture” means this instrument as originally executed or
as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof. 
  

“Initial Purchasers” means Citigroup Global Markets Inc. and SG Cowen Securities Corporation. 
  
 “Interest Payment Date” means each February 15 and August
15. 
  
 “Interest Rate” means 2.50% per annum.

  
 “Interest Rate Protection Agreement” means,
with respect to any Person, any interest rate swap agreement, interest rate cap or collar agreement or other financial agreement or arrangement designed to protect such Person against fluctuations in interest rates, as in effect from time to time.

  
 “Issue Date” means February 11, 2004.

  
 “Liquidated Damages” means all liquidated
damages, if any, payable pursuant to Section 3 of the Registration Rights Agreement. 
  

 -5- 

 “Maturity” means the date on which the principal of such Security becomes due and
payable as therein or herein provided, whether at the Stated Maturity or by acceleration, conversion, call for redemption, exercise of a Purchase Right or a Put Purchase Right or otherwise. 
  
 “Nasdaq National Market” means the National Association of
Securities Dealers Automated Quotation National Market or any successor national securities exchange or automated over-the-counter trading market in the United States. 
  
 “Non-Electing Share” has the meaning specified in Section 12.11 hereof. 
  
 “Officer” of the Company means the Chief Executive Officer,
the President, the Chief Financial Officer, the Treasurer, any Vice President, the Secretary or any Assistant Secretary of the Company. 
  
 “Officers’ Certificate” means a certificate signed by both (1) the Chief Executive Officer, the President or a Vice President and
(2) so long as not the same as the officer signing pursuant to clause (1), the Chief Financial Officer, the Treasurer or the Secretary of the Company, and delivered to the Trustee. 
  
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel to the Company (and may include
directors or employees of the Company) and which opinion is acceptable to the Trustee, which acceptance shall not be unreasonably withheld. 
  
 “Optional Redemption Price” has the meaning specified in Section 10.1 hereof. 
  
 “Outstanding”, when used with respect to Securities, means,
as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, except Securities: 
  
 (1) previously canceled by the Trustee or delivered to the Trustee for cancellation; 
  
 (2) for the payment or redemption of which money in the
necessary amount has been previously deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such
Securities, provided, however, that if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture; and 
  
 (3) which have been paid, in exchange for or in lieu of which other Securities have been authenticated and
delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities
are valid obligations of the Company. 
  
 “Paying
Agent” has the meaning specified in Section 2.5 hereof. 
  
 “Payment Blockage Notice” has the meaning specified in Section 13.1(d) hereof. 
  
 “Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company,
trust, estate, unincorporated organization or government or any agency or political subdivision thereof. 
  
 “Physical Securities” has the meaning specified in Section 2.2 hereof. 
  
 “Place of Conversion” means any city in which any Conversion Agent is located. 
  
 “Place of Payment” means any city in which any Paying Agent
is located. 
  
 “Predecessor Security” of any
particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any 

  

 -6- 

 
Security authenticated and delivered under Section 2.12 hereof in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed
to evidence the same debt as the mutilated, destroyed, lost or stolen Security. 
  
 “Purchase Agreement” means the Purchase Agreement, dated February 5, 2004, among the Company and the Initial Purchasers. 
  
 “Purchase Date” has the meaning specified in Section 11.1 hereof. 
  
 “Purchase Notice” has the meaning specified in Section 11.2
hereof. 
  
 “Purchase Price” has the meaning
specified in Section 11.1 hereof. 
  
 “Purchase
Right” has the meaning specified in Section 11.1 hereof. 
  
 “Put Purchase Date” has the meaning specified in Section 11.2 hereof. 
  
 “Put Purchase Price” has the meaning specified in Section 11.2 hereof. 
  
 “Put Purchase Right” has the meaning specified in Section 11.2 hereof. 
  
 “QIB” means a “qualified institutional buyer” as
defined in Rule 144A. 
  
 “Quoted Price” of the
Common Stock means the last reported sale price of the Common Stock on the Nasdaq National Market or, if the Common Stock is listed on a national securities exchange, then on such exchange, or if the Common Stock is not quoted on Nasdaq National
Market or listed on an exchange, the average of the last bid and asked price on the National Association of Securities Dealers Automated Quotation System. 
  
 “Record Date” means either a Regular Record Date or a Special Record Date, as the case may be, provided that, for purposes of
Section 12.4 hereof, Record Date has the meaning specified in Section 12.4(g) hereof. 
  
 “Redemption Date”, when used with respect to any Security to be redeemed, means the optional redemption date, in the event of an optional redemption. 
  
 “Redemption Price”, when used with respect to any Security
to be redeemed, means the Optional Redemption Price, in the event of an optional redemption. 
  
 “Reference Period” has the meaning set forth in Section 12.4(d) hereof. 
  
 “Register” has the meaning specified in Section 2.5 hereof. 
  
 “Registrar” has the meaning specified in Section 2.5 hereof. 
  
 “Registration Rights Agreement” means the Registration
Rights Agreement, dated as of February 11, 2004, among the Company and the Initial Purchasers. 
  
 “Regular Record Date” for the interest on the Securities (including Liquidated Damages, if any) payable means the February 1 (whether or not a Business Day) next preceding a February 15 Interest
Payment Date and the August 1 (whether or not a Business Day) next preceding an August 15 Interest Payment Date. 
  
 “Regulation S” means Regulation S promulgated under the Securities Act. 
  
 “Responsible Officer”, when used with respect to the Trustee, means any officer in the Corporate Trust
Office of the Trustee and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 
  

 -7- 

 “Restricted Period” means the applicable distribution compliance period under Regulation
S. 
  
 “Restricted Securities” means the
Securities defined as such in Section 2.3 hereof. 
  
 “Restricted Securities Legend” has the meaning set forth in Section 2.3(a) hereof. 
  
 “Rule 144” means Rule 144 under the Securities Act (including any successor rule thereof), as the same may be amended from time to time.

  
 “Rule 144A” means Rule 144A as promulgated
under the Securities Act (including any successor rule thereof), as the same may be amended from time to time. 
  
 “SEC” means the Securities and Exchange Commission. 
  
 “Securities” has the meaning ascribed to it in the first paragraph under the caption “Recitals of the
Company”. 
  
 “Securities Act” means the
Securities Act of 1933, as amended. 
  
 “Senior
Debt” means the principal of, premium, if any, interest (including all interest accruing subsequent to the commencement of any bankruptcy or similar proceeding, whether or not a claim for post-petition interest is allowable as a claim in
any such proceeding) and rent payable on or termination payment with respect to or in connection with, and all fees, costs, expenses and other amounts accrued or due on or in connection with, Indebtedness of the Company (including convertible notes
issued to a subsidiary of STT Communications Ltd. and entities affiliated with Crosslink Capital, Inc. in connection with financing transactions in December 2002 and June 2003), whether outstanding on the Issue Date or subsequently created,
incurred, assumed, guaranteed or in effect guaranteed by the Company (including all deferrals, renewals, extensions or refundings of, or amendments, modifications or supplements to, the foregoing), except for (a) any particular Indebtedness in
respect of which the instrument creating or evidencing the same or the assumption or guarantee thereof expressly provides that such Indebtedness shall not be senior in right of payment to the Securities or expressly provides that such Indebtedness
is pari passu or junior to the Securities; (b) any Indebtedness between or among the Company and/or any of its Subsidiaries, or any of the Company’s Affiliates other than (i) Indebtedness held by an Affiliate on the Issue Date, (ii)
Indebtedness acquired after the Issue Date by operation of the pay-in-kind terms of any Indebtedness held by an Affiliate on the Issue Date as such pay-in-kind terms are in effect on the Issue Date, (iii) Indebtedness acquired by an Affiliate
pursuant to preemptive rights held by such Affiliate on the Issue Date, and (iv) unless the amount under (iii) above is greater, up to 25% of the aggregate principal amount of any future series of Indebtedness issued after the Issue Date acquired
directly from the Company in connection with a bona fide offering of such series of Indebtedness directed principally to unaffiliated third parties; (c) the Company’s real property leases; (d) any liability for federal, state, local or other
taxes owed or owing by the Company; and (e) the Company’s trade payables and accrued expenses (including, without limitation, accrued compensation) for goods, services or materials purchased or provided in the ordinary course of business. The
term “Senior Debt” shall include, without limitation, all Designated Senior Debt. 
  
 “Significant Subsidiary” means any Subsidiary which is a “significant subsidiary” within the meaning of Rule 405 under the Securities Act. 
  
 “Special Record Date” for the payment of any Defaulted
Interest means a date fixed by the Trustee pursuant to Section 2.17 hereof. 
  
 “Stated Maturity” means the date specified in any Security as the fixed date for the payment of principal on such Security or on which an installment of interest (including Liquidated Damages, if any)
on such Security is due and payable. 
  
 “Subsidiary” means a corporation more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company and one or more other
Subsidiaries. For the purposes of this definition only, “voting stock” means stock which ordinarily has voting power 

  

 -8- 

 
for the election of directors, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency.

  
 “TIA” means the Trust Indenture Act of 1939
(15 U.S. Code §§ 77aaa-77bbbb), as in effect on the Issue Date; provided, however, that in the event the TIA is amended after such date, “TIA” means, to the extent required by such amendment, the Trust Indenture Act
of 1939, as so amended, or any successor statute. 
  
 “Trading Day” means a day during which trading in securities generally occurs on The New York Stock Exchange or, if the Common Stock is not then listed on The New York Stock Exchange, on the principal other national or
regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a national or regional securities exchange, on the Nasdaq National Market or, if the Common Stock is not then quoted on the Nasdaq
National Market, on the principal other market on which the Common Stock is traded. 
  
 “Trading Price” of the Securities on any date of determination means the average of the secondary market bid quotations per $1,000 principal amount of Securities obtained by the Trustee for $2,000,000
principal amount of the Securities at approximately 3:30 p.m., New York City time, on such determination date from three independent nationally recognized securities dealers selected by the Company; provided, however, that if three such bids
cannot reasonably be obtained by the Trustee, 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 Trustee, this one bid shall be used. If the Trustee cannot
reasonably obtain at least one bid for $2,000,000 principal amount of Securities from a nationally recognized securities dealer, then the trading price per $1,000 principal amount of Securities shall be deemed to be less than 98% of the product of
the sale price of the Common Stock and the then applicable conversion rate. 
  
 “Transfer Agent” means any Person, which may be the Company, authorized by the Company to exchange or register the transfer of Securities. 
  
 “Trigger Event” has the meaning specified in Section 12.4(d) hereof. 
  
 “Trustee” means the Person named as the “Trustee”
in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean such successor Trustee. 
  
 “U.S. Person” has the meaning specified in Regulation S.

  
 “Vice President”, when used with respect to
the Company, means any vice president, whether or not designated by a number or a word or words added before or after the title “vice president.” 
  
 SECTION 1.2. Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and made a part of this Indenture. 
  
 The following TIA terms used in this Indenture have the following meanings: 
  
 (i) “indenture securities” means the Securities; 
  
 (ii) “indenture security holder” means a Holder; 
  
 (iii) “indenture to be qualified” means this
Indenture; 
  
 (iv) “indenture trustee”
or “institutional trustee” means the Trustee; and 
  
 (v) “obligor” on the Securities means the Company and any other obligor on the indenture securities. 
  
 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule have the
meanings assigned to them by such definitions. 
  

 -9- 

 SECTION 1.3. Rules of Construction. For all purposes of this Indenture, except as otherwise
expressly provided or unless the context otherwise requires: 
  
 (1) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular; 
  
 (2) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with
accounting principles generally accepted in the United States prevailing at the time of any relevant computation hereunder; and 
  
 (3) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision. 
  
 ARTICLE 2 
  
 THE
SECURITIES 
  
 SECTION 2.1. Title and Terms. The
Securities shall be known and designated as the “2.50% Convertible Subordinated Debentures due 2024” of the Company. The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is limited to
$75,000,000 (or $86,250,000 if the option set forth in Section 2(b) of the Purchase Agreement is exercised in full), except for securities authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of other
Securities pursuant to Section 2.7, 2.8, 2.9, 2.12, 7.5, 10.7, 11.1 or 12.2 hereof. The Securities shall be issuable in denominations of $1,000 or integral multiples thereof. 
  
 The Securities shall mature on February 15, 2024. 
  
 Interest shall accrue from February 11, 2004 at the Interest Rate until the principal thereof is paid or made available for
payment. Interest shall be payable semiannually in arrears on February 15 and August 15 of each year, commencing August 15, 2004. 
  
 Interest on the Securities shall be computed on the basis of a 360-day year of twelve 30-day months, and for any period shorter than a full semiannual
period for which interest is calculated, on the basis of a 30-day month, and for such periods of less than a month, the actual number of days elapsed over a 30-day month. 
  
 A Holder of any Security at the close of business on a Regular Record Date shall be entitled to receive interest (including
Liquidated Damages, if any) on such Security on the corresponding Interest Payment Date. 
  
 A Holder of any Security which is converted after the close of business on a Regular Record Date and prior to the corresponding Interest Payment Date (other than any Security whose Maturity is prior to such Interest
Payment Date) shall be entitled to receive interest (including Liquidated Damages, if any) on the principal amount of such Security on such Interest Payment Date, notwithstanding the conversion of such Security prior to such Interest Payment Date.
However, any such Holder which surrenders any such Security for conversion during the period between the close of business on such Regular Record Date and ending with the opening of business on the corresponding Interest Payment Date shall be
required to pay the Company an amount equal to the interest (including Liquidated Damages, if any) on the principal amount of such Security so converted (but excluding any overdue interest on the principal amount of such Security so converted that
exists at the time such Holder surrenders such Security for conversion), which is payable by the Company to such Holder on such Interest Payment Date, at the time such Holder surrenders such Security for conversion. Notwithstanding the foregoing,
any such Holder which surrenders for conversion any Security (a) which has been called for redemption by the Company in a notice of redemption given by the Company pursuant to Section 10.4 hereof on a Redemption Date after such Regular Record Date
and on or prior to the next succeeding Interest Payment Date or (b) with respect to which the Company has specified a Purchase Date that is after such Regular Record Date and on or prior to the next succeeding Interest Payment Date, in either case,
shall be entitled to receive (and retain) such interest (including Liquidated Damages, if 

  

 -10- 

 
any) and need not pay the Company an amount equal to the interest (including Liquidated Damages, if any) on the principal amount of such Security so
converted at the time such Holder surrenders such Security for conversion. 
  
 Principal of and interest on, Global Securities shall be payable to the Depositary in immediately available funds. 
  
 Principal on Physical Securities shall be payable at the office or agency of the Company maintained for such purpose, initially the Corporate Trust Office
of the Trustee. Interest on Physical Securities will be payable by (i) U.S. Dollar check drawn on a bank located in the city where the Corporate Trust Office of the Trustee is located mailed to the address of the Person entitled thereto as such
address shall appear in the Register, or (ii) upon application to the Registrar not later than the relevant Record Date by a Holder of an aggregate principal amount in excess of $5,000,000, wire transfer in immediately available funds. 

 
 The Securities shall be redeemable at the option of the Company as
provided in Article 10 hereof. 
  
 The Securities shall have the
Purchase Rights exercisable at the option of Holders as provided in Article 11 hereof. 
  
 The Securities shall be convertible as provided in Article 12 hereof. 
  
 The Securities shall be subordinated in right of payment to Senior Debt of the Company as provided in Article 13 hereof. 
  
 SECTION 2.2. Form of Securities. The Securities and the Trustee’s
certificate of authentication to be borne by such Securities shall be substantially in the form annexed hereto as Exhibit A, which is incorporated in and made a part of this Indenture. The terms and provisions contained in the form of
Security shall constitute, and are hereby expressly made, a part of this Indenture and 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 of the Securities may have such letters,
numbers or other marks of identification and such notations, legends and endorsements as the Officers executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of
this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Securities may be listed or
designated for issuance, or to conform to usage. 
  
 The
Securities will be offered and sold only to QIBs in reliance on Rule 144A and outside the United States in accordance with Regulation S and shall be issued initially only in the form of one or more permanent Global Securities (each, a
“Global Security”) in registered form without interest coupons. The Global Securities shall be: 
  
 (1) duly executed by the Company and authenticated by the Trustee as hereinafter provided; 
  
 (2) registered in the name of the Depositary (or its
nominee) for credit to the respective accounts of the Holders at the Depositary; and 
  
 (3) deposited with the Trustee, as custodian for the Depositary. 
  
 The Global Securities shall be substantially in the form of Security set forth in Exhibit A annexed hereto (including
the text and schedule called for by footnotes 1 and 2 thereto). The aggregate principal amount of the Global Securities may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for the
Depositary (or its nominee), in accordance with the instructions given by the Holder thereof, as hereinafter provided. 
  

 -11- 

 Securities issued in exchange for interests in the Global Securities pursuant to Section 2.8(d) hereof
shall be issued in the form of permanent definitive Securities (the “Physical Securities”) in registered form without interest coupons. The Physical Securities shall be substantially in the form set forth in Exhibit A annexed
hereto. 
  
 The Securities shall be typed, printed, lithographed
or engraved or produced by any combination of these methods or may be produced in any other manner permitted by the rules of any securities exchange on which the Securities may be listed, all as determined by the Officers executing such Securities,
as evidenced by their execution of such Securities. 
  
 SECTION
2.3. Legends 
  
 (a) Restricted Securities Legends.
Each Security issued hereunder shall, upon issuance, bear the legend set forth in Section 2.3(a)(i) or Section 2.3(a)(ii) (each, a “Restricted Securities Legend”), as the case may be, and such legend shall not be removed except as
provided in Section 2.3(a)(iii). Each Security that bears or is required to bear the Restricted Securities Legend set forth in Section 2.3(a)(i) (together with any Common Stock issued upon conversion of the Securities and required to bear the
Restricted Securities Legend set forth in Section 2.3(a)(ii), collectively, the “Restricted Securities”) shall be subject to the restrictions on transfer set forth in this Section 2.3(a) (including the Restricted Securities Legend
set forth below), and the Holder of each such Restricted Security, by such Holder’s acceptance thereof, shall be deemed to have agreed to be bound by all such restrictions on transfer. 
  
 As used in Section 2.3(a), the term “transfer” encompasses
any sale, pledge, transfer or other disposition whatsoever of any Restricted Security. 
  
 (i) Restricted Securities Legend for Securities. Except as provided in Section 2.3(a)(iii), until two years after the original
issuance date of any Security, any certificate evidencing such Security (and all securities issued in exchange therefor or substitution thereof, other than Common Stock, if any, issued upon conversion thereof, which shall bear the legend set forth
in Section 2.3(a)(ii), if applicable) shall bear a Restricted Securities Legend in substantially the following form: 
  
 THIS DEBENTURE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE
“SECURITIES ACT”), AND THIS DEBENTURE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS DEBENTURE IS HEREBY NOTIFIED THAT THE SELLER OF THIS
DEBENTURE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 
  
 THE HOLDER OF THIS DEBENTURE AGREES FOR THE BENEFIT OF EQUINIX, INC. THAT (A) THIS DEBENTURE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
(I) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE THE UNITED STATES IN
AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), OR (IV) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (IV) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, (B) THE HOLDER WILL NOT, DIRECTLY OR INDIRECTLY, ENGAGE IN ANY HEDGING TRANSACTION WITH REGARD
TO THIS SECURITY OR ANY COMMON STOCK ISSUABLE 

  

 -12- 

 
UPON CONVERSION OF THIS SECURITY EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT AND (C) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY
PURCHASER OF THIS DEBENTURE FROM IT OF THE RESTRICTIONS REFERRED TO IN (A) AND (B) ABOVE. 
  
 (ii) Restricted Securities Legend for Common Stock Issued upon Conversion of the Securities. Except as provided in Section
2.3(a)(iii), until two years after the original issuance date of any Security, any stock certificate representing Common Stock issued upon conversion of such Security shall bear a Restricted Securities Legend in substantially the following form:

  
 THE COMMON STOCK EVIDENCED HEREBY (OR ITS PREDECESSOR) HAS
NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”). THE HOLDER OF THIS CERTIFICATE AGREES FOR THE BENEFIT OF EQUINIX, INC. (THE “COMPANY”) THAT (A) THE COMMON STOCK EVIDENCED HEREBY MAY NOT
BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED (I) PRIOR TO THE EXPIRATION OF THE HOLDING PERIOD UNDER RULE 144(k) (OR ANY SUCCESSOR THERETO) UNDER THE SECURITIES ACT WHICH IS APPLICABLE TO THIS SECURITY OR (II) BY ANY HOLDER THAT WAS AN
“AFFILIATE” (WITHIN THE MEANING OF RULE 144 UNDER THE SECURITIES ACT) OF THE COMPANY AT ANY TIME DURING THE THREE MONTHS PRECEDING THE DATE OF SUCH TRANSFER, IN EITHER CASE, OTHER THAN (1) TO THE COMPANY, (2) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (1) THROUGH (3) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES, (B) THE HOLDER WILL NOT, DIRECTLY OR INDIRECTLY, ENGAGE IN ANY HEDGING TRANSACTION WITH REGARD TO THE COMMON STOCK EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT AND (C) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS
REQUIRED TO, NOTIFY ANY PURCHASER OF THE COMMON STOCK EVIDENCED HEREBY FROM IT OF THE RESTRICTIONS REFERRED TO IN (A) AND (B) ABOVE. 
  
 (iii) Removal of the Restricted Securities Legends. Each Security or share of Common Stock issued upon conversion of such Security
shall bear the Restricted Securities Legend set forth in Section 2.3(a)(i) or 2.3(a)(ii), as the case may be, until the earlier of: 
  
 (A) two years after the original issuance date of such Security; 
  
 (B) such Security or Common Stock has been sold pursuant to a registration statement that has been declared
effective under the Securities Act (and which continues to be effective at the time of such sale); or 
  
 (C) such Common Stock has been issued upon conversion of Securities that have been sold pursuant to a registration statement that has been
declared effective under the Securities Act (and which continues to be effective at the time of such sale). 
  
  
 The Holder must give notice thereof to the Trustee and any transfer agent for the Common Stock, as
applicable. 
  
 Notwithstanding the foregoing,
the Restricted Securities Legend may be removed if there is delivered to the Company such satisfactory evidence, which may include an opinion of independent counsel, as may be reasonably required by the Company that neither such legend nor the
restrictions on transfer set 

  

 -13- 

 
forth therein are required to ensure that transfers of such Security will not violate the registration requirements of the Securities Act. Upon provision of
such satisfactory evidence, the Trustee, at the written direction of the Company, shall authenticate and deliver in exchange for such Securities another Security or Securities having an equal aggregate principal amount that does not bear such
legend. If the Restricted Securities Legend has been removed from a Security as provided above, no other Security issued in exchange for all or any part of such Security shall bear such legend, unless the Company has reasonable cause to believe that
such other Security is a “restricted security” within the meaning of Rule 144 and instructs the Trustee in writing to cause a Restricted Securities Legend to appear thereon. 
  
 Any Security (or security issued in exchange or substitution thereof) as to which such restrictions on
transfer shall have expired in accordance with their terms or as to which the conditions for removal of the Restricted Securities Legend set forth in Section 2.3(a)(i) as set forth therein have been satisfied may, upon surrender of such Security for
exchange to the Registrar in accordance with the provisions of Section 2.7 hereof, be exchanged for a new Security or Securities, of like tenor and aggregate principal amount, which shall not bear the Restricted Securities Legend required by Section
2.3(a)(i). 
  
 Any such Common Stock as to which
such restrictions on transfer shall have expired in accordance with their terms or as to which the conditions for removal of the Restricted Securities Legend set forth in Section 2.3(a)(ii) as set forth therein have been satisfied may, upon
surrender of the certificates representing such shares of Common Stock for exchange in accordance with the procedures of the transfer agent for the Common Stock, be exchanged for a new certificate or certificates for a like aggregate number of
shares of Common Stock, which shall not bear the Restricted Securities Legend required by Section 2.3(a)(ii). 
  
 (b) Global Security Legend. Each Global Security shall also bear the following legend on the face thereof: 
  
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (“DTC”) TO EQUINIX, INC. (OR ITS SUCCESSOR) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, CONVERSION OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER ENTITY
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON 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 SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  
 SECTION 2.4. Execution, Authentication, Delivery and Dating. Two Officers shall execute the Securities on behalf of the Company by manual or
facsimile signature. If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall be valid nevertheless. 
  
 At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities
executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with such Company Order shall authenticate and deliver such Securities as
in this Indenture provided and not otherwise. 
  
 Each Security
shall be dated the date of its authentication. 
  
 No Security
shall be entitled to any benefit under this Indenture, or be valid or obligatory for any purpose, unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by or on behalf of the
Trustee by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. 
  

 -14- 

 The Trustee may appoint an authenticating agent or agents reasonably acceptable to the Company with
respect to the Securities. Unless limited by the terms of such appointment, an authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication
by such agent. 
  
 SECTION 2.5. Registrar and Paying Agent.
The Company shall maintain an office or agency where Securities may be presented for registration of transfer or for exchange (the “Registrar”) and an office or agency where Securities may be presented for payment (the
“Paying Agent”). The Registrar shall keep a register of the Securities (the “Register”) and of their transfer and exchange. The Company may appoint one or more co-Registrars and one or more additional Paying Agents
for the Securities. The term “Paying Agent” includes any additional paying agent and the term “Registrar” includes any additional registrar. The Company may change any Paying Agent or Registrar without prior notice to any
Holder. 
  
 The Company will cause each Paying Agent (other
than the Trustee) to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 
  
 (1) hold all sums held by it for the payment of the
principal of or interest (including Liquidated Damages, if any) on Securities in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as provided in this Indenture; 

 
 (2) give the Trustee notice of any Default by the Company
in the making of any payment of principal or interest (including Liquidated Damages, if any); and 
  
 (3) at any time during the continuance of any such Default, upon the written request of the Trustee, forthwith pay to the Trustee all sums
so held in trust by such Paying Agent. 
  
 The Company shall give
prompt written notice to the Trustee of the name and address of any Agent who is not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or
any Affiliate of the Company may act as Paying Agent or Registrar; provided, however, that none of the Company, its Subsidiaries or the Affiliates of the foregoing shall act: 
  
 (i) as Paying Agent in connection with redemptions, offers
to purchase and discharges, as otherwise specified in this Indenture, and 
  
 (ii) as Paying Agent or Registrar if a Default or Event of Default has occurred and is continuing. 
  
 The Company hereby initially appoints the Trustee as Registrar and Paying Agent for the Securities. 
  
 SECTION 2.6. Paying Agent to Hold Assets in Trust. Not later than
12:00 Noon (New York City time) on each due date of the principal and interest (including Liquidated Damages, if any) on any Securities, the Company shall deposit with one or more Paying Agents money in immediately available funds sufficient to pay
such principal and interest (including Liquidated Damages, if any) so becoming due. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the
Company) shall have no further liability for the money so paid over to the Trustee. 
  
 If the Company shall act as a Paying Agent, it shall, prior to or on each due date of the principal of or interest (including Liquidated Damages, if any) on any of the Securities, segregate and hold in trust for the
benefit of the Holders a sum sufficient with monies held by all other Paying Agents, to pay the principal or interest (including Liquidated Damages, if any) so becoming due until such sums shall be paid to such Persons or otherwise disposed of as
provided in this Indenture, and shall promptly notify the Trustee of its action or failure to act. 
  
 SECTION 2.7. General Provisions Relating to Transfer and Exchange. The Securities are issuable only in registered form. A Holder may transfer a
Security only by written application to the Registrar stating 

  

 -15- 

 
the name of the proposed transferee and otherwise complying with the terms of this Indenture. No such transfer shall be effected until, and such transferee
shall succeed to the rights of a Holder only upon, final acceptance and registration of the transfer by the Registrar in the Register. Furthermore, any Holder of a Global Security shall, by acceptance of such Global Security, agree that transfers of
beneficial interests in such Global Security may be effected only through a book-entry system maintained by the Holder of such Global Security (or its agent) and that ownership of a beneficial interest in the Security shall be required to be
reflected in a book-entry. Notwithstanding the foregoing, in the case of a Restricted Security, a beneficial interest in a Global Security being transferred in reliance on an exemption from the registration requirements of the Securities Act other
than in accordance with Rule 144, Rule 144A and Regulation S may only be transferred for a Physical Security. 
  
 When Securities are presented to the Registrar with a request to register the transfer or to exchange them for an equal aggregate principal amount of
Securities of other authorized denominations, the Registrar shall register the transfer or make the exchange as requested if its requirements for such transactions are met (including that such Securities are duly endorsed or accompanied by a written
instrument of transfer duly executed by the Holder thereof or by an attorney who is authorized in writing to act on behalf of the Holder). Subject to Section 2.4 hereof, to permit registrations of transfers and exchanges, the Company shall execute
and the Trustee shall authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange or redemption of the Securities, but the Company may require payment of a sum sufficient to
cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or other similar governmental charge payable upon exchanges pursuant to Section 2.14, 7.5 or 10.7 hereof). 
  
 Neither the Company nor the Registrar shall be required to exchange or
register a transfer of any Securities: 
  
 (1)
for a period of 15 Business Days prior to the day of any selection of Securities for redemption under Article 10 hereof; 
  
 (2) so selected for redemption or, if a portion of any Security is selected for redemption, such portion thereof selected for redemption;
or 
  
 (3) surrendered for conversion or, if a
portion of any Security is surrendered for conversion, such portion thereof surrendered for conversion. 
  
 SECTION 2.8. Book-Entry Provisions for the Global Securities. (a) The Global Securities initially shall 
  
 (i) be registered in the name of the Depositary (or a
nominee thereof); 
  
 (ii) be delivered to the
Trustee as custodian for such Depositary; and 
  
 (iii) bear the Restricted Securities Legend as set forth in Section 2.3(a)(i) hereof. 
  
 Members of, or participants in, the Depositary (“DTC Participants”) shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary, or the Trustee
as its custodian, or under such Global Security, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the
foregoing, nothing contained herein shall prevent the Company, the Trustee or any agent of the Company or Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the
Depositary and the DTC Participants, the operation of customary practices governing the exercise of the rights of a Holder of any Security. 
  
 (b) The registered Holder of a Global Security may grant proxies and otherwise authorize any Person, including DTC Participants and Persons that may hold
interests through DTC Participants, to take any action which a Holder is entitled to take under this Indenture or the Securities. 
  

 -16- 

 (c) A Global Security may not be transferred, in whole or in part, to any Person other than the
Depositary (or a nominee thereof), and no such transfer to any such other Person may be registered. Beneficial interests in a Global Security may be transferred in accordance with the rules and procedures of the Depositary and the provisions of
Section 2.9 hereof. 
  
 (d) If at any time: 
  
 (i) the Depositary notifies the Company in writing that it
is no longer willing or able to continue to act as Depositary for the Global Securities, or the Depositary ceases to be a “clearing agency” registered under the Exchange Act, and a successor Depositary for the Global Securities is not
appointed by the Company within 90 days of such notice or cessation; 
  
 (ii) the Company, at its option, notifies the Trustee in writing that it elects to cause the issuance of the Securities in definitive form under this Indenture in exchange for all or any part of the Securities
represented by a Global Security or Global Securities; or 
  
 (iii) an Event of Default has occurred and is continuing and the Registrar has received a request from the Depositary for the issuance of Physical Securities in exchange for such Global Security or Global Securities,

  
 the Depositary shall surrender such Global Security or Global Securities to
the Trustee for cancellation and the Company shall execute, and the Trustee, upon receipt of an Officers’ Certificate and Company Order for the authentication and delivery of Securities, shall authenticate and deliver in exchange for such
Global Security or Global Securities, Physical Securities of like tenor as that of the Global Securities in an aggregate principal amount equal to the aggregate principal amount of such Global Security or Global Securities. Such Physical Securities
shall be registered in such names as the Depositary shall identify in writing as the beneficial owners of the Securities represented by such Global Security or Global Securities (or any nominees thereof). 
  
 Notwithstanding the foregoing, in connection with any transfer of beneficial
interests in a Global Security to beneficial owners pursuant to Section 2.8(d) hereof, the Registrar shall reflect on its books and records the date and a decrease in the principal amount of such Global Security in an amount equal to the principal
amount of the beneficial interest in such Global Security to be transferred. 
  
 SECTION 2.9. Special Transfer Provisions. Unless a Security is transferred after the time period referred to in Rule 144(k) under the Securities Act or otherwise sold pursuant to a registration statement that
has been declared effective under the Securities Act (and which continues to be effective at the time of such sale), the following provisions shall apply. 
  
 With respect to the registration of any proposed transfer of Securities to a QIB in accordance with Rule 144A: 
  
 (i) if the Securities to be transferred consist of an
interest in the Global Securities, the transfer of such interest may be effected only through the book-entry system maintained by the Depositary; and 
  
 (ii) if the Securities to be transferred consist of Physical Securities, the Registrar shall register the transfer if such transfer is
being made by a proposed transferor who has checked the box provided on the form of Security stating, or has otherwise advised the Company and the Registrar in writing, that the sale has been made in compliance with the provisions of Rule 144A to a
transferee who has signed the certification provided on the form of Security stating or has otherwise advised the Company and the Registrar in writing that: 
  
 (A) it is purchasing the Securities for its own account or an account with respect to which it exercises sole investment discretion, in
each case for investment and not with a view to distribution; 
  

 -17- 

 (B) it and any such account is a QIB within the meaning of Rule 144A; 
  
 (C) it is aware that the sale to it is being made in
reliance on Rule 144A; 
  
 (D) it acknowledges
that it has received such information regarding the Company as it has requested pursuant to Rule 144A or has determined not to request such information; and 
  
 (E) it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration
provided by Rule 144A. 
  
 With respect to the
registration of any proposed transfer of Securities to a person who is not a U.S. Person in an offshore transaction in accordance with Regulation S: 
  
 (i) if the Securities to be transferred consist of an interest in the Global Securities, the transfer of such interest may be effected
only through the book-entry system maintained by the Depositary; and 
  
 (ii) if the Securities to be transferred consist of Physical Securities, the Registrar shall register the transfer if such transfer is being made by a proposed transferor who has checked the box provided for on the
form of Security stating, or has otherwise advised the Company and the Registrar in writing, that the sale has been made in compliance with the provisions of Regulation S to a transferee who has signed the certification provided for on the form of
Security stating or has otherwise advised the Company and the Registrar in writing that: 
  
 (A) the transfer is not being made to a person in the United States and (1) at the time the buy order was originated, the transferee was
outside the United States or such transferor and any Person acting on its behalf reasonably believed and believes that the transferee was outside the United States or (2) the transaction was executed in, on or through the facilities of a designated
offshore securities market and neither such transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States; 
  
 (B) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule
904(b) of Regulation S under the Securities Act; 
  
 (C) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and 
  
 (D) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S.
Person. 
  
 In addition, the Registrar shall reflect on its books
and records the date and an increase in the principal amount of the Global Securities in an amount equal to the principal amount of the Physical Securities to be transferred, and the Trustee shall cancel the Physical Securities so transferred.

  
 By its acceptance of any Security bearing the Restricted
Securities Legend, each Holder of such a Security acknowledges the restrictions on transfer of such Security set forth in this Indenture and agrees that it will transfer such Security only as provided in this Indenture. The Registrar shall not
register a transfer of any Security unless such transfer complies with the restrictions on transfer of such Security set forth in this Indenture. The Registrar shall be entitled to receive and rely on written instructions from the Company verifying
that such transfer complies with such restrictions on transfer. In connection with any transfer of Securities, each Holder agrees by its acceptance of the Securities to furnish the Registrar or the Company such certifications, legal opinions or
other information as either of them may reasonably require to confirm that such transfer is being made pursuant to an exemption from, or a transaction not subject to, the registration requirements of the Securities Act; provided,
however, that the Registrar shall not be required to determine (but may rely on a determination made by the Company with respect to) the sufficiency of any such certifications, legal opinions or other information. 
  

 -18- 

 The Registrar shall retain copies of all letters, notices and other written communications received
pursuant to Section 2.8 hereof or this Section 2.9. The Company shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable written notice to the
Registrar. 
  
 SECTION 2.10. Holder Lists. The Trustee
shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders and shall otherwise comply with Section 312(a) of the TIA. If the Trustee is not the Registrar, the Company
shall furnish to the Trustee prior to or on each Interest Payment Date and at such other times as the Trustee may request in writing a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders
relating to such Interest Payment Date or request, as the case may be. 
  
 SECTION 2.11. Persons Deemed Owners. The Company, the Trustee and any agent of the Company or the Trustee may treat the registered Holder of a Global Security as the absolute owner of such Global Security for the purpose of receiving
payment thereof or on account thereof and for all other purposes whatsoever, whether or not such Security be overdue, and notwithstanding any notice of ownership or writing thereon, or any notice of previous loss or theft or other interest therein.
The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name any Security is registered as the owner of such Security for the purpose of receiving payment of principal of and interest (including Liquidated
Damages, if any) on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and notwithstanding any notice of ownership or writing thereon, or any notice of previous loss or theft or other interest therein.

  
 SECTION 2.12. Mutilated, Destroyed, Lost or Stolen
Securities. If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of like tenor and principal amount and bearing a number not
contemporaneously outstanding. 
  
 If there is delivered to the
Company and the Trustee 
  
 (1) evidence to their
satisfaction of the destruction, loss or theft of any Security, and 
  
 (2) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, 
  
 then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and, upon request,
the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
  
 In case any such mutilated, destroyed, lost or stolen Security has become or
is about to become due and payable, the Company in its discretion, but subject to any conversion rights, may, instead of issuing a new Security, pay such Security, upon satisfaction of the condition set forth in the preceding paragraph. 

 
 Upon the issuance of any new Security under this Section, the Company may
require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
  
 Every new Security issued pursuant to this Section in lieu of any destroyed,
lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and such new Security shall be entitled to all
the benefits of this Indenture equally and proportionately with any and all other Securities duly issued hereunder. 
  
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities. 
  

 -19- 

 SECTION 2.13. Treasury Securities. In determining whether the Holders of the requisite principal
amount of Outstanding Securities are present at a meeting of Holders for quorum purposes or have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Securities owned by the Company or any Affiliate of the
Company shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such determination as to the presence of a quorum or upon any such request, demand, authorization,
direction, notice, consent or waiver, only such Securities of which the Trustee has received written notice and are so owned shall be so disregarded. 
  
 SECTION 2.14. Temporary Securities. Pending the preparation of Securities in definitive form, the Company may execute and the Trustee shall, upon
written request of the Company, authenticate and deliver temporary Securities (printed or lithographed). Temporary Securities shall be issuable in any authorized denomination, and substantially in the form of the Securities in definitive form but
with such omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Company. Every such temporary Security shall be executed by the Company and authenticated by the Trustee upon the same
conditions and in substantially the same manner, and with the same effect, as the Securities in definitive form. Without unreasonable delay, the Company will execute and deliver to the Trustee Securities in definitive form (other than in the case of
Securities in global form) and thereupon any or all temporary Securities (other than any such Securities in global form) may be surrendered in exchange therefor, at each office or agency maintained by the Company pursuant to Section 9.2 and the
Trustee shall authenticate and deliver in exchange for such temporary Securities an equal aggregate principal amount of Securities in definitive form. Such exchange shall be made by the Company at its own expense and without any charge therefor.
Until so exchanged, the temporary Securities shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as Securities in definitive form authenticated and delivered hereunder. 

 
 SECTION 2.15. Cancellation. All securities surrendered for payment,
redemption, purchase, conversion, registration of transfer or exchange shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee. All Securities so delivered shall be canceled promptly by the Trustee, and no Securities
shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. Upon written instructions of the Company, the Trustee shall destroy canceled Securities and, after such destruction, shall deliver a
certificate of such destruction to the Company. If the Company shall acquire any of the Securities, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless the same are delivered
to the Trustee for cancellation. 
  
 SECTION 2.16. CUSIP
Numbers. The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and the Trustee shall use CUSIP numbers in notices of redemption or exchange as a convenience to Holders; provided,
however, that any such notice shall state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any such notice and that reliance may be placed only on the other
identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee of any change in the CUSIP numbers. 
  
 SECTION 2.17. Defaulted Interest. If the Company fails to make a
payment of interest (including Liquidated Damages, if any) on any Security when due and payable (“Defaulted Interest”), it shall pay such Defaulted Interest plus (to the extent lawful) any interest payable on the Defaulted Interest,
in any lawful manner. It may elect to pay such Defaulted Interest, plus any such interest payable on it, to the Persons who are Holders of such Securities on which the interest is due on a subsequent Special Record Date. The Company shall notify the
Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security. The Company shall fix any such Special Record Date and payment date for such payment. At least 15 days before any such Special Record Date, the Company
shall mail to Holders affected thereby a notice that states the Special Record Date, the Interest Payment Date, and amount of such interest (and such Liquidated Damages, if any) to be paid. 
  

 -20- 

 ARTICLE 3 
  

SATISFACTION AND DISCHARGE 
  
 SECTION 3.1. Satisfaction and Discharge of Indenture. When: 
  
 (1) The Company shall deliver to the trustee for cancellation all Securities previously authenticated (other
than any Securities which have been destroyed, lost or stolen and in lieu of or in substitution for which other Securities shall have been authenticated and delivered) and not previously canceled, or 
  
 (2) (A) All the securities not previously canceled or
delivered to the trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the
giving of notice of redemption, and 
  
 (B) The
Company shall deposit with the Trustee, in trust, cash in U.S. dollars which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will
be imposed on the Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient to pay principal of or interest (including Liquidated Damages, if any) on all of the Securities (other than any Securities
which shall have been mutilated, destroyed, lost or stolen and in lieu of or in substitution for which other Securities shall have been authenticated and delivered) not previously canceled or delivered to the Trustee for cancellation, on the dates
such payments of principal or interest (including Liquidated Damages, if any) are due to such date of maturity or redemption, as the case may be, 
  
 and if, in the case of either clause (1) or (2), the Company shall also pay or cause to be paid all other sums payable hereunder by the Company, then this Indenture shall
cease to be of further effect (except as to: (i) remaining rights of registration of transfer, substitution and exchange and conversion of Securities, (ii) rights hereunder of Holders to receive payments of principal of and interest (including
Liquidated Damages, if any) on the Securities and the other rights, duties and obligations of Holders, as beneficiaries hereof with respect to the amounts, if any, so deposited with the Trustee, and (iii) the rights, obligations and immunities of
the Trustee hereunder), and the Trustee, on demand of the Company accompanied by an Officers’ Certificate and an Opinion of Counsel as provided in Section 14.5 hereof and at the cost and expense of the Company, shall execute proper instruments
acknowledging satisfaction of and discharging this Indenture; provided, however, that the Company shall reimburse the Trustee for all amounts due the Trustee under Section 5.8 hereof and for any costs or expenses thereafter reasonably
and properly incurred by the Trustee and to compensate the Trustee for any services thereafter reasonably and properly rendered by the Trustee in connection with this Indenture or the Securities. 
  
 SECTION 3.2. Deposited Monies To Be Held in Trust. Subject to Section
3.3 hereof, all monies deposited with the Trustee pursuant to Section 3.1 hereof shall be held in trust and applied by it to the payment, notwithstanding the provisions of Article 13 hereof, either directly or through any Paying Agent (including the
Company if acting as its own Paying Agent), to the Holders of the particular Securities for the payment or redemption of which such monies have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest
(including Liquidated Damages, if any). All monies deposited with the Trustee pursuant to Section 3.1 hereof (and held by it or any Paying Agent) for the payment of Securities subsequently converted shall be returned to the Company upon request of
the Company. 
  
 SECTION 3.3. Return of Unclaimed Monies.
The Trustee and the Paying Agent shall pay to the Company any money held by them for the payment of principal or interest (including Liquidated Damages, if any) that remains unclaimed for two years after the date upon which such payment shall have
become due. After payment to the Company, Holders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another Person, and all liability of the Trustee and the Paying
Agent with respect to such money shall cease. 
  

 -21- 

 ARTICLE 4 
  

DEFAULTS AND REMEDIES 
  
 SECTION 4.1. Events of Default. An “Event of Default” with respect to the Securities occurs when any of the following occurs
(whatever the reason for such Event of Default and whether it shall be occasioned by the provisions of Article 13 hereof or be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body): 
  
 (a) the Company defaults in the payment of the principal on any of the Securities when it becomes due and payable, at Maturity, upon redemption or exercise of a Purchase Right or Put Purchase Right or otherwise,
whether or not such payment is prohibited by Article 13 hereof; or 
  
 (b) the Company defaults in the payment of interest (including Liquidated Damages, if any) on any of the Securities when it becomes due and payable and such default continues for a period of 30 days, whether or not
such payment is prohibited by Article 13 hereof; or 
  
 (c) the Company fails to deliver shares of Common Stock, together with cash instead of fractional shares, when those shares of Common Stock or cash instead of fractional shares is required to be delivered following conversion of a Security
in accordance with Article 12, and that failure continues for 10 days; or 
  
 (d) the Company fails to perform or observe any other term, covenant or agreement contained in the Securities or this Indenture and the failure continues for a period of 60 days after written notice of such failure,
requiring the Company to remedy the same, shall have been given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Securities; or 
  
 (e) (i) the Company fails to make any payment by the end of
the applicable grace period, if any, after the maturity of any Indebtedness for borrowed money in an amount in excess of $5,000,000 or (ii) there is an acceleration of any Indebtedness for borrowed money in an amount in excess of $5,000,000 because
of a default with respect to such Indebtedness without such Indebtedness having been discharged or such acceleration having been cured, waived, rescinded or annulled, in the case of either (i) or (ii) above, for a period of 30 days after written
notice to the Company by the Trustee or to the Company and the Trustee by Holders of at least 25% in aggregate principal amount of the Outstanding Securities; or 
  
 (f) the Company fails, within 30 days after the occurrence of a Fundamental Change, to give to each Holder
of Securities notice of the occurrence of such Fundamental Change and the resulting Purchase Right of such Holder; or 
  
 (g) the entry by a court having jurisdiction in the premises of (i) a decree or order for relief in respect of the Company in an
involuntary case or proceeding under any applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar law or (ii) a decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition
seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable U.S. federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official
of the Company or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of
60 consecutive days; or 
  
 (h) the commencement
by the Company of a voluntary case or proceeding under any applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by
the Company to the entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable 

  

 -22- 

 
U.S. federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding
against the Company, or the filing by the Company of a petition or answer or consent seeking reorganization or relief under any applicable U.S. federal or state law, or the consent by the Company to the filing of such petition or to the appointment
of or the taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or the making by the Company of an assignment for the benefit of
creditors, or the admission by the Company in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company expressly in furtherance of any such action. 
  
 SECTION 4.2. Acceleration of Maturity; Rescission and Annulment. If an
Event of Default with respect to Outstanding Securities (other than an Event of Default specified in Section 4.1(g) or 4.1(h) hereof) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the
Outstanding Securities, by written notice to the Company, may declare due and payable 100% of the principal amount of all Outstanding Securities plus any accrued and unpaid interest to the date of payment. Upon a declaration of acceleration, such
principal and accrued and unpaid interest to the date of payment shall be immediately due and payable. 
  
 If an Event of Default specified in Section 4.1(g) or 4.1(h) hereof occurs, all unpaid principal of and accrued and unpaid interest (including Liquidated
Damages, if any) on the Outstanding Securities shall become and be immediately due and payable, without any declaration or other act on the part of the Trustee or any Holder. 
  
 The Holders of a majority in aggregate principal amount of the Outstanding Securities by written notice to the Trustee may
rescind and annul an acceleration and its consequences if: 
  
 (1) all existing Events of Default, other than the nonpayment of principal of or interest on the Securities which has become due solely because of the acceleration, have been remedied, cured or waived, and 

 
 (2) the rescission would not conflict with any judgment
or decree of a court of competent jurisdiction; 
  
 provided,
however, that in the event such declaration of acceleration has been made based on the existence of an Event of Default under Section 4.1(e) hereof and such Event of Default has been remedied, cured or waived in accordance with Section 4.1(e)
hereof, then, without any further action by the Holders, such declaration of acceleration shall be rescinded automatically and the consequences of such declaration shall be annulled. No such rescission or annulment shall affect any subsequent
Default or impair any right consequent thereon. 
  
 SECTION 4.3.
Other Remedies. If an Event of Default with respect to Outstanding Securities occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of or interest on the
Securities or to enforce the performance of any provision of the Securities. 
  
 The Trustee may maintain a proceeding in which it may prosecute and enforce all rights of action and claims under this Indenture or the Securities, even if it does not possess any of the Securities or does not produce
any of them in the proceeding. 
  
 SECTION 4.4. Waiver of Past
Defaults. The Holders, either (a) through the written consent of not less than a majority in aggregate principal amount of the Outstanding Securities or (b) by the adoption of a resolution, at a meeting of Holders of the Outstanding Securities
at which a quorum is present, by the Holders of at least a majority in aggregate principal amount of the Outstanding Securities represented at such meeting, may, on behalf of the Holders of all of the Securities, waive an existing Default or Event
of Default, except a Default or Event of Default: 
  
 (1) in the payment of the principal of or interest (including Liquidated Damages, if any) on any Security (provided, however, that subject to Section 4.7 hereof, the Holders of a majority in aggregate principal amount of the
Outstanding Securities may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration); 
  

 -23- 

 (2) in respect of the right to convert any Security in accordance with Article 12; or

  
 (3) in respect of a covenant or provision
hereof which, under Section 7.2 hereof, cannot be modified or amended without the consent of the Holder of each Outstanding Security affected. 
  
 Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose
of this Indenture; provided, however, that no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
  

SECTION 4.5. Control by Majority. The Holders, either (a) through the written consent of not less than a majority in aggregate principal amount
of the Outstanding Securities, or (b) by the adoption of a resolution, at a meeting of Holders of the Outstanding Securities at which a quorum is present, by the Holders of at least a majority in aggregate principal amount of the Outstanding
Securities represented at such meeting, 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. However, the Trustee
may refuse to follow any direction that: 
  
 (1)
conflicts with any law or with this Indenture, 
  
 (2) the Trustee determines may be unduly prejudicial to the rights of the Holders not joining therein, or 
  
 (3) may expose the Trustee to personal liability. 
  

The Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 
  
 SECTION 4.6. Limitation on Suit. No Holder of any Security shall have
any right to pursue any remedy with respect to this Indenture or the Securities (including instituting any proceeding, judicial or otherwise, with respect to this Indenture or for the appointment of a receiver or trustee) unless: 
  
 (1) such Holder has previously given written notice to the
Trustee of an Event of Default that is continuing; 
  
 (2) the Holders of at least 25% in aggregate principal amount of the Outstanding Securities shall have made written request to the Trustee to pursue the remedy; 
  
 (3) such Holder or Holders have offered to the Trustee indemnity satisfactory to it against any costs,
expenses and liabilities incurred in complying with such request; 
  
 (4) the Trustee has failed to comply with the request for 60 days after its receipt of such notice, request and offer of indemnity; and 
  
 (5) during such 60-day period, no direction inconsistent with such written request has been given to the
Trustee by the Holders of a majority in aggregate principal amount of the Outstanding Securities (or such amount as shall have acted at a meeting pursuant to the provisions of this Indenture); 
  
 provided, however, that no one or more of such Holders may use this Indenture
to prejudice the rights of another Holder or to obtain preference or priority over another Holder. 
  

 -24- 

 SECTION 4.7. Unconditional Rights of Holders to Receive Payment and to Convert. Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest (including Liquidated Damages, if any) on such Security on the Stated
Maturity expressed in such Security (or, in the case of redemption, on the Redemption Date, or in the case of the exercise of a Purchase Right or Put Purchase Right, on the Purchase Date or Put Purchase Date, as applicable) and to convert such
Security in accordance with Article 12, and to bring suit for the enforcement of any such payment on or after such respective dates and right to convert, and such rights shall not be impaired or affected without the consent of such Holder.

  
 SECTION 4.8. Collection of Indebtedness and Suits for
Enforcement by the Trustee. The Company covenants that if: 
  
 (1) a Default or Event of Default occurs in the payment of any interest (including Liquidated Damages, if any) on any Security when such interest (including Liquidated Damages, if any) becomes due and payable and such
Default or Event of Default continues for a period of 30 days, or 
  
 (2) a Default or Event of Default occurs in the payment of the principal of any Security at the Maturity thereof, the Company shall, upon demand of the Trustee, pay to it, for the benefit of the Holders of such
Securities, the whole amount then due and payable (as expressed therein or as a result of any acceleration effected pursuant to Section 4.2 hereof) on such Securities for principal and interest (including Liquidated Damages, if any) and, to the
extent that payment of such interest shall be legally enforceable, interest on any overdue principal and on any overdue interest (including Liquidated Damages, if any), in each case at the Interest Rate, and, in addition thereto, such further amount
as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
  
 If the Company fails 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 and collect the moneys adjudged or decreed to
be payable in the manner provided by law out of the property of the Company, wherever situated. 
  
 If an Event of Default occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders
of Securities by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of
any power granted herein, or to enforce any other proper remedy. 
  
 SECTION 4.9. Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the
Company or the property of the Company or its creditors, the Trustee (irrespective of whether the principal of the Securities 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 on the Company for the payment of overdue principal or interest (including Liquidated Damages, if any)) shall be entitled and empowered, by intervention in such proceeding or otherwise, (1) to file and prove a claim for
the whole amount of principal and interest (including Liquidated Damages, if any) owing and unpaid in respect of the Securities and to file such other papers or documents as may be 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 of Securities allowed in such judicial proceeding, and (2) to collect and receive any moneys or
other property payable or deliverable on any such claim and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceedings is hereby authorized by each
Holder of Securities to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders of Securities, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee under Section 5.8. 
  

 -25- 

 Nothing contained herein shall be deemed to authorize the Trustee to authorize or consent to or accept,
or adopt on behalf of any Holder of a Security, any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder
of a Security in any such proceeding. 
  
 SECTION 4.10.
Restoration of Rights and Remedies. If the Trustee or any Holder of a Security has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has
been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders of Securities shall be restored severally and respectively to their
former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 
  
 SECTION 4.11. Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 2.12, no right or remedy conferred in this Indenture upon or reserved to the Trustee or to the Holders of Securities is intended to be exclusive of any other right
or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or hereafter existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  
 SECTION 4.12. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Security to exercise any right or remedy
accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or any acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders of
Securities may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders of Securities, as the case may be. 
  
 SECTION 4.13. Application of Money Collected. Subject to Article 13, any money and property collected by the Trustee pursuant to this Article shall
be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money and property on account of principal or interest (including Liquidated Damages, if any), upon presentation of the Securities
and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
  
 FIRST: To the payment of all amounts due the Trustee; 
  
 SECOND: To the payment of the amounts then due and unpaid for principal of and interest (including
Liquidated Damages, if any) on the Securities and coupons in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities
for principal and interest (including Liquidated Damages, if any), respectively; and 
  
 THIRD: Any remaining amounts shall be repaid to the Company. 
  
 SECTION 4.14. Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Security by such
Holder’s 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,
suffered 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,
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; but the provisions of this Section shall not apply to any suit instituted by the Company, 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 aggregate principal amount of the Outstanding Securities, or to any suit instituted by any Holder of any Security for the
enforcement of the payment of the principal of or interest (including Liquidated Damages, if any) on any Security on or after the Stated Maturity expressed in such Security (or, in the case of redemption or exercise of a Purchase Right, on or after
the Redemption Date) or for the enforcement of the right to convert any Security in accordance with Article 12. 
  

 -26- 

 SECTION 4.15. Waiver of Stay or Extension Laws. The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim to take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not 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. 
  
 ARTICLE 5 
  
 THE TRUSTEE 
  
 SECTION 5.1. Certain Duties and Responsibilities. (a) Except during the continuance of an Event of Default, 
  
 (1) The Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture or the TIA, and no
implied covenants or obligations shall be read into this Indenture against the Trustee; and 
  
 (2) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; provided, however, that in the case of any such certificates or opinions which by any
provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the certificates or opinions to determine whether or not, on their face, they conform to the requirements of this Indenture (but need not
investigate or confirm the accuracy of any facts stated therein). 
  
 (b) In case an Event of Default actually known to a Responsible Officer of the Trustee has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care
and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
  
 (c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to
act, or its own willful misconduct, except that: 
  
 (1) This paragraph (c) shall not be construed to limit the effect of paragraph (a) of this Section 5.1; 
  
 (2) The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that
the Trustee was negligent in ascertaining the pertinent facts; and 
  
 (3) 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 a direction received by it of the Holders of a majority in principal amount of the
Outstanding Securities (or such lesser amount as shall have acted at a meeting pursuant to the provisions of this Indenture) 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 herein expressly so 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 5.1.

  
 (e) No provision of this Indenture shall require the Trustee
to expend or risk its own funds or otherwise incur any liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers. The Trustee may refuse to perform any duty or exercise any right or power unless
it receives indemnity 

  

 -27- 

 
satisfactory to it against any loss, liability, cost or expense (including, without limitation, reasonable fees of counsel). 
  
 (f) The Trustee shall not be obligated to pay interest on any money or other
assets received by it unless otherwise agreed in writing with the Company. Assets held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
  
 (g) The Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon, other evidence of indebtedness or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Company, personally or by agent or attorney at the sole cost of the Company, and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 
  
 (h) The Trustee shall not be deemed to have notice or actual knowledge of any
Event of Default or a Registration Default (as such term is defined in the Registration Rights Agreement) or the obligation of the Company to pay Liquidated Damages unless a Responsible Officer of the Trustee has actual knowledge thereof or unless
written notice of any event which is in fact a Default is received by the Trustee pursuant to Section 14.2 hereof, and such notice references the Securities and this Indenture. 
  
 (i) The rights, privileges, protections, immunities and benefits given to the Trustee hereunder, including, without
limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each Paying Agent, authenticating agent, Conversion Agent or Registrar acting hereunder. 
  
 SECTION 5.2. Certain Rights of Trustee. Subject to the provisions of
Section 5.1 hereof and subject to Sections 315(a) through (d) of the TIA: 
  
 (1) The Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 

 
 (2) Before the Trustee acts or refrains from acting, it
may require an Officers’ Certificate or an Opinion of Counsel, or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officers’ Certificate or Opinion of Counsel 
  
 (3) The Trustee may act through attorneys and agents and
shall not be responsible for the misconduct or negligence of any attorney or agent appointed with due care. 
  
 (4) The Trustee shall not be liable for any action taken or omitted to be taken by it in good faith which it believed to be authorized or
within the discretion or rights or powers conferred upon it by this Indenture, unless the Trustee’s conduct constitutes negligence. 
  
 (5) The Trustee may consult with counsel of its selection and the advice of such counsel as to matters of law shall be full and complete
authorization and protection in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
  
 (6) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from
the Company shall be sufficient if signed by an Officer of the Company. 
  
 (7) The permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty unless so specified herein. 
  

 -28- 

 SECTION 5.3. Individual Rights of Trustee. The Trustee in its individual or any other capacity may
become the owner or pledgee of Securities and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest (as
such term is defined in Section 310(b) of the TIA), it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee (to the extent permitted under Section 310(b) of the TIA) or resign. Any agent may do the same
with like rights and duties. The Trustee is also subject to Sections 5.11 and 5.12 hereof. 
  
 SECTION 5.4. Money Held in Trust. 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 otherwise expressly agreed with the Company. 
  
 SECTION 5.5. Trustee’s Disclaimer. The recitals contained herein and in the Securities (except for those in the
certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity, sufficiency or priority of this Indenture or of
the Securities. The Trustee shall not be accountable for the use or application by the Company of Securities or the proceeds thereof. 
  
 SECTION 5.6. Notice of Defaults. Within 90 days after the occurrence of any Default or Event of Default hereunder of which the Trustee has received
written notice, the Trustee shall give notice to Holders pursuant to Section 14.2 hereof, unless such Default or Event of Default shall have been cured or waived; provided, however, that, except in the case of a Default or Event of
Default in the payment of the principal of or interest (including Liquidated Damages, if any), or in the payment of any redemption or purchase obligation, on any Security, the Trustee shall be protected in withholding such notice if and so long as
Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Holders. 
  
 SECTION 5.7. Reports by Trustee to Holders. The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this
Indenture as may be required by Section 313 of the TIA at the times and in the manner provided by the TIA. 
  
 A copy of each report at the time of its mailing to Holders shall be filed with the SEC, if required, and each stock exchange, if any, on which the
Securities are listed. The Company shall promptly notify the Trustee when the Securities become listed on any stock exchange. 
  
 SECTION 5.8. Compensation and Indemnification. The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be
entitled to, reasonable compensation (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) and the Company covenants and agrees to pay or reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by it or on its behalf in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all
agents and other persons not regularly in its employ), except to the extent that any such expense, disbursement or advance is due to its negligence or bad faith. When the Trustee incurs expenses or renders services in connection with an Event of
Default specified in Section 4.1 hereof, the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. The Company
also covenants to indemnify the Trustee and its officers, directors, employees and agents for, and to hold such Persons harmless against, any loss, liability or expense incurred by them, arising out of or in connection with the acceptance or
administration of this Indenture or the trusts hereunder or the performance of their duties hereunder, including the costs and expenses of defending themselves against or investigating any claim of liability in the premises, except to the extent
that any such loss, liability or expense was due to the negligence or willful misconduct of such Persons. The obligations of the Company under this Section 5.8 to compensate and indemnify the Trustee and its officers, directors, employees and agents
and to pay or reimburse such Persons for expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee.
Such additional indebtedness shall be a senior claim to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the Holders of particular Securities, and the
Securities are hereby 

  

 -29- 

 
subordinated to such senior claim. “Trustee” for purposes of this Section 5.8 shall include any predecessor Trustee, but the negligence or willful
misconduct of any Trustee shall not affect the indemnification of any other Trustee. 
  
 SECTION 5.9. Replacement of Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as
provided in this Section 5.9. 
  
 The Trustee may resign and be
discharged from the trust hereby created by so notifying the Company in writing. The Holders of at least a majority in aggregate principal amount of Outstanding Securities may remove the Trustee by so notifying the Trustee and the Company in
writing. The Company must remove the Trustee if: 
  
 (i) the Trustee fails to comply with Section 5.11 hereof or Section 310 of the TIA; 
  
 (ii) the Trustee becomes incapable of acting; 
  
 (iii) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law; or 
  
 (iv) a Custodian or public
officer takes charge of the Trustee or its property. 
  
 If the
Trustee resigns or is removed or if a vacancy exists in the office of the Trustee for any reason, the Company shall promptly appoint a successor Trustee. The Trustee shall be entitled to payment of its fees and reimbursement of its expenses while
acting as Trustee. Within one year after the successor Trustee takes office, the Holders of at least a majority in aggregate principal amount of Outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the
Company. 
  
 Any Holder may petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee if the Trustee fails to comply with Section 5.11 hereof. 
  
 If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of
resignation or removal, the resigning or removed Trustee, as the case may be, may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee. 
  
 A successor Trustee shall deliver a written acceptance of its appointment to
the retiring Trustee and to the Company. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The Company
shall mail a notice of the successor Trustee’s succession to the Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee. Notwithstanding replacement of the Trustee pursuant to this
Section 5.9, the Company’s obligations under Section 5.8 hereof shall continue for the benefit of the retiring Trustee with respect to expenses, losses and liabilities incurred by it prior to such replacement. 
  
 SECTION 5.10. Successor Trustee by Merger, Etc. Subject to Section
5.11 hereof, if the Trustee consolidates with, merges or converts into, or transfers or sells all or substantially all of its corporate trust business (including the administration of the trust created by this Indenture) to, another corporation or
national banking association, the successor entity without any further act shall be the successor Trustee as to the Securities. 
  
 SECTION 5.11. Corporate Trustee Required; Eligibility. The Trustee shall at all times satisfy the requirements of Sections 310(a)(1), (2) and (5)
of the TIA. The Trustee shall at all times have (or, in the case of a corporation included in a bank holding company system, the related bank holding company shall at all times have) a combined capital and surplus of at least $100 million as set
forth in its (or its related bank holding company’s) most recent published annual report of condition. The Trustee is subject to Section 310(b) of the TIA. 
  

 -30- 

 SECTION 5.12. Collection of Claims Against the Company. The Trustee is subject to Section 311(a)
of the TIA, excluding any creditor relationship listed in Section 311(b) of the TIA. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the TIA to the extent indicated therein. 
  
 ARTICLE 6 
  
 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
  
 SECTION 6.1. Company May Consolidate, Etc., Only on Certain Terms. The Company shall not consolidate with or merge
into any other Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person, and the Company shall not permit any Person to consolidate with or merge into the Company or convey, transfer or lease its
properties and assets substantially as an entirety to the Company, unless: 
  
 (1) in the event that the Company shall consolidate with or merge into another Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person, the Person formed by such
consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of the Company substantially as an entirety shall be a corporation, limited liability company,
partnership or trust organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia and, if the entity surviving such transaction or transferee entity is not the Company, then such
surviving or transferee entity shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and interest (including
Liquidated Damages, if any) on all the Securities and the performance of every covenant of this Indenture on the party of the Company to be performed or observed and shall have provided for conversion rights in accordance with Section 12.11 hereof;

  
 (2) at the time of consummation of such
transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and 
  
 (3) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article and that all conditions precedent
herein provided for relating to such transaction have been complied with. 
  
 SECTION 6.2. Successor Substituted. Upon any consolidation or merger by the Company with or into any other Person or any conveyance, transfer or lease of the properties and assets of the Company substantially
as an entirety to any Person, in accordance with Section 6.1 hereof, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted
for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and thereafter, except in the case of a lease to another Person, the predecessor
Person shall be relieved of all obligations and covenants under this Indenture and the Securities. 
  
 ARTICLE 7 
  
 AMENDMENTS, SUPPLEMENTS AND WAIVERS 
  
 SECTION
7.1. Without Consent of Holders of Securities. Without the consent of any Holders of Securities, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may amend this Indenture and the
Securities to: 
  
 (a) add to the covenants of
the Company for the benefit of the Holders of Securities; 
  

 -31- 

 (b) surrender any right or power herein conferred upon the Company; 
  
 (c) make provision with respect to the conversion rights of
Holders of Securities pursuant to Section 12.11 hereof; 
  
 (d) provide for the assumption of the Company’s obligations to the Holders of Securities in the case of a merger, consolidation, conveyance, transfer or lease pursuant to Article 6 hereof; 
  
 (e) reduce the Conversion Price; provided,
however, that such reduction in the Conversion Price shall not adversely affect the interest of the Holders of Securities (after taking into account tax and other consequences of such reduction) in any material respect; 
  
 (f) comply with the requirements of the SEC in order to
effect or maintain the qualification of this Indenture under the TIA; 
  
 (g) make any changes or modifications to this Indenture necessary in connection with the registration of any Securities under the Securities Act as contemplated in the Registration Rights Agreement; provided,
however, that such action pursuant to this clause (g) does not adversely affect the interests of the Holders of Securities in any material respect; 
  
 (h) cure any ambiguity, correct or supplement any provision herein which may be inconsistent with any other provision herein or which is
otherwise defective, or make any other provisions with respect to matters or questions arising under this Indenture which the Company and the Trustee may deem necessary or desirable and which shall not be inconsistent with the provisions of this
Indenture; 
  
 (i) add or modify any other
provisions with respect to matters or questions arising under this Indenture which the Company and the Trustee may deem necessary or desirable and which shall not be inconsistent with the provisions of this Indenture, provided,
however, that such action pursuant to this clause (i) does not adversely affect the interests of the Holders of Securities in any material respect; or 
  

(j) make provision for the establishment of a book-entry system in which Holders would have the option to participate for the clearance
and settlement of transactions in Securities originally issued in definitive form. 
  
 SECTION 7.2. With Consent of Holders of Securities. Except as provided below in this Section 7.2, this Indenture or the Securities may be amended or supplemented, and noncompliance by the Company in any
particular instance with any provision of this Indenture or the Securities may be waived, in each case (i) with the written consent of the Holders of at least a majority in aggregate principal amount of the Outstanding Securities or (ii) by the
adoption of a resolution, at a meeting of Holders of the Outstanding Securities at which a quorum is present, by the Holders of a majority in aggregate principal amount of the Outstanding Securities represented at such meeting. 
  
 Without the written consent or the affirmative vote of each Holder of
Securities affected, an amendment or waiver under this Section 7.2 may not: 
  
 (a) change the Stated Maturity of the principal of, or any installment of interest (including Liquidated Damages, if any) on, any Security; 
  
 (b) reduce the principal amount of or premium, if any, on any Security; 
  
 (c) reduce the Interest Rate or interest (including
Liquidated Damages, if any) on any Security; 
  
 (d) change the currency of payment of principal of, premium, if any, or interest (including Liquidated Damages, if any) on any Security; 
  

 -32- 

 (e) impair the right of any Holder to institute suit for the enforcement of any payment
on or with respect to, or the conversion of, any Security; 
  
 (f) modify the obligation of the Company to maintain an office or agency in The City of New York pursuant to Section 9.2 hereof; 
  
 (g) except as permitted by Section 12.11 hereof, adversely affect the right to convert any Security as
provided in Article 12 hereof; 
  
 (h) adversely
affect the Purchase Right or Put Purchase Right; 
  
 (i) modify the subordination provisions of the Securities in a manner adverse to the Holders of Securities; 
  
 (j) modify any of the provisions of this Section, Section 4.4 or Section 14.11, except to increase any percentage contained herein or
therein or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; or 
  
 (k) reduce the requirements of Section 8.4 hereof for quorum or voting, or reduce the percentage in
aggregate principal amount of the Outstanding Securities the consent of whose Holders is required for any such supplemental indenture or the consent of whose Holders is required for any waiver provided for in this Indenture. 
  
 It shall not be necessary for any Act of Holders of Securities under this
Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
  
 SECTION 7.3. Compliance with Trust Indenture Act. Every amendment to this Indenture or the Securities shall be set forth in a supplemental
indenture that complies with the TIA as then in effect. 
  
 SECTION 7.4. Revocation of Consents and Effect of Consents or Votes. Until an amendment, supplement or waiver becomes effective, a written consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder of
a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security; provided, however, that unless a record date shall have been
established, any such Holder or subsequent Holder may revoke the consent as to its Security or portion of a Security if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective.

  
 An amendment, supplement or waiver becomes effective on
receipt by the Trustee of written consents from or affirmative votes by, as the case may be, the Holders of the requisite percentage of aggregate principal amount of the Outstanding Securities, and thereafter shall bind every Holder of Securities;
provided, however, if the amendment, supplement or waiver makes a change described in any of clauses (a) through (k) of Section 7.2 hereof, the amendment, supplement or waiver shall bind only each Holder of a Security which has
consented to it or voted for it, as the case may be, and every subsequent Holder of a Security or portion of a Security that evidences the same indebtedness as the Security of the consenting or affirmatively voting, as the case may be, Holder.

  
 SECTION 7.5. Notation on or Exchange of Securities. If
an amendment, supplement or waiver changes the terms of a Security: 
  
 (a) the Trustee may require the Holder of a Security to deliver such Security to the Trustee, the Trustee may place an appropriate notation on the Security about the changed terms and return it to the Holder and the
Trustee may place an appropriate notation on any Security thereafter authenticated; or 
  

 -33- 

 (b) if the Company or the Trustee so determines, the Company in exchange for the Security
shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. 
  
 Failure to make the appropriate notation or issue a new Security shall not affect the validity and effect of such amendment, supplement or waiver. 
  
 SECTION 7.6. Trustee to Sign Amendment, Etc. The Trustee shall sign any amendment authorized pursuant to this Article
7 if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If the amendment does adversely affect the rights, duties, liabilities or immunities of the Trustee, the Trustee may but need not sign it. In
signing or refusing to sign such amendment, the Trustee shall be entitled to receive and shall be fully protected in relying upon an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that such amendment is authorized or
permitted by this Indenture. 
  
 ARTICLE 8 
  
 MEETING OF HOLDERS OF SECURITIES 
  
 SECTION 8.1. Purposes for Which Meetings May Be Called. A meeting of
Holders of Securities may be called at any time and from time to time pursuant to this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given
or taken by Holders of Securities. 
  
 Notwithstanding anything
contained in this Article 8, the Trustee may, during the pendency of a Default or an Event of Default, call a meeting of Holders of Securities in accordance with its standard practices. 
  
 SECTION 8.2. Call Notice and Place of Meetings. (a) The Trustee may at any time call a meeting of Holders of
Securities for any purpose specified in Section 8.1 hereof, to be held at such time and at such place in The City of New York. Notice of every meeting of Holders of Securities, setting forth the time and the place of such meeting, in general terms
the action proposed to be taken at such meeting and the percentage of the principal amount of the Outstanding Securities which shall constitute a quorum at such meeting, shall be given, in the manner provided in Section 14.2 hereof, not less than 21
nor more than 180 days prior to the date fixed for the meeting. 
  
 (b) In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% in principal amount of the Outstanding Securities shall have requested the Trustee to call a meeting of the Holders of Securities for any
purpose specified in Section 8.1 hereof, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have made the first publication of the notice of such meeting within 21 days
after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Securities in the amount specified, as the case may be, may determine the time and the place in The
City of New York for such meeting and may call such meeting for such purposes by giving notice thereof as provided in paragraph (a) of this Section. 
  
 SECTION 8.3. Persons Entitled to Vote at Meetings. To be entitled to vote at any meeting of Holders of Securities, a Person shall be (a) a Holder
of one or more Outstanding Securities or (b) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities by such Holder or Holders. 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, any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 
  
 SECTION 8.4. Quorum; Action. The Persons entitled to vote a majority
in principal amount of the Outstanding Securities shall constitute a quorum. In the absence of a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Securities, be
dissolved. In any other case, the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such
adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the chairman 

  

 -34- 

 
of the meeting prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section
8.2(a) hereof, except that such notice need be given only once and not less than five days prior to the date on which the meeting is scheduled to be reconvened. 
  

At a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid, any resolution and all matters (except as limited
by the second paragraph of Section 7.2 hereof) shall be effectively passed and decided if passed or decided by the Persons entitled to vote not less than a majority in principal amount of Outstanding Securities represented and voting at such
meeting. 
  
 Any resolution passed or decisions taken at any
meeting of Holders of Securities duly held in accordance with this Section shall be binding on all the Holders of Securities, whether or not present or represented at the meeting. 
  
 SECTION 8.5. Determination of Voting Rights; Conduct and Adjournment of Meetings. (a) Notwithstanding any other
provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders of Securities in regard to proof of the holding of Securities 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 deem appropriate. 
  
 (b) The Trustee shall, by an instrument in writing, appoint a temporary
chairman (which may be the Trustee) of the meeting, unless the meeting shall have been called by the Company or by Holders of Securities as provided in Section 8.2(b) hereof, in which case the Company or the Holders of Securities 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 Persons entitled to vote a majority in principal amount of the Outstanding
Securities represented at the meeting. 
  
 (c) At any meeting,
each Holder of a Security or proxy shall be entitled to one vote for each $1,000 principal amount of Securities held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any
Security 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, except as a Holder of a Security or proxy. 
  
 (d) Any meeting of Holders of Securities duly called pursuant to Section 8.2
hereof at which a quorum is present may be adjourned from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities represented at the meeting, and the meeting may be held as so adjourned without further
notice. 
  
 SECTION 8.6. Counting Votes and Recording Action of
Meetings. The vote upon any resolution submitted to any meeting of Holders of Securities shall be by written ballots on which shall be subscribed the signatures of the Holders of Securities or of their representatives by proxy and the principal
amounts and serial numbers of the Outstanding Securities 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, at least in duplicate, of the proceedings of each meeting of Holders of Securities 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 given as provided in Section 8.2 hereof and, if applicable, Section 8.4 hereof. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting
and one such copy shall be delivered to the Company and another 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. 
  

 -35- 

 ARTICLE 9 
  

COVENANTS 
  
 SECTION 9.1. Payment of Principal and Interest. The Company will duly and punctually pay the principal of and interest (including Liquidated
Damages, if any) on the Securities in accordance with the terms of the Securities and this Indenture. The Company will deposit or cause to be deposited with the Trustee as directed by the Trustee, no later than the day of the Stated Maturity of any
Security or installment of interest (including Liquidated Damages, if any), all payments so due. 
  
 SECTION 9.2. Maintenance of Offices or Agencies. The Company hereby appoints the Trustee’s Corporate Trust Office as its office in The City of
New York where Securities may be: 
  
 (i)
presented or surrendered for payment; 
  
 (ii)
surrendered for registration of transfer or exchange; 
  
 (iii) surrendered for conversion; 
  
 and where notices and demands to or
upon the Company in respect of the Securities and this Indenture may be served. 
  
 The Company may at any time and from time to time vary or terminate the appointment of any such office or appoint any additional offices for any or all of such purposes; provided, however, that until all
of the Securities have been delivered to the Trustee for cancellation, or moneys sufficient to pay the principal of and interest (including Liquidated Damages, if any) on the Securities have been made available for payment and either paid or
returned to the Company pursuant to the provisions of Section 9.3 hereof, the Company will maintain in The City of New York, an office or agency where Securities may be presented or surrendered for payment, where Securities may be surrendered for
registration of transfer or exchange, where Securities may be surrendered for conversion and where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The Company will give prompt written notice
to the Trustee, and notice to the Holders in accordance with Section 14.2 hereof, of the appointment or termination of any such agents and of the location and any change in the location of any such office or agency. 
  
 If at any time the Company shall fail to maintain any such required office or
agency in The City of New York, or shall fail to furnish the Trustee with the address thereof, presentations and surrenders may be made at, and notices and demands may be served on, the Corporate Trust Office of the Trustee. 
  
 SECTION 9.3. Corporate Existence. Subject to Article 6 hereof, the
Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, rights (charter and statutory) and franchises; provided, however, that the Company shall not be required to
preserve any such right or franchise if the Company determines that the preservation thereof is no longer desirable in the conduct of the business of the Company and that the loss thereof is not disadvantageous in any material respect to the
Holders. 
  
 SECTION 9.4. Maintenance of Properties. The
Company will maintain and keep its properties and every part thereof in such repair, working order and condition, and make or cause to be made all such needful and proper repairs, renewals and replacements thereof, as in the judgment of the Company
are necessary in the interests of the Company; provided, however, that nothing contained in this Section shall prevent the Company from selling, abandoning or otherwise disposing of any of its properties or discontinuing a part of its
business from time to time if, in the judgment of the Company, such sale, abandonment, disposition or discontinuance is advisable and does not materially adversely affect the interests or business of the Company. 
  
 SECTION 9.5. Payment of Taxes and Other Claims. The Company will, and
will cause any Significant Subsidiary to, promptly pay and discharge or cause to be paid and discharged all material taxes, assessments 

  

 -36- 

 
and governmental charges or levies lawfully imposed upon it or upon its income or profits or upon any of its property, real or personal, or upon any part
thereof, as well as all material claims for labor, materials and supplies which, if unpaid, might by law become a lien or charge upon its property; provided, however, that neither the Company nor any Significant Subsidiary shall be
required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge, levy or claim if the amount, applicability or validity thereof shall currently be contested in good faith by appropriate proceedings and if the Company
or such Significant Subsidiary, as the case may be, shall have set aside on its books reserves deemed by it adequate with respect thereto. 
  
 SECTION 9.6. Reports. (a) The Company shall make available to the Trustee within 15 days after it files them with the SEC copies of the annual and
quarterly reports and other information, documents and other reports deemed “filed” for the purposes of Section 18 of the Exchange Act or incorporated by reference in any filing under the Securities Act or the Exchange Act (or copies of
such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act; provided, however, that the Company shall
not be required to deliver to the Trustee any materials for which the Company has sought and received confidential treatment by the SEC. The Company also shall comply with the other provisions of Section 314(a) of the TIA. 
  
 (b) If at any time the Company is not subject to Section 13 or 15(d) of the
Exchange Act, upon the request of a Holder of a Security, the Company will promptly furnish or cause to be furnished to such Holder or to a prospective purchaser of such Security designated by such Holder, as the case may be, the information, if
any, required to be delivered by it pursuant to Rule 144A(d)(4) under the Securities Act to permit compliance with Rule 144A in connection with the resale of such Security; provided, however, that the Company shall not be required to
furnish such information in connection with any request made on or after the date which is two years from the later of the date such Security was last acquired from the Company or an Affiliate of the Company. 
  
 SECTION 9.7. Compliance Certificate. The Company shall deliver to the
Trustee, within 90 days after the end of each fiscal year of the Company, an Officers’ Certificate stating that in the course of the performance by the signers of their duties as Officers of the Company, they would normally have knowledge of
any failure by the Company to comply with all conditions, or Default by the Company with respect to any covenants, under this Indenture, and further stating whether or not they have knowledge of any such failure or Default and, if so, specifying
each such failure or Default and the nature thereof. Within five Business Days of an Officer of the Company coming to have actual knowledge of a Default, regardless of the date, the Company shall deliver an Officers’ Certificate to the Trustee
specifying such Default and the nature and status thereof. 
  
 SECTION 9.8. Resale of Certain Securities. During the period of two years after the last date of original issuance of any Securities, the Company shall not, and shall not permit any of its Affiliates to, resell any Securities, or
shares of Common Stock issuable upon conversion of the Securities, that constitute “restricted securities” under Rule 144 and that are acquired by any of them within the United States or to “U.S. persons” (as defined in
Regulation S) except pursuant to an effective registration statement under the Securities Act or an applicable exemption therefrom. The Trustee shall have no responsibility or liability in respect of the Company’s performance of its agreement
in the preceding sentence. 
  
 SECTION 9.9. Liquidated
Damages. If Liquidated Damages are payable by the Company pursuant to the Registration Rights Agreement, the Company shall deliver to the Trustee an Officers’ Certificate to that effect stating (i) the amount of such Liquidated Damages that
are payable, (ii) the reason why such Liquidated Damages are payable and (iii) the date on which such damages are payable. Unless and until a Responsible Officer of the Trustee receives such an Officers’ Certificate, the Trustee may assume
without inquiry that no Liquidated Damages are payable. If the Company has paid Liquidated Damages directly to the persons entitled to such amounts, the Company shall deliver to the Trustee a certificate setting forth the particulars of such
payment. 
  

 -37- 

 ARTICLE 10 
  

REDEMPTION OF SECURITIES 
  
 SECTION 10.1. Optional Redemption. The Securities are not redeemable prior to February 15, 2009. On and after February 15, 2009, the Company may,
at its option, redeem the Securities in whole at any time or in part from time to time, on any date prior to maturity, upon notice as set forth in Section 10.4, at a redemption price equal to 100% of the principal amount of the Securities (the
“Optional Redemption Price”), plus any interest accrued but not paid prior to the Optional Redemption Date. 
  
 SECTION 10.2. Notice to Trustee. If the Company elects to redeem Securities pursuant to the redemption provisions of Section 10.1 hereof, it shall
notify the Trustee at least 30 days prior to the Redemption Date of such intended Redemption Date, the principal amount of Securities to be redeemed and the CUSIP numbers of the Securities to be redeemed. 
  
 SECTION 10.3. Selection of Securities to Be Redeemed. If fewer than
all the Securities are to be redeemed, the Trustee shall select the particular Securities to be redeemed from the Outstanding Securities by a method that complies with the requirements of any exchange on which the Securities are listed, or, if the
Securities are not listed on an exchange, on a pro rata basis or by lot or in accordance with any other method the Trustee considers fair and appropriate. Securities and portions thereof that the Trustee selects shall be in amounts equal to the
minimum authorized denominations for Securities to be redeemed or any integral multiple thereof. 
  
 If any Security selected for partial redemption is converted in part before termination of the conversion right with respect to the portion of the
Security so selected, the converted portion of such Security shall be deemed to be the portion selected for redemption (provided, however, that the Holder of such Security so converted and deemed redeemed shall not be entitled to any
additional interest payment as a result of such deemed redemption than such Holder would have otherwise been entitled to receive upon conversion of such Security). Securities which have been converted during a selection of Securities to be redeemed
may be treated by the Trustee as Outstanding for the purpose of such selection. 
  
 The Trustee shall promptly notify the Company and the Registrar in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to
be redeemed. 
  
 For all purposes of this Indenture, unless the
context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is
to be redeemed. 
  
 SECTION 10.4. Notice of Redemption.
Notice of redemption shall be given in the manner provided in Section 14.2 hereof to the Holders of Securities to be redeemed. Such notice shall be given not less than 20 or more than 60 days prior to the Redemption Date. 
  
 All notices of redemption shall state: 
  
 (1) the Redemption Date; 
  
 (2) the Redemption Price and interest accrued and unpaid to
the Redemption Date, if any; 
  
 (3) if fewer
than all the Outstanding Securities are to be redeemed, the aggregate principal amount of Securities to be redeemed and the aggregate principal amount of Securities which will be Outstanding after such partial redemption; 
  
 (4) that on the Redemption Date the Redemption Price and
interest accrued and unpaid to the Redemption Date, if any, will become due and payable upon each such Security to be redeemed, and that interest thereon shall cease to accrue on and after such date; 
  

 -38- 

 (5) the Conversion Price, the date on which the right to convert the principal of the
Securities to be redeemed will terminate and the places where such Securities may be surrendered for conversion; 
  
 (6) the place or places where such Securities are to be surrendered for payment of the Redemption Price and accrued and unpaid interest,
if any; and 
  
 (7) the CUSIP number of the
Securities. 
  
 The notice given shall specify the last date on
which exchanges or transfers of Securities may be made pursuant to Section 2.7 hereof, and shall specify the serial numbers of Securities and the portions thereof called for redemption. 
  
 Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the
Company’s request, by the Trustee in the name of and at the expense of the Company. 
  
 SECTION 10.5. Effect of Notice of Redemption. Notice of redemption having been given as provided in Section 10.4 hereof, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at
the Redemption Price therein specified and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued and unpaid interest) such Securities shall cease to bear interest. Upon surrender of any such
Security for redemption in accordance with such notice, such Security shall be paid by the Company at the Redemption Price plus accrued and unpaid interest, if any; provided, however, that the installments of interest on Securities
whose Stated Maturity is prior to or on the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such on the relevant Record Date according to their terms and the provisions of
Section 2.1 hereof. 
  
 If any Security called for redemption
shall not be so paid upon surrender thereof for redemption, the principal shall, until paid, bear interest from the Redemption Date at the Interest Rate. 
  
 SECTION 10.6. Deposit of Redemption Price. Prior to or on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent an
amount of money sufficient to pay the Redemption Price of all the Securities to be redeemed on that Redemption Date, other than any Securities called for redemption on that date which have been converted prior to the date of such deposit, and
accrued and unpaid interest, if any, on such Securities. 
  
 If
any Security called for redemption is converted, any money deposited with the Trustee or with a Paying Agent or so segregated and held in trust for the redemption of such Security shall (subject to any right of the Holder of such Security or any
Predecessor Security to receive interest as provided in the fourth to last paragraph of Section 2.1 hereof) be paid to the Company on Company Request or, if then held by the Company, shall be discharged from such trust. 
  
 SECTION 10.7. Securities Redeemed in Part. Any Security which is to be
redeemed only in part shall be surrendered at an office or agency of the Company designated for that purpose pursuant to Section 9.2 hereof (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in
form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or the Holder’s attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such
Security without service charge, a new Security or Securities of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so
surrendered. 
  
 ARTICLE 11 
  
 PURCHASE OF SECURITIES 
  
 SECTION 11.1. Purchase Right Upon Fundamental Change. (a) In the event
that a Fundamental Change shall occur, each Holder shall have the right (the “Purchase Right”), at the Holder’s option to require 

  

 -39- 

 
the Company to purchase, and upon the exercise of such right the Company shall purchase, all of such Holder’s Securities not theretofore called for
redemption, or any portion of the principal amount thereof that is equal to $1,000 or any integral multiple thereof (provided, however, that no single Security may be purchased in part unless the portion of the principal amount of such
Security to be Outstanding after such purchase is equal to $1,000 or integral multiples thereof), on the date (the “Purchase Date”) that is 45 days after the date of the Company Notice at a purchase price equal to 100% of the
principal amount of the Securities to be purchased (the “Purchase Price”), plus interest accrued and unpaid to, but excluding, the Purchase Date; provided, however, that installments of interest on Securities whose
Stated Maturity is prior to or on the Purchase Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such on the relevant Record Date according to their terms and the provisions of Section 2.1
hereof. 
  
 (b) Whenever in this Indenture (including Sections
2.2, 4.1(a) and 4.7 hereof) or Exhibit A annexed hereto there is a reference, in any context, to the principal of any Security as of any time, such reference shall be deemed to include reference to the Purchase Price or the Put Purchase
Price, as the case may be, payable in respect to such Security to the extent that such Purchase Price or the Put Purchase Price, as the case may be, is, was or would be so payable at such time, and express mention of the Purchase Price or the Put
Purchase Price, as the case may be, in any provision of this Indenture shall not be construed as excluding the Purchase Price or the Put Purchase Price, as the case may be, in those provisions of this Indenture when such express mention is not made;
provided, however, that for the purposes of Article 13 hereof, such reference shall be deemed to include reference to the Purchase Price or the Put Purchase Price, as the case may be, only to the extent the Purchase Price or the Put
Purchase Price, as the case may be, is payable in cash. 
  
 SECTION 11.2. Purchase of Securities by the Company at Option of the Holder. 
  
 (a) General. Each Holder shall have the right to require the Company to purchase all or a portion of its Securities on February 15, 2009, February
15, 2014 and February 15, 2019 (or, if any such date is not a Business Day, on the immediately succeeding Business Day) (each, a “Put Purchase Date”), at 100% of the principal amount of the Securities to be so purchased, plus
accrued and unpaid interest, if any, to, but excluding, such Put Purchase Date (the “Put Purchase Price”). 
  
 (b) Company Notice. On or before the twenty-third (23rd) Business Day prior to each Put Purchase Date, the Company shall provide to the Trustee,
the Paying Agent and to all Holders at their respective addresses as shown on the Register, and to beneficial owners of the Securities where required by applicable law, a notice stating, among other things: 
  
 (i) the name and address of the Trustee, the Paying Agent
and the Conversion Agent; and 
  
 (ii) the
procedures the Holders must follow to require the Company to purchase their Securities. 
  
 Simultaneously with providing such notice, the Company shall publish a notice containing this information in a newspaper of general circulation in The City of New York or publish the information on the Company’s
website or through such other public medium as the Company may use at that time. 
  
 (c) Conditions to the Company’s Obligation to Purchase. The Company will be required to purchase only Securities with respect to which each of the following conditions has been satisfied: 
  
 (i) delivery to the Paying Agent by the Holder of a written
notice of purchase (a “Purchase Notice”) during the period beginning at any time from the opening of business on the date that is twenty-three (23) Business Days prior to the relevant Put Purchase Date until the close of business on
the third (3rd) Business Day prior to such Put Purchase Date stating: 
  
 (1) the applicable Depositary procedures or, in the case of Physical Securities, the certificate number(s) of the Holder’s Securities to be delivered for purchase; 
  

 -40- 

 (2) the portion of the principal amount of Securities to be purchased, in integral
multiples of $1,000; and 
  
 (3) that the
Securities are to be purchased by the Company pursuant to paragraph 6(b) of the Securities and this Section 11.2; 
  
 (ii) delivery of such Securities to the Trustee or Paying Agent prior to, on or after the Put Purchase Date (together with all necessary
endorsements); and 
  
 (iii) there shall not have
occurred and be continuing an Event of Default, other than an Event of Default that is cured with respect to all Securities by the payment of the Put Purchase Price. 
  
 (d) Withdrawal of Purchase Notice. A Holder may withdraw any Purchase Notice in whole or in part by a written notice
of withdrawal delivered to the Trustee or the Paying Agent prior to the close of business on the third (3rd) Business Day prior to the applicable Put Purchase Date. The notice of withdrawal must state: 
  
 (i) the principal amount of the withdrawn Securities;

  
 (ii) with respect to Physical Securities, the
certificate number(s) of the withdrawn Securities; and 
  
 (iii) the principal amount of Securities, if any, which remains subject to the Purchase Notice. 
  
 The Paying Agent shall promptly notify the Company of the receipt by it of any Purchase Notice or written notice of withdrawal thereof. 
  
 The Put Purchase Price shall be so paid pursuant to this Section 11.2 only if
the Securities so delivered by the Holder conform in all respects to the description thereof in the related Purchase Notice, as determined by the Company in its sole discretion. 
  
 (e) Payment of Put Purchase Price by the Company; Effect on Holders of Purchased Securities. The Company shall pay
the Put Purchase Price to the Paying Agent promptly following the later of the relevant Put Purchase Date or the time of book-entry transfer or delivery of the purchased Securities. If either the Trustee or the Paying Agent holds money or securities
sufficient to pay the Put Purchase Price on the Business Day immediately following the relevant Put Purchase Date, then: 
  
 (i) the purchased Securities will cease to be Outstanding and interest will cease to accrue (whether or not book-entry transfer of the
purchased Securities is made or whether or not the purchased Securities are delivered to the Paying Agent); and 
  
 (ii) all other rights of the Holders of such purchased Securities will terminate (other than the right to receive the Put Purchase Price
upon delivery or transfer of such purchased Securities). 
  
 SECTION 11.3. Notices; Method of Exercising Purchase Right, Etc. (a) Unless the Company shall have theretofore called for redemption all of the Outstanding Securities, prior to or on the 30th day after the occurrence of a Fundamental
Change, the Company, or, at the written request and expense of the Company prior to or on the 30th day after such occurrence, the Trustee shall give to all Holders of Securities notice, in the manner provided in Section 14.2 hereof, of the
occurrence of the Fundamental Change and of the Purchase Right set forth herein arising as a result thereof (the “Company Notice”). The Company shall also deliver a copy of such notice of a Purchase Right to the Trustee. Each notice
of a Purchase Right shall state: 
  
 (1) the
Purchase Date; 
  
 (2) the date by which the
Purchase Right must be exercised; 
  

 -41- 

 (3) the Purchase Price and accrued and unpaid interest, if any; 
  
 (4) a description of the procedure which a Holder must
follow to exercise a Purchase Right, and the place or places where such Securities, are to be surrendered for payment of the Purchase Price and accrued and unpaid interest, if any; 
  
 (5) that on the Purchase Date the Purchase Price and accrued and unpaid interest, if any, will become due
and payable upon each such Security designated by the Holder to be purchased, and that interest thereon shall cease to accrue on and after said date; 
  
 (6) the conversion rate then in effect, the date on which the right to convert the principal amount of the Securities to be purchased will
terminate and the place where such Securities may be surrendered for conversion, and 
  
 (7) the place or places where such Securities, together with the Option to Elect Repayment Upon a Fundamental Change certificate included
in Exhibit A annexed hereto are to be delivered for payment of the Purchase Price and accrued and unpaid interest, if any. 
  
 No failure of the Company to give the foregoing notices or defect therein shall limit any Holder’s right to exercise a Purchase Right or affect the
validity of the proceedings for the purchase of Securities. 
  
 If
any of the foregoing provisions or other provisions of this Article 11 are inconsistent with applicable law, such law shall govern. 
  
 (b) To exercise a Purchase Right, a Holder shall deliver to the Trustee prior to or on the 30th day after the date of the Company Notice: 
  
 (1) written notice of the Holder’s exercise of such
right, which notice shall set forth the name of the Holder, the principal amount of the Securities to be purchased (and, if any Security is to be purchased in part, the serial number thereof, the portion of the principal amount thereof to be
purchased) and a statement that an election to exercise the Purchase Right is being made thereby, and 
  
 (2) the Securities with respect to which the Purchase Right is being exercised. 
  
 Such written notice shall be irrevocable, except that the right of the Holder
to convert the Securities with respect to which the Purchase Right is being exercised shall continue until the close of business on the Business Day immediately preceding the Purchase Date. 
  
 (c) In the event a Purchase Right shall be exercised in accordance with the
terms hereof, the Company shall pay or cause to be paid to the Trustee the Purchase Price in cash for payment to the Holder on the Purchase Date as promptly after the Purchase Date as practicable, together with accrued and unpaid interest to the
Purchase Date payable in cash with respect to the Securities as to which the Purchase Right has been exercised; provided, however, that installments of interest that mature prior to or on the Purchase Date shall be payable in cash to
the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Regular Record Date. 
  
 (d) If any Security (or portion thereof) surrendered for purchase shall not be so paid on the Purchase Date, the principal amount of such Security (or
portion thereof, as the case may be) shall, until paid, bear interest to the extent permitted by applicable law from the Purchase Date at the Interest Rate, and each Security shall remain convertible into Common Stock until the principal of such
Security (or portion thereof, as the case may be) shall have been paid or duly provided for. 
  
 (e) Any Security which is to be purchased only in part shall be surrendered to the Trustee (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory
to the Company and the Trustee duly executed by the Holder thereof or his attorney duly authorized in writing), and 

  

 -42- 

 
the Company shall execute, and the Trustee shall authenticate and make available for delivery to the Holder of such Security without service charge, a new
Security or Securities, containing identical terms and conditions, each in an authorized denomination in aggregate principal amount equal to and in exchange for the unpurchased portion of the principal of the Security so surrendered. 
  
 (f) All Securities delivered for purchase shall be delivered to the Trustee
to be canceled at the direction of the Trustee, which shall dispose of the same as provided in Section 2.15 hereof. 
  
 ARTICLE 12 
  
 CONVERSION OF SECURITIES 
  
 SECTION 12.1.
Conversion Right and Conversion Price. (a) Subject to and upon: (i) compliance with the provisions of this Article and (ii) the occurrence of one or more of the conditions set forth in paragraph 7 of the Securities, at the option of the
Holder thereof, any Security or any portion of the principal amount thereof which is $1,000 or an integral multiple of $1,000 may be converted at the principal amount thereof, or of such portion thereof, into the number of duly authorized, fully
paid and nonassessable shares of Common Stock obtained by dividing the aggregate principal amount of such Security (or portion thereof) surrendered for conversion by the Conversion Price, determined as hereinafter provided, in effect at the time of
conversion. Such conversion right shall expire at the close of business on February 15, 2024. 
  
 (b) In case a Security or portion thereof is called for redemption, such conversion right in respect of the Security or the portion so called, shall expire at the close of business on the Business Day immediately
preceding the Redemption Date, unless the Company defaults in making the payment due upon redemption. In the case of a Fundamental Change for which the Holder exercises its Purchase Right or Put Purchase Right with respect to a Security or portion
thereof, such conversion right in respect of the Security or portion thereof shall expire at the close of business on the Business Day preceding the Purchase Date or Put Purchase Date, as applicable. 
  
 (c) The price at which shares of Common Stock shall be delivered upon
conversion (the “Conversion Price”) shall be initially equal to $39.50 per share of Common Stock. The Conversion Price shall be adjusted in certain instances as provided in paragraphs (a), (b), (c), (d), (e), (f), (h) and (l) of
Section 12.4 hereof. 
  
 SECTION 12.2. Exercise of Conversion
Right. To exercise the conversion right, the Holder of any Security to be converted shall surrender such Security duly endorsed or assigned to the Company or in blank, at the office of any Conversion Agent, accompanied by a duly signed
conversion notice substantially in the form attached to the Security to the Company stating that the Holder elects to convert such Security or, if less than the entire principal amount thereof is to be converted, the portion thereof to be converted.

  
 Any Holder which surrenders any Security for conversion during
the period between the close of business on any Regular Record Date and ending with the opening of business on the corresponding Interest Payment Date (except in the case of any Security whose Maturity is prior to such Interest Payment Date) shall
be accompanied by payment in New York Clearing House funds or other funds acceptable to the Company of an amount equal to the interest (including Liquidated Damages, if any) to be received on such Interest Payment Date on the principal amount of the
Security being surrendered for conversion (but excluding any overdue interest on the principal amount of such Security so converted that exists at the time such Holder surrenders such Security for conversion). Notwithstanding the foregoing, any such
Holder which surrenders for conversion any Security (a) which has been called for redemption by the Company in a notice of redemption given by the Company pursuant to Section 10.4 hereof on a Redemption Date after such Regular Record Date and on or
prior to the next succeeding Interest Payment Date or (b) with respect to which the Company has specified a Purchase Date that is after such Regular Record Date and on or prior to the next succeeding Interest Payment Date, in either case, need not
pay the Company an amount equal to the interest (including Liquidated Damages, if any) in the principal amount of such Security so converted at the time such Holder surrenders such Security for conversion. 
  
 Securities shall be deemed to have been converted immediately prior to the
close of business on the day of surrender of such Securities for conversion in accordance with the foregoing provisions, and at such time the rights 

  

 -43- 

 
of the Holders of such Securities as Holders shall cease, and the Person or Persons entitled to receive the Common Stock issuable upon conversion shall be
treated for all purposes as the record holder or holders of such Common Stock at such time. Except as provided above in this Section 12.2, no adjustment shall be made for interest and Liquidated Damages, if any, accrued on any Security converted or
for dividends on any shares issued upon the conversion of such Security as provided in this Article 12. As promptly as practicable on or after the conversion date, the Company shall cause to be issued and delivered to such Conversion Agent a
certificate or certificates for the number of full shares of Common Stock issuable upon conversion, together with payment in lieu of any fraction of a share as provided in Section 12.3 hereof. 
  
 In the case of any Security which is converted in part only, upon such
conversion the Company shall execute and the Trustee shall authenticate and deliver to the Holder thereof, at the expense of the Company, a new Security or Securities of authorized denominations in aggregate principal amount equal to the unconverted
portion of the principal amount of such Securities. 
  
 If shares
of Common Stock to be issued upon conversion of a Restricted Security, or Securities to be issued upon conversion of a Restricted Security in part only, are to be registered in a name other than that of the Holder of such Restricted Security, such
Holder must deliver to the Conversion Agent a certificate in substantially the form set forth in the form of Security set forth in Exhibit A annexed hereto, dated the date of surrender of such Restricted Security and signed by such Holder, as
to compliance with the restrictions on transfer applicable to such Restricted Security. Neither the Trustee nor any Conversion Agent, Registrar or Transfer Agent shall be required to register in a name other than that of the Holder shares of Common
Stock or Securities issued upon conversion of any such Restricted Security not so accompanied by a properly completed certificate. 
  
 The Company hereby initially appoints the Trustee as the Conversion Agent. 
  
 SECTION 12.3. Fractions of Shares. No fractional shares of Common Stock shall be issued upon conversion of any
Security or Securities. If more than one Security shall be surrendered for conversion at one time by the same Holder, the number of full shares which shall be issued upon conversion thereof shall be computed on the basis of the aggregate principal
amount of the Securities (or specified portions thereof) so surrendered. Instead of any fractional share of Common Stock which would otherwise be issued upon conversion of any Security or Securities (or specified portions thereof), the Company shall
pay a cash adjustment in respect of such fraction (calculated to the nearest one-100th of a share) in an amount equal to the same fraction of the Quoted Price of the Common Stock as of the Trading Day preceding the date of conversion. 
  
 SECTION 12.4. Adjustment of Conversion Price. The Conversion Price
shall be subject to adjustments, calculated by the Company, from time to time as follows: 
  
 (a) In case the Company shall hereafter pay a dividend or make a distribution to all holders of the outstanding Common Stock in shares of
Common Stock, the Conversion Price in effect at the opening of business on the date following the date fixed for the determination of stockholders entitled to receive such dividend or other distribution shall be reduced by multiplying such
Conversion Price by a fraction: 
  
 (i) the
numerator of which shall be the number of shares of Common Stock outstanding at the close of business on the Record Date (as defined in Section 12.4(g)) fixed for such determination, and 
  
 (ii) the denominator of which shall be the sum of such number of shares and the total number of shares
constituting such dividend or other distribution. 
  
 Such
reduction shall become effective immediately after the opening of business on the day following the Record Date. If any dividend or distribution of the type described in this Section 12.4(a) is declared but not so paid or made, the Conversion Price
shall again be adjusted to the Conversion Price which would then be in effect if such dividend or distribution had not been declared. 
  

 -44- 

 (b) In case the outstanding shares of Common Stock shall be subdivided into a greater
number of shares of Common Stock, the Conversion Price in effect at the opening of business on the day following the day upon which such subdivision becomes effective shall be proportionately reduced, and conversely, in case outstanding shares of
Common Stock shall be combined into a smaller number of shares of Common Stock, the Conversion Price in effect at the opening of business on the day following the day upon which such combination becomes effective shall be proportionately increased,
such reduction or increase, as the case may be, to become effective immediately after the opening of business on the day following the day upon which such subdivision or combination becomes effective. 
  
 (c) In case the Company shall issue rights or warrants
(other than any rights or warrants referred to in Section 12.4(d)) to all holders of its outstanding shares of Common Stock entitling them to subscribe for or purchase shares of Common Stock (or securities convertible into Common Stock) at a price
per share (or having a conversion price per share) less than the Current Market Price (as defined in Section 12.4(g)) on the Record Date fixed for the determination of stockholders entitled to receive such rights or warrants, the Conversion Price
shall be reduced so that the same shall equal the price determined by multiplying the Conversion Price in effect at the opening of business on the date after such Record Date by a fraction: 
  
 (i) the numerator of which shall be the number of shares of
Common Stock outstanding at the close of business on the Record Date plus the number of shares which the aggregate offering price of the total number of shares so offered for subscription or purchase (or the aggregate conversion price of the
convertible securities so offered) would purchase at such Current Market Price, and 
  
 (ii) the denominator of which shall be the number of shares of Common Stock outstanding on the close of business on the Record Date plus
the total number of additional shares of Common Stock so offered for subscription or purchase (or into which the convertible securities so offered are convertible). 
  
 Such adjustment shall become effective immediately after the opening of business on the day following the Record Date fixed
for determination of stockholders entitled to receive such rights or warrants. To the extent that shares of Common Stock (or securities convertible into Common Stock) are not delivered pursuant to such rights or warrants, upon the expiration or
termination of such rights or warrants the Conversion Price shall be readjusted to the Conversion Price which would then be in effect had the adjustments made upon the issuance of such rights or warrants been made on the basis of the delivery of
only the number of shares of Common Stock (or securities convertible into Common Stock) actually delivered. In the event that such rights or warrants are not so issued, the Conversion Price shall again be adjusted to be the Conversion Price which
would then be in effect if such date fixed for the determination of stockholders entitled to receive such rights or warrants had not been fixed. Notwithstanding the foregoing, after a period of 60 days from the date of issuance of such rights or
warrants, the Conversion Price shall be readjusted to the Conversion Price which would then be in effect had the adjustments made upon the issuance of such rights or warrants been made on the basis of the delivery of only the number of shares of
Common Stock (or securities convertible into Common Stock) actually delivered during such period. In determining whether any rights or warrants entitle the holders to subscribe for or purchase shares of Common Stock at less than such Current Market
Price, and in determining the aggregate offering price of such shares of Common Stock, there shall be taken into account any consideration received for such rights or warrants, the value of such consideration if other than cash, to be determined by
the Board of Directors. 
  
 (d) In case the
Company shall, by dividend or otherwise, distribute to all holders of its Common Stock shares of any class of capital stock of the Company (other than any dividends or distributions to which Section 12.4(a) applies) or evidences of its indebtedness,
cash or other assets, including securities, but excluding (1) any rights or warrants referred to in Section 12.4(c), (2) any stock, securities or other property or assets (including cash) distributed in connection with a reclassification, change,
merger, consolidation, statutory share exchange, combination, sale or conveyance to which Section 12.11 hereof applies and (3) dividends and distributions paid exclusively in cash (the securities described in foregoing 

  

 -45- 

 
clauses (1), (2) and (3) hereinafter in this Section 12.4(d) called the “securities”), then, in each such case, subject to the second succeeding
paragraph of this Section 12.4(d), the Conversion Price shall be reduced so that the same shall be equal to the price determined by multiplying the Conversion Price in effect immediately prior to the close of business on the Record Date (as defined
in Section 12.4(g)) with respect to such distribution by a fraction: 
  
 (i) the numerator of which shall be the Current Market Price (determined as provided in Section 12.4(g)) on such date less the fair market value (as determined by the Board of Directors, whose determination shall be
conclusive and set forth in a Board Resolution) on such date of the portion of the shares of capital stock, evidences of indebtedness, cash or other assets, including securities, so distributed applicable to one share of Common Stock (determined on
the basis of the number of shares of the Common Stock outstanding on the Record Date), and 
  
 (ii) the denominator of which shall be such Current Market Price on such date. 
  
 Such reduction shall become effective immediately prior to
the opening of business on the day following the Record Date. However, in the event that the then fair market value (as so determined) of the portion of the securities so distributed applicable to one share of Common Stock is equal to or greater
than the Current Market Price on the Record Date, in lieu of the foregoing adjustment, adequate provision shall be made so that each Holder shall have the right to receive upon conversion of a Security (or any portion thereof) the amount of shares
of capital stock, evidences of indebtedness, cash or other assets, including securities, such Holder would have received had such Holder converted such Security (or portion thereof) immediately prior to such Record Date. In the event that such
dividend or distribution is not so paid or made, the Conversion Price shall again be adjusted to be the Conversion Price which would then be in effect if such dividend or distribution had not been declared. 
  
 If the Board of Directors determines the fair market value
of any distribution for purposes of this Section 12.4(d) by reference to the actual or when issued trading market for any securities comprising all or part of such distribution, it must in doing so consider the prices in such market over the same
period (the “Reference Period”) used in computing the Current Market Price pursuant to Section 12.4(g) to the extent possible, unless the Board of Directors in a Board Resolution determines in good faith that determining the fair
market value during the Reference Period would not be in the best interest of the Holder. 
  
 Rights or warrants distributed by the Company to all holders of Common Stock entitling the holders thereof to subscribe for or purchase
shares of the Company’s capital stock (either initially or under certain circumstances), which rights or warrants, until the occurrence of a specified event or events (“Trigger Event”): 
  
 (i) are deemed to be transferred with such shares of Common
Stock, 
  
 (ii) are not exercisable, and

  
 (iii) are also issued in respect of future
issuances of Common Stock 
  
 shall be deemed not to have been
distributed for purposes of this Section 12.4(d) (and no adjustment to the Conversion Price under this Section 12.4(d) will be required) until the occurrence of the earliest Trigger Event. If such right or warrant is subject to subsequent events,
upon the occurrence of which such right or warrant shall become exercisable to purchase different securities, evidences of indebtedness or other assets or entitle the holder to purchase a different number or amount of the foregoing or to purchase
any of the foregoing at a different purchase price, then the occurrence of each such event shall be deemed to be the date of issuance and record date with respect to a new right or warrant (and a termination or expiration of the existing right or
warrant without exercise by the holder thereof). In addition, in the event of any distribution (or deemed distribution) of rights or warrants, or any Trigger Event or other event (of the type described in the preceding sentence) with respect
thereto, that resulted in an adjustment to the Conversion Price under this Section 12.4(d): 
  
 (1) in the case of any such rights or warrants which shall all have been redeemed or repurchased without exercise by any holders thereof,
the Conversion Price shall be readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or repurchase price
received by a holder of Common Stock with respect to such rights or warrant (assuming such holder had retained such rights or warrants), made to all holders of Common Stock as of the date of such redemption or repurchase, and 
  

 -46- 

 (2) in the case of such rights or warrants all of which shall have expired or been
terminated without exercise, the Conversion Price shall be readjusted as if such rights and warrants had never been issued. 
  
 For purposes of this Section 12.4(d) and Sections 12.4(a), 12.4(b) and 12.4(c), any dividend or distribution to which this Section 12.4(d)
is applicable that also includes shares of Common Stock, a subdivision or combination of Common Stock to which Section 12.4(b) applies, or rights or warrants to subscribe for or purchase shares of Common Stock to which Section 12.4(c) applies (or
any combination thereof), shall be deemed instead to be: 
  
 (1) a dividend or distribution of the evidences of indebtedness, assets, shares of capital stock, rights or warrants other than such shares of Common Stock, such subdivision or combination or such rights or warrants
to which Sections 12.4(a), 12.4(b) and 12.4(c) apply, respectively (and any Conversion Price reduction required by this Section 12.4(d) with respect to such dividend or distribution shall then be made), immediately followed by 
  
 (2) a dividend or distribution of such shares of Common
Stock, such subdivision or combination or such rights or warrants (and any further Conversion Price reduction required by Sections 12.4(a), 12.4(b) and 12.4(c) with respect to such dividend or distribution shall then be made), except: 
  
 (A) the Record Date of such dividend or distribution shall
be substituted as (x) ”the date fixed for the determination of stockholders entitled to receive such dividend or other distribution”, “Record Date fixed for such determination” and “Record Date” within the meaning of
Section 12.4(a), (y) ”the day upon which such subdivision becomes effective” and “the day upon which such combination becomes effective” within the meaning of Section 12.4(b), and (z) ”the Record Date fixed for the
determination of stockholders entitled to receive such rights or warrants,” such “Record Date,” “the Record Date fixed for the determination of stockholders entitled to receive such rights or warrants” and “such dated
fixed for the determination of stockholders entitled to receive such rights or warrants” within the meaning of Section 12.4(c), and 
  
 (B) any shares of Common Stock included in such dividend or distribution shall not be deemed “outstanding at the close of business
on the Record Date fixed for such determination” within the meaning of Section 12.4(a) and any reduction or increase in the number of shares of Common Stock resulting from such subdivision or combination shall be disregarded in connection with
such dividend or distribution. 
  
 (e) In case
the Company shall, by dividend or otherwise, distribute to all holders of its Common Stock cash (excluding any cash that is distributed upon a reclassification, change, merger, consolidation, statutory share exchange, combination, sale or conveyance
to which Section 12.11 hereof applies or as part of a distribution referred to in Section 12.4(d) hereof), then and in each such case, immediately after the close of business on the Record Date with respect to such distribution, the Conversion Price
shall be reduced so that the same shall equal the price determined by multiplying the Conversion Price in effect immediately prior to the close of business on such Record Date by a fraction: 
  
 (i) the numerator of which shall be equal to the Current
Market Price on the Record Date less an amount equal to the quotient of (x) the aggregate amount of the cash distribution and (y) the number of shares of Common Stock outstanding on the Record Date, and 
  

 -47- 

 (ii) the denominator of which shall be equal to the Current Market Price on such date.

  
 In the event that such dividend or distribution is not so
paid or made, the Conversion Price shall again be adjusted to be the Conversion Price which would then be in effect if such dividend or distribution had not been declared. 
  
 (f) In case a tender or exchange offer made by the Company or any of its subsidiaries for all or any portion
of the Common Stock shall expire and such tender or exchange offer (as amended upon the expiration thereof) shall require the payment to stockholders (based on the acceptance (up to any maximum specified in the terms of the tender or exchange offer)
of Purchased Shares (as defined below)) of an aggregate consideration having a fair market value (as determined by the Board of Directors, whose determination shall be conclusive and set forth in a Board Resolution) that combined together with the
aggregate of the cash plus the fair market value (as determined by the Board of Directors, whose determination shall be conclusive and set forth in a Board Resolution), as of the expiration of the other tender or exchange offer referred to below, of
consideration payable in respect of any other tender or exchange offers by the Company or any of its subsidiaries for all or any portion of the Common Stock expiring within the preceding 12 months and in respect of which no adjustment pursuant to
this Section 12.4(f) has been made, exceeds 10% of the product of the Current Market Price (determined as provided in Section 12.4(g)) as of the last time (the “Expiration Time”) tenders could have been made pursuant to such tender
or exchange offer (as it may be amended) times the number of shares of Common Stock outstanding (including any tendered or exchanged shares) on the Expiration Time, then, and in each such case, immediately prior to the opening of business on the day
after the date of the Expiration Time, the Conversion Price shall be adjusted so that the same shall equal the price determined by multiplying the Conversion Price in effect immediately prior to close of business on the date of the Expiration Time
by a fraction: 
  
 (i) the numerator of which
shall be (x) the number of shares of Common Stock outstanding (including any tendered or exchanged shares) at the Expiration Time multiplied by the Current Market Price of the Common Stock on the Trading Day next succeeding the Expiration Time minus
(y) the fair market value (determined as aforesaid) of the aggregate consideration payable to stockholders based on the acceptance (up to any maximum specified in the terms of the tender or exchange offer) of all shares validly tendered or exchanged
and not withdrawn as of the Expiration Time (the shares deemed so accepted, up to any such maximum, being referred to as the “Purchased Shares”), and 
  
 (ii) the denominator shall be the product of the number of shares of Common Stock outstanding (less any
Purchased Shares) on the Expiration Time and the Current Market Price of the Common Stock on the Trading Day next succeeding the Expiration Time. 
  
 Such reduction (if any) shall become effective immediately prior to the opening of business on the day following the Expiration Time. In
the event that the Company is obligated to purchase shares pursuant to any such tender offer, but the Company is permanently prevented by applicable law from effecting any such purchases or all such purchases are rescinded, the Conversion Price
shall again be adjusted to be the Conversion Price which would then be in effect if such tender or exchange offer had not been made. If the application of this Section 12.4(f) to any tender or exchange offer would result in an increase in the
Conversion Price, no adjustment shall be made for such tender or exchange offer under this Section 12.4(f). 
  

 -48- 

 (g) For purposes of this Section 12.4, the following terms shall have the meanings
indicated: 
  
 (1) “Current Market
Price” shall mean the average of the daily Closing Prices per share of Common Stock for the ten consecutive Trading Days immediately prior to the date in question; provided, however, that if: 
  
 (i) the “ex” date (as hereinafter defined) for
any event (other than the issuance or distribution requiring such computation) that requires an adjustment to the Conversion Price pursuant to Section 12.4(a), (b), (c), (d), (e) or (f) occurs during such ten consecutive Trading Days, the Closing
Price for each Trading Day prior to the “ex” date for such other event shall be adjusted by multiplying such Closing Price by the same fraction by which the Conversion Price is so required to be adjusted as a result of such other event;

  
 (ii) the “ex” date for any event
(other than the issuance or distribution requiring such computation) that requires an adjustment to the Conversion Price pursuant to Section 12.4(a), (b), (c), (d), (e) or (f) occurs on or after the “ex” date for the issuance or
distribution requiring such computation and prior to the day in question, the Closing Price for each Trading Day on and after the “ex” date for such other event shall be adjusted by multiplying such Closing Price by the reciprocal of the
fraction by which the Conversion Price is so required to be adjusted as a result of such other event; and 
  
 (iii) the “ex” date for the issuance or distribution requiring such computation is prior to the day in question, after taking
into account any adjustment required pursuant to clause (i) or (ii) of this proviso, the Closing Price for each Trading Day on or after such “ex” date shall be adjusted by adding thereto the amount of any cash and the fair market value (as
determined by the Board of Directors in a manner consistent with any determination of such value for purposes of Section 12.4(d) or (f), whose determination shall be conclusive and set forth in a Board Resolution) of the evidences of indebtedness,
shares of capital stock or assets being distributed applicable to one share of Common Stock as of the close of business on the day before such “ex” date. 
  
 For purposes of any computation under Section 12.4(f), the Current Market Price of the Common Stock on any
date shall be deemed to be the average of the daily Closing Prices per share of Common Stock for such day and the next two succeeding Trading Days; provided, however, that if the “ex” date for any event (other than the tender
offer requiring such computation) that requires an adjustment to the Conversion Price pursuant to Section 12.4(a), (b), (c), (d), (e) or (f) occurs on or after the Expiration Time for the tender or exchange offer requiring such computation and prior
to the day in question, the Closing Price for each Trading Day on and after the “ex” date for such other event shall be adjusted by multiplying such Closing Price by the reciprocal of the fraction by which the Conversion Price is so
required to be adjusted as a result of such other event. For purposes of this paragraph, the term “ex” date, when used: 
  
 (A) with respect to any issuance or distribution, means the first date on which the Common Stock trades regular way on the relevant
exchange or in the relevant market from which the Closing Price was obtained without the right to receive such issuance or distribution; 
  
 (B) with respect to any subdivision or combination of shares of Common Stock, means the first date on which the Common Stock trades
regular way on such exchange or in such market after the time at which such subdivision or combination becomes effective, and 
  

 -49- 

 (C) with respect to any tender or exchange offer, means the first date on which the
Common Stock trades regular way on such exchange or in such market after the Expiration Time of such offer. 
  
 Notwithstanding the foregoing, whenever successive adjustments to the Conversion Price are called for pursuant to this Section 12.4, such
adjustments shall be made to the Current Market Price as may be necessary or appropriate to effectuate the intent of this Section 12.4 and to avoid unjust or inequitable results as determined in good faith by the Board of Directors. 
  
 (1) “fair market value” shall mean the
amount which a willing buyer would pay a willing seller in an arm’s length transaction. 
  
 (2) “Record Date” shall mean, with respect to any dividend, distribution or other transaction or event in which the
holders of Common Stock have the right to receive any cash, securities or other property or in which the Common Stock (or other applicable security) is exchanged for or converted into any combination of cash, securities or other property, the date
fixed for determination of stockholders entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors or by statute, contract or otherwise). 
  
 (h) The Company may make such reductions in the Conversion
Price, in addition to those required by Section 12.4(a), (b), (c), (d), (e) or (f), as the Board of Directors considers to be advisable to avoid or diminish any income tax to holders of Common Stock or rights to purchase Common Stock resulting from
any dividend or distribution of stock (or rights to acquire stock) or from any event treated as such for income tax purposes. 
  
 To the extent permitted by applicable law, the Company from time to time may reduce the Conversion Price by any amount for any period of
time if the period is at least 20 days and the reduction is irrevocable during the period and the Board of Directors determines in good faith that such reduction would be in the best interests of the Company, which determination shall be conclusive
and set forth in a Board Resolution. Whenever the Conversion Price is reduced pursuant to the preceding sentence, the Company shall mail to the Trustee and each Holder at the address of such Holder as it appears in the Register a notice of the
reduction at least 15 days prior to the date the reduced Conversion Price takes effect, and such notice shall state the reduced Conversion Price and the period during which it will be in effect. 
  
 (i) No adjustment in the Conversion Price shall be required
unless such adjustment would require an increase or decrease of at least 1% in such price; provided, however, that any adjustments which by reason of this Section 12.4(i) are not required to be made shall be carried forward and taken
into account in any subsequent adjustment. Except as otherwise provided in this Article 12, no adjustment need be made for the issuance of Common Stock or any securities convertible into or exchangeable for Common Stock or that carry the right to
purchase any of the foregoing. All calculations under this Article 12 shall be made by the Company and shall be made to the nearest cent or to the nearest one hundredth of a share, as the case may be. No adjustment need be made for a change in the
par value or no par value of the Common Stock. 
  
 (j) In any case in which this Section 12.4 provides that an adjustment shall become effective immediately after a Record Date for an event, the Company may defer until the occurrence of such event (i) issuing to the Holder of any Security
converted after such Record Date and before the occurrence of such event the additional shares of Common Stock issuable upon such conversion by reason of the adjustment required by such event over and above the Common Stock issuable upon such
conversion before giving effect to such adjustment and (ii) paying to such holder any amount in cash in lieu of any fraction pursuant to Section 12.3 hereof. 
  

(k) For purposes of this Section 12.4, the number of shares of Common Stock at any time outstanding shall not include shares held in
the treasury of the Company but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock. The Company will not 

  

 -50- 

 
pay any dividend or make any distribution on shares of Common Stock held in the treasury of the Company. 
  
 (l) If the distribution date for the rights provided in the
Company’s rights agreement, if any, occurs prior to the date a Security is converted, the Holder of the Security who converts such Security after the distribution date is not entitled to receive the rights that would otherwise be attached (but
for the date of conversion) to the shares of Common Stock received upon such conversion; provided, however, that an adjustment shall be made to the Conversion Price pursuant to clause 12.4(b) as if the rights were being distributed to
the common stockholders of the Company immediately prior to such conversion. If such an adjustment is made and the rights are later redeemed, invalidated or terminated, then a corresponding reversing adjustment shall be made to the Conversion Price,
on an equitable basis, to take account of such event. 
  
 SECTION
12.5. Notice of Adjustments of Conversion Price. Whenever the Conversion Price is adjusted as herein provided (other than in the case of an adjustment pursuant to the second paragraph of Section 12.4(h) for which the notice required by such
paragraph has been provided), the Company shall promptly file with the Trustee and any Conversion Agent other than the Trustee an Officers’ Certificate setting forth the adjusted Conversion Price and showing in reasonable detail the facts upon
which such adjustment is based. Unless and until a Responsible Officer of the Trustee receives an Officers’ Certificate describing an adjustment of the Conversion Price, the Trustee may assume without inquiry that no such adjustment has been
made. Promptly after delivery of such Officers’ Certificate, the Company shall prepare a notice stating that the Conversion Price has been adjusted and setting forth the adjusted Conversion Price and the date on which each adjustment becomes
effective, and shall mail such notice to each Holder at the address of such Holder as it appears in the Register within 20 days of the effective date of such adjustment. Failure to deliver such notice shall not affect the legality or validity of any
such adjustment. 
  
 SECTION 12.6. Notice Prior to Certain
Actions. In case at any time after the date hereof: 
  
 (1) the Company shall declare a dividend (or any other distribution) on its Common Stock payable otherwise than in cash out of its capital surplus or its consolidated retained earnings; 
  
 (2) the Company shall authorize the granting to the holders
of its Common Stock of rights or warrants to subscribe for or purchase any shares of capital stock of any class (or of securities convertible into shares of capital stock of any class) or of any other rights; 
  
 (3) there shall occur any reclassification of the Common
Stock of the Company (other than a subdivision or combination of its outstanding Common Stock, a change in par value, a change from par value to no par value or a change from no par value to par value), or any merger, consolidation, statutory share
exchange or combination to which the Company is a party and for which approval of any shareholders of the Company is required, or the sale, transfer or conveyance of all or substantially all of the assets of the Company; or 
  
 (4) there shall occur the voluntary or involuntary
dissolution, liquidation or winding up of the Company; 
  
 the Company shall cause
to be filed at each office or agency maintained for the purpose of conversion of securities pursuant to Section 9.2 hereof, and shall cause to be provided to the Trustee and all Holders in accordance with Section 14.2 hereof, at least 20 days (or 10
days in any case specified in clause (1) or (2) above) prior to the applicable record or effective date hereinafter specified, a notice stating: 
  
 (A) the date on which a record is to be taken for the purpose of such dividend, distribution, rights or warrants, or, if a record is not
to be taken, the date as of which the holders of Common Stock of record to be entitled to such dividend, distribution, rights or warrants are to be determined, or 
  
 (B) the date on which such reclassification, merger, consolidation, statutory share exchange, combination,
sale, transfer, conveyance, dissolution, liquidation or winding up is expected to become effective, 

  

 -51- 

 
and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for securities,
cash or other property deliverable upon such reclassification, merger, consolidation, statutory share exchange, sale, transfer, dissolution, liquidation or winding up. 
  
 Neither the failure to give such notice nor any defect therein shall affect the legality or validity of the proceedings or
actions described in clauses (1) through (4) of this Section 12.6. 
  
 SECTION 12.7. Company to Reserve Common Stock. The Company shall at all times use its best efforts to reserve and keep available, free from preemptive rights, out of its authorized but unissued Common Stock, for the purpose of
effecting the conversion of Securities, the full number of shares of fully paid and nonassessable Common Stock then issuable upon the conversion of all Outstanding Securities. 
  
 SECTION 12.8. Taxes on Conversions. Except as provided in the next sentence, the Company will pay any and all taxes
(other than taxes on income) and duties that may be payable in respect of the issue or delivery of shares of Common Stock on conversion of Securities pursuant hereto. A Holder delivering a Security for conversion shall be liable for and will be
required to pay any tax or duty which may be payable in respect of any transfer involved in the issue and delivery of shares of Common Stock in a name other than that of the Holder of the Security or Securities to be converted, and no such issue or
delivery shall be made unless the Person requesting such issue has paid to the Company the amount of any such tax or duty, or has established to the satisfaction of the Company that such tax or duty has been paid. 
  
 SECTION 12.9. Covenant as to Common Stock. The Company covenants that
all shares of Common Stock which may be issued upon conversion of Securities will upon issue be fully paid and nonassessable and, except as provided in Section 12.8, the Company will pay all taxes, liens and charges with respect to the issue
thereof. 
  
 SECTION 12.10. Cancellation of Converted
Securities. All Securities delivered for conversion shall be delivered to the Trustee to be canceled by or at the direction of the Trustee, which shall dispose of the same as provided in Section 2.9. 
  
 SECTION 12.11. Effect of Recapitalization, Reclassification,
Consolidation, Merger or Sale. If any of following events occur, namely: 
  
 (i) any recapitalization, reclassification or change of the outstanding shares of Common Stock (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of
a subdivision or combination), 
  
 (ii) any
merger, consolidation, statutory share exchange or combination of the Company with another corporation as a result of which holders of Common Stock shall be entitled to receive stock, securities or other property or assets (including cash) with
respect to or in exchange for such Common Stock or 
  
 (iii) any sale, conveyance or lease of the properties and assets of the Company as, or substantially as, an entirety to any other corporation as a result of which holders of Common Stock shall be entitled to receive stock, securities or
other property or assets (including cash) with respect to or in exchange for such Common Stock, 
  
 the Company or the successor or purchasing corporation, as the case may be, shall execute with the Trustee a supplemental indenture (which shall comply with the TIA as in force at the date of execution of such
supplemental indenture if such supplemental indenture is then required to so comply) providing that each Security shall be convertible into the kind and amount of shares of stock and other securities or property or assets (including cash) which such
Holder would have been entitled to receive upon such recapitalization, reclassification, change, merger, consolidation, statutory share exchange, combination, sale or conveyance had such Securities been converted into Common Stock immediately prior
to such recapitalization, reclassification, change, merger, consolidation, statutory share exchange, combination, sale or conveyance assuming such holder of Common Stock did not exercise its rights of election, 

  

 -52- 

 
if any, as to the kind or amount of securities, cash or other property receivable upon such recapitalization, reclassification, change, merger,
consolidation, statutory share exchange, combination, sale or conveyance (provided that, if the kind or amount of securities, cash or other property receivable upon such recapitalization, reclassification, change, merger, consolidation,
statutory share exchange, combination, sale or conveyance is not the same for each share of Common Stock in respect of which such rights of election shall not have been exercised (“Non-Electing Share”), then for the purposes of this
Section 12.11 the kind and amount of securities, cash or other property receivable upon such recapitalization, reclassification, change, merger, consolidation, statutory share exchange, combination, sale or conveyance for each Non-Electing Share
shall be deemed to be the kind and amount so receivable per share by a plurality of the Non-Electing Shares). Such supplemental indenture shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments
provided for in this Article 12. If, in the case of any such recapitalization, reclassification, change, merger, consolidation, statutory share exchange, combination, sale or conveyance, the stock or other securities and assets receivable thereupon
by a holder of shares of Common Stock includes shares of stock or other securities and assets of a corporation other than the successor or purchasing corporation, as the case may be, in such recapitalization, reclassification, change, merger,
consolidation, statutory share exchange, combination, sale or conveyance, then such supplemental indenture shall also be executed by such other corporation and shall contain such additional provisions to protect the interests of the Holders of the
Securities as the Board of Directors shall reasonably consider necessary by reason of the foregoing, including to the extent practicable the provisions providing for the Purchase Rights set forth in Article 11 hereof. 
  
 The Company shall cause notice of the execution of such supplemental
indenture to be mailed to each Holder, at the address of such Holder as it appears on the Register, within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture.

  
 The above provisions of this Section shall similarly apply to
successive recapitalizations, reclassifications, mergers, consolidations, statutory share exchanges, combinations, sales and conveyances. 
  
 If this Section 12.11 applies to any event or occurrence, Section 12.4 hereof shall not apply. 
  
 SECTION 12.12. Responsibility of Trustee for Conversion Provisions.
The Trustee, subject to the provisions of Section 5.1 hereof, and any Conversion Agent shall not at any time be under any duty or responsibility to any Holder of Securities to determine whether any facts exist which may require any adjustment of the
Conversion Price, or with respect to the nature or intent of any such adjustments when made, or with respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the same. Neither the Trustee, subject
to the provisions of Section 5.1 hereof, nor any Conversion Agent shall be accountable with respect to the validity or value (of the kind or amount) of any Common Stock, or of any other securities or property, which may at any time be issued or
delivered upon the conversion of any Security; and it or they do not make any representation with respect thereto. Neither the Trustee, subject to the provisions of Section 5.1 hereof, nor any Conversion Agent shall be responsible for any failure of
the Company to make any cash payment or to issue, transfer or deliver any shares of stock or share certificates or other securities or property upon the surrender of any Security for the purpose of conversion; and the Trustee, subject to the
provisions of Section 5.1 hereof, and any Conversion Agent shall not be responsible or liable for any failure of the Company to comply with any of the covenants of the Company contained in this Article. 
  
 ARTICLE 13 
  
 SUBORDINATION 
  
 SECTION 13.1. Securities Subordinated to Senior Debt. The Company
covenants and agrees, and each Holder of Securities, by such Holder’s acceptance thereof, likewise covenants and agrees, that the Indebtedness represented by the Securities and the payment of the principal of and interest (including Liquidated
Damages, if any) on each and all of the Securities is hereby expressly subordinated and junior, to the extent and in the manner set forth and as set forth in this Section 13.1, in right of payment to the prior payment in full of all Senior Debt.

  
 (a) In the event of any distribution of
assets of the Company upon any dissolution, winding up, liquidation or reorganization of the Company, whether in bankruptcy, insolvency, reorganization or 

  

 -53- 

 
receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the Company or
otherwise, the holders of all Senior Debt shall first be entitled to receive payment of the full amount due thereon in respect of all such Senior Debt and all other amounts due or provision shall be made for such amount in cash, or other payments
satisfactory to the holders of Senior Debt, before the Holders of any of the Securities are entitled to receive any payment or distribution of any character, whether in cash, securities or other property, on account of the principal of or interest
(including Liquidated Damages, if any) on the Securities. 
  
 (b) In the event of any acceleration of Maturity of the Securities because of an Event of Default, unless the full amount due in respect of all Senior Debt is paid in cash or other form of payment satisfactory to the
holders of Senior Debt, no payment shall be made by the Company with respect to the principal of or interest (including Liquidated Damages, if any) on the Securities or to acquire any of the Securities (including any redemption, conversion or cash
purchase pursuant to the exercise of the Purchase Right or the Put Purchase Right), and the Company shall give prompt written notice of such acceleration to such holders of Senior Debt. 
  
 (c) In the event of and during the continuance of any default in payment of the principal of or interest on,
or other payment obligation in respect of, any Senior Debt, whether by acceleration or otherwise, unless (i) all such payments due in respect of such Senior Debt have been paid in full in cash or other payments satisfactory to the holders of Senior
Debt and (ii) at the time of, or immediately after giving effect to, any payment made by the Company with respect to the principal of, or interest (including Liquidated Damages, if any) on the Securities or to acquire any of the Securities
(including any redemption, conversion or cash purchase pursuant to the exercise of the Purchase Right or the Put Purchase Right), there does not exist under any Senior Debt or any agreement pursuant to which any Senior Debt has been issued any
default which shall not have been cured or waived and which shall have resulted in the full amount of such Senior Debt being declared due and payable, the Company shall not make the payment with respect to the Securities contemplated in clause (ii)
above. The Company shall give prompt written notice to the Trustee of any default under any Senior Debt or under any agreement pursuant to which Senior Debt may have been issued. 
  
 (d) During the continuance of any event of default with respect to any Designated Senior Debt, as such event
of default is defined under any such Designated Senior Debt or in any agreement pursuant to which any Designated Senior Debt has been issued (other than a default in payment of the principal of or interest on, rent or other payment obligation in
respect of any Designated Senior Debt), permitting the holder or holders of such Designated Senior Debt to accelerate the maturity thereof (or in the case of any lease, permitting the landlord either to terminate the lease or to require the Company
to make an irrevocable offer to terminate the lease following an event of default thereunder), no payment shall be made by the Company, directly or indirectly, with respect to principal of or interest (including Liquidated Damages, if any) on the
Securities for 179 days (the “Payment Blockage Period”) following notice in writing (a “Payment Blockage Notice”) to the Company, from any holder or holders of such Designated Senior Debt or their representative or
representatives or the trustee or trustees under any indenture or under which any instrument evidencing any such Designated Senior Debt may have been issued, that such an event of default has occurred and is continuing, unless such event of default
has been cured or waived or such Designated Senior Debt has been paid in full in cash or other payment satisfactory to the holders of such Designated Senior Debt. 
  
 Notwithstanding the foregoing (but subject to the provisions described above limiting payment on the
Securities in certain circumstances), unless the Holders of such Designated Senior Debt or the representative of such Holders shall have accelerated the maturity of such Designated Senior Debt, the Company may resume payments on the Securities after
the end of the Payment Blockage Period. 
  
 For
purposes of this Section 13.1(d), such Payment Blockage Notice shall be deemed to include notice of all other events of default under such indenture or instrument which are continuing at the time of the event of default specified in such Payment
Blockage Notice. Not more than one Payment Blockage Notice may be given in any consecutive 365-day period, irrespective of the number of events of default, 

  

 -54- 

 
with respect to one or more issues of Designated Senior Debt during such period, and no such continuing event of default that existed or was continuing on
the date of delivery of any Payment Blockage Notice shall be, or shall be made, the basis for a subsequent Payment Blockage Notice. 
  
 (e) In the event that, notwithstanding the foregoing provisions of Sections 13.1(a), 13.1(b), 13.1(c) and 13.1(d), any payment on account
of principal or interest (including Liquidated Damages, if any) on the Securities shall be made by or on behalf of the Company and received by the Trustee, by any Holder or by any Paying Agent (or, if the Company is acting as its own Paying Agent,
money for any such payment shall be segregated and held in trust): 
  
 (i) after the occurrence of an event specified in Section 13.1(a) or 13.1(b), then, unless all Senior Debt is paid in full in cash, or provision shall be made therefor, 
  
 (ii) after the happening of an event of default of the type
specified in Section 13.1(c) above, then, unless the amount of such Senior Debt then due shall have been paid in full, or provision made therefor or such event of default shall have been cured or waived, or 
  
 (iii) after the happening of an event of default of the type
specified in Section 13.1(d) above and delivery of a Payment Blockage Notice, then, unless such event of default shall have been cured or waived or the 179-day period specified in Section 13.1(d) shall have expired, 
  
 such payment (subject, in each case, to the provisions of Section 13.7
hereof) shall be held in trust for the benefit of, and shall be immediately paid over to, the holders of Designated Senior Debt (unless an event described in Section 13.1(a), (b) or (c) has occurred, in which case the payment shall be held in trust
for the benefit of, and shall be immediately paid over to all holders of Senior Debt) or their representative or representatives or the trustee or trustees under any indenture under which any instruments evidencing any of the Designated Senior Debt
or Senior Debt, as the case may be, may have been issued, as their interests may appear. 
  
 SECTION 13.2. Subrogation. Subject to the payment in full of all Senior Debt to which the Indebtedness evidenced by the Securities is in the circumstances subordinated as provided in Section 13.1 hereof, the
Holders of the Securities shall be subrogated to the rights of the holders of such Senior Debt to receive payments or distributions of cash, property or securities of the Company applicable to such Senior Debt until all amounts owing on the
Securities shall be paid in full, and, as between the Company, its creditors other than holders of such Senior Debt, and the Holders of the Securities, no such payment or distribution made to the holders of Senior Debt by virtue of this Article
which otherwise would have been made to the holders of the Securities shall be deemed to be a payment by the Company on account of such Senior Debt; provided, however, that the provisions of this Article are and are intended solely for
the purpose of defining the relative rights of the Holders of the Securities, on the one hand, and the holders of Senior Debt, on the other hand. 
  
 SECTION 13.3. Obligation of the Company Is Absolute and Unconditional. Nothing contained in this Article or elsewhere in this Indenture or in the
Securities is intended to or shall impair, as between the Company, its creditors other than the holders of Senior Debt, and the Holders of the Securities, the obligation of the Company, which is absolute and unconditional, to pay to the Holders of
the Securities the principal of and interest (including Liquidated Damages, if any) on the Securities as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the
Holders of the Securities and creditors of the Company other than the holders of Senior Debt, nor shall anything contained herein or therein prevent the Trustee or the Holder of any Security from exercising all remedies otherwise permitted by
applicable law upon default under this Indenture, subject to the rights, if any, under this Article of the holders of Senior Debt in respect of cash, property or securities of the Company received upon the exercise of any such remedy. 
  
 SECTION 13.4. Maturity of or Default on Senior Debt. Upon the maturity
of any Senior Debt by lapse of time, acceleration or otherwise, all principal of or interest on, rent or other payment obligations in respect of all such matured Senior Debt shall first be paid in full, or such payment shall have been duly provided
for, 

  

 -55- 

 
before any payment on account of principal or interest (including Liquidated Damages, if any) is made upon the Securities. 
  
 SECTION 13.5. Payments on Securities Permitted. Except as expressly
provided in this Article, nothing contained in this Article shall affect the obligation of the Company to make, or prevent the Company from making, payments of the principal of or interest (including Liquidated Damages, if any) on the Securities in
accordance with the provisions hereof and thereof, or shall prevent the Trustee or any Paying Agent from applying any moneys deposited with it hereunder to the payment of the principal of or interest (including Liquidated Damages, if any) on the
Securities. 
  
 SECTION 13.6. Effectuation of Subordination by
Trustee. Each Holder of Securities, by such Holder’s acceptance thereof, authorizes and directs the Trustee on such Holder’s behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this
Article and appoints the Trustee such Holder’s attorney-in-fact for any and all such purposes. 
  
 Upon any payment or distribution of assets of the Company referred to in this Article, the Trustee and the Holders of the Securities shall be entitled to
rely upon any order or decree made by any court of competent jurisdiction in which any such dissolution, winding up, liquidation or reorganization proceeding affecting the affairs of the Company is pending or upon a certificate of the trustee in
bankruptcy, receiver, assignee for the benefit of creditors, liquidating trustee or agent or other Person making any payment or distribution, delivered to the Trustee or to the Holders of the Securities, for the purpose of ascertaining the Persons
entitled to participate in such payment or distribution, and as to other facts pertinent to the right of such Persons under this Article, and if such evidence is not furnished, the Trustee may defer any payment to such Persons pending judicial
determination as to the right of such Persons to receive such payment. 
  
 SECTION 13.7. Knowledge of Trustee. Notwithstanding the provision of this Article or any other provisions of this Indenture, the Trustee shall not be charged with knowledge of the existence of any Senior Debt, of any default in
payment of principal of or interest on, rent or other payment obligation in respect of any Senior Debt, or of any facts which would prohibit the making of any payment of moneys to or by the Trustee, or the taking of any other action by the Trustee,
unless a Responsible Officer of the Trustee having responsibility for the administration of the trust established by this Indenture shall have received written notice thereof from the Company, any Holder of Securities, any Paying or Conversion Agent
of the Company or the holder or representative of any class of Senior Debt, and, prior to the receipt of any such written notice, the Trustee shall be entitled in all respects to assume that no such default or facts exist; provided,
however, that unless on the third Business Day prior to the date upon which by the terms hereof any such moneys may become payable for any purpose the Trustee shall have received the notice provided for in this Section 13.7, then, anything
herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such moneys and apply the same to the purpose for which they were received, and shall not be affected by any notice to the contrary which
may be received by it on or after such date. 
  
 SECTION 13.8.
Trustee’s Relation to Senior Debt. The Trustee shall be entitled to all the rights set forth in this Article with respect to any Senior Debt at the time held by it, to the same extent as any other holder of Senior Debt and nothing in
this Indenture shall deprive the Trustee of any of its rights as such holder. 
  
 Nothing contained in this Article shall apply to claims of or payments to the Trustee under or pursuant to Section 5.8 hereof. 
  

With respect to the holders of Senior Debt, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are
specifically set forth in this Article, and no implied covenants or obligations with respect to the holders of Senior Debt shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the
holders of Senior Debt and the Trustee shall not be liable to any holder of Senior Debt if it shall pay over or deliver to Holders, the Company or any other Person moneys or assets to which any holder of Senior Debt shall be entitled by virtue of
this Article or otherwise. 
  

 -56- 

 SECTION 13.9. Rights of Holders of Senior Debt Not Impaired. No right of any present or future
holder of any Senior Debt to enforce the subordination herein shall at any time or in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any noncompliance by the Company with the terms, provisions and
covenants of this Indenture, regardless of any knowledge thereof any such holder may have or be otherwise charged with. 
  
 SECTION 13.10. Modification of Terms of Senior Debt. Any renewal or extension of the time of payment of any Senior Debt or the exercise by the
holders of Senior Debt of any of their rights under any instrument creating or evidencing Senior Debt, including without limitation the waiver of default thereunder, may be made or done all without notice to or assent from the Holders of the
Securities or the Trustee. 
  
 No compromise, alteration,
amendment, modification, extension, renewal or other change of, or waiver, consent or other action in respect of, any liability or obligation under or in respect of, or of any of the terms, covenants or conditions of any indenture or other
instrument under which any Senior Debt is outstanding or of such Senior Debt, whether or not such release is in accordance with the provisions or any applicable document, shall in any way alter or affect any of the provisions of this Article or of
the Securities relating to the subordination thereof. 
  
 SECTION
13.11. Certain Conversions Not Deemed Payment. For the purposes of this Article 13 only: 
  
 (1) the issuance and delivery of junior securities upon conversion of Securities in accordance with Article 12 hereof shall not be deemed
to constitute a payment or distribution on account of the principal of or interest (including Liquidated Damages, if any) on Securities or on account of the purchase or other acquisition of Securities, and 
  
 (2) the payment, issuance or delivery of cash (except in
satisfaction of fractional shares pursuant to Section 12.3 hereof), property or securities (other than junior securities) upon conversion of a Security shall be deemed to constitute payment on account of the principal of or interest (including
Liquidated Damages, if any) on such Security. 
  
 For the purposes
of this Section 13.11, the term “junior securities” means: 
  
 (a) shares of any common stock of the Company or 
  
 (b) other securities of the Company that are subordinated in right of payment to all Senior Debt that may be outstanding at the time of
issuance or delivery of such securities to substantially the same extent as, or to a greater extent than, the Securities are so subordinated as provided in this Article. 
  
 Nothing contained in this Article 13 or elsewhere in this Indenture or in the Securities is intended to or shall impair, as
among the Company, its creditors (other than holders of Senior Debt) and the Holders of Securities, the right, which is absolute and unconditional, of the Holder of any Security to convert such Security in accordance with Article 12 hereof.

  
 ARTICLE 14 
  
 OTHER PROVISIONS OF GENERAL APPLICATION 
  
 SECTION 14.1. Trust Indenture Act Controls. This Indenture is subject
to the provisions of the TIA which are required to be part of this Indenture, and shall, to the extent applicable, be governed by such provisions. 
  
 SECTION 14.2. Notices. Any notice or communication to the Company or the Trustee is duly given if in writing and delivered in person or mailed by
first-class mail to the address set forth below: 
  

	 	(a)	if to the Company: 

  
 Equinix, Inc. 
 301 Velocity Way, 5th Floor

 Foster City, California 94404 
 Attention: General Counsel 
  

 -57- 

 with a copy (which shall not constitute notice) to: 
  
 Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP 

155 Constitution Drive 
 Menlo Park,
California 94025 
 Attention: Scott Dettmer, Esq. 
  

	 	(b)	if to the Trustee: 

  
 U.S. Bank National Association 
 633 West
Fifth Street, 24th Floor 
 LM-CA-T24T 
 Los Angeles, CA 90071 
 Attention: Corporate Trust Services (Equinix Convertible Subordinated Debentures due 2024) 
  
 The Company or the Trustee by notice to the other may designate additional or
different addresses for subsequent notices or communications. 
  
 Any notice or communication to a Holder shall be mailed by first-class mail to his address shown on the Register kept by the Registrar. Failure to mail a notice or communication to a Holder or any defect in such notice or communication
shall not affect its sufficiency with respect to other Holders. 
  
 If a notice or communication is mailed or sent in the manner provided above within the time prescribed, it is duly given as of the date it is mailed, whether or not the addressee receives it, except that notice to the Trustee shall only be
effective upon receipt thereof by the Trustee. 
  
 If the Company
mails a notice or communication to Holders, it shall mail a copy to the Trustee at the same time. 
  
 SECTION 14.3. Communication by Holders with Other Holders. Holders may communicate pursuant to Section 312(b) of the TIA with other Holders with
respect to their rights under the Securities or this Indenture. The Company, the Trustee, the Registrar and anyone else shall have the protection of Section 312(c) of the TIA. 
  
 SECTION 14.4. Acts of Holders of Securities. (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by Holders of Securities may be embodied in and evidenced by: 
  
 (1) one or more instruments of substantially similar tenor signed by such Holders in person or by agent or proxy duly appointed in
writing; 
  
 (2) the record of Holders of
Securities voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders of Securities duly called and held in accordance with the provisions of Article 8; or 
  
 (3) a combination of such instruments and any such record.

  

 -58- 

 Except as herein otherwise expressly provided, such action shall become effective when such instrument or
instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments and record (and the action embodied therein and evidenced thereby) are herein sometimes referred to
as the “Act” of the Holders of Securities signing such instrument or instruments and so voting at such meeting. Proof of execution of any such instrument or of a writing appointing any such agent or proxy, or of the holding by any Person
of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section 5.1 hereof) conclusive in favor of the Trustee and the Company if made in the manner provided in this Section. The record of any meeting of Holders of
Securities shall be proved in the manner provided in Section 8.6 hereof. 
  
 (b) The fact and date of the execution by any Person of any such instrument or writing may be provided in any manner which the Trustee reasonably deems sufficient. 
  
 (c) The principal amount and serial numbers of Securities held by any Person,
and the date of such Person holding the same, shall be proved by the Register. 
  
 (d) Any request, demand, authorization, direction, notice, consent, election, waiver or other Act of the Holders of any Security shall bind every future Holder of the same Security and the Holder of every Security
issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made
upon such Security. 
  
 SECTION 14.5. Certificate and Opinion
as to Conditions Precedent. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one
such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or
give an opinion as to such matters in one or several documents. 
  
 Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, unless such officer knows, or in the exercise of reasonable care should know, that the Opinion of
Counsel with respect to the matters upon which such certificate or opinion is based is erroneous. Any such Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or representations by, an officer or officers of
the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or representations with respect to
such matters are erroneous. 
  
 Where any Person is required to
make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  
 Upon any application or request by the Company to the Trustee to take any
action under any provision of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied
with and an Opinion of Counsel stating that in the opinion of such Counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 
  
 SECTION 14.6. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture shall include: 
  
 (1) a statement that each individual signing such certificate or opinion on behalf of the Company has read such covenant or condition and the definitions herein relating thereto; 
  

 -59- 

 (2) a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are based; 
  
 (3) a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him
to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 
  
 SECTION 14.7. Effect of Headings and Table of Contents. The Article
and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
  
 SECTION 14.8. Successors and Assigns. All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether
so expressed or not. 
  
 SECTION 14.9. Separability Clause.
In case any provision in this Indenture or the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  
 SECTION 14.10. Benefits of Indenture. Nothing contained in this
Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the holders of Senior Debt and the Holders of Securities, any benefit or legal or equitable right, remedy or
claim under this Indenture. 
  
 SECTION 14.11. Governing
Law. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  
 SECTION 14.12. Counterparts. This instrument may be executed in any number of counterparts, each of which when so executed shall be deemed to be an
original but all such counterparts shall together constitute but one and the same instrument. 
  
 SECTION 14.13. Legal Holidays. In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security or the last day on which a Holder of a Security has a right to convert such
Security shall not be a Business Day at any Place of Payment or Place of Conversion, then (notwithstanding any other provision of this Indenture or of the Securities) payment of interest (including Liquidated Damages, if any) or principal or
conversion of the Securities, need not be made at such Place of Payment or Place of Conversion on such day, but may be made on the next succeeding Business Day at such Place of Payment or Place of Conversion with the same force and effect as if made
on the Interest Payment Date or Redemption Date or at the Stated Maturity or on such last day for conversion; provided, however, that in the case that payment is made on such succeeding Business Day, no interest shall accrue on the
amount so payable for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be. 
  
 SECTION 14.14. Recourse Against Others. No recourse for the payment of the principal of or interest (including Liquidated Damages, if any) on any
Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, shareholder, officer or director, as such, past, present or future, of the Company or of 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, all such liability being, by the acceptance thereof and as part of the consideration for the issue thereof, expressly waived and released.

  

 -60- 

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

			
	 EQUINIX, INC., as Issuer

		
	 By:
	 	 /s/ RENEE F. LANAM

	 	 	

	 	 	 Name: Renée F. Lanam

	 	 	 Title:   Chief Financial Officer

  

 61 

			
	 U.S. BANK NATIONAL ASSOCIATION, as
 Trustee

		
	 By:
	 	 /s/ PAULA OSWALD

	 	 	

	 	 	 Name: Paula Oswald

	 	 	 Title:

  

 62 

 EXHIBIT A 
  

FORM OF SECURITY 
  
 [FACE OF SECURITY] 
  
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO EQUINIX, INC. (OR ITS SUCCESSOR)
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, CONVERSION OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR OF SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON
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 SINCE THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.(1) 
  
 THIS DEBENTURE (OR ITS
PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND THIS DEBENTURE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS DEBENTURE IS HEREBY NOTIFIED THAT THE SELLER OF THIS DEBENTURE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER. 
  
 THE HOLDER OF THIS DEBENTURE AGREES FOR THE
BENEFIT OF EQUINIX, INC. THAT (A) THIS DEBENTURE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A
UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), OR (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (IV) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES, (B) THE HOLDER WILL NOT, DIRECTLY OR INDIRECTLY, ENGAGE IN ANY HEDGING TRANSACTION WITH REGARD TO THIS SECURITY OR ANY COMMON STOCK ISSUABLE UPON CONVERSION OF THIS SECURITY EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT AND
(C) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS DEBENTURE FROM IT OF THE RESTRICTIONS REFERRED TO IN (A) AND (B) ABOVE. 

  

	(1)	This legend should be included only if the Security is issued in global form. 

  

 A-1 

 EQUINIX, INC. 
  
 2.50% Convertible Subordinated Debenture due 2024 
  

			
	 	  	CUSIP NO.                     
		
	No.                    	  	$                    

  
 EQUINIX, INC., a
Delaware corporation (the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                                        
                , or its registered assigns, the principal sum of U.S. Dollars ($        ) on February 15, 2024. 
  
 Interest Payment Dates: February 15 and August 15, commencing August 15, 2004. 
  
 Regular Record Dates: February 1 and August 1. 
  
 Reference is hereby made to the further provisions of this Security set forth
on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
  
 IN WITNESS WHEREOF, the Company has caused this Security to be duly executed manually or by facsimile by its duly authorized officers. 
  

									
	 Dated: February 11, 2004
	 	 	 	 EQUINIX, INC.

					
	 	 	 	 	 	 	 By:
	 	 
	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title:

  

									
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title:

  

 A-2 

 Trustee’s Certificate of Authentication 
  
 This is one of the 2.50% Convertible Subordinated Debentures due 2024
described in the within-named Indenture. 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as Trustee

		
	 By:
	 	 
	 	 	

	 	 	Authorized Signatory

  
 Dated: February 11, 2004

  

 A-3 

 [REVERSE OF SECURITY] 
  
 EQUINIX, INC. 
  
 2.50% Convertible Subordinated Debenture due 2024 
  
 Capitalized terms used herein but not defined shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

  
 1. Principal and Interest. Equinix, Inc., a Delaware
corporation (the “Company”), promises to pay interest on the principal amount of this Security at the Interest Rate from the date of issuance until repayment at Maturity, redemption or purchase. The Company shall pay interest on
this Security semiannually in arrears on February 15 and August 15 of each year (each an “Interest Payment Date”), commencing August 15, 2004. 
  

Interest on this Security shall be computed on the basis of a 360-day year of twelve 30-day months and for any period shorter than a full semiannual
period for which interest is calculated, on the basis of a 30-day month and, for such periods of less than a month, the actual number of days elapsed over a 30-day month. 
  
 A Holder of any Security at the close of business on a Regular Record Date shall be entitled to receive interest on such
Security on the corresponding Interest Payment Date. A Holder of any Security which is converted after the close of business on a Regular Record Date and prior to the corresponding Interest Payment Date (other than any Security whose Maturity is
prior to such Interest Payment Date) shall be entitled to receive interest (including Liquidated Damages, if any) on the principal amount of such Security, notwithstanding the conversion of such Security prior to such Interest Payment Date. However,
any such Holder which surrenders any such Security for conversion during the period between the close of business on such Regular Record Date and ending with the opening of business on the corresponding Interest Payment Date shall be required to pay
the Company an amount equal to the interest (including Liquidated Damages, if any) on the principal amount of such Security so converted (but excluding any overdue interest on the principal amount of such Security so converted that exists at the
time such Holder surrenders such Security for conversion), which is payable by the Company to such Holder on such Interest Payment Date, at the time such Holder surrenders such Security for conversion. Notwithstanding the foregoing, any such Holder
which surrenders for conversion any Security (a) which has been called for redemption by the Company in a notice of redemption given by the Company pursuant to Section 10.4 of the Indenture on a Redemption Date after such Regular Record Date and on
or prior to the next succeeding Interest Payment Date or (b) with respect to which the Company has specified a Purchase Date that is after such Regular Record Date and on or prior to the next succeeding Interest Payment Date, in either case, shall
be entitled to receive (and retain) such interest (including Liquidated Damages, if any) and need not pay the Company an amount equal to the interest (including Liquidated Damages, if any) on the principal amount of such Security so converted at the
time such Holder surrenders such Security for conversion. 
  
 In
accordance with the terms of the Registration Rights Agreement, during the first 90 days following a Registration Default (as defined in the Registration Rights Agreement), the Interest Rate borne by this Security shall be increased by 0.25% on:

  
 (A) June 11, 2004, if the shelf registration
statement (the “Shelf Registration Statement”) is not filed prior to or on June 10, 2004; 
  
 (B) September 9, 2004, if the Shelf Registration Statement is not declared effective by the Securities and Exchange Commission prior to or
on September 8, 2004; 
  
 (C) the day after the
fifth Business Day after the Shelf Registration Statement previously declared effective ceases to be effective or fails to be usable, if a post-effective amendment (or report filed pursuant to the Exchange Act) that cures the Shelf Registration
Statement is not filed with the Securities and Exchange Commission during such five Business Day period; or 
  

 A-4 

 (D) the day following the 45th, 60th or 90th day, as the case may be, of any period that
the prospectus contained in the Shelf Registration Statement has been suspended, if such suspension has not been terminated. 
  
 From and after the 91st day following such Registration Default, the Interest Rate borne by this Security shall be increased by 0.50%. In no event shall the Interest Rate
borne by this Security be increased by more than 0.50%. 
  
 Any
amount of additional interest shall be payable in cash semiannually, in arrears, on each Interest Payment Date and shall cease to accrue on the date the Registration Default is cured. The Holder of this Security is entitled to the benefits of the
Registration Rights Agreement. 
  
 2. Method of Payment.
Interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the person in whose name that Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest. 
  
 Principal of and interest on, Global Securities shall be payable to the Depositary in immediately available funds. 
  
 Principal of Physical Securities shall be payable at the office or agency of the Company maintained for such purpose, initially the Corporate Trust Office
of the Trustee. Interest on Physical Securities shall be payable by (i) U.S. Dollar check drawn on a bank located in the city where the Corporate Trust Office of the Trustee is located mailed to the address of the Person entitled thereto as such
address shall appear in the Register, or (ii) upon application to the Registrar not later than the relevant Record Date by a Holder of an aggregate principal amount of Securities in excess of $5,000,000, wire transfer in immediately available funds.

  
 3. Paying Agent and Registrar. Initially, U.S. Bank
National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change the Paying Agent or Registrar without notice to any Holder. 
  
 4. Indenture. The Company issued this Security under an Indenture, dated as of February 11, 2004 (the
“Indenture”), between the Company and U.S. Bank National Association, as trustee (the “Trustee”). The terms of this Security include those stated in the Indenture and those made part of the Indenture by reference to
the Trust Indenture Act of 1939, as amended (“TIA”). This Security is subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of all such terms. To the extent permitted by applicable law, in
the event of any inconsistency between the terms of this Security and the terms of the Indenture, the terms of the Indenture shall control. 
  
 5. Optional Redemption. This Security is not redeemable prior to February 15, 2009. This Security may be redeemed in whole or in part, upon not
less than 20 nor more than 60 days’ notice, at any time on or after February 15, 2009, at the option of the Company, at a redemption price equal to 100% of the principal amount of the Securities plus any interest accrued but not paid prior to
the Redemption Date. 
  
 If fewer than all the Securities are to
be redeemed, the Trustee shall select the particular Securities to be redeemed from the Outstanding Securities by the methods as provided in the Indenture. If any Security selected for partial redemption is converted in part before termination of
the conversion right with respect to the portion of the Security so selected, the converted portion of such Security shall be deemed to be the portion selected for redemption (provided, however, that the Holder of such Security so
converted and deemed redeemed shall not be entitled to any additional interest payment as a result of such deemed redemption than such Holder would have otherwise been entitled to receive upon conversion of such Security). Securities which have been
converted during a selection of Securities to be redeemed may be treated by the Trustee as Outstanding for the purpose of such selection. 
  
 On and after the Redemption Date, interest shall cease to accrue on Securities or portions of Securities called for redemption, unless the Company
defaults in the payment of the Optional Redemption Price and accrued and unpaid interest. 
  

 A-5 

 Notice of redemption shall be given by the Company to the Holders as provided in the Indenture.

  
 6. Purchase Rights. 
  
 (a) Purchase Right Upon a Fundamental Change. If a Fundamental Change
occurs, the Holder of Securities, at the Holder’s option, shall have the right, in accordance with the provisions of the Indenture, to require the Company to purchase the Securities (or any portion of the principal amount hereof that is at
least $1,000 or an integral multiple thereof; provided, however, that the portion of the principal amount of this Security to be Outstanding after such purchase is at least equal to $1,000) at a purchase price equal to 100% of the
principal amount of the Securities to be purchased (the “Purchase Price”), plus interest accrued and unpaid to, but excluding, the Purchase Date. 
  
 A Company Notice shall be given by the Company to the Holders as provided in the Indenture. To exercise a Purchase Right, a
Holder must deliver to the Trustee a written notice as provided in the Indenture. 
  
 (b) Purchase by the Company at the Option of the Holder. Subject to the terms and conditions of the Indenture, each Holder shall have the right to require the Company to purchase all or a portion of their
Securities on February 15, 2009, February 15, 2014 and February 15, 2019 (or, if any such date is not a Business Day, on the immediately succeeding Business Day) (each, a “Put Purchase Date”), at 100% of the principal amount of the
Securities to be so purchased, plus accrued and unpaid interest, if any, to, but excluding, such Put Purchase Date (the “Put Purchase Price”). On or before the twenty-third (23rd) Business Day prior to each Put Purchase Date, the
Company shall provide to the Trustee, the Paying Agent and to all Holders at their respective addresses as shown on the Register, and to beneficial owners of the Securities where required by applicable law, a notice as provided in the Indenture. The
Company will be required to purchase only Securities with respect to which a Holder has delivered a Purchase Notice in accordance with the terms and conditions of the Indenture and subject to the satisfaction of the other conditions set forth in the
Indenture. 
  
 7. Conversion Rights. (a) Subject to and
upon compliance with the provisions of the Indenture and the occurrence of one or more of the conditions set forth in clause (d) of this paragraph 7, the Holder of Securities shall be entitled, at such Holder’s option, at any time before the
close of business on February 15, 2024, to convert the Holder’s Securities (or any portion of the principal amount hereof which is $1,000 or an integral multiple thereof), at the principal amount thereof or of such portion thereof, into duly
authorized, fully paid and nonassessable shares of Common Stock of the Company at the Conversion Price in effect at the time of conversion. 
  
 (b) In the case of a Security (or a portion thereof) called for redemption, such conversion right in respect of the Security (or such portion thereof) so
called shall expire at the close of business on the Business Day immediately preceding the Redemption Date, unless the Company defaults in making the payment due upon redemption. In the case of a Fundamental Change for which the Holder exercises its
Purchase Right or Put Purchase Right with respect to a Security (or a portion thereof), such conversion right in respect of the Security (or portion thereof) shall expire at the close of business on the Business Day preceding the Purchase Date or
Put Purchase Date, as applicable. 
  
 (c) The Conversion Price
shall be initially equal to $39.50 per share of Common Stock. The Conversion Price shall be adjusted under certain circumstances as provided in the Indenture. 
  

(d) Holders may surrender their Securities for conversion into shares of the Company’s Common Stock prior to Stated Maturity in only the following
circumstances: 
  
 (i) Conversion Upon
Satisfaction of Sale Price Condition. 
  
 (A)
A Holder may surrender any of its Securities for conversion into shares of the Company’s Common Stock in any calendar quarter (and only during such calendar quarter) after the quarter ending June 30, 2004 if the sale price of the Company’s
Common Stock, for at least 20 Trading Days during the period of 30 consecutive Trading Days ending on the last Trading Day of 

  

 A-6 

 
the previous calendar quarter, is greater than or equal to 120% of the applicable conversion price per share of the Company’s Common Stock on such last
Trading Day. 
  
 (B) The “sale
price” of the Company’s 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 asked prices or, if more than one in either case, the average of the average
bid and the average asked prices) on that date as reported in transactions for the principal U.S. securities exchange on which the Company’s Common Stock is traded or, if the Company’s Common Stock is not listed on a U.S. national or
regional securities exchange, as reported by the Nasdaq National Market. The sale price shall be determined without reference to after-hours or extended market trading. If the Company’s Common Stock is not listed for trading on a U.S. national
or regional securities exchange and not reported by the Nasdaq National Market on the relevant date, the “sale price” shall be the last quoted bid price for the Company’s Common Stock in the over-the-counter market on the relevant
date as reported by the National Quotation Bureau or similar organization. If the Company’s Common Stock is not so quoted, the “sale price” shall be the average of the mid-point of the last bid and asked prices for the Company’s
Common Stock on the relevant date from each of at least three nationally recognized independent investment banking firms selected by the Company for this purpose. 
  
 (ii) Conversion Upon Satisfaction of Trading Price Condition. 
  
 (A) A Holder may surrender its Securities for conversion
into the Company’s Common Stock during the five Business Days immediately following any five consecutive Trading-Day period in which the Trading Price per $1,000 principal amount of Securities (as determined following a request by a Holder of
the Securities in accordance with the procedures described below) for each day of that period was less than 98% of the product of the sale price of the Company’s Common Stock and the then applicable conversion rate (the “98% Trading
Exception”); provided, however, that if, on the date of any conversion of the Securities pursuant to the 98% Trading Exception that is on or after February 15, 2019, the sale price of the Company’s Common Stock is greater
than the applicable Conversion Price for the Securities, then the Holder shall receive upon conversion of the Securities, in lieu of Common Stock based on the then applicable conversion rate for the Holder’s Securities, cash, Common Stock or a
combination of cash and Common Stock, at the Company’s option, with a value equal to the principal amount of the Holder’s Security plus accrued and unpaid interest, if any, as of the conversion date, which is referred to as a
“principal value conversion”. 
  
 (B) In connection with any conversion upon satisfaction of the condition set forth in clause (A) above, the Trustee shall have no obligation to determine the Trading Price of the Securities unless the Company has requested such
determination, and the Company shall have no obligation to make such request unless the Holder provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of the Securities would be less than 98% of the product
of the sale price of the Company’s Common Stock and the then applicable conversion rate; at which time the Company shall instruct the Trustee to determine the Trading Price of the Securities beginning on the next Trading Day and on each
successive Trading Day until the trading price is greater than or equal to 98% of the product of the sale price of the Company’s Common Stock and the then applicable conversion rate. 
  
 (iii) Conversion Upon Notice of Redemption. If the
Company calls any or all of the Securities for redemption pursuant to the provisions of Article 10 of the Indenture, Holders may convert Securities into the Company’s Common Stock at any time prior to the close of business on the Business Day
immediately preceding the Redemption Date, even if the Securities are not otherwise convertible at such time. If a Holder already has delivered a purchase notice with respect to a Security, however, the Holder may not surrender that Security for
conversion until the Holder has withdrawn the purchase notice in accordance with this Indenture. 
  

 A-7 

 (iv) Conversion Upon Specified Corporate Transactions. 
  
 (A) If the Company elects to: (1) distribute to all holders
of the Company’s Common Stock rights entitling them to purchase, for a period expiring within 60 days after the date of the distribution, shares of the Company’s Common Stock at less than the sale price of a share of the Company’s
Common Stock on the Trading Day immediately preceding the declaration date of the distribution, or (2) distribute to all holders of the Company’s Common Stock the Company’s assets, debt securities or rights to purchase the Company’s
securities, which distribution has a per share value as determined by the Company’s board of directors exceeding 10% of the sale price of a share of the Company’s Common Stock on the Trading Day immediately preceding the declaration date
of the distribution, the Company must notify the Holders of the Securities at least 20 days prior to the ex-dividend date for such distribution. Upon such notice, Holders may surrender their Securities for conversion at any time until the earlier of
the close of business on the Business Day immediately prior to the ex-dividend date or the Company’s announcement that such distribution will not take place, even if the Securities are not otherwise convertible at such time. No Holder may
exercise this right to convert if the Holder otherwise may participate in the distribution without conversion. The ex-dividend date is the first date upon which a sale of the Common Stock does not automatically transfer the right to receive the
relevant distribution from the seller of the Common Stock to its buyer. 
  
 (B) If the Company is a party to a consolidation, merger or binding share exchange pursuant to which the Company’s Common Stock would be converted into cash or property other than securities, a Holder may
surrender Securities for conversion at any time from and after the date that is 15 days prior to the anticipated effective date of the transaction until 15 days after the actual effective date of such transaction. If the Company engages in a
reclassification of the Company’s Common Stock or is a party to a consolidation, merger, binding share exchange or transfer of all or substantially all of the Company’s assets pursuant to which the Company’s Common Stock is converted
into cash, securities or other property, then at the effective time of the transaction, the right to convert a Security into the Company’s Common Stock shall be changed into a right to convert a Security into the kind and amount of cash,
securities or other property that the Holder would have received if the Holder had converted its Securities immediately prior to the applicable record date for such transaction. If the transaction also constitutes a Fundamental Change, a Holder may
require the Company to purchase all or a portion of its Securities as set forth in Article 11 of the Indenture. 
  
 (e) To exercise the conversion right, the Holder must surrender the Security (or portion thereof) duly endorsed or assigned to the Company or in blank, at
the office of the Conversion Agent, accompanied by a duly signed conversion notice to the Company. Any Security surrendered for conversion during the period between the close of business on any Regular Record Date and the opening of business on the
corresponding Interest Payment Date (other than any Security whose Maturity is prior to such Interest Payment Date) shall be accompanied by payment in New York Clearing House funds or other funds acceptable to the Company of an amount equal to the
interest (including Liquidated Damages, if any) payable on such Interest Payment Date by the Company on the principal amount of the Security being surrendered for conversion (but excluding any overdue interest on the principal amount of such
Security so converted that exists at the time such Holder surrenders such Security for conversion). Notwithstanding the foregoing, any such Holder which surrenders for conversion any Security (a) which has been called for redemption by the Company
in a notice of redemption given by the Company pursuant to Section 10.4 of the Indenture on a Redemption Date after such Regular Record Date and on or prior to the next succeeding Interest Payment Date or (b) with respect to which the Company has
specified a Purchase Date that is after such Regular Record Date and on or prior to the next succeeding Interest Payment Date, in either case, need not pay the Company an amount equal to the interest (including Liquidated Damages, if any) on the
principal amount of such Security so converted at the time such Holder surrenders such Security for conversion. 
  
 (f) No fractional shares of Common Stock shall be issued upon conversion of any Securities. Instead of any fractional share of Common Stock which would
otherwise be issued upon conversion of such Securities, the Company shall pay a cash adjustment as provided in the Indenture. 
  

 A-8 

 8. Subordination. The Indebtedness evidenced by this Security is, to the extent and in the manner
provided in the Indenture, subordinated and subject in right of payment to the prior payment in full of all amounts then due on all Senior Debt of the Company. Each Holder of this Security, by accepting the same, (a) agrees to and shall be bound by
such provisions, (b) authorizes and directs the Trustee on such Holder’s behalf to take such action as may be necessary or appropriate to effectuate the subordination so provided and (c) appoints the Trustee such Holder’s attorney-in-fact
for any and all such purposes. 
  
 9. Denominations; Transfer;
Exchange. The Securities are issuable in registered form, without coupons, in denominations of $1,000 and integral multiples of $1,000 in excess thereof. A Holder may register the transfer or exchange of Securities in accordance with the
Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. 

 
 In the event of a redemption in part, the Company shall not be required
(a) to register the transfer of, or exchange, Securities for a period of 15 days immediately preceding the date notice is given identifying the serial numbers of the Securities called for such redemption, or (b) to register the transfer of, or
exchange, any such Securities, or portion thereof, called for redemption. 
  
 In the event of redemption, conversion or purchase of the Securities in part only, a new Security or Securities for the unredeemed, unconverted or unpurchased portion thereof shall be issued in the name of the Holder
hereof. 
  
 10. Persons Deemed Owners. The registered
Holder of this Security shall be treated as its owner for all purposes. 
  
 11. Unclaimed Money. The Trustee and the Paying Agent shall pay to the Company any money held by them for the payment of principal or interest that remains unclaimed for two years after the date upon which such payment shall have
become due. After payment to the Company, Holders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another Person, and all liability of the Trustee and the Paying
Agent with respect to such money shall cease. 
  
 12. Discharge
Prior to Redemption or Maturity. Subject to certain conditions contained in the Indenture, the Company may discharge its obligations under the Securities and the Indenture if (1) (a) all of the Outstanding Securities have become due and payable
or shall become due and payable at their scheduled Maturity within one year or (b) all of the Outstanding Securities are scheduled for redemption within one year, and (2) the Company shall have deposited with the Trustee an amount in cash sufficient
to pay the principal of and interest on, all of the Outstanding Securities on the date of Maturity or redemption, as the case may be. 
  
 13. Amendment; Supplement; Waiver. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Company and the rights of the Holders of the Securities under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the
Outstanding Securities (or such lesser amount as shall have acted at a meeting pursuant to the provisions of the Indenture). The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities
at the time Outstanding, on behalf of the Holders of all the Securities, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by
the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security or such other Security. 
  
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest
(including Liquidated Damages, if any) on this Security at the times, places and rate, and in the coin or currency, herein prescribed or to convert this Security (or pay cash in lieu of conversion) as provided in the Indenture. 
  

 A-9 

 14. Defaults and Remedies. The Indenture provides that an Event of Default with respect to the
Securities occurs when any of the following occurs: 
  
 (a) the Company defaults in the payment of the principal on any of the Securities when it becomes due and payable, at Maturity, upon redemption or exercise of a Purchase Right or Put Purchase Right or otherwise, whether or not such payment
is prohibited by the subordination provisions of Article 13 of the Indenture; or 
  
 (b) the Company defaults in the payment of interest on any of the Securities when it becomes due and payable and such default continues
for a period of 30 days, whether or not such payment is prohibited by the subordination provisions of Article 13 of the Indenture; or 
  
 (c) the Company fails to deliver shares of Common Stock, together with cash instead of fractional shares, when those shares of Common
Stock or cash instead of fractional shares is required to be delivered following conversion of a Security in accordance with the provisions of Article 12 of the Indenture; or 
  
 (d) the Company fails to perform or observe any other term, covenant or agreement contained in the
Securities or the Indenture and such default continues for a period of 60 days after written notice of such failure is given as specified in the Indenture; or 
  

(e) (i) the Company fails to make any payment by the end of the applicable grace period, if any, after the maturity of any Indebtedness
for borrowed money in an amount in excess of $5,000,000, or (ii) there is an acceleration of any Indebtedness for borrowed money in an amount in excess of $5,000,000 because of a default with respect to such Indebtedness without such Indebtedness
having been discharged or such acceleration having been cured, waived, rescinded or annulled, in the case of either clause (i) or (ii) above, for a period of 30 days after written notice is given to the Company as specified in the Indenture; or

  
 (f) within 30 days after the occurrence of a
Fundamental Change, the Company fails to give to each Holder of Securities notice of the occurrence of such Fundamental Change and the resulting Purchase Right of such Holder; or 
  
 (f) there are certain events of bankruptcy, insolvency or reorganization of the Company. 
  
 If an Event of Default shall occur and be continuing, the principal of all
the Securities may be declared due and payable in the manner and with the effect provided in the Indenture. 
  
 15. Authentication. This Security shall not be valid until the Trustee (or authenticating agent) executes the certificate of authentication on the
other side of this Security. 
  
 16. Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (=
Custodian) and U/G/M/A (= Uniform Gifts to Minors Act). 
  
 17.
Additional Rights of Holders of Transfer Restricted Securities. In addition to the rights provided to Holders under the Indenture, Holders of Transfer Restricted Securities shall have all the rights set forth in the Registration Rights
Agreement. 
  
 18. CUSIP Numbers. Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on this Security and the Trustee may use CUSIP numbers in notices of redemption as a convenience to
Holders. No representation is made as to the accuracy of such numbers either as printed on this Security or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  

 A-10 

 19. Governing Law. The Indenture and this Security shall be governed by, and construed in
accordance with, the law of the State of New York. 
  
 20.
Successor Corporation. In the event a successor corporation assumes all the obligations of the Company under this Security, pursuant to the terms hereof and of the Indenture, the Company shall be released from all such obligations.

  

 A-11 

 ASSIGNMENT FORM 
  
 To assign this Security, fill in the form below and have your signature guaranteed: (I) or (we) assign and transfer this Security to:

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

					
			
	 Dated:
	 	Your Name:	 	  
	 	 	 	 	

	 	 	 	 	(Print your name exactly as it appears on the face of this Security)

  

					
			
	  	 	Your Signature:	 	  
	 	 	 	 	

	 	 	 	 	(Sign exactly as your name appears on the face of this Security)

  
 Signature
Guarantee*: 
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 In connection with any transfer of this Security occurring prior to the end of the period
referred to in Rule 144(k) under the Securities Act, the undersigned confirms that without utilizing any general solicitation or general advertising: 
  
 [Check One] 
  
  ̈ (a) this Security is being transferred in compliance with the exemption from registration under the Securities
Act of 1933, as amended, provided by Rule 144A thereunder. 
  
 or 
  
  ̈ (b) this Security is being transferred in compliance with the exemption from registration under the Securities Act of 1933, as amended, provided by Regulation S thereunder. 
  
 or 
  

 ̈ (c) this Security is being transferred other than in
accordance with (a) or (b) above and documents are being furnished which comply with the conditions of transfer set forth in this Security and the Indenture. 
  
 If none of the foregoing boxes is checked, the Trustee or other Registrar shall not be obligated to register this Security in the name of any Person other than the Holder
hereof unless the conditions to any such transfer of registration set forth herein and in Sections 2.7, 2.8 and 2.9 of the Indenture shall have been satisfied. 
  

Dated:                      
  

 A-12 

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned
instrument in every particular, without alteration or any change whatsoever. 
  

			
	 Signature Guarantee:
	  	 
	 	 	

	 	  	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee.

  
 TO BE COMPLETED BY PURCHASER IF (a)
ABOVE IS CHECKED. 
  
 The undersigned represents and warrants that it is
purchasing this Security for its own account or an account with respect to which it exercises sole investment discretion, in each case for investment and not with a view to distribution, and that it and any such account is a “Qualified
Institutional Buyer” within the meaning of Rule 144A under the Securities Act of 1933 and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the
undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from
registration provided by Rule 144A. 
  
 Dated:
                     
  
 NOTICE: To be executed by an executive officer 
  
 TO BE COMPLETED BY PURCHASER IF (b) ABOVE IS CHECKED. 
  
 The undersigned represents and warrants that the transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and,
accordingly, the undersigned further certifies that (A) the transfer is not being made to a person in the United States and (1) at the time the buy order was originated, the transferee was outside the United States or such transferor and any Person
acting on its behalf reasonably believed and believes that the transferee was outside the United States or (2) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such transferor nor
any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States; (B) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the
Securities Act; (C) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and (D) if the proposed transfer is not being made prior to the expiration of the Restricted Period, the transfer is
not being made to a U.S. Person. 
  
 Dated: 
  
 NOTICE: To be executed by an executive officer 
  

 A-13 

 CONVERSION NOTICE 
  
 TO: EQUINIX, INC. 
 301
Velocity Way, 5th Floor 
 Foster City, California 94404 
 Attention: General Counsel 
  
 The undersigned
registered owner of this Security hereby irrevocably exercises the option to convert this Security, or the portion hereof (which is $1,000 principal amount or an integral multiple thereof) below designated, into shares of Common Stock in accordance
with the terms of the Indenture referred to in this Security, and directs that the shares issuable and deliverable upon such conversion, together with any check in payment for fractional shares and any Securities representing any unconverted
principal amount hereof, be issued and delivered to the registered holder hereof unless a different name has been indicated below. If shares or any portion of this Security not converted is to be issued in the name of a person other than the
undersigned, the undersigned will pay all transfer taxes payable with respect thereto. Any amount required to be paid to the undersigned on account of interest (including Liquidated Damages, if any) accompanies this Security. 
  

					
			
	 Dated:
	 	Your Name:	 	  
	 	 	 	 	

	 	 	 	 	(Print your name exactly as it appears on the face of this Security)
			
	  	 	Your Signature:	 	  
	 	 	 	 	

	 	 	 	 	(Sign exactly as your name appears on the face of this Security)
			
	  	 	Signature Guarantee*:	 	  
	 	 	 	 	

		
	 	 	 Social Security or other Taxpayer

	  	 	Identification Number:	 	  
	 	 	 	 	

 Principal amount to be converted (if less than all):
$                     
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 Fill in for registration of shares (if to be issued) and Securities (if to be delivered)
other than to and in the name of the registered holder: 
  
 __________________________________ 
 (Name) 
  

__________________________________ 
 (Street
Address) 
  
 __________________________________ 
 (City, State and Zip Code) 
  

 A-14 

 NOTICE OF EXERCISE OF PURCHASE RIGHT 
  
 TO: EQUINIX, INC. 
 301
Velocity Way, 5th Floor 
 Foster City, California 94404 
 Attention: General Counsel 
  
 The undersigned
registered owner of this Security hereby irrevocably acknowledges receipt of a notice from Equinix, Inc. (the “Company”) as to the occurrence of a Fundamental Change with respect to the Company and requests and instructs the Company
to repay the entire principal amount of this Security, or the portion thereof (which is $1,000 principal amount or an integral multiple thereof) below designated, in accordance with the terms of the Indenture referred to in this Security, together
with interest (including Liquidated Damages, if any) accrued and unpaid to, but excluding, such date, to the registered holder hereof, in cash. 
  

					
			
	 Dated:
	 	Your Name:	 	  
	 	 	 	 	

	 	 	 	 	(Print your name exactly as it appears on the face of this Security)
			
	  	 	Your Signature:	 	  
	 	 	 	 	

	 	 	 	 	(Sign exactly as your name appears on the face of this Security)
			
	  	 	Signature Guarantee*:	 	  
	 	 	 	 	

		
	 	 	 Social Security or other Taxpayer

	  	 	Identification Number:	 	  
	 	 	 	 	

  
 Principal amount to be repaid (if less
than all): $                     
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  

 A-15 

 SCHEDULE OF EXCHANGES FOR PHYSICAL SECURITIES(2) 
  
 The following exchanges of a part of this Global Security for Physical Securities have been
made: 
  

									
	 Date of Exchange

	  	 Amount of
 decrease in
 Principal Amount
 of this Global
 Security

	  	 Amount of increase
 in Principal
 Amount of this
 Global Security

	  	 Principal Amount
 of this Global
 Security following
 such decrease (or
 increase)

	  	 Signature of
 authorized officer
 of Trustee

  

	(2)	This schedule should be included only if the Security is issued in global form. 

  

 A-16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}]]