Document:

Exhibit 4.1

 

Execution
Version

 

MIDAS OPCO HOLDINGS LLC,

 

THE NOTE GUARANTORS PARTY HERETO AND

 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
AS TRUSTEE

 

5.625% SENIOR NOTES DUE 2029

 

INDENTURE

 

Dated as of August 20, 2021

 

    

    

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	Article I DEFINITIONS AND INCORPORATION BY REFERENCE 	1
	 	 	 
	Section 1.1	Definitions	1
	Section 1.2	Inapplicability of the Trust Indenture Act	36
	Section 1.3	Rules of Construction	36
	 	 	 
	Article II THE NOTES 	36
	 	 	 
	Section 2.1	Form and Dating	36
	Section 2.2	Execution and Authentication	38
	Section 2.3	Registrar and Paying Agent	39
	Section 2.4	Paying Agent to Hold Money in Trust	39
	Section 2.5	Holder Lists	39
	Section 2.6	Global Note Provisions	40
	Section 2.7	Legends	42
	Section 2.8	Transfer and Exchange	42
	Section 2.9	No Obligation of the Trustee	45
	Section 2.10	Mutilated, Destroyed, Lost or Stolen Notes	46
	Section 2.11	Temporary Notes	46
	Section 2.12	Cancellation	47
	Section 2.13	Defaulted Interest	47
	Section 2.14	Additional Notes	48
	Section 2.15	CUSIP/ISIN Numbers	48
	 	 	 
	Article III COVENANTS 	49
	 	 	 
	Section 3.1	Payment of Notes	49
	Section 3.2	Maintenance of Office or Agency	49
	Section 3.3	Corporate Existence	49
	Section 3.4	Payment of Taxes and Other Claims	50
	Section 3.5	Compliance Certificate	50
	Section 3.6	Further Instruments and Acts	50
	Section 3.7	Waiver of Stay, Extension or Usury Laws	50
	Section 3.8	Limitation on Incurrence of Additional Indebtedness	50
	Section 3.9	Limitation on Layered Indebtedness	56
	Section 3.10	Limitation on Restricted Payments	56
	Section 3.11	Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	61
	Section 3.12	Limitation on Sales of Assets and Subsidiary Stock	62
	Section 3.13	Limitation on Transactions with Affiliates	66
	Section 3.14	Limitation on Liens	68
	Section 3.15	[reserved]	68
	Section 3.16	Ongoing Reporting	68
	Section 3.17	[reserved]	69
	Section 3.18	Limitation on Sale and Leaseback Transactions	69
	Section 3.19	Limitation on Designation of Unrestricted Subsidiaries	70
	Section 3.20	[reserved]	71
	Section 3.21	Change of Control	71
	Section 3.22	[reserved]	73
	Section 3.23	Covenant Suspension	73
	Section 3.24	Measuring Compliance	74

 

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	Article IV
    SUCCESSOR COMPANY	75
	 	 	 
	Section 4.1	Limitation on Merger, Consolidation and Sale of Assets	75
	 	 	 
	Article V
    OPTIONAL REDEMPTION OF NOTES	77
	 	 	 
	Section 5.1	Optional Redemption	77
	Section 5.2	Election to Redeem	77
	Section 5.3	Notices to Trustee	77
	Section 5.4	Notice of Redemption	77
	Section 5.5	Selection of Notes to Be Redeemed in Part	79
	Section 5.6	Deposit of Redemption Price	79
	Section 5.7	Notes Payable on Redemption Date	79
	Section 5.8	Unredeemed Portions of Partially Redeemed Note	80
	 	 	 
	Article VI
    DEFAULTS AND REMEDIES	80
	 	 	 
	Section 6.1	Events of Default	80
	Section 6.2	Acceleration8	82
	Section 6.3	Other Remedies	82
	Section 6.4	Waiver of Past Defaults	82
	Section 6.5	Control by Majority	83
	Section 6.6	Limitation on Suits	83
	Section 6.7	Rights of Holders to Bring Suit for Payment	83
	Section 6.8	Collection Suit by Trustee	83
	Section 6.9	Trustee May File Proofs of Claim, etc.	84
	Section 6.10	Priorities	84
	Section 6.11	Undertaking for Costs	84
	 	 	 
	Article VII
    TRUSTEE	85
	 	 	 
	Section 7.1	Duties of Trustee	85
	Section 7.2	Rights of Trustee	86
	Section 7.3	Individual Rights of Trustee	88
	Section 7.4	Trustee’s Disclaimer	88
	Section 7.5	Notice of Defaults	88
	Section 7.6	Reports by Trustee to Holders	88
	Section 7.7	Compensation and Indemnity	89
	Section 7.8	Replacement of Trustee	90
	Section 7.9	Successor Trustee by Merger	90
	Section 7.10	Eligibility; Disqualification	91
	Section 7.11	Preferential Collection of Claims Against Company	91
	Section 7.12	Appointment of Co-Trustees	91

 

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	Article VIII DEFEASANCE; DISCHARGE OF INDENTURE	93
	 	 	 
	Section 8.1	Legal Defeasance and Covenant Defeasance	93
	Section 8.2	Conditions to Defeasance	94
	Section 8.3	Application of Trust Money	95
	Section 8.4	Repayment to Company	95
	Section 8.5	Indemnity for U.S. Government Obligations	95
	Section 8.6	Reinstatement	95
	Section 8.7	Satisfaction and Discharge	96
	 	 	 
	Article IX AMENDMENTS	97
	 	 	 
	Section 9.1	Without Consent of Holders	97
	Section 9.2	With Consent of Holders	98
	Section 9.3	[reserved]	98
	Section 9.4	Revocation and Effect of Consents and Waivers	99
	Section 9.5	Notation on or Exchange of Notes	99
	Section 9.6	Trustee to Sign Amendments and Supplements	99
	 	 	 
	Article X NOTE GUARANTEES	100
	 	 	 
	Section 10.1	Note Guarantees	100
	Section 10.2	Limitation on Liability; Termination, Release and Discharge	101
	Section 10.3	Guarantors May Consolidate, etc. on Certain Terms	102
	Section 10.4	Right of Contribution	103
	Section 10.5	No Subrogation	103
	Section 10.6	Evidence of Note Guarantee	103
	Section 10.7	Additional Note Guarantees	103
	 	 	 
	Article XI MISCELLANEOUS	103
	 	 	 
	Section 11.1	Notices	103
	Section 11.2	Communication by Holders with Other Holders	105
	Section 11.3	Certificate and Opinion as to Conditions Precedent	105
	Section 11.4	Statements Required in Certificate or Opinion	105
	Section 11.5	Rules by Trustee, Paying Agent and Registrar	106
	Section 11.6	Legal Holidays	106
	Section 11.7	Governing Law, Waiver of Jury Trial, Etc.	106
	Section 11.8	No Recourse Against Others	107
	Section 11.9	Successors	107
	Section 11.10	Duplicate and Counterpart Originals	107
	Section 11.11	Severability	108
	Section 11.12	[reserved]	108
	Section 11.13	Table of Contents; Headings	108

 

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	EXHIBIT A	FORM OF NOTE
	 	 
	EXHIBIT B	FORM OF CERTIFICATE FOR TRANSFER PURSUANT TO REGULATION S
	 	 
	EXHIBIT C	FORM OF CERTIFICATE FOR TRANSFER PURSUANT TO RULE 144
	 	 
	EXHIBIT D	FORM OF SUPPLEMENTAL INDENTURE FOR ADDITIONAL NOTE GUARANTEE

 

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INDENTURE, dated as of August 20, 2021, among
Midas OpCo Holdings LLC, a Delaware limited liability company (the “Company”), the Note Guarantors party hereto and
The Bank of New York Mellon Trust Company, N.A., a national banking association, as Trustee (the “Trustee”).

 

Each party agrees as follows for the benefit of
the other parties and for the equal and ratable benefit of the Holders of the Company’s 5.625% Senior Notes due 2029 issued hereunder.

 

Article I

 

DEFINITIONS
AND INCORPORATION BY REFERENCE

 

Section 1.1      Definitions.

 

“Acceleration Declaration” has
the meaning assigned to it in Section 6.2(a).

 

“Acceptable Commitment” has
the meaning assigned to it in Section 3.12(b).

 

“Acquired Indebtedness” means
Indebtedness of a Person or any of its Subsidiaries existing at the time such Person becomes a Restricted Subsidiary or at the time it
merges or consolidates with the Company or any of its Restricted Subsidiaries or is assumed in connection with the acquisition of assets
from such Person. Such Indebtedness will be deemed to have been Incurred at the time such Person becomes a Restricted Subsidiary or at
the time it merges or consolidates with the Company or a Restricted Subsidiary or at the time such Indebtedness is assumed in connection
with the acquisition of assets from such Person.

 

“Additional Note Board Resolutions”
has the meaning assigned to it in Section 2.14(b).

 

“Additional Note Guarantee”
has the meaning assigned to it in Section 10.7.

 

“Additional Note Guarantor”
has the meaning assigned to it in Section 10.7.

 

“Additional Note Supplemental Indenture”
means a supplement to this Indenture duly executed and delivered by the Company, each Note Guarantor and the Trustee pursuant to Article IX,
providing for the issuance of Additional Notes.

 

“Additional Notes” means the
Notes originally issued after the Issue Date pursuant to Section 2.14, including any replacement Notes as specified in the
relevant Additional Note Board Resolutions or Additional Note Supplemental Indenture issued therefor in accordance with this Indenture.

 

“Affiliate” means, with
respect to any specified Person, 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. For purposes of this definition, the terms “controlling” and
“controlled” have meanings correlative to the foregoing.

 

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“Affiliate Transaction” has
the meaning assigned to it in Section 3.13(a).

 

“Agent Members” has the meaning
assigned to it in Section 2.6(b).

 

“Applicable Premium” has the
meaning assigned to it in Section 5(b) of the Form of Reverse Side of Note contained in Exhibit A.

 

“Applicable Procedures” means,
with respect to any transfer or exchange of or for beneficial interests in a Global Note, the rules and procedures of DTC, Euroclear
and Clearstream that apply to such transfer or exchange.

 

“Applicable Provisions” has
the meaning assigned to it in Section 10.2(a).

 

“Asset Acquisition” means:

 

(1)            (a) an
Investment by the Company or any Restricted Subsidiary in any other Person pursuant to which such Person will become a Restricted Subsidiary,
or will be merged with or into the Company or any Restricted Subsidiary and (b) an acquisition by the Company or any Restricted Subsidiary
of Capital Stock held by any Person other than the Company or a Restricted Subsidiary;

 

(2)            the
acquisition by the Company or any Restricted Subsidiary of the assets of any Person (other than a Subsidiary of the Company) which constitute
all or substantially all of the assets of such Person or comprises any division or line of business of such Person or any other properties
or assets of such Person other than in the ordinary course of business; or

 

(3)            any
Revocation with respect to an Unrestricted Subsidiary.

 

“Asset Sale” means any sale,
disposition, issuance, conveyance, transfer, lease, assignment or other transfer, including a Sale and Leaseback Transaction (each, a
“disposition”) by the Company or any Restricted Subsidiary of:

 

(a)            any
Capital Stock other than Capital Stock of the Company; or

 

(b)            any
property or assets (other than cash, Cash Equivalents or Capital Stock) of the Company or any Restricted Subsidiary;

 

Notwithstanding the preceding, the following items
will not be deemed to be Asset Sales:

 

(1)            the
disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries as permitted under Section 4.1;

 

(2)            a
disposition of inventory, obsolete or worn-out equipment, accounts receivable or intellectual property in the ordinary course of business;

 

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(3)            dispositions
of assets or Capital Stock (excluding the issuance of minority interests to management of any Restricted Subsidiary (including any Person
controlled by one or more members of such management)) in any transaction or series of related transactions with an aggregate Fair Market
Value not to exceed $15.0 million;

 

(4)            for
purposes of Section 3.12 only, the making of Restricted Payments or Permitted Investments permitted under Section 3.10;

 

(5)            a
disposition to the Company or a Restricted Subsidiary, including a Person that is or will become a Restricted Subsidiary immediately after
the disposition; provided that this clause (5) applies only to (i) a disposition to the Company or a Wholly Owned
Subsidiary, (ii) a disposition between Restricted Subsidiaries that are not Wholly Owned Subsidiaries so long as the Company or a
Restricted Subsidiary owns, directly or indirectly, an equal or greater percentage of the economic and voting interests in the Capital
Stock of the transferee as it does in respect of the transferor or (iii) a merger or consolidation between one or more Restricted
Subsidiaries that are not Wholly Owned Subsidiaries;

 

(6)            the
lease, assignment or sub-lease of any real or personal property in the ordinary course of business; provided that, such lease
constitutes an operating lease;

 

(7)            foreclosures,
condemnation or any similar action on assets;

 

(8)            any
involuntary loss, damage or destruction of property;

 

(9)            the
licensing or sub-licensing of intellectual property or other general intangibles in the ordinary course of business, other than the licensing
of intellectual property on a long-term basis;

 

(10)            any
surrender or waiver of contract rights or the settlement, release or surrender of contract rights or other litigation claims in the ordinary
course of business;

 

(11)            the
creation of a Lien permitted under this Indenture (other than a deemed Lien in connection with a Sale and Leaseback Transaction);

 

(12)            any
issuance of Management Appreciation Interests in one or more transactions so long as such issuance or issuances do not cause the applicable
Restricted Subsidiary to cease to be a Subsidiary of the Company; and

 

(13)            the
sale or discount (with or without recourse) of accounts receivable or notes receivable in the ordinary course of business.

 

“Asset Sale Offer” has the meaning
assigned to it in Section 3.12(c).

 

“Asset Sale Offer Amount” has
the meaning assigned to it in Section 3.12(c).

 

“Asset Sale Offer Notice” means
notice of an Asset Sale Offer made pursuant to Section 3.12, which notice shall govern the terms of the Asset Sale Offer,
and shall state:

 

(1)            the
circumstances of the Asset Sale or Sales, the Net Cash Proceeds of which are included in the Asset Sale Offer, that an Asset Sale Offer
is being made pursuant to Section 3.12, and that all Notes that are timely tendered will be accepted for payment;

 

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(2)            the
Asset Sale Offer Amount and the Asset Sale Offer Payment Date, which date shall be a Business Day no earlier than 10 days nor later than
60 days from the date the Asset Sale Offer Notice is mailed (other than as may be required by law);

 

(3)            that
any Notes or portions thereof not tendered or accepted for payment will remain outstanding and continue to accrue interest;

 

(4)            that,
unless the Company defaults in the payment of the Asset Sale Offer Amount with respect thereto, all Notes or portions thereof accepted
for payment pursuant to the Asset Sale Offer shall cease to accrue interest from and after the Asset Sale Offer Payment Date;

 

(5)            that
any Holder electing to have any Notes or portions thereof purchased pursuant to the Asset Sale Offer will be required to surrender such
Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent
at the address specified in the Asset Sale Offer Notice prior to the close of business on the third Business Day preceding the Asset Sale
Offer Payment Date;

 

(6)            that
any Holder shall be entitled to withdraw such election if the Paying Agent receives, not later than the close of business on the 30th
day following the date the Asset Sale Offer Notice is mailed, a facsimile transmission or letter, setting forth the name of the Holder,
the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing such Holder’s election to
have such Notes or portions thereof purchased pursuant to the Asset Sale Offer;

 

(7)            that
any Holder electing to have Notes purchased pursuant to the Asset Sale Offer must specify the principal amount that is being tendered
for purchase, which principal amount must be $2,000 or an integral multiple of $1,000 in excess thereof;

 

(8)            that
any Holder of Certificated Notes whose Certificated Notes are being purchased only in part will be issued new Certificated Notes
equal in principal amount to the unpurchased portion of the Certificated Note or Notes surrendered, which unpurchased portion
will be equal in principal amount to $2,000 or an integral multiple of $1,000 in excess thereof;

 

(9)            that
the Trustee will return to the Holder of a Global Note that is being purchased in part, such Global Note with a notation on the schedule
of increases or decreases thereof adjusting the principal amount thereof to be equal to the unpurchased portion of such Global Note;
and

 

(10)            any
other information, as determined by the Company, necessary to enable any Holder to tender Notes and to have such Notes purchased pursuant
to Section 3.12.

 

“Asset Sale Offer Payment Date”
has the meaning assigned to it in Section 3.12(e).

 

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“Asset Sale Transaction” means
any Asset Sale and, whether or not constituting an Asset Sale, (1) any sale or other disposition of Capital Stock of a Restricted
Subsidiary and (2) any Designation with respect to an Unrestricted Subsidiary.

 

“Assumed Tax Liability” means,
with respect to Parent as of any Tax Distribution Date, an amount equal to the federal, state and local income taxes (including any applicable
estimated taxes) reasonably estimated in good faith that would be due from Parent for the fiscal year (or portions thereof) ending on
such Tax Distribution Date, (i) assuming Parent earned solely the items of income, gain, deduction, loss and/or credit allocated
to Parent by the Company for such taxable periods (or portions thereof) and (ii) assuming that Parent is subject to tax at the Assumed
Tax Rate. For purposes of determining the Assumed Tax Liability of Parent, any adjustments by reason of Sections 734 or 743 of the
Code shall not be taken into account.

 

“Assumed Tax Rate” means, for
any taxable period, the highest marginal effective rate of federal, state, local and non-U.S. income tax applicable to Parent for such
taxable period.

 

“Attributable Debt” means, in
respect of a Sale and Leaseback Transaction, as at any time of determination, the present value (discounted at the interest rate reasonably
determined in good faith by a responsible financial or accounting officer of the Company to be the interest rate implicit in such Sale
and Leaseback Transaction in accordance with GAAP) of the total Obligations of the lessee for rental payments during the remaining term
of the lease included in such Sale and Leaseback Transaction (including any period for which such lease has been extended).

 

“Authenticating Agent” has the
meaning assigned to it in Section 2.2(b).

 

“Bank Credit Facility”
means the amended and restated credit agreement dated as of August 2, 2021 among Stagwell Marketing Group LLC, the Company and
Maxxcom LLC, as borrowers, the guarantors and lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as
administrative agent, and all amendments thereto, together with the related documents thereto (including, without limitation, any
Guarantee agreements and security documents), as such agreement may be amended (including any amendment and restatement thereof),
supplemented or otherwise modified or replaced from time to time by one or more credit agreements or any indentures or commercial
paper facilities, including any agreement or indenture adding Subsidiaries of the Company as additional borrowers or guarantors
thereunder or extending the maturity of, refinancing, replacing, increasing the amount outstanding or otherwise restructuring all or
any portion of the Indebtedness under such agreement(s) or any successor or replacement agreement(s) and whether by the
same or any other agent, trustee, lender or group of lenders or investors.

 

“Bankruptcy Event of Default”
means:

 

(1)            the
entry by a court of competent jurisdiction of: (i) a decree or order for relief in respect of any Bankruptcy Party in an involuntary
case or proceeding under any Bankruptcy Law or (ii) a decree or order (A) adjudging any Bankruptcy Party a bankrupt or insolvent,
(B) approving as properly filed a petition seeking reorganization, examinership, arrangement, adjustment or composition of, or in
respect of, any Bankruptcy Party under any Bankruptcy Law, (C) appointing a Custodian of any Bankruptcy Party or of any substantial
part of the property of any Bankruptcy Party, or (D) ordering the winding-up or liquidation of the affairs of any Bankruptcy Party,
and in each case, 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 calendar days; or

 

(2)            (i) the
commencement by any Bankruptcy Party of a voluntary case or proceeding under any Bankruptcy Law or of any other case or proceeding to
be adjudicated a bankrupt or insolvent, (ii) the consent by any Bankruptcy Party to the entry of a decree or order for relief in
respect of any Bankruptcy Party in an involuntary case or proceeding under any Bankruptcy Law or to the commencement of any bankruptcy
or insolvency case or proceeding against any Bankruptcy Party, (iii) the filing by any Bankruptcy Party of a petition or answer or
consent seeking reorganization, examinership or relief under any Bankruptcy Law, (iv) the consent by any Bankruptcy Party to the
filing of such petition or to the appointment of or taking possession by a Custodian of any Bankruptcy Party or of any substantial part
of the property of any Bankruptcy Party, (v) the making by any Bankruptcy Party of an assignment for the benefit of creditors, (vi) the
admission by any Bankruptcy Party in writing of its inability to pay its debts generally as they become due, or (vii) the approval
by stockholders of the Company of any plan or proposal for the liquidation or dissolution of the Company in furtherance of any action
referred to in clauses (i) through (vi) above, or (viii) the taking of corporate action by any Bankruptcy Party in furtherance
of any action referred to in clauses (i) through (vii) above.

 

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“Bankruptcy Law” means Title
11, U.S. Code or any similar federal, state or non-U.S. law for the relief of debtors.

 

“Bankruptcy Party” means the
Company and any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary.

 

“Board of Directors”
means, as to any Person, (a) in the case of any corporation, the board of directors of such Person or any duly authorized
committee thereof, (b) in the case of any limited liability company, the board of managers, board of directors, manager or
managing member of such Person or the functional equivalent of the foregoing or any committee thereof duly authorized to act on
behalf of such board, manager or managing member, (c) in the case of any partnership, the board of directors or board of
managers of the general partner of such Person and (d) in any other case, the functional equivalent of the foregoing.

 

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

 

“Business Day” means a day other
than a Saturday, Sunday or other day on which commercial banking institutions are authorized or required by law, regulation or executive
order to close in New York City.

 

“Capital Stock” means:

 

(1)            with
respect to any Person that is a corporation, any and all shares, interests, participations or other equivalents (however designated and
whether or not voting) of corporate stock, including each class of Common Stock and Preferred Stock of such Person and stock appreciation
rights;

 

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(2)            with
respect to any Person that is not a corporation, any and all partnership or other equity or ownership interests of such Person; and

 

(3)            any
warrants, rights or options to purchase any of the instruments or interests referred to in clause (1) or (2) above.

 

For the avoidance of doubt, Management Appreciation
Interests shall constitute Capital Stock of the applicable Restricted Subsidiary that issued such Management Appreciation Interests.

 

“Capitalized Lease Obligations”
means, with respect to any Person, the Obligations of such Person under a lease that are required to be classified and accounted for as
capital lease obligations under GAAP. For purposes of this definition, the amount of such Obligations at any date will be the capitalized
amount of such Obligations at such date, determined in accordance with GAAP; provided that any such obligations of the Company
or its Subsidiaries that are not required to be reflected on the consolidated balance sheet of the Company in accordance with GAAP, but
are subsequently recharacterized as capital lease obligations due to a change in accounting treatment, shall for all purposes under this
Indenture (including, without limitation, the calculation of Consolidated Interest Expense, Consolidated Net Income and Consolidated EBITDA)
not be treated as capital lease obligations, Capitalized Lease Obligations or Indebtedness.

 

“Cash Equivalents” means:

 

(1)            marketable
direct obligations issued by, or unconditionally guaranteed by, the U.S. government or issued by any agency thereof and backed by the
full faith and credit of the United States, Canada, the United Kingdom, Switzerland, the government of any member state of the European
Union, the European Union, or any political subdivision of any of the foregoing or any public instrumentality thereof, in each case maturing
within one year from the date of acquisition thereof;

 

(2)            marketable
direct obligations issued by any state of the United States or province of Canada or any political subdivision of any such state or province
or any public instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition, having
one of the two highest ratings obtainable from either Moody’s or S&P (or, if at any time neither Moody’s nor S&P shall
be rating such obligations, an equivalent rating from another Rating Agency);

 

(3)            commercial
paper maturing no more than one year from the date of creation thereof and, at the time of acquisition, having a rating of at least A-1
from S&P or at least P-1 from Moody’s;

 

(4)            demand
deposits, certificates of deposit, time deposits or bankers’ acceptances maturing within one year from the date of acquisition thereof
issued by any bank organized under the laws of the United States or Canada or any state or province thereof or the District of Columbia,
the United Kingdom or any country of the European Union or any U.S. or Canadian branch of a non-U.S. or Canadian bank having at the date
of acquisition thereof combined capital and surplus of not less than $500.0 million (or the equivalent thereof);

 

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(5)            repurchase
obligations with a term of not more than seven days for underlying securities of the types described in clause (1) above entered
into with any bank meeting the qualifications specified in clauses (2) and (4) above; and

 

(6)            investments
in money market funds which invest 95% or more of their assets in securities of the types described in clauses (1) through (5) above.

 

“Cash Management Arrangements”
means (a) the advance of cash on hand by Restricted Subsidiaries of the Company on a regular basis to one or more pooled deposit
or sweep accounts maintained by the Company with one or more financial institutions (“Cash Management Financial Institutions”)
for the purpose of funding the operations of the Company and its Restricted Subsidiaries and other corporate purposes, (b) the advance
of cash on hand or borrowed by the Company from one or more of the pooled deposit or sweep accounts maintained by the Company with one
or more financial institutions to one or more of the Restricted Subsidiaries of the Company for the purpose of funding the operations
of the Restricted Subsidiaries and (c) one or more overdraft facilities between the Company and one or more Cash Management Financial
Institutions based on cash deposited with them.

 

“Cash Management Financial Institution”
has the meaning assigned to it in the definition of “Cash Management Arrangements.”

 

“Certificated Note” means any
Note issued in fully-registered certificated form (other than a Global Note), which shall be substantially in the form of Exhibit A,
with appropriate legends as specified in Section 2.7 and Exhibit A.

 

“Change of Control” means the
occurrence of one or more of the following events:

 

(1)            any
“person” or “group” (as defined below) of related persons other than one or more of the Permitted Holders is or
becomes the “beneficial owner” (as defined below) directly or indirectly, in the aggregate of more than 50% of the total voting
power of the Voting Stock (other than Disqualified Stock) of the Parent (for purposes of this clause (1), such person or group shall be
deemed to beneficially own any Voting Stock of a corporation held by any other corporation (the “parent corporation”) so long
as such person or group beneficially owns, directly or indirectly, in the aggregate at least a majority of the total voting power of the
Voting Stock of such parent corporation); provided that any transaction in which the Parent becomes a Subsidiary of another person
will not constitute a Change of Control unless more than 50% of the total voting power of the Voting Stock (other than Disqualified Stock)
of such person is beneficially owned, directly or indirectly, by another person or group (other than one or more Permitted Holders);

 

(2)            the
sale, transfer, assignment, lease, conveyance or other disposition, directly or indirectly (other than by way of merger, consolidation
or amalgamation) of all or substantially all the property of the Company and the Restricted Subsidiaries, considered as a whole, to a
Person (other than one or more Permitted Holders and other than a disposition of such property as an entirety or virtually as an entirety
to one or more Restricted Subsidiaries), shall have occurred; or

 

(3)            the
Parent ceases to be the sole managing member or sole manager of the Company.

 

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For purposes of this definition:

 

(a)            “beneficial
owner” has the meaning specified in Rules 13d-3 and 13d-5 under the Exchange Act, except that any person or group will be deemed
to have beneficial ownership of all securities that such person or group or has the right to acquire by conversion or exercise of other
securities, whether such right is exercisable immediately or only after the passage of time (“beneficially own” and “beneficially
owned” have corresponding meanings); and

 

(b)            “person”
and “group” have the meanings for “person” and “group” as used in Sections 13(d) and 14(d) of
the Exchange Act.

 

“Change of Control Notice” means
notice of a Change of Control Offer made pursuant to Section 3.21, which notice shall govern the terms of the Change of Control
Offer and shall state:

 

(1)            that
a Change of Control has occurred, the circumstances or events causing such Change of Control and that a Change of Control Offer is being
made pursuant to Section 3.21, and that all Notes that are timely tendered will be accepted for payment;

 

(2)            the
Change of Control Payment, and the Change of Control Payment Date, which date shall be a Business Day no earlier than 10 days nor later
than 60 days subsequent to the date such notice is mailed (other than as may be required by law);

 

(3)            that
any Notes or portions thereof not tendered or accepted for payment will remain outstanding and continue to accrue interest;

 

(4)            that,
unless the Company defaults in the payment of the Change of Control Payment with respect thereto, all Notes or portions thereof accepted
for payment pursuant to the Change of Control Offer shall cease to accrue interest from and after the Change of Control Payment Date;

 

(5)            that
any Holder electing to have any Notes or portions thereof purchased pursuant to a Change of Control Offer will be required to tender such
Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent
at the address specified in the Change of Control Notice prior to the close of business on the third Business Day preceding the Change
of Control Payment Date;

 

(6)            that
any Holder shall be entitled to withdraw such election if the Paying Agent receives, not later than the close of business on the 30th
day following the date the Change of Control Notice is mailed, a facsimile transmission or letter, setting forth the name of the Holder,
the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing such Holder’s election to
have such Notes or portions thereof purchased pursuant to the Change of Control Offer;

 

    9

     

    

 

(7)            that
any Holder electing to have Notes purchased pursuant to the Change of Control Offer must specify the principal amount that is being tendered
for purchase, which principal amount must be $2,000 or an integral multiple of $1,000 in excess thereof;

 

(8)            that
any Holder of Certificated Notes whose Certificated Notes are being purchased only in part will be issued new Certificated Notes equal
in principal amount to the unpurchased portion of the Certificated Note or Notes surrendered, which unpurchased portion will be equal
in principal amount to $2,000 or an integral multiple of $1,000 in excess thereof;

 

(9)            that
the Trustee will return to the Holder of a Global Note that is being purchased in part, such Global Note with a notation on the schedule
of increases or decreases thereof adjusting the principal amount thereof to be equal to the unpurchased portion of such Global Note;
and

 

(10)            any
other information, as determined by the Company, necessary to enable any Holder to tender Notes and to have such Notes purchased pursuant
to Section 3.21.

 

“Change of Control Offer” has
the meaning assigned to it in Section 3.21(b).

 

“Change of Control Payment”
has the meaning assigned to it in Section 3.21(a).

 

“Change of Control Payment Date”
has the meaning assigned to it in Section 3.21(b).

 

“Clearstream” means Clearsteam
Banking, société anonyme, or the successor to its securities clearance and settlement operations.

 

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

 

“Commission” means the Securities
and Exchange Commission, or any successor agency thereto with respect to the regulation or registration of securities in the United States.

 

“Commodity Agreement” means,
with respect to any Person, the Obligations of such Person under any commodity swap agreement, commodity cap agreement or commodity collar
agreement.

 

“Common Stock” means, with respect
to any Person, any and all shares, interests or other participations in, and other equivalents (however designated and whether voting
or non-voting) of such Person’s common equity interests, whether outstanding on the Issue Date or issued after the Issue Date, and
includes, without limitation, all series and classes of such common equity interests.

 

“Company” means the party named
as such in the introductory paragraph to this Indenture and its successors and assigns, including any Successor Company which becomes
such in accordance with Article IV.

 

    10

     

    

 

“Company Order” has the meaning
assigned to it in Section 2.2(c).

 

“Consolidated EBITDA” means,
with respect to any Person for any period, Consolidated Net Income for such Person for such period (after giving pro forma effect
to any applicable Pro Forma Adjustment Items), plus the following, without duplication, to the extent deducted or added in calculating
such Consolidated Net Income:

 

(1)            Consolidated
Income Tax Expense for such Person for such period;

 

(2)            Consolidated
Net Interest Expense for such Person for such period (for the avoidance of doubt, after reduction for interest income as set forth in
the definition of “Consolidated Net Interest Expense”);

 

(3)            depreciation,
amortization and other non-cash debits and losses for such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company)
for such period; and

 

(4)            in
the case of the Company, income attributable to non-controlling or minority interests in its Restricted Subsidiaries; provided
that the amount added pursuant to this clause (4) for any Four Quarter Period shall not exceed 15% of Consolidated EBITDA,

 

less,
without duplication:

 

(a)            all
non-cash credits and gains increasing Consolidated Net Income for such Person for such period;

 

(b)            all
cash payments made by such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company) during such period relating
to non-cash charges that were added back in determining Consolidated EBITDA in any prior period; and

 

(c)            in
the case of the Company, loss attributable to non-controlling or minority interests in its Restricted Subsidiaries.

 

“Consolidated Income Tax Expense”
means, with respect to any Person for any period, the provision for U.S. federal, state, local and non-U.S. income taxes payable by the
Company and its Subsidiaries (Restricted Subsidiaries in the case of the Company) for such period as determined on a consolidated basis
in accordance with GAAP.

 

“Consolidated Interest Expense”
means, as to any Person for any period:

 

(1)            the
sum of the aggregate of cash and non-cash interest expense of such Person and its Subsidiaries (Restricted Subsidiaries in the case of
the Company) for such period determined on a consolidated basis in accordance with GAAP, including, without limitation, the following
for such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company), whether or not interest expense in accordance
with GAAP:

 

(a)            any
amortization or accretion of debt discount or any interest paid on Indebtedness of such Person and its Subsidiaries (Restricted Subsidiaries
in the case of the Company) in the form of additional Indebtedness,

 

(b)            any
amortization of deferred financing costs (excluding any write-off of deferred financing costs in respect of Indebtedness repaid with the
net proceeds of the Notes issued on the Issue Date),

 

(c)            the
sum of (A) losses for such period on Hedging Obligations (to the extent not otherwise included in interest expense) and (B) the
upfront costs or fees for such period associated with Hedging Obligations (to the extent not included in interest expense),

 

(d)            all
capitalized interest,

 

(e)            the
interest portion of any deferred payment obligation, provided that any deferred acquisition consideration, whether contingent or
not, including in respect of earn-out obligations, will be deemed to bear interest at the highest rate payable on borrowings under the
Bank Credit Facility at the relevant time or, if no Bank Credit Facility exists, at the rate borne by the Notes on the amount thereof
determined in accordance with the last sentence of the definition of Indebtedness,

 

(f)            commissions,
discounts and other fees and charges Incurred in respect of letters of credit or bankers’ acceptances,

 

(g)            any
interest expense on Indebtedness of another Person that is Guaranteed by such Person or one of its Subsidiaries (Restricted Subsidiaries
in the case of the Company) or secured by a Lien on the assets of such Person or one of its Subsidiaries (Restricted Subsidiaries in the
case of the Company), whether or not such Guarantee or Lien is called upon,

 

(h)            the
interest component of Capitalized Lease Obligations paid, accrued and/or scheduled to be paid or accrued by the such Person and its Subsidiaries
(Restricted Subsidiaries in the case of the Company) during such period, and

 

(i)            dividends
paid or accrued on Disqualified Capital Stock of such Person or any of its Subsidiaries (Restricted Subsidiaries, in the case of the Company)
or on Preferred Stock of Subsidiaries of such Person (Restricted Subsidiaries, in the case of the Company); minus

 

    11

     

    

 

(2)            for
such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company) as determined in accordance with GAAP,

 

(a)            gains
for such period on Hedging Obligations (to the extent not included in interest income and to the extent not deducted in the calculation
of interest expense); and

 

(b)            the
write-off of deferred financing costs and make-whole or repurchase premiums and expenses incurred in connection with the redemption or
repurchase of the Company’s 7.500% Senior Notes due 2024 being carried out substantially concurrently with the initial issuance
of the Notes.

 

“Consolidated Leverage Ratio”
means, with respect to any Person as of any date of determination, the ratio of the aggregate amount of Consolidated Total Indebtedness
of such Person as of such date to Consolidated EBITDA of such Person for the relevant Four Quarter Period after giving pro forma effect
to any applicable Pro Forma Adjustment Items.

  

“Consolidated Net Income”
means, with respect to any Person for any period, the aggregate net income (or loss) attributable to such Person for such period on
a consolidated basis, determined in accordance with GAAP; provided that there will be included therein any net income
attributable to non-controlling interests, but excluded therefrom:

 

(1)            any
extraordinary, unusual or non-recurring gains or losses or gains or losses from Asset Sales;

 

(2)            restructuring
charges, including severance and related costs for eliminated positions, and any non-recurring fees, cash charges and other cash expenses
(including transaction fees and costs and expenses) and, for the avoidance of doubt, any capital gains taxes and exit taxes associated
with re-domestication in connection with the transactions contemplated by the transaction agreement between the Company, Stagwell Media
L.P., New MDC LLC and Midas Merger Sub 1 LLC dated December 21, 2020, as amended from time to time (including, without limitation,
in each case, diligence costs and legal and other professional advisor fees);

 

(3)            any
tax refunds, net operating loss tax effects or other net tax benefits and deferred tax income and loss;

 

(4)            effects
of and income or loss from discontinued operations;

 

(5)            non-cash
impairment charges;

 

(6)            non-cash
stock based compensation expenses;

 

(7)            the
net income (loss) of any Person, other than such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company), except
for cash distributions from Persons that are not Subsidiaries of such Person not included in the definition of “Investment Return”;

 

(8)            for
purposes of calculating Consolidated Net Income in determining Consolidated EBITDA pursuant to clause (3) of Section 3.10(a) only,
the net income (or loss) of a Successor Company prior to assuming the Company’s Obligations under this Indenture and the Notes pursuant
to Section 4.1;

 

(9)            the
net income (but not loss) of any Subsidiary of such Person (Restricted Subsidiary in the case of the Company) to the extent that a corresponding
amount could not be distributed to such Person at the date of determination as a result of any restriction pursuant to the constituent
documents of such Subsidiary (Restricted Subsidiary in the case of the Company) or any law, regulation, agreement or judgment applicable
to any such distribution, unless such restriction with respect to the payment of dividends or similar distributions has been legally waived;
provided that Consolidated Net Income of the Company will be increased by the amount of dividends or other distributions or other
payments actually paid in cash (or to the extent converted into cash) to the Company or a Restricted Subsidiary thereof in respect of
such period, to the extent not already included therein;

 

    12

     

    

 

(10)            any
restoration to income of any contingency reserve, except to the extent that provision for such reserve was made out of Consolidated Net
Income accrued at any time following the Issue Date;

 

(11)            any
adjustment (positive or negative) relating to the deferred purchase price of property (including, without limitation, deferred acquisition
consideration and present value adjustments included in interest expense) arising from Asset Acquisitions or Investments;

 

(12)            any
third party expenses directly related to Asset Acquisitions (other than a Revocation with respect to an Unrestricted Subsidiary) and Investments;

 

(13)            the
write-off of deferred financing costs and make-whole or repurchase premiums and expenses incurred in connection with the redemption or
repurchase of the Company’s 7.500% Senior Notes due 2024 being carried out substantially concurrently with the initial issuance
of the Notes;

 

(14)            the
cumulative effect of changes in accounting principles; and

 

(15)            any
accretion on convertible preference shares and preferred interest on instruments that are only convertible to equity.

 

“Consolidated Net Interest Expense”
means, with respect to any Person for any period, Consolidated Interest Expense of such Person for such period, minus the interest
income of such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company) for such period as determined in accordance
with GAAP.

 

“Consolidated Total Indebtedness”
means, with respect to any Person as of any date of determination, an amount equal to (A) the aggregate amount (without duplication)
of all Indebtedness of such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company) outstanding at such time
(excluding Indebtedness specified in Section 3.8(b)(16)) plus (B) the greater of the aggregate liquidation preference
and aggregate maximum fixed repurchase price of any Preferred Stock of Subsidiaries (Restricted Subsidiaries, in the case of the Company)
of such Person minus (C) the lesser of (i) the aggregate amount of cash and Cash Equivalents held by such Person and
its Subsidiaries (Restricted Subsidiaries in the case of the Company) as of the end of the most recent fiscal period for which consolidated
financial statements are available and (ii) $150.0 million, in each case determined on a consolidated basis in accordance with GAAP.

 

“Corporate Trust Office” means
the office of the Trustee at which at any particular time its corporate trust business shall be principally administered, which office
at the date hereof is located at 500 Ross Street, 12th Floor, Pittsburgh, PA 15262, Attention: Corporate Trust Administration
– Corporate Finance Unit, or such other address as the Trustee may designate from time to time by notice to the Company, or the
principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to
time by notice to the Company).

 

“Covenant Defeasance” has the
meaning assigned to it in Section 8.1(c).

 

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“Covenant Suspension Date” means
the first date following the Issue Date or any Reversion Date on which (A) the Notes have Investment Grade Rating from both Rating
Agencies and (B) there does not exist a Default or Event of Default.

 

“Custodian” means any receiver,
trustee, examiner, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law.

 

“Currency Agreement” means,
in respect of any Person, any foreign exchange contract, currency swap agreement or other similar agreement as to which such Person is
a party designed to hedge foreign currency risk of such Person.

 

“Default” means an event or
condition the occurrence of which is, or with the lapse of time or the giving of notice or both would be, an Event of Default.

 

“Defaulted Interest” has the
meaning assigned to it in Section 1 of the Form of Reverse Side of Note contained in Exhibit A.

 

“Designated Non-cash Consideration”
means the Fair Market Value of non-cash consideration received by the Company or a Restricted Subsidiary in connection with an Asset Sale
that is so designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate, setting forth the basis of such
valuation, executed by the principal financial officer of the Company, less the amount of cash or Cash Equivalents received in connection
with a subsequent sale of or collection on such Designated Non-cash Consideration.

 

“Designation” has the meaning
assigned to it in Section 3.19(a). “Designate,” “Designated” and “Designating” will have
the corresponding meanings.

 

“Designation Amount” has the
meaning assigned to it in Section 3.19(a).

 

“Disqualified Capital Stock”
means that portion of any Capital Stock which, by its terms (or by the terms of any security into which it is convertible or for which
it is exchangeable at the option of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable, pursuant
to a sinking fund obligation or otherwise, or is redeemable at the sole option of the holder thereof, in any case, on or prior to the
date that is one year after the final maturity date of the Notes. For the avoidance of doubt, “Disqualified Capital Stock”
shall not include the Preferred Interests or equity interests of minority holders of Capital Stock of Restricted Subsidiaries of the Company
by virtue of put and call arrangements and Management Appreciation Interests.

 

“Distribution Compliance Period”
means, in respect of any Regulation S Global Note (or Certificated Note issued in respect thereof pursuant to Section 2.6(c)),
the 40 consecutive days beginning on and including the later of (A) the day on which any Notes represented thereby are offered to
persons other than distributors (as defined in Regulation S) pursuant to Regulation S and (B) the issue date for such Notes.

 

“Domestic Restricted Subsidiary”
means any Restricted Subsidiary that is organized or existing under the laws of the United States, any state thereof or the District of
Columbia.

 

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“DTC” means The Depository Trust
Company, its nominees and their respective successors and assigns, or such other depositary institution hereinafter appointed by the Company
that is a clearing agency registered under the Exchange Act.

 

“Equity Offering” means a public
or private issuance or sale of Capital Stock (other than Disqualified Capital Stock) of the Company or the Parent other than pursuant
to any employment, director or consulting contract or pursuant to any employee, director or consultant benefit, stock option, share ownership
or similar plan or program.

 

“Euroclear” means Euroclear
Bank S.A./N.V., as operator of the Euroclear System, or its successor in such capacity.

 

“Event of Default” has the meaning
assigned to it in Section 6.1.

 

“Excess Proceeds” has the meaning
assigned to it in Section 3.12(c).

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, or any successor statute or statutes thereto.

 

“Excluded Entity” means the
two entities that guaranteed the Bank Credit Facility on the date thereof but that do not guarantee the Notes on the Issue Date.

 

“Excluded Holder” has the meaning
assigned to it in Section 3.22(a).

 

“Fair Market Value” means, with
respect to any asset, the price (after taking into account any liabilities relating to such assets) which could be negotiated in an arm’s-length
free market transaction, for cash, between a willing seller and a willing and able buyer, neither of which is under any compulsion to
complete the transaction.

 

“Foreign Subsidiary” means,
with respect to any Person, any Restricted Subsidiary of such Person that is not organized or existing under the laws of the United States,
any state thereof or the District of Columbia and any Restricted Subsidiary of such Foreign Subsidiary.

 

“Four Quarter Period” means
for any Person, as of any date, the four most recent full fiscal quarters of such Person for which financial statements of such Person
are available as of such date; it being understood that calculations for any Four Quarter Period will be calculated by giving pro
forma effect to the events or initiatives specified in the definition of Pro Forma Adjustment Items that occurred or commenced during
such Four Quarter Period or at any time subsequent to the last day of such Four Quarter Period and on or prior to such date as if any
such event had occurred or such initiative had commenced on the first day of such Four Quarter Period.

 

“GAAP” means generally accepted
accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified
Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other
entity as may be approved by a significant segment of the accounting profession of the United States, which are in effect from time to
time; provided that all terms of an accounting or financial nature used in this Indenture shall be construed, and all computations
of amounts and ratios referred to in this Indenture shall be made (a) without giving effect to any election under FASB Accounting
Standards Codification Topic 825— Financial Instruments, or any successor thereto (including pursuant to the FASB Accounting Standards
Codification), to value any Indebtedness of the Company or any Subsidiary at “fair value,” as defined therein and (b) the
amount of any Indebtedness under GAAP with respect to Capitalized Lease Obligations shall be determined in accordance with the definition
of Capitalized Lease Obligations. At any time after the Issue Date, the Company may elect to apply IFRS accounting principles in lieu
of GAAP and, upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS (except as otherwise provided
in this Indenture); provided that any such election, once made, shall be irrevocable; provided, further,
that the Company may only make such election if it also elects to provide any subsequent financial reports required to be provided pursuant
to the covenant set forth under “—Ongoing Reporting” in accordance with IFRS or that include financial reports prepared
in accordance with IFRS. Any calculation or determination in this Indenture that requires the application of GAAP for periods that
include fiscal quarters ended prior to the Company’s election to apply IFRS shall remain as previously calculated or determined
in accordance with GAAP. The Company shall give notice of any such election made in accordance with this definition to the Trustee pursuant
to Section 3.16. For the avoidance of doubt, solely making an election (without any other action) referred to in this definition
will not be treated as an incurrence of Indebtedness.

 

    15

     

    

 

If there occurs a change in generally accepted
accounting principles relating to revenue recognition resulting from the joint revenue recognition standard of the Financial Accounting
Standards Board and the International Accounting Standards Board, and such change would cause a change in the method of calculation of
standards or terms as determined in good faith by the Company (an “Accounting Change”), then the Company may elect,
as evidenced by a written notice of the Company to the Trustee required by Section 3.16, that such standards or terms shall
be calculated as if such Accounting Change had not occurred either on a one-time or permanent basis.

 

“Governmental Authority” means
any federal, state, provincial, local, or other governmental or administrative body, instrumentality, board, department, or agency or
any court, tribunal, administrative hearing body, arbitration panel, commission, or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative power, or functions of or pertaining to government.

 

“Global Note” means any Note
issued in fully registered form to DTC (or its nominee), as depositary for the beneficial owners thereof, which shall be substantially
in the form of Exhibit A, with appropriate legends as specified in Section 2.7 and Exhibit A.

 

“Guarantee” means any Obligation,
contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other 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
to 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
that “Guarantee” will not include endorsements for collection or deposit in the ordinary course of business. “Guarantee”
used as a verb has a corresponding meaning.

 

    16

     

    

 

“Guaranteed Obligations” has
the meaning assigned to it in Section 10.1(a).

 

“Hedging Obligations” means
the Obligations of any Person pursuant to any Interest Rate Agreement, Currency Agreement or Commodity Agreement.

 

“Holder” means a Person in whose
name a Note is registered in the Note Register.

 

“IFRS” means the international
financial reporting standards and interpretations issued by the International Accounting Standards Board.

 

“Incur” means, with respect
to any Indebtedness, Lien or other obligation of any Person, to create, issue, incur (including by conversion, exchange or otherwise),
grant, assume, Guarantee or otherwise become liable. “Incurrence,” “Incurred” and “Incurring” have
corresponding meanings.

 

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

 

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

 

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

 

(3)            all
Capitalized Lease Obligations of such Person;

 

(4)            all
Obligations of such Person issued or assumed as the deferred purchase price of property (including, without limitation, deferred
acquisition consideration in respect of any Capital Stock or business), all conditional sale obligations and all Obligations under
any title retention agreement (but excluding trade accounts payable, including corporate credit card charges in respect thereof, and
other accrued liabilities arising in the ordinary course of business that are not overdue by 90 days or more or are being
contested in good faith by appropriate proceedings promptly instituted and diligently conducted);

 

(5)            all
letters of credit, banker’s acceptances or similar credit transactions, including reimbursement Obligations in respect thereof;

 

(6)            Guarantees
and other contingent Obligations of such Person in respect of Indebtedness referred to in clauses (1) through (4) above and
clauses (7), (8) and (9) below;

 

(7)            all
Indebtedness of any other Person of the type referred to in clauses (1) through (6) which is secured by any Lien on any property
or asset of such Person, the amount of such Indebtedness being deemed to be the lesser of the Fair Market Value of such property or asset
or the amount of the Indebtedness so secured;

 

    17

     

    

 

(8)            Obligations
under Hedging Obligations of such Person;

 

(9)            all
liabilities recorded on the balance sheet of such Person in connection with a sale or other disposition of accounts receivables and related
assets; and

 

(10)            all
Disqualified Capital Stock issued by such Person with the amount of Indebtedness represented by such Disqualified Capital Stock being
equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, but excluding accrued
dividends, if any; provided that:

 

(a)            if
the Disqualified Capital Stock does not have a fixed repurchase price, such maximum fixed repurchase price will be calculated in accordance
with the terms of the Disqualified Capital Stock as if the Disqualified Capital Stock were purchased on any date on which Indebtedness
will be required to be determined pursuant to this Indenture; and

 

(b)            if
the maximum fixed repurchase price is based upon, or measured by, the Fair Market Value of the Disqualified Capital Stock, the fair market
value will be the Fair Market Value thereof,

 

provided,
however, that notwithstanding the foregoing, Indebtedness shall be deemed not to include obligations under or in respect of
the Tax Receivable Agreement.

 

The amount of the Indebtedness in respect of any Hedging Obligations
at any time shall be equal to the amount payable as a result of the termination of such Hedging Obligations at such time. The amount of
any Indebtedness outstanding as of any date shall be the outstanding balance at such date of all unconditional Obligations as described
above and, with respect to contingent Obligations, the maximum liability upon the occurrence of the contingency giving rise to the Obligation,
and shall be:

 

(1)            the
accreted value thereof, in the case of any Indebtedness issued with original issue discount; and

 

(2)            the
principal amount thereof, together with any interest thereon that is more than 30 days past due, in the case of any other Indebtedness.

 

“Indenture” means this Indenture,
as amended or supplemented from time to time, including the Exhibits hereto.

 

“Independent Financial Advisor”
means an accounting firm, appraisal firm, investment banking firm or consultant of nationally recognized standing that is, in the judgment
of the Company’s Board of Directors, qualified to perform the task for which it has been engaged and which is independent in connection
with the relevant transaction.

 

“Interest Payment Date” means
the stated due date of a regular installment of interest on the Notes as specified in the Form of Face of Note contained in Exhibit A.

 

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“Interest Rate Agreement” means,
with respect to any Person, any interest rate protection agreement (including, without limitation, interest rate swaps, caps, floors,
collars, derivative instruments and similar agreements) and/or other types of hedging agreements designed to hedge interest rate risk
of such Person.

 

“Investment” means, with respect
to any Person, any:

 

(1)            direct
or indirect loan, advance or other extension of credit (including, without limitation, a Guarantee) to any other Person,

 

(2)            capital
contribution (by means of any transfer of cash or other property to others or any payment for property or services for the account or
use of others) to any other Person, or

 

(3)            any
purchase or acquisition by such Person of any Capital Stock, bonds, notes, debentures or other securities or evidences of Indebtedness
issued by any other Person.

 

“Investment” will exclude accounts
receivable, deposits, advances to customers, commission, travel and similar advances to officers and employees, in each case made in the
ordinary course of business. “Invest,” “Investing” and “Invested” have corresponding meanings.

 

For purposes of the definition of
“Unrestricted Subsidiary” and Section 3.10, the Company will be deemed to have made an
“Investment” in an Unrestricted Subsidiary at the time of its Designation, which will be valued at the Fair Market Value
of the sum of the net assets of such Unrestricted Subsidiary multiplied by the percentage equity ownership of the Company and its
Restricted Subsidiaries in such Designated Unrestricted Subsidiary at the time of its Designation and the amount of any Indebtedness
of such Unrestricted Subsidiary owed to the Company or any Restricted Subsidiary immediately following such Designation. Any
property transferred to or from an Unrestricted Subsidiary will be valued at its Fair Market Value at the time of such transfer. If
the Company or any Restricted Subsidiary sells or otherwise disposes of any Capital Stock of a Restricted Subsidiary (including any
issuance and sale of Capital Stock by a Restricted Subsidiary) such that, after giving effect to any such sale or disposition, such
Restricted Subsidiary would cease to be a Subsidiary of the Company, the Company will be deemed to have made an Investment on the
date of any such sale or disposition equal to sum of the Fair Market Value of the Capital Stock of such former Restricted Subsidiary
held by the Company or any Restricted Subsidiary immediately following such sale or other disposition and the amount of any
Indebtedness of such former Restricted Subsidiary Guaranteed by the Company or any Restricted Subsidiary or owed to the Company or
any other Restricted Subsidiary immediately following such sale or other disposition. The acquisition by the Company or any
Restricted Subsidiary of the Company of a Person that holds an Investment in a third Person will be deemed to be an Investment by
the Company or such Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments held
by the acquired Person in such third Person. Except as otherwise provided in this Indenture, the amount of an Investment will be
determined at the time the Investment is made without giving effect to subsequent changes in value.

 

    19

     

    

 

“Investment Grade Rating” means
a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or equivalent) by S&P, or equivalent rating by
any other Rating Agency.

  

“Investment Return” means, in
respect of any Investment (other than a Permitted Investment) made after the Issue Date by the Company or any Restricted Subsidiary:

 

(1)            the
cash proceeds received by the Company upon the sale, liquidation or repayment of such Investment or, in the case of a Guarantee, the amount
of the Guarantee upon the unconditional release of the Company and its Restricted Subsidiaries in full, less any payments previously made
by the Company or any Restricted Subsidiary in respect of such Guarantee;

 

(2)            in
the case of the Revocation of the Designation of an Unrestricted Subsidiary, an amount equal to the lesser of:

 

(a)            the
Company’s Investment in such Unrestricted Subsidiary at the time of such Revocation;

 

(b)            that
portion of the Fair Market Value of the net assets of such Unrestricted Subsidiary at the time of Revocation that is proportionate to
the Company’s equity interest in such Unrestricted Subsidiary at the time of Revocation; and

 

(c)            the
Designation Amount with respect to such Unrestricted Subsidiary upon its Designation which was treated as a Restricted Payment; and

 

(3)            in
the event the Company or any Restricted Subsidiary makes any Investment in a Person that, as a result of or in connection with such Investment,
becomes a Restricted Subsidiary, the existing Investment of the Company and its Restricted Subsidiaries in such Person,

 

in the case of each of clause (1), (2) and (3) above, up
to the amount of such Investment that was treated as a Restricted Payment under Section 3.10(a) less the amount
of any previous Investment Return in respect of such Investment.

 

“Issue Date” means the first
date of issuance of Notes under this Indenture.

 

“Issue Date Notes” means the
$1,000,000,000 aggregate principal amount of Notes originally issued on the Issue Date, and any replacement Notes issued therefor in accordance
with this Indenture.

 

“LCT Election” has the meaning
assigned to it in Section 3.24.

 

“LCT Test Date” has the meaning
assigned to it in Section 3.24.

 

“Legal Defeasance” has the meaning
assigned to it in Section 8.1(b).

 

“Legal Holiday” has the meaning
assigned to it in Section 11.6.

 

    20

     

    

 

“Lien” means any lien, mortgage,
deed of trust, pledge, security interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement,
any lease in the nature thereof and any agreement to give any security interest); provided that, the lessee in respect of
a Capitalized Lease Obligation or Sale and Leaseback Transaction will be deemed to have Incurred a Lien on the property leased thereunder;
provided further that in no event shall an operating lease entered into in the ordinary course of business be deemed to constitute
a Lien.

 

“Limited Condition Transaction”
means (a) the entering into or consummation of any transaction permitted by this Indenture (including in connection with any acquisition
or similar Investment or the assumption or incurrence of Indebtedness or the obtaining of a commitment in respect thereof) and/or (b) the
making of any Restricted Payment; provided, that the Consolidated Net Income (and any other financial term derived therefrom),
other than for purposes of calculating any ratios in connection with the Limited Condition Transaction, shall not include any Consolidated
Net Income of or attributable to the target company or assets associated with any such Limited Condition Transaction unless and until
the closing of such Limited Condition Transaction shall have actually occurred.

 

“LTM EBITDA” means Consolidated
EBITDA of the Company measured for the Four Quarter Period.

 

“Management Appreciation
Interests” means interests issued by the Parent, the Company, or a Restricted Subsidiary (including such interests in
existence as of the Issue Date) to one or more members of its management solely for compensatory purposes (whether directly or to
any Person in which one or more such members have an interest) which entitle the holders thereof to the future appreciation in value
of the Parent, the Company, or any Restricted Subsidiary above the value of the Parent, the Company, or such Restricted Subsidiary
as of the date of issuance which, in the case of Management Appreciation Interests amended or issued on or after the Issue Date, in
the aggregate, do not result in the Company and its Restricted Subsidiaries being entitled to less than 50.1% of such future
appreciation in value of such Restricted Subsidiary.

 

“Maturity Date” means August 15,
2029.

 

“Moody’s” means Moody’s
Investors Service, Inc. and any successor to its rating agency business.

 

“Net Cash Proceeds” means, with
respect to any Asset Sale, the proceeds in the form of cash or Cash Equivalents, excluding the release of any Indebtedness or other liabilities,
but including any cash received upon the sale or other disposition of any Designated Non-cash Consideration or payments in respect of
deferred payment Obligations when received in the form of cash or Cash Equivalents received by the Company or any of its Restricted Subsidiaries
from such Asset Sale, net of:

 

(1)            reasonable
out-of-pocket expenses and fees relating to such Asset Sale (including, without limitation, legal, accounting and investment banking fees
and sales commissions);

 

(2)            taxes
paid or payable in respect of such Asset Sale after taking into account any reduction in consolidated tax liability due to available tax
credits or deductions and any tax sharing arrangements;

 

    21

     

    

 

(3)            repayment
of Indebtedness secured by a Lien permitted under this Indenture that is required to be repaid in connection with such Asset Sale;
and

 

(4)            appropriate
amounts to be provided by the Company or any Restricted Subsidiary, as the case may be, as a reserve, in accordance with GAAP, against
any liabilities associated with such Asset Sale and retained by the Company or any Restricted Subsidiary, as the case may be, after such
Asset Sale, including, without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental
matters and liabilities under any indemnification Obligations associated with such Asset Sale, but excluding any reserves with respect
to Indebtedness.

 

“Non-U.S. Beneficial Ownership Certification”
has the meaning assigned to it in Section 2.1(e).

 

“Non-U.S. Person” means a person
who is not a U.S. person, as defined in Regulation S.

 

“Note Custodian” means the custodian
with respect to any Global Note appointed by DTC, or any successor Person thereto, and shall initially be the Trustee.

 

“Note Guarantee” means any guarantee
of the Company’s Obligations under this Indenture and the Notes provided by each Note Guarantor pursuant to Article X.

 

“Note Guarantor” means any Restricted
Subsidiary which provides a Note Guarantee pursuant to this Indenture until such time as its Note Guarantee is released in accordance
with this Indenture. As of the date hereof, the parties signatory hereto as Note Guarantors as identified on the signature page to
this Indenture shall be the initial Note Guarantors.

 

“Note Register” has the meaning
assigned to it in Section 2.3(a).

 

“Notes” means the Company’s
5.625% Senior Notes due 2029 issued and authenticated pursuant to this Indenture (including, without limitation, Additional Notes).

 

“Obligations” means, with respect
to any Indebtedness, any principal, interest (including, without limitation, Post-Petition Interest), penalties, fees, indemnifications,
reimbursements, damages, and other liabilities payable under the documentation governing such Indebtedness, including, in the case of
the Notes, the Note Guarantees and this Indenture.

 

“Offering Circular” means the
offering circular, dated August 12, 2021, relating to the sale of the Notes.

 

“Officer” means, with respect
to any Person, the Chairman of the Board of Directors, the Chief Executive Officer, the President, any Vice President, the Chief Financial
Officer, the Chief Accounting Officer, the Treasurer, any Assistant Treasurer, the Controller, any Assistant Controller, the Secretary
or any Assistant Secretary of such Person.

 

“Officers’ Certificate”
means a certificate signed by any two Officers of the Company, at least one of whom must be its Chairman of the Board of Directors, its
Chief Executive Officer, its President, its Chief Financial Officer, its Chief Accounting Officer, its Treasurer or its Controller, and
delivered to the Trustee.

 

    22

     

    

 

“Opinion of Counsel” means a
written opinion of counsel, who may be an employee of or counsel for the Company and who shall be reasonably acceptable to the Trustee.

 

“Outstanding” means, as of the
date of determination, all Notes theretofor authenticated and delivered under this Indenture, except:

 

(1)            Notes
theretofor canceled by the Trustee or delivered to the Trustee for cancellation;

 

(2)            Notes,
or portions thereof, for the payment, redemption or, in the case of an Asset Sale Offer or Change of Control Offer, purchase of
which, money in the necessary amount has been theretofor deposited with the Trustee or any Paying Agent (other than the Company, a
Note Guarantor or an Affiliate of the Company) in trust or set aside and segregated in trust by the Company, a Note Guarantor
or an Affiliate of the Company (if the Company, such Note Guarantor or such Affiliate is acting as the Paying Agent) for the Holders
of such Notes; provided that, if Notes (or portions thereof) are to be redeemed or purchased, notice of such redemption
or purchase has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;

 

(3)            Notes
which have been surrendered pursuant to Section 2.10 or Notes in exchange for which or in lieu of which other Notes have been
authenticated and delivered pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented
to the Trustee proof satisfactory to it that such Notes are held by a bona fide purchaser in whose hands such Notes are valid Obligations
of the Company; and

 

(4)            solely
to the extent provided in Article VIII, Notes which are subject to Legal Defeasance or Covenant Defeasance as provided in
Article VIII;

 

provided,
however, that in determining whether the Holders of the requisite aggregate principal amount of the Outstanding Notes have given
any request, demand, authorization, direction, notice, consent or waiver hereunder, Notes owned by the Company, a Note Guarantor or any
other obligor upon the Notes or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding,
except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Notes which a Trust Officer of the Trustee actually knows to be so owned shall be so disregarded. Notes
so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee
the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Company or any other obligor upon the Notes
or any Affiliate of the Company or of such other obligor.

 

“Parent” means Stagwell, Inc.,
a Delaware corporation.

 

“Paying Agent” has the meaning
assigned to it in Section 2.3(a).

 

“Permitted Business” means the
business or businesses conducted by the Company and its Restricted Subsidiaries as of the Issue Date and any reasonable extension thereof
or any business ancillary or complementary thereto.

 

    23

     

    

 

“Permitted Holders” means (1) Stagwell
Media LP, Stagwell Agency Holdings LLC, Omnicom Group Inc., The Interpublic Group of Companies, Inc., WPP plc, Publicis Groupe S.A.,
Havas S.A. and Dentsu Inc. and (2) any Person at least 80% of the outstanding Capital Stock of which is owned by one or more Persons
described in clause (1) above; provided, that, a Rating Decline shall not have occurred in connection with the transaction
(including any Incurrence of Indebtedness used to finance the acquisition thereof) involving such Permitted Holder that would have resulted
in a Change of Control (but for the terms of this definition).

 

“Permitted Indebtedness” has
the meaning assigned to it in Section 3.8(b).

 

“Permitted Investing Subsidiary”
has the meaning assigned to it in Section 3.12(b).

 

“Permitted Investments” means:

 

(1)            Investments
by the Company or any Restricted Subsidiary in any Person that is, or that result in any Person becoming, immediately after such Investment,
a Restricted Subsidiary or constituting a merger or consolidation of such Person into the Company or with or into a Restricted Subsidiary
but excluding purchasing, redeeming or otherwise acquiring or retiring for value any Management Appreciation Interests other than as permitted
under Section 3.10(b)(11);

 

(2)            Investments
in the Company;

 

(3)            Investments
in cash and Cash Equivalents;

 

(4)            any
extension, modification or renewal of any Investments existing as of the Issue Date (but not Investments involving additional advances,
contributions or other investments of cash or property or other increases thereof, other than as a result of the accrual or accretion
of interest or original issue discount or payment-in-kind pursuant to the terms of such Investment as of the Issue Date);

 

(5)            Investments
permitted pursuant to clause (2) or (8) of Section 3.13(b);

 

(6)            Investments
received as a result of the bankruptcy or reorganization of any Person or taken in settlement of or other resolution of claims or disputes,
and, in each case, extensions, modifications and renewals thereof or as a result of a foreclosure by the Company or any of its Restricted
Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in default;

 

(7)            Investments
made by the Company or its Restricted Subsidiaries as a result of non-cash consideration permitted to be received in connection with an
Asset Sale made in compliance with Section 3.12;

 

(8)            Investments
in the form of Hedging Obligations permitted under clause (5) of Section 3.8(b);

 

(9)            Investments
made solely in exchange for common equity of the Company constituting Qualified Capital Stock;

 

    24

     

    

 

(10)     (10)     Investments
consisting of purchases and acquisitions of inventory, supplies, material or equipment;

 

(11)     (a)     loans
and advances to, or Guarantees of Indebtedness of, employees of the Company and its Restricted Subsidiaries (excluding any “executive
officers” (as defined in Rule 3b-7 under the Exchange Act) of the Company) not to exceed
$7.5 million at any one time outstanding in the aggregate; or

 

                           (b)     loans
and advances to current or former employees, officers, and directors of the Company or any of its Restricted Subsidiaries, their respective
estates, spouses or former spouses, in each case for the purpose of purchasing Capital Stock of the Company or such Restricted Subsidiary,
as the case may be, so long as the proceeds of such loans or advances are received by the Company or the relevant Restricted Subsidiary;

 

(12)            loans
and advances to officers, directors and employees for business-related travel expenses, moving expenses and other similar expenses, including
credit card borrowings in respect thereof, in each case incurred in the ordinary course of business or to fund such Person’s purchase
of Capital Stock of the Company from the Company;

 

(13)            Investments
in Unrestricted Subsidiaries having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this clause
(13) that are at the time outstanding, without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such
sale do not consist of cash or Cash Equivalents, not to exceed the greater of (x) $20.0 million and (y) 5.5% of LTM EBITDA at
the time of such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to
subsequent changes in value);

 

(14)            Investments
existing on the Issue Date;

 

(15)            repurchases
of Notes; or

 

(16)            Investments
in a Person engaged in a Permitted Business not to exceed the greater of (x) $55.0 million and (y) 15.0% of LTM EBITDA at any
one time outstanding (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent
changes in value).

 

“Permitted Liens” means any
of the following:

 

(1)            statutory
Liens of landlords and Liens of carriers, warehousemen, mechanics, suppliers, materialmen, repairmen and other Liens imposed by law incurred
in the ordinary course of business for sums not yet delinquent or being contested in good faith, if such reserve or other appropriate
provision, if any, as required by GAAP have been made in respect thereof;

 

(2)            Liens
Incurred or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance and
other types of social security, including any Lien securing letters of credit issued in the ordinary course of business consistent with
past practice in connection therewith, or to secure the performance of tenders, statutory Obligations, surety and appeal bonds, bids,
leases, government performance and return-of-money bonds and other similar Obligations (exclusive of Obligations for the payment of borrowed
money);

 

    25

     

    

 

(3)            Liens
upon specific items of inventory or other goods and proceeds of any Person securing such Person’s Obligations in respect of bankers’
acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other
goods;

 

(4)            Liens
securing reimbursement Obligations with respect to commercial letters of credit which encumber documents and other property relating to
such letters of credit and products and proceeds thereof;

 

(5)            Liens
encumbering deposits made to secure Obligations arising from statutory, regulatory, contractual, or warranty requirements of the Company
or a Restricted Subsidiary, including rights of offset and set-off;

 

(6)            Liens
securing Hedging Obligations that relate to Indebtedness that is Incurred in accordance with Section 3.8 and that are secured
by the same assets as secure such Hedging Obligations;

 

(7)            Liens
existing on the Issue Date (other than Liens securing Indebtedness under the Bank Credit Facility) and Liens to secure any Refinancing
Indebtedness which is Incurred to Refinance any Indebtedness below which has been secured by a Lien permitted under Section 3.14
and not Incurred pursuant to clause (9), (10) or (27) below and which Indebtedness has been Incurred in accordance with Section 3.8;
provided that such new Liens:

 

(a)            are
no less favorable to the Holders of Notes and are not more favorable to the lienholders with respect to such Liens than the Liens in respect
of the Indebtedness being Refinanced; and

 

(b)            do
not extend to any property or assets other than the property or assets securing the Indebtedness Refinanced by such Refinancing Indebtedness;

 

(8)            Liens
securing Acquired Indebtedness Incurred in accordance with Section 3.8 not Incurred in connection with, or in anticipation
or contemplation of, the relevant acquisition, merger or consolidation; provided that:

 

(a)            such
Liens secured such Acquired Indebtedness at the time of and prior to the Incurrence of such Acquired Indebtedness by the Company or a
Restricted Subsidiary and were not granted in connection with, or in anticipation of the Incurrence of such Acquired Indebtedness by the
Company or a Restricted Subsidiary; and

 

(b)            such
Liens do not extend to or cover any property of the Company or any Restricted Subsidiary other than the property that secured the Acquired
Indebtedness prior to the time such Indebtedness became Acquired Indebtedness of the Company or a Restricted Subsidiary and are no more
favorable to the lienholders than the Liens securing the Acquired Indebtedness prior to the Incurrence of such Acquired Indebtedness by
the Company or a Restricted Subsidiary;

 

    26

     

    

 

(9)            purchase
money Liens securing Purchase Money Indebtedness or Capitalized Lease Obligations (or Refinancing Indebtedness in respect thereof) not
to exceed the greater of (x) $30.0 million and (y) 8.25% of LTM EBITDA in the aggregate outstanding at any one time Incurred
to finance the acquisition, construction or leasing of property of the Company or a Restricted Subsidiary used in a Permitted Business;
provided that:

 

(a)            the
original related Purchase Money Indebtedness does not exceed the cost of such property and is not be secured by any property of the Company
or any Restricted Subsidiary other than the property so acquired or constructed; and

 

(b)            the
original Lien securing such Indebtedness will be created within 180 days of such acquisition or construction;

 

(10)            Liens
securing Indebtedness Incurred under clause (c) of the definition of “Permitted Indebtedness” in an aggregate principal
amount outstanding at any time not to exceed $500.0 million plus the greater of (x) 175.0% of LTM EBITDA and (y) $565.0 million;

 

(11)            Liens
for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate
proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision as is required
in conformity with GAAP has been made therefor;

 

(12)            survey
exceptions, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone
lines and other similar purposes, or zoning or other restrictions as to the use of real property that were not incurred in connection
with Indebtedness and that do not in the aggregate materially adversely affect the value of said properties or materially impair their
use in the operation of the business of such Person;

 

(13)            Liens
created for the benefit of (or to secure) the Notes (or the Note Guarantees);

 

(14)            Liens
arising from Uniform Commercial Code financing statement filings regarding operating leases entered into by the Company or any of its
Restricted Subsidiaries in the ordinary course of business;

 

(15)            Liens
arising out of conditional sale, title retention, consignment or similar arrangements, or that are contractual rights of set-off, relating
to the sale or purchase of goods entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business;

 

(16)            deposits
made in the ordinary course of business to secure liability to insurance carriers;

 

(17)            Liens
securing judgments for the payment of money not constituting an Event of Default under clause (7) of Section 6.1(a) so
long as such Liens are adequately bonded;

 

(18)            Liens
(i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection, (ii) attaching
to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business and not for speculative
purposes, and (iii) in favor of banking institutions arising as a matter of law encumbering deposits (including the right of set-off)
and which are within the general parameters customary in the banking industry;

 

    27

     

    

 

(19)            Liens
deemed to exist in connection with Investments in repurchase agreements permitted under Section 3.8 and clause (5) of
the definition of “Cash Equivalents”; provided that such Liens do not extend to any assets other than those that
are the subject of such repurchase agreement;

 

(20)            Liens
in favor of Cash Management Financial Institutions Incurred by the Company in the ordinary course of business in respect of cash on deposit
pursuant to clause (c) of the definition of “Cash Management Arrangements”;

 

(21)            any
encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of any joint venture or similar arrangement
pursuant to any joint venture or similar agreement;

 

(22)            the
interests of lessors under operating leases and non-exclusive licensors under license agreements;

 

(23)            Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation
of goods;

 

(24)            customary
Liens for the fees, costs and expenses of trustees and escrow agents pursuant to any indenture, escrow agreement or similar agreement
establishing a trust or escrow arrangement so long as such Liens attach only to the trust or escrow account maintained in connection therewith;

 

(25)            the
right (so long as not exercised) reserved to or vested in any Governmental Authority by the terms of any authorization acquired by the
Company or any Subsidiary or by any statutory provision, to terminate any such authorization;

 

(26)            the
reservations, limitations, provisos and conditions, if any, expressed in any original grants from the Crown; and

 

(27)            Liens
securing Indebtedness (including all Refinancing thereof) not to exceed the greater of (x) $55.0 million and (y) 15.0% of LTM
EBITDA aggregate principal amount outstanding at any one time.

 

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

 

“Post-Petition Interest” means
all interest accrued or accruing after the commencement of any insolvency or liquidation proceeding (and interest that would accrue but
for the commencement of any insolvency or liquidation proceeding) in accordance with and at the contract rate (including, without limitation,
any rate applicable upon default) specified in the agreement or instrument creating, evidencing or governing any Indebtedness, whether
or not, pursuant to applicable law or otherwise, the claim for such interest is allowed as a claim in such insolvency or liquidation proceeding.

 

    28

     

    

 

“Preferred Interests” means
the series 4 and series 6 preferred interests of the Company having the rights set out in an LLC agreement in respect of the Company and
to be issued on terms that are materially similar to the terms of the series 4 and series 6 preferred shares of the direct or indirect
parent of the Company but redeemable by the Company in the event of the redemption of such shares.

 

“Preferred Stock” of any Person
means any Capital Stock of such Person that has preferential rights over any other Capital Stock of such Person with respect to dividends,
distributions or redemptions or upon liquidation. For the avoidance of doubt, “Preferred Stock” shall not include equity interests
of minority holders of Capital Stock of Restricted Subsidiaries of the Company by virtue of put and call arrangements or Management Appreciation
Interests.

 

“Private Placement Legend” has
the meaning assigned to it in Section 2.7(b).

 

“Pro Forma Adjustment Items”
means, in respect of any Person:

 

(1)            (A) the
Incurrence, repayment or redemption of any Indebtedness (including Acquired Indebtedness) of such Person or any of its Subsidiaries (Restricted
Subsidiaries, in the case of the Company), and the application of the net proceeds thereof, including the Incurrence of any Indebtedness
(including Acquired Indebtedness), and the application of the net proceeds thereof, giving rise to the need to make such determination,
and (B) the issuance or repurchase of Preferred Stock of a Subsidiary of such Person (a Restricted Subsidiary, in the case of the
Company) and the application of the net proceeds thereof;

 

(2)            any
Asset Sale Transaction, Asset Acquisition, Investment, merger, consolidation or discontinued operation by or involving such
Person or any of its Subsidiaries (Restricted Subsidiaries, in the case of the Company), including any Asset Sale Transaction, Asset
Acquisition, Investment, merger or consolidation giving rise to the need to make such determination, occurring during the Four
Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to such date of determination,
as if such Asset Sale Transaction, Asset Acquisition, Investment, merger, consolidation or discontinued operation occurred on
the first day of the Four Quarter Period; provided that whenever pro forma effect is to be given to any
Asset Sale Transaction, Asset Acquisition, Investment, merger, consolidation or discontinued operation, the pro forma calculations
shall be made or approved in good faith by the principal financial or accounting officer of such Person and, in the case of the
Company, may include adjustments appropriate, in the reasonable determination of the Company, to reflect, without duplication,
operating expense reductions and other operating improvements or synergies reasonably expected to result from any such Asset Sale
Transaction, Asset Acquisition, Investment, merger, consolidation or discontinued operation within 18 months of the date of any
such transaction, or which have resulted therefrom as of the date of determination; and

 

(3)            in
the case of the Company, without duplication, operating expense reductions reasonably expected to result from any restructuring or other
similar cost-savings program adopted by the Board of Directors or senior management of the Company within 18 months of the date of adoption
of such program, or which have resulted therefrom as of the date of determination, including, without limitation, one-time expenses and
operational cost reductions pursuant to an initiated or planned restructuring or similar plan and severance and related cost-savings for
eliminated positions, as approved in good faith by the principal financial or accounting officer of the Company; provided that
notwithstanding anything herein to the contrary, the amount of such operating expense reductions included in any such pro forma calculation
under this clause (3) shall not increase the Consolidated EBITDA of the Company by more than 15% in the aggregate for any Four Quarter
Period.

 

    29

     

    

 

“PublicCo Expenses” means fees,
costs and expenses in connection with the Parent’s activities and services as a holding company of the Company and its subsidiaries
and/or as a public company in the ordinary course of business, including and without limitation:

 

(1)            fees,
costs and expenses incurred by the Parent in connection with the provision of management or administrative services to the Company and
its subsidiaries of a type customarily provided by a holding company to its subsidiaries;

 

(2)            fees,
costs and expenses necessary to maintain the Parent’s existence as a public company, including any listing fees, annual fees, registration
fees and other expenses; and

 

(3)            professional
fees (including, without limitation, director, auditor and legal fees), executive compensation and employee benefits, and administration
costs in the ordinary course of business as a holding company and/or as a public company.

 

“Purchase Money Indebtedness”
means Indebtedness Incurred for the purpose of financing all or any part of the purchase price or cost of construction of any property
other than Capital Stock; provided that the aggregate principal amount of such Indebtedness does not exceed the lesser of
the Fair Market Value of such property or such purchase price or cost, including any Refinancing of such Indebtedness that does not increase
the aggregate principal amount (or accreted amount, if less) thereof as of the date of Refinancing.

 

“QIB” means a “qualified
institutional buyer” as defined in Rule 144A.

 

“Qualified Capital Stock” means
any Capital Stock that is not Disqualified Capital Stock and any warrants, rights or options to purchase or acquire Capital Stock that
is not Disqualified Capital Stock that are not convertible into or exchangeable into Disqualified Capital Stock.

 

“Rating Agencies” means Moody’s
and S&P or if Moody’s or S&P or both shall not make a rating publicly available on the Notes, or, in the case of the definition
of “Cash Equivalents,” the relevant security, a nationally recognized statistical rating agency or agencies, as the case may
be, selected by the Company which shall be substituted for Moody’s or S&P or both, as the case may be.

 

“Rating Decline” means the occurrence
on any date from and after the date of the public notice by the Company or another Person seeking to effect a transaction that would be
a Change of Control (but for the proviso of the definition of Permitted Holders) until the end of the 30-day period following such public
notice or the abandonment of the proposed transaction (which period shall be extended if the rating of the Notes is under publicly announced
consideration for possible downgrade by any Rating Agency at the end of such 30-day period for so long as such consideration remains in
effect) of: (1) a decline in the rating of the Notes by any Rating Agency by at least one notch in the gradation of the rating scale
(e.g., + or – for S&P or 1, 2 and 3 for Moody’s) or of the credit outlook with respect thereto from such Rating Agency’s
rating of the Notes; or (2) withdrawal by any Rating Agency of such Rating Agency’s rating of the Notes.

 

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“Record Date” has the meaning
assigned to it in the Form of Face of Note contained in Exhibit A.

 

“Redemption Date” means, with
respect to any redemption of Notes, the date fixed for such redemption pursuant to this Indenture and the Notes.

 

“Refinance” means, in respect
of any Indebtedness, to issue any Indebtedness in exchange for or to refinance, repay, redeem, replace, defease or refund such Indebtedness
in whole or in part. “Refinanced” and “Refinancing” have corresponding meanings.

 

“Refinancing Indebtedness” means
Indebtedness of the Company or any Restricted Subsidiary issued to Refinance, any other Indebtedness of the Company or a Restricted Subsidiary
so long as:

 

(1)            the
aggregate principal amount (or initial accreted value, if applicable) of such new Indebtedness as of the date of such proposed Refinancing
does not exceed the aggregate principal amount (or accreted value as of such date, if applicable) of the Indebtedness being Refinanced
(plus the amount of any premium required to be paid under the terms of the instrument governing such Indebtedness and the amount of reasonable
expenses incurred by the Company in connection with such Refinancing); or

 

(2)            such
new Indebtedness has:

 

(a)            a
Weighted Average Life to Maturity that is equal to or greater than the Weighted Average Life to Maturity of the Indebtedness being Refinanced,
and

 

(b)            a
final maturity that is equal to or later than the final maturity of the Indebtedness being Refinanced;

 

(3)            if
the Indebtedness being Refinanced is:

 

(a)            Indebtedness
of the Company, then such Refinancing Indebtedness will be Indebtedness of the Company or a Note Guarantor,

 

(b)            Indebtedness
of a Note Guarantor, then such Refinancing Indebtedness will be Indebtedness of the Company and/or such Note Guarantor, and

 

(c)            Subordinated
Indebtedness, then such Refinancing Indebtedness will be subordinate to the Notes or the relevant Note Guarantee, if applicable, at least
to the same extent and in the same manner as the Indebtedness being Refinanced.

 

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“Registrar” has the meaning
assigned to it in Section 2.3(a).

 

“Regulation S” means Regulation
S under the Securities Act or any successor regulation.

 

“Regulation S Global Note” has
the meaning assigned to it in Section 2.1(e).

 

“Regulation S Permanent Global Note”
has the meaning assigned to it in Section 2.1(e).

 

“Regulation S Temporary Global Note”
has the meaning assigned to it in Section 2.1(e).

 

“Reimbursement Payment” has
the meaning assigned to it in Section 3.22(b).

 

“Resale Restriction Termination Date”
means for any Restricted Note (or beneficial interest therein), other than a Regulation S Temporary Global Note, which shall not have
a Resale Restriction Termination Date and shall remain subject to the transfer restrictions specified therefor in this Indenture until
such Global Note is cancelled by the Trustee, that is (a) not a Regulation S Global Note, the date which is one year after the last
date of original issuance of Notes (including Additional Notes) (or such later date that is 90 days after the relevant Holder ceases to
be an affiliate of the Company (within the meaning of Rule 144)) and (b) a Regulation S Global Note (or Certificated Note issued
in respect thereof pursuant to Section 2.6(c)) (other than a Regulation S Temporary Global Note), the date on which the Distribution
Compliance Period therefor terminates.

 

“Restricted Note” means (a) any
Regulation S Temporary Global Note (or beneficial interest therein) or any Certificated Note issued in respect thereof pursuant to Section 2.6(c) at
any time and (b) any Issue Date Note (or beneficial interest therein) or any Additional Note (or beneficial interest therein) not originally issued and sold pursuant
to an effective registration statement under the Securities Act other than, in each case, a Regulation S Permanent Global Note until,
in the case of clause (b), such time as, in the case of a Regulation S Global Note (or Certificated Note issued in respect thereof pursuant
to Section 2.6(c)), the expiration of the Distribution Compliance Period therefor.

 

“Restricted Payment” has the
meaning assigned to it in Section 3.10(a).

 

“Restricted Subsidiary” means
any Subsidiary of the Company (including any Foreign Subsidiary) which at the time of determination is not an Unrestricted Subsidiary.

 

“Reversion Date” means, in respect
of any Covenant Suspension Date, the first date following which one or both of the Rating Agencies withdraw their Investment Grade Rating
on the Notes or downgrade the rating assigned to the Notes below an Investment Grade Rating.

 

“Revocation” has the meaning
assigned to it in Section 3.19(d).

 

“Rule 144” means Rule 144
under the Securities Act (or any successor rule).

 

“Rule 144A” means Rule 144A
under the Securities Act (or any successor rule).

 

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“Rule 144A Global Note”
has the meaning assigned to it in Section 2.1(d).

 

“S&P” means Standard &
Poor’s, a division of The McGraw-Hill Companies, Inc., and any successor to its rating agency business.

 

“Sale and Leaseback Transaction”
means any direct or indirect arrangement with any Person or to which any such Person is a party providing for the leasing to the Company
or a Restricted Subsidiary of any property, whether owned by the Company or any Restricted Subsidiary at the Issue Date or later acquired,
which has been or is to be sold or transferred by the Company or such Restricted Subsidiary to such Person or to any other Person by whom
funds have been or are to be advanced on the security of such property.

 

“Second
Change of Control Payment Date” has the meaning assigned to it in Section 3.21(f).

 

“Securities Act” means the Securities
Act of 1933, as amended, or any successor statute or statutes thereto.

 

“Senior Indebtedness” means
the Notes and the Note Guarantees and any other Indebtedness of the Company or any Note Guarantor which ranks equal in right of payment
with the Notes or the relevant Note Guarantee, as the case may be.

 

“Significant Subsidiary” means
a Restricted Subsidiary of the Company, which together with its Subsidiaries, constitutes a “Significant Subsidiary” of the
Company in accordance with Rule 1-02(w) of Regulation S-X under the Securities Act in effect on the date hereof.

 

“Special Record Date” has the
meaning assigned to it in Section 2.13(a).

 

“Stated Maturity” means, with
respect to any security, the date specified in such security as the fixed date on which the final payment of principal of such security
is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase
of such security at the option of the holder thereof upon the happening of any contingency unless such contingency has occurred).

 

“Subordinated Indebtedness”
means, with respect to the Company or any Note Guarantor, any Indebtedness of the Company or such Note Guarantor, as the case may be,
which is expressly subordinated in right of payment to the Notes or the relevant Note Guarantee, as the case may be.

 

“Subsidiary” means, with respect
to any Person, another Person consolidated as a subsidiary on the consolidated financial statements of such Person in accordance with
GAAP (it being understood that making a Person part of a discontinued operation does not cause it to cease to be consolidated as a subsidiary
for purposes of this definition).

 

“Successor Company” has the
meaning assigned to it in Section 4.1(a).

 

“Suspended Covenants” has the
meaning assigned to it in Section 3.23(a).

 

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“Suspension Period” has the
meaning assigned to it in Section 3.23(a).

 

“Tax Distribution” means distributions
(i) on each Tax Distribution Date, to Parent in an amount equal to all of Parent’s federal, state, local and non-U.S. income
tax liabilities (including estimated tax liabilities) calculated by multiplying the Assumed Tax Rate by the income attributable to the
preferred units of the Company held by Parent during the fiscal year or other taxable period to which the tax-related distributions relate;
(ii) then, on each Tax Distribution Date, to its members on a pro rata basis in accordance with the number of Company common units
owned by each member, in an amount not in excess of the amount sufficient to cause Parent to receive a distribution equal to all of Parent’s
remaining Assumed Tax Liability (including estimated tax liabilities) during the fiscal year or other taxable period to which the tax-related
distribution relates; provided, for the avoidance of doubt, that the aggregate amount of all Tax Distributions to Parent in any
fiscal year pursuant to clauses (i) and (ii) shall not be in excess of Parent’s Assumed Tax Liability with respect to
such fiscal year; and (iii) on each date that is two Business Days prior to the date on which such amount is due under the Tax Receivable
Agreement, to Parent in an amount equal to amounts due under the Tax Receivable Agreement, to the extent the amounts distributed to Parent
in clauses (i) and (ii) in excess of Parent’s actual federal, state, local and non-U.S. income tax liabilities calculated
at the Assumed Tax Rate are insufficient to pay the amounts due under the Tax Receivable Agreement;
provided that no amounts shall be distributable pursuant to this clause (iii) with respect to any Early Termination Payment
(as defined in the Tax Receivable Agreement).

  

“Tax Distribution Date” means
any date that is two Business Days prior to the date on which estimated federal income tax payments are required to be made by calendar
year corporate taxpayers and the due date for federal income tax returns of corporate calendar year taxpayers (without regard to extensions).

 

“Tax Receivable Agreement” means
that certain income tax receivable agreement, dated as of August 2, 2021, as in effect as of the date hereof.

 

“Taxes” has the meaning assigned
to it in Section 3.22(a).

 

“TIA” or “Trust Indenture
Act” means the Trust Indenture Act of 1939, as amended, as in effect on the date of this Indenture (except as otherwise provided
in this Indenture).

 

“Treasury Rate” has the meaning
assigned to it in Section 5(b) of the Form of Reverse Side of Note contained in Exhibit A.

 

“Trustee” means the party named
as such in the introductory paragraph of this Indenture until a successor replaces it in accordance with the terms of this Indenture and,
thereafter, means the successor.

 

“Trust Officer” means, when
used with respect to the Trustee, any officer assigned to the Corporate Trust Division - Corporate Finance Unit (or any successor division
or unit) of the Trustee located at the Corporate Trust Office of the Trustee, who shall have direct responsibility for the administration
of this Indenture, and for purposes of Section 7.1(c)(2) and the second sentence of Section 7.5 shall also
include any officer of the Trustee to whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity
with the particular subject.

 

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“Uniform Commercial Code” means
the Uniform Commercial Code, or any successor code or statute, as in effect from time to time in the State of New York.

 

“Unrestricted Subsidiary” means
any Subsidiary of the Company Designated as such pursuant to Section 3.19.

 

“U.S. Dollar Equivalent” means,
with respect to any monetary amount in a currency other than U.S. dollars, at any time for determination thereof, the amount of U.S. dollars
obtained by converting such foreign currency involved in such computation into U.S. dollars at the spot rate for the purchase of U.S.
dollars with the applicable foreign currency as published in The Wall Street Journal in the “Exchange Rates” column under
the heading “Currency Trading” on the date two Business Days prior to such determination.

 

“U.S. Government Obligations”
means direct obligations (or certificates representing an ownership interest in such obligations) of the United States (including any
agency or instrumentality thereof) for the payment of which the full faith and credit of the United States is pledged and which are not
callable or redeemable at the issuer’s option.

 

“U.S. Legal Tender” means such
coin or currency of the United States, as at the time of payment shall be legal tender for the payment of public and private debts.

 

“U.S. Person” means a U.S. Person
as defined in Regulation S.

 

“Voting Stock” means, with respect
to any Person, securities of any class of Capital Stock of such Person entitling the holders thereof (whether at all times or only so
long as no senior class of stock has voting power by reason of any contingency) to vote in the election of members of the Board of Directors
(or equivalent governing body) of such Person.

 

“Weighted Average Life to Maturity”
means, when applied to any Indebtedness at any date, the number of years (calculated to the nearest one-twelfth) obtained by dividing:

 

(1)            the
then outstanding aggregate principal amount or liquidation preference, as the case may be, of such Indebtedness into

 

(2)            the
sum of the products obtained by multiplying:

 

(a)            the
amount of each then remaining installment, sinking fund, serial maturity or other required payment of principal or liquidation preference,
as the case may be, including payment at final maturity, in respect thereof, by

 

(b)            the
number of years (calculated to the nearest one-twelfth) which will elapse between such date and the making of such payment.

 

“Wholly Owned Subsidiary” means,
with respect to any Person, any Subsidiary (Restricted Subsidiary, in the case of the Company) of such Person of which all of the outstanding
Capital Stock (other than in the case of a Subsidiary not organized in the United States, directors’ qualifying shares or an immaterial
amount of shares required to be owned by other Persons pursuant to applicable law) are owned by such Person or any other Person that satisfies
this definition in respect of such Person.

 

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Section 1.2     Inapplicability
of the Trust Indenture Act.

 

No provisions of the Trust Indenture Act are incorporated
by reference in or made a part of this Indenture unless explictly incorporated by reference. Unless specifically provided in this Indenture,
no terms that are defined under the Trust Indenture Act have such meanings for purposes of this Indenture.

 

Section 1.3     Rules of
Construction. Unless the context otherwise requires:

 

(a)            a
term has the meaning assigned to it;

 

(b)            an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(c)            “or”
is not exclusive;

 

(d)            “including”
means including without limitation;

 

(e)            words
in the singular include the plural and words in the plural include the singular;

 

(f)            references
to “shall” and “will” are intended to have the same meaning;

 

(g)            unless
the context otherwise requires, any reference to an “Article,” “Section” or “clause” refers to an
Article, Section or clause, as the case may be, of this Indenture;

 

(h)            the
words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not any particular Article, Section, clause or other subdivision; and

 

(i)            references
to the payment of principal of the Notes shall include Applicable Premium, if any.

 

Article II

 

THE NOTES

 

Section 2.1     Form and
Dating. (a) The Issue Date Notes are being originally offered and sold by the Company pursuant to a Purchase Agreement, dated
August 12, 2021, among the Company, the Note Guarantors party hereto and J.P. Morgan Securities LLC, as representative of the several
Purchasers named in Schedule I thereto, as Purchasers, with respect to the Notes. The Notes will initially be issued as one or more
Global Notes in fully registered form without coupons, and only in denominations of $2,000 and any integral multiple of $1,000 in excess
thereof, and each such Global Note shall constitute a single Note for all purposes under this Indenture. Certificated Notes, if issued
pursuant to the terms hereof, will be issued in fully registered certificated form without coupons. The Notes may only be issued in definitive
fully registered form without coupons and only in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. The
Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto.

 

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(b)            The
terms and provisions of the Notes, the form of which is in Exhibit A, shall constitute, and are hereby expressly made, a part
of this Indenture, and, to the extent applicable, the Company, the Note Guarantors and the Trustee, by their execution and delivery of
this Indenture, expressly agree to such terms and provisions and to be bound thereby. Except as otherwise expressly permitted in this Indenture, all Notes (including
Additional Notes) shall be identical in all respects. Notwithstanding any differences among them, all Notes issued under this Indenture
shall vote and consent together on all matters as one class and are otherwise treated as a single issue of securities.

 

(c)            The
Notes may have notations, legends or endorsements as specified in Section 2.7 or as otherwise required by law, stock exchange
rule or DTC rule or usage. The Company and the Trustee shall approve the form of the Notes and any notation, legend or endorsement
on them. Each Note shall be dated the date of its authentication.

 

(d)            Notes
originally offered and sold to QIBs in reliance on Rule 144A or outside the United States in reliance on Regulation S will be issued
in the form of one or more permanent Global Notes (each, a “Rule 144A Global Note”).

 

(e)            Notes
originally offered and sold outside the United States in reliance on Regulation S will be issued in the form of one or more temporary
Global Notes (each, a “Regulation S Temporary Global Note”). Each Regulation S Temporary Global Note shall be deposited
on behalf of the purchasers of the Notes represented thereby with the Note Custodian and registered in the name of DTC or its nominee,
for credit to the accounts maintained at DTC by or on behalf of Euroclear or Clearstream. In no event shall any Person hold an interest
in a Regulation S Temporary Global Note other than in or through accounts maintained at DTC by or on behalf of Euroclear or Clearstream.
An interest in a Regulation S Temporary Global Note will be exchangeable for an interest in a permanent Global Note (a “Regulation
S Permanent Global Note”, and, together with the Regulation S Temporary Global Note, a “Regulation S Global Note”)
on or after the expiration of the Distribution Compliance Period upon receipt by the Registrar of an Officers’ Certificate from
the Company certifying that it has received certification of non-U.S. beneficial ownership of 100% of the aggregate principal amount of
the Regulation S Temporary Global Note in form and substance satisfactory to it (a “Non-U.S. Beneficial Ownership Certification”)
(except to the extent of any beneficial owners thereof who acquired an interest therein during the Distribution Compliance Period pursuant
to another exemption from registration under the Securities Act and who will take delivery of a beneficial ownership interest in a Rule 144A
Global Note bearing a Private Placement Legend, all as contemplated by Section 2.8(b) hereof).

 

Upon receipt by the Registrar of an Officers’
Certificate from the Company pursuant to the preceding paragraph, the Trustee shall remove the legend set forth in Section 2.7(c) and
Exhibit A from the Regulation S Temporary Global Note, following which temporary beneficial interests in the Regulation S
Temporary Global Note shall automatically become beneficial interests in the Regulation S Permanent Global Note pursuant to the Applicable
Procedures. If no beneficial interests are held in the Regulation S Temporary Global Note on or after the expiration of the Distribution
Compliance Period, the Trustee shall remove the legend set forth in Section 2.7(c) and Exhibit A from the
Regulation S Temporary Global Note.

 

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The aggregate principal amount of a Regulation
S Temporary Global Note and a Regulation S Permanent Global Note may from time to time be increased or decreased by adjustments made on
the records of the Trustee and DTC or other depositary, or its nominee, as the case may be, in connection with transfers of interest as
hereinafter provided.

 

Section 2.2     Execution
and Authentication. (a) Two Officers of the Company, one of whom shall be the Chairman of the Board, the President, the Chief
Executive Officer, the Chief Financial Officer or the Chief Accounting Officer shall sign the Notes for the Company by manual or pdf
or other electronically imaged (such as DocuSign or Adobe Sign) signature or facsimile signature. If an Officer whose signature is on
a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless.

 

(b)            A
Note shall not be valid until authenticated by manual or pdf or other electronically imaged (such as DocuSign or Adobe Sign) signature
by an authorized signatory of the Trustee or an agent appointed by the Trustee (and reasonably acceptable to the Company) for such purpose
(an “Authenticating Agent”). The signature of an authorized signatory of the Trustee or an Authenticating Agent on
a Note shall be conclusive evidence that such Note has been duly and validly authenticated and issued under this Indenture. Unless limited
by the terms of its appointment, an Authenticating Agent may authenticate Notes whenever the Trustee may do so. Each reference in this
Indenture to authentication by the Trustee includes authentication by an Authenticating Agent.

 

(c)            At
any time and from time to time after the execution and delivery of this Indenture, the Trustee shall authenticate and make available for
delivery Notes upon a written order of the Company signed by two Officers (the “Company Order”). A Company Order shall
specify the amount of the Notes to be authenticated and the date on which the original issue of Notes is to be authenticated.

 

(d)            In
case a Successor Company has executed an indenture supplemental hereto with the Trustee pursuant to Article IV, any of the
Notes authenticated or delivered prior to such transaction may, from time to time, at the request of the Successor Company, be exchanged
for other Notes executed in the name of the Successor Company with such changes in phraseology and form as may be appropriate, but otherwise
identical to the Notes surrendered for such exchange and of like principal amount; and the Trustee, upon Company Order of the Successor
Company, shall authenticate and deliver Notes as specified in such order for the purpose of such exchange. If Notes shall at any time
be authenticated and delivered in any new name of a Successor Company pursuant to this Section 2.2 in exchange or substitution
for or upon registration of transfer of any Notes, such Successor Company, at the option of the Holders but without expense to them, shall
provide for the exchange of all Notes at the time Outstanding for Notes authenticated and delivered in such new name.

 

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Section 2.3     Registrar
and Paying Agent. (a) The Company shall maintain an office or agency in the city of Pittsburgh, Pennsylvania, where Notes may
be presented or surrendered for registration of transfer or for exchange (the “Registrar”), where Notes may be presented
for payment (the “Paying Agent”) and for the service of notices and demands to or upon the Company in respect of the
Notes and this Indenture, which office can be the Corporate Trust Office of the Trustee. The Registrar shall keep a register of the Notes
and of their transfer and exchange (the “Note Register”). The Company may change any Paying Agent or Registrar without
prior notice to any Holder. The Company may have one or more co-Registrars and one or more additional paying agents. The term “Paying
Agent” includes any additional paying agent.

 

(b)            The
Company shall enter into an appropriate agency agreement or agreements with any Registrar, Paying Agent or co-Registrar not a party to
this Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the
Trustee of the name and address of each such agent. If the Company fails to maintain a Registrar or Paying Agent, the Trustee shall act
as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.7. The Company, any of its Affiliates
or any Note Guarantor may act as Paying Agent, Registrar or co-Registrar.

 

(c)            The
Company initially designates the Corporate Trust Office of the Trustee as one such office or agency of the Company as required by Section 2.3(a) and
appoints the Trustee as Registrar, Paying Agent and agent for service of demands and notices in connection with the Notes and this Indenture,
until such time as another Person is appointed as such.

 

Section 2.4     Paying
Agent to Hold Money in Trust. The Company shall require each Paying Agent (other than the Trustee) to agree in writing that such
Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by such Paying Agent for the payment of principal
of or interest on the Notes and shall notify the Trustee in writing of any Default by the Company or any Note Guarantor in making any
such payment. If the Company or an Affiliate of the Company acts as Paying Agent, it shall segregate the money held by it as Paying Agent
and hold it as a separate trust fund. The Company at any time may require a Paying Agent (other than the Trustee) to pay all money held
by it to the Trustee and to account for any funds disbursed by such Paying Agent. Upon complying with this Section 2.4, the
Paying Agent (if other than the Company, any of its Affiliates or a Note Guarantor) shall have no further liability for the money delivered
to the Trustee. Upon any proceeding under any Bankruptcy Law with respect to the Company, any of its Affiliates or a Note Guarantor,
if the Company, such Affiliate or a Note Guarantor is then acting as Paying Agent, the Trustee shall replace the Company, such Affiliate
or such Note Guarantor as Paying Agent.

 

Section 2.5     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. At any time that the Trustee is not the Registrar, the Company shall furnish to the Trustee, in writing at
least two Business Days before 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.

 

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Section 2.6     Global
Note Provisions.

 

(a)            Each
Global Note initially shall: (i) be registered in the name of DTC or the nominee of DTC, (ii) be delivered to the Note Custodian
and (iii) bear the appropriate legends as set forth in Section 2.7 and Exhibit A. Any Global Note may be
represented by one or more certificates. The aggregate principal amount of each Global Note may from time to time be increased or decreased
by adjustments made on the records of the Note Custodian, as provided in this Indenture.

 

(b)            Except
as provided in Section 2.6(c)(3), members of, or participants in, DTC (“Agent Members”) shall have no rights
under this Indenture with respect to any Global Note held on their behalf by DTC or by the Note Custodian, and DTC may be treated by the
Company, any Note Guarantor, the Trustee, the Paying Agent, the Note Custodian, the Registrar and any of their respective agents as the
absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall (i) prevent the
Company, the Trustee, the Paying Agent, the Note Custodian, the Registrar or any of their respective agents from giving effect to any
written certification, proxy or other authorization furnished by DTC or (ii) impair, as between DTC and its Agent Members, the operation
of customary practices of DTC governing the exercise of the rights of an owner of a beneficial interest in any Global Note. The registered
Holder of a Global Note may grant proxies and otherwise authorize any person, including DTC or its nominee, Agent Members and persons
that may hold interests through Agent Members, to take any action that a Holder is entitled to take under this Indenture or the Notes.

 

None of the Trustee, the Paying Agent or the
Registrar shall have any responsibility or obligation to any beneficial owner in a Global Note, an Agent Member or other Person with
respect to the accuracy of the records of DTC or other depositary or its nominee or of any Agent Member, with respect to any
ownership interest in the Notes or with respect to the delivery to any Agent Member, beneficial owner or other Person (other than
DTC or other depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to
such Notes. All notices and communications to be given to the Holders and all payments to be made to Holders under the Notes and
this Indenture shall be given or made only to or upon the order of the registered Holders (which shall be DTC or other depositary or
its nominee in the case of a Global Note). The rights of beneficial owners in a Global Note shall be exercised only through DTC or
other depositary subject to the Applicable Procedures. The Trustee, the Paying Agent and the Registrar shall be entitled to rely and
shall be fully protected in relying upon information furnished by DTC or other depositary with respect to its members, participants
and any beneficial owners. The Trustee, the Paying Agent and the Registrar shall be entitled to deal with DTC or other depositary,
and any nominee thereof, that is the registered Holder of any Global Note for all purposes of this Indenture relating to such Global
Note (including the payment of principal of, premium, if any, and interest on the Notes and the giving of instructions or directions
by or to the owner or holder of a beneficial ownership interest in such Global Note) as the sole Holder of such Global Note and
shall have no obligations to the beneficial owners thereof. None of the Trustee, the Paying Agent or the Registrar shall have any
responsibility or liability for any acts or omissions of DTC or other depositary with respect to such Global Note, for the records
of any such depositary, including records in respect of beneficial ownership interests in respect of any such Global Note, for any
transactions between DTC or other depositary and any Agent Member or between or among DTC or other depositary, any such Agent Member
and/or any holder or owner of a beneficial interest in such Global Note, or for any transfers of beneficial interests in any such
Global Note.

 

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(c)            Except
as provided below in this Section 2.6(c), owners of beneficial interests in Global Notes will not be entitled to receive Certificated
Notes in exchange for such beneficial interests.

 

(1)            Certificated
Notes shall be issued to all owners of beneficial interests in a Global Note in exchange for such beneficial interests if (A) DTC
notifies the Company that it is unwilling or unable to continue as depositary for such Global Note or (B) DTC ceases to be a clearing
agency registered under the Exchange Act, at a time when DTC is required to be so registered in order to act as depositary, and in each
case a successor depositary is not appointed by the Company within 90 days of such notice; provided, however, that
in no event shall a holder of a beneficial interest in a Regulation S Temporary Global Note receive Certificated Notes in exchange for
such beneficial interest prior to the expiration of the Distribution Compliance Period therefor and receipt by the Registrar of a Non-U.S.
Beneficial Ownership Certification with respect to such holder. In connection with the exchange of an entire Global Note for Certificated
Notes pursuant to this clause (1) of this Section 2.6(c), such Global Note shall be deemed to be surrendered to the Trustee
for cancellation, and the Company shall execute, and upon Company Order the Trustee shall authenticate and deliver to each beneficial
owner identified by DTC in exchange for its beneficial interest in such Global Note, an equal aggregate principal amount of Certificated
Notes of authorized denominations, and the Registrar shall register such exchanges in the Note Register.

 

(2)            The
owner of a beneficial interest in a Global Note will be entitled to receive Certificated Notes in exchange for such interest if an Event
of Default has occurred and is continuing; provided, however, that in no event shall a holder of a beneficial interest
in a Regulation S Temporary Global Note receive Certificated Notes in exchange for such beneficial interest prior to the expiration of
the Distribution Compliance Period therefor and receipt by the Registrar of a Non-U.S. Beneficial Ownership Certification with respect
to such holder. If an Event of Default has occurred and is continuing, upon receipt by the Registrar of instructions from Agent Members
on behalf the owner of a beneficial interest in a Global Note directing the Registrar to exchange such beneficial owner’s beneficial
interest in such Global Note for Certificated Notes, subject to and in accordance with the Applicable Procedures, the Company shall promptly
execute, and upon Company Order the Trustee shall authenticate and make available for delivery to such beneficial owner, Certificated
Notes in a principal amount equal to such beneficial interest in such Global Note.

 

(3)            If
(x) an event described in Section 2.6(c)(1)(A) or Section 2.6(c)(1)(B) occurs and
Certificated Notes are not issued promptly to all beneficial owners or (y) the Registrar receives from a beneficial owner the
instructions described in Section 2.6(c)(2) and Certificated Notes are not issued promptly to any such beneficial
owner, the Company expressly acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to Section 6.6,
the right of any beneficial owner of Notes to pursue such remedy with respect to the portion of the Global Note that represents such
beneficial owner’s Notes as if such Certificated Notes had been issued.

 

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Section 2.7           Legends.

 

(a)            Each
Global Note shall bear the legend specified therefor in Exhibit A on the face thereof.

 

(b)            Each
Restricted Note shall bear the private placement legend specified therefor in Exhibit A on the face thereof (the “Private
Placement Legend”).

 

(c)            Each
Regulation S Temporary Global Note shall bear the legend specified therefor in Exhibit A on the face thereof.

 

Section 2.8           Transfer
and Exchange.

 

(a)            Transfers
of Beneficial Interests in a Rule 144A Global Note. If the owner of a beneficial interest in a Rule 144A Global Note that
is a Restricted Note wishes to transfer such interest (or portion thereof) to a Non-U.S. Person pursuant to Regulation S:

 

(1)          upon
receipt by the Registrar of:

 

(A)            instructions
from an Agent Member given to DTC in accordance with the Applicable Procedures directing DTC to credit or cause to be credited a beneficial
interest in the Regulation S Temporary Global Note, in the case of a transfer made prior to the expiration of the Distribution Compliance
Period, or the Regulation S Permanent Global Note in the case of a transfer made after the expiration of the Distribution Compliance Period,
in either case, in a principal amount equal to the principal amount of the beneficial interest to be transferred,

 

(B)            instructions
given in accordance with the Applicable Procedures containing information regarding the account to be credited with such increase, and

 

(C)            a
certificate in the form of Exhibit B duly executed by the Rule 144A transferor;

 

(2)           the
Note Custodian shall increase the Regulation S Temporary Global Note or the Regulation S Permanent Global Note, as the case may be, and
decrease the Rule 144A Global Note in accordance with the foregoing, and the Registrar shall register the transfer in the Note Register.

 

(b)           Transfers
of Beneficial Interests in a Regulation S Global Note. Subject to the Applicable Procedures, the following provisions shall apply
with respect to any proposed transfer of an interest in a Regulation S Global Note that is a Restricted Note.

 

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(1)           If
the owner of a beneficial interest in a Regulation S Global Note that is a Restricted Note wishes to transfer such interest (or a portion
thereof) to a QIB pursuant to Rule 144A:

  

(A)           upon
receipt by the Note Custodian and Registrar of:

 

(i)            instructions
from an Agent Member given to DTC in accordance with the Applicable Procedures directing DTC to credit or cause to be credited a beneficial
interest in the Rule 144A Global Note in an amount equal to the beneficial interest being transferred,

 

(ii)           instructions
given in accordance with the Applicable Procedures containing information regarding the account to be credited with such increase, and

 

(iii)          a
certificate in the form of Exhibit B duly executed by the transferor;

 

(B)         the
Note Custodian shall increase the Rule 144A Global Note and decrease the Regulation S Global Note in accordance with the foregoing,
and the Registrar shall register the transfer in the Note Register.

 

(2)            No
interest in a Regulation S Temporary Global Note will be exchanged for an interest in the Regulation S Permanent Global Note except pursuant
to Section 2.1(e).

 

(c)          Other
Transfers. Any transfer of Restricted Notes (including Certificated Notes) not described above (other than a transfer of a beneficial
interest in a Global Note that does not involve an exchange of such interest for a Certificated Note or a beneficial interest in another
Global Note, which must be effected in accordance with applicable law and the Applicable Procedures, but is not subject to any procedure
required by this Indenture) shall be made only upon receipt by the Registrar of such opinions of counsel, certificates and such other
evidence reasonably required by and satisfactory to it in order to ensure compliance with the Securities Act or in accordance with Section 2.8(d).

 

(d)          Use
and Removal of Private Placement Legends. Upon the transfer, exchange or replacement of Notes (or beneficial interests in a
Global Note) not bearing (or not required to bear upon such transfer, exchange or replacement) a Private Placement Legend, the Note
Custodian and Registrar shall, at the request of the relevant Holder, exchange such Notes (or beneficial interests) for beneficial
interests in a Global Note (or Certificated Notes if they have been issued pursuant to Section 2.6(c)) that does not
bear a Private Placement Legend. Upon the transfer, exchange or replacement of Notes (or beneficial interests in a Global
Note) bearing a Private Placement Legend, the Note Custodian and Registrar shall deliver only Notes (or beneficial interests in a
Global Note) that bear a Private Placement Legend unless:

 

(1)            such
Notes (or beneficial interests) are transferred pursuant to Rule 144 upon delivery to the Registrar of a certificate of the transferor
in the form of Exhibit C and an Opinion of Counsel reasonably satisfactory to the Company; or

 

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(2)            such
Notes (or beneficial interests) are transferred, replaced or exchanged after the Resale Restriction Termination Date therefor; or

  

(3)            such
transfer, exchange or replacement occurs prior to the relevant Resale Restriction Termination Date and the Registrar shall have received
an Opinion of Counsel, certificates and such other evidence reasonably satisfactory to the Company and the Registrar to the effect that
neither such Private Placement Legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions
of the Securities Act.

 

(e)          [reserved].

 

(f)          Retention
of Documents. The Registrar and the Trustee shall retain copies of all letters, notices and other written communications received
pursuant to this Article II. 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 or the Trustee, as
the case may be.

 

(g)          General
Provisions Relating to Transfers and Exchanges.

 

(1)            Subject
to the other provisions of this Section 2.8, when Notes are presented to the Registrar or a co-Registrar with a request to
register the transfer of such Notes or to exchange such Notes for an equal principal amount of Notes of other authorized denominations,
the Registrar or co-Registrar shall register the transfer or make the exchange as requested if its requirements for such transaction are
met; provided that any Notes presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied
by a written instrument of transfer in form satisfactory to the Registrar or co-Registrar, duly executed by the Holder thereof or his
attorney duly authorized in writing.

 

(2)            To
permit registrations of transfers and exchanges and subject to the other terms and conditions of this Article II, the Company
will execute and, upon Company Order, the Trustee will authenticate and make available for delivery Certificated Notes and Global Notes,
as applicable, at the Registrar’s or co-Registrar’s request.

 

(3)            No
service charge shall be made to a Holder for any registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes,
assessments or similar governmental charges payable pursuant to Section 3.12, 3.21, 5.1 or 9.5).

 

(4)            The
Registrar or co-Registrar shall not be required to register the transfer of or exchange of (x) any Note for a period beginning (1) 15
days before the mailing of a notice of an offer to repurchase or redeem Notes and ending at the close of business on the day of such mailing
or (2) 15 days before an Interest Payment Date and ending on such Interest Payment Date and (y) any Note selected for repurchase
or redemption, except the unrepurchased or unredeemed portion thereof, if any.

 

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(5)            Prior
to the due presentation for registration of transfer of any Note, the Company, the Trustee, the Paying Agent, the Registrar or any co-Registrar
may deem and treat the Person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment
of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the
Company, the Trustee, the Paying Agent, the Registrar or any co-Registrar or the Note Custodian shall be affected by notice to the contrary.
The Company, the Trustee and the Paying Agent shall treat the Holder of a Global Note as the absolute owner of such Global Note for the
purpose of receiving payment of and interest on such Global Note and for all other purposes whatsoever, whether or not such Global Note
is overdue, and none of the Company, the Trustee or the Paying Agent shall be affected by notice to the contrary.

 

(6)            All
Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled
to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange.

 

(7)            Subject
to Section 2.7 and this Section 2.8, in connection with the exchange of a portion of a Certificated Note for a
beneficial interest in a Global Note, the Trustee shall cancel such Certificated Note, and the Company shall execute, and upon Company
Order the Trustee shall authenticate and make available for delivery to the exchanging Holder, a new Certificated Note representing the
principal amount not so exchanged.

 

Section 2.9             No
Obligation of the Trustee. (a) The Trustee shall have no responsibility or obligation to any beneficial owner of an
interest in a Global Note, Agent Members or any other Persons with respect to the accuracy of the records of DTC or its nominee or
of Agent Members, with respect to any ownership interest in the Notes or with respect to the delivery to any Agent Member,
beneficial owner or other Person (other than DTC) of any notice (including any notice of redemption) or the payment of any amount or
delivery of any Notes (or other security or property) under or with respect to such Notes. All notices and communications to
be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given or made only to or upon the
order of the registered Holders (which shall be DTC or its nominee in the case of a Global Note). The rights of beneficial owners in
any Global Note shall be exercised only through DTC subject to the applicable rules and procedures of DTC. The Trustee may rely
and shall be fully protected in relying upon information furnished by DTC with respect to its Agent Members and any beneficial
owners.

 

(b)           None
of the Trustee, the Paying Agent and the Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance
with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in
any Note (including any transfers between or among Agent Members or beneficial owners in any Global Note) other than to require delivery
of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by,
the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 

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Section 2.10           Mutilated,
Destroyed, Lost or Stolen Notes. (a) If a mutilated Note is surrendered to the Registrar or if the Holder of a Note claims that
the Note has been lost, destroyed or wrongfully taken, the Company shall execute and upon Company Order the Trustee shall authenticate
and make available for delivery a replacement Note for such mutilated, lost or stolen Note, of like tenor and principal amount, bearing
a number not contemporaneously Outstanding if:

  

(1)            the
requirements of Section 8-405 of the Uniform Commercial Code are met,

 

(2)            the
Holder satisfies any other reasonable requirements of the Trustee, and

 

(3)            neither
the Company nor the Trustee has received notice that such Note has been acquired by a protected purchaser.

 

If required by the Trustee or the Company, such Holder shall furnish
an affidavit of loss and indemnity bond sufficient in the judgment of the Company and the Trustee to protect the Company, the Trustee,
the Paying Agent, the Registrar, any co-Registrar and the Note Custodian from any loss that any of them may suffer if a Note is replaced.

 

(b)           Upon
the issuance of any new Note under this Section 2.10, 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) in connection therewith.

 

(c)           Every
new Note issued pursuant to this Section 2.10 in exchange for any mutilated Note, or in lieu of any destroyed, lost or
stolen Note, shall constitute an original additional contractual obligation of the Company, any Note Guarantor and any other
obligor upon the Notes, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and
shall be entitled to all benefits of this Indenture equally and proportionately with any and all other Notes duly issued
hereunder.

 

Section 2.11           Temporary
Notes. Until definitive Notes are ready for delivery, the Company may execute and upon Company Order the Trustee will authenticate
and make available for delivery temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have variations
that the Company considers appropriate for temporary Notes. Without unreasonable delay, the Company will prepare and execute and upon
Company Order the Trustee will authenticate and make available for delivery definitive Notes. After the preparation of definitive Notes,
the temporary Notes will be exchangeable for definitive Notes upon surrender of the temporary Notes at any office or agency maintained
by the Company for that purpose and such exchange shall be without charge to the Holder. Upon surrender for cancellation of any one or
more temporary Notes, the Company will execute and upon Company Order the Trustee will authenticate and make available for delivery in
exchange therefor one or more definitive Notes representing an equal principal amount of Notes. Until so exchanged, the Holder of temporary
Notes shall in all respects be entitled to the same benefits under this Indenture as a Holder of definitive Notes.

 

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Section 2.12           Cancellation.
The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee
any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel and dispose
of cancelled Notes in accordance with its policy of disposal or return to the Company all Notes surrendered for registration of transfer,
exchange, payment or cancellation. The Company may not issue new Notes to replace Notes it has paid or delivered to the Trustee for cancellation
for any reason other than in connection with a transfer or exchange upon Company Order.

 

Section 2.13           Defaulted
Interest. When any installment of interest on Notes becomes Defaulted Interest, such installment shall forthwith cease to be payable
to the Holders in whose names the Notes were registered on the Record Date applicable to such installment of interest. Defaulted Interest
(including any interest on such Defaulted Interest) shall be paid by the Company, at its elections, as provided in clause (a) or
(b) below.

 

(a)            The
Company may elect to make payment of any Defaulted Interest (including any interest payable on such Defaulted Interest) to the
Holders in whose names the Notes are registered at the close of business on a special record date for the payment of such Defaulted
Interest (a “Special Record Date”), which shall be fixed in the following manner. The Company shall notify the
Trustee in writing of the amount of Defaulted Interest proposed to be paid and the date of the proposed payment, and at the same
time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of
such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed
payment, such money when deposited to be held in trust for the benefit of the Holders entitled to such Defaulted Interest as
provided in this Section 2.13(a). Thereupon the Trustee shall fix a Special Record Date for the payment of such
Defaulted Interest, which shall be not more than 15 days and not less than ten days prior to the date of the proposed payment and
not less than ten days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the
Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment
of such Defaulted Interest and the Special Record Date therefor to be sent, first-class mail, postage prepaid, to each Holder at
such Holder’s address as it appears in the Note Register, not less than ten days prior to such Special Record Date. Notice of
the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted
Interest shall be paid to the Holders in whose names the Notes are registered at the close of business on such Special Record Date
and shall no longer be payable pursuant to Section 2.13(b); or

 

(b)            The
Company may make payment of any Defaulted Interest (including any interest on such Defaulted Interest) in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required
by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this Section 2.13(b),
such manner of payment shall be deemed practicable by the Trustee. The Trustee shall in the name and at the expense of the Company cause
prompt notice of the proposed payment and the date thereof to be sent, first-class mail, postage prepaid, to each Holder at such Holder’s
address as it appears in the Note Register.

 

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Section 2.14           Additional
Notes. (a) The Company may, from time to time, subject to compliance with any other applicable provisions of this Indenture,
without the consent of the Holders, create and issue pursuant to this Indenture Additional Notes that shall have terms and conditions
identical to those of the other Outstanding Notes, except with respect to:

 

(1)            the
issue date;

 

(2)            the
issue price;

 

(3)            the
first interest payment date;

 

(4)            the
first date from which interest will accrue; and

 

(5)            any
adjustments necessary in order to conform to and ensure compliance with the Securities Act (or other applicable securities laws), which
are not adverse in any material respect to the Holder of any Outstanding Notes (other than such Additional Notes).

 

The Notes issued on the Issue Date and any Additional Notes shall
be treated as a single class for all purposes under this Indenture; provided that the Company will use a separate CUSIP
for any Additional Notes that are not fungible for U.S. federal income tax purposes with other notes issued under this Indenture and
may use a separate CUSIP for Additional Notes to the extent necessary to comply with securities or tax law requirements.

 

(b)           With
respect to any Additional Notes, the Company will set forth in an Officers’ Certificate pursuant to a resolution of the Board of
Directors of the Company (the “Additional Note Board Resolutions”), copies of which will be delivered to the Trustee,
the following information:

 

(1)            the
aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture;

 

(2)            the
issue date and the issue price of such Additional Notes; provided that no Additional Notes may be issued at a price that would
cause such Additional Notes to have “original issue discount” within the meaning of Section 1273 of the Code, unless
such Additional Notes have a separate CUSIP, ISIN or other similar number from other Notes; and

 

(3)            whether
such Additional Notes will be subject to transfer restrictions under the Securities Act (or other applicable securities laws).

 

Section 2.15           CUSIP/ISIN
Numbers. The Company in issuing the Notes may use the CUSIP, ISIN or other similar numbers (if then generally in use), and,
if so, the Trustee shall use the CUSIP, ISIN or such other similar numbers in notices of redemption as a convenience to Holders;
provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed
on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed
on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify
the Trustee in writing of any change in the CUSIP, ISIN or other similar numbers.

 

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Article III

 

COVENANTS

 

Section 3.1             Payment
of Notes. (a) The Company shall pay the principal of and interest (including Defaulted Interest) on the Notes in U.S. Legal
Tender on the dates and in the manner provided in the Notes and in this Indenture. Prior to 10:00 a.m., New York City time, on each
Interest Payment Date and the Maturity Date, the Company shall deposit with the Paying Agent in immediately available funds U.S.
Legal Tender sufficient to make cash payments due on such Interest Payment Date or Maturity Date, as the case may be. If the
Company, a Note Guarantor or an Affiliate of the Company is acting as Paying Agent, the Company, such Note Guarantor or such
Affiliate shall, prior to 10:00 a.m., New York City time, on each Interest Payment Date and the Maturity Date, segregate and hold in
trust U.S. Legal Tender sufficient to make cash payments due on such Interest Payment Date or Maturity Date, as the case may be.
Principal and interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent (other than
the Company, a Note Guarantor or an Affiliate of the Company) holds in accordance with this Indenture U.S. Legal Tender designated
for and sufficient to pay all principal and interest then due and the Trustee or the Paying Agent, as the case may be, is not
prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture.

 

(b)            Notwithstanding
anything to the contrary contained in this Indenture, the Company may, to the extent it is required to do so by law, deduct or withhold
income or other similar taxes imposed by the United States from principal or interest payments hereunder.

 

Section 3.2            Maintenance
of Office or Agency. (a) The Company shall maintain each office or agency required under Section 2.3. The Company
will give prompt written notice to the Trustee of 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 or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the
Trustee as its agent to receive all such presentations, surrenders, notices and demands.

 

(b)            The
Company may also from time to time designate one or more other offices or agencies (in or outside of New York City) where the Notes may
be presented or surrendered for any or all such purposes and may from time to time rescind any such designation; provided,
however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office
or agency in New York City for such purposes (which office can be the Corporate Trust Office of the Trustee). The Company will give prompt
written notice to the Trustee of any such designation or rescission and any change in the location of any such other office or agency.

 

Section 3.3             Corporate
Existence. Subject to Article IV, the Company will do or cause to be done all things necessary to preserve and keep in
full force and effect its corporate existence or existence as a limited liability company or partnership.

 

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Section 3.4             Payment
of Taxes and Other Claims. The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent,
(i) all material taxes, assessments and governmental charges levied or imposed upon the Company or any Restricted Subsidiary or
for which it or any of them are otherwise liable, or upon the income, profits or property of the Company or any Restricted Subsidiary
and (ii) all lawful claims for labor, materials and supplies, which, if unpaid, might by law become a liability or Lien upon the
property of the Company or any Restricted Subsidiary; provided, however, that the Company shall not be required to
pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity
is being contested in good faith by appropriate proceedings and for which appropriate reserves, if necessary (in the good faith judgment
of management of the Company), is being maintained in accordance with GAAP or where the failure to effect such payment will not be disadvantageous
to the Holders.

  

Section 3.5             Compliance
Certificate. The Company shall deliver to the Trustee within 105 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 or the Note Guarantors,
as the case may be, they would normally have knowledge of any Default or Event of Default and whether or not the signers know of any
Default or Event of Default that occurred during such period. If they do, the certificate shall describe the Default or Event of Default,
its status and what action the Company or the Note Guarantors are taking or propose to take with respect thereto.

 

Section 3.6             Further
Instruments and Acts. The Company and each Note Guarantor will execute and deliver such further instruments and do such further acts
as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

 

Section 3.7             Waiver
of Stay, Extension or Usury Laws. The Company and each Note Guarantor covenant (to the fullest extent permitted by applicable law)
that they will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or
extension law or any usury law, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance
of this Indenture. The Company and each Note Guarantor hereby expressly waive (to the fullest extent permitted by applicable law) all
benefit or advantage of any such law, and covenant that they 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.

 

Section 3.8             Limitation
on Incurrence of Additional Indebtedness.

 

(a)            The
Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness,
including Acquired Indebtedness, or cause or permit any Restricted Subsidiary to issue Preferred Stock, except that the Company
and any Restricted Subsidiary may Incur Indebtedness, including Acquired Indebtedness, and a Restricted Subsidiary may issue Preferred
Stock, if, at the time of and immediately after giving pro forma effect to the Incurrence thereof and the application of the net
proceeds therefrom, (A) no Event of Default has occurred and is continuing or would be caused thereby and (B) the Consolidated
Leverage Ratio of the Company for the Four Quarter Period is not greater than (i) 4.75 to 1.00 for the period starting from the Issue
Date through and including the quarter ended December 31, 2021, (ii) 4.50 to 1.00 for the period starting from the quarter ended
March 31, 2022 through and including the quarter ended December 31, 2022 and (iii) 4.25 to 1.00 for the period starting
from the quarter ended March 31, 2023 and thereafter.

 

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(b)          Notwithstanding
paragraph (a) above, the Company and its Restricted Subsidiaries, as applicable, at any time, may Incur the following Indebtedness
(“Permitted Indebtedness”):

 

(1)            Indebtedness
in respect of the Notes (including any Note Guarantee in respect thereof) (excluding Additional Notes);

 

(2)            Guarantees
by the Company or any Restricted Subsidiary of Indebtedness of the Company or any Restricted Subsidiary permitted under this Indenture;
provided that, if such Guarantee is made by a Restricted Subsidiary that is not a Note Guarantor, such Restricted Subsidiary would
be permitted to Incur such Indebtedness as a primary obligor; provided further that, if any such Guarantee is of Subordinated
Indebtedness, then the Note Guarantee of such Note Guarantor will be senior to such Note Guarantor’s Guarantee of such Subordinated
Indebtedness;

 

(3)            Indebtedness
Incurred (1) by the Company or any Note Guarantor or Excluded Entity pursuant to the Bank Credit Facility (including any Guarantees
in respect thereof) and the issuance and creation of letters of credit and bankers’ acceptances thereunder, and (2) by the
Company or any Restricted Subsidiary pursuant to one or more additional revolving credit facilities (including any Guarantees in respect
thereof) permitted under the Bank Credit Facility, in an aggregate principal amount at any time outstanding not to exceed (A) $500.0
million plus (B) the greater of (x) 175.0% of LTM EBITDA and (y) $565.0 million, less the amount of any permanent
repayments or reductions of commitments in respect of such Indebtedness made with the Net Cash Proceeds of an Asset Sale in order to comply
with the provisions of Section 3.12; provided that the aggregate principal amount of Indebtedness Incurred under
clause (3)(2) by Restricted Subsidiaries that are not Note Guarantors shall not exceed the greater of (x) $25.0 million and
(y) 7.0% of LTM EBITDA;

 

(4)            other
Indebtedness of the Company and its Restricted Subsidiaries outstanding on the Issue Date other than Indebtedness under the Bank Credit
Facility or otherwise specified under any of the other clauses of this Section 3.8(b);

 

(5)            Indebtedness
(A) in respect of performance, bid, completion, surety, appeal, judgment, advance payment, customs, VAT or other tax or guarantee
or similar bonds provided by the Company or any Restricted Subsidiary in the ordinary course of business or (B) under Hedging Obligations
entered into by the Company and its Restricted Subsidiaries in the ordinary course of business for bona fide hedging purposes;

 

(6)            (A)         intercompany
Indebtedness between the Company and any Restricted Subsidiary or between any Restricted Subsidiaries; provided that:

 

(i)            if
the Company or any Note Guarantor is the obligor on any such Indebtedness owed to a Restricted Subsidiary that is not a Note Guarantor,
such Indebtedness must be expressly subordinated to the prior payment in full of all obligations under the Notes and this Indenture, in
the case of the Company, or such Note Guarantor’s Note Guarantee, in the case of any such Note Guarantor, and

 

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(ii)            in
the event that at any time any such Indebtedness ceases to be held by the Company or a Restricted Subsidiary, such Indebtedness will be
deemed to be Incurred and not permitted by this clause (6) at the time such event occurs; or

 

(B)            issuance
of Preferred Stock (i) by a Note Guarantor to the Company or another Note Guarantor or (ii) by a Restricted Subsidiary that
is not a Note Guarantor to the Company or a Restricted Subsidiary; provided that, in the event such Preferred Stock is no
longer held by the Company or a Note Guarantor, in the case of subclause (i), or by the Company or a Restricted Subsidiary, in the case
of subclause (ii), such Preferred Stock will be deemed to be not permitted by this clause (6)(B) at the time such Preferred Stock
is no longer held as provided in this clause (6)(B);

 

(7)          Indebtedness
of the Company or any of its Restricted Subsidiaries arising from the honoring by a bank or other financial institution of a check, draft
or similar instrument inadvertently (including daylight overdrafts paid in full by the close of business on the day such overdraft was
Incurred) drawn against insufficient funds in the ordinary course of business;

 

(8)          Refinancing
Indebtedness in respect of:

 

(i)            Indebtedness
(other than Indebtedness owed to the Company or any Subsidiary of the Company) Incurred pursuant to Section 3.8(a) (it
being understood that no Indebtedness outstanding on the Issue Date is Incurred pursuant to Section 3.8(a)); or

 

(ii)            Indebtedness
Incurred pursuant to clause (1) or (4) above (excluding Indebtedness outstanding on the Issue Date deemed to be Incurred under
clause (3) above or Indebtedness owed to the Company or a Subsidiary of the Company) or this clause (8);

 

(9)          Indebtedness
constituting reimbursement obligations with respect to letters of credit, bankers’ acceptances or other similar instruments or Obligations
issued in the ordinary course of business and not under a Bank Credit Facility, including letters of credit in respect of workers’
compensation claims or other Indebtedness Incurred with respect to reimbursement-type Obligations regarding workers’ compensation
claims and other similar legislation;

 

(10)         Capitalized
Lease Obligations and Purchase Money Indebtedness of the Company or any Restricted Subsidiary Incurred after the Issue Date in an aggregate
principal amount at any one time outstanding, including all Refinancing Indebtedness Incurred to refund, refinance or replace any Indebtedness
Incurred pursuant to this clause (10), not to exceed the greater of (x) $30.0 million and (y) 8.5% of LTM EBITDA;

 

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(11)         Indebtedness
arising from agreements of the Company or a Restricted Subsidiary providing for indemnification, adjustment of purchase price, earn outs
or similar Obligations, in each case, Incurred or assumed in connection with the disposition of any business, assets or a Subsidiary,
other than Guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or a Subsidiary for
the purpose of financing such acquisition; provided that the maximum assumable liability in respect of all such Indebtedness
shall at no time exceed the gross proceeds actually received by the Company and its Restricted Subsidiaries in connection with such disposition;

 

(12)         Indebtedness
of the Company or any of its Restricted Subsidiaries supported by a letter of credit issued pursuant to a Bank Credit Facility, in a principal
amount not in excess of the stated amount of such letter of credit;

 

(13)         customer
deposits and advance payments received in the ordinary course of business from customers for goods and services purchased in the ordinary
course of business;

 

(14)         any
performance-based forgivable loans granted to the Company or any Restricted Subsidiary for any current or new facility established by
the Company or any Restricted Subsidiary, in each case, Incurred after the Issue Date for the purpose of providing customer care
services, including, but not limited to, in-bound and outbound customer care service, database marketing, analytical services related
to customer relationship management and other related activities, in an aggregate principal amount at any one time outstanding not to
exceed $10.0 million;

 

(15)         Indebtedness
Incurred by the Company in the ordinary course of business owed to a Cash Management Financial Institution in respect of overdraft facilities
Incurred in accordance with clause (c) of the definition of “Cash Management Arrangements”;

 

(16)         (A) Indebtedness
of the Company or any Restricted Subsidiary, for which no cash or non-cash interest is payable or accrues (in which case only such portion
constituting interest shall be excluded from this clause (16)), constituting deferred consideration payable to the Person(s) selling
the relevant business Incurred pursuant to an agreement for an Asset Acquisition included in clause (1) or (2) of the definition
thereof: (i) that occurred prior to the Issue Date or (ii) if occurring on or after the Issue Date, for which the deferred consideration
is or became payable based on an earn-out or similar formula tied to the profitability or other future performance of such business and
(B) any indemnification obligation, adjustment of purchase price, non-compete or similar obligation incurred pursuant to an agreement
for an Asset Acquisition included in clause (1) or (2) of the definition thereof;

 

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(17)         (A) Indebtedness
of the Company or any Restricted Subsidiary Incurred after the Issue Date, including all Refinancing Indebtedness Incurred to
refund, refinance or replace any Indebtedness Incurred pursuant to this clause (17), and (B) the issuance of Preferred Stock by
any Restricted Subsidiary, in an aggregate principal amount of such Indebtedness described in clause (A) and an amount
equal to the aggregate liquidation preference or aggregate maximum fixed repurchase price, whichever is greater, of such Preferred
Stock described in clause (B), collectively, not to exceed the greater of (x) $55.0 million and (y) 15.0% of LTM EBITDA in
the aggregate at any one time outstanding (which amount, in the case of clause (A), may, but need not, be Incurred in whole or in
part under the Bank Credit Facility);

 

(18)         Subordinated
Indebtedness of the Company or any Note Guarantor with a maturity date at least one year later, and a Weighted Average Life to Maturity
at least one year longer, than the Notes, including all Refinancing Indebtedness Incurred to refund, refinance or replace any Subordinated
Indebtedness Incurred pursuant to this clause (18), in an aggregate principal amount at any one time outstanding not to exceed $200.0
million;

 

(19)         Indebtedness
owed to any Person providing property, casualty, liability, or other insurance to the Company or any of its Subsidiaries, so long as the
amount of such Indebtedness is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such
insurance for the year in which such Indebtedness is incurred and such Indebtedness is outstanding only during such year; and

 

(20)         Indebtedness
of Restricted Subsidiaries that are not Note Guarantors in an aggregate principal amount not to exceed the greater of (A) $50.0 million
and (B) 14.0% of LTM EBITDA.

 

(c)          For
purposes of determining compliance with, and the outstanding principal amount of any particular Indebtedness Incurred pursuant to and
in compliance with, this Section 3.8:

 

(1)          The
amount of Indebtedness issued at a price that is less than the principal amount thereof will be equal to the amount of the liability in
respect thereof determined in accordance with GAAP;

 

(2)          The
accrual of interest, the accretion or amortization of original issue discount, the payment of regularly scheduled interest or dividends
in the form of additional Indebtedness of the same instrument or the payment of regularly scheduled dividends on Disqualified Capital
Stock or Preferred Stock in the form of additional Disqualified Capital Stock or Preferred Stock, as the case may be, with the same terms
will not be deemed to be an Incurrence of Indebtedness or Preferred Stock for purposes of this Section 3.8; provided
that any such outstanding additional Indebtedness or Disqualified Capital Stock or Preferred Stock paid in respect of Indebtedness
Incurred pursuant to any provision of Section 3.8(b) will be counted as Indebtedness outstanding thereunder for purposes
of any future Incurrence under such provision;

 

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(3)          Indebtedness
or Preferred Stock permitted under this Section 3.8 need not be permitted solely by reference to one provision permitting
such Indebtedness or Preferred Stock but may be permitted in part by one such provision and in part by one or more other provisions of
this Section 3.8 permitting such Indebtedness or Preferred Stock;

 

(4)          In
the event that Indebtedness or Preferred Stock meets the criteria of more than one of the clauses of Section 3.8(b), or is
entitled to be Incurred pursuant to Section 3.8(a), the Company, in its sole discretion, will be permitted to classify such
Indebtedness or Preferred Stock (or portion thereof) at the time of its Incurrence in any manner that complies with this Section 3.8.
In addition, any Indebtedness or Preferred Stock (or portion thereof) originally classified as Incurred pursuant to Section 3.8(a) or
any clause of Section 3.8(b) may later be reclassified by the Company, in its sole discretion, such that it will be deemed
to be Incurred pursuant to Section 3.8(a) or another of such clauses of Section 3.8(b) to the extent
that such reclassified Indebtedness or Preferred Stock could be Incurred pursuant to such Section 3.8(a) or other clause
of Section 3.8(b) at the time of such reclassification. Notwithstanding the foregoing, Indebtedness under the Bank
Credit Facility outstanding on the Issue Date will be deemed to have been Incurred on such date in reliance on the exception provided
in clause (3) of Section 3.8(b) and may not be reclassified;

 

(5)          For
purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the U.S. Dollar Equivalent
principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in
effect on the date such Indebtedness was Incurred, in the case of term debt, or first committed, in the case of revolving credit debt;
provided that if such Indebtedness is Incurred to Refinance other Indebtedness denominated in a foreign currency, and such Refinancing
would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in
effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as
the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being Refinanced;

 

(6)          Any
Person that becomes a Note Guarantor as specified in Section 10.7 shall be deemed a Note Guarantor for the purpose of this
Section 3.8; and

 

(7)          In
the case of Refinancing Indebtedness, when measuring the outstanding amount of such Indebtedness, such amount shall not include the aggregate
amount of any fees, underwriting discounts, premiums and other costs and expenses incurred in connection with such refinancing.

 

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Section 3.9            Limitation
on Layered Indebtedness.

 

The Company will not, and will not permit any Note
Guarantor to, directly or indirectly, Incur any Indebtedness that is subordinate in right of payment to any other Indebtedness, unless
such Indebtedness is expressly subordinate in right of payment to the Notes or, in the case of a Note Guarantor, its Note Guarantee, to
the same extent and on the same terms as such Indebtedness is subordinate to such other Indebtedness; provided, however,
that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Company solely
by virtue of being unsecured or by virtue of being secured on a junior priority basis.

 

Section 3.10          Limitation
on Restricted Payments.

 

(a)            The
Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, take any of the following
actions (each, a “Restricted Payment”):

 

(1)          declare
or pay any dividend or return of capital or make any distribution on or in respect of shares of Capital Stock of the Company or any Restricted
Subsidiary to holders of such Capital Stock, other than:

 

(A)            dividends
or distributions payable in Qualified Capital Stock of the Company,

 

(B)            dividends
or distributions payable to the Company and/or a Restricted Subsidiary, or

 

(C)            dividends,
distributions or returns of capital made on a pro rata basis to the Company and its Restricted Subsidiaries, on the one hand, and
minority holders of Capital Stock of a Restricted Subsidiary, on the other hand (or on less than a pro rata basis to any minority
holder or on greater than a pro rata basis to any minority holder to cure (and solely to the extent of) any shortfall distribution
amount in pro rata distributions payable to such minority holder arising as a result of priority distributions payable to the Company
or a Restricted Subsidiary from the prior years pursuant to such Restricted Subsidiary’s limited liability company or similar agreement);

 

(2)          purchase,
redeem or otherwise acquire or retire for value any Capital Stock of the Company or any Management Appreciation Interests;

 

(3)          make
any principal payment on, purchase, defease, redeem, prepay, decrease or otherwise acquire or retire for value, prior to any scheduled
final maturity, scheduled repayment or scheduled sinking fund payment, as the case may be, any Subordinated Indebtedness (other than Subordinated
Indebtedness of the Company or any Restricted Subsidiary of the Company to the extent permitted under clause (6) of Section 3.8(b));
or

 

(4)          make
any Investment (other than Permitted Investments);

 

if at the time of the Restricted Payment immediately after giving effect
thereto:

 

(A)          a
Default or an Event of Default shall have occurred and be continuing;

 

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(B)          the
Company is not able to Incur at least $1.00 of additional Indebtedness pursuant to Section 3.8(a); or

  

(C)          the
aggregate amount (the amount expended for these purposes, if other than in cash, being the Fair Market Value of the relevant property)
of the proposed Restricted Payment and all other Restricted Payments made subsequent to the Issue Date up to the date thereof, less any
Investment Return calculated as of the date thereof, shall exceed the sum of:

 

(i)            50%
of Consolidated Net Income of the Company for the period (taken as one accounting period) from the first day of the first fiscal quarter
commencing after the Issue Date to the end of the Company’s most recently ended fiscal quarter for which internal financial statements
are available at the time of such Restricted Payment, which Consolidated Net Income shall not be less than zero; plus

 

(ii)            the
greater of (x) 25% of Consolidated EBITDA of the Company for the period (taken as one accounting period) from the first day of the
first fiscal quarter commencing after the Issue Date to the end of the Company’s most recently ended fiscal quarter for which internal
financial statements are available at the time of such Restricted Payment and (y) $80.0 million; plus

 

(iii)          100%
of the aggregate net cash proceeds received by the Company from any Person from any:

 

A.           contribution
to the equity capital of the Company not representing an interest in Disqualified Capital Stock or issuance and sale of Qualified Capital
Stock of the Company, in each case, subsequent to the Issue Date, or

 

B.            issuance
and sale subsequent to the Issue Date (and, in the case of Indebtedness of a Restricted Subsidiary, at such time as it was a Restricted
Subsidiary) of any Indebtedness for borrowed money of the Company or any Restricted Subsidiary that has been converted into or exchanged
for Qualified Capital Stock of the Company,

 

excluding, in each case, any net cash
proceeds:

 

(x)            received
from a Subsidiary of the Company,

 

(y)            received
from employees, former employees, directors or consultants of the Company or any of its Subsidiaries to the extent applied pursuant to
clause (4) of Section 3.10(b) or funded by advances pursuant to clause (11)(B) or (12) of the definition of
“Permitted Investments”, or

 

(z)            applied
in accordance with clause (2) or (3) of Section 3.10(b).

 

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(b)          Notwithstanding
the provisions of Section 3.10(a), this Section 3.10 does not prohibit:

 

(1)            the
payment of any dividend (including any dividend on Disqualified Capital Stock) within 60 days after the date of declaration of such dividend
if the dividend would have been permitted on the date of declaration pursuant to the preceding paragraph;

 

(2)            the
acquisition or retirement for value of any shares of Capital Stock of the Company:

 

(A)            in
exchange for Qualified Capital Stock of the Company, or

 

(B)            through
the application of the net cash proceeds received by the Company from a substantially concurrent sale of Qualified Capital Stock of the
Company or a contribution to the equity capital of the Company not representing an interest in Disqualified Capital Stock, in each case
not received from a Subsidiary of the Company;

 

provided
that the value of any such Qualified Capital Stock issued in exchange for such acquired Capital Stock and any such net cash
proceeds will be excluded from clause (3)(C) of Section 3.10(a) (and were not included therein at any time);

 

(3)          the
voluntary prepayment, purchase, defeasance, redemption or other acquisition or retirement for value of any Subordinated Indebtedness solely
in exchange for, or through the application of net cash proceeds of a substantially concurrent sale, other than to a Subsidiary of the
Company, of:

 

(A)            Qualified
Capital Stock of the Company, or

 

(B)            Refinancing
Indebtedness for such Subordinated Indebtedness;

 

provided
that the value of any Qualified Capital Stock issued in exchange for Subordinated Indebtedness and any net cash proceeds referred
to above will be excluded from clause (3)(C) of Section 3.10(a) (and were not included therein at any time);

 

(4)           if
no Default or Event of Default shall have occurred and be continuing, any (i) purchase, repurchase, redemption, retirement or other
acquisition for value of Capital Stock (including Management Appreciation Interests) from employees, former employees, directors or consultants
of the Parent, the Company or its Subsidiaries (or permitted transferees of such employees, former employees, directors or consultants)
or (ii) distributions on or in respect of Management Appreciation Interests, in an aggregate amount (A) not to exceed the greater
of (x) $17.5 million and (y) 5.0% of LTM EBITDA in any calendar year plus (B) the amount in any calendar year equal
to the net cash proceeds from the sale of Qualified Capital Stock of the Company to employees, members of management, directors or consultants
of the Company, any of its Subsidiaries that occurs after the Issue Date, to the extent net cash proceeds from the sale of such Qualified
Capital Stock have not otherwise been applied to the payment of Restricted Payments; provided that (x) unused amounts
in any calendar year may be carried over to succeeding calendar years and (y) cancellation of Indebtedness borrowed from the Company
by employees, members of management, directors or consultants of the Company, or any of its Restricted Subsidiaries, in lieu of cash payment
for Qualified Capital Stock of the Company, to effect a repurchase of Qualified Capital Stock of the Company, will not be deemed to constitute
a Restricted Payment for purposes of this Section 3.10 or any other provision of this Indenture;

 

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(5)           the
declaration and payment of dividends to holders of any class of Disqualified Capital Stock of the Company or any of its Restricted Subsidiaries
issued in accordance with the provisions of Section 3.8 to the extent such dividends are included in the definition of “Consolidated
Net Interest Expense”;

 

(6)           any
non-cash purchase, repurchase, redemption, retirement or other acquisition for value of Capital Stock of the Company deemed to occur upon
exercise of options, warrants or other securities, if such Capital Stock represents a portion of the exercise price of such options, warrants
or other securities;

 

(7)           cash
payments in lieu of the issuance of fractional shares; provided, however, that any such payment shall not be for the purpose of
evading any limitation of this Section 3.10 (as determined in good faith by the Company);

 

(8)           the
repurchase, redemption or other acquisition or retirement for value of any Subordinated Indebtedness pursuant to the provisions similar
to those described in Section 3.12 and Section 3.21; provided that all Notes validly tendered by Holders
of such Notes in connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed or acquired
for value;

 

(9)           any
purchase, repurchase, redemption, retirement or other acquisition for value of Capital Stock from employees, former employees, directors
or consultants of the Company or its Subsidiaries (or permitted transferees of such employees, former employees, directors or consultants)
to satisfy any applicable tax withholding obligations of employees, former employees, directors or consultants of the Company or its Subsidiaries;
provided that any such purchase, repurchase, redemption, retirement or other acquisition for value is permitted pursuant to the
underlying equity incentive plan or restricted stock or restricted stock unit grant;

 

(10)           if
no Event of Default shall have occurred and be continuing, the declaration and payment of dividends on the Company’s Common Stock
(other than Disqualified Capital Stock) in an amount for any fiscal year up to the greater of (x) $25.0 million and (y) 7.0%
of LTM EBITDA;

 

(11)           any
repurchase of Management Appreciation Interests for fair value to the extent such Management Appreciation Interests represent economic
interests in a Restricted Subsidiary retained by its owners at the time such Restricted Subsidiary became a Restricted Subsidiary of the
Company;

 

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(12)           other
Restricted Payments taken together with all other Restricted Payments made pursuant to this clause (12) not to exceed the greater of (x) $55.0
million and (y) 15.0% of LTM EBITDA in the aggregate;

 

(13)           the
making of Tax Distributions by the Company;

 

(14)           the
payment by the Company, directly or indirectly, to or on behalf of the Parent of PublicCo Expenses;

 

(15)           so
long as no Event of Default has occurred and is continuing or would be caused thereby, other Restricted Payments, if the Consolidated
Leverage Ratio would have been less than or equal to 3.00 to 1.00, determined on a pro forma basis after giving effect to such
Restricted Payment;

 

(16)           so
long as (A) no Event of Default has occurred and is continuing or would be caused thereby and (B) the Consolidated Leverage
Ratio of the Company for the Four Quarter Period is not greater than (i) 4.50 to 1.00 for the period starting from the Issue Date
through and including the quarter ended December 31, 2021, (ii) 4.25 to 1.00 for the period starting from the quarter ended
March 31, 2022 through and including the quarter ended December 31, 2022 and (iii) 4.00 to 1.00 for the period starting
from the quarter ended March 31, 2023 and thereafter, in each case determined on a pro forma basis after giving effect to such Restricted
Payment, earn out payments in connection with any acquisition otherwise permitted by this Indenture; and

 

(17)           the
voluntary prepayment, purchase, defeasance, redemption or other acquisition or retirement for value of Preferred Interests up to an amount
of $50.0 million.

 

In determining the aggregate amount of Restricted
Payments made subsequent to the Issue Date, amounts expended pursuant to clauses (1) (without duplication for the declaration of
the relevant dividend), (7) and (10) above will be included in such calculation and amounts expended pursuant to clauses (2) through
(6), (8), (9), and (11) through (17) will not be included in such calculation.

 

For purposes of determining compliance with this
Section 3.10, in the event that a Restricted Payment or Permitted Investment meets the criteria for more than one of the types
of Restricted Payments or Permitted Investments described in this Section 3.10 or the definitions related thereto, the Company,
in its sole discretion, will be permitted to classify such items (or portion thereof) in any matter that complies with this Section 3.10.
In addition, the Company will, in its sole discretion, be permitted from time to time to reclassify (based on circumstances existing at
the time of such reclassification) such Restricted Payment or Permitted Investment (or portion thereof) such that it will be deemed to
apply pursuant to any of such other clauses or definitions of this Section 3.10 to the extent it could be made pursuant to
such other clause or definition at the time of such reclassification.

 

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The amount of all Restricted Payments (other than
cash) will be the Fair Market Value on the date of the Restricted Payment of the assets or securities proposed to be transferred or issued
by the Company or any Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment.

 

Section 3.11     Limitation
on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

(a)          Except
as provided in Section 3.11(b) below, the Company will not, and will not cause or permit any of its Restricted Subsidiaries
to, directly or indirectly, create or otherwise cause or permit to exist or become effective any consensual encumbrance or consensual
restriction on the ability of any Restricted Subsidiary to:

 

(1)      pay
dividends or make any other distributions on or in respect of its Capital Stock to the Company or any Restricted Subsidiary of which
it is a Subsidiary or pay any Indebtedness owed to the Company or any other Restricted Subsidiary of which it is a Subsidiary;

 

(2)      make
loans or advances to, or Guarantee any Indebtedness or other obligations of, or make any Investment in, the Company or any other
Restricted Subsidiary of which it is a Subsidiary (it being understood that the subordination of loans or advances made to the
Company or any Restricted Subsidiary to other Indebtedness Incurred by the Company or any Restricted Subsidiary shall not be
deemed to be a restriction on the ability to make loans or advances); or

 

(3)      transfer
any of its property or assets to the Company or any other Restricted Subsidiary of which it is a Subsidiary.

 

(b)         The
provisions of Section 3.11(a) above will not apply to encumbrances or restrictions existing under or by reason of:

 

(1)      applicable
law, rule, regulation, order or governmental license, permit or concession;

 

(2)      this
Indenture;

 

(3)      any
agreement as in effect on the Issue Date, including pursuant to the Bank Credit Facility and the related documentation and Hedging Obligations;

 

(4)      customary
non-assignment provisions of any contract and customary provisions restricting assignment or subletting in any lease governing a leasehold
interest of any Restricted Subsidiary, or any customary restriction on the ability of a Restricted Subsidiary to dividend, distribute
or otherwise transfer any asset which secures Indebtedness secured by a Lien, in each case permitted to be Incurred under this Indenture;

 

(5)      in
respect of a Restricted Subsidiary acquired by the Company or any Restricted Subsidiary after the Issue Date (other than an encumbrance
related to Indebtedness Incurred in connection with, or in anticipation or contemplation of, such acquisition), which encumbrance or
restriction is outstanding on the date of such acquisition and is not applicable to any Person, or the properties or assets of any Person,
other than the Person or the properties or assets of the Person so acquired;

 

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(6)       restrictions
with respect to a Restricted Subsidiary of the Company imposed pursuant to a binding agreement which has been entered into for the sale
or disposition of Capital Stock or assets of such Restricted Subsidiary; provided that such restrictions apply solely to
the Capital Stock or assets of such Restricted Subsidiary being sold;

 

(7)      customary
restrictions imposed on the transfer of copyrighted or patented materials;

 

(8)      restrictions
on cash or other deposits or net worth imposed by clients under contracts entered into in the ordinary course of business, including
cash paid to any Subsidiary as an advance for media or production expenses;

 

(9)      customary
provisions in joint venture agreements and other similar agreements or arrangements relating solely to such joint venture; or

 

(10)    an
agreement governing Indebtedness Incurred to Refinance Indebtedness issued, assumed or Incurred pursuant to an agreement referred to
in clause (2), (3) or (5) of this Section 3.11(b); provided that such Refinancing agreement is not
materially more restrictive with respect to such encumbrances or restrictions than those contained in the agreement referred to in such
clause (2), (3) or (5).

 

Section 3.12     Limitation
on Sales of Assets and Subsidiary Stock.

 

(a)          The
Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless:

 

(1)      the
Company or the applicable Restricted Subsidiary, as the case may be, receives consideration at the time of the Asset Sale at least equal
to the Fair Market Value of the assets sold or otherwise disposed of as determined in good faith by the Board of Directors of the Company
(including the value of all non-cash consideration); and

 

(2)      at
least 75% of the consideration received for the assets sold by the Company or the Restricted Subsidiary, as the case may be, in the Asset
Sale will be in the form of cash, Cash Equivalents or assets or Capital Stock which the Company or a Permitted Investing Subsidiary would
be permitted to use the Net Cash Proceeds from such Asset Sale to purchase or invest in, if any, pursuant to clause (2) of Section 3.12(b).

 

For the purposes of this clause (2), the following
are deemed to be cash:

 

(A)       Indebtedness
and other liabilities shown on the most recent consolidated balance sheet of the Company prior to the date of such Asset Sale (other
than Subordinated Indebtedness) (i) that are assumed or repaid or otherwise extinguished by the transferee of any such assets and
(ii) for which the Company and its Restricted Subsidiaries are released from all liability at the time of such Asset Sale;

 

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(B)        any
securities, notes or other Obligations received by the Company or any such Restricted Subsidiary from such transferee that are converted,
sold or exchanged by the Company or such Restricted Subsidiary into cash or Cash Equivalents within 90 days, to the extent of the cash
or Cash Equivalents received in that conversion, sale or exchange; and

 

(C)        any
Designated Non-cash Consideration received by the Company or such Restricted Subsidiary in such Asset Sale having an aggregate Fair
Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (iii) that is at
that time outstanding, not to exceed the greater of (x) $20.0 million and (y) 5.5% of LTM EBITDA, with the Fair
Market Value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to
subsequent changes in value.

 

(b)         The
Company or a Restricted Subsidiary, as the case may be, may (subject to the provisos below) apply the Net Cash Proceeds of any such Asset
Sale within 365 days thereof to:

 

(1)      prepay,
repay, purchase, repurchase, redeem, retire, defease or otherwise retire for value (collectively, “repay”) any:

 

(A)       secured
Indebtedness of the Company or a Restricted Subsidiary;

 

(B)        Indebtedness
of any Restricted Subsidiary that is not a Note Guarantor; or

 

(C)        any
Senior Indebtedness, provided that, if the Company repays any Senior Indebtedness other than the Notes pursuant to this clause
(iii), it must repay Notes or make an offer to repurchase the Notes at a price equal to or above 100% of the principal amount thereof,
whether or not the Holders accept such offer, in each case on a pro rata basis with such other Senior Indebtedness;

 

in the case of each of clauses (i) through (iii) above,
constituting Indebtedness for borrowed money or Capitalized Lease Obligations, and permanently reduce the commitments with respect thereto
without Refinancing; or

 

(2)            purchase
or otherwise invest in:

 

(A)       assets
(other than current assets as determined in accordance with GAAP or Capital Stock) to be used by the Company or a Permitted Investing
Subsidiary in a Permitted Business or capital expenditures;

 

(B)        all
or substantially all of the assets of a Permitted Business or properties; or

 

(C)        Capital
Stock of: (A) a Restricted Subsidiary held by a Person other than the Company or any of its Subsidiaries or (B) a Person engaged
in a Permitted Business that becomes, upon the purchase or investment, a Restricted Subsidiary or, in the case of an Asset Sale in respect
of assets or Capital Stock of a Restricted Subsidiary, a Restricted Subsidiary of which the Company owns, directly or indirectly, an
equal or greater percentage of the economic and voting interests of its Capital Stock as it does (immediately prior to such Asset Sale)
in respect of the Restricted Subsidiary whose assets or Capital Stock are included in such Asset Sale; or

 

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(3)      repay
Indebtedness arising from agreements of the Company or a Restricted Subsidiary providing for adjustment of purchase price, deferred consideration,
earn outs or similar obligations, in each case incurred in connection with the purchase or investment by the Company or a Restricted
Subsidiary of or in assets or Capital Stock that occurred prior to such Asset Sale, and solely to the extent such repayment would be
permitted under Section 3.12 (b)(2) herein if such purchase or investment had occurred immediately following the consummation
of such Asset Sale; provided that such purchase or investment shall have occurred not more than 365 days prior to such Asset
Sale;

 

provided
that in the case of Section 3.12 (b)(2) above, (A) the following Persons may make a purchase or investment
in accordance with the foregoing: (x) the Company, (y) a Wholly Owned Subsidiary or (z) in the case of an Asset Sale in
respect of assets or Capital Stock held by a Restricted Subsidiary only, a Restricted Subsidiary of which the Company, owns directly
or indirectly, an equal or greater percentage of the economic and voting interests of its Capital Stock as it does of the Restricted
Subsidiary that made such Asset Sale and (B) no purchase from the Company or any Subsidiary of the Company will satisfy the provisions
of Section 3.12 (b)(2) above (each, other than the Company, a “Permitted Investing Subsidiary”);

 

provided
that (x) in the case of Section 3.12 (b)(2) above, a binding commitment shall be treated as a permitted
application of the Net Cash Proceeds from the date of such commitment so long as the Company, or such Restricted Subsidiary enters into
such commitment with the good faith expectation that such Net Cash Proceeds will be applied to satisfy such commitment within 180 days
of such commitment (an “Acceptable Commitment”) and such Net Cash Proceeds are actually applied to satisfy such commitment
within the later of (i) 365 days after receipt of the Net Cash Proceeds from the related Asset Sale and (ii) 180 days after
the date of such binding commitment and (y) to the extent such Net Cash Proceeds are not actually applied to satisfy such commitment
within the period set forth in clause (x) above, the Net Cash Proceeds not so applied shall constitute Excess Proceeds.

 

(c)         To
the extent all or a portion of the Net Cash Proceeds of any Asset Sale are not applied within 365 days thereof (or such longer
period as permitted pursuant to an Acceptable Commitment as provided in Section 3.12(b) above) as described in
clause (1) or (2) of Section 3.12(b) above (“Excess Proceeds”), the Company will make
an offer to purchase Notes (an “Asset Sale Offer”), at a purchase price equal to 100% of the principal amount of
the Notes to be purchased, plus accrued and unpaid interest thereon, to the date of purchase (the “Asset Sale Offer
Amount”). The Company will purchase pursuant to an Asset Sale Offer from all tendering Holders on a pro rata basis
in the manner provided in Section 5.5, and, at the Company’s option, on a pro rata basis with the holders
of any other Senior Indebtedness with similar provisions requiring the Company to offer to purchase the other Senior Indebtedness
with the proceeds of Asset Sales, that principal amount (or accreted value in the case of Indebtedness issued with original issue
discount) of Notes and the other Senior Indebtedness to be purchased equal to such Excess Proceeds. The Company may satisfy its
Obligations under this Section 3.12 with respect to any Excess Proceeds by making an Asset Sale Offer at the
Asset Sale Offer Amount prior to the expiration of 365 days from the relevant Asset Sale (or, in the event an Acceptable Commitment
has been entered into as set forth in Section 3.12(b) above, the later date of the 365th day following the Asset
Sale or the expiration of the 180-day period set forth in Section 3.12(b) above).

 

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(d)         The
purchase of Notes pursuant to an Asset Sale Offer will occur not less than 20 Business Days following the date thereof, or any longer
period as may be required by law, nor more than 45 days following the 365th day following the Asset Sale (or, in the event an Acceptable
Commitment has been entered into as set forth in Section 3.12(b), the later date of the 365th day following the Asset Sale
or the expiration of the 180-day period set forth in such Section 3.12(b)). The Company may, however, defer an Asset Sale
Offer until there is an aggregate amount of Excess Proceeds from one or more Asset Sales equal to or in excess of $25.0 million. At that
time, the entire amount of Excess Proceeds, and not just the amount in excess of $25.0 million, will be applied as required pursuant
to this Section 3.12. Pending application in accordance with this Section 3.12, Net Cash Proceeds may be applied
to reduce revolving credit borrowings, Invested in Cash Equivalents or used for general corporate purposes in accordance with this
Indenture.

 

(e)         Each
Asset Sale Offer Notice will be mailed first class, postage prepaid, to the record Holders as shown on the register of Holders within
30 days following such 365th day (or, in the event an Acceptable Commitment has been entered into as set forth in Section 3.12(b) above,
the later date of the 365th day following the Asset Sale or the expiration of the 180-day period set forth in such Section 3.12(b)),
with a copy to the Trustee offering to purchase the Notes as described above. Each Asset Sale Offer Notice will state, among other things,
the purchase date, which must be no earlier than 10 days nor later than 60 days from the date the notice is mailed, other than as may
be required by law (the “Asset Sale Offer Payment Date”). Upon receiving notice of an Asset Sale Offer, Holders
may elect to tender their Notes in whole or in part in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof
in exchange for cash.

 

(f)          On
the Asset Sale Offer Payment Date, the Company will, to the extent lawful:

 

(1)      accept
for payment all Notes or portions thereof properly tendered pursuant to the Asset Sale Offer;

 

(2)      deposit
with the Paying Agent funds in an amount equal to the Asset Sale Offer Amount in respect of all Notes or portions thereof so tendered;
and

 

(3)      deliver
or cause to be delivered to the Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate principal
amount of Notes or portions thereof being purchased by the Company.

 

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(g)         To
the extent Holders of Notes and holders of other Senior Indebtedness, if any, which are the subject of an Asset Sale Offer properly tender
and do not withdraw Notes or the other Senior Indebtedness in an aggregate amount exceeding the amount of Excess Proceeds, the Company
will purchase the Notes and the other Senior Indebtedness on a pro rata basis (based on amounts tendered). If only a portion of
a Note is purchased pursuant to an Asset Sale Offer, a new Note in a principal amount equal to the portion thereof not purchased will
be issued in the name of the Holder thereof upon cancellation of the original Note (or appropriate adjustments to the principal amount
of a Global Note will be made, as appropriate). Notes (or portions thereof) purchased pursuant to an Asset Sale Offer will be cancelled
and cannot be reissued. Upon completion of an Asset Sale Offer, the amount of Excess Proceeds will be reset at zero. Accordingly, to
the extent that the aggregate amount of Notes and other Indebtedness tendered pursuant to an Asset Sale Offer is less than the aggregate
amount of Excess Proceeds, the Company may use any remaining Net Cash Proceeds for general corporate purposes of the Company and its
Restricted Subsidiaries in accordance with this Indenture.

 

(h)         The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other applicable securities laws in connection
with the purchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any applicable securities laws or regulations
conflict with this Section 3.12, the Company will comply with these laws and regulations and will not be deemed to have breached
its obligations under this Section 3.12 by doing so.

 

Section 3.13     Limitation
on Transactions with Affiliates.

 

(a)         The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into any transaction or series
of related transactions (including, without limitation, the purchase, sale, lease or exchange of any property or the rendering of any
service) with, or for the benefit of, any of its Affiliates (each an “Affiliate Transaction”), unless:

 

(1)      the
terms of such Affiliate Transaction are no less favorable to the Company or such Restricted Subsidiary, as the case may be, than those
that could reasonably be expected to be obtained in a comparable transaction at such time on an arms’-length basis from a Person
that is not an Affiliate of the Company as determined in good faith by the Board of Directors of the Company or a member of the senior
management of the Company; and

 

(2)      in
the event that such Affiliate Transaction involves aggregate payments, or transfers of property or services with a Fair Market Value,
in excess of $20.0 million, the terms of such Affiliate Transaction will be approved by a majority of the members of the Board of Directors
of the Company (including a majority of the disinterested members thereof), the approval to be evidenced by a Board Resolution stating
that the Board of Directors has determined that such transaction complies with the preceding provisions.

 

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(b)         The
provisions of Section 3.13(a) will not apply to:

 

(1)      Affiliate
Transactions with or among the Company and any Restricted Subsidiary or between or among Restricted Subsidiaries;

 

(2)      the
entering into, maintaining or performing of any collective bargaining agreement; benefit plan; stock option, share ownership,
phantom stock or similar plan; program, contract or other similar arrangement for or with any employee, officer, director or consultant
of the Company or its Subsidiaries entered into in the ordinary course of business in good faith by the Company, including vacation,
health, insurance, deferred compensation, severance, retirement, savings or other similar plans, programs or arrangements;

 

(3)      the
payment of customary fees and indemnities (including under customary insurance) to current and former directors, officers and consultants
of the Company and its Subsidiaries;

 

(4)      Affiliate
Transactions undertaken pursuant to any contractual obligations or rights in existence on the Issue Date (as in effect on the Issue Date
with modifications and extensions thereof not materially adverse to the Company and its Restricted Subsidiaries);

 

(5)      any
Restricted Payments made in compliance with Section 3.10 or Permitted Investments;

 

(6)      transactions
with customers, clients, suppliers, or purchasers or sellers of goods or services that are Affiliates of the Company solely because the
Company, directly or indirectly, owns Capital Stock in, or controls any such Person, in each case in the ordinary course of business
and otherwise in compliance with the terms of this Indenture which are, in the reasonable determination of the Board of Directors or
senior management of the Company, on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated
party; provided that this clause (6) will not apply to Unrestricted Subsidiaries;

 

(7)      the
issuance of Qualified Capital Stock of the Company to any Permitted Holder or to any director, officer, employee or consultant of the
Company, any of its direct or indirect parent companies or any of its Restricted Subsidiaries;

 

(8)      loans
and advances to officers, directors and employees of the Company or any Restricted Subsidiary for travel, entertainment, moving and other
relocation expenses, in each case made in the ordinary course of business in accordance with past practices of the Company or any Restricted
Subsidiary, as applicable; and

 

(9)      transactions
in which the Company or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter from an Independent
Financial Advisor stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point
of view or stating that the terms are not materially less favorable, when taken as a whole, to the Company or its relevant
Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Company or such Restricted
Subsidiary with an unrelated Person on an arm’s-length basis.

 

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Section 3.14     Limitation
on Liens.

 

(a)         The
Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, Incur or suffer to
exist any Liens of any kind (except for Permitted Liens) against or upon any of their respective properties or assets, whether owned
on the Issue Date or acquired after the Issue Date, or any proceeds therefrom, to secure any Indebtedness unless contemporaneously therewith
effective provision is made:

 

(1)      in
the case of the Company or any Restricted Subsidiary other than a Note Guarantor, to secure the Notes and all other amounts due under
this Indenture; and

 

(2)      in
the case of a Note Guarantor, to secure such Note Guarantor’s Note Guarantee of the Notes and all other amounts due under this
Indenture,

 

in each case, equally and ratably with such Indebtedness (or, in the
event that such Indebtedness is subordinated in right of payment to the Notes or such Note Guarantee, as the case may be, prior to such
Indebtedness) with a Lien on the same properties and assets securing such Indebtedness for so long as such Indebtedness is secured by
such Lien.

 

Section 3.15     [reserved].

 

Section 3.16     Ongoing
Reporting.

 

(a)        Notwithstanding
that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, so long as any
Notes remain outstanding, the Company will provide to the Trustee and post on its website (if not filed with the Commission), the annual,
quarterly and other periodic reports and information, documents and other reports as are specified in Sections 13 and 15(d) of
the Exchange Act and applicable to a U.S. corporation subject to such Sections, within 15 days after the times specified for the filing
of the information, documents and reports under such Sections for “non-accelerated filers.” Notwithstanding the foregoing,
this Section 3.16 will not require any financial statements or other information or disclosure required pursuant to Rule 3-10
of Regulation S-X under the Securities Act (or any successor provision).

 

(b)        For
so long as any Notes remain outstanding, at any time when the Company is not subject to or is not current in its reporting obligations
under Section 13 or 15(d) of the Exchange Act, the Company will make available, upon request, to any Holder and any prospective
purchaser of Notes the information required pursuant to Rule 144A(d)(4) under the Securities Act.

 

(c)        Delivery
of such reports, information and documents to the Trustee and any other material to the Trustee hereunder is for informational purposes
only and the Trustee’s receipt of such shall not constitute actual or constructive knowledge or notice of any information contained
therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder
(as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

 

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(d)        The
Company will be deemed to be in compliance with this Section 3.16 with respect to the Notes if the Parent (or any successor
thereto) delivers to the Trustee, files with the Commission, or posts on its website (if not filed with the Commission) within the time
periods specified in Section 3.16(a) copies of its annual reports and the information, documents and other reports (or
copies of such portions of any of the foregoing as the Commission may by rules and regulations prescribe) which such direct or indirect
parent is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or which such direct or
indirect parent would be required to file with the Commission if it were subject to Section 13 or 15(d) of the Exchange Act,
provided that, where the annual or quarterly financial statements of the Parent, on a consolidated basis, do not, in the reasonable
judgment of the Company, in all material respects reflect the financial position of the Company, on a consolidated basis, for such relevant
period, the Company shall further and within the time periods specified above deliver to the Trustee, file with the Commission or post
on its website (if not filed with the Commission) reconciliations, whether in narrative format or otherwise, between the financial statements
of the Parent and the financial position of the Company, on a consolidated basis, for such relevant period. The Trustee shall have no
duty or obligation to monitor whether or not such reconciliations shall be required and the Trustee may conclusively presume that no
such reconciliations shall be required to be delivered and if any such reconciliations have been delivered to the Trustee, the Trustee
shall have no duty or obligation to examine them or pass upon them. The Trustee shall have no duty or obligation to monitor whether or
not any such filings with the Commission or postings on its website have been made and may conclusively presume that the filings or posting
have been made within the required time periods.

 

Section 3.17     [reserved].

 

Section 3.18     Limitation
on Sale and Leaseback Transactions.

 

(a)         The
Company will not, and will not permit any Restricted Subsidiary to, enter into any Sale and Leaseback Transaction with respect to any
property unless:

 

(1)      it
would be entitled to:

 

(A)       Incur
Indebtedness in an amount equal to the Attributable Debt with respect to such Sale and Leaseback Transaction pursuant to Section 3.8;
and

 

(B)        create
a Lien on such property securing such Attributable Debt without equally and ratably securing the Notes pursuant to Section 3.14;

 

(2)      the
net proceeds received by the Company or such Restricted Subsidiary in connection with such Sale and Leaseback Transaction represent the
Fair Market Value of such property; and

 

(3)      the
transfer of such property is permitted by, and the Company or such Restricted Subsidiary applies the proceeds of such transaction in
compliance with, Section 3.12.

 

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Section 3.19     Limitation
on Designation of Unrestricted Subsidiaries.

 

(a)         The
Company may designate after the Issue Date any Subsidiary of the Company as an Unrestricted Subsidiary (a “Designation”)
only if:

 

(1)      no
Default or Event of Default shall have occurred and be continuing at the time of or after giving effect to such Designation;

 

(2)      such
Subsidiary and any of its Subsidiaries do not own any Capital Stock or Indebtedness of, or own or hold any Lien on any property of, the
Company or any Restricted Subsidiary other than a Subsidiary of such Subsidiary to be Designated;

 

(3)      either
(i) such Subsidiary to be so Designated has consolidated assets of $1,000 or less or (ii) the Company would be permitted to
make an Investment at the time of Designation (assuming the effectiveness of such Designation and treating such Designation as an Investment
at the time of Designation) under Section 3.10 in the amount (the “Designation Amount”) specified in the
definition of Investment; and

 

(4)      the
terms of any Affiliate Transaction between the Subsidiary being Designated (and its Subsidiaries) would be permitted under Section 3.13
if entered into immediately following such Designation.

 

(b)         The
Company will cause each Subsidiary of the Company to be either (i) an Unrestricted Subsidiary in accordance with this section or
(ii) party to and participant in the Cash Management Arrangements.

 

(c)         Neither
the Company nor any Restricted Subsidiary will at any time:

 

(1)      provide
credit support for, subject any of its property or assets (other than the Capital Stock of any Unrestricted Subsidiary) to the satisfaction
of, or Guarantee, any Indebtedness of any Unrestricted Subsidiary (including any undertaking, agreement or instrument evidencing such
Indebtedness);

 

(2)      be
directly or indirectly liable for any Indebtedness of any Unrestricted Subsidiary;

 

(3)      be
directly or indirectly liable for any Indebtedness (other than a Bank Credit Facility) which provides that the holder thereof may (upon
notice, lapse of time or both) declare a default thereon or cause the payment thereof to be accelerated or payable prior to its final
scheduled maturity upon the occurrence of a default with respect to any Indebtedness of any Unrestricted Subsidiary; or

 

(4)      have
any direct or indirect obligation to subscribe for additional Capital Stock of such Person or maintain or preserve such Person’s
financial condition or to cause such Person to achieve any specified levels of operating results.

 

(d)         The
Company may revoke any Designation of a Subsidiary as an Unrestricted Subsidiary (a “Revocation”) only if:

 

(1)      no
Default or Event of Default shall have occurred and be continuing at the time of and after giving effect to such Revocation;

 

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(2)      all
Liens and Indebtedness of such Unrestricted Subsidiary outstanding immediately following such Revocation would, if Incurred at such time,
have been permitted to be Incurred for all purposes of this Indenture; and

 

(3)      such
Subsidiary becomes on or before the date of Revocation a party to the Cash Management Arrangements.

 

(e)         The
Designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be deemed to include the Designation of all of the Subsidiaries
of such Subsidiary. Any such Designation or Revocation shall be evidenced to the Trustee by filing with the Trustee a certified copy
of the resolution of the Board of Directors of the Company giving effect to such Designation or Revocation, as the case may be, and an
Officers’ Certificate certifying that such Designation or Revocation complied with the foregoing conditions.

 

Section 3.20     [reserved].

 

Section 3.21     Change
of Control.

 

(a)         Upon
the occurrence of a Change of Control, each Holder will have the right to require that the Company purchase all or a portion (equal
to $2,000 or an integral multiple of $1,000 in excess thereof (provided that the unpurchased portion will be in a
denomination of at least $2,000)) of the Holder’s Notes at a purchase price (the “Change of Control
Payment”) equal to 101% of the principal amount thereof, plus accrued and unpaid interest thereon through, but excluding,
the Change of Control Payment Date, as provided below; provided that the Company will not be required to purchase Notes
pursuant to this Section 3.21 in the event that it has exercised its right to redeem all of the Notes in accordance with
the provisions of Article V or if a third party makes the Change of Control Offer in the manner, at the times and
otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the
Company and purchases all Notes or portions thereof validly tendered and not withdrawn under such Change of Control Offer.

 

(b)         Within
30 days following the date upon which the Change of Control occurred, the Company must send, by first-class mail, a notice to each Holder,
with a copy to the Trustee, offering to purchase the Notes as described above (a “Change of Control Offer”). The Change
of Control Offer will state, among other things, the purchase date, which must be no earlier than 10 days nor later than 60 days from
the date the notice is mailed, other than as may be required by law (the “Change of Control Payment Date”).

 

(c)         On
the Change of Control Payment Date, the Company will, to the extent lawful:

 

(1)      accept
for payment all Notes or portions thereof properly tendered and not withdrawn pursuant to the Change of Control Offer;

 

(2)      deposit
with the Paying Agent funds in an amount equal to the Change of Control Payment in respect of all Notes or portions thereof so tendered;
and

 

(3)      deliver
or cause to be delivered to the Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate principal
amount of Notes or portions thereof being purchased by the Company.

 

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(d)         If
only a portion of a Note is purchased pursuant to a Change of Control Offer, a new Note in a principal amount equal to the portion thereof
not purchased will be issued in the name of the Holder thereof upon cancellation of the original Note (or appropriate adjustments to
the principal amount of a Global Note will be made, as appropriate). Notes (or portions thereof) purchased pursuant to a Change of Control
Offer will be cancelled and cannot be reissued.

 

(e)         A
Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement
is in place for the Change of Control at the time of making of the Change of Control Offer; provided that the Trustee shall
not be deemed to have notice or be charged with knowledge that a Change of Control has occurred until the Company has provided written
notice thereof to the Trustee.

 

(f)          If
Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not validly withdraw such Notes
in a Change of Control Offer and the Company, or any third party making a Change of Control offer in lieu of the Company as described
above, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Company or such third party will have the right,
upon not less than 10 days nor more than 60 days’ prior notice, provided that such notice is given not more than 30 days
following such purchase pursuant to the Change of Control Offer described in this Section 3.21, to redeem all Notes that
remain outstanding following such purchase on a date (the “Second Change of Control Payment Date”) at a price in cash
equal to the Change of Control Payment, plus accrued and unpaid interest thereon through, but excluding, the Second Change of
Control Payment Date.

 

(g)            The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other applicable securities laws and regulations
in connection with the purchase of Notes in connection with a Change of Control Offer. To the extent that the provisions of any securities
laws or regulations conflict with the provisions of this Section 3.21, the Company will comply with the applicable securities
laws and regulations and will not be deemed to have breached its obligations under this Indenture by doing so.

 

(h)         The
Trustee shall have no duty or obligation to monitor whether or not a Change of Control triggering event has occurred, and the Trustee
may conclusively presume that no such event shall have occurred unless and until the Trustee shall have received from the Company an
Officers’ Certificate stating the aggregate principal amount of the Notes or portions of Notes being repurchased referred to above.

 

(i)           The
Company may provide in a Change of Control Offer that payment on the Change of Control Payment Date and performance of the Company’s
other obligations with respect to such purchase may be performed by a direct or indirect parent of the Company to the extent such parent
performs such obligations in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable
to such offer.

 

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Section 3.22     [reserved].

 

Section 3.23     Covenant
Suspension.

 

(a)          Beginning
on a Covenant Suspension Date and ending on the next Reversion Date (such period, a “Suspension Period”) with respect
to the Notes, the Company and the Restricted Subsidiaries will not be subject to the covenants provided in Section 3.8, Section 3.9,
Section 3.10, Section 3.11, Section 3.12, Section 3.13, clauses (1)(A), (2) and
(3) of Section 3.18, Section 3.19 and clause (2) of Section 4.1(a) (collectively,
the “Suspended Covenants”)

 

(b)         On
each Reversion Date, all Indebtedness Incurred during the Suspension Period will be classified as having been outstanding on the
Issue Date, so that it is classified as permitted under clause (4) of Section 3.8(b). Calculations made after the
Reversion Date of the amount available to be made as Restricted Payments under Section 3.10 will be made as though the
provisions of Section 3.10 had been in effect prior to, but not during, the Suspension Period (and, for the avoidance of
doubt, all Consolidated EBITDA and other amounts attributable to the Suspension Period that would otherwise increase the amount of
Restricted Payments available to be made pursuant to any clause of Section 3.10 (including clause (3) of Section 3.10(a))
shall be excluded in determining the amount of Restricted Payments available to be made following the Reversion Date). In addition,
no Default or Event of Default will be deemed to have occurred on the relevant Reversion Date as a result of any actions
taken by the Company or its Restricted Subsidiaries during the Suspension Period with respect to the Suspended Covenants.

 

(c)         Notwithstanding
anything in this Section 3.23 to the contrary, the Board of Directors of the Company shall not be entitled to Designate any
Subsidiary as an Unrestricted Subsidiary during a Suspension Period and all references to Restricted Subsidiaries herein during a Suspension
Period shall be deemed to refer to Subsidiaries.

 

(d)         For
purposes of Section 3.12, on the Reversion Date, the unutilized Excess Proceeds amount will be reset to zero.

 

(e)         The
Company will deliver to the Trustee written notice of the occurrence of each Covenant Suspension Date and each Reversion Date promptly
upon the occurrence thereof, but in any event, within five Business Days after the occurrence thereof. The Trustee shall have no duty
to monitor any of the events described under this Section 3.23.

 

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Section 3.24     Measuring
Compliance.

 

(a)         When
calculating the availability under any basket or ratio under this Indenture or compliance with any provision of this Indenture in
connection with any Limited Condition Transaction and any actions or transactions related thereto (including
acquisitions, Investments, the incurrence or issuance of Indebtedness, Disqualified Capital Stock or Preferred Stock and the
use of proceeds thereof, the incurrence of Liens, repayments, Restricted Payments and Asset Sales), in each case, at the option of
the Company (the Company’s election to exercise such option, an “LCT Election”), the date of determination
for availability under any such basket or ratio and whether any such action or transaction is permitted (or any requirement or
condition therefor is complied with or satisfied (including as to the absence of any continuing Default or Event of Default)) under
this Indenture shall be deemed to be the date (the “LCT Test Date”) the definitive agreements for such Limited
Condition Transaction are entered into (or, if applicable, the date of delivery of an irrevocable notice, declaration of a
Restricted Payment or similar event), if, after giving pro forma effect to the Limited Condition Transaction and any actions or
transactions related thereto (including acquisitions, Investments, the incurrence or issuance of Indebtedness, Disqualified
Capital Stock or Preferred Stock and the use of proceeds thereof, the incurrence of Liens, repayments, Restricted Payments and Asset
Sales) and any related pro forma adjustments and, at the election of the Company, any other acquisition or similar Investment,
Restricted Payment or Asset Sale that has not been consummated but with respect to which the Company has elected to test any
applicable condition prior to the date of consummation in accordance with this paragraph, as if they had occurred at the beginning
of the most recently completed four fiscal quarter period, the Company or any of its Restricted Subsidiaries could have taken such
actions or consummated such transactions on the relevant LCT Test Date in compliance with such ratio, test or basket (and any
related requirements and conditions), such ratio, test or basket (and any related requirements and conditions) shall be deemed to
have been complied with (or satisfied) for all purposes (in the case of Indebtedness, for example, whether such Indebtedness is
committed, issued or incurred at the LCT Test Date or at any time thereafter); provided that (i) if financial statements
for one or more subsequent fiscal quarters shall have become available, the Company may elect, in its sole discretion, to
re-determine all such ratios, tests or baskets on the basis of such financial statements, in which case, such date of
redetermination shall thereafter be deemed to be the applicable LCT Test Date for purposes of such ratios, tests or baskets,
(ii) except as contemplated in the foregoing clause (i), compliance with such ratios, tests or baskets (and any related
requirements and conditions) shall not be determined or tested at any time after the applicable LCT Test Date for such Limited
Condition Transaction and any such actions or transactions related thereto (including acquisitions, Investments, the incurrence
or issuance of Indebtedness, Disqualified Capital Stock or Preferred Stock and the use of proceeds thereof, the incurrence of Liens,
repayments, Restricted Payments and Asset Sales), and (iii) Consolidated Net Interest Expense and Consolidated Interest Expense
will be calculated using an assumed interest rate based on the indicative interest margin contained in any financing commitment
documentation with respect to such Indebtedness or, if no such indicative interest margin exists, as reasonably determined by the
Company in good faith.

 

(b)         For
the avoidance of doubt, if the Company has made an LCT Election, (1) if any of the ratios, tests or baskets for which compliance
was determined or tested as of the LCT Test Date would at any time after the LCT Test Date have been exceeded or otherwise failed to
have been complied with as a result of fluctuations in any such ratio, test or basket, including due to fluctuations in Consolidated
EBITDA or total assets of the Company or the Person subject to such Limited Condition Transaction or fluctuations in the share price
or value of any Person or any relevant exchange rate, such baskets, tests or ratios will not be deemed to have been exceeded or failed
to have been complied with as a result of such fluctuations (provided, for the avoidance of doubt, that the Company or any Restricted
Subsidiary may rely upon any improvement in any such ratio, test or basket availability); (2) if any related requirements and conditions
(including as to the absence of any continuing Default or Event of Default) for which compliance or satisfaction was determined or tested
as of the LCT Test Date would at any time after the LCT Test Date not have been complied with or satisfied (including due to the occurrence
or continuation of an Default or Event of Default), such requirements and conditions will not be deemed to have been failed to be complied
with or satisfied (and such Default or Event of Default shall be deemed not to have occurred or be continuing for purposes of the determination
of such compliance or satisfaction); and (3) in calculating the availability under any ratio, test or basket in connection with
any action or transaction unrelated to such Limited Condition Transaction following the relevant LCT Test Date and prior to the earlier
of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement or date for redemption,
purchase or repayment specified in an irrevocable notice for such Limited Condition Transaction is terminated, expires or passes, as
applicable, without consummation of such Limited Condition Transaction, any such ratio, test or basket shall be determined or tested
giving pro forma effect to such Limited Condition Transaction and other actions or transactions in connection therewith (including any
incurrence of debt and the use of proceeds thereof (but without netting the cash proceeds thereof)) had been consummated.

 

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Article IV

SUCCESSOR COMPANY

 

Section 4.1     Limitation
on Merger, Consolidation and Sale of Assets.

 

(a)         The
Company will not, in a single transaction or series of related transactions, consolidate or merge with or into any Person (whether or
not the Company is the surviving or continuing Person), or sell, assign, transfer, convey or otherwise dispose of (or cause or permit
any Restricted Subsidiary to sell, assign, transfer, convey or otherwise dispose of) all or substantially all of the properties and assets
of the Company or the Company and its Restricted Subsidiaries taken as a whole (determined on a consolidated basis for the Company and
its Restricted Subsidiaries), to any Person, unless:

 

(1)      either:

 

(A)       the
Company shall be the surviving or continuing corporation; or

 

(B)        the
Person (if other than the Company) formed by such consolidation or into which the Company is merged or the Person which acquires by sale,
assignment, transfer, conveyance or other disposition the properties and assets of the Company and of the Company’s Restricted
Subsidiaries substantially as an entirety (the “Successor Company”):

 

(i)            will
be an entity organized and validly existing under the laws of (x) the United States or any State thereof or the District of Columbia
or (y) Canada or any province or territory thereof; provided that if the Successor Company is not a corporation, then
a corporation wholly owned by such Person organized and validly existing under the laws of (x) the United States or any State thereof
or the District of Columbia or (y) Canada or any province or territory thereof that does not and will not have any material assets
or operations shall become a co-issuer of the Notes; and

 

(ii)            will
expressly assume, by supplemental indenture (in form reasonably satisfactory to the Trustee), executed and delivered to the Trustee,
the due and punctual payment of the principal of, and premium, if any, and interest on all of the Notes and the performance and observance
of every covenant of the Notes and this Indenture on the part of the Company to be performed or observed;

 

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(2)      immediately
after giving effect to such transaction and the assumption contemplated by clause (1)(B)(ii) above (including giving effect on
a pro forma basis to any Indebtedness, including any Acquired Indebtedness, Incurred or anticipated to be Incurred
in connection with or in respect of such transaction), (A) the Company or such Successor Company, as the case may be, is able
to Incur at least $1.00 of additional Indebtedness pursuant to Section 3.8(a) or (B) the Consolidated Leverage
Ratio of the Successor Company and its Restricted Subsidiaries would be less than such ratio for the Company and its Restricted
Subsidiaries immediately prior to such transaction;

 

(3)      immediately
before and immediately after giving effect to such transaction and the assumption contemplated by clause (1)(B)(ii) above (including,
without limitation, giving effect on a pro forma basis to any Indebtedness, including any Acquired Indebtedness, Incurred
or anticipated to be Incurred and any Lien granted in connection with or in respect of such transaction), no Default or Event of Default
shall have occurred or be continuing;

 

(4)      each
Note Guarantor (including Persons that become Note Guarantors as a result of such transaction) has confirmed by supplemental indenture
that its Note Guarantee will apply to the Obligations of the Successor Company in respect of this Indenture and the Notes; and

 

(5)      the
Company or the Successor Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that the consolidation, merger, sale, assignment, transfer, conveyance or other disposition and, if required in connection with such
transaction, the supplemental indenture, comply with this Indenture and that all conditions precedent in this Indenture relating to the
transaction have been complied with.

 

For purposes of this Section 4.1, the transfer (by assignment,
sale or otherwise, in a single transaction or series of transactions) of all or substantially all of the properties or assets of one
or more Restricted Subsidiaries of the Company, the Capital Stock of which constitutes all or substantially all of the properties and
assets of the Company (determined on a consolidated basis for the Company and its Restricted Subsidiaries), will be deemed to be the
transfer of all or substantially all of the properties and assets of the Company.

 

(b)         The
provisions of Sections 4.1(a)(2) and 4.1(a)(5) above will not apply to:

 

(1)      any
transfer of the properties or assets of a Restricted Subsidiary to the Company or to another Restricted Subsidiary;

 

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(2)      subject
to Section 10.3, any merger of a Restricted Subsidiary into the Company or another Restricted Subsidiary;

 

(3)      any
merger of the Company into a Wholly Owned Subsidiary of the Company created for the purpose of holding the Capital Stock of the Company;
or

 

(4)      a
merger between the Company and a newly-created Affiliate incorporated solely for the purpose of reincorporating the Company in another
State of the United States or in another province or under the federal laws of Canada,

 

so long as, in each case, the Indebtedness of the Company and its
Restricted Subsidiaries taken as a whole is not increased thereby.

 

(c)          Upon
any consolidation, combination or merger or any transfer of all or substantially all of the properties and assets of the Company and
its Restricted Subsidiaries in accordance with this Section 4.1, in which the Company is not the continuing corporation,
the Successor Company formed by such consolidation or into which the Company is merged or to which such conveyance, lease or transfer
is made will succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture and the
Notes with the same effect as if such Successor Company had been named as such. For the avoidance of doubt, compliance with this Section 4.1
will not affect the Obligations of the Company (including a Successor Company, if applicable) under Section 3.21, if
applicable.

 

(d)         Notwithstanding
anything to the contrary herein, neither the Company nor the Company and its Restricted Subsidiaries taken as a whole may, directly or
indirectly, lease all or substantially all of its or their respective properties or assets considered as one enterprise, in one or more
related transactions, to any other Person.

 

Article V

 

OPTIONAL
REDEMPTION OF NOTES

 

Section 5.1     Optional
Redemption. The Company may at its option, without the prior agreement of Holders redeem the Notes, as a whole or from time to time
in part, subject to the conditions and at the redemption prices specified in the form of Notes in Exhibit A.

 

Section 5.2     Election
to Redeem. The Company shall evidence its election to redeem any Notes pursuant to Section 5.1 by a Board Resolution.

 

Section 5.3     Notices
to Trustee. If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 5.1, it shall
furnish to the Trustee, at least 5 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth:
(1) the redemption date, (2) the principal amount of Notes to be redeemed, (3) the CUSIP, ISIN or other similar numbers
of such Notes and (4) the redemption price; provided that the Trustee shall not be responsible for making any calculation
with respect to such redemption price and shall be entitled to rely fully on such Officers’ Certificate delivered pursuant to this
Section 5.3.

 

Section 5.4     Notice
of Redemption. (a) The Company shall prepare and mail or cause to be mailed a notice of redemption, in the manner provided for
in Section 11.1, not less than 10 nor more than 60 days prior to the Redemption Date, to each Holder of Notes to be redeemed.

 

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(b)         All
notices of redemption shall state:

 

(1)      the
Redemption Date;

 

(2)      the
redemption price and the amount of any accrued interest payable as provided in Section 5.7;

 

(3)      whether
or not the Company is redeeming all Outstanding Notes;

 

(4)      if
the Company is not redeeming all Outstanding Notes, the aggregate principal amount of Notes that the Company is redeeming and the aggregate
principal amount of Notes that will be Outstanding after the partial redemption, as well as the identification of the particular Notes,
or portions of the particular Notes, that the Company is redeeming;

 

(5)      if
the Company is redeeming only part of a Note, the notice that relates to that Note shall state that on and after the Redemption Date,
upon surrender of that Note, the Holder will receive, without charge, a new Note or Notes of authorized denominations for the principal
amount of the Note remaining unredeemed (or appropriate adjustments of the principal amount of a Global Note will be made, as appropriate);

 

(6)      that
on the Redemption Date the redemption price and any accrued interest payable to the Redemption Date as provided in Section 5.7
will become due and payable in respect of each Note, or the portion of each Note, to be redeemed, and, unless the Company defaults
in making the redemption payment, that interest on each Note, or the portion of each Note, to be redeemed, will cease to accrue on and
after the Redemption Date;

 

(7)      the
place or places where a Holder must surrender Notes for payment of the redemption price and any accrued interest payable on the Redemption
Date;

 

(8)      the
CUSIP, ISIN or other similar number, if any, listed in the notice or printed on the Notes, and that no representation is made as
to the accuracy or correctness of such CUSIP, ISIN or other similar number; and

 

(9)      whether
the redemption is subject to one or more conditions precedent, including completion of an Equity Offering or other corporate transaction,
and describing each such condition, and if applicable, stating that, in the Company’s discretion, the date of redemption may be
delayed until such time as any or all such conditions shall be satisfied or waived, or such redemption may not occur and such notice
may be rescinded in the event that any or all such conditions shall not have been satisfied or waived by the date of redemption, or by
the date of redemption as so delayed.

 

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(c)         At
the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense; provided, however,
that the Company shall have delivered to the Trustee, at least 5 days prior to the redemption date, an Officers’ Certificate requesting
that the Trustee give such notice and setting forth the information to be stated in such notice as provided in Section 5.4(b).

 

Section 5.5     Selection
of Notes to Be Redeemed in Part. (a) If the Company is not redeeming all Outstanding Notes, the Trustee shall select the Notes
to be redeemed in compliance with the requirements of the principal national securities exchange, if any, on which Notes are listed or,
if the Notes are not then listed on a national securities exchange, on a pro rata basis, by lot or by any other method as the
Trustee shall deem fair and appropriate; provided, however, that if a partial redemption is made with the proceeds of an
Equity Offering, selection of the Notes, or portions of the Notes, for redemption shall be made by the Trustee only on a pro rata
basis or on as nearly a pro rata basis as is practicable (subject to the procedures of DTC), unless that method is otherwise
prohibited. The Trustee shall make the selection from the Outstanding Notes not previously called for redemption. The Trustee shall promptly
notify the Company in writing of the Notes selected for redemption and, in the case of any Notes selected for partial redemption, the
principal amount of the Notes to be redeemed. In the event of a partial redemption by lot, the Trustee shall select the particular Notes
to be redeemed not less than 10 nor more than 60 days prior to the relevant Redemption Date from the Outstanding Notes not previously
called for redemption. No Notes of a principal amount of less than $2,000 shall be redeemed in part. The Trustee may select for redemption
portions (equal to $2,000 or any integral multiple of $1,000 in excess thereof) of the principal amount of Notes that have denominations
larger than $2,000; provided that the principal amount of the unredeemed portion of Notes is at least $2,000.

 

(b)         For
all purposes of this Indenture, unless the context otherwise requires, all provisions relating to redemption of Notes shall relate, in
the case of any Note redeemed or to be redeemed only in part, to the portion of the principal amount of that Note which has been or is
to be redeemed.

 

Section 5.6     Deposit
of Redemption Price. On or prior to 10:00 a.m., New York City time, on the relevant Redemption Date, the Company shall deposit with
the Trustee or with a Paying Agent (or, if the Company, a Note Guarantor or an Affiliate of the Company is acting as the Paying Agent,
segregate and hold in trust as provided in Section 2.4) an amount of money in immediately available funds sufficient to pay
the redemption price of, and accrued interest on, all the Notes that the Company is redeeming on that date.

 

The Company will notify the Trustee of the redemption
price promptly after the calculation thereof. The Trustee shall have no responsibility for any calculation or determination in respect
of the redemption price of any Notes, or any component thereof, and shall be entitled to receive, and be fully protected in relying upon,
an Officers’ Certificate from the Company that states such redemption price.

 

Section 5.7     Notes
Payable on Redemption Date. If the Company, or the Trustee on behalf of the Company, gives notice of redemption in accordance
with this Article V, the Notes, or the portions of Notes, called for redemption, shall, on the Redemption Date, become
due and payable at the redemption price specified in the notice (together with accrued and unpaid interest, if any, to the
Redemption Date), and from and after the Redemption Date (unless the Company shall default in the payment of the redemption price
and accrued and unpaid interest) the Notes or the portions of Notes shall cease to bear interest. Upon surrender of any Note for
redemption in accordance with the notice, the Company shall pay the Notes at the redemption price, together with accrued and unpaid
interest, if any, to the Redemption Date (subject to the rights of Holders of record on the relevant record date to receive interest
due on the relevant Interest Payment Date). If the Company shall fail to pay any Note called for redemption upon its surrender for
redemption, the principal shall, until paid, bear interest from the Redemption Date at the rate borne by the Notes.

 

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Section 5.8     Unredeemed
Portions of Partially Redeemed Note. Upon surrender of a Note that is to be redeemed in part, the Company shall execute, and the
Trustee shall authenticate and make available for delivery to the Holder of the Note, at the expense of the Company, a new Note or Notes,
of any authorized denomination as requested by the Holder, in an aggregate principal amount equal to, and in exchange for, the unredeemed
portion of the principal of the Note surrendered, provided that each new Note will be in a principal amount of $2,000 or an integral
multiple of $1,000 in excess thereof.

 

Article VI

DEFAULTS AND REMEDIES

 

Section 6.1       Events
of Default. (a) Each of the following is an “Event of Default”:

 

(1)      default
in the payment when due of the principal of or premium, if any, on any Notes, including the failure to make a required payment to purchase
Notes tendered pursuant to an optional redemption, Change of Control Offer or an Asset Sale Offer;

 

(2)      default
for 30 days or more in the payment when due of interest on any Notes;

 

(3)      failure
by the Company or any of its Restricted Subsidiaries to comply with the provisions of Section 3.16 for 120 days after notice
to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding voting as a
single class and stating that such notice is a “notice of default”;

 

(4)      the
failure to perform or comply with Section 4.1(a);

 

(5)      the
failure by the Company or any Restricted Subsidiary to comply with any other covenant or agreement contained in this Indenture or in
the Notes for 60 days or more after notice to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount
of the Notes then outstanding voting as a single class, with a copy to the Trustee, and stating that such notice is a “notice of
default”;

 

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(6)          default by the Company or any Restricted Subsidiary under any Indebtedness which:

 

(A)            is
caused by a failure to pay principal of or premium, if any, or interest on such Indebtedness prior to the expiration of any applicable
grace period provided in such Indebtedness on the date of such default; or

 

(B)            results
in the acceleration of such Indebtedness prior to its stated maturity;

 

and the principal or accreted amount of Indebtedness covered by clause
(A) or (B) above at the relevant time, aggregates $50.0 million or more and has not been discharged in full or such acceleration
rescinded or annulled within 20 days of such payment default or acceleration.

 

(7)            failure
by the Company or any of its Significant Subsidiaries (or any group of Restricted Subsidiaries that, taken together, would constitute
a Significant Subsidiary) to pay one or more final non-appealable judgments against any of them which are not covered by adequate insurance
by a solvent insurer of national or international reputation which has acknowledged its obligations in writing, aggregating $50.0 million
or more, which judgment(s) are not paid, discharged or stayed for a period of 60 days or more;

 

(8)            a
Bankruptcy Event of Default; or

 

(9)            except
as permitted by this Indenture, any Note Guarantee of any Significant Subsidiary (or any group of Restricted Subsidiaries that, taken
together, would constitute a Significant Subsidiary) is held to be unenforceable or invalid in a judicial proceeding or ceases for any
reason to be in full force and effect (except as provided therein) or any Note Guarantor that is a Significant Subsidiary (or any group
of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary), or any Person acting on behalf of such Note
Guarantor, denies or disaffirms such Note Guarantor’s obligations under its Note Guarantee and such Default continues for 20 days
or more after notice to the Company by the Trustee or the Holders of at least 25% in principal amount of outstanding Notes.

 

The foregoing will constitute Events of Default whatever the reason
for any such Event of Default and whether it is voluntary or involuntary or is 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.

 

(b)            The
Company shall deliver to a Trust Officer of the Trustee at its Corporate Trust Office written notice of any event which would
constitute a Default or an Event of Default, its status and what action the Company is taking or proposes to take in respect
thereof, within five Business Days after the Company becomes aware of the occurrence of such event. If a Default or Event of
Default occurs, is continuing and a Trust Officer of the Trustee has received written notice of such Default or Event of Default at
its Corporate Trust Office, the Trustee shall transmit to each Holder of Notes notice of the Default or Event of Default within 90
days after the occurrence thereof. Except in the case of a Default or Event of Default in the payment of principal of, premium, if
any, or interest on any Note, the Trustee may withhold notice if and so long as a committee of its trust officers in good faith
determines that withholding notice is in the interests of the Holders of Notes.

 

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Section 6.2       Acceleration.

 

(a)            If
an Event of Default (other than an Event of Default specified in clause (8) of Section 6.1(a) with respect to the
Company) shall occur and be continuing, the Trustee or the Holders of at least 25% in principal amount of Outstanding Notes may declare
the unpaid principal of (and premium, if any) and accrued and unpaid interest on all the Notes to be immediately due and payable by notice
in writing to the Company and the Trustee specifying the Event of Default and that it is a “notice of acceleration” (an “Acceleration
Declaration”). If an Event of Default specified in clause (8) of Section 6.1(a) occurs with respect to
the Company, then the unpaid principal of (and premium, if any) and accrued and unpaid interest on all the Notes will become immediately
due and payable without any declaration or other act on the part of the Trustee or any Holder.

 

(b)            At
any time after an Acceleration Declaration as set forth in Section 6.2(a), the Holders of a majority in principal amount of
the Notes may rescind and cancel such declaration and its consequences:

 

(1)            if
the rescission would not conflict with any judgment or decree;

 

(2)            if
all existing Events of Default have been cured or waived, except nonpayment of principal or interest that has become due solely because
of the acceleration;

 

(3)            to
the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which has become
due otherwise than by such declaration of acceleration, has been paid; and

 

(4)            if
the Company has paid the Trustee its reasonable compensation and reimbursed the Trustee for its reasonable expenses, disbursements and
advances.

 

No rescission will affect any subsequent Default or impair any rights
relating thereto.

 

Section 6.3       Other
Remedies. (a) If an Event of Default occurs and is continuing, the Trustee may pursue any available contractual remedy under
this Indenture to collect the payment of principal of, premium, if any, and interest on the Notes or to enforce the performance of any
provision of the Notes or this Indenture.

 

(b)            The
Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder in exercising any contractual right or remedy under this Indenture accruing upon an Event of
Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All available remedies
are cumulative to the extent permitted by law.

 

Section 6.4       Waiver
of Past Defaults. The Holders of a majority in principal amount of the Notes may waive any existing Default or Event of Default under
this Indenture, and its consequences, except a default in the payment of the principal of, premium, if any, or interest on any Notes.

 

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Section 6.5       Control
by Majority. The Holders of a majority in principal amount of the Outstanding Notes may direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee pursuant to this Indenture or of exercising any trust or power conferred on the
Trustee pursuant to this Indenture. Subject to Sections 7.1 and 7.2, however, the Trustee may refuse to follow any
direction that conflicts with law or this Indenture; provided, however, that the Trustee may take any other action
deemed proper by the Trustee that is not inconsistent with such direction.

 

Section 6.6     Limitation
on Suits. (a)  No Holder of any Notes will have any right to institute any proceeding with respect to this Indenture or for any
remedy thereunder, unless:

 

(1)            such
Holder gives to the Trustee written notice of a continuing Event of Default;

 

(2)            Holders
of at least 25% in principal amount of the then Outstanding Notes make a written request to pursue the remedy;

 

(3)            such
Holders of the Notes provide to the Trustee indemnity satisfactory to the Trustee;

 

(4)            the
Trustee does not comply within 60 days after the receipt of the request and offer of indemnity; and

 

(5)            during
such 60-day period provided in clause (4) above, the Holders of a majority in principal amount of the Outstanding Notes do not give
the Trustee a written direction which is inconsistent with the request,

 

provided
that a Holder of a Note may institute suit for enforcement of payment of the principal of and premium, if any, or interest on such Note
on or after the respective due dates expressed in such Note.

 

Section 6.7       Rights
of Holders to Bring Suit for Payment. Notwithstanding any other provision of this Indenture (including, without limitation, Section 6.6),
the contractual right expressly set forth in this Indenture of any Holder to bring suit for the enforcement of any payment of
principal of, premium, if any, or interest on the Notes held by such Holder, on or after the respective due dates, Redemption Dates
or repurchase date expressed in this Indenture or the Notes, shall not be amended without the consent of such Holder.

 

Section 6.8       Collection
Suit by Trustee. If an Event of Default specified in clause (1) or (2) of Section 6.1(a) occurs and is
continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company and each Note Guarantor
for the whole amount then due and owing (together with applicable interest on any overdue principal and, to the extent lawful, interest
on overdue interest) and the amounts provided for in Section 7.7.

 

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Section 6.9     Trustee
May File Proofs of Claim, etc. (a) The Trustee may:

 

(1)            file
such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the
Holders under this Indenture and the Notes allowed in any bankruptcy, insolvency, liquidation or other judicial proceedings relative
to the Company, any Note Guarantor or any Subsidiary of the Company or their respective creditors or properties; and

 

(2)            collect
and receive any monies or other property payable or deliverable in respect of any such claims and distribute them in accordance with this
Indenture.

 

Any receiver, trustee, liquidator, sequestrator (or other similar official)
in any such proceeding is hereby authorized by each Holder 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, to pay to the Trustee any amount due to it for the reasonable compensation,
expenses, taxes, disbursements and advances of the Trustee, its agent and counsel, and any other amounts due to the Trustee pursuant to
Section 7.7.

 

(b)            Nothing
in this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan
of reorganization, examinership, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

Section 6.10     Priorities.
If the Trustee collects any money or property pursuant to this Article VI or, after an Event of Default, any money or property
is distributable in respect of the Company’s obligations under the Notes or this Indenture, such money or property shall be paid
out in the following order:

 

FIRST: to the Trustee (including any
predecessor Trustee) for amounts due under Section 7.7;

 

SECOND: to Holders for amounts due and
unpaid on the Notes for principal and interest, ratably, without preference or priority of any kind, according to the amounts due and
payable on the Notes for principal and interest, respectively; and

 

THIRD: to the Company or, to the extent
the Trustee collects any amount pursuant to Article X hereof from any Note Guarantor, to such Note Guarantor, or to such party
as a court of competent jurisdiction shall direct.

 

The Trustee may, upon written notice to the Company, fix a record date
and payment date for any payment to Holders pursuant to this Section 6.10.

 

Section 6.11     Undertaking
for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any
action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking
to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees
and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by
the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.7
or a suit by Holders of more than 10% in principal amount of Outstanding Notes.

 

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Article VII

 

TRUSTEE

 

Section 7.1       Duties
of Trustee. (a) If a Default or an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights
and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise
or use under the circumstances in the conduct of his or her own affairs.

 

(b)            Except
during the continuance of a Default or an Event of Default:

 

(1)            the
Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture 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.
However, in the case of any such certificates or opinions that by any provisions hereof are specifically required to be furnished to the
Trustee, the Trustee shall examine such certificates and opinions to determine whether or not they conform to the requirements of this
Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts, statements, opinions or conclusions).

 

(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) does not limit the effect of paragraph (b) or (f) of this Section 7.1;

 

(2)            the
Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee was negligent
in ascertaining the pertinent facts; and

 

(3)            the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with the direction of the
Holders of a majority in principal amount of Outstanding Notes, determined as provided herein, 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 with respect to the Notes.

 

(d)            The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.

 

(e)            Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

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(f)             No
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe
that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

 

(g)            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 Article VII.

 

(h)            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 and such Officer’s name is evidenced on a certificate setting forth the names of individuals and/or
titles of officers authorized to take specified actions pursuant to this Indenture.

 

(i)             The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against
the costs, expenses (including reasonable attorneys’ fees and expenses) and liabilities that might be incurred by it in compliance
with such request or direction.

 

(j)             The
Trustee shall not be responsible for the application of any money by any Paying Agent other than the Trustee.

 

(k)            No
provision of this Indenture shall be deemed to impose any duty or obligation on the Trustee to perform any act or acts, receive or obtain
any interest in property or exercise any interest in property, or exercise any right, power, duty or obligation conferred or imposed on
it in any jurisdiction in which it shall be illegal, or in which the Trustee shall be unqualified or incompetent in accordance with applicable
law, to perform any such act or acts, to receive or obtain any such interest in property or to exercise any such right, power, duty or
obligation; and no permissive or discretionary power or authority available to the Trustee shall be construed to be a duty.

 

Section 7.2       Rights
of Trustee. Subject to the provisions of Section 7.1:

 

(a)            The
Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other
paper or any document believed by it to be genuine and to have been signed or presented by the proper party or parties. The Trustee need
not investigate any fact or matter stated in the document.

 

(b)            Whenever
in the administration of this Indenture, the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering
or omitting any action hereunder at the direction of the Company or any Note Guarantor, the Trustee may require an Officers’ Certificate
or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officers’
Certificate or Opinion of Counsel.

 

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(c)            The
Trustee may execute any of the trusts or power hereunder or perform any duties hereunder either directly or by or through its attorneys
and agents and the Trustee shall not be responsible for the misconduct or negligence on the part of any attorney or agent appointed with
due care by it hereunder.

 

(d)            The
Trustee shall not be liable for any action it takes, suffers to exist or omits to take in good faith which it believes to be authorized
or within its discretion or its rights or powers conferred upon it by this Indenture.

 

(e)            The
Trustee may consult with counsel of its selection, and the advice or opinion of counsel shall be full and complete authorization and protection
from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in reliance thereon.

 

(f)            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, 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.

 

(g)            The
Trustee shall not be deemed to have notice or be charged with knowledge of any Default or Event of Default unless written notice of such
Default or Event of Default from the Company or any Holder is received by a Trust Officer of the Trustee at the Corporate Trust Office
of the Trustee, and such notice references the Notes and this Indenture.

 

(h)            The
rights, privileges, protections, immunities and benefits given to the Trustee, 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 to each agent, custodian and other
Person employed to act hereunder; provided, however, (i) any agent, custodian and other Person employed to act hereunder
shall only be liable to the extent of its gross negligence or willful misconduct; and (ii) only the Trustee, and not any agent, custodian
or other Person employed to act hereunder, shall be held to a prudent person standard upon the occurrence of and during an Event of Default.

 

(i)             The
Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture, which certificate may be signed by any Person authorized to sign an
Officers’ Certificate, including any Person specified as so authorized in any such certificate previously delivered and not superseded.

 

(j)             Any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Order and any resolution of the Board
of Directors may be sufficiently evidenced by a Board Resolution.

 

(k)            Anything
in this Indenture notwithstanding, in no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage
of any kind whatsoever (including but not limited to loss of profit), even if the Trustee has been advised as to the likelihood of such
loss or damage and regardless of the form of action.

 

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(l)            The
Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising
out of or caused, directly or indirectly, by circumstances beyond its control, including, without limitation, any provision of any future
law or regulation or any future act of any Governmental Authority, acts of God; earthquakes; fire; flood; terrorism;
wars and other military disturbances; sabotage; pandemics; epidemics; riots; interruptions; loss or malfunctions
of utilities, computer (hardware or software) or communication services; accidents; labor disputes; acts of civil or military
authority and governmental action.

 

Section 7.3       Individual
Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise
deal with the Company, the Note Guarantors or any of their Affiliates with the same rights it would have if it were not Trustee. Any Authenticating
Agent, Paying Agent, Registrar or co-Registrar or any other agent of the Company may do the same with like rights. However, the Trustee
must comply with Sections 7.10 and 7.11.

 

Section 7.4       Trustee’s
Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity, sufficiency or adequacy of this
Indenture or the Notes. The Trustee or any Authenticating Agent shall not be accountable for the Company’s use of the proceeds from
the Notes, and it shall not be responsible for any statement of the Company in this Indenture, including the recitals contained therein,
or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication,
and the Trustee assumes no responsibility for their correctness. The Trustee shall have no duty to monitor or investigate the Company’s
compliance with or the breach of, or cause to be performed or observed, any representation, warranty, or covenant, or agreement of any
Person, other than the Trustee, made in this Indenture.

 

Section 7.5       Notice
of Defaults. If a Default or Event of Default occurs and is continuing and a Trust Officer of the Trustee has received written notice
of such Default or Event of Default at its Corporate Trust Office, the Trustee shall transmit by first-class mail to each Holder, as their
names and addresses appear in the Note Register, notice of the Default or Event of Default within 90 days after the occurrence thereof.
Except in the case of a Default or Event of Default in payment of principal of, premium or interest on any Note (including payments pursuant
to the optional redemption or required repurchase provisions of such Note, if any), the Trustee may withhold the notice if and so long
as the board of directors, the executive committee or a trust committee of directors or Trust Officers of the Trustee in good faith determines
that withholding the notice is in the interests of the Holders of Notes and, in the case of a Default under Section 6.1(a)(2) with
respect to the Notes, the Trustee is not required to give such notice to Holders until the expiration of the 30-day grace period specified
in such Section 6.1(a)(2).

 

Section 7.6       Reports
by Trustee to Holders. The Trustee shall comply with TIA § 313. The Company agrees to notify promptly the Trustee whenever
the Notes become listed on any stock exchange and of any delisting thereof.

 

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Section 7.7       Compensation
and Indemnity. (a) The Company and each Note Guarantor shall jointly and severally pay to the Trustee from time to time reasonable
compensation for its acceptance of this Indenture and all services rendered by it hereunder as the Company and the Trustee shall from
time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express
trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it, including
costs of collection, costs of preparing and reviewing reports, certificates and other documents, costs of preparation and mailing of
notices to Holders and reasonable costs of counsel retained by the Trustee in connection with the delivery of an Opinion of Counsel or
otherwise, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Trustee’s agents, counsel, accountants and experts.

 

(b)            The
Company and each Note Guarantor shall jointly and severally indemnify each of the Trustee or any predecessor Trustee and their officers,
agents, directors and employees for, and hold them harmless against, any and all loss, damages, claims, liability or expenses (including
reasonable attorneys’ fees and expenses and taxes (other than taxes based upon, measured by or determined by the income of the Trustee))
incurred by it without gross negligence, willful misconduct or bad faith on its part in connection with the acceptance and administration
of this trust and the performance of its duties hereunder, including the costs and expenses of enforcing this Indenture (including this
Section 7.7) and of defending itself against any claims (whether asserted by any Holder, the Company, any Note Guarantor or
otherwise). The Trustee shall notify the Company and each Note Guarantor promptly of any claim for which it may seek indemnity. Failure
by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim
and the Trustee may have one separate counsel (and, if applicable, special counsel) and the Company shall pay the reasonable fees and
expenses of such counsel provided that the Company shall not be required to pay such fees and expenses if it assumes the Trustee’s
defense, and, in the reasonable judgment of outside counsel to the Trustee, there is no conflict of interest between the Company and the
Trustee in connection with such defense. The Company need not reimburse any expense or indemnify against any loss, liability or expense
incurred by the Trustee through the Trustee’s own willful misconduct, gross negligence or bad faith.

 

(c)            To
secure the Company’s payment obligations in this Section 7.7, the Trustee shall have a lien prior to the Notes on all
money and property held or collected by the Trustee other than money and property held in trust to pay principal of, premium, if any,
and interest on particular Notes.

 

(d)            The
Company’s payment obligations pursuant to, and the lien provided for in, this Section 7.7 shall survive the satisfaction
and discharge of this Indenture, the termination for any reason of this Indenture and the resignation or removal of the Trustee. When
the Trustee incurs expenses after the occurrence of a Bankruptcy Event of Default, the expenses are intended to constitute expenses of
administration under any Bankruptcy Law; provided, however, that this shall not affect the Trustee’s rights as
set forth in this Section 7.7 or Section 6.10.

 

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(e)            “Trustee”
for purposes of this Section 7.7 shall include any predecessor Trustee; provided, however, that the negligence,
willful misconduct or bad faith of any Trustee hereunder shall not affect the rights of any other Trustee hereunder.

 

Section 7.8       Replacement
of Trustee. (a) The Trustee or any successor hereunder may resign at any time by so notifying the Company. The Holders of a
majority in principal amount of the Outstanding Notes may remove the Trustee by so notifying the Trustee and may appoint a
successor Trustee reasonably acceptable to the Company. The Company shall remove the Trustee if:

 

(1)            the
Trustee fails to comply with Section 7.10;

 

(2)            the
Trustee is adjudged bankrupt or insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;

 

(3)            a
receiver or other public officer takes charge of the Trustee or its property; or

 

(4)            the
Trustee otherwise becomes incapable of acting.

 

(b)            If
the Trustee resigns or is removed by the Company or by the Holders of a majority in principal amount of the Outstanding Notes, or if a
vacancy exists in the office of the Trustee for any reason (the Trustee in such event being referred to herein as the “retiring
Trustee”), the Company shall promptly appoint a successor Trustee.

 

(c)            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 successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly
transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.7;
provided all sums owing to the retiring Trustee hereunder have been paid.

 

(d)            If
a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee or the
Holders of 10% in principal amount of the Outstanding Notes may petition, at the Company’s expense, any court of competent jurisdiction
for the appointment of a successor Trustee.

 

(e)            If
the Trustee fails to comply with Section 7.10, any Holder may petition any court of competent jurisdiction for the removal
of the Trustee and the appointment of a successor Trustee.

 

(f)             Notwithstanding
the replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7
shall continue for the benefit of the retiring Trustee.

 

Section 7.9     Successor
Trustee by Merger. (a) If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate
trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking
association without any further act shall be the successor Trustee.

 

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(b)            In
case at the time such successor or successors to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall
have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor
trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any
successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to
the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture
provided that the certificate of the Trustee shall have.

 

Section 7.10     Eligibility;
Disqualification. The Trustee shall at all times satisfy the requirements of TIA § 310(a). The Trustee shall have a combined
capital and surplus of at least $50 million as set forth in its most recent published annual report of condition. The Trustee shall comply
with TIA § 310(b); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any
indenture or indentures under which other securities or certificates of interest or participation in other securities of the Company are
outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met.

 

Section 7.11     Preferential
Collection of Claims Against Company. The Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed
in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated.

 

Section 7.12     Appointment
of Co-Trustees. At any time or times, for the purpose of meeting the legal requirements of any applicable jurisdiction, each of the
Company and the Trustee shall have power to appoint, and, upon the written request of the Trustee or of the Holders of at least 25% in
principal amount of the Notes then Outstanding, the Company and each applicable Note Guarantor shall for such purpose join with the Trustee
in the execution and delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Trustee
and, if no Event of Default shall have occurred and be continuing, by the Company either to act as co-trustee, jointly with the Trustee,
or to act as separate trustee, in either case with such powers as may be provided in the instrument of appointment, and to vest in such
Person or Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other
provisions of this Section 7.12. If the Company or any applicable Note Guarantor does not join in such appointment within
fifteen days after the receipt by it of a request so to do, or if an Event of Default shall have occurred and be continuing, the Trustee
alone shall have power to make such appointment.

 

Should any written instrument or instruments from
the Company or any Note Guarantor be required by any co-trustee or separate trustee so appointed to more fully confirm to such co-trustee
or separate trustee such property, title, right or power, any and all such instruments shall, on request, be executed, acknowledged and
delivered by the Company and/or such Note Guarantor.

 

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Every co-trustee or separate trustee shall, to
the extent permitted by law and applicable regulation, but to such extent only, be appointed subject to the following conditions:

 

(1)            the
Notes shall be authenticated and delivered, and all rights, powers, duties and obligations hereunder in respect of the custody of
securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder,
shall be exercised solely, by the Trustee;

 

(2)            the
rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect of any property covered by such appointment
shall be conferred or imposed upon and exercised or performed either by the Trustee or by the Trustee and such co-trustee or separate
trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under
any law or applicable regulation of any jurisdiction in which any particular act is to be performed the Trustee shall be incompetent or
unqualified to perform such act, in which event such rights, powers, duties and obligations shall be exercised and performed by such co-trustee
or separate trustee, but solely at the direction of the Trustee;

 

(3)            the
Trustee at any time, by an instrument in writing executed by it, with the concurrence of the Company, may accept the resignation of or
remove any co-trustee or separate trustee appointed under this Section 7.12, and, if an Event of Default shall have occurred
and be continuing, the Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without
the concurrence of the Company. The Company and each applicable Note Guarantor shall join with the Trustee in the execution and delivery
of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate
trustee so resigned or removed may be appointed in the manner provided in this Section 7.12; and

 

(4)            neither
the Trustee nor any co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of any other
trustee hereunder.

 

Every instrument appointing any separate trustee
or co-trustee shall refer to this Indenture and the conditions of this Article VII. Each separate trustee and co-trustee,
upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment,
either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically
including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection or rights
(including the rights to compensation, reimbursement and indemnification hereunder) to, the Trustee. Every such instrument shall be filed
with the Trustee.

 

Any separate trustee or co-trustee may at any time
constitute the Trustee its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law and applicable
regulations, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of his, her or its estates, properties, rights, remedies and trusts shall
vest in and be exercised by the Trustee, to the extent permitted by law and applicable regulations, without appointment of a new or successor
trustee.

 

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Article VIII

 

DEFEASANCE; DISCHARGE OF INDENTURE

 

Section 8.1       Legal
Defeasance and Covenant Defeasance.

 

(a)            The
Company may, at its option, at any time, elect to have either Section 8.1(b) or (c) be applied to all Outstanding
Notes upon compliance with the conditions set forth in Section 8.2.

 

(b)            Upon
the Company’s exercise under paragraph (a) hereof of the option applicable to this paragraph (b), the Company shall, subject
to the satisfaction of the conditions set forth in Section 8.2, be deemed to have been discharged from its obligations with
respect to all Outstanding Notes on the date all of the conditions set forth in Section 8.2 (including Section 8.2(4)(B))
are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall
be deemed to have paid and discharged the entire Indebtedness represented by the Outstanding Notes, which shall thereafter be deemed to
be Outstanding only for the purposes of Section 8.3 hereof and the other Sections of this Indenture referred to in clause
(i) or (ii) of Section 8.1(b), and to have satisfied all its other obligations under such Notes and this Indenture
(and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for
the following provisions, which shall survive until otherwise terminated or discharged hereunder:

 

(1)            the
rights of Holders to receive solely from the trust fund described in Section 8.3, and as more fully set forth in Section 8.3,
payments in respect of the principal of, premium, if any, and interest on such Notes when such payments are due,

 

(2)            the
Company’s obligations with respect to such Notes under Article II and Section 3.2,

 

(3)            the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in connection therewith, and

 

(4)            this
Article VIII.

 

Subject to compliance with this Article VIII, the Company
may exercise its option under this paragraph (b) notwithstanding the prior exercise of its option under Section 8.1(c).

 

(c)            Upon
the Company’s exercise under Section 8.1(a) of the option applicable to this paragraph (c), the Company
shall, subject to the satisfaction of the applicable conditions set forth in Section 8.2, be released from its
obligations under the covenants contained in Section 3.4, Section 3.5, Sections 3.8 through 3.22,
clauses (2) and (4) of Section 4.1(a), Sections 4.1(b) and (c) and Section 10.7
hereof with respect to the Outstanding Notes on and after the date the conditions set forth below are satisfied (hereinafter,
“Covenant Defeasance”), and the Notes shall thereafter be deemed not Outstanding for the purposes of any
direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such
covenants, but shall continue to be Outstanding for all other purposes hereunder (it being understood that such Notes shall not be
deemed Outstanding for accounting purposes). For this purpose, such Covenant Defeasance means that, with respect to the Outstanding
Notes, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in
any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of
any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not
constitute a Default or an Event or Default under Sections 6.1(a)(3), (4), (5) (solely with respect
to the covenants that are released upon a Covenant Defeasance), (6), (7) and (9) hereof,
but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby.

 

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Section 8.2     Conditions
to Defeasance. (a) The Company may exercise its Legal Defeasance option or its Covenant Defeasance option only if:

 

(1)            the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, U.S. Legal Tender, U.S. Government Obligations,
or a combination thereof, in such amounts as will be sufficient without reinvestment, as confirmed by a letter from an Independent Financial
Advisor to pay the principal of, premium, if any, and interest on the Notes on the stated date for payment thereof or on the applicable
redemption date, as the case may be;

 

(2)            in
the case of Legal Defeasance, the Company has delivered to the Trustee an Opinion of Counsel from counsel in the United States who is
reasonably acceptable to the Trustee and independent of the Company to the effect that, subject to customary assumptions and exclusions:

 

(A)            the
Company has received from, or there has been published by, the Internal Revenue Service a ruling; or

 

(B)            since
the Issue Date, there has been a change in the applicable U.S. federal income tax law,

 

in either case to the effect that and based thereon such
Opinion of Counsel shall state that, the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result
of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such Legal Defeasance had not occurred;

 

(3)            in
the case of Covenant Defeasance, the Company has delivered to the Trustee an Opinion of Counsel from counsel in the United States
who is reasonably acceptable to the Trustee to the effect that, subject to customary assumptions and exclusions, the Holders will
not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject
to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such
Covenant Defeasance had not occurred;

 

(4)            no
Default or Event of Default shall have occurred and be continuing on the date of the deposit pursuant to clause (1) of this Section 8.2
(except any Default or Event of Default resulting from the failure to comply with Section 3.8 as a result of the borrowing
of the funds required to effect such deposit and the granting of Liens in connection therewith) and the Trustee has received Officers’
Certificates to such effect on the date of such deposit;

 

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(5)            the
Trustee has received an Officers’ Certificate stating that such Legal Defeasance or Covenant Defeasance will not result in a breach
or violation of, or constitute a Default under this Indenture or any other material agreement or instrument to which the Company or any
of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound;

 

(6)            the
Company has delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent
of preferring the Holders over any other creditors of the Company or any Subsidiary of the Company or with the intent of defeating, hindering,
delaying or defrauding any other creditors of the Company or others; and

 

(7)            the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject
to customary assumptions and exclusions) from counsel who is reasonably acceptable to the Trustee, each stating that all conditions precedent
provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

Section 8.3       Application
of Trust Money. The Trustee shall hold in trust all U.S. Legal Tender and U.S. Government Obligations (including in each case proceeds
thereon) deposited with it pursuant to this Article VIII. It shall apply the deposited U.S. Legal Tender or U.S. Government
Obligations (including in each case proceeds thereon) through the Paying Agent and in accordance with this Indenture to the payment of
principal of and interest on the Notes.

 

Section 8.4       Repayment
to Company. (a) The Trustee and the Paying Agent shall promptly turn over to the Company upon request any excess money or securities
held by them (including in each case proceeds thereon) upon payment of all the obligations under this Indenture.

 

(b)            Subject
to any applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by
them for the payment of principal of, premium or interest on the Notes that remains unclaimed for two years, and, thereafter,
Holders entitled to the money must look to the Company for payment as general creditors.

 

Section 8.5        Indemnity
for U.S. Government Obligations. The Company shall pay and shall indemnify the Trustee against any tax (other than tax on income resulting
from the Trustee’s services), fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal
and interest received on such U.S. Government Obligations.

 

Section 8.6       Reinstatement.
If the Trustee or Paying Agent is unable to apply any U.S. Legal Tender or U.S. Government Obligations in accordance with this Article VIII
by reason of any legal proceeding or by reason of any order or judgment of any court or Governmental Authority enjoining, restraining
or otherwise prohibiting such application, the obligations of the Company under this Indenture and the Notes shall be revived and reinstated
as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or Paying Agent is permitted
to apply all such U.S. Legal Tender or U.S. Government Obligations in accordance with this Article VIII; provided,
however, that, if the Company has made any payment of principal of, premium, if any, and interest on any Notes because of the reinstatement
of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the U.S. Legal
Tender or U.S. Government Obligations held by the Trustee or Paying Agent.

 

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Section 8.7       Satisfaction
and Discharge. This Indenture will be discharged and will cease to be of further effect (except as to surviving rights or registration
of transfer or exchange of the Notes and except as otherwise expressly provided for in this Indenture) as to all Outstanding Notes when:

 

(a)            either:

 

(1)            all
the Notes theretofor executed, authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid and
Notes for whose payment money has theretofor been deposited in trust or segregated and held in trust by the Company and thereafter repaid
to the Company or discharged from such trust) have been delivered to the Trustee for cancellation; or

 

(2)            all
Notes not theretofor delivered to the Trustee for cancellation have become due and payable by reason of the making of a notice of
redemption or otherwise, will become due and payable within one year or are to be called for redemption within one year, and the
Company has irrevocably deposited or caused to be deposited with the Trustee U.S. Legal Tender or U.S. Government Obligations
sufficient without reinvestment, as confirmed in the case of a deposit of obligations of, or guaranteed by, the United States by a
letter from an Independent Financial Advisor, to pay and discharge the entire indebtedness, including all principal, premium, if
any, and interest to the date of deposit (in the case of Notes which have become due and payable) or to the Stated Maturity
or Redemption Date, as the case may be, on the Notes not theretofor delivered to the Trustee for cancellation, together with
irrevocable instructions from the Company directing the Trustee to apply such funds to the payment of such Notes;

 

(b)            the
Company has paid all other sums payable under this Indenture and the Notes by it; and

 

(c)            the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel each stating that all conditions precedent
under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with.

 

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Article IX

 

AMENDMENTS

 

Section 9.1      Without
Consent of Holders. (a) The Company, the Note Guarantors and the Trustee may amend or supplement this Indenture, any Note Guarantee
or the Notes without notice to or consent of any Holder:

 

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

 

(2)            to
comply with Article IV in respect of the assumption by a Successor Company of the obligations of the Company under the Notes
and this Indenture;

 

(3)            to
provide for uncertificated Notes in addition to or in place of Certificated Notes; provided, however, that the uncertificated
Notes are issued in registered form for purposes of Section 163(f) of the Code;

 

(4)            to
add Note Guarantees with respect to the Notes or to secure the Notes;

 

(5)            to
add to the covenants of the Company or the Note Guarantors for the benefit of the Holders or to surrender any right or power herein conferred
upon the Company or the Note Guarantors;

 

(6)            to
comply with any requirements of the Commission in connection with qualifying this Indenture under the TIA, if this Indenture is to be
so qualified;

 

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

 

(8)            [reserved];

 

(9)            to
provide for the issuance of Additional Notes as permitted by Sections 2.2(c) and Section 2.14, which will
be treated, together with any other Outstanding Notes, as a single issue of securities;

 

(10)          to
conform the text of this Indenture, Note Guarantees or the Notes to any provision of the “Description of Notes” section of
the Offering Circular to the extent that such provision in such “Description of Notes” section was intended to be a verbatim
recitation of a provision of this Indenture, the Note Guarantees or the Notes; or

 

(11)          to
make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture,
including, without limitation, to facilitate the issuance and administration of the Notes; provided, however, that
(i) compliance with this Indenture as so amended would not result in Notes being transferred in violation of the Securities Act
or any applicable securities laws and (ii) such amendment does not materially and adversely affect the rights of Holders to transfer
Notes.

 

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(b)            After
an amendment or supplement under this Section 9.1 becomes effective, the Company shall mail to Holders a notice briefly describing
such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment
under this Section 9.1.

 

Section 9.2       With
Consent of Holders. (a) The Company, the Note Guarantors and the Trustee may amend or supplement this Indenture or the Notes
without notice to any Holder but with the written consent of the Holders of at least a majority in principal amount of the then Outstanding
Notes (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes).
Subject to Section 6.4, the Holder or Holders of a majority in aggregate principal amount of the Outstanding Notes may waive
compliance by the Company and the Note Guarantors with any provision of this Indenture or the Notes. However, without the consent of each
Holder affected, an amendment may not:

 

(1)            reduce
the amount of Notes whose Holders must consent to an amendment or waiver;

 

(2)            reduce
the rate of or change or have the effect of changing the time for payment of interest, including Defaulted Interest, if any, on any Notes;

 

(3)            reduce
the principal of or change or have the effect of changing the Stated Maturity of any Notes, or change the date on which any Notes may
be subject to redemption, or reduce the redemption price therefor as set forth in Article V;

 

(4)            make
any Notes payable in money other than that stated in the Notes;

 

(5)            make
any change in the provisions of this Indenture entitling each Holder to receive payment of principal of, premium, if any, and interest
on such Notes on or after the due date thereof or setting forth the contractual right to bring suit to enforce such payment, or permitting
Holders of a majority in principal amount of Notes to waive Defaults or Events of Default; or

 

(6)            eliminate
or modify in any manner the obligations of a Note Guarantor with respect to its Note Guarantee, which adversely affects Holders in any
material respect, except contemplated in this Indenture.

 

(b)            It
shall not be necessary for the consent of the Holders under this Section 9.2 to approve the particular form of any proposed
amendment, supplement or waiver but it shall be sufficient if such consent approves the substance thereof.

 

(c)            After
an amendment, supplement or waiver under this Section 9.2 becomes effective, the Company shall mail to Holders a notice briefly
describing such amendment, supplement or waiver. The failure to give such notice to all Holders, or any defect therein, shall not impair
or affect the validity of an amendment, supplement or waiver under this Section 9.2.

 

Section 9.3       [reserved].

 

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Section 9.4       Revocation
and Effect of Consents and Waivers. (a) A consent to an amendment, supplement or waiver by a Holder of a Note shall bind the
Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note,
even if notation of the consent or waiver is not made on the Note. However, any such Holder or subsequent Holder may revoke the consent
or waiver as to such Holder’s Note or portion of such Note if the Trustee receives the notice of revocation before the date the
amendment, supplement or waiver becomes effective. After an amendment, supplement or waiver becomes effective, it shall bind every Holder,
except as otherwise provided in this Article IX. An amendment, supplement or waiver shall become effective upon receipt by
the Trustee of the requisite number of written consents under Section 9.2.

 

(b)            The
Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent
or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then
notwithstanding the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies),
and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether
or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 90 days after
such record date.

 

Section 9.5       Notation
on or Exchange of Notes. If an amendment or supplement changes the terms of a Note, the Trustee may require the Holder of the Note
to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return it to the
Holder. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Note will execute and upon Company
Order the Trustee will authenticate and make available for delivery a new Note that reflects the changed terms. Failure to make the appropriate
notation or to issue a new Note shall not affect the validity of such amendment or supplement.

 

Section 9.6       Trustee
to Sign Amendments and Supplements. The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article IX
if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the
Trustee may but need not sign it. In signing such amendment, supplement or waiver, the Trustee shall be entitled to receive indemnity
reasonably satisfactory to it and to receive, and (subject to Sections 7.1 and 7.2) shall be fully protected in relying
upon an Opinion of Counsel and an Officers’ Certificate stating that such amendment, supplement or waiver is authorized or permitted
by this Indenture, that all conditions precedent to the execution of such amendment, supplement or waiver have been complied with, and
(other than any supplemental indenture executed pursuant to Section 10.7) that such amendment, supplement or waiver is the
legal, valid and binding obligation of the Company and any Note Guarantors party thereto, enforceable against them in accordance with
its terms, subject to customary exceptions.

 

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Article X

 

NOTE GUARANTEES

 

Section 10.1     Note
Guarantees. (a) Each Note Guarantor hereby fully, unconditionally and irrevocably guarantees, as primary obligor and not merely
as surety, to the extent permitted by law, jointly and severally with each Note Guarantor, to each Holder and the Trustee, the full and
punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the Obligations (such guaranteed Obligations,
the “Guaranteed Obligations”). Each Note Guarantor further agrees that its Note Guarantee herein constitutes a guarantee
of payment when due (and not a guarantee of collection) and agrees to pay, in addition to the amounts stated in Section 10.1(f),
any and all expenses (including reasonable counsel fees and expenses) incurred by the Trustee or the Holders in enforcing or exercising
any rights under any Note Guarantee.

 

(b)            In
no event shall the Trustee or the Holders be obligated to take any action, obtain any judgment or file any claim prior to enforcing or
exercising any rights under any Note Guarantee.

 

(c)            The
Note Guarantors hereby agree, to the extent permitted by law, that their obligations hereunder are unconditional, irrespective of the
validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent
by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company or any Note
Guarantor, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or
defense of a guarantor. Each Note Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in
the event of insolvency or bankruptcy of the Company or any Note Guarantor, any right to require a proceeding or to exercise any right
or remedy first against the Company or any Note Guarantor, protest, notice and all demands whatsoever and covenant that this Note Guarantee
will not be discharged except by complete performance of the obligations contained in the Notes and this Indenture.

 

(d)            Except
as provided in Section 10.2, the Obligations of each Note Guarantor hereunder shall not be subject to any reduction, limitation,
impairment or termination for any reason other than payment of the Guaranteed Obligations in full.

 

(e)            Each
Note Guarantor further agrees that its Note Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at
any time payment, or any part thereof, of principal of, premium, if any, or interest on any of the Guaranteed Obligations is rescinded
or must otherwise be restored by any Holder upon the bankruptcy or reorganization of the Company or otherwise.

 

(f)             In
furtherance of the foregoing and not in limitation of any other right which the Trustee or any Holder has at law or in equity against
each Note Guarantor by virtue hereof, upon the failure of the Company to pay any of the Guaranteed Obligations when and as the same shall
become due, whether at maturity, by acceleration, by redemption or otherwise, each Note Guarantor hereby promises to and will, upon receipt
of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders an amount equal to the sum of:

 

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(1)            the
unpaid amount of such Guaranteed Obligations then due and owing; and

 

(2)            accrued
and unpaid interest on such Guaranteed Obligations then due and owing (but only to the extent not prohibited by law);

 

provided
that any delay by the Trustee in giving such written demand shall in no event affect any Note Guarantor’s obligations
under its Note Guarantee.

 

(g)            Each
Note Guarantor further agrees that, as between such Note Guarantor, on the one hand, and the Holders, on the other hand:

 

(1)            the
maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of its Note
Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed
Obligations guaranteed hereby; and

 

(2)            in
the event of any such declaration of acceleration of such Guaranteed Obligations, such Guaranteed Obligations (whether or not due and
payable) shall forthwith become due and payable by the Note Guarantor for the purposes of its Note Guarantee.

 

Section 10.2           Limitation
on Liability; Termination, Release and Discharge.

 

(a)            Each
Note Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note
Guarantee of such Note Guarantor not constitute fraudulent transfer or conveyance for purposes of any Bankruptcy Law, the Uniform Fraudulent
Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal, state, Canadian or provincial law, or law of the jurisdiction
of incorporation or formation of such Note Guarantor, to the extent applicable to such Note Guarantor’s Note Guarantee (collectively,
the “Applicable Provisions”). To effectuate the foregoing Applicable Provisions, the Obligations of each Note Guarantor
hereunder will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Note
Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Note Guarantor in respect of
the Obligations of such other Note Guarantor under its Note Guarantee or pursuant to its contribution Obligations under this Indenture,
result in the Obligations of such Note Guarantor under its Note Guarantee not constituting a fraudulent conveyance or fraudulent transfer
under any Applicable Provisions.

 

(b)            A
Note Guarantor will be released and relieved of its Obligations under its Note Guarantee in the event that:

 

(1)            there
is a Legal Defeasance or Covenant Defeasance of the Notes as set forth under Section 8.1 or the discharge of the Company’s
Obligations in accordance with the terms of this Indenture;

 

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(2)            (A) there
is a sale or other disposition of Capital Stock of such Note Guarantor or a direct or indirect holding company of such Note Guarantor
following which such Note Guarantor is no longer a direct or indirect Subsidiary of the Company or (B) in the case of a Note Guarantor
whose assets and operations are not material to the Company and its Restricted Subsidiaries taken as a whole, upon or immediately prior
to the commencement of liquidation or dissolution proceedings of such Note Guarantor, so long as its assets are to be distributed to
the Company and its Restricted Subsidiaries pursuant to such proceedings;

 

(3)            such
Note Guarantor is designated as an Unrestricted Subsidiary in accordance with Section 3.19; or

 

(4)            the
Company has notified the Trustee in writing of the release or discharge of such Note Guarantor from its Guarantee, or its obligations
as a co-borrower or to grant Liens under, any Bank Credit Facility, as the case may be (including by reason of the termination thereof
unless such Note Guarantor provides a Guarantee or Lien or becomes a co-borrower in respect of a replacement or refinancing Bank Credit
Facility) following any such discharge or release; provided that if such Note Guarantor has Incurred any Indebtedness or
issued any Preferred Stock under Section 3.8(a) or Section 3.8(b)(8) (to the extent it is Refinancing
Indebtedness in respect of Indebtedness originally Incurred under Section 3.8(a) or Section 3.8(b)(1)) or
Section 3.8(b)(18) in reliance on its status as a Note Guarantor, such Note Guarantor has been released or discharged from
such Indebtedness or Preferred Stock or it is otherwise permitted to be Incurred by a Restricted Subsidiary that is not a Note Guarantor
under such covenant;

 

provided
that the transaction is carried out in accordance with all other applicable provisions of this Indenture.

 

Section 10.3           Guarantors
May Consolidate, etc. on Certain Terms. (a) Each Note Guarantor will not, and the Company will not cause or permit
any Note Guarantor to, consolidate with or merge into, or sell or dispose of all or substantially all of its assets to, any Person (other
than the Company) that is not a Note Guarantor unless:

 

(1)            such
Person (if such Person is the surviving entity) assumes all of the Obligations of such Note Guarantor in respect of its Note Guarantee
by executing a supplemental indenture and providing the Trustee with an Officers’ Certificate and Opinion of Counsel each stating
that such consolidation, merger or transfer complies with this Indenture, and such transaction is otherwise in compliance with this Indenture;

 

(2)            such
Note Guarantee is to be released as provided under Section 10.2(c); or

 

(3)            such
sale or other disposition of substantially all of such Note Guarantor’s assets is made in accordance with the provisions of Section 3.12.

 

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Section 10.4           Right
of Contribution. Each Note Guarantor that makes a payment or distribution under a Note Guarantee will be entitled to a contribution
from each other Note Guarantor in a pro rata amount, based on the net assets of each Note Guarantor determined in accordance with
GAAP. The provisions of this Section 10.4 shall in no respect limit the Obligations and liabilities of each Note Guarantor
to the Trustee and the Holders and each Note Guarantor shall remain liable to the Trustee and the Holders for the full amount guaranteed
by such Note Guarantor hereunder.

 

Section 10.5           No
Subrogation. Each Note Guarantor agrees that it shall not be entitled to any right of subrogation in respect of any Guaranteed Obligations
until payment in full in cash or Cash Equivalents of all Obligations. If any amount shall be paid to any Note Guarantor on account of
such subrogation rights at any time when all of the Obligations shall not have been paid in full in cash or Cash Equivalents, such amount
shall be held by such Note Guarantor in trust for the Trustee and the Holders, segregated from other funds of such Note Guarantor, and
shall, forthwith upon receipt by such Note Guarantor, be turned over to the Trustee in the exact form received by such Note Guarantor
(duly endorsed by such Note Guarantor to the Trustee, if required), to be applied against the Obligations.

 

Section 10.6           Evidence
of Note Guarantee. To evidence its Note Guarantee set forth in Section 10.1, each Note Guarantor hereby agrees to execute
this Indenture with effect as of the date hereof or, in the case of a Person becoming an Additional Note Guarantor pursuant to Section 10.7,
to execute a supplemental indenture substantially in the form attached as Exhibit D.

 

Section 10.7           Additional
Note Guarantees. Within a reasonable period of time after any Domestic Restricted Subsidiary that is not a Note Guarantor Guarantees,
or becomes a co-borrower under or grants Liens to secure, any Bank Credit Facility (and in the case of the Excluded Entities, within
90 days of the Issue Date), the Company will cause such Domestic Restricted Subsidiary (an “Additional Note Guarantor”)
to grant a guarantee (an “Additional Note Guarantee”) of the Guaranteed Obligations under this Indenture and the Notes
to the same extent that the Note Guarantors have guaranteed the Guaranteed Obligations under this Indenture and the Notes by executing
a supplemental indenture substantially in the form of Exhibit D and providing the Trustee with an Officers’ Certificate
and Opinion of Counsel; provided, however, that each Additional Note Guarantor will be automatically and unconditionally
released and discharged from its obligations under such Additional Note Guarantee only in accordance with Section 10.2. Only
the Trustee and such Additional Note Guarantor shall be required to sign the Additional Note Supplemental Indenture that causes such
Additional Note Guarantor to become a Note Guarantor.

 

Article XI

 

MISCELLANEOUS

 

Section 11.1           Notices.
(a) Any notice or communication shall be in writing and delivered in person or mailed by first-class mail, postage prepaid, addressed
as follows:

 

if to the Company or any Note Guarantor:

 

c/o
Midas OpCo Holdings LLC

One World Trade Center, Floor 65

New York, New York 10017

Attention: Chief Financial Officer

Telephone: (646) 429-1800

 

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if to the Trustee:

 

The
Bank of New York Mellon Trust Company, N.A.

500 Ross Street, 12th Floor 

Pittsburgh, PA 15262 

	 	Attention:	Corporate Trust Administration – Corporate
Finance Unit
	 	Facsimile:	412-236-0870

 

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

 

(b)            Any
notice or communication mailed to a registered Holder shall be mailed to the Holder at the Holder’s address as it appears on the
Note Register and shall be sufficiently given if so mailed within the time prescribed.

 

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

 

(d)            Any
notice or communication delivered to the Company under the provisions herein shall constitute notice to the Note Guarantors.

 

(e)            If
a notice or communication is mailed or delivered in the manner provided above within the time prescribed, it is duly given, whether or
not the addressee receives it, except in the case of notices or communications given to the Trustee, which shall be effective only upon
actual receipt by the Trustee at its Corporate Trust Office.

 

(f)            The
Trustee shall have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”)
given pursuant to this Indenture and delivered using Electronic Means; provided, however, that the Company shall provide to the Trustee
an incumbency certificate listing officers with the authority to provide such Instructions (“Authorized Officers”) and containing
specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Company whenever a person is to
be added or deleted from the listing.  If the Company elects to give the Trustee Instructions using Electronic Means and the Trustee
in its discretion elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling. 
The Company understands and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and that
the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency
certificate provided to the Trustee have been sent by such Authorized Officer.  The Company shall be responsible for ensuring that
only Authorized Officers transmit such Instructions to the Trustee and that the Company and all Authorized Officers are solely responsible
to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt
by the Company.  The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s
reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written
instruction.  The Company agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions
to the Trustee including without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception
and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of
transmitting Instructions to the Trustee and that there may be more secure methods of transmitting Instructions than the method(s) selected
by the Company; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide
to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the
Trustee immediately upon learning of any compromise or unauthorized use of the security procedures. “Electronic Means”
shall mean the following communications methods: e-mail, facsimile transmission, secure electronic transmission containing applicable
authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee
as available for use in connection with its services hereunder.

 

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Section 11.2           Communication
by Holders with Other Holders. Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to
their rights under this Indenture (including the Note Guarantees) or the Notes. The Company, the Note Guarantors, the Trustee, the Registrar
and anyone else shall have the protection of TIA § 312(c).

 

Section 11.3           Certificate
and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take or refrain from taking
any action under this Indenture, the Company shall furnish to the Trustee:

 

(1)            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

 

(2)            an
Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with; provided
that no such Opinion of Counsel shall be required to be delivered in connection with the issuance of the Notes that are issued on
the Issue Date.

 

Section 11.4           Statements
Required in Certificate or Opinion. Each certificate or opinion, including an Opinion of Counsel or Officers’ Certificate,
with respect to compliance with a covenant or condition provided for in this Indenture shall include:

 

(1)            a
statement that the individual making such certificate or opinion has read such covenant or condition;

 

(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;

 

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(3)            a
statement that, in the opinion of 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 or not, in the opinion of such individual, such covenant or condition has been complied with.

 

In giving an Opinion of Counsel, counsel may rely
as to factual matters on an Officers’ Certificate or on certificates of public officials.

 

Section 11.5           Rules by
Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by, or a meeting of, Holders. The Registrar
and the Paying Agent may make reasonable rules for their functions.

 

Section 11.6           Legal
Holidays. A “Legal Holiday” is a day that is not a Business Day. If a payment date is a Legal Holiday, payment
shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a regular
record date is a Legal Holiday, the record date shall not be affected.

 

Section 11.7           Governing
Law, Waiver of Jury Trial, Etc. (a) THIS INDENTURE (INCLUDING EACH NOTE GUARANTEE) AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO, AND EACH HOLDER BY ITS ACCEPTANCE OF A NOTE, HERETO
EACH HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS INDENTURE,
THE NOTES OR EACH NOTE GUARANTEE OR ANY TRANSACTION RELATED HERETO OR THERETO TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW.

 

(b)            Each
of the Company, the Note Guarantors and each Holder by its acceptance of a Note hereby:

 

(1)            agrees
that any suit, action or proceeding against it arising out of or relating to this Indenture (including the Note Guarantees) or the Notes,
as the case may be, may be instituted in any federal or state court sitting in Borough of Manhattan, New York City, New York,

 

(2)            waives
to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such
suit, action or proceeding, and any claim that any suit, action or proceeding in such a court has been brought in an inconvenient forum,

 

(3)            irrevocably
submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding,

 

(4)            agrees
that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding may be enforced in
the courts of the jurisdiction of which it is subject by a suit upon judgment, and

 

    106

     

    

 

(5)            agrees
that service of process by mail to the addresses specified herein shall constitute personal service of such process on it in any such
suit, action or proceeding.

 

(c)            [reserved].

 

(d)            To
the extent that any of the Company and the Note Guarantors has or hereafter may acquire any immunity (sovereign or otherwise) from any
legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment
in aid or otherwise) with respect to itself or any of its property, the Company and the Note Guarantors hereby irrevocably waive and
agree not to plead or claim such immunity in respect of their obligations under this Indenture or the Notes.

 

(e)            Nothing
in this Section 11.7 shall affect the right of the Trustee or any Holder to serve process in any other manner permitted by
law.

 

Section 11.8           No
Recourse Against Others. An incorporator, director, officer, employee, stockholder or controlling Person, as such, of the Company
or any Note Guarantor will not have any liability for any obligations of the Company or any Note Guarantor under the Notes (including
the Note Guarantees) or this Indenture or for any claims based on, in respect of, or by reason of, such obligations or their creation.
By accepting a Note, each Holder waives and releases all such liability. The waiver and release are part of the consideration for issuance
of the Notes.

 

Section 11.9           Successors.
All agreements of the Company and any Note Guarantor in this Indenture and the Notes shall bind their respective successors. All agreements
of the Trustee in this Indenture shall bind its successors.

 

Section 11.10         Duplicate
and Counterpart Originals. The parties may sign any number of copies of this Indenture. One signed copy is enough to prove this Indenture.
This Indenture may be executed in any number of counterparts, each of which so executed shall be an original, but all of them together
represent the same agreement.

 

The
exchange of copies of this Indenture and of signature pages by facsimile or electronic (i.e., “pdf” or “tif”)
transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu
of the original Indenture for all purposes. The exchange of copies of this Indenture and of signature pages that are executed by
manual signatures that are scanned, photocopied or faxed or by other electronic signing created on an electronic platform (such as DocuSign)
or by digital signing (such as Adobe Sign), in each case that is approved by the Trustee, shall constitute effective execution and delivery
of this Indenture for all purposes. Signatures of the parties hereto that are executed by manual signatures that are scanned, photocopied
or faxed or by other electronic signing created on an electronic platform (such as DocuSign) or by digital signing (such as Adobe Sign),
in each case that is approved by the Trustee, shall be deemed to be their original signatures for all purposes of this Indenture as to
the parties hereto and may be used in lieu of the original.

 

    107

     

    

 

Anything
in this Indenture or the Notes to the contrary notwithstanding, for the purposes of the transactions contemplated by this
Indenture, the Notes and any document to be signed in connection with the Indenture or the Notes (including the Notes and
amendments, supplements, waivers, consents and other modifications, Officers’ Certificates, Company Orders and Opinions of
Counsel and other issuance, authentication and delivery documents) or the transactions contemplated hereby may be signed by manual
signatures that are scanned, photocopied or faxed or other electronic signatures created on an electronic platform (such as
DocuSign) or by digital signature (such as Adobe Sign), in each case that is approved by the Trustee, and contract formations on
electronic platforms approved by the Trustee, and the keeping of records in electronic form, are hereby authorized, and each shall
be of the same legal effect, validity or enforceability as a manually executed signature in ink or the use of a paper-based
recordkeeping system, as the case may be.

 

Section 11.11         Severability.
In case any provision in this Indenture or in the Notes 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 11.12         [reserved].

 

Section 11.13         Table
of Contents; Headings. The table of contents and headings of the Articles and Sections of this Indenture have been inserted
for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms
or provisions hereof.

 

Section 11.14         FATCA.

 

Notwithstanding any other provision
of this Indenture, the Trustee shall be entitled to make a deduction or withholding from any payment which it makes under this Indenture
for or on account of any present or future taxes, duties or charges if and to the extent so required by any applicable law and any current
or future regulations or agreements thereunder or official interpretations thereof or any law implementing an intergovernmental approach
thereto or by virtue of the relevant holder failing to satisfy any certification or other requirements in respect of the Notes, in which
event the Trustee shall make such payment after such withholding or deduction has been made and shall account to the relevant authorities
for the amount so withheld or deducted and shall have no obligation to gross up any payment hereunder or pay any additional amount as
a result of such withholding tax.

 

Section 11.15         OFAC
Certification and Covenants.

 

(a) The Company covenants
and represents that neither they nor any of their affiliates, subsidiaries, directors or officers are the target or subject of any sanctions
enforced by the US Government, (including, the Office of Foreign Assets Control of the US Department of the Treasury (“OFAC”)),
the United Nations Security Council, the European Union, HM Treasury, or other relevant sanctions authority (collectively “Sanctions”).

 

(b) The Company covenants
and represents that neither they nor any of their affiliates, subsidiaries, directors or officers will use any payments made pursuant
to this Indenture, (i) to fund or facilitate any activities of or business with any person who, at the time of such funding or facilitation,
is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business with any country or territory that
is the target or subject of Sanctions, or (iii) in any other manner that will result in a violation of Sanctions by any person.

 

[Signature Pages Follow]

 

    108

     

    

 

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

 

	 	MIDAS
    OPCO HOLDINGS LLC,
	 	 	as Company
	 	 
	 	By: 	/s/ Frank Lanuto
	 	 	Name: Frank Lanuto
	 	 	Title: President and Chief Financial Officer

 

     

     

    

 

 

	Guarantors:	 
	 	 
	72ANDSUNNY MIDCO LLC,
 a Delaware limited liability company	DONER PARTNERS LLC,
 a Delaware limited liability company
	 	 
	72ANDSUNNY PARTNERS, LLC,
 a Delaware limited liability company	GALE PARTNERS LLC,
 a Delaware limited liability company
	 	 
	72ANDSUNNY PARTNERS LLC,
 a New York limited liability company	HPR PARTNERS, LLC,
 a Delaware limited liability company
	 	 
	A-ALLIANCE LLC 
 a Delaware limited liability company	MAXXCOM LLC,
 a Delaware limited liability company
	 	 
	ALLEGORY LLC 
 a Delaware limited liability company	MDC CORPORATE (US) INC., 

a Delaware Corporation
	 	 
	ANOMALY PARTNERS LLC,
 a Delaware limited liability company	MONO ADVERTISING, LLC,
 a Delaware limited liability company
	 	 
	ANOMALY PARTNERS LA LLC,
 a Delaware limited liability company	TARGETCAST LLC,
 a Delaware limited liability company
	 	 
	COLLE & MCVOY LLC,
 a Delaware limited liability company	UNIQUE INFLUENCE PARTNERS LLC,
 a Delaware limited liability company
	 	 
	CONCENTRIC PARTNERS LLC, a Delaware
 limited liability company	Y MEDIA LABS LLC,
 a Delaware limited liability company
	 	 
	CRISPIN PORTER & BOGUSKY LLC,
 a Delaware limited liability company	YAMAMOTO LLC,
 a Delaware limited liability company

 

	 	For each of the Guarantors listed above:
	 	 
	 	By:	/s/ Frank Lanuto
	 	 	Name: Frank Lanuto
	 	 	Title: Authorized Person

 

     

     

    

 

	CODE AND THEORY LLC,
 a New York limited liability company	PMX AGENCY LLC, 

a Delaware limited liability company
	 	 
	CODE AND THEORY (SF) LLC,
 a California limited liability company	RHYTHM INTERACTIVE LLC, 

a Delaware limited liability company
	 	 
	CODE AND THEORY SOUTH AMERICA LLC,
 a Delaware limited liability company	SCOUT MARKETING LLC, 

a Delaware limited liability company
	 	 
	CONTENT MANAGEMENT CORPORATION,
 a Delaware corporation	SKDKNICKERBOCKER LLC 

a Delaware limited liability company
	 	 
	FORWARDPMX GROUP LLC,
 a Delaware limited liability company	SLOANE & COMPANY LLC, 

a Delaware limited liability company
	 	 
	GRASON AGENCY LLC,
 a Delaware limited liability company	STAGWELL MARKETING GROUP HOLDINGS LLC, 

a Delaware limited liability company
	 	 
	GRASON AGENCY GROUP LLC,
 a Delaware limited liability company	STAGWELL MARKETING COMMUNICATIONS LLC, 

a Delaware limited liability company
	 	 
	HARRIS INSIGHTS AND ANALYTICS LLC,
 a Delaware limited liability company	STAGWELL MARKETING GROUP LLC, 

a Delaware limited liability company
	 	 
	HARRISX LLC,
 a Delaware limited liability company	STAGWELL MARKET RESEARCH LLC, 

a Delaware limited liability company
	 	 
	KETTLE SOLUTIONS, LLC,
 a New York limited liability company	STAGWELL PERFORMANCE MARKETING & DIGITAL TRANSFORMATION LLC, 

a Delaware limited liability company
	 	 
	MEDIACURRENT INTERACTIVE SOLUTIONS, LLC,
 a Georgia limited liability company	STAGWELL PERFORMANCE MARKETING INC., 

a Delaware corporation
	 	 
	MMI AGENCY, LLC,
 a Texas limited liability company	THE SEARCH AGENCY INC., 

a Delaware corporation
	 	 
	MULTI-VIEW HOLDINGS INC.,
 a Delaware corporation	TRUELOGIC SOFTWARE LLC, 

a Delaware limited liability company
	 	 
	MULTI-VIEW, INC.,
 a Texas corporation	 
	 	 
	NATIONAL RESEARCH GROUP, INC,
 a California corporation	 

 

	 	For each of the Guarantors listed above:
	 	 
	 	By:	 /s/ Ryan Greene
	 	 	Name: Ryan Greene
	 	 	Title: Authorized Person

 

     

     

    

 

	 	THE BANK OF NEW YORK MELLON 

    TRUST COMPANY, N.A.,
 as Trustee
	 	 
	 	By:	 /s/ Manjari Purkayastha
	 	 	Name: Manjari Purkayastha
	 	 	Title: Vice President

 

     

     

    

 

  

Exhibit A

 

FORM OF
NOTE

 

[Include the following legend for Global Notes only:

 

THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE REFERRED
TO HEREINAFTER.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN
WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS
GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE
HEREOF.]

 

 

    A-1 

     

    

 

[Include the following legend on all Notes that are Restricted Notes:

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS
SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR
OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT
FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE
RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE
HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF
THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER
THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE ON WHICH
THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF
REGULATION S) IN RELIANCE ON REGULATION S], ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A
REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS
A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO
OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES
ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE
COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL
BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. [IN THE CASE OF REGULATION S NOTES: BY ITS
ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON
AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.]

 

[Include the following legend on all Regulation S Temporary Global
Notes:

 

THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF REGULATION
S UNDER THE SECURITIES ACT. NEITHER THIS TEMPORARY GLOBAL NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, DELIVERED OR EXCHANGED
FOR AN INTEREST IN A PERMANENT GLOBAL NOTE OR OTHER NOTE EXCEPT UPON DELIVERY OF THE CERTIFICATIONS SPECIFIED IN THE INDENTURE.]

 

    A-2 

     

    

 

FORM OF FACE OF NOTE

  

5.625% Senior Notes due 2029

 

	No. [ · ]	     Principal
Amount $[ · ]

 

[If the Note is a Global Note include the following
two lines:

as revised by the Schedule of Increases and

Decreases in Global Note attached hereto]

 

CUSIP NO.

 

ISIN NO.

 

Midas OpCo Holdings LLC, a Delaware limited liability
company (together with its successors and assigns, the “Company”) promises to pay to ___________________, or registered
assigns, the principal sum of ___________ United States Dollars [If the Note is a Global Note, add the following, as revised by
the Schedule of Increases and Decreases in Global Note attached hereto], on August 15, 2029.

 

	Interest
Payment Dates:	 February 15 and August 15, commencing on
February 15, 2022
	 	 
	Record Dates: 	 February 1
and August 1

    

    A-3 

     

    

  

Additional provisions of this Note are set forth
on the other side of this Note.

  

	 	MIDAS OPCO HOLDINGS LLC

 

	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

 

This is one of the Notes referred to in the

within-mentioned Indenture.

 

THE BANK OF NEW YORK MELLON

 TRUST
COMPANY, N.A.,

as Trustee

 

	By:	 	 	Date:	 
	 	Authorized Signatory	 	 

 

    A-4 

     

    

 

FORM OF REVERSE SIDE OF NOTE

  

5.625% Senior Notes due 2029

 

Capitalized terms used but not defined herein shall have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated.

 

		1.	Interest

 

Midas OpCo Holdings LLC, a Delaware limited liability
company (together with its successors and assigns, the “Company”) promises to pay interest on the principal amount
of this Note at the rate per annum shown above.

 

The Company will pay interest semiannually in arrears
on each Interest Payment Date of each year commencing February 15, 2022; provided that if any such Interest Payment Date
is not a Business Day, then such payment shall be made on the next succeeding Business Day. Interest on the Notes will accrue from, and
including, the most recent date to which interest has been paid on the Notes or, if no interest has been paid, from and including, August 20,
2021; provided that if there is no existing Default or Event of Default on the payment of interest, and if this Note is authenticated
between a Record Date referred to on the face hereof and the next succeeding Interest Payment Date (but after August 20, 2021), interest
shall accrue from, and including, such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in
which case interest shall accrue from, and including, August 20, 2021. The Company shall pay interest (including post-petition interest
in any proceeding under any Bankruptcy Law) on overdue principal at the then applicable interest rate on the Notes to the extent lawful;
it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest
(“Defaulted Interest”), without regard to any applicable grace period, at the then applicable rate on the Notes. Interest
will be computed on the basis of a 360-day year of twelve 30-day months.

 

		2.	Method of Payment

 

By at least 10:00 a.m., New York City time, on
the date on which any principal of or interest on any Note is due and payable, the Company shall irrevocably deposit with the Trustee
or the Paying Agent money sufficient to pay such principal and/or interest. The Company will pay interest (except Defaulted Interest)
on the applicable Interest Payment Date to the Persons who are registered Holders of Notes at the close of business on the Record Date
preceding the Interest Payment Date even if Notes are canceled, repurchased or redeemed after the Record Date and on or before the relevant
Interest Payment Date, except as provided in Section 2.13 of the Indenture with respect to Defaulted Interest. Holders must
surrender Notes to a Paying Agent to collect principal payments. The Company will pay principal and interest in U.S. Legal Tender.

 

Payments in respect of Notes represented by a Global
Note (including principal and interest) will be made by the transfer of immediately available funds to the accounts specified by DTC.
The Company will make all payments in respect of a Certificated Note (including principal and interest) by mailing a check by first-class
mail to the registered address of each registered Holder thereof as set forth in the Note Register; provided, however,
that payments on the Notes may also be made, in the case of a Holder of at least $1,000,000 aggregate principal amount of Notes, by wire
transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer
by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 15 days immediately
preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion).

 

    A-5 

     

    

  

		3.	Paying Agent and Registrar

 

Initially, The Bank of New York Mellon Trust Company,
N.A., the Trustee under the Indenture, will act as Trustee, Paying Agent and Registrar. The Company may appoint and change any Paying
Agent, Registrar or co-Registrar without notice to any Holder. The Company, any Note Guarantor or any of their Affiliates may act as Paying
Agent, Registrar or co-Registrar.

 

		4.	Indenture

 

The Company issued the Notes under an Indenture,
dated as of August 20, 2021 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the “Indenture”),
among the Company, the Note Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture. The Notes are subject
to all such terms, and Holders are referred to the Indenture for a statement of those terms. The Indenture is not required to be qualified
under the Trust Indenture Act, so the provisions of such Act do not apply to the Indenture except to the extent explicitly incorporated
by reference therein. Each Holder, by accepting a Note, agrees to be bound by all of the terms and provisions of the Indenture, as amended
or supplemented from time to time.

 

The Notes are general unsecured obligations of
the Company of which $1,000,000,000 in aggregate principal amount will be initially issued on the Issue Date. Subject to the conditions
set forth in the Indenture and without the consent of the Holders, the Company may issue Additional Notes. All Notes will be treated as
a single class of securities under the Indenture. The Indenture imposes certain limitations on, among other things, the ability of the
Company and its Restricted Subsidiaries to: Incur Indebtedness, make Restricted Payments, create Liens, make Asset Sales, designate Unrestricted
Subsidiaries, enter into transactions with Affiliates, enter into Sale and Leaseback Transactions, or consolidate or merge or transfer
or convey all or substantially all of the Company’s and its Restricted Subsidiaries’ assets.

 

To guarantee the due and punctual payment of
the principal of, premium and interest on the Notes and all other amounts payable by the Company under the Indenture and the Notes
when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the
Notes and the Indenture, the Note Guarantors have unconditionally guaranteed (and each of the existing and future Restricted
Subsidiaries that Guarantee or are co- borrowers under or grant Liens to secure the Bank Credit Facility will unconditionally
guarantee), jointly and severally, such obligations pursuant to the terms of the Indenture. Each Note Guarantee will be subject to
release as provided in Section 10 of the Indenture.

 

The obligations of each Note Guarantor in respect
of its Note Guarantee will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities
of such Note Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Note Guarantor in
respect of the obligations of such other Note Guarantor under its Note Guarantee or pursuant to its contribution obligations under this
Indenture, result in the obligations of such Note Guarantor under its Note Guarantee not constituting a fraudulent conveyance, fraudulent
transfer or similar illegal transfer under federal or state law or the law of the jurisdiction of formation or incorporation of such Note
Guarantor.

 

    A-6 

     

    

 

		5.	Optional Redemption

 

(a)            Optional
Redemption. Except as stated below, the Company may not redeem the Notes prior to August 15, 2024. The Company may, at its option
without the prior agreement of Holders, redeem the Notes, in whole at any time or in part (in denominations of $2,000 and integral multiples
of $1,000 in excess of $2,000) from time to time, on and after August 15, 2024, at the following redemption prices, expressed as
percentages of the principal amount thereof, if redeemed during the twelve-month period commencing on August 15 of any year set forth
below:

 

	Year	Percentage
	2024	102.813%
	2025	101.406%
	2026 and thereafter	100.000%

 

(b)            Make-Whole
Redemption. At any time or from time to time prior to August 15, 2024, the Company may, at its option without the prior agreement
of Holders, redeem all or part (in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000) of the Notes upon not
less than 10 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount
thereof plus (ii) the Applicable Premium as of the date of redemption.

 

“Applicable
Premium” means, with respect to a Note at any date of redemption, the greater of (i) 1.0% of the principal amount of
such Note and (ii) the excess, if any, of (A) the present value at such date of redemption of (1) the redemption
price of such Note on August 15, 2024 (such redemption price being described under this Section 5) plus (2) all
remaining required interest payments due on such Note through August 15, 2024 (excluding accrued but unpaid interest to the
date of redemption), computed using a discount rate equal to the Treasury Rate plus 50 basis points, over (B) the
then-Outstanding principal amount of such Note.

 

“Treasury Rate” means,
as of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity
(as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least
two Business Days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source
of similar market data)) most nearly equal to the period from the redemption date to August 15, 2024; provided, however,
that if the period from the redemption date to August 15, 2024 is less than one year, the weekly average yield on actually traded
United States Treasury securities adjusted to a constant maturity of one year will be used.

 

    A-7 

     

    

  

(c)            Optional
Redemption Upon Equity Offerings. At any time, or from time to time, on or prior to August 15, 2024, the Company may, at its
option without the prior agreement of Holders, use the net cash proceeds of one or more Equity Offerings to redeem in the aggregate up
to 40% of the aggregate principal amount of the Notes issued under the Indenture (calculated after giving effect to any issuance of Additional
Notes) at a redemption price equal to 105.625% of the principal amount thereof; provided that:

 

(1)            after
giving effect to any such redemption at least 60% of the aggregate principal amount of the Notes issued under the Indenture remains outstanding;
and

 

(2)            the
Company will make such redemption not more than 90 days after the consummation of such Equity Offering.

 

(d)            Optional
Redemption for Tender Offers. Notwithstanding the foregoing, in connection with any tender offer for the Notes, if Holders of not
less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not validly withdraw such Notes in such tender
offer and the Company, or any third party making such tender offer in lieu of the Company, purchases all of the Notes validly tendered
and not validly withdrawn by such Holders, the Company or such third party will have the right upon not less than 10 nor more than 60
days’ prior notice, given not more than 30 days following such purchase date, to redeem all Notes that remain outstanding following
such purchase at a price equal to the price offered to each other Holder in such tender offer plus, to the extent not included in the
tender offer payment, accrued and unpaid interest, if any, thereon, to, but excluding, the purchase date.

 

(e)            [reserved].

 

(f)            Optional
Redemption Procedures. In the case of any partial redemption, selection of the Notes for redemption will be made in accordance
with Article V of the Indenture. On and after the redemption date, interest will cease to accrue on Notes or portions
thereof called for redemption as long as the Company has deposited with the Paying Agent funds in satisfaction of the applicable
redemption price, together with any accrued and unpaid interest, pursuant to the Indenture. Any redemption notice may be
given prior to the redemption thereof, and any such redemption or notice may, at the Company’s discretion, be subject to one
or more conditions precedent, including completion of an Equity Offering or other corporate transaction. In addition, if such
redemption is subject to the satisfaction of one or more conditions precedent, the related notice shall describe each such
condition, and if applicable, shall state that, in the Company’s discretion, the date of redemption may be delayed until such
time as any or all such conditions shall be satisfied or waived, or such redemption may not occur and such notice may be rescinded
in the event that any or all such conditions shall not have been satisfied or waived by the date of redemption, or by the date of
redemption as so delayed. In addition, the Company may provide in such notice that payment of the redemption and performance of the
Company’s other obligations with respect to such redemption may be performed by a direct or indirect parent of the Company to
the extent such parent performs such obligations in the manner, at the times and otherwise in compliance with the requirements set
forth in this Indenture applicable to such redemption.

 

    A-8 

     

    

  

The Company will pay the applicable redemption
price for any Note (or portion thereof) specified above together with accrued and unpaid interest thereon through, but excluding, the
date of redemption, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest
payment date. On and after the redemption date, interest will cease to accrue on Notes or portions thereof called for redemption as long
as the Company has deposited with the Paying Agent funds in satisfaction of the applicable redemption price pursuant to the Indenture.
Redeemed Notes (or portions thereof) will be cancelled and cannot be reissued.

 

The Company will notify the Trustee of the redemption
price promptly after the calculation thereof. The Trustee shall have no responsibility for any calculation or determination in respect
of the redemption price of any Notes, or any component thereof, and shall be entitled to receive, and fully-protected in relying upon,
an Officers’ Certificate from the Company that states such redemption price.

 

		6.	Mandatory Repurchase Provisions

 

(a)            Change
Of Control Offer. Upon the occurrence of a Change of Control, each Holder of Notes will have the right to require that the
Company purchase all or a portion (equal to $2,000 or an integral multiple of $1,000 in excess thereof (provided that the
unpurchased portion will be in a denomination of at least $2,000)) of the Holder’s Notes at a purchase price equal to 101% of
the principal amount thereof, plus accrued and unpaid interest thereon through, but excluding, the date of purchase; provided that
the Company will not be required to purchase Notes upon the occurrence of a Change of Control in the event that it has exercised its
right to redeem all of the Notes in accordance with Section 5 hereof or if a third party makes the Change of Control
Offer subject to the conditions set forth in the Indenture. Within 30 days following the date upon which the Change of Control
occurred, the Company must make a Change of Control Offer pursuant to a Change of Control Notice. As more fully described in the
Indenture, the Change of Control Notice shall state, among other things, the Change of Control Payment Date, which must be no
earlier than 10 days nor later than 60 days from the date the notice is mailed, other than as may be required by applicable law.

 

(b)            Asset
Sale Offer. The Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries to make Asset
Sales. In the event the proceeds from a permitted Asset Sale exceed certain amounts and are not applied as specified in the Indenture,
the Company will be required to make an Asset Sale Offer to purchase to the extent of such remaining proceeds each Holder’s Notes
together with holders of certain other Indebtedness at 100% of the principal amount thereof, plus accrued and unpaid interest thereon
to the Asset Sale Offer Payment Date, as more fully set forth in the Indenture.

 

[Insert for Certificated Notes:

 

(c)            In
the event of repurchase of the Note pursuant to a Change of Control Offer or Asset Sale Offer in part only, a new Note or Notes for the
unpurchased portion will be issued in the name of the Holder hereof upon cancellation hereof.]

 

    A-9 

     

    

 

		7.	Denominations; Transfer; Exchange

 

The Notes are in fully registered form without
coupons, and only in denominations of principal amount of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder may transfer
or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements
or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar shall not be required
to register the transfer or exchange of (i) (x) any Note for a period beginning: (1) 15 days before the mailing of a notice
of an offer to repurchase or redeem Notes and ending at the close of business on the day of such mailing or (2) 15 days before an
Interest Payment Date and ending on such Interest Payment Date and (y) any Note selected for repurchase or redemption, except the
unrepurchased or unredeemed portion thereof, if any.

 

		8.	Persons Deemed Owners

 

[for Certificated Notes, include the following:

 

Prior to due presentment of this Note for registration
or transfer, the Company, the Note Guarantors, the Trustee, and any agent of the Company, the Note Guarantors, the Trustee and any agent
of the Company, the Note Guarantors, or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for
all purposes, whether or not this Note be overdue, and none of the Company, the Note Guarantors, the Trustee or any such agent shall be
affect by notice to the contrary.]

 

[for Global Notes, include the following:

 

The registered Holder of this Note may be treated
as the owner of it for all purposes.]

 

		9.	Unclaimed Money

 

If money for the payment of principal or interest
remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at its request, subject to any applicable
abandoned property law. After any such payment, Holders entitled to the money must look only to the Company and not to the Trustee for
payment.

 

		10.	Discharge Prior to Redemption or Maturity

 

Subject to certain conditions set forth in the
Indenture, the Company at any time may terminate some or all of its obligations under the Notes and the Indenture if the Company deposits
with the Trustee U.S. Legal Tender or U.S. Government Obligations for the payment of principal of, premium, if any, and interest on the
Notes to redemption or maturity, as the case may be.

 

    A-10 

     

    

 

		11.	Amendment, Waiver

  

Subject to certain exceptions set forth in the
Indenture, (i) the Indenture or the Notes may be amended or supplemented with the written consent of the Holders of at least a majority
in principal amount of the then Outstanding Notes and (ii) any default (other than with respect to nonpayment or in respect of a
provision that cannot be amended or supplemented without the written consent of each Holder affected) or noncompliance with any provision
may be waived with the written consent of the Holders of a majority in aggregate principal amount of the then Outstanding Notes. Subject
to certain exceptions set forth in the Indenture, without the consent of any Holder, the Company and the Trustee may amend or supplement
the Indenture or the Notes to, among other things, cure any ambiguity, omission, defect or inconsistency, or to comply with Article IV
of the Indenture, or to provide for uncertificated Notes in addition to or in place of Certificated Notes, or to add Note Guarantees with
respect to the Notes or to secure the Notes, or to add additional covenants of the Company or the Note Guarantors for the benefit of the
Holders or surrender rights and powers conferred on the Company or the Note Guarantors, or to make any change that does not adversely
affect the rights of any Holder in any material respect, or to provide for the issuance of Additional Notes, or to conform the text of
the Indenture, Note Guarantees or the Notes to any provision of the “Description of Notes” section of the Offering Circular
to the extent that such provision in such “Description of Notes” section was intended to be a verbatim recitation of
a provision of the Indenture, the Note Guarantees or the Notes, or to make any amendment to the provisions of the Indenture relating to
the transfer and legending of Notes as permitted by the Indenture, including, without limitation, to facilitate the issuance and administration
of the Notes; provided, however, that (i) compliance with the Indenture as so amended would not result in Notes
being transferred in violation of the Securities Act or any applicable securities laws and (ii) such amendment does not materially
and adversely affect the rights of Holders to transfer Notes.

 

		12.	Defaults and Remedies

 

If an Event of Default occurs and is continuing,
the Trustee or the Holders of at least 25% in principal amount of Outstanding Notes may declare all the Notes to be due and payable immediately.
Certain events of bankruptcy or insolvency are Events of Default, which will result in the Notes being due and payable immediately upon
the occurrence of such Events of Default.

 

Holders may not enforce the Indenture or the Notes
except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it receives indemnity satisfactory
to it. Subject to certain limitations, Holders of a majority in principal amount of the Outstanding Notes may direct the Trustee in its
exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default
or Event of Default in payment of principal or interest) if it determines that withholding notice is in their interest.

 

		13.	Trustee Dealings with the Company and the Note Guarantors

 

Subject to certain limitations set forth in the
Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may
otherwise deal with and collect obligations owed to it by the Company, any Note Guarantor or their Affiliates and may otherwise deal with
the Company, any Note Guarantor or their Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar
or co-Registrar may do the same with like rights.

 

    A-11 

     

    

 

 

		14.	No Recourse Against Others

 

An incorporator, director, officer, employee, stockholder
or controlling Person, as such, of the Company or any Note Guarantor will not have any liability for any obligations of the Company or
any Note Guarantor under the Notes (including the Note Guarantees) or this Indenture or for any claims based on, in respect of, or by
reason of, such obligations or their creation. By accepting a Note, each Holder waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the Notes.

 

		15.	Authentication

 

This Note shall not be valid until authenticated
by manual or pdf or other electronically imaged (such as DocuSign or Adobe Sign) signature by an authorized signatory of the Trustee (or
an Authenticating Agent) on the other side of this Note.

 

		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 entirety), JT TEN (= joint tenants with rights
of survivorship and not as tenants in common), CUST (=custodian) and U/G/M/A (= Uniform Gift to Minors Act).

 

		17.	CUSIP or ISIN Numbers

 

Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused CUSIP, ISIN or other similar numbers to be printed
on the Notes and has directed the Trustee to use CUSIP, ISIN or other similar numbers in notices of redemption as a convenience to
Holders. No representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice
of redemption and that reliance may be placed only on the other identification numbers placed thereon.

 

		18.	Governing Law

 

This Note shall be governed by, and construed in
accordance with, the laws of the State of New York.

 

		19.	Currency of Account.

 

U.S. Legal Tender is the sole currency of account
and payment for all sums payable by the Company and the Note Guarantors under or in connection with the Notes or the Indenture, including
damages.

 

		20.	Agent for Service; Submission to Jurisdiction.

 

The Company and the Note Guarantors have agreed
that any suit, action or proceeding against the Company brought by any Holder or the Trustee arising out of or based upon the Indenture
or the Notes may be instituted in any state or federal court in the Borough of Manhattan, New York City, New York. The Company and the
Note Guarantors have irrevocably submitted to the non-exclusive jurisdiction of such courts for such purpose and waived, to the fullest
extent permitted by law, trial by jury and any objection they may now or hereafter have to the laying of venue of any such proceeding,
and any objection they may now or hereafter have that any proceeding in any such court is brought in an inconvenient forum.

 

The Company will furnish to any Holder upon written
request and without charge to the Holder a copy of the Indenture which has in it the text of this Note in larger type. Requests may be
made to:

 

c/o
Midas OpCo Holdings LLC

One World Trade Center, Floor 65

New York, New York 10017

Attention: Chief Financial Officer

Telephone: (646) 429-1800

  

    A-12

     

    

 

[Include for Certificated Notes only:

 

ASSIGNMENT FORM

 

	To assign this Note, fill in the form below:	 	 	 	 
	 	 	 	 	 
	I or we assign and transfer this Note to	 	 	 	 

 

	 	
(Print or type assignee’s name, address and zip code)	 
	 	 	 
	 	(Insert assignee’s Social Security or Tax I.D. No.)	 

 

and irrevocably appoint as agent to transfer this Note on the books of the Company. The agent may substitute another to act for him.

 

	Date:_______________________	 	Your Signature:_______________________
	 	 	 
	Signature Guarantee:	 	(Signature must be guaranteed)

 

Sign exactly as your name appears on the other
side of this Note.   

 

The signature(s) should be guaranteed by an eligible guarantor
institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion
program), pursuant to Exchange Act Rule 17Ad-15.]

 

    A-13

     

    

 

[To be attached to Global Notes only:

SCHEDULE A

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

 

The following increases or decreases in this Global
Note have been made:

 

	Date of Exchange	 	Amount of decrease in
 Principal 

Amount of this Global 
 Note	 	Amount of increase in
 Principal

 Amount of this Global
 Note	 	Principal Amount of this
 Global Note following
 such decrease or increase	 	Signature of authorized
 signatory of Trustee or
 Note Custodian
	 	 	 	 	 	 	 	 	]

 

    A-14

     

    

 

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note purchased
by the Company pursuant to Section 3.12 or 3.21 of the Indenture, check either box:

 

	 ̈	 ̈
	 	 
	Section 3.12	Section 3.21
	 	 

If you want to elect to have only part of this
Note purchased by the Company pursuant to Section 3.12 or 3.21 of the Indenture, state the principal amount (which
must equal to $2,000 or an integral multiple of $1,000 in excess of $2,000) that you want to have purchased by the Company: $_________________

 

	Date: ___________________	Your Signature
	 	(Sign exactly as your name appears on the other side of the
Note)
	 	 
	Signature Guarantee:	(Signature must be guaranteed)

 

The signature(s) should be guaranteed by an eligible guarantor
institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion
program), pursuant to Exchange Act Rule 17Ad-15.

 

    A-15

     

    

 

Exhibit B

 

FORM OF CERTIFICATE FOR TRANSFER PURSUANT
TO REGULATION S

 

[Date]

 

The Bank of New York Mellon Trust Company, N.A.

500 Ross Street, 12th Floor

Pittsburgh, PA 15262

Attention: Corporate Trust Administration – Corporate Finance
Unit

 

		Re:	5.625% Senior Notes due 2029 (the “Notes”) of Midas OpCo Holdings LLC (the “Company”)

 

Ladies and Gentlemen:

  

Reference is hereby made to the Indenture, dated
as of August 20, 2021 (as amended and supplemented from time to time, the “Indenture”), among the Company, the
Note Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee. Capitalized terms used but not defined
herein shall have the meanings given them in the Indenture.

 

In connection with our proposed sale of $________
aggregate principal amount of the Notes, which represent an interest in a 144A Global Note beneficially owned by the undersigned (“Transferor”),
we confirm that such sale has been effected pursuant to and in accordance with Regulation S under the Securities Act of 1933, as amended
(the “Securities Act”) and, accordingly, we represent that:

 

(a)            the
offer of the Notes was not made to a person in the United States;

 

(b)            either
(i) at the time the buy order was originated, the transferee was outside the United States or we and any person acting on our behalf
reasonably believed that the transferee was outside the United States or (ii) the transaction was executed in, on or through the
facilities of a designated off-shore securities market and neither we nor any person acting on our behalf knows that the transaction has
been pre-arranged with a buyer in the United States;

 

(c)            no
directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S, as applicable;

 

(d)            the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and

 

(e)            we
are the beneficial owner of the principal amount of Notes being transferred.

 

    B-1

     

    

 

In addition, if the sale is made during a Distribution
Compliance Period and the provisions of Rule 904(b)(1) or Rule 904(b)(2) of Regulation S are applicable thereto, we
confirm that such sale has been made in accordance with the applicable provisions of Rule 904(b)(1) or Rule 904(b)(2),
as the case may be.

 

You and the Company are entitled to rely upon this
letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings
or official inquiry with respect to the matters covered hereby. Terms used in this letter have the meanings set forth in Regulation S.

 

	Very
    truly yours,	 
	 	 
	[Name
    of Transferor]	 

	By:	 	 
	 	 

	 	 
	Authorized
    Signature	 

 

    B-2

     

    

 

Exhibit C

 

FORM OF CERTIFICATION FOR TRANSFER PURSUANT
TO RULE 144

 

[Date]

 

The Bank of New York Mellon Trust Company, N.A.

500 Ross Street, 12th Floor

Pittsburgh, PA 15262

Attention: Corporate Trust Administration – Corporate Finance
Unit

 

		Re:	5.625% Senior Notes due 2029 (the “Notes”) of Midas OpCo Holdings LLC (the “Company”)

 

Ladies and Gentlemen:

 

Reference is hereby made to the Indenture, dated
as of August 20, 2021 (as amended and supplemented from time to time, the “Indenture”), among the Company, the
Note Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee. Capitalized terms used but not defined
herein shall have the meanings given them in the Indenture.

 

In connection with our proposed sale of $________
aggregate principal amount of the Notes, which represent an interest in a 144A Global Note beneficially owned by the undersigned (“Transferor”),
we confirm that such sale has been effected pursuant to and in accordance with Rule 144 under the Securities Act.

 

You and the Company are entitled to rely upon this
letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings
or official inquiry with respect to the matters covered hereby.

 

	Very
    truly yours,	 
	 	 
	[Name
    of Transferor]	 

	By:	 	 
	 	 

	 	 
	Authorized
    Signature	 

 

    C-1

     

    

 

Exhibit D

 

FORM OF SUPPLEMENTAL INDENTURE FOR ADDITIONAL
NOTE GUARANTEE

 

Supplemental Indenture, dated as of ______________
(this “Supplemental Indenture”), among Midas OpCo Holdings LLC, a Delaware limited liability company (together with
its successors and assigns, the “Company”), [name of Additional Note Guarantor], a _________________________ [corporation]
[limited liability company][limited partnership] (the “Additional Note Guarantor”), a subsidiary of the Company and
The Bank of New York Mellon Trust Company, N.A. (the “Trustee”) under the Indenture referred to below.

 

WITNESSETH:

 

WHEREAS, each of the Company, the Note Guarantors
and the Trustee have heretofore executed and delivered an Indenture, dated as of August 20, 2021 (as amended, supplemented, waived
or otherwise modified, the “Indenture”), providing for the issuance of 5.625% Senior Notes due 2029 of the Company
(the “Notes”);

 

WHEREAS, pursuant to Section 10.7 of the Indenture,
the Company is required to cause each Restricted Subsidiary that is not a Note Guarantor that Guarantees or becomes a co-borrower under
or grants Liens to secure, any Bank Credit Facility, to execute and deliver to the Trustee an Additional Note Guarantee; and

 

WHEREAS, pursuant to Section 9.1 of the Indenture,
the Trustee and the Additional Note Guarantor are authorized to execute and deliver this Supplemental Indenture to supplement the Indenture,
without the consent of any Holder;

 

NOW, THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Additional Note Guarantor and the Trustee
mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as follows:

 

ARTICLE I

 

DEFINITIONS

 

Section 1.1. Defined Terms. Unless
otherwise defined in this Supplemental Indenture, terms defined in the Indenture are used herein as therein defined.

 

ARTICLE II

 

AGREEMENT TO BE BOUND; GUARANTEE

 

Section 2.1. Agreement to be Bound.
The Additional Note Guarantor hereby becomes a party to the Indenture as a Note Guarantor and as such will have all of the rights and
be subject to all of the obligations and agreements of a Note Guarantor under the Indenture. The Additional Note Guarantor hereby agrees
to be bound by all of the provisions of the Indenture applicable to a Note Guarantor and to perform all of the obligations and agreements
of a Note Guarantor under the Indenture.

 

    D-1

     

    

 

Section 2.2. Guarantee. The Additional
Note Guarantor hereby fully, unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, jointly and severally
with each other Note Guarantor, to each Holder of the Notes and the Trustee, the full and punctual payment when due, whether at maturity,
by acceleration, by redemption or otherwise, of the Obligations, all as more fully set forth in Article X of the Indenture.

 

ARTICLE III

 

MISCELLANEOUS

 

Section 3.1. Notices. Any notice or
communication delivered to the Company under the provisions of the Indenture shall constitute notice to the Additional Note Guarantor.

 

Section 3.2. Parties. Nothing expressed
or mentioned herein is intended or shall be construed to give any Person, firm or corporation, other than the Holders and the Trustee,
any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the Indenture or any provision herein
or therein contained.

 

Section 3.3. Governing Law etc. This
Supplemental Indenture shall be governed by the provisions set forth in Section 11.7 of the Indenture.

 

Section 3.4. Severability. In case
any provision in this Supplemental Indenture 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 and such provision shall be ineffective only to the extent
of such invalidity, illegality or unenforceability.

 

Section 3.5. Ratification of Indenture;
Supplemental Indenture Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed
and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part
of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.
The Trustee makes no representation or warranty as to the validity or sufficiency of this Supplemental Indenture.

 

Section 3.6. Duplicate and Counterpart
Originals. The parties may sign any number of copies of this Supplemental Indenture. One signed copy is enough to prove this Supplemental
Indenture. This Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be an original,
but all of them together represent the same agreement.

 

The
exchange of copies of this Supplemental Indenture and of signature pages by facsimile or electronic (i.e., “pdf”
or “tif”) transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties
hereto and may be used in lieu of the original Supplemental Indenture for all purposes. The exchange of copies of this Supplemental Indenture
and of signature pages that are executed by manual signatures that are scanned, photocopied or faxed or by other electronic signing
created on an electronic platform (such as DocuSign) or by digital signing (such as Adobe Sign), in each case that is approved by the
Trustee, shall constitute effective execution and delivery of this Supplemental Indenture for all purposes. Signatures of the parties
hereto that are executed by manual signatures that are scanned, photocopied or faxed or by other electronic signing created on an electronic
platform (such as DocuSign) or by digital signing (such as Adobe Sign), in each case that is approved by the Trustee, shall be deemed
to be their original signatures for all purposes of this Supplemental Indenture as to the parties hereto and may be used in lieu of the
original.

 

    D-2

     

    

 

Anything
in this Supplemental Indenture or the Notes to the contrary notwithstanding, for the purposes of the transactions contemplated
by this Supplemental Indenture, the Notes and any document to be signed in connection with the Supplemental Indenture or the Notes (including
the Notes and amendments, supplements, waivers, consents and other modifications, Officers’ Certificates, Company Orders and Opinions
of Counsel and other issuance, authentication and delivery documents) or the transactions contemplated hereby may be signed by manual
signatures that are scanned, photocopied or faxed or other electronic signatures created on an electronic platform (such as DocuSign)
or by digital signature (such as Adobe Sign), in each case that is approved by the Trustee, and contract formations on electronic platforms
approved by the Trustee, and the keeping of records in electronic form, are hereby authorized, and each shall be of the same legal effect,
validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as the case may be.

 

Section 3.7. Headings. The headings
of the Articles and Sections in this Supplemental Indenture have been inserted for convenience of reference only, are not intended
to be considered as a part hereof and shall not modify or restrict any of the terms or provisions hereof.

 

[Signature Pages Follow]

 

    D-3

     

    

 

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

 

	 	MIDAS
    OPCO HOLDINGS LLC, a Delaware
	 	      limited
    liability company

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	[NAME
    OF NEW NOTE GUARANTOR],
	 	      a
    _________________________ [corporation]
	 	      [limited
    liability company][limited partnership],
	 	      as
    a Note Guarantor

 

	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 

 

    D-4

     

    

 

	 	THE
    BANK OF NEW YORK MELLON
	 	     TRUST
    COMPANY, N.A.,
	 	      as
    Trustee

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    D-5EX-4.1

 Exhibit 4.1 
  

 
  

UPSTART HOLDINGS, INC. 
 AND 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
 INDENTURE 

Dated as of August 20, 2021 

0.25% Convertible Senior Notes due 2026 
  

 
  

 TABLE OF CONTENTS 

 
  

							
	 	  	 	  	PAGE	 
		  	ARTICLE 1	  			
		  	DEFINITIONS	  			
	 Section 1.01.
	  	Definitions	  	 	1	
	 Section 1.02.
	  	References to Interest	  	 	14	
			
		  	ARTICLE 2	  			
		  	ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES	  			
			
	 Section 2.01.
	  	Designation and Amount	  	 	14	
	 Section 2.02.
	  	Form of Notes	  	 	14	
	 Section 2.03.
	  	Date and Denomination of Notes; Payments of Interest and Defaulted Amounts	  	 	15	
	 Section 2.04.
	  	Execution, Authentication and Delivery of Notes	  	 	16	
	 Section 2.05.
	  	Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	  	 	17	
	 Section 2.06.
	  	Mutilated, Destroyed, Lost or Stolen Notes	  	 	25	
	 Section 2.07.
	  	Temporary Notes	  	 	26	
	 Section 2.08.
	  	Cancellation of Notes Paid, Converted, Etc.	  	 	26	
	 Section 2.09.
	  	CUSIP Numbers	  	 	26	
	 Section 2.10.
	  	Additional Notes; Repurchases	  	 	26	
			
		  	ARTICLE 3	  			
		  	SATISFACTION AND DISCHARGE	  			
			
	 Section 3.01.
	  	Satisfaction and Discharge	  	 	28	
			
		  	ARTICLE 4	  			
		  	PARTICULAR COVENANTS OF THE COMPANY	  			
			
	 Section 4.01.
	  	Payment of Principal and Interest	  	 	28	
	 Section 4.02.
	  	Maintenance of Office or Agency	  	 	28	
	 Section 4.03.
	  	Appointments to Fill Vacancies in the Trustee’s Role	  	 	29	
	 Section 4.04.
	  	Provisions as to Paying Agent	  	 	29	
	 Section 4.05.
	  	Existence	  	 	30	
	 Section 4.06.
	  	Rule 144A Information Requirement and Annual Reports	  	 	31	
	 Section 4.07.
	  	Stay, Extension and Usury Laws	  	 	33	
	 Section 4.08.
	  	Compliance Certificate; Statements as to Defaults	  	 	33	
	 Section 4.09.
	  	Further Instruments and Acts	  	 	33	

  
 i 

							
		  	ARTICLE 5	  			
		  	LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE
TRUSTEE	  			
			
	 Section 5.01.
	  	Lists of Holders	  	 	33	
	 Section 5.02.
	  	Preservation and Disclosure of Lists	  	 	34	
			
		  	ARTICLE 6	  			
		  	DEFAULTS AND REMEDIES	  			
			
	 Section 6.01.
	  	Events of Default	  	 	34	
	 Section 6.02.
	  	Acceleration; Rescission and Annulment	  	 	35	
	 Section 6.03.
	  	Additional Interest	  	 	36	
	 Section 6.04.
	  	Payments of Notes on Default; Suit Therefor	  	 	37	
	 Section 6.05.
	  	Application of Monies Collected by Trustee	  	 	39	
	 Section 6.06.
	  	Proceedings by Holders	  	 	39	
	 Section 6.07.
	  	Proceedings by Trustee	  	 	41	
	 Section 6.08.
	  	Remedies Cumulative and Continuing	  	 	41	
	 Section 6.09.
	  	Direction of Proceedings and Waiver of Defaults by Majority of Holders	  	 	41	
	 Section 6.10.
	  	Notice of Defaults	  	 	42	
	 Section 6.11.
	  	Undertaking to Pay Costs	  	 	42	
			
		  	ARTICLE 7	  			
		  	CONCERNING THE TRUSTEE	  			
			
	 Section 7.01.
	  	Duties and Responsibilities of Trustee	  	 	42	
	 Section 7.02.
	  	Reliance on Documents, Opinions, Etc.	  	 	44	
	 Section 7.03.
	  	No Responsibility for Recitals, Etc.	  	 	46	
	 Section 7.04.
	  	Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes	  	 	46	
	 Section 7.05.
	  	Monies to Be Held in Trust	  	 	46	
	 Section 7.06.
	  	Compensation and Expenses of Trustee	  	 	47	
	 Section 7.07.
	  	Officers’ Certificate as Evidence	  	 	47	
	 Section 7.08.
	  	Eligibility of Trustee	  	 	48	
	 Section 7.09.
	  	Resignation or Removal of Trustee	  	 	48	
	 Section 7.10.
	  	Acceptance by Successor Trustee	  	 	49	
	 Section 7.11.
	  	Succession by Merger, Etc.	  	 	50	
	 Section 7.12.
	  	Trustee’s Application for Instructions from the Company	  	 	50	
			
		  	ARTICLE 8	  			
		  	CONCERNING THE HOLDERS	  			
			
	 Section 8.01.
	  	Action by Holders	  	 	51	
	 Section 8.02.
	  	Proof of Execution by Holders	  	 	51	
	 Section 8.03.
	  	Who Are Deemed Absolute Owners	  	 	51	
	 Section 8.04.
	  	Company-Owned Notes Disregarded	  	 	52	
	 Section 8.05.
	  	Revocation of Consents; Future Holders Bound	  	 	52	

  
 ii 

							
		  	ARTICLE 9	  	 	    	 
		  	HOLDERS’ MEETINGS	  			
			
	 Section 9.01.
	  	Purpose of Meetings	  	 	52	
	 Section 9.02.
	  	Call of Meetings by Trustee	  	 	53	
	 Section 9.03.
	  	Call of Meetings by Company or Holders	  	 	53	
	 Section 9.04.
	  	Qualifications for Voting	  	 	53	
	 Section 9.05.
	  	Regulations	  	 	53	
	 Section 9.06.
	  	Voting	  	 	54	
	 Section 9.07.
	  	No Delay of Rights by Meeting	  	 	54	
			
		  	ARTICLE 10	  			
		  	SUPPLEMENTAL INDENTURES	  			
			
	 Section 10.01.
	  	Supplemental Indentures Without Consent of Holders	  	 	55	
	 Section 10.02.
	  	Supplemental Indentures with Consent of Holders	  	 	56	
	 Section 10.03.
	  	Effect of Supplemental Indentures	  	 	57	
	 Section 10.04.
	  	Notation on Notes	  	 	57	
	 Section 10.05.
	  	Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee	  	 	57	
			
		  	ARTICLE 11	  			
		  	CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE	  			
			
	 Section 11.01.
	  	Company May Consolidate, Etc. on Certain Terms	  	 	58	
	 Section 11.02.
	  	Successor Corporation to Be Substituted	  	 	58	
	 Section 11.03.
	  	Officers’ Certificate and Opinion of Counsel to Be Given to Trustee	  	 	59	
			
		  	ARTICLE 12	  			
		  	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	  			
			
	 Section 12.01.
	  	Indenture and Notes Solely Corporate Obligations	  	 	59	
			
		  	ARTICLE 13	  			
		  	[INTENTIONALLY OMITTED]	  			
			
		  	ARTICLE 14	  			
		  	CONVERSION OF NOTES	  			
			
	 Section 14.01.
	  	Conversion Privilege	  	 	60	
	 Section 14.02.
	  	Conversion Procedure; Settlement Upon Conversion	  	 	63	
	 Section 14.03.
	  	Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes or Redemption Notice	  	 	68	
	 Section 14.04.
	  	Adjustment of Conversion Rate	  	 	71	

  
 iii 

							
	 Section 14.05.
	  	Adjustments of Prices	  	 	81	
	 Section 14.06.
	  	Shares to Be Fully Paid	  	 	81	
	 Section 14.07.
	  	Effect of Recapitalizations, Reclassifications and Changes of the Common Stock	  	 	81	
	 Section 14.08.
	  	Certain Covenants	  	 	83	
	 Section 14.09.
	  	Responsibility of Trustee	  	 	84	
	 Section 14.10.
	  	Notice to Holders Prior to Certain Actions	  	 	85	
	 Section 14.11.
	  	Stockholder Rights Plans	  	 	85	
	 Section 14.12.
	  	Exchange In Lieu Of Conversion	  	 	85	
			
		  	ARTICLE 15	  			
		  	REPURCHASE OF NOTES AT OPTION OF HOLDERS	  			
			
	 Section 15.01.
	  	[Intentionally Omitted]	  	 	86	
	 Section 15.02.
	  	Repurchase at Option of Holders Upon a Fundamental Change	  	 	86	
	 Section 15.03.
	  	Withdrawal of Fundamental Change Repurchase Notice	  	 	89	
	 Section 15.04.
	  	Deposit of Fundamental Change Repurchase Price	  	 	90	
	 Section 15.05.
	  	Covenant to Comply with Applicable Laws Upon Repurchase of Notes	  	 	91	
			
		  	ARTICLE 16	  			
		  	OPTIONAL REDEMPTION	  			
			
	 Section 16.01.
	  	Optional Redemption	  	 	91	
	 Section 16.02.
	  	Notice of Optional Redemption; Selection of Notes	  	 	91	
	 Section 16.03.
	  	Payment of Notes Called for Redemption	  	 	93	
	 Section 16.04.
	  	Restrictions on Redemption	  	 	93	
			
		  	ARTICLE 17	  			
		  	MISCELLANEOUS PROVISIONS	  			
			
	 Section 17.01.
	  	Provisions Binding on Company’s Successors	  	 	94	
	 Section 17.02.
	  	Official Acts by Successor Corporation	  	 	94	
	 Section 17.03.
	  	Addresses for Notices, Etc.	  	 	94	
	 Section 17.04.
	  	Governing Law; Jurisdiction	  	 	95	
	 Section 17.05.
	  	Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	  	 	95	
	 Section 17.06.
	  	Legal Holidays	  	 	96	
	 Section 17.07.
	  	No Security Interest Created	  	 	96	
	 Section 17.08.
	  	Benefits of Indenture	  	 	96	
	 Section 17.09.
	  	Table of Contents, Headings, Etc.	  	 	96	
	 Section 17.10.
	  	Authenticating Agent	  	 	96	
	 Section 17.11.
	  	Execution in Counterparts	  	 	97	
	 Section 17.12.
	  	Severability	  	 	98	
	 Section 17.13.
	  	Waiver of Jury Trial	  	 	98	
	 Section 17.14.
	  	Force Majeure	  	 	98	
	 Section 17.15.
	  	Calculations	  	 	98	
	 Section 17.16.
	  	USA PATRIOT Act	  	 	99	

  
 iv 

 EXHIBIT 
  

							
	Exhibit A	  	Form of Note	  	 	A-1	 

  
 v 

 INDENTURE dated as of August 20, 2021 between Upstart Holdings, Inc., a Delaware
corporation, as issuer (the “Company,” as more fully set forth in Section 1.01) and U.S. Bank National Association, a national banking association organized under the laws of the United States, as trustee (the
“Trustee,” as more fully set forth in Section 1.01). 
 W I T N E S S E T H: 

WHEREAS, for its lawful corporate purposes, the Company has duly authorized the issuance of its 0.25% Convertible Senior Notes due 2026 (the
“Notes”), initially in an aggregate principal amount not to exceed $661,250,000, and in order to provide the terms and conditions upon which the Notes are to be authenticated, issued and delivered, the Company has duly authorized
the execution and delivery of this Indenture; and 
 WHEREAS, the Form of Note, the certificate of authentication to be borne by each Note,
the Form of Notice of Conversion, the Form of Fundamental Change Repurchase Notice and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided; and 

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

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

DEFINITIONS 

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

 “Additional Interest” means all amounts, if any, payable pursuant to
Section 4.06(d), Section 4.06(e) and Section 6.03, as applicable. 
 “Additional Shares” shall have the meaning specified
in Section 14.03(a). 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person means the power to direct or cause the direction of the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. Notwithstanding anything to the contrary herein, the determination of whether one Person is an “Affiliate” of another Person for purposes of this Indenture shall be made based on the facts at the time such determination is made
or required to be made, as the case may be, hereunder. 
 “Bid Solicitation Agent” means the Company or the Person
appointed by the Company to solicit bids for the Trading Price of the Notes in accordance with Section 14.01(b)(i). The Company shall initially act as the Bid Solicitation Agent. 

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

“Business Day” means, with respect to any Note, any day other than a Saturday, a Sunday or a day on which the Federal Reserve
Bank of New York is authorized or required by law or executive order to close or be closed. 
 “Capital Stock”
means, for any entity, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) stock issued by that entity. 

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

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

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

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

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

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

  
 2 

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

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

“Common Stock” means the common stock of the Company, par value $0.0001 per share, at the date of this Indenture, subject to
Section 14.07. 
 “Company” shall have the meaning specified in the first paragraph of this Indenture, and subject to the
provisions of Article 11, shall include its successors and assigns. 
 “Company Order” means a written order of the
Company, signed by (a) the Company’s Chief Executive Officer, President, Chief Financial Officer, Executive or Senior Vice President or any Vice President (whether or not designated by a number or numbers or word or words added before or
after the title “Vice President”) and (b) any such other Officer designated in clause (a) of this definition or the Company’s Treasurer or Assistant Treasurer or Secretary or any Assistant Secretary, and delivered to the
Trustee. 
 “Conversion Agent” shall have the meaning specified in Section 4.02. 

“Conversion Consideration” shall have the meaning specified in Section 14.12(a). 

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

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

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

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

“Corporate Event” shall have the meaning specified in Section 14.01(b)(iii). 

“Corporate Trust Office” means the designated office of the Trustee at which at any time this Indenture shall be
administered, which office at the date hereof is located at 1 California Street, Suite 1000, San Francisco, CA 9411, Attention: D. Jason (Upstart Holdings, Inc.), or such other address as the Trustee may designate from time to time by notice to the
Holders and the Company, or the designated corporate trust office of any successor trustee (or such other address as such successor trustee may designate from time to time by notice to the Holders and the Company). 

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

  
 3 

 “Daily Conversion Value” means, for each of the 20 consecutive Trading Days
during the Observation Period, 5.00% of the product of (a) the Conversion Rate on such Trading Day and (b) the Daily VWAP for such Trading Day. 

“Daily Measurement Value” means the Specified Dollar Amount (if any), divided by 20. 

“Daily Settlement Amount,” for each of the 20 consecutive Trading Days during the Observation Period, shall consist of: 

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

“Daily VWAP” means, for each of the 20 consecutive Trading Days during the relevant Observation Period, the per share
volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “UPST<equity> AQR” (or its equivalent successor if such page is not available) in respect of the period from the scheduled open
of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of the Common Stock on such Trading Day determined, using a
volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by the Company). The “Daily VWAP” shall be determined without regard to after-hours trading or any other trading
outside of the regular trading session trading hours. 
 “Default” means any event that is, or after notice or passage of
time, or both, would be, an Event of Default. 
 “Defaulted Amounts” means any amounts on any Note (including, without
limitation, the Redemption Price, the Fundamental Change Repurchase Price, principal and interest) that are payable but are not punctually paid or duly provided for. 

“delivered” with respect to any notice to be delivered, given or mailed to a Holder pursuant to this Indenture, shall mean
notice (x) in the case of a Global Note, given to the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices or procedures at
the Depositary or (y) in the case of a Physical Note, mailed to such Holder by first class mail, postage prepaid, at its address as it appears on the Note Register, in each case in accordance with Section 17.03. Notice so “delivered”
shall be deemed to include any notice to be “mailed” or “given,” as applicable, under this Indenture. 

  
 4 

 “Depositary” means, with respect to each Global Note, the Person specified
in Section 2.05(c) as the Depositary with respect to such Notes, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary” shall mean or include such
successor. 
 “Designated Financial Institution” shall have the meaning specified in Section 14.12(a). 

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

“Effective Date” shall have the meaning specified in Section 14.03(c), except that, as used in Section 14.04 and Section
14.05, “Effective Date” means the first date on which shares of the Common Stock trade on the applicable exchange or in the applicable market, regular way, reflecting the relevant share split or share combination, as applicable
(provided that any alternative trading convention on the applicable exchange or market in respect of shares of Common Stock under a separate ticker symbol or CUSIP number shall not be considered “regular way” for this purpose). 

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

“Ex-Dividend Date” means the first date on which shares of the Common Stock trade on the applicable exchange or in the
applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of Common Stock on such exchange or market (in the form of due bills or otherwise)
as determined by such exchange or market (provided that any alternative trading convention on the applicable exchange or market in respect of shares of Common Stock under a separate ticker symbol or CUSIP number shall not be considered
“regular way” for this purpose). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder. 
 “Exchange Election” shall have the meaning specified in Section 14.12(a).

 “Form of Assignment and Transfer” means the “Form of Assignment and Transfer” attached as Attachment 3 to the
Form of Note attached hereto as Exhibit A. 
 “Form of Fundamental Change Repurchase Notice” means the “Form of
Fundamental Change Repurchase Notice” attached as Attachment 2 to the Form of Note attached hereto as Exhibit A. 
 “Form of
Note” means the “Form of Note” attached hereto as Exhibit A. 
 “Form of Notice of Conversion” means the
“Form of Notice of Conversion” attached as Attachment 1 to the Form of Note attached hereto as Exhibit A. 

  
 5 

 “Fundamental Change” shall be deemed to have occurred at the time after the
Notes are originally issued if any of the following occurs prior to the Maturity Date: 
 (a) a “person” or
“group” within the meaning of Section 13(d) of the Exchange Act, other than the Company, its direct or indirect Wholly Owned Subsidiaries and the employee benefit plans of the Company and its direct or indirect Wholly Owned
Subsidiaries, files a Schedule TO or any schedule, form or report under the Exchange Act that discloses that such “person” or “group” has become the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under
the Exchange Act, of the Common Stock representing more than 50% of the voting power of the Common Stock (provided that no person or group shall be deemed to be the beneficial owner of any securities tendered pursuant to a tender or exchange offer
made by or on behalf of such “person” or “group” until such tendered securities are accepted for purchase or exchange under such offer); 

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

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

(d) the Common Stock (or other common stock underlying the Notes) ceases to be listed or quoted on any of The New York Stock
Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of their respective successors); 
 provided, however, that a
transaction or transactions described in clause (a) or clause (b) above shall not constitute a Fundamental Change, if at least 90% of the consideration received or to be received by the common stockholders of the Company, excluding cash
payments for fractional shares or pursuant to statutory appraisal rights, in connection with such transaction or transactions consists of shares of common stock or a class of common stock that are listed or quoted on any of The New York Stock
Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of their respective successors) or will be so listed or quoted when  

  
 6 

 
issued or exchanged in connection with such transaction or transactions and as a result of such transaction or transactions the Notes become convertible into such consideration, excluding
cash payments for fractional shares or pursuant to statutory appraisal rights (subject to the provisions of Section 14.02(a)). Solely for purposes of this definition (and, for the avoidance of doubt, not for purposes of the “Make-Whole
Fundamental Change” definition), any transaction that constitutes a Fundamental Change pursuant to both clause (a) and clause (b) of this definition (without giving effect to the proviso in clause (b)) shall be deemed a
Fundamental Change solely under clause (b) of this definition (subject to the proviso in clause (b)). If any transaction in which the Common Stock is replaced by the securities of another entity occurs, following completion of any
related Make-Whole Fundamental Change Period (or, in the case of a transaction that would have been a Fundamental Change or a Make-Whole Fundamental Change but for the proviso immediately following clause (d) of this definition, following the
effective date of such transaction) references to the Company in this definition shall instead be references to such other entity. 

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

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

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

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

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

“Holder,” as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any
Person in whose name at the time a particular Note is registered on the Note Register. 
 “Indenture” means this instrument
as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented. 
 “Initial
Purchasers” means Goldman Sachs & Co. LLC, BofA Securities, Inc., Citigroup Global Markets Inc. and the several other initial purchasers named in Schedule I to the Purchase Agreement. 

“Interest Payment Date” means each February 15 and August 15 of each year, beginning on February 15, 2022.

  
 7 

 “Last Reported Sale Price” of the Common Stock (or other security for which
a Last Reported Sale Price must be determined) on any date means the closing sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and
the average ask prices) on that date as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock (or such other security) is traded. If the Common Stock (or such other security) is
not listed for trading on a U.S. national or regional securities exchange on the relevant date, the “Last Reported Sale Price” shall be the last quoted bid price for the Common Stock (or such other security) in the over-the-counter market
on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock (or such other security) is not so quoted, the “Last Reported Sale Price” shall be the average of the mid-point of the last bid and
ask prices for the Common Stock (or such other security) on the relevant date from each of at least three nationally recognized independent investment banking firms selected by the Company for this purpose. The “Last Reported Sale Price”
shall be determined without regard to after-hours trading or any other trading outside of the regular trading session hours. 

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

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

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

“Maturity Date” means August 15, 2026. 

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

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

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

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

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

  
 8 

 “Observation Period” with respect to any Note surrendered for conversion
means: (i) subject to clause (ii), if the relevant Conversion Date occurs prior to May 15, 2026, the 20 consecutive Trading Day period beginning on, and including, the second Trading Day immediately succeeding such Conversion Date;
(ii) if the relevant Conversion Date occurs on or after the date of the Company’s issuance of a Redemption Notice with respect to the Notes pursuant to Section 16.02 and prior to the close of business on the second Scheduled Trading Day
immediately preceding the relevant Redemption Date, the 20 consecutive Trading Days beginning on, and including, the 21st Scheduled Trading Day immediately preceding such Redemption Date; and (iii) subject to clause (ii), if the relevant
Conversion Date occurs on or after May 15, 2026, the 20 consecutive Trading Days beginning on, and including, the 21st Scheduled Trading Day immediately preceding the Maturity Date. 

“Offering Circular” means the preliminary offering circular dated August 16, 2021, as supplemented by the related
pricing term sheet dated August 17, 2021, relating to the offering and sale of the Notes. 
 “Officer” means, with
respect to the Company, the President, the Chief Executive Officer, the Chief Financial Officer, the Treasurer, the Secretary, any Executive or Senior Vice President or any Vice President (whether or not designated by a number or numbers or word or
words added before or after the title “Vice President”). 
 “Officers’ Certificate,” when used with respect
to the Company, means a certificate that is delivered to the Trustee and that is signed by (a) two Officers of the Company or (b) one Officer of the Company and one of any Assistant Treasurer, the Secretary, any Assistant Secretary or the
Controller of the Company. Each such certificate shall include the statements provided for in Section 17.05 if and to the extent required by the provisions of such Section. One of the Officers giving an Officers’ Certificate pursuant to Section
4.08 shall be the principal executive, financial or accounting officer of the Company. 
 “open of business” means 9:00
a.m. (New York City time). 
 “Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be an
employee of or counsel to the Company, or other counsel acceptable to the Trustee, that is delivered to the Trustee. Each such opinion shall include the statements provided for in Section 17.05 if and to the extent required by the provisions of such
Section 17.05. 
 “Optional Redemption” shall have the meaning specified in Section 16.01. 

“outstanding,” when used with reference to Notes, shall, subject to the provisions of Section 8.04, mean, as of any
particular time, all Notes authenticated and delivered by the Trustee under this Indenture, except: 
 (a) Notes theretofore
canceled by the Trustee or accepted by the Trustee for cancellation; 

  
 9 

 (b) Notes, or portions thereof, that have become due and payable and in
respect of which monies in the necessary amount shall have been irrevocably deposited in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company
shall act as its own Paying Agent); 
 (c) Notes that have been paid pursuant to Section 2.06 or Notes in lieu of which, or
in substitution for which, other Notes shall have been authenticated and delivered pursuant to the terms of Section 2.06 unless proof satisfactory to the Trustee is presented that any such Notes are held by protected purchasers in due course; 

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

(e) Notes redeemed pursuant to Article 16; and 

(f) Notes repurchased by the Company pursuant to Article 15 and Section 2.10 and, in each case, delivered to the Trustee for
cancellation. 
 “Paying Agent” shall have the meaning specified in Section 4.02. 

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

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

“Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that
evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.06 in lieu of or in exchange for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt
as the mutilated, lost, destroyed or stolen Note that it replaces. 
 “Purchase Agreement” means that certain Purchase
Agreement, dated as of August 17, 2021, between the Company and Goldman Sachs & Co. LLC, BofA Securities, Inc. and Citigroup Global Markets Inc., as representatives of the Initial Purchasers. 

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

  
 10 

 “Redemption Date” shall have the meaning specified in Section 16.02(a).

 “Redemption Notice” shall have the meaning specified in Section 16.02(a). 

“Redemption Price” means, for any Notes to be redeemed pursuant to Section 16.01, 100% of the principal amount of such Notes,
plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date (unless the Redemption Date falls after a Regular Record Date but on or prior to the immediately succeeding Interest Payment Date, in which case interest accrued
to the Interest Payment Date will be paid to Holders of record of such Notes as of the close of business on such Regular Record Date, and the Redemption Price will be equal to 100% of the principal amount of such Notes). 

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

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

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

“Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust office of the
Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time
shall be such officers who shall have direct responsibility for the administration of this Indenture respectively, or any other officer of such Trustee to whom any corporate trust matter relating to this Indenture is referred because of such
person’s knowledge of and familiarity with the particular subject. 
 “Restricted Securities” shall have the meaning
specified in Section 2.05(c). 
 “Rule 144” means Rule 144 as promulgated under the Securities Act. 

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

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

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

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

  
 11 

 “Settlement Method” means, with respect to any conversion of Notes,
Physical Settlement, Cash Settlement or Combination Settlement, as elected (or deemed to have been elected) by the Company. 

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

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

“Signature Law” shall have the meaning specified in Section 17.11. 

“Significant Subsidiary” means a Subsidiary of the Company that meets the definition of “significant subsidiary” in
Article 1, Rule 1-02(w) of Regulation S-X promulgated by the Commission; provided that, in the case of a Subsidiary that meets the criteria of clause (3), but not clause (1) or (2), of the definition of “significant subsidiary”
in Article 1, Rule 1-02 of Regulation S-X promulgated by the Commission, such Subsidiary shall not be deemed to be a “Significant Subsidiary” unless the Subsidiary’s income (or loss) from continuing operations before income taxes,
extraordinary items and cumulative effect of a change in accounting principle exclusive of amounts attributable to any noncontrolling interests for the last completed fiscal year prior to the date of such determination exceeds $25,000,000. 

“Specified Dollar Amount” means the maximum cash amount per $1,000 principal amount of Notes to be received upon conversion
as specified in the Settlement Notice related to any converted Notes (or deemed specified as set forth in Section 14.02(a)(iii)). 

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

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

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

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

“Tender Agent” shall have the meaning specified in Section 15.02(b)(i). 

“Trading Day” means, except for purposes of determining the amount of cash and/or the number of shares of Common Stock due
upon conversion, a day on which (i) trading in the Common Stock (or other security for which a closing sale price must be determined) generally occurs on The Nasdaq Global Select Market or, if the Common Stock (or such other security) is not
then listed on The Nasdaq Global Select Market, on the principal other U.S. national or regional securities exchange on which the Common Stock (or such other security) is then listed 

  
 12 

 
or, if the Common Stock (or such other security) is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock (or such other
security) is then traded and (ii) a Last Reported Sale Price for the Common Stock (or closing sale price for such other security) is available on such securities exchange or market; provided that if the Common Stock (or such other
security) is not so listed or traded, “Trading Day” means a Business Day; and provided, further, that for purposes of determining the amount of cash and/or the number of shares of the Common Stock due upon conversion only,
“Trading Day” means a day on which (x) there is no Market Disruption Event and (y) trading in the Common Stock generally occurs on The Nasdaq Global Select Market or, if the Common Stock is not then listed on The Nasdaq Global
Select Market, on the principal other U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange, on the principal other market
on which the Common Stock is then listed or admitted for trading, except that if the Common Stock is not so listed or admitted for trading, “Trading Day” means a Business Day. 

“Trading Price” of the Notes on any date of determination means the average of the secondary market bid quotations obtained
by the Bid Solicitation Agent for $5,000,000 principal amount of Notes at approximately 3:30 p.m., New York City time, on such determination date from three independent nationally recognized securities dealers the Company selects for this purpose;
provided that if three such bids cannot reasonably be obtained by the Bid Solicitation Agent but two such bids are obtained, then the average of the two bids shall be used, and if only one such bid can reasonably be obtained by the Bid
Solicitation Agent, that one bid shall be used. If, on any date, the Bid Solicitation Agent cannot reasonably obtain at least one bid for $5,000,000 principal amount of Notes on such date from a nationally recognized securities dealer on any
determination date, then the Trading Price per $1,000 principal amount of Notes on such determination date shall be deemed to be less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate. 

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

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

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

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

  
 13 

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

 “Wholly Owned Subsidiary” means, with respect to any Person, any Subsidiary of such Person, except that, solely for
purposes of this definition, the reference to “more than 50%” in the definition of “Subsidiary” shall be deemed replaced by a reference to “100%”. 

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

ARTICLE 2 
 ISSUE,
DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES 

Section 2.01. Designation and Amount. The Notes shall be designated as the “0.25% Convertible Senior Notes due 2026.”
The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is initially limited to $661,250,000, subject to Section 2.10 and except for Notes authenticated and delivered upon registration or transfer of, or
in exchange for, or in lieu of other Notes to the extent expressly permitted hereunder. 
 Section 2.02. Form of Notes. The
Notes and the Trustee’s certificate of authentication to be borne by such Notes shall be substantially in the respective forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly incorporated in
and made a part of this Indenture. To the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. In the case of any conflict between
this Indenture and a Note, the provisions of this Indenture shall control and govern to the extent of such conflict. 
 Any Global Note may
be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Indenture as may be required by the Custodian or the Depositary, or as may be required to comply with any
applicable law or any regulation thereunder or with the rules and regulations of any securities exchange or automated quotation system upon which the Notes may be listed or traded or designated for issuance or to conform with any usage with respect
thereto, or to indicate any special limitations or restrictions to which any particular Notes are subject. 
 Any of the Notes may have such
letters, numbers or other marks of identification and such notations, legends or endorsements as the Officer executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the
provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed
or designated for issuance, or to conform to usage or to indicate any special limitations or restrictions to which any particular Notes are subject. 

  
 14 

 Each Global Note shall represent such principal amount of the outstanding Notes as shall be
specified therein and shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time
be increased or reduced to reflect redemptions, repurchases, cancellations, conversions, transfers or exchanges permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes
represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon instructions given by the Holder of such Notes in accordance with this Indenture. Payment of principal (including the
Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, a Global Note shall be made to the Holder of such Note on the date of payment, unless a record date or other means of determining
Holders eligible to receive payment is provided for herein. 
 Section 2.03. Date and Denomination of Notes; Payments of
Interest and Defaulted Amounts. (a) The Notes shall be issuable in registered form without coupons in minimum denominations of $1,000 principal amount and integral multiples of $1,000 in excess thereof. Each Note shall be dated the date of
its authentication and shall bear interest from the date specified on the face of such Note. Accrued interest on the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of the
number of days actually elapsed in a 30-day month. 
 (b) The Person in whose name any Note (or its Predecessor Note) is registered
on the Note Register at the close of business on any Regular Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date. The principal amount of any Note (x) in the case
of any Physical Note, shall be payable at the office or agency of the Company maintained by the Company for such purposes in the United States of America, which shall initially be the Corporate Trust Office and (y) in the case of any Global
Note, shall be payable by wire transfer of immediately available funds to the account of the Depositary or its nominee. The Company shall pay, or cause the Paying Agent to pay, interest (i) on any Physical Notes (A) to Holders holding
Physical Notes having an aggregate principal amount of $5,000,000 or less, by check mailed to the Holders of these Notes at their address as it appears in the Note Register and (B) to Holders holding Physical Notes having an aggregate principal
amount of more than $5,000,000, either by check mailed to each Holder or, upon application by such a Holder to the Paying Agent not later than the relevant Regular Record Date, by wire transfer in immediately available funds to that Holder’s
account within the United States if such Holder has provided the Trustee or Paying Agent with the requisite information necessary to make such wire transfer, which application shall remain in effect until the Holder notifies, in writing, the Paying
Agent to the contrary or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee. 

  
 15 

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

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

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

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the
Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company Order shall authenticate and deliver such Notes, without any further action
by the Company hereunder; provided that the Trustee shall be entitled to receive an Officers’ Certificate and an Opinion of Counsel of the Company with respect to the issuance, authentication and delivery of such Notes. 

Only such Notes as shall bear thereon a certificate of authentication substantially in the form set forth on the Form of Note attached as
Exhibit A hereto, executed manually by an authorized signatory of the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 17.10), shall be entitled to the benefits of this Indenture or be valid or obligatory for any
purpose. Such certificate by the Trustee (or such an authenticating agent) upon any Note executed by the Company shall be conclusive evidence that the Note so authenticated has been duly authenticated and delivered hereunder and that the Holder is
entitled to the benefits of this Indenture. 
 In case any Officer of the Company who shall have signed any of the Notes shall cease to be
such Officer before the Notes so signed shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such Notes nevertheless may be authenticated and delivered or disposed of as though the person who signed such Notes
had not ceased to be such Officer of the Company; and any Note may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Note, shall be the Officers of the Company, although at the date of the execution
of this Indenture any such person was not such an Officer. 
 Section 2.05. Exchange and Registration of Transfer of Notes;
Restrictions on Transfer; Depositary. (a) The Company shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office or in any other office or agency of the Company designated pursuant to Section
4.02, the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and of transfers of Notes. Such register shall be in written form
or in any form capable of being converted into written form within a reasonable period of time. The Trustee is hereby initially appointed the “Note Registrar” for the purpose of registering Notes and transfers of Notes
as herein provided. The Company may appoint one or more co-Note Registrars in accordance with Section 4.02. 
 Upon surrender for
registration of transfer of any Note to the Note Registrar or any co-Note Registrar, and satisfaction of the requirements for such transfer set forth in this Section 2.05, the Company shall execute, and the Trustee shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal amount and bearing such restrictive legends as may be required by this Indenture. 

  
 17 

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

All Notes presented or surrendered for registration of transfer or for exchange, repurchase or conversion shall (if so required by the
Company, the Trustee, the Note Registrar or any co-Note Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form attached hereto as an exhibit to the Form of Note and duly executed, by the Holder
thereof or its attorney-in-fact duly authorized in writing. 
 No service charge shall be imposed by the Company, the Trustee, the Note
Registrar, any co-Note Registrar or the Paying Agent for any exchange or registration of transfer of Notes, but the Company and the Trustee may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax
required in connection therewith as a result of the name of the Holder of new Notes issued upon such exchange or registration of transfer being different from the name of the Holder of the old Notes surrendered for exchange or registration of
transfer. 
 None of the Company, the Trustee, the Note Registrar or any co-Note Registrar shall be required to exchange or register a
transfer of (i) any Notes surrendered for conversion or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered for conversion, (ii) any Notes, or a portion of any Note, surrendered for repurchase (and not
withdrawn) in accordance with Article 15 or (iii) any Notes selected for redemption in accordance with Article 16, except the unredeemed portion of any Note being redeemed in part. 

In connection with any proposed transfer involving Physical Notes, or any exchange of Global Notes for Physical Notes, the transferor shall
provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Internal Revenue Code
Section 6045. The Trustee may rely on the information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. 

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

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

  
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 (c) Every Note that bears or is required under this Section 2.05(c) to bear the
legend set forth in this Section 2.05(c) (together with any Common Stock issued upon conversion of the Notes that is required to bear the legend set forth in Section 2.05(d), collectively, the “Restricted Securities”) shall be
subject to the restrictions on transfer set forth in this Section 2.05(c) (including the legend set forth below), unless such restrictions on transfer shall be eliminated or otherwise waived by written consent of the Company, and the Holder of each
such Restricted Security, by such Holder’s acceptance thereof, agrees to be bound by all such restrictions on transfer. As used in this Section 2.05(c) and Section 2.05(d), the term “transfer” encompasses any sale, pledge,
transfer or other disposition whatsoever of any Restricted Security. 
 Until the date (the “Resale Restriction
Termination Date”) that is the later of (1) the date that is one year after the last date of original issuance of the Notes (including any Notes issued pursuant to the Initial Purchasers’ option to purchase additional Notes), or
such shorter period of time as permitted by Rule 144 or any successor provision thereto, and (2) such later date, if any, as may be required by applicable law, any certificate evidencing such Note (and all securities issued in exchange therefor
or substitution thereof, other than Common Stock, if any, issued upon conversion thereof, which shall bear the legend set forth in Section 2.05(d), if applicable) shall bear a legend in substantially the following form (unless such Notes have been
transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer, or sold pursuant to the exemption from registration provided by
Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company in writing, with notice thereof to the Trustee): 

THIS SECURITY AND THE COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE
ACQUIRER: 
 (1) REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL
BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 

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

  
 19 

 (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER
THE SECURITIES ACT, OR 
 (C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR

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

No transfer of any Note prior to the Resale Restriction Termination Date will be registered by the Note Registrar unless the applicable box on
the Form of Assignment and Transfer has been checked. 
 Any Note (or security issued in exchange or substitution therefor) (i) as to
which such restrictions on transfer shall have expired in accordance with their terms, (ii) that has been transferred pursuant to a registration statement that has become effective or been declared effective under the Securities Act and that
continues to be effective at the time of such transfer or (iii) that has been sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, may, upon surrender of such
Note for exchange to the Note Registrar in accordance with the provisions of this Section 2.05, be exchanged for a new Note or Notes, of like tenor and aggregate principal amount, which shall not bear the restrictive legend required by this Section
2.05(c) and shall not be assigned a restricted CUSIP number. In the case of the registration of any transfer of the Notes or the Common Stock, if any, issuable upon conversion of the Notes, pursuant to an exemption from registration provided by Rule
144 or any other available exemption from the registration requirements of the Securities Act prior to the Resale Restriction Termination Date, the Company and the Trustee reserve the right to require the delivery of such legal opinions,
certifications or other evidence as may reasonably be required stating that the proposed transfer 

  
 20 

 
is being made in compliance with the Securities Act and applicable state securities laws. The restrictive legend set forth above and affixed on any Note will be deemed, in accordance with the
terms of the certificate representing such Note, to be removed therefrom upon the Company’s delivery to the Trustee of written notice to such effect, without further action by the Company, the Trustee, the Holder(s) thereof or any other Person
other than as specified in Section 4.06(e); at such time, such Note will be deemed to be assigned an unrestricted CUSIP number as provided in the certificate representing such Note. 

The Company shall be entitled to instruct the Custodian in writing to so surrender any Global Note as to which any of the conditions
set forth in clause (i) through (iii) of the immediately preceding sentence have been satisfied, and, upon such instruction, the Custodian shall so surrender such Global Note for exchange; and any new Global Note so exchanged therefor
shall not bear the restrictive legend specified in this Section 2.05(c) and shall not be assigned a restricted CUSIP number; provided that the Depositary of any Global Note may require a mandatory exchange or other process to cause such
Global Note to be identified by an unrestricted CUSIP number in the facilities of such Depositary. Without limiting the generality of any other provision of this Indenture, the Trustee will be entitled to receive an Officers’ Certificate and
Opinion of Counsel from the Company before taking any action with respect to effecting any mandatory exchange or other process. The Company shall promptly notify the Trustee in writing upon the occurrence of the Resale Restriction Termination Date
and promptly after a registration statement, if any, with respect to the Notes or any Common Stock issued upon conversion of the Notes has been declared effective under the Securities Act. Any exchange pursuant to the foregoing paragraph shall be in
accordance with the applicable procedures of the Depositary. 
 Notwithstanding any other provisions of this Indenture (other than
the provisions set forth in this Section 2.05(c)), a Global Note may not be transferred as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of
the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary and (ii) for exchange of a Global Note or a portion thereof for one or more Physical Notes in accordance with the second
immediately succeeding paragraph. 
 The Depositary shall be a clearing agency registered under the Exchange Act. The Company initially
appoints The Depository Trust Company to act as Depositary with respect to each Global Note. Initially, each Global Note shall be issued to the Depositary, registered in the name of Cede & Co., as the nominee of the Depositary, and
deposited with the Trustee as custodian for Cede & Co. 
 If (i) the Depositary notifies the Company at any time that the
Depositary is unwilling or unable to continue as depositary for the Global Notes and a successor depositary is not appointed within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor
depositary is not appointed within 90 days or (iii) an Event of Default with respect to the Notes has occurred and is continuing and a beneficial owner of any Note requests that its beneficial interest therein be issued as a Physical Note, the
Company shall 

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

At such time as all interests in a Global Note have been converted, canceled, repurchased, redeemed or transferred, such Global Note shall be,
upon receipt thereof, canceled by the Trustee in accordance with standing procedures and existing instructions between the Depositary and the Custodian. At any time prior to such cancellation, if any interest in a Global Note is exchanged for
Physical Notes, converted, canceled, repurchased, redeemed or transferred to a transferee who receives Physical Notes therefor or any Physical Note is exchanged or transferred for part of such Global Note, the principal amount of such Global Note
shall, in accordance with the standing procedures and instructions existing between the Depositary and the Custodian, be appropriately reduced or increased, as the case may be, and an endorsement shall be made on such Global Note, by the Trustee or
the Custodian, at the direction of the Trustee, to reflect such reduction or increase. 
 None of the Company, the Trustee, the Paying
Agent, the Conversion Agent, the Note Registrar or any agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global
Note or maintaining, supervising or reviewing any records relating to such beneficial ownership interests. None of the Company, the Trustee, the Paying Agent, the Conversion Agent, the Note Registrar or any agent of the Company or the Trustee shall
have any responsibility or liability for any act or omission of the Depositary. 
 Neither the Company nor the Trustee shall have any
responsibility or liability for any act or omission of the Depositary. All notices and communications to be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given or made only to, or upon the order of the
registered Holder(s), which shall be the Depositary or its nominee in the case of a Global Note. The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any securities laws or restrictions on transfer
imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary participants or beneficial owners of interests in any Global Note) other than to
require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to
form with the express requirements hereof. 

  
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 Except as set forth in the fourth and fifth immediately preceding paragraphs, the rights of
beneficial owners in any Global Note shall be exercised only through the Depositary subject to the applicable procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary
with respect to its members, participants and beneficial owners. 
 (d) Until the Resale Restriction Termination Date, any stock certificate
representing Common Stock issued upon conversion of a Note shall bear a legend in substantially the following form (unless such Common Stock has been transferred pursuant to a registration statement that has become or been declared effective under
the Securities Act and that continues to be effective at the time of such transfer, or pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or such Common Stock has been
issued upon conversion of a Note that has been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer, or pursuant to the
exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company with written notice thereof to the Trustee and any transfer agent for the Common Stock): 

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

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

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

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

  
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 (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER
THE SECURITIES ACT, OR 
 (C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR

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

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

(e) Any Note or Common Stock issued upon the conversion or exchange of a Note that is repurchased or owned by any Affiliate of the Company (or
any Person who was an Affiliate of the Company at any time during the three months immediately preceding) may not be resold by such Affiliate (or such Person, as the case may be) unless registered under the Securities Act or resold pursuant to an
exemption from the registration requirements of the Securities Act in a transaction that results in such Note or Common Stock, as the case may be, no longer being a “restricted security” (as defined under Rule 144). 

(f) Notwithstanding anything contained herein to the contrary, neither the Trustee nor the Note Registrar shall be responsible for
ascertaining whether any transfer complies with the registration provisions of, or exemptions from, the Securities Act, applicable state securities law or other applicable law. 

  
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 Section 2.06. Mutilated, Destroyed, Lost or Stolen Notes. In case any
Note shall become mutilated or be destroyed, lost or stolen, the Company in its discretion may execute, and upon receipt of a Company Order the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver, a new Note,
bearing a registration number not contemporaneously outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every case the applicant for a substituted Note
shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless from any loss, liability, cost or expense caused by or connected with
such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of
such Note and of the ownership thereof. 
 The Trustee or such authenticating agent may authenticate any such substituted Note and
deliver the same upon the receipt of such security or indemnity as the Trustee, the Company and, if applicable, such authenticating agent may require. No service charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note
Registrar or the Paying Agent upon the issuance of any substitute Note, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in connection therewith as a result of the
name of the Holder of the new substitute Note being different from the name of the Holder of the old Note that became mutilated or was destroyed, lost or stolen. In case any Note that has matured or is about to mature or has been surrendered for
required repurchase or is about to be converted in accordance with Article 14 shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of issuing a substitute Note, pay or authorize the payment of or
convert or authorize the conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment or conversion shall furnish to the Company, to the Trustee and, if applicable,
to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or
theft, evidence satisfactory to the Company, the Trustee and, if applicable, any Paying Agent or Conversion Agent evidence of their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof. 

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

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

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

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

  
 26 

 
issuance of any such additional Notes, the Company shall deliver to the Trustee a Company Order, an Officers’ Certificate and an Opinion of Counsel, such Officers’ Certificate and
Opinion of Counsel to cover such matters, in addition to those required by Section 17.05, as the Trustee shall reasonably request. In addition, the Company may, to the extent permitted by law, and without the consent of Holders, directly or
indirectly (regardless of whether such Notes are surrendered to the Company), repurchase Notes in the open market or otherwise, whether by the Company or its Subsidiaries or through a private or public tender or exchange offer or through
counterparties to private agreements, including by cash-settled swaps or other derivatives. Subject to the immediately succeeding paragraph, the Company may, at its option and to the extent permitted by applicable law, reissue, resell or surrender
to the Trustee for cancellation in accordance with Section 2.08 any Notes that the Company may repurchase other than Notes repurchased in connection with a Fundamental Change (and in the case of a reissuance or resale, so long as such Notes do not
constitute “restricted securities” (as defined under Rule 144) upon such reissuance or resale; provided that if any such reissued Notes are not fungible with the Notes issued on the date hereof under this Indenture for U.S. federal
income tax purposes, such reissued Notes shall have one or more separate CUSIP numbers). Subject to the immediately succeeding paragraph, any Notes that the Company may repurchase other than Notes repurchased in connection with a Fundamental Change
shall be considered outstanding under this Indenture (except for voting purposes) unless and until such time the Company surrenders them to the Trustee for cancellation and, upon receipt of a Company Order, the Trustee shall cancel all Notes so
surrendered in accordance with Section 2.08. 
 Notwithstanding anything to the contrary in this Indenture (x) the Company shall
not be permitted to reissue or resell any Notes that the Company may directly or indirectly repurchase and (y) any Notes that the Company may directly or indirectly repurchase shall not be outstanding or considered outstanding under this
Indenture, in each case, to the extent that the aggregate principal amount of Notes repurchased (directly or indirectly) or owned by the Company that are or were, at any time or for any period of time, outstanding or considered outstanding under
this Indenture (except for voting purposes) exceeds 10% of the aggregate principal amount of Notes first issued under this Indenture (including any Notes issued upon exercise of the Initial Purchasers’ option to purchase additional Notes).
Following any direct or indirect repurchase of Notes by the Company, to the extent that the aggregate principal amount of Notes repurchased or owned by the Company that are or were, at any time or for any period of time, outstanding or considered
outstanding under this Indenture (except for voting purposes) exceeds 10% of the aggregate principal amount of Notes first issued under this Indenture (including any Notes issued upon exercise of the Initial Purchasers’ option to purchase
additional Notes), the Company shall cause such repurchased Notes to be immediately surrendered to the Trustee for cancellation, the Company shall not be permitted to reissue or resell such repurchased Notes and such repurchased Notes shall not be
outstanding or considered outstanding under this Indenture. 

  
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 ARTICLE 3 

SATISFACTION AND DISCHARGE 

Section 3.01. Satisfaction and Discharge. This Indenture and the Notes shall upon request of the Company contained in an
Officers’ Certificate cease to be of further effect, and the Trustee, at the expense of the Company, shall execute such instruments reasonably requested by the Company acknowledging satisfaction and discharge of this Indenture and the Notes,
when (a) (i) all Notes theretofore authenticated and delivered (other than Notes which have been destroyed, lost or stolen and which have been replaced, paid or converted as provided in Section 2.06) have been delivered to the Trustee for
cancellation; or (ii) the Company has deposited with the Trustee or the transfer agent for the Common Stock or delivered to Holders, as applicable, after the Notes have become due and payable, whether on the Maturity Date, any Redemption Date,
any Fundamental Change Repurchase Date, upon conversion or otherwise, cash or cash, shares of Common Stock or a combination thereof, as applicable, solely to satisfy the Company’s Conversion Obligation, sufficient to pay all of the outstanding
Notes and all other sums due and payable under this Indenture by the Company; and (b) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided
for relating to the satisfaction and discharge of this Indenture and the Notes have been complied with. Notwithstanding the satisfaction and discharge of this Indenture and the Notes, the obligations of the Company to the Trustee under Section 7.06
shall survive. 
 ARTICLE 4 

PARTICULAR COVENANTS OF THE COMPANY 

Section 4.01. Payment of Principal and Interest. The Company covenants and agrees that it will pay, or cause the Paying
Agent to pay, the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest on, and consideration due upon conversion of, each of the Notes at the places, at the respective
times and in the manner provided herein and in the Notes.  
 Section 4.02. Maintenance of Office or Agency. The
Company will maintain in the United States of America, an office or agency where the Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase (“Paying Agent”) or
for conversion (“Conversion Agent”) and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company will give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office or the office or agency of the Trustee in the United States of America; provided, however, that the Trustee shall not be deemed an agent of the Company for service of
legal process. 

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

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

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

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

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

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

  
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 (b) If the Company shall act as its own Paying Agent, it will, on or before each due date of
the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest on, and consideration due upon conversion of, the Notes, set aside, segregate and hold in trust for the benefit
of the Holders of the Notes a sum sufficient to pay such principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable), accrued and unpaid interest and such consideration due upon conversion so becoming due
and will promptly notify the Trustee in writing of any failure to take such action and of any failure by the Company to make any payment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of,
accrued and unpaid interest on, or consideration due upon conversion of, the Notes when the same shall become due and payable. 
 (c)
Anything in this Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all
sums or amounts held in trust by the Company or any Paying Agent hereunder as required by this Section 4.04, such sums or amounts to be held by the Trustee upon the trusts herein contained and upon such payment or delivery by the Company or any
Paying Agent to the Trustee, the Company or such Paying Agent shall be released from all further liability but only with respect to such sums or amounts. Upon the occurrence of any event specified in Section 6.01(h) or Section 6.01(i), the
Trustee shall automatically become the Paying Agent. 
 (d) Subject to applicable law, including applicable escheatment laws, any money or
property deposited with the Trustee, the Conversion Agent or any Paying Agent in trust for the payment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of or any accrued and unpaid interest
on, or any money and shares of Common Stock deposited with the transfer agent for the Common Stock or then held by the Company in trust for the payment of the consideration due upon conversion of, any Note and remaining unclaimed for two years after
such principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable), interest or consideration due upon conversion has become due and payable shall be paid to the Company on request of the Company contained in
an Officers’ Certificate, or (if then held by the Company) shall be discharged from such trust and the Trustee shall have no further liability with respect to such funds; and the Holder of such Note shall thereafter, as an unsecured general
creditor, look only to the Company for payment thereof, and all liability of the Trustee, the Conversion Agent or such Paying Agent with respect to such trust money and all liability of the transfer agent for the Common Stock with respect to such
trust money and shares of Common Stock shall thereupon cease. 
 Section 4.05. Existence. Subject to Article 11, the
Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence. 

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

(b) The Company shall file with the Trustee, within 15 days after the same are required to be filed with the Commission (giving effect to any
grace period provided by Rule 12b-25 or any successor rule under the Exchange Act), copies of any documents or reports that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act (excluding any
such information, documents or reports, or portions thereof, subject to confidential treatment and any correspondence with the Commission). Any such document or report that the Company files with the Commission via the Commission’s EDGAR system
(or any successor thereto) shall be deemed to be filed with the Trustee for purposes of this Section 4.06(b) at the time such documents are filed via the EDGAR system (or any successor thereto), it being understood that the Trustee shall not be
responsible for determining whether such filings have been made. 
 (c) Delivery of the information, reports and documents described in
subsections (a) and (b) above to the Trustee is for informational purposes only, and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely on an Officers’ Certificate). The Trustee shall have no liability or responsibility for the filing,
timeliness, or content of such reports. The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Company’s compliance with the covenants or with respect to any reports or other documents filed with the
Commission or posted to any website or participate in any conference calls. 
 (d) If, at any time during the six-month period beginning on,
and including, the date that is six months after the last date of original issuance of the Notes, the Company fails to timely file any document or report that it is required to file with the Commission pursuant to Section 13 or 15(d) of the
Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder and other than reports on Form 8-K), or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than the Company’s Affiliates
or Holders that have been the Company’s Affiliates at any time during the three months immediately preceding (as a result of restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes), the Company shall pay
Additional Interest on the Notes. Such Additional Interest shall accrue on the Notes at the rate of 0.50% per annum of the principal amount of the Notes outstanding for each day during such period for which the Company’s failure to file
has occurred and is continuing or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders 

  
 31 

 
other than the Company’s Affiliates (or Holders that have been the Company’s Affiliates at any time during the three months immediately preceding) without restrictions pursuant to U.S.
securities laws or the terms of this Indenture or the Notes. As used in this Section 4.06(d), documents or reports that the Company is required to “file” with the Commission pursuant to Section 13 or 15(d) of the Exchange Act does not
include documents or reports that the Company furnishes to the Commission pursuant to Section 13 or 15(d) of the Exchange Act. 
 (e)
If, and for so long as, the restrictive legend on the Notes specified in Section 2.05(c) has not been removed, the Notes are assigned a restricted CUSIP number or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than
the Company’s Affiliates or Holders that have been the Company’s Affiliates at any time during the three months immediately preceding (without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes) as of
the 380th day after the last date of original issuance of the Notes, the Company shall pay Additional Interest on the Notes at a rate equal to 0.50% per annum of the principal amount of Notes outstanding until the restrictive legend on the
Notes has been removed in accordance with Section 2.05(c), the Notes are assigned an unrestricted CUSIP number and the Notes are freely tradable pursuant to Rule 144 by Holders other than the Company’s Affiliates (or Holders that have been the
Company’s Affiliates at any time during the three months immediately preceding) without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes. The restrictive legend on the Notes shall be deemed removed
pursuant to the terms of this Indenture as provided in Section 2.05(c), and, at such time, the Notes will, pursuant to, and subject to the provisions of, such Section, be deemed assigned an unrestricted CUSIP number. However, for the avoidance of
doubt, for Notes that are not in certificated form, the Notes will continue to bear interest pursuant to this paragraph until such time as they are identified by an unrestricted CUSIP number in the facilities of the Depositary or any successor
depositary for the Notes, as a result of completion of the Depositary’s mandatory exchange process or otherwise. 
 (f) Additional
Interest will be payable in arrears on each Interest Payment Date following accrual in the same manner as regular interest on the Notes. 

(g) The Additional Interest that is payable in accordance with Section 4.06(d) or Section 4.06(e) shall be in addition to, and not in
lieu of, any Additional Interest that may be payable as a result of the Company’s election pursuant to Section 6.03; provided, however, that in no event shall any Additional Interest payable in accordance with Section 4.06(d) as a
result of the Company’s failure to timely file any document or report as set forth therein, together with any Additional Interest payable at the Company’s election pursuant to Section 6.03, accrue at a rate in excess of 0.50% per
annum on any Notes, regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest.  

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

  
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such Additional Interest is payable. If the Company has paid Additional Interest directly to the Persons entitled to it, the Company shall deliver to the Trustee an Officers’ Certificate
setting forth the particulars of such payment. The Trustee shall have no duty to verify the Company’s determination as to whether Additional Interest is due or the Company’s calculations as to the amount of Additional Interest. 

Section 4.07. Stay, Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it
shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law that would prohibit or forgive the Company from paying all or any portion of the principal
of or any interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of this Indenture; and the Company (to the extent it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every
such power as though no such law had been enacted. 
 Section 4.08. Compliance Certificate; Statements as to
Defaults. The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company (beginning with the fiscal year ending on December 31, 2021) an Officers’ Certificate, signed by the principal
executive officer of the Company, the principal financial officer of the Company or the principal accounting officer of the Company, stating whether the signers thereof have knowledge of any Default that occurred during the previous year.

 In addition, the Company shall deliver to the Trustee within 30 days after the occurrence of any Event of Default or Default,
an Officers’ Certificate setting forth the details of such Event of Default or Default, its status and the action that the Company is taking or proposing to take in respect thereof; provided that no such Officers’ Certificate is
required if the event that would constitute a Default has been cured or waived before the date the Company is required to deliver such Officers’ Certificate. 

Section 4.09. Further Instruments and Acts. Upon request of the Trustee, the Company will execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 

ARTICLE 5 
 LISTS
OF HOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE 

Section 5.01. Lists of Holders. The Company covenants and agrees that it will furnish or cause to be furnished to the
Trustee and any Paying Agent (if other than the Trustee), semi-annually, not more than 15 days after each February 1 and August 1 in each year beginning with February 1, 2022, and at such other times as the Trustee may request in
writing, within 30 days after receipt by the Company of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it 

  
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hereunder), a list in such form as the Trustee may reasonably require of the names and addresses of the Holders as of a date not more than 15 days (or such other date as the Trustee may
reasonably request in order to so provide any such notices) prior to the time such information is furnished, except that no such list need be furnished so long as the Trustee is acting as Note Registrar. 

Section 5.02. Preservation and Disclosure of Lists. The Trustee shall preserve, in as current a form as is reasonably
practicable, all information as to the names and addresses of the Holders contained in the most recent list furnished to it as provided in Section 5.01 or maintained by the Trustee in its capacity as Note Registrar, if so acting. The Trustee may
destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished. 
 ARTICLE 6 

DEFAULTS AND REMEDIES 

Section 6.01. Events of Default. Each of the following events shall be an “Event of Default”
with respect to the Notes: 
 (a) default in any payment of interest on any Note when due and payable, and the default continues for
a period of 30 days; 
 (b) default in the payment of principal of any Note when due and payable on the Maturity Date, upon Optional
Redemption, upon any required repurchase, upon declaration of acceleration or otherwise; 
 (c) failure by the Company to comply with its
obligation to convert the Notes in accordance with this Indenture upon exercise of a Holder’s conversion right and such failure continues for five Business Days; 

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

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

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

  
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 (g) default by the Company or any Significant Subsidiary of the Company with respect to any
mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $50,000,000 (or its foreign currency equivalent) in the aggregate of the
Company and/or any such Significant Subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable prior to its stated maturity or
(ii) constituting a failure to pay the principal or interest of any such indebtedness when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise and in the cases of clauses (i) and
(ii), such acceleration shall not, after the expiration of any applicable grace period, have been rescinded or annulled or such failure to pay or default shall not have been cured or waived, or such indebtedness shall not have been paid or
discharged, as the case may be, within 30 days after written notice to the Company by the Trustee or to the Company and the Trustee by Holders of at least 25% in aggregate principal amount of Notes then outstanding; 

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

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

Section 6.02. Acceleration; Rescission and Annulment. If one or more Events of Default shall have occurred and be
continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body), then, and in each and every such case (other than an Event of Default specified in Section 6.01(h) or Section 6.01(i) with respect to the Company or any of its Significant Subsidiaries), unless the principal of
all of the Notes shall have already become due and payable, either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding determined in accordance with Section 8.04, by notice in writing to the Company
(and to the Trustee if given by Holders), may declare 100% of the principal of, and any accrued and unpaid interest on, all the Notes to be due and payable immediately, and upon any such declaration the same shall become and shall automatically be
immediately due and payable, anything contained in this Indenture or in the Notes to the contrary notwithstanding. If an Event of Default specified in Section 6.01(h) or Section 6.01(i) with respect to the Company or any of its Significant
Subsidiaries occurs and is continuing, 100% of the principal of, and accrued and unpaid interest, if any, on, all Notes shall become and shall automatically be immediately due and payable without any further act or declaration on the part of
the Holders or the Trustee. 

  
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 The immediately preceding paragraph, however, is subject to the conditions that if, at any
time after the principal of the Notes shall have been so declared due and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall
deposit with the Trustee a sum sufficient to pay installments of any accrued and unpaid interest upon all Notes and the principal of any and all Notes that shall have become due otherwise than by acceleration (with interest on overdue installments
of accrued and unpaid interest to the extent that payment of such interest is enforceable under applicable law, and on such principal at the rate borne by the Notes at such time) and amounts due to the Trustee pursuant to Section 7.06, and if
(1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all existing Events of Default under this Indenture, other than the nonpayment of the principal of and accrued and unpaid
interest, if any, on Notes that shall have become due solely by such acceleration, shall have been cured or waived pursuant to Section 6.09, then and in every such case (except as provided in the immediately succeeding sentence) the Holders of a
majority in aggregate principal amount of the Notes then outstanding, by written notice to the Company and to the Trustee, may waive all Defaults or Events of Default with respect to the Notes and rescind and annul such declaration and its
consequences and such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver or rescission and annulment shall extend to or shall affect any
subsequent Default or Event of Default, or shall impair any right consequent thereon. Notwithstanding anything to the contrary herein, no such waiver or rescission and annulment shall extend to or shall affect any continuing Default or Event of
Default resulting from (i) the nonpayment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, or any accrued and unpaid interest on, any Notes, (ii) a failure to repurchase any
Notes when required or (iii) a failure to pay or deliver, as the case may be, the consideration due upon conversion of the Notes. 

Section 6.03. Additional Interest. Notwithstanding anything in this Indenture or in the Notes to the contrary, to the
extent the Company elects, the sole remedy for an Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) shall, for the first 360 days after the occurrence of such an Event of Default,
consist exclusively of the right to receive Additional Interest on the Notes at a rate equal to (i) 0.25% per annum of the principal amount of the Notes outstanding for each day during the first 180-day period beginning on, and including,
the date on which such an Event of Default first occurs and (ii) 0.50% per annum of the principal amount of the Notes outstanding for each day during the period from, and including, the 181st day after the occurrence of such Event of
Default to, and including, the 360th day after the occurrence of such Event of Default, in each case, during which such Event of Default is continuing. Subject to the second immediately succeeding paragraph, Additional Interest payable pursuant to
this Section 6.03 shall be in addition to, not in lieu of, any Additional Interest payable pursuant to Section 4.06(d) or Section 4.06(e). If the Company so elects, such Additional Interest shall be payable in the same manner and on the 

  
 36 

 
same dates as the stated interest payable on the Notes. On the 361st day after such Event of Default (if the Event of Default relating to the Company’s failure to file is not cured or waived
prior to such 361st day), the Notes shall be immediately subject to acceleration as provided in Section 6.02. The provisions of this paragraph will not affect the rights of Holders of Notes in the event of the occurrence of any Event of Default
other than the Company’s failure to comply with its obligations as set forth in Section 4.06(b). In the event the Company does not elect to pay Additional Interest following an Event of Default in accordance with this Section 6.03 or the
Company elected to make such payment but does not pay the Additional Interest when due, the Notes shall be immediately subject to acceleration as provided in Section 6.02. 

In order to elect to pay Additional Interest as the sole remedy during the first 360 days after the occurrence of any Event of Default
described in the immediately preceding paragraph, the Company must notify all Holders of the Notes in writing and notify the Trustee and the Paying Agent in an Officers’ Certificate (consistent with Section 4.06(h)) of such election prior to
the beginning of such 360-day period. Upon the failure to timely give such notice, the Notes shall be immediately subject to acceleration as provided in Section 6.02. 

In no event shall any Additional Interest payable at the Company’s election pursuant to this Section 6.03, together with any Additional
Interest payable in accordance with Section 4.06(d) as a result of the Company’s failure to timely file any document or report as set forth therein, accrue at a rate in excess of 0.50% per annum on any Notes, regardless of the number of
events or circumstances giving rise to the requirement to pay such Additional Interest. 
 Section 6.04. Payments of Notes on
Default; Suit Therefor. If an Event of Default described in clause (a) or (b) of Section 6.01 shall have occurred, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of the Notes, the whole amount
then due and payable on the Notes for principal and interest, if any, with interest on any overdue principal and interest, if any, at the rate borne by the Notes at such time and, in addition thereto, such further amount as shall be sufficient to
cover any amounts due to the Trustee under Section 7.06. If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the
collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the
manner provided by law out of the property of the Company or any other obligor upon the Notes, wherever situated. 
 In the event there
shall be pending proceedings for the bankruptcy or for the reorganization of the Company or any other obligor on the Notes under Title 11 of the United States Code, or any other applicable law, or in case a receiver, assignee or trustee in
bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Company or such other obligor, the property of the Company or such other obligor, or in the event of any other
judicial proceedings relative to the Company or such other obligor upon the Notes, or to the creditors or property of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Notes shall then be due and payable as
therein expressed or by declaration or otherwise and irrespective of whether the 

  
 37 

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

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

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

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

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

First, to the payment of all amounts due the Trustee (acting in any capacity hereunder) hereunder, including its agents and counsel;

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

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

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

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

  
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 (b) Holders of at least 25% in aggregate principal amount of the Notes then outstanding
shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; 
 (c)
such Holders shall have offered to the Trustee such security or indemnity reasonably satisfactory to the Trustee against any loss, liability, cost or expense to be incurred therein or thereby; 

(d) the Trustee for 60 days after its receipt of such notice, request and offer of such security or indemnity, shall have neglected or refused
to institute any such action, suit or proceeding; and 
 (e) no direction that, in the opinion of the Trustee, is inconsistent with such
written request shall have been given to the Trustee by the Holders of a majority of the aggregate principal amount of the Notes then outstanding within such 60-day period pursuant to Section 6.09, 

it being understood and intended, and being expressly covenanted by the taker and Holder of every Note with every other taker and Holder and the Trustee that
no one or more Holders shall have any right in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other Holder (it being understood that the Trustee shall not have an
affirmative duty to ascertain whether or not any such direction is unduly prejudicial to any other Holder), or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Indenture, except in
the manner herein provided and for the equal, ratable and common benefit of all Holders (except as otherwise provided herein). For the protection and enforcement of this Section 6.06, each and every Holder and the Trustee shall be entitled to such
relief as can be given either at law or in equity. 
 Notwithstanding any other provision of this Indenture and any provision of any Note,
each Holder shall have the right to receive payment or delivery, as the case may be, of (x) the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, (y) accrued and unpaid interest, if
any, on, and (z) the consideration due upon conversion of, such Note, on or after the respective due dates expressed or provided for in such Note or in this Indenture, or to institute suit for the enforcement of any such payment or delivery, as
the case may be. 

  
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 Section 6.07. Proceedings by Trustee. In case of an Event of Default, the
Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit in equity or by action
at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or
equitable right vested in the Trustee by this Indenture or by law. 
 Section 6.08. Remedies Cumulative and
Continuing. Except as provided in the last paragraph of Section 2.06, all powers and remedies given by this Article 6 to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof
or of any other powers and remedies available to the Trustee or the Holders of the Notes, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or
omission of the Trustee or of any Holder of any of the Notes to exercise any right or power accruing upon any Default or Event of Default shall impair any such right or power, or shall be construed to be a waiver of any such Default or Event of
Default or any acquiescence therein; and, subject to the provisions of Section 6.06, every power and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed
expedient, by the Trustee or by the Holders. 
 Section 6.09. Direction of Proceedings and Waiver of Defaults by
Majority of Holders. Subject to the Trustee’s right to receive security or indemnity from the relevant Holders as described herein, the Holders of a majority of the aggregate principal amount of the Notes at the time outstanding determined
in accordance with Section 8.04 shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Notes;
provided, however, that (a) such direction shall not be in conflict with any rule of law or with this Indenture, and (b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such
direction. The Trustee may refuse to follow any direction that it determines is in conflict with any rule of law or with this Indenture or is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal
liability (it being understood that the Trustee shall not have an affirmative duty to ascertain whether or not any such direction is unduly prejudicial to any other Holder) or for which it has not received indemnity or security satisfactory to the
Trustee against any loss, liability or expense. The Holders of a majority in aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 may on behalf of the Holders of all of the Notes waive any past
Default or Event of Default hereunder and its consequences except (i) a continuing default in the payment of accrued and unpaid interest, if any, on, or the principal (including any Redemption Price and any Fundamental Change Repurchase Price)
of, the Notes when due that has not been cured pursuant to the provisions of Section 6.01, (ii) a continuing failure by the Company to pay or deliver, as the case may be, the consideration due upon conversion of the Notes or (iii) a
continuing default in respect of a covenant or provision hereof which under Article 10 cannot be modified or amended without the consent of each Holder of an outstanding Note affected. Upon any such waiver the Company, the Trustee and the Holders of
the Notes shall be restored to their former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right  

  
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consequent thereon. Whenever any Default or Event of Default hereunder shall have been waived as permitted by this Section 6.09, said Default or Event of Default shall for all purposes of the
Notes and this Indenture be deemed to have been cured and to be not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. 

Section 6.10. Notice of Defaults. The Trustee shall, within 90 days after a Responsible Officer obtains actual knowledge of
the occurrence and continuance of a Default, deliver to all Holders notice of all Defaults actually known to a Responsible Officer, unless such Defaults shall have been cured or waived before the giving of such notice; provided that, except
in the case of a Default in the payment of the principal of (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable), or any accrued and unpaid interest on, any of the Notes or a Default in the payment or delivery
of the consideration due upon conversion, the Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Trustee in good faith determines that the withholding of such notice is in the interests of the
Holders. 
 Section 6.11. Undertaking to Pay Costs. All parties to this Indenture agree, and each Holder of any
Note by its acceptance thereof shall be deemed to have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or
omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses,
against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided that the provisions of this Section 6.11 (to the extent permitted by law) shall not apply
to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Notes at the time outstanding determined in accordance with Section 8.04, or to any
suit instituted by any Holder for the enforcement of the payment of the principal of or any accrued and unpaid interest, if any, on any Note (including, but not limited to, the Redemption Price and the Fundamental Change Repurchase Price, if
applicable) on or after the due date expressed or provided for in such Note or to any suit for the enforcement of the right to convert any Note, or receive the consideration due upon conversion, in accordance with the provisions of Article 14.

 ARTICLE 7 

CONCERNING THE TRUSTEE 

Section 7.01. Duties and Responsibilities of Trustee. The Trustee, prior to the occurrence of an Event of Default and after the
curing or waiver of all Events of Default that may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In the event an Event of Default has occurred and is continuing, the Trustee
shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the 

  
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circumstances in the conduct of such person’s own affairs; provided that if an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the
rights or powers under this Indenture at the request or direction of any of the Holders unless such Holders have offered to, and, if requested, provided to the Trustee indemnity or security satisfactory to the Trustee against any loss, liability,
cost or expense that might be incurred by it in compliance with such request or direction. 
 No provision of this Indenture shall be
construed to relieve the Trustee from liability for its own grossly negligent action, its own grossly negligent failure to act or its own willful misconduct, except that: 

(a) prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Default that may have occurred: 

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

(ii) the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions that by any provisions hereof are specifically required to be furnished
to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts
stated therein); 
 (b) the Trustee shall not be liable for any action taken or error of judgment made in good faith by a Responsible
Officer or Officers of the Trustee, unless it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts; 

(c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the direction of the
Holders of not less than a majority of the aggregate principal amount of the Notes at the time outstanding determined as provided in Section 8.04 relating to the time, method and place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; 
 (d) whether or not therein provided, every
provision of this Indenture relating to the conduct or affecting the liability of, or affording protection to, the Trustee shall be subject to the provisions of this Section and Section 7.02; 

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

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

(g) in the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a non-interest
bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon or for losses incurred as a result of the liquidation of any such investment prior to its maturity date or
the failure of the party directing such investments prior to its maturity date or the failure of the party directing such investment to provide timely written investment direction, and the Trustee shall have no obligation to invest or reinvest any
amounts held hereunder in the absence of such written investment direction from the Company; and 
 (h) in the event that the Trustee is
also acting as Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or transfer agent hereunder, the rights and protections afforded to the Trustee pursuant to this Article 7 shall also be afforded to such Custodian,
Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or transfer agent. 
 None of the provisions contained in this
Indenture or the Notes shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers. 

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

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

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

(c) before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both, and any
such certificate or opinion shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in accordance with such advice; 

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

(e) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the expense of the Company and shall incur no
liability of any kind by reason of such inquiry or investigation; 
 (f) the Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents, custodians, nominees or attorneys and the Trustee shall not be responsible for any action, inaction, misconduct or negligence on the part of any agent, custodian, nominee or
attorney appointed by it with due care hereunder; 
 (g) the permissive rights of the Trustee enumerated herein shall not be construed as
duties; 
 (h) the Trustee shall not be required to give any bond or surety in respect of the execution of the trusts and powers under this
Indenture; under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the Notes; the Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of
individuals and the titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any Person authorized to sign an Officers’ Certificate, including any Person
specified as so authorized in any such certificate previously delivered and not superseded; 
 (i) the Trustee shall have no obligation to
pursue any action that is not in accordance with applicable law; 
 (j) the Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered (and if requested, provided) to the Trustee security or indemnity satisfactory to
the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 

  
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 (k) the Trustee shall not be liable for any action taken, suffered, or omitted to be taken
by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; and 

(l) the Trustee shall not be obligated to take possession of any Common Stock, whether upon conversion or in connection with any discharge of
this Indenture pursuant to Article 3 hereof, but shall satisfy its obligation as Conversion Agent by working through the stock transfer agent of the Company from time to time as directed by the Company. 

In no event shall the Trustee be responsible or liable for any punitive, special, indirect or consequential loss or damage of any kind
whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. The Trustee shall not be charged with knowledge of (or be required to act
including the sending of any notices with respect to) any Default or Event of Default with respect to the Notes, unless either (1) a Responsible Officer shall have actual knowledge of such Default or Event of Default or (2) written notice
of such Default or Event of Default shall have been actually received by a Responsible Officer of the Trustee, subject to the terms hereof. 

Section 7.03. No Responsibility for Recitals, Etc. The recitals contained herein and in the Notes (except in the
Trustee’s certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Notes or the Common Stock (or other Reference Property) underlying the Notes. The Trustee shall not be accountable for the use or application by the Company of any Notes or the proceeds of any Notes authenticated and delivered by
the Trustee in conformity with the provisions of this Indenture or any money paid to the Company or upon the Company’s direction under any provision of the Indenture. The Trustee shall have no responsibility or liability with respect to any
information, statement or recital in the Offering Circular or other disclosure material prepared or distributed with respect to the issuance of the Notes. 

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

Section 7.05. Monies to Be Held in Trust. All monies received by the Trustee shall, until used or applied as herein
provided, be held in trust for the purposes for which they were received. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest
on any money received by it hereunder except as may be agreed to in writing from time to time by the Company and the Trustee. 

  
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 Section 7.06. Compensation and Expenses of Trustee. The Company covenants
and agrees to pay to the Trustee, in any capacity under this Indenture, from time to time, and the Trustee shall be entitled to, compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision of
law in regard to the compensation of a trustee of an express trust) as mutually agreed to in writing between the Trustee and the Company, and the Company will pay or reimburse the Trustee upon its request for all reasonable fees, costs, expenses,
disbursements and advances reasonably incurred or made by the Trustee in accordance with any of the provisions of this Indenture in any capacity thereunder (including the compensation and the reasonable expenses and disbursements of its agents and
counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as shall have been caused by its gross negligence or willful misconduct as adjudicated by a court of competent jurisdiction. The Company also
covenants to indemnify the Trustee in any capacity under this Indenture and any other document or transaction entered into in connection herewith and its agents and any authenticating agent for, and to hold them harmless against, any loss, claim,
damage, liability, cost, fees or expense (including attorneys’ fees and expenses and court costs) incurred without gross negligence or willful misconduct, as adjudicated by a court of competent jurisdiction, on the part of the Trustee, its
officers, directors, agents or employees, or such agent or authenticating agent, as the case may be, and arising out of or in connection with the acceptance or administration of this Indenture or in any other capacity hereunder (whether the claims
arise by or against the Company or a third person), including the costs and expenses of defending themselves against any claim of liability (including attorneys’ fees and expenses and court costs) in the premises or enforcing the Company’s
obligations, including the Trustee’s right to indemnity, hereunder. The obligations of the Company under this Section 7.06 to compensate or indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall
be secured by a senior lien to which the Notes are hereby made subordinate on all money or property held or collected by the Trustee, except, subject to the effect of Section 6.05, funds held in trust herewith for the benefit of the Holders of
particular Notes. The Trustee’s right to receive payment of any amounts due hereunder shall not be subordinate to any other liability or indebtedness of the Company. The obligations of the Company under Article 7 shall survive the satisfaction
and discharge of this Indenture and the earlier resignation or removal of the Trustee. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. The indemnification provided in this
Section 7.06 shall extend to the officers, directors, agents and employees of the Trustee. 
 Without prejudice to any other rights
available to the Trustee under applicable law, when the Trustee and its agents and any authenticating agent incur expenses or render services after an Event of Default specified in Section 6.01(h) or Section 6.01(i) occurs, the expenses and the
compensation for the services are intended to constitute expenses of administration under any bankruptcy, insolvency or similar laws. 

Section 7.07. Officers’ Certificate as Evidence. Except as otherwise provided in Section 7.01, whenever in the
administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder, such matter (unless other evidence in respect thereof be
herein specifically  

  
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prescribed) may, in the absence of gross negligence or willful misconduct on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate
delivered to the Trustee, and such Officers’ Certificate, in the absence of gross negligence or willful misconduct on the part of the Trustee, shall be full warrant to the Trustee for any action taken or omitted by it under the provisions of
this Indenture upon the faith thereof. 
 Section 7.08. Eligibility of Trustee. There shall at all times be a Trustee
hereunder which shall be a Person that is eligible pursuant to the Trust Indenture Act (as if the Trust Indenture Act were applicable hereto) to act as such and has a combined capital and surplus of at least $50,000,000. If such Person publishes
reports of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Person shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the
effect hereinafter specified in this Article. 
 Section 7.09. Resignation or Removal of Trustee. (a) The
Trustee may at any time resign by giving written notice of such resignation to the Company and by delivering notice thereof to the Holders. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee by written
instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have
accepted appointment within 60 days after the giving of such notice of resignation to the Holders, the resigning Trustee may, at the expense of the Company, upon ten Business Days’ notice to the Company and the Holders, petition any court of
competent jurisdiction for the appointment of a successor trustee, or any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since the date of this Indenture) may, subject to the provisions of Section 6.11, on
behalf of himself or herself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor
trustee. 
 (b) In case at any time any of the following shall occur: 

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

  
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 then, in either case, the Company may by a Board Resolution remove the Trustee, upon 30 days’ advance
written notice, and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or,
subject to the provisions of Section 6.11, any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since the date of this Indenture) may, on behalf of himself or herself and all others similarly situated, petition
any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor
trustee. 
 (c) The Holders of a majority in aggregate principal amount of the Notes at the time outstanding, as determined in accordance
with Section 8.04, may at any time remove the Trustee upon 30 days’ advance written notice and nominate a successor trustee that shall be deemed appointed as successor trustee unless within ten days after notice to the Company of such
nomination the Company objects thereto, in which case the Trustee so removed or any Holder, upon the terms and conditions and otherwise as in Section 7.09(a) provided, may petition any court of competent jurisdiction for an appointment of a
successor trustee. 
 (d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions
of this Section 7.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.10. 

Section 7.10. Acceptance by Successor Trustee. Any successor trustee appointed as provided in Section 7.09 shall execute,
acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without
any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Trustee herein; but, nevertheless, on the written request of the
Company or of the successor trustee, the trustee ceasing to act shall, upon payment of any amounts then due it pursuant to the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee all the rights and
powers of the trustee so ceasing to act. Upon request of any such successor trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and
powers. Any trustee ceasing to act shall, nevertheless, retain a senior lien to which the Notes are hereby made subordinate on all money or property held or collected by such trustee as such, except for funds held in trust for the benefit of Holders
of particular Notes, to secure any amounts then due it pursuant to the provisions of Section 7.06.  
 No successor trustee shall
accept appointment as provided in this Section 7.10 unless at the time of such acceptance such successor trustee shall be eligible under the provisions of Section 7.08. 

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

  
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 Section 7.11. Succession by Merger, Etc. Any corporation or other entity
into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or other
entity succeeding to all or substantially all of the corporate trust business of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee hereunder without the execution or filing of any paper or any
further act on the part of any of the parties hereto; provided that in the case of any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee such corporation or other entity shall be
eligible under the provisions of Section 7.08. 
 In case at the time such successor to the Trustee shall succeed to the
trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed by such
predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or an authenticating agent appointed by such successor trustee may authenticate
such Notes either in the name of any predecessor trustee hereunder or in the name of the successor trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the
certificate of the Trustee shall have; provided, however, that the right to adopt the certificate of authentication of any predecessor trustee or to authenticate Notes in the name of any predecessor trustee shall apply only to its
successor or successors by merger, conversion or consolidation. 
 Section 7.12. Trustee’s Application for
Instructions from the Company. Any application by the Trustee for written instructions from the Company (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders of
the Notes under this Indenture) may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission
shall be effective. The Trustee shall not be liable to the Company for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall
not be less than three Business Days after the date notice to the Company is deemed to be received pursuant to Section 17.03, unless any such officer shall have consented in writing to any earlier date), unless, prior to taking any such action
(or the effective date in the case of any omission), the Trustee shall have received written instructions in accordance with this Indenture in response to such application specifying the action to be taken or omitted. 

  
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 ARTICLE 8 

CONCERNING THE HOLDERS 

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

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

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

  
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 Section 8.04. Company-Owned Notes Disregarded. In determining whether the
Holders of the requisite aggregate principal amount of Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company, by any Subsidiary thereof or by any Affiliate of the Company or
any Subsidiary thereof shall be disregarded and deemed not to be outstanding for the purpose of any such determination; provided that for the purposes of determining whether the Trustee shall be protected in relying on any such direction,
consent, waiver or other action, only Notes that a Responsible Officer actually knows are so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as outstanding for the purposes of this Section 8.04 if
the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to so act with respect to such Notes and that the pledgee is not the Company, a Subsidiary thereof or an Affiliate of the Company or a Subsidiary thereof. In the
case of a dispute as to such right, any decision or indecision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an Officers’
Certificate listing and identifying all Notes, if any, known by the Company to be owned or held by or for the account of any of the above described Persons; and, subject to Section 7.01, the Trustee shall be entitled to accept such Officers’
Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination. 

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

ARTICLE 9 

HOLDERS’ MEETINGS 

Section 9.01. Purpose of Meetings. A meeting of Holders may be called at any time and from time to time pursuant to the
provisions of this Article 9 for any of the following purposes: 
 (a) to give any notice to the Company or to the Trustee or to give
any directions to the Trustee permitted under this Indenture, or to consent to the waiving of any Default or Event of Default hereunder (in each case, as permitted under this Indenture) and its consequences, or to take any other action authorized to
be taken by Holders pursuant to any of the provisions of Article 6; 

  
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 (b) to remove the Trustee and nominate a successor trustee pursuant to the provisions of
Article 7; 
 (c) to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 10.02;
or 
 (d) to take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount of the
Notes under any other provision of this Indenture or under applicable law. 
 Section 9.02. Call of Meetings by Trustee.
The Trustee may at any time call a meeting of Holders to take any action specified in Section 9.01, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Holders, setting forth the time and the
place of such meeting and in general terms the action proposed to be taken at such meeting and the establishment of any record date pursuant to Section 8.01, shall be delivered to Holders of such Notes. Such notice shall also be delivered to the
Company. Such notices shall be delivered not less than 20 nor more than 90 days prior to the date fixed for the meeting. 
 Any
meeting of Holders shall be valid without notice if the Holders of all Notes then outstanding are present in person or by proxy or if notice is waived before or after the meeting by the Holders of all Notes then outstanding, and if the Company and
the Trustee are either present by duly authorized representatives or have, before or after the meeting, waived notice. 

Section 9.03. Call of Meetings by Company or Holders. In case at any time the Company, pursuant to a Board Resolution, or
the Holders of at least 10% of the aggregate principal amount of the Notes then outstanding, shall have requested the Trustee to call a meeting of Holders, by written request setting forth in reasonable detail the action proposed to be taken at the
meeting, and the Trustee shall not have delivered the notice of such meeting within 20 days after receipt of such request, then the Company or such Holders may determine the time and the place for such meeting and may call such meeting to take any
action authorized in Section 9.01, by delivering notice thereof as provided in Section 9.02. 
 Section 9.04.
Qualifications for Voting. To be entitled to vote at any meeting of Holders a Person shall (a) be a Holder of one or more Notes on the record date pertaining to such meeting or (b) be a Person appointed by an instrument in writing as
proxy by a Holder of one or more Notes on the record date pertaining to such meeting. The only Persons who shall be entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel
and any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 

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

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

Subject to the provisions of Section 8.04, at any meeting of Holders each Holder or proxyholder shall be entitled to one vote for each
$1,000 principal amount of Notes held or represented by him or her; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the meeting
to be not outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Notes held by it or instruments in writing as aforesaid duly designating it as the proxy to vote on behalf of other Holders. Any meeting of
Holders duly called pursuant to the provisions of Section 9.02 or Section 9.03 may be adjourned from time to time by the Holders of a majority of the aggregate principal amount of Notes represented at the meeting, whether or not constituting a
quorum, and the meeting may be held as so adjourned without further notice. 
 Section 9.06. Voting. The vote upon
any resolution submitted to any meeting of Holders shall be by written ballot on which shall be subscribed the signatures of the Holders or of their representatives by proxy and the outstanding aggregate principal amount of the Notes held or
represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified
written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of
the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was delivered as provided in Section 9.02.
The record shall show the aggregate principal amount of the Notes voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the
duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. 

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

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

  
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 ARTICLE 10 

SUPPLEMENTAL INDENTURES 

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

(a) to cure any ambiguity, omission, defect or inconsistency, as evidenced to the Trustee in an Officers’ Certificate; 

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

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

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

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

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

(h) to irrevocably elect a Settlement Method and/or Specified Dollar Amount (or a minimum Specified Dollar Amount) or eliminate the
Company’s right to elect a Settlement Method; 
 (i) in connection with any Share Exchange Event, to provide that the Notes are
convertible into Reference Property, subject to the provisions of Section 14.02, and make such related changes to the terms of the Notes to the extent expressly required by Section 14.07; 

(j) to appoint a successor trustee or facilitate the administration of the trusts under this Indenture by more than one trustee, in each case,
with respect to the Notes; 
 (k) to comply with the rules of any applicable securities depositary in a manner that does not adversely
affect the rights of any Holder; or 
 (l) to conform the provisions of this Indenture or the Notes to any provision of the
“Description of Notes” section of the Offering Circular. 

  
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 Upon the written request of the Company, the Trustee is hereby authorized to join with the
Company in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental
indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 Any supplemental indenture
authorized by the provisions of this Section 10.01 may be executed by the Company and the Trustee without the consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 10.02. 

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

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

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

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

(g) change the ranking of the Notes; or 

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

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

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

Section 10.03. Effect of Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to the
provisions of this Article 10, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the
Company and the Holders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be
part of the terms and conditions of this Indenture for any and all purposes. 
 Section 10.04. Notation on Notes.
Notes authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article 10 may, at the Company’s expense, bear a notation as to any matter provided for in such supplemental indenture. If
the Company or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may, at the Company’s expense, be
prepared and executed by the Company, authenticated, upon receipt of a Company Order, by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 17.10) and delivered in exchange for the Notes then outstanding, upon
surrender of such Notes then outstanding. 
 Section 10.05. Evidence of Compliance of Supplemental Indenture to Be
Furnished Trustee. In addition to the documents required by Section 17.05, the Trustee shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant hereto complies
with the requirements of this Article 10 and is permitted or authorized by this Indenture, that all conditions precedent to such supplemental indenture have been satisfied and, with respect to such Opinion of Counsel, that such supplemental
indenture constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. 

  
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 ARTICLE 11 

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE 

Section 11.01. Company May Consolidate, Etc. on Certain Terms. Subject to the provisions of Section 11.02, the Company
shall not consolidate with or merge with or into another Person or sell, convey, transfer or lease all or substantially all of the consolidated properties and assets of the Company and the Company’s Subsidiaries, taken as a whole, to another
Person, unless, in either case: 
 (a) the resulting, surviving or transferee Person (the “Successor
Company”), if not the Company, shall be a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the Successor Company (if not the Company) shall expressly
assume, by supplemental indenture all of the obligations of the Company under the Notes and this Indenture;  
 (b) immediately after
giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing under this Indenture; and 
 (c) if
the Company is not the resulting, surviving or transferee Person, the Company shall have delivered to the Trustee an Officers’ Certificate and Opinion of Counsel stating that such transaction complies with this Indenture. 

Section 11.02. Successor Corporation to Be Substituted. In case of any such consolidation, merger, sale, conveyance,
transfer or lease and upon the assumption by the Successor Company, by supplemental indenture, executed and delivered to the Trustee, of the due and punctual payment of the principal of and any accrued and unpaid interest on all of the Notes, the
due and punctual delivery or payment, as the case may be, of any consideration due upon conversion of the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Company, such
Successor Company (if not the Company) shall succeed to and, except in the case of a lease of all or substantially all of the consolidated properties and assets of the Company and the Company’s subsidiaries, taken as a whole, shall be
substituted for the Company, with the same effect as if it had been named herein as the party of the first part. Such Successor Company thereupon may cause to be signed, and may issue either in its own name or in the name of the Company any or all
of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such Successor Company instead of the Company and subject to all the terms, conditions and limitations
in this Indenture prescribed, the Trustee shall authenticate and shall deliver, or cause to be authenticated and delivered, any Notes that previously shall have been signed and delivered by the Officers of the Company to the Trustee for
authentication, and any Notes that such Successor Company thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall in all respects have the same legal rank and benefit under this Indenture as
the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Notes had been issued at the date of the execution hereof. In the event of any such consolidation, merger, sale, conveyance or transfer
(but not in the case of a lease), upon compliance with this Article 11 the  

  
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Person named as the “Company” in the first paragraph of this Indenture (or any successor that shall thereafter have become such in the manner prescribed in this Article 11) may be
dissolved, wound up and liquidated at any time thereafter and, except in the case of a lease, such Person shall be released from its liabilities as obligor and maker of the Notes and from its obligations under this Indenture and the Notes. 

In case of any such consolidation, merger, sale, conveyance, transfer or lease, such changes in phraseology and form (but not in substance)
may be made in the Notes thereafter to be issued as may be appropriate. 
 Section 11.03. Officers’ Certificate and
Opinion of Counsel to Be Given to Trustee. No such consolidation, merger, sale, conveyance, transfer or lease (other than any consolidation or merger where the Company is the surviving entity) shall be effective unless the Trustee shall receive
an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or lease and any such assumption and, if a supplemental indenture is required in connection with such
transaction, such supplemental indenture, complies with the provisions of this Article 11 and that such supplemental indenture constitutes a legal, valid and binding obligation of the Company (or surviving entity if not the Company), enforceable
against the Company (or surviving entity if not the Company) in accordance with its terms. 
 ARTICLE 12 

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

  
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 ARTICLE 13 

[INTENTIONALLY OMITTED] 

ARTICLE 14 

CONVERSION OF NOTES 

Section 14.01. Conversion Privilege. (a) Subject to and upon compliance with the provisions of this Article 14, each
Holder of a Note shall have the right, at such Holder’s option, to convert all or any portion (if the portion to be converted is $1,000 principal amount or an integral multiple of $1,000 in excess thereof) of such Note (i) subject to
satisfaction of the conditions described in Section 14.01(b), at any time prior to the close of business on the Business Day immediately preceding May 15, 2026, under the circumstances and during the periods set forth in Section 14.01(b), and
(ii) regardless of the conditions described in Section 14.01(b), on or after May 15, 2026 and prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, in each case, at an initial
conversion rate of 3.5056 shares of Common Stock (subject to adjustment as provided in this Article 14, the “Conversion Rate”) per $1,000 principal amount of Notes (subject to, and in accordance with, the settlement
provisions of Section 14.02, the “Conversion Obligation”). 
 (b) (i) Prior to the close of
business on the Business Day immediately preceding May 15, 2026, a Holder may surrender all or any portion of its Notes for conversion at any time during the five Business Day period immediately after any five consecutive Trading Day period
(the “Measurement Period”) in which the Trading Price per $1,000 principal amount of Notes, as determined by the Company following a request by a Holder of Notes in accordance with this subsection (b)(i), for each Trading Day of the
Measurement Period was less than 98% of the product of the Last Reported Sale Price of the Common Stock on each such Trading Day and the Conversion Rate on each such Trading Day. The Trading Prices shall be determined by the Company in accordance
with the bids solicited by the Bid Solicitation Agent pursuant to this subsection (b)(i) and the definition of Trading Price set forth in this Indenture. The Company shall provide written notice to the Bid Solicitation Agent (if other than the
Company) of the three independent nationally recognized securities dealers selected by the Company pursuant to the definition of Trading Price, along with appropriate contact information for each. The Bid Solicitation Agent (if other than the
Company) shall have no obligation to determine the Trading Price per $1,000 principal amount of Notes unless the Company has requested in writing such determination and provided in writing the names and contact information of the three securities
dealers selected by the Company to provide bids to determine the Trading Price, and the Company shall have no obligation to make such request (or, if the Company is acting as Bid Solicitation Agent, the Company shall have no obligation to determine
the Trading Price per $1,000 principal amount of Notes) unless a Holder or Holders of at least $5,000,000 aggregate principal amount of Notes provide the Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes on
any Trading Day would be less than 98% of the product of the Last Reported Sale Price of the Common Stock on such Trading Day and the Conversion Rate on such Trading Day, at which time the Company shall (x) instruct the three independent 

  
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nationally recognized securities dealers to deliver bids to the Bid Solicitation Agent and (y) irrevocably instruct the Bid Solicitation Agent in writing (if other than the Company) to
determine, or if the Company is acting as Bid Solicitation Agent, the Company shall determine, the Trading Price per $1,000 principal amount of Notes based on the bids solicited by the Bid Solicitation Agent beginning on the next Trading Day and on
each successive Trading Day until the Trading Price per $1,000 principal amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate. If the Company is not acting as Bid
Solicitation Agent, the Company shall identify in writing to the Bid Solicitation Agent the three securities dealers selected by the Company to provide bids to determine the Trading Price and the contact information for each. If (x) the Company
is not acting as Bid Solicitation Agent, and the Company does not instruct the Bid Solicitation Agent in writing to determine the Trading Price per $1,000 principal amount of Notes or identify in writing to the Bid Solicitation Agent the three
securities dealers selected by the Company to provide bids to determine the Trading Price and the contact information for each when obligated as provided in the two immediately preceding sentences, or if the Company gives such written instruction
and information to the Bid Solicitation Agent and the Bid Solicitation Agent fails to make such determination, (y) the Company is acting as Bid Solicitation Agent and the Company fails to obtain such bids or (z) the Company fails to
determine the Trading Price when obligated as provided in the second immediately preceding sentence, then, in each case, the Trading Price per $1,000 principal amount of Notes shall be deemed to be less than 98% of the product of the Last Reported
Sale Price of the Common Stock and the Conversion Rate on each Trading Day of such failure. If the Trading Price condition set forth above has been met, the Company shall so notify in writing the Holders, the Trustee and the Conversion Agent (if
other than the Trustee). Any such determination shall be conclusive absent manifest error. If, at any time after the Trading Price condition set forth above has been met, the Trading Price per $1,000 principal amount of Notes is greater than or
equal to 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate for such date, the Company shall so notify in writing the Holders of the Notes, the Trustee and the Conversion Agent (if other than the Trustee)
and thereafter neither the Company nor the Bid Solicitation Agent (if other than the Company) shall be required to solicit bids again until another request is made as provided in this Section 14.01(b)(i). 

(ii) If, prior to the close of business on the Business Day immediately preceding May 15, 2026, the Company elects to:

 (A) issue to all or substantially all holders of the Common Stock any rights, options or warrants (other than in
connection with a stockholder rights plan, so long as such rights have not separated from the Common Stock) entitling them, for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase
shares of the Common Stock at a price per share that is less than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of
announcement of such issuance; or 

  
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 (B) distribute to all or substantially all holders of the Common Stock the
Company’s assets, securities (other than solely the Common Stock) or rights to purchase securities, which distribution has a per share value, as reasonably determined by the Company, exceeding 10% of the Last Reported Sale Price of the Common
Stock on the Trading Day preceding the date of announcement for such distribution, 
 then, in either case, the Company shall notify in writing all
Holders of the Notes, the Trustee and the Conversion Agent (if other than the Trustee) at least 27 Scheduled Trading Days prior to the Ex-Dividend Date for such issuance or distribution (or, if later, in the case of any such separation of rights
issued pursuant to a stockholder rights plan, as soon as reasonably practicable after the Company becomes aware that such separation or Trigger Event has occurred or will occur). Once the Company has given such notice, a Holder may surrender all or
any portion of its Notes for conversion at any time until the earlier of (1) the close of business on the Business Day immediately preceding the Ex-Dividend Date for such issuance or distribution and (2) the Company’s announcement
that such issuance or distribution will not take place (or, if later, in the case of a separation or Trigger Event pursuant to a stockholder rights plan, until the 20th Trading Day following the date on which the Company so notifies all Holders of
the Notes), in each case, even if the Notes are not otherwise convertible at such time; provided that a Holder may not convert its Notes pursuant to this Section 14.01(b)(ii) if it participates, at the same time and upon the same terms as
holders of the Common Stock and solely as a result of holding the Notes, in any of the transactions described in clause (A) or (B) of this Section 14.01(b)(ii) without having to convert its Notes as if it held a number of shares of Common
Stock equal to the Conversion Rate multiplied by the principal amount (expressed in thousands) of Notes held by such Holder.  

(iii) If a transaction or event that constitutes a Fundamental Change or a Make-Whole Fundamental Change occurs prior to the
close of business on the Business Day immediately preceding May 15, 2026, regardless of whether a Holder has the right to require the Company to repurchase the Notes pursuant to Section 15.02, or if the Company is a party to a Share Exchange
Event (other than a Share Exchange Event that is solely for the purpose of changing the Company’s jurisdiction of organization that (x) does not constitute a Fundamental Change or a Make-Whole Fundamental Change and (y) results in a
classification, conversion or exchange of outstanding shares of Common Stock solely into shares of common stock of the surviving entity that are listed or quoted on any of The New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq
Global Market (or any of their respective successors) and such common stock becomes Reference Property for the Notes) that occurs prior to the close of business on the Business Day immediately preceding May 15, 2026 (each such Fundamental
Change, Make-Whole Fundamental Change or Share Exchange Event, a “Corporate Event”), all or any portion of a Holder’s Notes may be surrendered for conversion at any time after the effective date of such Corporate Event until the
earlier of (x) the Business Day immediately preceding May 15, 2026 and (y) the earlier of (I) 35 Trading Days after the actual effective date of such Corporate Event or, if such Corporate Event also constitutes a Fundamental
Change, until the close of business on the Business Day immediately 

  
 62 

 
preceding the related Fundamental Change Repurchase Date and (II) the second Scheduled Trading Day immediately preceding the Maturity Date. The Company shall notify Holders, the Trustee and the
Conversion Agent (if other than the Trustee) in writing no later than the actual effective date of any such Corporate Event. 

(iv) Prior to the close of business on the Business Day immediately preceding May 15, 2026, a Holder may surrender all or
any portion of its Notes for conversion at any time during any calendar quarter commencing after the calendar quarter ending on December 31, 2021 (and only during such calendar quarter), if the Last Reported Sale Price of the Common Stock for
at least 20 Trading Days (whether or not consecutive) during the period of 30 consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar quarter is greater than or equal to 130% of the Conversion
Price on each applicable Trading Day. 
 (v) If the Company calls any or all of the Notes for redemption pursuant to Article
16 prior to the close of business on the Business Day immediately preceding May 15, 2026, then a Holder may surrender all or any portion of its Notes for conversion at any time prior to the close of business on the second Scheduled Trading Day
prior to the Redemption Date, even if the Notes are not otherwise convertible at such time. After that time, the right to convert pursuant to this Section 14.01(b)(v) shall expire, unless the Company defaults in the payment of the Redemption Price,
in which case a Holder of Notes may convert its Notes until the Redemption Price has been paid or duly provided for. 
 Section 14.02.
Conversion Procedure; Settlement Upon Conversion. 
 (a) Subject to this Section 14.02, Section 14.03(b) and Section 14.07(a),
upon conversion of any Note, the Company shall pay or deliver, as the case may be, to the converting Holder, in respect of each $1,000 principal amount of Notes being converted, cash (“Cash Settlement”), shares of Common Stock,
together with cash, if applicable, in lieu of delivering any fractional share of Common Stock in accordance with subsection (j) of this Section 14.02 (“Physical Settlement”) or a combination of cash and shares of Common Stock,
together with cash, if applicable, in lieu of delivering any fractional share of Common Stock in accordance with subsection (j) of this Section 14.02 (“Combination Settlement”), at its election, as set forth in this Section
14.02. 
 (i) All conversions for which the relevant Conversion Date occurs after the Company’s issuance of a
Redemption Notice with respect to the Notes and prior to the related Redemption Date, and all conversions for which the relevant Conversion Date occurs on or after May 15, 2026 shall be settled using the same Settlement Method. 

(ii) Except for any conversions for which the relevant Conversion Date occurs after the Company’s issuance of a Redemption
Notice with respect to the Notes but prior to the related Redemption Date, and any conversions for which the relevant Conversion Date occurs on or after May 15, 2026, the Company shall use the same Settlement

  
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Method for all conversions occurring on the same Conversion Date, but the Company shall not have any obligation to use the same Settlement Method with respect to conversions occurring on
different Conversion Dates. 
 (iii) If, in respect of any Conversion Date (or one of the periods described in the fourth
immediately succeeding set of parentheses, as the case may be), the Company elects a Settlement Method, the Company shall deliver a notice (the “Settlement Notice”) of the relevant Settlement Method in respect of such Conversion
Date (or such period, as the case may be) in writing to converting Holders, the Trustee and the Conversion Agent (if other than the Trustee) no later than the close of business on the Trading Day immediately following the relevant Conversion Date
(or, in the case of any conversions for which the relevant Conversion Date occurs (x) after the date of issuance of a Redemption Notice with respect to the Notes and prior to the close of business on the second Scheduled Trading Day immediately
preceding the related Redemption Date, in such Redemption Notice, or (y) on or after May 15, 2026, no later than May 15, 2026). Delivery of such Settlement Notice is irrevocable. If the Company does not elect a Settlement Method prior
to the deadline set forth in the immediately preceding sentence, the Company shall no longer have the right to elect Cash Settlement or Physical Settlement for such conversion and the Company shall be deemed to have elected Combination Settlement in
respect of its Conversion Obligation, and the Specified Dollar Amount per $1,000 principal amount of Notes shall be equal to $1,000. Such Settlement Notice shall specify the relevant Settlement Method and in the case of an election of Combination
Settlement, the relevant Settlement Notice shall indicate the Specified Dollar Amount per $1,000 principal amount of Notes. If the Company delivers a Settlement Notice electing Combination Settlement in respect of its Conversion Obligation but does
not indicate a Specified Dollar Amount per $1,000 principal amount of Notes in such Settlement Notice, the Specified Dollar Amount per $1,000 principal amount of Notes shall be deemed to be $1,000. If the Company calls any Notes for redemption
pursuant to Article 16, and the related Redemption Date is on or after May 15, 2026 (x) if the date of the relevant Redemption Notice occurs prior to the date the Company elects (or is deemed to have elected) a Settlement Method in respect
of all conversions with a Conversion Date occurring on or after May 15, 2026, then, in respect of all conversions with a Conversion Date occurring on or after May 15, 2026, the Company must elect the Settlement Method that the Company
elected (or was deemed to have elected) in such Redemption Notice and (y) if the date of such Redemption Notice occurs on or after the date the Company elects (or is deemed to have elected) a Settlement Method in respect of all conversions with
a Conversion Date occurring on or after May 15, 2026, then, the Company must elect in such Redemption Notice the Settlement Method that the Company elected (or was deemed to have elected) in respect of all conversions with a Conversion Date
occurring on or after May 15, 2026. 
 (iv) The cash, shares of Common Stock or combination of cash and shares of
Common Stock in respect of any conversion of Notes (the “Settlement Amount”) shall be computed as follows: 

  
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 (A) if the Company elects to satisfy its Conversion Obligation in respect of
such conversion by Physical Settlement, the Company shall deliver to the converting Holder in respect of each $1,000 principal amount of Notes being converted a number of shares of Common Stock equal to the Conversion Rate in effect on the
Conversion Date (plus cash in lieu of any fractional share); 
 (B) if the Company elects to satisfy its Conversion
Obligation in respect of such conversion by Cash Settlement, the Company shall pay to the converting Holder in respect of each $1,000 principal amount of Notes being converted cash in an amount equal to the sum of the Daily Conversion Values for
each of the 20 consecutive Trading Days during the related Observation Period; and 
 (C) if the Company elects (or is deemed
to have elected) to satisfy its Conversion Obligation in respect of such conversion by Combination Settlement, the Company shall pay or deliver, as the case may be, in respect of each $1,000 principal amount of Notes being converted, a Settlement
Amount equal to the sum of the Daily Settlement Amounts for each of the 20 consecutive Trading Days during the related Observation Period (plus cash in lieu of any fractional share). 

(v) The Daily Settlement Amounts (if applicable) and the Daily Conversion Values (if applicable) shall be determined by the
Company promptly following the last day of the Observation Period. Promptly after such determination of the Daily Settlement Amounts or the Daily Conversion Values, as the case may be, and the amount of cash payable in lieu of delivering any
fractional share of Common Stock, and in any event within one (1) Business Day following the last day of the Observation Period, the Company shall notify the Trustee and the Conversion Agent (if other than the Trustee) in writing of its
determination of the Daily Settlement Amounts or the Daily Conversion Values, as the case may be, and the amount of cash payable in lieu of delivering fractional shares of Common Stock and the calculation thereof in reasonable detail or in such
detail as requested by the Depositary. The Trustee and the Conversion Agent (if other than the Trustee) shall have no responsibility for any such determination. 

(vi) At any time prior to May 15, 2026, the Company may irrevocably elect to satisfy its Conversion Obligation with
respect to the Notes to be converted after the date of such election by delivering cash up to the aggregate principal amount of Notes to be converted, and shares of the Common Stock, cash or a combination thereof in respect of the remainder, if any,
of its Conversion Obligation. Upon making such election, the Company shall promptly (x) provide written notice to the Holders, the Trustee and the Conversion Agent (if other than the Trustee) and (y) issue a report on Form 8-K or press
release or publish on its website to announce that the Company has made such an election. 

  
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 (b) Subject to Section 14.02(e), before any Holder of a Note shall be entitled to convert a
Note as set forth above, such Holder shall (i) in the case of a Global Note, comply with the procedures of the Depositary in effect at that time (any instruction to convert transmitted to the Depositary shall be irrevocable) and, if required,
pay funds equal to any interest payable on the next Interest Payment Date to which such Holder is not entitled as set forth in Section 14.02(h) and/or all transfer or similar taxes as set forth in Section 14.02(e) and (ii) in the case of a
Physical Note or Global Notes not approved for processing through the Depositary: (1) complete, manually sign and deliver an irrevocable notice to the Conversion Agent as set forth in the Form of Notice of Conversion (or a facsimile, PDF or
other electronic transmission thereof) (a “Notice of Conversion”) at the office of the Conversion Agent and state in writing therein the principal amount of Notes to be converted and the name or names (with addresses) in which such Holder
wishes the certificate or certificates for any shares of Common Stock to be delivered upon settlement of the Conversion Obligation to be registered, (2) surrender such Notes, duly endorsed to the Company or in blank (and accompanied by
appropriate endorsement and transfer documents), at the office of the Conversion Agent, (3) if required, furnish appropriate endorsements and transfer documents, (4) if required, pay funds equal to any interest payable on the next Interest
Payment Date to which such Holder is not entitled as set forth in Section 14.02(h) and (5) if required by Section 14.02(e), pay any transfer or similar taxes. The Trustee (and if different, the Conversion Agent) shall notify the Company of any
conversion pursuant to this Article 14 no more than one (1) Business Day after the Conversion Date for such conversion. No Notice of Conversion with respect to any Notes may be surrendered by a Holder thereof if such Holder has also delivered a
Fundamental Change Repurchase Notice to the Company in respect of such Notes and has not validly withdrawn such Fundamental Change Repurchase Notice in accordance with Section 15.03. 

If more than one Note shall be surrendered for conversion at one time by the same Holder, the Conversion Obligation with respect to such Notes
shall be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered. 

(c) A Note shall be deemed to have been converted immediately prior to the close of business on the date (the “Conversion
Date”) that the Holder has complied with the requirements set forth in subsection (b) above. Except as set forth in Section 14.03(b) and Section 14.07(a), the Company shall pay or deliver, as the case may be, the consideration due in
respect of the Conversion Obligation on the second Business Day immediately following the relevant Conversion Date, if the Company elects Physical Settlement (provided that, with respect to any Conversion Date occurring on or after
August 1, 2026, the Company shall pay or deliver, as the case may be, such consideration due upon Physical Settlement in respect of the Conversion Obligation on the Maturity Date), or on the second Business Day immediately following the last
Trading Day of the Observation Period, in the case of any other Settlement Method. If any shares of Common Stock are due to a converting Holder, the Company shall issue or cause to be issued, and deliver (if applicable) to the converting Holder, or
such Holder’s nominee or nominees, the full number of shares of Common Stock to which such Holder shall be entitled, in book-entry format through the Depositary, in satisfaction of the Company’s Conversion Obligation. 

  
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 (d) In case any Physical Note shall be surrendered for partial conversion, the Company shall
execute and the Trustee shall authenticate and deliver to or upon the written order of the Holder of the Physical Note so surrendered a new Physical Note or Physical Notes in authorized denominations in an aggregate principal amount equal to the
unconverted portion of the surrendered Physical Note, without payment of any service charge by the converting Physical Holder but, if required by the Company or Trustee, with payment of a sum sufficient to cover any documentary, stamp or similar
issue or transfer tax or similar governmental charge required by law or that may be imposed in connection therewith as a result of the name of the Holder of the new Physical Notes issued upon such conversion being different from the name of the
Holder of the old Physical Notes surrendered for such conversion. 
 (e) If a Holder submits a Note for conversion, the Company shall pay
any documentary, stamp or similar issue or transfer tax due on the issue of any shares of Common Stock upon conversion, unless the tax is due because the Holder requests such shares to be issued in a name other than the Holder’s name, in which
case the Holder shall pay that tax. The Conversion Agent may refuse to deliver the certificates representing the shares of Common Stock being issued in a name other than the Holder’s name until the Trustee receives a sum sufficient to pay any
tax that is due by such Holder in accordance with the immediately preceding sentence. 
 (f) Except as provided in Section 14.04, no
adjustment shall be made for dividends on any shares of Common Stock issued upon the conversion of any Note as provided in this Article 14. 

(g) Upon the conversion of an interest in a Global Note, the Trustee, or the Custodian at the direction of the Trustee, shall make a notation
on such Global Note as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any conversion of Notes effected through any Conversion Agent other than the Trustee. 

(h) Upon conversion, a Holder shall not receive any separate cash payment for accrued and unpaid interest, if any, except as set forth below
and the Company shall not be required to adjust the Conversion Rate for any accrued and unpaid interest. The Company’s settlement of the full Conversion Obligation shall be deemed to satisfy in full its obligation to pay the principal amount of
the Note and accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date. As a result, accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date shall be deemed to be paid in full rather
than cancelled, extinguished or forfeited. Upon a conversion of Notes into a combination of cash and shares of Common Stock, accrued and unpaid interest will be deemed to be paid first out of the cash paid upon such conversion. Notwithstanding the
foregoing, if Notes are converted after the close of business on a Regular Record Date and prior to the open of business on the corresponding Interest Payment Date, Holders of such Notes as of the close of business on such Regular Record Date will
receive the full amount of interest payable on such Notes on the corresponding Interest Payment Date notwithstanding the conversion. However, Notes surrendered for conversion during the period from the close of business on any Regular Record Date to
the open of business on the immediately following Interest Payment Date must be accompanied by funds equal to the 

  
 67 

 
amount of interest payable on the Notes so converted on the corresponding Interest Payment Date; provided that no such payment shall be required (1) for conversions of Notes
following the close of business on the Regular Record Date immediately preceding the Maturity Date; (2) if the Company has specified a Redemption Date that is after a Regular Record Date and on or prior to the second Scheduled Trading Day
immediately following the corresponding Interest Payment Date; (3) if the Company has specified a Fundamental Change Repurchase Date that is after a Regular Record Date and on or prior to the Business Day immediately following the corresponding
Interest Payment Date; or (4) to the extent of any Defaulted Amounts, if any Defaulted Amounts exists at the time of conversion with respect to such Note. Therefore, for the avoidance of doubt, all Holders of record on the Regular Record Date
immediately preceding the Maturity Date shall receive the full interest payment due on the Maturity Date in cash regardless of whether their Notes have been converted following such Regular Record Date. 

(i) The Person in whose name the shares of Common Stock shall be issuable upon conversion shall be treated as a stockholder of record as of
the close of business on the relevant Conversion Date (if the Company elects to satisfy the related Conversion Obligation by Physical Settlement) or the last Trading Day of the relevant Observation Period (if the Company elects to satisfy the
related Conversion Obligation by Combination Settlement), as the case may be. Upon a conversion of Notes, such Person shall no longer be a Holder of such Notes surrendered for conversion. 

(j) The Company shall not issue any fractional share of Common Stock upon conversion of the Notes and shall instead pay cash in lieu of
delivering any fractional share of Common Stock issuable upon conversion based on the Daily VWAP for the relevant Conversion Date or, if such Conversion Date is not a Trading Day, the immediately preceding Trading Day (in the case of Physical
Settlement) or based on the Daily VWAP for the last Trading Day of the relevant Observation Period (in the case of Combination Settlement). For each Note surrendered for conversion, if the Company has elected (or is deemed to have elected)
Combination Settlement, the full number of shares that shall be issued upon conversion thereof shall be computed on the basis of the aggregate Daily Settlement Amounts for the relevant Observation Period and any fractional shares remaining after
such computation shall be paid in cash. 
 Section 14.03. Increased Conversion Rate Applicable to Certain Notes Surrendered
in Connection with Make-Whole Fundamental Changes or Redemption Notice. (a) If (x) the Effective Date of a Make-Whole Fundamental Change occurs prior to the Maturity Date or (y) the Company gives a Redemption Notice with respect
to any or all of the Notes in accordance with Section 16.02 and, in each case, a Holder elects to convert its Notes in connection with such Make-Whole Fundamental Change or such Redemption Notice, as applicable, the Company shall, under the
circumstances described below, increase the Conversion Rate for the Notes so surrendered for conversion by a number of additional shares of Common Stock (the “Additional Shares”), as described below. A conversion of
Notes shall be deemed for these purposes to be “in connection with” such Make-Whole Fundamental Change if the relevant Notice of Conversion is received by the Conversion Agent from, and including, the Effective Date of the Make-Whole
Fundamental Change up to, and including, the Business Day immediately prior to the related Fundamental Change Repurchase Date (or, in the case of a Make-Whole Fundamental  

  
 68 

 
Change that would have been a Fundamental Change but for the proviso in clause (b) of the definition thereof, the 35th Trading Day immediately following the Effective Date of such
Make-Whole Fundamental Change) (such period, the “Make-Whole Fundamental Change Period”). A conversion of Notes shall be deemed for these purposes to be “in connection with” a Redemption Notice if the relevant Notice of
Conversion is received by the Conversion Agent from, and including, the date of the Redemption Notice until the close of business on the second Scheduled Trading Day immediately preceding the Redemption Date. 

(b) Upon surrender of Notes for conversion in connection with a Make-Whole Fundamental Change pursuant to Section 14.01(b)(iii) or
Redemption Notice pursuant to Section 14.01(b)(v), the Company shall, at its option, satisfy the related Conversion Obligation by Physical Settlement, Cash Settlement or Combination Settlement in accordance with Section 14.02; provided,
however, that if, at the effective time of a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Reference Property following such Make-Whole Fundamental Change is composed entirely of cash,
for any conversion of Notes following the Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation shall be calculated based solely on the Stock Price for the transaction and shall be deemed to be an amount of cash per $1,000
principal amount of converted Notes equal to the Conversion Rate (including any adjustment for Additional Shares), multiplied by such Stock Price. In such event, the Conversion Obligation shall be paid to Holders in cash on the second
Business Day following the Conversion Date. The Company shall notify the Holders of Notes, the Trustee and the Conversion Agent (if other than the Trustee) in writing of the Effective Date of any Make-Whole Fundamental Change no later than five
Business Days after such Effective Date. 
 (c) The number of Additional Shares, if any, by which the Conversion Rate shall be
increased shall be determined by reference to the table below, based on the date on which the Make-Whole Fundamental Change occurs or becomes effective or the date of the Redemption Notice, as the case may be, (in each case, the “Effective
Date”) and the price (the “Stock Price”) paid (or deemed to be paid) per share of the Common Stock in the Make-Whole Fundamental Change or with respect to the Optional Redemption, as the case may be. If the holders of the
Common Stock receive in exchange for their Common Stock only cash in a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Stock Price shall be the cash amount paid per share. Otherwise, the Stock
Price shall be the average of the Last Reported Sale Prices of the Common Stock over the five Trading Day period ending on, and including, the Trading Day immediately preceding the Effective Date of the Make-Whole Fundamental Change or the date of
the Redemption Notice, as the case may be. The Company shall make appropriate adjustments to the Stock Price, in its good faith determination, to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an
adjustment to the Conversion Rate where the Ex-Dividend Date, Effective Date (as such term is used in Section 14.04) or expiration date of the event occurs during such five consecutive Trading Day period. 

  
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 (d) The Stock Prices set forth in the column headings of the table below shall be adjusted
as of any date on which the Conversion Rate of the Notes is otherwise adjusted. The adjusted Stock Prices shall equal the Stock Prices applicable immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the
Conversion Rate immediately prior to such adjustment giving rise to the Stock Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The number of Additional Shares set forth in the table below shall be adjusted in the
same manner and at the same time as the Conversion Rate as set forth in Section 14.04. 
 (e) The following table sets forth the number of
Additional Shares of Common Stock by which the Conversion Rate shall be increased per $1,000 principal amount of Notes pursuant to this Section 14.03 for each Stock Price and Effective Date set forth below: 

 

																																																					
	 Stock Price
	 
	 Effective Date
	  	$	200.18	 	  	$	215.00	 	  	$	225.00	 	  	$	250.00	 	  	$	285.26	 	  	$	300.00	 	  	$	350.00	 	  	$	370.84	 	  	$	400.00	 	  	$	500.00	 	  	$	700.00	 	  	$	1,000.00	 	  	$	1,300.00	 
	 August 20, 2021
	  	 	1.4899	 	  	 	1.3021	 	  	 	1.1924	 	  	 	0.9658	 	  	 	0.7311	 	  	 	0.6544	 	  	 	0.4584	 	  	 	0.3983	 	  	 	0.3294	 	  	 	0.1794	 	  	 	0.0598	 	  	 	0.0111	 	  	 	0.0005	 
	 August 15, 2022
	  	 	1.4899	 	  	 	1.2854	 	  	 	1.1693	 	  	 	0.9312	 	  	 	0.6879	 	  	 	0.6094	 	  	 	0.4123	 	  	 	0.3530	 	  	 	0.2860	 	  	 	0.1452	 	  	 	0.0416	 	  	 	0.0052	 	  	 	0.0000	 
	 August 15, 2023
	  	 	1.4899	 	  	 	1.2587	 	  	 	1.1347	 	  	 	0.8826	 	  	 	0.6298	 	  	 	0.5497	 	  	 	0.3532	 	  	 	0.2959	 	  	 	0.2325	 	  	 	0.1061	 	  	 	0.0238	 	  	 	0.0012	 	  	 	0.0000	 
	 August 15, 2024
	  	 	1.4899	 	  	 	1.2234	 	  	 	1.0878	 	  	 	0.8155	 	  	 	0.5499	 	  	 	0.4681	 	  	 	0.2755	 	  	 	0.2224	 	  	 	0.1657	 	  	 	0.0627	 	  	 	0.0088	 	  	 	0.0000	 	  	 	0.0000	 
	 August 15, 2025
	  	 	1.4899	 	  	 	1.1678	 	  	 	1.0121	 	  	 	0.7046	 	  	 	0.4195	 	  	 	0.3373	 	  	 	0.1617	 	  	 	0.1196	 	  	 	0.0788	 	  	 	0.0193	 	  	 	0.0004	 	  	 	0.0000	 	  	 	0.0000	 
	 August 15, 2026
	  	 	1.4899	 	  	 	1.1456	 	  	 	0.9388	 	  	 	0.4944	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 

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

(i) if the Stock Price is between two Stock Prices in the table above or the Effective Date is between two Effective Dates in
the table, the number of Additional Shares shall be determined by a straight-line interpolation between the number of Additional Shares set forth for the higher and lower Stock Prices and the earlier and later Effective Dates, as applicable, based
on a 365-day year; 
 (ii) if the Stock Price is greater than $1,300.00 per share (subject to adjustment in the same manner
as the Stock Prices set forth in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate for the Notes; and 

(iii) if the Stock Price is less than $200.18 per share (subject to adjustment in the same manner as the Stock Prices set forth
in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate for the Notes. 

Notwithstanding the foregoing, in no event shall the Conversion Rate per $1,000 principal amount of Notes exceed 4.9955 shares of Common Stock, subject to
adjustment in the same manner as the Conversion Rate pursuant to Section 14.04. 
 (f) Nothing in this Section 14.03 shall prevent an
adjustment to the Conversion Rate pursuant to Section 14.04 in respect of a Make-Whole Fundamental Change. 

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

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

			
	CR’ = CR0 x	 	OS’
	 	OS0

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date of such dividend or distribution, or immediately prior to the open of business on the Effective Date of such share split or share
combination, as applicable;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date or Effective Date, as applicable;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date (before giving effect to any such dividend, distribution, split or combination), as applicable;
and
			
	OS’	  	=	  	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share combination, as applicable.

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

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

			
	CR’ = CR0 x	 	OS0 + X
	 	OS0 + Y

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such issuance;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date;
			
	X	  	=	  	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
			
	Y	  	=	  	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day
period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

 Any increase made under this Section 14.04(b) shall be made successively whenever any such rights, options or warrants are
issued and shall become effective immediately after the open of business on the Ex-Dividend Date for such issuance. To the extent that shares of the Common Stock are not delivered after the expiration of such rights, options or warrants, the
Conversion Rate shall be decreased to the Conversion Rate that would then be in effect had the increase with respect to the issuance of such rights, options or warrants been made on the basis of delivery of only the number of shares of Common Stock
actually delivered. If such rights, options or warrants are not so issued, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect if such Ex-Dividend Date for such issuance had not occurred. 

For purposes of this Section 14.04(b) and for the purpose of Section 14.01(b)(ii)(A), in determining whether any rights, options or warrants
entitle the holders of the Common Stock to subscribe for or purchase shares of the Common Stock at less than such average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the
Trading Day immediately preceding the date of announcement for such issuance, and in determining the aggregate offering price of such shares of Common Stock, there shall be taken into account any consideration received by the Company for such
rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Company in good faith. 

  
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 (c) If the Company distributes shares of its Capital Stock, evidences of its
indebtedness, other assets or property of the Company or rights, options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the Common Stock, excluding (i) dividends, distributions or issuances
(including share splits) as to which an adjustment was effected (or would have been effected but for Section 14.04(j)) pursuant to Section 14.04(a) or Section 14.04(b), (ii) dividends or distributions paid exclusively in cash as to which the
provisions set forth in Section 14.04(d) shall apply, (iii) distributions of Reference Property upon conversion of, or exchange for, the Common Stock in a Share Exchange Event, (iv) except as otherwise provided in this Section 14.04(c) and
Section 14.11, rights issued pursuant to a stockholder rights plan of the Company, and (v) Spin-Offs as to which the provisions set forth below in this Section 14.04(c) shall apply (any of such shares of Capital Stock, evidences of
indebtedness, other assets or property or rights, options or warrants to acquire Capital Stock or other securities, the “Distributed Property”), then the Conversion Rate shall be increased based on the following formula: 

 

			
	CR’ = CR0 x	 	       SP0       
	 	SP0 – FMV

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;
			
	SP0	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and
			
	FMV	  	=	  	the fair market value (as determined by the Company in good faith) of the Distributed Property with respect to each outstanding share of the Common Stock on the Ex-Dividend Date for such distribution.

 Any increase made under the portion of this Section 14.04(c) above shall become effective immediately after the open of
business on the Ex-Dividend Date for such distribution. If such distribution is not so paid or made, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect if such distribution had not been declared.
Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase, each Holder of a Note
shall receive, in respect of each $1,000 principal amount thereof, at the same time and upon the same terms as holders of the Common Stock receive the Distributed Property, the amount and kind of Distributed Property such Holder

  
 73 

 
would have received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect on the Ex-Dividend Date for the distribution. If the Company determines the
“FMV” (as defined above) of any distribution for purposes of this Section 14.04(c) by reference to the actual or when-issued trading market for any securities, it shall in doing so consider the prices in such market over the same period
used in computing the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution. 

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

			
	CR’ = CR0 x	 	FMV0 + MP0
	 	        MP0

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the end of the Valuation Period;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the end of the Valuation Period;
			
	FMV0	  	=	  	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Stock applicable to one share of the Common Stock (determined by reference to the definition of Last
Reported Sale Price as set forth in Section 1.01 as if references therein to Common Stock were to such Capital Stock or similar equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of the
Spin-Off (the “Valuation Period”); and
			
	MP0	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the Valuation Period.

 The increase to the Conversion Rate under the preceding paragraph shall occur at the close of business
on the last Trading Day of the Valuation Period; provided that (x) in respect of any conversion of Notes for which Physical Settlement is applicable, if the relevant Conversion Date occurs during the Valuation Period, references to
“10” in the preceding paragraph shall be deemed to be replaced with such lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date of such Spin-Off to, and including, the Conversion Date in determining the
Conversion Rate and (y) in respect of any conversion of Notes for which Cash Settlement or Combination Settlement is applicable, for any Trading Day that falls within the relevant Observation Period for such conversion and within the Valuation
Period, references to  

  
 74 

 
“10” in the preceding paragraph shall be deemed to be replaced with such lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date of such Spin-Off to, and
including, such Trading Day in determining the Conversion Rate as of such Trading Day. If any dividend or distribution constituting a Spin-Off is declared but not so paid or made, the Conversion Rate shall be immediately decreased, effective as of
the date the Company determines not to pay or make such dividend or distribution, to the Conversion Rate that would then be in effect if such dividend or distribution had not been declared or announced. 

For purposes of this Section 14.04(c) (and subject in all respect to Section 14.11), rights, options or warrants distributed by the
Company to all holders of the Common Stock entitling them to subscribe for or purchase shares of the Company’s Capital Stock, including Common Stock (either initially or under certain circumstances), which rights, options or warrants, until the
occurrence of a specified event or events (“Trigger Event”): (i) are deemed to be transferred with such shares of the Common Stock; (ii) are not exercisable; and (iii) are also issued in respect of future issuances of
the Common Stock, shall be deemed not to have been distributed for purposes of this Section 14.04(c) (and no adjustment to the Conversion Rate under this Section 14.04(c) will be required) until the occurrence of the earliest Trigger Event,
whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate shall be made under this Section 14.04(c). If any such right, option or warrant, including
any such existing rights, options or warrants distributed prior to the date of this Indenture, are subject to events, upon the occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences of
indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and Ex-Dividend Date with respect to new rights, options or warrants with such rights (in which case the existing
rights, options or warrants shall be deemed to terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger
Event or other event (of the type described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Rate under this Section 14.04(c) was
made, (1) in the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders thereof, upon such final redemption or purchase (x) the Conversion Rate shall be readjusted as if
such rights, options or warrants had not been issued and (y) the Conversion Rate shall then again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as the case may be, as though it were a cash
distribution, equal to the per share redemption or purchase price received by a holder or holders of Common Stock with respect to such rights, options or warrants (assuming such holder had retained such rights, options or warrants), made to all
holders of Common Stock as of the date of such redemption or purchase, and (2) in the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof, the Conversion Rate shall be
readjusted as if such rights, options and warrants had not been issued. 

  
 75 

 For purposes of Section 14.04(a), Section 14.04(b) and this Section 14.04(c), if any
dividend or distribution to which this Section 14.04(c) is applicable also includes one or both of: 
 (A) a dividend or distribution
of shares of Common Stock to which Section 14.04(a) is applicable (the “Clause A Distribution”); or 
 (B) a
dividend or distribution of rights, options or warrants to which Section 14.04(b) is applicable (the “Clause B Distribution”), 

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

(d) If any dividend or distribution paid exclusively in cash is made to all or substantially all holders of the Common Stock, (other than any
dividends or distributions of any Reference Property consisting of cash upon conversion of, or in exchange for, the Common Stock in a Share Exchange Event), the Conversion Rate shall be adjusted based on the following formula: 

 

			
	CR’ = CR0 x	 	     SP0     
	 	 SP0 – C

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;
			
	SP0	  	=	  	the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and
			
	C	  	=	  	the amount in cash per share the Company distributes to all or substantially all holders of the Common Stock.

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

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

			
	CR’ = CR0 x	 	AC + (SP’ x OS’)
	 	      OS0 x SP’

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;
			
	AC	  	=	  	the aggregate value of all cash and any other consideration (as determined by the Company in good faith) paid or payable for shares of Common Stock purchased in such tender or exchange offer;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the date such tender or exchange offer expires (prior to giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such
tender or exchange offer);
			
	OS’	  	=	  	the number of shares of Common Stock outstanding immediately after the date such tender or exchange offer expires (after giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or
exchange offer); and
			
	SP’	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the date such tender or exchange offer expires.

  
 77 

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

(f) Notwithstanding this Section 14.04 or any other provision of this Indenture or the Notes, if (i) a Conversion Rate adjustment becomes
effective on any Ex-Dividend Date, (ii) a Note is to be converted for which Physical Settlement or Combination Settlement applies, (iii) the Conversion Date for such conversion (in the case of Physical Settlement) or any Trading Day in the
Observation Period for such conversion (in the case of Combination Settlement) occurs on or after such Ex-Dividend Date and on or prior to the related Record Date, (iv) the consideration due upon such conversion (in the case of Physical
Settlement) or due with respect to such Trading Day in the Observation Period (in the case of Combination Settlement) includes any whole shares of Common Stock based on a Conversion Rate that is adjusted for such Ex-Dividend Date, and (v) such
shares of Common Stock would be entitled to participate in such dividend, distribution or other event giving rise to such adjustment, then, notwithstanding the Conversion Rate adjustment provisions in this Section 14.04, (x) in the case of
Physical 

  
 78 

 
Settlement, the Conversion Rate adjustment relating to such Ex-Dividend Date shall not be made for such conversion, and, instead, the shares of Common Stock issuable upon conversion on an
unadjusted basis shall be entitled to participate in the related dividend, distribution or other event giving rise to such adjustment, and (y) in the case of Combination Settlement, the Conversion Rate adjustment relating to such Ex-Dividend
Date shall be made for such conversion in respect of such Trading Day in the Observation Period, but the shares of Common Stock issuable with respect to such Trading Day based on such adjusted Conversion Rate shall not be entitled to participate in
such dividend, distribution or other event giving rise to such adjustment. 
 (g) Except as stated herein, the Company shall not adjust the
Conversion Rate for the issuance of shares of the Common Stock or any securities convertible into or exchangeable for shares of the Common Stock or the right to purchase shares of the Common Stock or such convertible or exchangeable securities. 

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

 

	(i)	 Notwithstanding anything to the contrary in this Article 14, the Conversion Rate shall not be adjusted:

 (i) upon the repurchase of shares of Common Stock pursuant to an open market share repurchase program or
other buy-back transactions, including structured or derivative transactions, such as accelerated share repurchase transactions or similar forward derivative, that is not a tender or exchange offer described in Section 14.04(e); 

(ii) upon the issuance of shares of Common Stock at a price below the Conversion Price or otherwise, other than any such
issuance described in clause (a), (b) or (c) of this Section 14.04; 
 (iii) upon the issuance of any shares of Common Stock
pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of Common Stock under any plan; 

  
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 (iv) upon the issuance of any shares of Common Stock or options or rights to
purchase those shares pursuant to any present or future employee, director or consultant benefit or incentive plan (including pursuant to an evergreen plan) or program of or assumed by the Company or any of the Company’s Subsidiaries or in
connection with any such shares withheld by the Company for tax withholding purposes; 
 (v) upon the issuance of any shares
of the Common Stock pursuant to any option, warrant, right or exercisable, exchangeable or convertible security not described in clause (iv) of this subsection and outstanding as of the date the Notes were first issued; 

(vi) for a tender or exchange offer by any party other than a tender or exchange offer by the Company or one or more of the
Company’s Subsidiaries described in Section 14.04(e); 
 (vii) solely for a change in the par value (or lack of par
value) of the Common Stock; or 
 (viii) for accrued and unpaid interest, if any. 

(j) Notwithstanding this Section 14.04 or any other provisions of this Indenture, the Company shall not adjust the Conversion Rate
pursuant to any section in this Section 14.04 unless the adjustment would result in a change of at least 1% in the then-effective Conversion Rate; provided that the Company shall carry forward any adjustment to the Conversion Rate that the
Company would otherwise have to make and take that adjustment into account in any subsequent adjustment; provided further that all such carried-forward adjustments shall be made with respect to Notes (i) in connection with any subsequent
adjustment to the Conversion Rate of at least 1% of the Conversion Rate, (ii) regardless of whether the aggregate adjustment is less than 1% of the Conversion Rate (x) on the Conversion Date for any Notes (in the case of Physical
Settlement or any conversion following a replacement of the Common Stock by Reference Property consisting solely of cash) or (y) on each Trading Day of any Observation Period (in the case of Cash Settlement or Combination Settlement),
(iii) on any Effective Date for any Fundamental Change and/or Make-Whole Fundamental Change and (iv) on August 15 of each calendar year on or prior to the Maturity Date, in each case, unless the adjustment has already been made. 

 (k) All calculations and other determinations under this Article 14 shall be made by the Company and shall be made to the nearest
one-ten thousandth (1/10,000th) of a share. 
 (l) Whenever the Conversion Rate is adjusted as herein provided, the Company shall
promptly file with the Trustee (and the Conversion Agent if not the Trustee) an Officers’ Certificate setting forth the Conversion Rate after such adjustment and setting forth a brief statement of the facts requiring such adjustment. Unless and
until a Responsible Officer of the 

  
 80 

 
Trustee and Conversion Agent (if not the Trustee) shall have received such Officers’ Certificate, the Trustee and Conversion Agent shall not be deemed to have knowledge of any adjustment of
the Conversion Rate and may assume without inquiry that the last Conversion Rate of which it has knowledge is still in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate
setting forth the adjusted Conversion Rate and the date on which each adjustment becomes effective and shall deliver such notice of such adjustment of the Conversion Rate to each Holder. Failure to deliver such notice shall not affect the legality
or validity of any such adjustment. 
 (m) For purposes of this Section 14.04, the number of shares of Common Stock at any time outstanding
shall not include shares of Common Stock held in the treasury of the Company so long as the Company does not pay any dividend or make any distribution on shares of Common Stock held in the treasury of the Company, but shall include shares of Common
Stock issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock. 
 Section 14.05.
Adjustments of Prices. Whenever any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts over a span of multiple days
(including, without limitation, an Observation Period and the period for determining the Stock Price for purposes of a Make-Whole Fundamental Change or Optional Redemption), the Company, in good faith, shall make appropriate adjustments without
duplication in respect of any adjustment made pursuant to Section 14.04 to each to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date,
Effective Date or expiration date, as the case may be, of the event occurs, at any time during the period when the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts are to be calculated. 

 Section 14.06. Shares to Be Fully Paid. The Company shall provide, free from preemptive rights, out of its
authorized but unissued shares or shares held in treasury, sufficient shares of Common Stock to provide for conversion of the Notes from time to time as such Notes are presented for conversion (assuming delivery of the maximum number of Additional
Shares pursuant to Section 14.03 and that at the time of computation of such number of shares, all such Notes would be converted by a single Holder and that Physical Settlement were applicable). 

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

 

	(a)	 In the case of: 

(i) any recapitalization, reclassification or change of the Common Stock (other than a change to par value, or from par value
to no par value, or changes resulting from a subdivision or combination), 
 (ii) any consolidation, merger, combination or
similar transaction involving the Company, 

  
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 (iii) any sale, lease or other transfer to a third party of the consolidated
assets of the Company and the Company’s Subsidiaries substantially as an entirety or 
 (iv) any statutory share
exchange, 
 in each case, as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property
or assets (including cash or any combination thereof) (any such event, a “Share Exchange Event”), then, at and after the effective time of such Share Exchange Event, the right to convert each $1,000 principal amount of Notes shall
be changed into a right to convert such principal amount of Notes into the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number of shares of Common
Stock equal to the Conversion Rate immediately prior to such Share Exchange Event would have owned or been entitled to receive (the “Reference Property,” with each “unit of Reference Property” meaning the kind and
amount of Reference Property that a holder of one share of Common Stock is entitled to receive) upon such Share Exchange Event and, prior to or at the effective time of such Share Exchange Event, the Company or the successor or purchasing Person, as
the case may be, shall execute with the Trustee, and without the consent of the Holders, a supplemental indenture permitted under Section 10.01(g) providing for such change in the right to convert each $1,000 principal amount of Notes;
provided, however, that at and after the effective time of the Share Exchange Event (A) the Company shall continue to have the right to determine the form of consideration to be paid or delivered, as
the case may be, upon conversion of Notes in accordance with Section 14.02 and (B) (I) any amount payable in cash upon conversion of the Notes in accordance with Section 14.02 shall continue to be payable in cash, (II) any shares of Common
Stock that the Company would have been required to deliver upon conversion of the Notes in accordance with Section 14.02 shall instead be deliverable in the amount and type of Reference Property that a holder of that number of shares of Common Stock
would have been entitled to receive in such Share Exchange Event and (III) the Daily VWAP or the Last Reported Sale Price of any unit of Reference Property or portion thereof that does not consist of a class of securities shall be the fair value of
such unit of Reference Property or portion thereof, as applicable, as determined in good faith by the Company (or in the case of cash denominated in U.S. dollars, the face amount thereof). 

If the Share Exchange Event causes the Common Stock to be converted into, or exchanged for, the right to receive more than a single type of
consideration (determined based in part upon any form of stockholder election), then (i) the Reference Property into which the Notes will be convertible shall be deemed to be the weighted average of the types and amounts of consideration
actually received by the holders of Common Stock, and (ii) the unit of Reference Property for purposes of the immediately preceding paragraph shall refer to the consideration referred to in clause (i) attributable to one share of Common
Stock. If the holders of the Common Stock receive only cash in such Share Exchange Event, then for all conversions for which the relevant Conversion Date occurs after the effective date of such Share Exchange Event (A) the consideration due
upon conversion of each $1,000 principal amount of Notes shall be solely cash in an amount equal to the Conversion Rate in effect on the Conversion Date (as may be increased by any Additional Shares pursuant to Section 14.03), multiplied by the
price paid 

  
 82 

 
per share of Common Stock in such Share Exchange Event and (B) the Company shall satisfy the Conversion Obligation by paying cash to converting Holders on the second Business Day immediately
following the relevant Conversion Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing of such weighted average as soon as practicable after such determination is made. 

Such supplemental indenture described in the second immediately preceding paragraph shall provide for anti-dilution and other adjustments that
shall be as nearly equivalent as is possible to the adjustments provided for in this Article 14. If, in the case of any Share Exchange Event, the Reference Property includes shares of stock, securities or other property or assets (including cash or
any combination thereof) of a Person other than the successor or purchasing corporation, as the case may be, in such Share Exchange Event, then such supplemental indenture shall also be executed by such other Person and shall contain such additional
provisions to protect the interests of the Holders of the Notes as the Board of Directors shall reasonably consider necessary by reason of the foregoing, including the provisions providing for the purchase rights set forth in Article 15. 

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

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

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

Section 14.08. Certain Covenants. (a) The Company covenants that all shares of Common Stock issued upon conversion of
Notes will be fully paid and non-assessable by the Company and free from all taxes, liens and charges with respect to the issue thereof. 

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

  
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 (c) The Company further covenants that if at any time the Common Stock shall be listed on
any national securities exchange or automated quotation system the Company will list and use commercially reasonably efforts to keep listed, so long as the Common Stock shall be so listed on such exchange or automated quotation system, any Common
Stock issuable upon conversion of the Notes. 
 Section 14.09. Responsibility of Trustee. The Trustee and any other Conversion
Agent shall not at any time be under any duty or responsibility to any Holder to determine the Conversion Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment (including any increase) of the Conversion Rate, or
with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the same. The Trustee and any other
Conversion Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock, or of any securities, property or cash that may at any time be issued or delivered upon the conversion of any
Note; and the Trustee and any other Conversion Agent make no representations with respect thereto. Neither the Trustee nor any Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver any shares of Common
Stock or stock certificates or other securities or property or cash upon the surrender of any Note for the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article. Without
limiting the generality of the foregoing, neither the Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture entered into pursuant to Section 14.07
relating either to the kind or amount of shares of stock or securities or property (including cash) receivable by Holders upon the conversion of their Notes after any event referred to in such Section 14.07 or to any adjustment to be made with
respect thereto, but, subject to the provisions of Section 7.01, may accept (without any independent investigation) as conclusive evidence of the correctness of any such provisions, and shall be protected in relying upon, the Officers’
Certificate (which the Company shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with respect thereto. Neither the Trustee nor the Conversion Agent shall be responsible for determining whether any
event contemplated by Section 14.01(b) has occurred that makes the Notes eligible for conversion or no longer eligible therefor until the Company has delivered to the Trustee and the Conversion Agent the notices referred to in Section 14.01(b) with
respect to the commencement or termination of such conversion rights, on which notices the Trustee and the Conversion Agent may conclusively rely, and the Company agrees to deliver such notices to the Trustee and the Conversion Agent immediately
after the occurrence of any such event or at such other times as shall be provided for in Section 14.01(b). Neither the Trustee nor the Conversion Agent shall have any obligation to make any calculation or to determine whether the Notes may be
surrendered for conversion pursuant to this Indenture, or to notify the Company or the Depositary or any of the Holders if the Notes have become convertible pursuant to the terms of this Indenture, or to otherwise independently determine or verify
if any Fundamental Change, Make-Whole Fundamental Change, Share Exchange Event, Trigger Event, or any other event has occurred or notify the Holders of any such event. Neither the Trustee nor Conversion Agent shall have the responsibility for any
act or omission of any Designated Financial Institution. 

  
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 Section 14.10. Notice to Holders Prior to Certain Actions. In case of any: 

(a) action by the Company or one of its Subsidiaries that would require an adjustment in the Conversion Rate pursuant to Section 14.04 or
Section 14.11; 
 (b) Share Exchange Event (other than with respect to any Share Exchange Event for which notice is provided for by Section
14.01(b)(iii)); or 
 (c) voluntary or involuntary dissolution, liquidation or winding-up of the Company or any of its Subsidiaries; 

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

Section 14.11. Stockholder Rights Plans. If the Company has a stockholder rights plan in effect upon conversion of the
Notes, each share of Common Stock, if any, issued upon such conversion shall be entitled to receive the appropriate number of rights, if any, and the certificates representing the Common Stock issued upon such conversion shall bear such legends, if
any, in each case as may be provided by the terms of any such stockholder rights plan, as the same may be amended from time to time. However, if, prior to any conversion of Notes, the rights have separated from the shares of Common Stock in
accordance with the provisions of the applicable stockholder rights plan, the Conversion Rate shall be adjusted at the time of separation as if the Company distributed to all or substantially all holders of the Common Stock Distributed Property as
provided in Section 14.04(c), subject to readjustment in the event of the expiration, termination or redemption of such rights 

Section 14.12. Exchange In Lieu Of Conversion. (a) When a Holder surrenders its Notes for conversion, the Company may,
at its election (an “Exchange Election”), cause such Notes to be delivered to one or more financial institutions designated by the Company (each, a “Designated Financial Institution”) for
exchange in lieu of conversion. In order to accept any  

  
 85 

 
Notes surrendered for conversion, the Designated Financial Institution(s) must agree in writing to timely pay and/or deliver, as the case may be, in exchange for such Notes, the amount of
cash, number of shares of Common Stock or any combination thereof, at the Company’s election, that would otherwise be due upon conversion pursuant to Section 14.02 (the “Conversion Consideration”). If the Company makes an
Exchange Election, the Company shall, before the close of business on the Business Day immediately following the relevant Conversion Date, notify in writing the Trustee, the Conversion Agent (if other than the Trustee) and the Holder surrendering
its Notes for conversion that the Company has made the Exchange Election and the Company shall notify the Designated Financial Institution(s), the Trustee and the Conversion Agent (if other than the Trustee) of the relevant deadline for payment
and/or delivery of the Conversion Consideration. If the Company makes an Exchange Election, no later than the second Business Day immediately following the relevant Conversion Date, the Company shall deliver (or cause the Conversion Agent to
deliver) the Notes surrendered for exchange to the Designated Financial Institution(s) in lieu of conversion. The Company, the Holder surrendering the Notes for conversion, the Designated Financial Institution(s) and the Conversion Agent shall
cooperate to cause such Notes to be delivered to the Designated Financial Institution(s) and the Conversion Agent shall be entitled to conclusively rely upon the Company’s instruction in connection with effecting any Exchange Election and shall
have no liability for such Exchange Election outside its control. 
 (b) Any Notes exchanged by the Designated Financial
Institution(s) shall remain outstanding notwithstanding the surrender of such Notes, subject to applicable procedures of the Depositary. If the Designated Financial Institution(s) agree(s) to accept any Notes for exchange but does not timely pay
and/or deliver, as the case may be, the related Conversion Consideration, or if such Designated Financial Institution does not accept the Notes for exchange, the Company shall notify the Conversion Agent and the Holders surrendering the Notes for
conversion in writing and shall pay and/or deliver, as the case may be, the relevant Conversion Consideration as if the Company had not made the Exchange Election. 

(c) The Company’s designation of any Designated Financial Institution(s) to which the Notes may be submitted for exchange does not
require such Designated Financial Institution(s) to accept any Notes and in such case, the Company shall notify the Conversion Agent of such refusal by the Designated Financial Institution(s). 

ARTICLE 15 

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

Section 15.02. Repurchase at Option of Holders Upon a Fundamental Change. (a) If a Fundamental Change occurs at any
time prior to the Maturity Date, each Holder shall have the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s Notes, or any portion thereof that is equal to minimum denominations of $1,000
or an integral multiple of $1,000 in excess thereof, on the date (the “Fundamental Change Repurchase  

  
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Date”) specified by the Company that is not less than 20 calendar days or more than 35 calendar days following the date of the Fundamental Change Company Notice at a repurchase price
equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon to, but excluding, the Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”), unless the
Fundamental Change Repurchase Date falls after a Regular Record Date but on or prior to the Interest Payment Date to which such Regular Record Date relates, in which case the Company shall instead pay the full amount of accrued and unpaid interest
(to, but excluding, such Interest Payment Date) to Holders of record as of such Regular Record Date, and the Fundamental Change Repurchase Price shall be equal to 100% of the principal amount of Notes to be repurchased pursuant to this Article 15;
provided that the Company shall not be required to repurchase, or to make an offer to repurchase, the Notes upon a Fundamental Change if a third party makes such an offer in the same manner, at the same time and otherwise in
compliance with the requirements for an offer made by the Company as set forth in this Section 15.02 and such third party purchases all Notes properly surrendered and not validly withdrawn under its offer in the same manner, at the same time and
otherwise in compliance with the requirements for an offer made by the Company as set forth in this Section 15.02. 
 (b) Repurchases
of Notes under this Section 15.02 shall be made, at the option of the Holder thereof, upon: 
 (i) delivery to the Paying
Agent or tender agent appointed to facilitate the repurchase (the “Tender Agent”) by a Holder of a duly completed notice (the “Fundamental Change Repurchase Notice”) in the form set forth in Attachment 2 to the Form
of Note attached hereto as Exhibit A, if the Notes are Physical Notes, or in compliance with the Depositary’s procedures for surrendering interests in Global Notes, if the Notes are Global Notes, in each case on or before the close of business
on the Business Day immediately preceding the Fundamental Change Repurchase Date; and 
 (ii) delivery of the Notes, if the
Notes are Physical Notes, to the Paying Agent or Tender Agent, as the case may be, at any time after delivery of the Fundamental Change Repurchase Notice (together with all necessary endorsements for transfer) at the Corporate Trust Office of the
Paying Agent or the principal office of the Tender Agent located in the United States of America as notified by the Tender Agent to Holders and the Trustee, as applicable, or book-entry transfer of the Notes, if the Notes are Global Notes, in
compliance with the procedures of the Depositary, in each case such delivery being a condition to receipt by the Holder of the Fundamental Change Repurchase Price therefor. 

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

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

  
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 (ii) the portion of the principal amount of Notes to be repurchased, which
must be $1,000 or an integral multiple thereof; and 
 (iii) that the Notes are to be repurchased by the Company pursuant to
the applicable provisions of the Notes and this Indenture; 
 provided, however, that if the Notes are Global Notes, the Fundamental Change
Repurchase Notice must comply with appropriate Depositary procedures. 
 Notwithstanding anything herein to the contrary, any Holder
delivering to the Paying Agent or Tender Agent, as the case may be, the Fundamental Change Repurchase Notice contemplated by this Section 15.02 shall have the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any
time prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date by delivery of a written notice of withdrawal to the Paying Agent or Tender Agent, as the case may be, in accordance with Section
15.03, or in accordance with the customary procedures of the Depository with respect to Global Notes. 
 The Paying Agent or Tender Agent,
as the case may be, shall promptly notify the Company of the receipt by it of any Fundamental Change Repurchase Notice or written notice of withdrawal thereof. 

(c) On or before the 20th Business Day after the occurrence of the effective date of a Fundamental Change, the Company shall provide to
all Holders of Notes and the Trustee, the Conversion Agent (in the case of a Conversion Agent other than the Trustee) and the Paying Agent (in the case of a Paying Agent other than the Trustee) a notice (the “Fundamental Change Company
Notice”) of the occurrence of the effective date of the Fundamental Change and of the repurchase right at the option of the Holders arising as a result thereof. In the case of Physical Notes, such notice shall be by first class mail or, in
the case of Global Notes, such notice shall be delivered in accordance with the applicable procedures of the Depositary. Simultaneously with providing such notice, the Company shall publish a notice containing the information set forth in the
Fundamental Change Company Notice on the Company’s website or through such other public medium as the Company may use at that time. Each Fundamental Change Company Notice shall specify: 

(i) the events causing the Fundamental Change; 

(ii) the effective date of the Fundamental Change; 

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

(iv) the Fundamental Change Repurchase Price; 

(v) the Fundamental Change Repurchase Date; 

  
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 (vi) the name and address of the Paying Agent or Tender Agent, as the case
may be, and the Conversion Agent, if applicable; 
 (vii) if applicable, the Conversion Rate and any adjustments to the
Conversion Rate as a result of the Fundamental Change; 
 (viii) that the Notes with respect to which a Fundamental Change
Repurchase Notice has been delivered by a Holder may be converted only if the Holder validly withdraws the Fundamental Change Repurchase Notice in accordance with the terms of this Indenture; and 

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

No failure of the Company to give the foregoing notices and no defect therein shall limit the Holders’ repurchase rights or affect the
validity of the proceedings for the repurchase of the Notes pursuant to this Section 15.02. 
 At the Company’s request, given
at least five days prior to the date the Fundamental Change Company Notice is to be sent (or such shorter period as may be agreed to by the Trustee), the Trustee shall give such notice in the Company’s name and at the Company’s expense;
provided, however, that, in all cases, the text of such Fundamental Change Company Notice shall be prepared by the Company. 

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

Section 15.03. Withdrawal of Fundamental Change Repurchase Notice. A Fundamental Change Repurchase Notice may be withdrawn
(in whole or in part) by means of a written notice of withdrawal received by the Corporate Trust Office of the Paying Agent or the principal office of the Tender Agent located in the United States of America as notified by the Tender Agent to
Holders and the Trustee, as the case may be, in accordance with this Section 15.03 at any time prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date, specifying: 

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

  
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 (ii) if Physical Notes have been issued, the certificate number of the Note
in respect of which such notice of withdrawal is being submitted, and 
 (iii) the principal amount, if any, of such Note
that remains subject to the original Fundamental Change Repurchase Notice, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000; 

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

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

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

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

Section 15.05. Covenant to Comply with Applicable Laws Upon Repurchase of Notes. In connection with any repurchase offer,
the Company will, if required: 
 (a) comply with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the
Exchange Act; 
 (b) file a Schedule TO or any other required schedule under the Exchange Act; and 

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

in each case, so as to permit the rights and obligations under this Article 15 to be exercised in the time and in the manner specified in this Article 15. To
the extent that the provisions of any applicable securities laws or regulations enacted after the date of this Indenture conflict with the provisions of this Indenture relating to the Company’s obligations to repurchase the Notes upon a
Fundamental Change, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under such provisions of this Indenture by virtue of such conflict. 

ARTICLE 16 

OPTIONAL REDEMPTION 

Section 16.01. Optional Redemption. No sinking fund is provided for the Notes. The Notes shall not be redeemable by the
Company prior to August 20, 2024. On or after August 20, 2024, the Company may redeem (an “Optional Redemption”) for cash all or any portion of the Notes, at the Redemption Price, if the Last Reported Sale
Price of the Common Stock has been at least 130% of the Conversion Price then in effect for at least 20 Trading Days (whether or not consecutive) during any 30 consecutive Trading Day period (including the last Trading Day of such period) ending on,
and including, the Trading Day immediately preceding the date on which the Company provides the Redemption Notice in accordance with Section 16.02. The Trustee shall have no liability or responsibility for determining whether the conditions to
redemption have been met. 
 Section 16.02. Notice of Optional Redemption; Selection of Notes. (a) In case
the Company exercises its Optional Redemption right to redeem all or, as the case may be, any part of the Notes pursuant to Section 16.01, it shall fix a date for redemption (each, a “Redemption Date”) and it or, at
its written request set forth in an Officers’ Certificate received by the Trustee not less than 5 days prior to the date the Redemption Notice is to be sent to Holders (or such shorter period of time as may be acceptable to the Trustee), the
Trustee, in the name of and at the  

  
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expense of the Company, shall deliver or cause to be delivered a written notice of such Optional Redemption (a “Redemption Notice”) not less than 25 nor more than 45
Scheduled Trading Days prior to the Redemption Date to each Holder of Notes so to be redeemed as a whole or in part; provided, however, that, if the Company shall give such notice, it shall also give written
notice of the Redemption Date to the Trustee, the Paying Agent and the Conversion Agent (if other than the Trustee). The Redemption Date must be a Business Day, and the Company shall not specify a Redemption Date that falls on or after the 21st
Scheduled Trading Day immediately preceding the Maturity Date. The Trustee is permitted to accept the Company’s direction regarding redemptions, notwithstanding anything to the contrary in this Indenture, and the Trustee shall have no liability
for any action taken at the Company’s direction.  
 (b) The Redemption Notice, if delivered in the manner herein provided,
shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such Redemption Notice or any defect in the Redemption Notice to the Holder of any Note designated for redemption as
a whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. 
 (c) Each Redemption Notice
shall specify: 
 (i) the Redemption Date; 

(ii) the Redemption Price; 

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

(vi) the procedures a converting Holder must follow to convert its Notes and the Settlement Method and Specified Dollar Amount,
if applicable; 
 (vii) the Conversion Rate and, if applicable, the number of Additional Shares added to the Conversion Rate
in accordance with Section 14.03; 
 (viii) the CUSIP, ISIN or other similar numbers, if any, assigned to such Notes; and

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

  
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 A Redemption Notice shall be irrevocable. 

(d) If fewer than all of the outstanding Notes are to be redeemed and the Notes to be redeemed are Global Notes then held by the
Depositary, the Notes to be redeemed shall be selected by the Depositary in accordance with applicable procedures of the Depositary. If fewer than all of the outstanding Notes are to be redeemed and the Notes to be redeemed are not Global Notes then
held by the Depositary, the Trustee shall select the Notes or portions thereof to be redeemed (in minimum principal amounts of $1,000 or multiples of $1,000 in excess thereof) by lot, on a pro rata basis or by another method the Trustee
considers to be fair and appropriate, subject to the Depositary’s procedures. If any Note selected for partial redemption is submitted for conversion in part after such selection, the portion of the Note submitted for conversion shall be deemed
(so far as may be possible) to be the portion selected for redemption. 
 Section 16.03. Payment of Notes Called for
Redemption. (a) If any Redemption Notice has been given in respect of the Notes in accordance with Section 16.02, the Notes shall become due and payable on the Redemption Date at the place or places stated in the Redemption Notice and at
the applicable Redemption Price. On presentation and surrender of the Notes at the place or places stated in the Redemption Notice, the Notes shall be paid and redeemed by the Company at the applicable Redemption Price. 

(b) Prior to the open of business on the Redemption Date, the Company shall deposit with the Paying Agent or, if the Company or a Subsidiary
of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 7.05 an amount of cash (in immediately available funds if deposited on the Redemption Date), sufficient to pay the Redemption Price of all of the
Notes to be redeemed on such Redemption Date. Subject to receipt of funds by the Paying Agent, payment for the Notes to be redeemed shall be made on the Redemption Date for such Notes. The Paying Agent shall, promptly after such payment and upon
written demand by the Company, return to the Company any funds in excess of the Redemption Price. 
 Section 16.04.
Restrictions on Redemption. The Company may not redeem any Notes on any date if the principal amount of the Notes has been accelerated in accordance with the terms of this Indenture, and such acceleration has not been rescinded, on or prior
to the Redemption Date (except in the case of an acceleration resulting from a Default by the Company in the payment of the Redemption Price with respect to such Notes). 

  
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 ARTICLE 17 

MISCELLANEOUS PROVISIONS 

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

Section 17.02. Official Acts by Successor Corporation. Any act or proceeding by any provision of this Indenture authorized
or required to be done or performed by any board, committee or Officer of the Company shall and may be done and performed with like force and effect by the like board, committee or officer of any corporation or other entity that shall at the time be
the lawful sole successor of the Company. 
 Section 17.03. Addresses for Notices, Etc. Any notice or demand that
by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders on the Company shall be deemed to have been sufficiently given or made, for all purposes if given or served by being deposited postage
prepaid by registered or certified mail in a post office letter box or overnight courier service addressed (until another address is filed by the Company with the Trustee) to Upstart Holdings, Inc., 2950 S. Delaware Street, Suite 300, San Mateo,
California 94403, Attention: Legal Department. Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid
by registered or certified mail in a post office letter box, electronic transmission or overnight delivery addressed to the Corporate Trust Office, whether sent by mail or electronically, upon actual receipt by the Trustee.  

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

Any notice or communication delivered or to be delivered to a Holder of Physical Notes shall be mailed to it by first class mail, postage
prepaid, at its address as it appears on the Note Register and shall be sufficiently given to it if so mailed within the time prescribed. Any notice or communication delivered or to be delivered to a Holder of Global Notes shall be delivered in
accordance with the applicable procedures of the Depositary and shall be sufficiently given to it if so delivered within the time prescribed. 

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

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

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

The Company irrevocably consents and agrees, to the extent permitted by applicable law, for the benefit of the Holders from time to
time of the Notes and the Trustee, that any legal action, suit or proceeding against it with respect to obligations, liabilities or any other matter arising out of or in connection with this Indenture or the Notes may be brought in the courts of the
State of New York or the courts of the United States located in the Borough of Manhattan, New York City, New York and, until amounts due and to become due in respect of the Notes have been paid, hereby irrevocably consents and submits, to the extent
permitted by applicable law, to the jurisdiction of each such court in personam, generally and unconditionally, to the extent permitted by applicable law, with respect to any action, suit or proceeding for itself in respect of its properties,
assets and revenues.  
 The Company irrevocably and unconditionally waives, to the extent permitted by applicable law, any objection
which it may now or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Indenture brought in the courts of the State of New York or the courts of the United States
located in the Borough of Manhattan, New York City, New York and hereby further irrevocably and unconditionally waives and agrees, to the extent permitted by applicable law, not to plead or claim in any such court that any such action, suit or
proceeding brought in any such court has been brought in an inconvenient forum. 
 Section 17.05. Evidence of Compliance with
Conditions Precedent; Certificates and Opinions of Counsel to Trustee. Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an
Officers’ Certificate and an Opinion of Counsel, stating that such action is permitted by the terms of this Indenture and that all conditions precedent to such action have been complied with; provided that such Opinion of Counsel shall
not be required in connection with the issuance of the Notes on the original issue date of the Notes. 
 Each Officers’
Certificate and Opinion of Counsel provided for, by or on behalf of the Company in this Indenture and delivered to the Trustee with respect to compliance with this Indenture (other than the Officers’ Certificates provided for in Section 4.08)
shall include (a) a statement that the person signing such certificate is familiar with the requested action and this Indenture; (b) a brief statement as to the nature and scope of the examination or investigation upon which the statement
contained in such certificate is based; (c) a statement that, in the opinion of such person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such
action is permitted by this Indenture; and (d) a statement as to whether or not, in the opinion of such person, such action is permitted by this Indenture and all conditions precedent to such action have been complied with. 

  
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 Section 17.06. Legal Holidays. In any case where any Interest Payment
Date, any Fundamental Change Repurchase Date, Redemption Date or the Maturity Date is not a Business Day or is a day on which banks located in the location of the Corporate Trust Office are authorized or required by law or executive order to close
or be closed, then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding Business Day that is not a day on which banks located in the location of the Corporate Trust Office are authorized or
required by law or executive order to close or be closed with the same force and effect as if taken on such date, and no interest shall accrue in respect of the delay. 

Section 17.07. No Security Interest Created. Nothing in this Indenture or in the Notes, expressed or implied, shall be
construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction. 

Section 17.08. Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed or implied, shall give to any
Person, other than the Holders, the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under this
Indenture. 
 Section 17.09. Table of Contents, Headings, Etc. The table of contents and the titles and headings
of the articles and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 17.10. Authenticating Agent. The Trustee may appoint an authenticating agent that shall be authorized to act on its
behalf and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes hereunder, including under Section 2.04, Section 2.05, Section 2.06, Section 2.07,
Section 10.04 and Section 15.04 as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes. For all purposes of this Indenture, the
authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the Trustee” and a certificate of authentication executed on behalf of the Trustee by an authenticating
agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such authenticating agent shall at all times be a Person eligible to serve as trustee hereunder pursuant to Section
7.08. 
 Any corporation or other entity into which any authenticating agent may be merged or converted or with which it may be
consolidated, or any corporation or other entity resulting from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity succeeding to the corporate trust business of any
authenticating agent, shall be the successor of the authenticating agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section 17.10, without the execution or filing of any paper or any further act on the
part of the parties hereto or the authenticating agent or such successor corporation or other entity. 

  
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 Any authenticating agent may at any time resign by giving written notice of resignation to
the Trustee and to the Company. The Trustee may at any time terminate the agency of any authenticating agent by giving written notice of termination to such authenticating agent and to the Company. Upon receiving such a notice of resignation or upon
such a termination, or in case at any time any authenticating agent shall cease to be eligible under this Section, the Trustee may appoint a successor authenticating agent (which may be the Trustee), shall give written notice of such appointment to
the Company and shall deliver notice of such appointment to all Holders. 
 The Company agrees to pay to the authenticating agent from time
to time reasonable compensation for its services although the Company may terminate the authenticating agent, if it determines such agent’s fees to be unreasonable. 

The provisions of Section 7.02, Section 7.03, Section 7.04, Section 8.03 and this Section 17.10 shall be applicable to any authenticating
agent. 
 If an authenticating agent is appointed pursuant to this Section 17.10, the Notes may have endorsed thereon, in addition to the
Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 
 Date: 

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

By: ____________________ 
 Authorized Signatory 

Section 17.11. Execution in Counterparts. This Indenture may be executed in any number of counterparts, each of which shall
be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of
this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. This
Indenture shall be valid, binding, and enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) any electronic signature permitted by the federal Electronic Signatures in
Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including relevant provisions of the Uniform Commercial Code (collectively, “Signature
Law”); (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the 

  
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same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect
to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For avoidance of doubt, original manual
signatures shall be used for execution or indorsement of writings when required under the Uniform Commercial Code or other Signature Law due to the character or intended character of the writings. All notices, approvals, consents, requests and any
communications hereunder must be in writing; provided that any such communication sent to Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign or other electronic signature
provider that the Company plans to use (or such other digital signature provider as specified in writing to Trustee by the authorized representative), in English. The Company agrees to assume all risks arising out of the use of digital signatures
and electronic methods to submit communications to Trustee, including without limitation the risk of Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

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

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

Section 17.14. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, labor dispute, disease, epidemic or pandemic, quarantine, national emergency and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services,
communications system failure, malware or ransomware or unavailability of the Federal Reserve Bank wire or telex system or other wire or other funds transfer systems, or unavailability of any securities clearing system; it being understood that the
Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 17.15. Calculations. The Company shall be responsible for making all calculations called for under this Indenture
and the Notes and the Trustee, the Paying Agent, the Conversion Agent, Bid Solicitation Agent (if the Trustee) and the Note Registrar shall have no liability or responsibility for any calculations or any information in connection with such
calculations. These calculations include, but are not limited to, determinations of the Redemption Price, Stock Price, the Trading Price of the Notes (for purposes of determining  

  
 98 

 
whether the Notes are convertible as described herein), the Last Reported Sale Prices of the Common Stock, the Daily VWAPs, the Daily Conversion Values, the Daily Settlement Amounts, the amount
of conversion consideration deliverable in respect of any conversions, accrued interest payable on the Notes, any Additional Interest payable on the Notes and the Conversion Rate and Conversion Price of the Notes (or any adjustments to such
Conversion Rate or Conversion Price). The Company shall make all these calculations in good faith and, absent manifest error, the Company’s calculations shall be final and binding on Holders of Notes. The Company shall provide a schedule of its
calculations to each of the Trustee, the Paying Agent and the Conversion Agent, and each of the Trustee, the Paying Agent and Conversion Agent is entitled to rely conclusively upon the accuracy of the Company’s calculations without independent
verification. The Company will forward or cause the Trustee to forward its calculations to any Holder of Notes upon the written request of that Holder at the sole cost and expense of the Company. 

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

 [Remainder of page intentionally left blank] 

  
 99 

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

			
	UPSTART HOLDINGS, INC.
		
	By:	 	/s/ Sanjay Datta
		 	Name: Sanjay Datta
		 	Title: Chief Financial Officer

  

			
	 U.S. BANK NATIONAL
ASSOCIATION, as Trustee

		
	By:	 	/s/ David Jason
		 	Name: David Jason
		 	Title: Vice President

 EXHIBIT A 

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

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

  
 A-1 

 (C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER
THE SECURITIES ACT, OR 
 (D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY
OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN
ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER
IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]1 
 NO AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF UPSTART HOLDINGS,
INC. OR PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF UPSTART HOLDINGS, INC. DURING THE IMMEDIATELY PRECEDING THREE MONTHS MAY PURCHASE, OTHERWISE ACQUIRE OR HOLD THIS SECURITY OR A BENEFICIAL INTEREST
HEREIN. 
  
  

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

  
 A-2 

 UPSTART HOLDINGS, INC. 

0.25% Convertible Senior Note due 2026 
  

			
	No. [            ]	  	[Initially]2 $[            ]

 CUSIP No. 91680M AA53 

Upstart Holdings, Inc., a corporation duly organized and validly existing under the laws of the State of Delaware (the
“Company,” which term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE & CO.]4 [            ]5, or registered assigns, the principal sum [as set forth in the
“Schedule of Exchanges of Notes” attached hereto]6 [of
$[            ]]7, which amount, taken together with the principal amounts of all other outstanding Notes, shall not, unless
permitted by the Indenture, exceed $661,250,000 in aggregate at any time, in accordance with the rules and procedures of the Depositary, on August 15, 2026, and interest thereon as set forth below. 

This Note shall bear interest at the rate of 0.25% per year from August 20, 2021, or from the most recent date to which interest had
been paid or provided for to, but excluding, the next scheduled Interest Payment Date until August 15, 2026. Interest is payable semi-annually in arrears on each February 15 and August 15, commencing on February 15, 2022, to
Holders of record at the close of business on the preceding February 1 and August 1 (whether or not such day is a Business Day), respectively. Accrued interest on the Notes, if any, shall be computed on the basis of a 360-day year composed
of twelve 30-day month and, for partial months, on the basis of the number of days actually elapsed in a 30-day month. Additional Interest will be payable as set forth in Section 4.06(d), Section 4.06(e) and Section 6.03 of the
within-mentioned Indenture, and any reference to interest on, or in respect of, any Note therein shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to any of such
Section 4.06(d), Section 4.06(e) or Section 6.03, and any express mention of the payment of Additional Interest in any provision therein shall not be construed as excluding Additional Interest in those provisions thereof where such
express mention is not made. 
 Any Defaulted Amounts shall accrue interest per annum at the rate borne by the Notes, subject to the
enforceability thereof under applicable law, from, and including, the relevant payment date to, but excluding, the date on which such Defaulted Amounts shall have been paid by the Company, at its election, in accordance with Section 2.03(c) of
the Indenture. 
  

	2 	 Include if a global note. 

	3 	 At such time as the Company notifies the Trustee that the Restricted Security legend is removed pursuant to
Section 2.05(c) of the Indenture, the CUSIP number for this Security shall be deemed to be CUSIP No. 91680M AB3, in accordance with the applicable procedures of the Depository. 

	4 	 Include if a global note. 

	5 	 Include if a physical note. 

	6 	 Include if a global note. 

	7 	 Include if a physical note. 

  
 A-3 

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

Reference is made to the further provisions of this Note set forth on the reverse hereof, including, without limitation, provisions giving the
Holder of this Note the right to convert this Note into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, on the terms and subject to the limitations set forth in the Indenture. Such further provisions
shall for all purposes have the same effect as though fully set forth at this place. 
 This Note, and any claim, controversy or dispute
arising under or related to this Note, shall be construed in accordance with and governed by the laws of the State of New York. 
 In
the case of any conflict between this Note and the Indenture, the provisions of the Indenture shall control and govern. 
 This Note shall
not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed manually by the Trustee or a duly authorized authenticating agent under the Indenture. 

[Remainder of page intentionally left blank] 

  
 A-4 

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

 

			
	UPSTART HOLDINGS, INC.
		
	By:	 	 
		 	Name:
		 	Title:

 Dated: August 20, 2021 

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

			
	By:	 	 
		 	Authorized Signatory

  
 A-5 

 [FORM OF REVERSE OF NOTE] 

UPSTART HOLDINGS, INC. 
 0.25%
Convertible Senior Note due 2026 
 This Note is one of a duly authorized issue of Notes of the Company, designated as its 0.25%
Convertible Senior Notes due 2026 (the “Notes”), limited to the aggregate principal amount of $661,250,000 all issued or to be issued under and pursuant to an Indenture dated as of August 20, 2021 (the
“Indenture”), between the Company and U.S. Bank National Association (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations
of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate principal amount, subject to certain conditions specified in the Indenture.
Capitalized terms used in this Note and not defined in this Note shall have the respective meanings set forth in the Indenture. 
 In
case certain Events of Default shall have occurred and be continuing, the principal of, and interest on, all Notes may be declared, by either the Trustee or Holders of at least 25% in aggregate principal amount of Notes then outstanding, and upon
said declaration shall become, due and payable, in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture. 

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

The Indenture contains provisions permitting the Company and the Trustee in certain circumstances, without the consent of the Holders of the
Notes, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, evidenced as in the Indenture provided, to execute supplemental indentures
modifying the terms of the Indenture and the Notes as described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate principal amount of the Notes at the time outstanding may on
behalf of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences. 
 Each
Holder shall have the right to receive payment or delivery, as the case may be, of (x) the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, (y) accrued and unpaid interest, if any,
on, and (z) the consideration due upon conversion of, this Note at the place, at the respective times, at the rate and in the lawful money or shares of Common Stock, as the case may be, herein prescribed. 

  
 A-6 

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

The Notes shall be redeemable at the Company’s option on or after August 20, 2024 in accordance with the terms and subject to the
conditions specified in the Indenture. No sinking fund is provided for the Notes. 
 Upon the occurrence of a Fundamental Change, the Holder
has the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s Notes or any portion thereof (in principal amounts of $1,000 or integral multiples thereof) on the Fundamental Change Repurchase
Date at a price equal to the Fundamental Change Repurchase Price. 
 Subject to the provisions of the Indenture, the Holder hereof has the
right, at its option, during certain periods and upon the occurrence of certain conditions specified in the Indenture, prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, to convert any Notes
or portion thereof that is $1,000 or an integral multiple thereof, into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, at the Conversion Rate specified in the Indenture, as adjusted from time to time
as provided in the Indenture. 

  
 A-7 

 ABBREVIATIONS 

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

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

  
 A-8 

 SCHEDULE A8 

SCHEDULE OF EXCHANGES OF NOTES 

UPSTART HOLDINGS, INC. 
 0.25%
Convertible Senior Notes due 2026 
 The initial principal amount of this Global Note is _______ DOLLARS
($[            ]). The following increases or decreases in this Global Note have been made: 
  

									
	 Date of exchange
	    	 Amount of

decrease in
 principal amount

of this Global Note
	    	 Amount of

increase in
 principal amount

of this Global Note
	    	 Principal amount

of this Global Note
following such

decrease or
 increase
	    	 Signature of

authorized
 signatory of

Trustee or
 Custodian

	
                        
    
	    	  
	    	  
	    	  
	    	  

	
                        
    
	    	  
	    	  
	    	  
	    	  

	
                        
    
	    	  
	    	  
	    	  
	    	  

	
                        
    
	    	  
	    	  
	    	  
	    	  

	
                        
    
	    	  
	    	  
	    	  
	    	  

	
                        
    
	    	  
	    	  
	    	  
	    	  

	
                        
    
	    	  
	    	  
	    	  
	    	  

	
                        
    
	    	  
	    	  
	    	  
	    	  

	
                        
    
	    	  
	    	  
	    	  
	    	  

	
                        
                    
	    	  
	    	  
	    	  
	    	  

	
                        
                    
	    	  
	    	  
	    	  
	    	  

	
                        
                    
	    	  
	    	  
	    	  
	    	  

	
                        
                    
	    	  
	    	  
	    	  
	    	  

	
                        
                    
	    	  
	    	  
	    	  
	    	  

	
                        
                    
	    	  
	    	  
	    	  
	    	  

	
                        
                    
	    	  
	    	  
	    	  
	    	  

	
                        
                    
	    	  
	    	  
	    	  
	    	  

	
                        
                    
	    	  
	    	  
	    	  
	    	  

	
                        
                    
	    	  
	    	  
	    	  
	    	  

	
                        
                    
	    	  
	    	  
	    	  
	    	  

	
                        
                    
	    	  
	    	  
	    	  
	    	  

	
                        
                    
	    	  
	    	  
	    	  
	    	  

  

 

	8 	 Include if a global note. 

  
 A-9 

 ATTACHMENT 1 

[FORM OF NOTICE OF CONVERSION] 
  

	To:	 U.S. Bank National Association 

RE: Upstart Holdings, Inc. Convertible Senior Notes due 2026 

1 California Street, Suite 1000 

San Francisco, CA 94111 

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

  

							
	Dated: _____________________	 		 		 	 
				
		 		 		 	 
		 		 		 	Signature(s)

  

	
	   

	 Signature Guarantee
  

Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in
an approved signature guarantee medallion program pursuant to Securities and Exchange

  
 1 

	
	Commission Rule 17Ad-15 if shares of Common Stock are to be issued, or Notes are to be delivered, other than to and in the name of the registered holder.
	
	Fill in for registration of shares if to be issued, and Notes if to be delivered, other than to and in the name of the registered holder:
	
	   

	(Name)
	
	   

	(Street Address)
	
	   

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

  

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

	 Social Security or Other Taxpayer

Identification Number

  
 2 

 ATTACHMENT 2 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE] 
  

	To:	 U.S. Bank National Association 

RE: Upstart Holdings, Inc. Convertible Senior Notes due 2026 

1 California Street, Suite 1000 

San Francisco, CA 94111 

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

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

Dated: _____________________ 
  

	
	   

	Signature(s)
	   

	 Social Security or Other Taxpayer

Identification Number

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

  
 1 

 ATTACHMENT 3 

[FORM OF ASSIGNMENT AND TRANSFER] 
  

	To:	 U.S. Bank National Association 

RE: Upstart Holdings, Inc. Convertible Senior Notes due 2026 

1 California Street, Suite 1000 

San Francisco, CA 94111 

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

☐ To Upstart Holdings, Inc. or a subsidiary thereof; or 

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

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

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

  
 1 

 Dated: ________________________ 

	
	
	   

	
	   

	Signature(s)
	
	   

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

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

  
 2

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